US BANCORP \DE\, 10-Q filed on 5/6/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 30, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 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   1,558,027,583
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
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 $1.00)  
Trading Symbol USB PrS  
Security Exchange Name NYSE  
v3.25.1
Consolidated Balance Sheet - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash and due from banks $ 50,013 $ 56,502
Investment securities    
Held-to-maturity (fair value $67,099 and $66,275, respectively; including $94 at fair value pledged as collateral at 3/31/25) [1] 78,008 78,634
Available-for-sale ($449 and $320 pledged as collateral, respectively) [1] 86,774 85,992
Loans held for sale (including $1,704 and $2,251 of mortgage loans carried at fair value, respectively) 1,746 2,573
Loans    
Total loans 381,819 379,832
Less allowance for loan losses (7,584) (7,583)
Net loans 374,235 372,249
Premises and equipment 3,582 3,565
Goodwill 12,555 12,536
Other intangible assets 5,381 5,547
Other assets (including $9,041 and $7,501 of trading securities at fair value pledged as collateral, respectively) [1] 64,195 60,720
Total assets 676,489 678,318
Deposits    
Noninterest-bearing 84,086 84,158
Interest-bearing (including $6,506 and $5,754 of time deposits carried at fair value, respectively) 428,439 434,151
Total deposits 512,525 518,309
Short-term borrowings 17,158 15,518
Long-term debt 59,859 58,002
Other liabilities 26,389 27,449
Total liabilities 615,931 619,278
Shareholders’ equity    
Preferred stock 6,808 6,808
Common stock, $.01 par value per share, authorized: 4,000,000,000 shares; issued: 3/31/25 and 12/31/24—2,125,725,742 shares 21 21
Capital surplus 8,678 8,715
Retained earnings 77,691 76,863
Less cost of common stock in treasury: 3/31/25—565,431,349 shares; 12/31/24—565,929,654 shares (24,060) (24,065)
Accumulated other comprehensive income (loss) (9,042) (9,764)
Total U.S. Bancorp shareholders’ equity 60,096 58,578
Noncontrolling interests 462 462
Total equity 60,558 59,040
Total liabilities and equity 676,489 678,318
Commercial | Commercial    
Loans    
Total loans 144,081 139,484
Commercial | Commercial real estate    
Loans    
Total loans 48,334 48,859
Consumer | Residential mortgages    
Loans    
Total loans 118,907 118,813
Consumer | Credit card    
Loans    
Total loans 29,223 30,350
Consumer | Other retail    
Loans    
Total loans $ 41,274 $ 42,326
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.1
Consolidated Balance Sheet (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Held-to-maturity, fair value $ 67,099 $ 66,275
Available-for-sale securities [1] 86,774 85,992
Loans held-for-sale, mortgage loans carried at fair value 1,704 2,251
Time deposits carried at fair value $ 6,506 $ 5,754
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) 565,431,349 565,929,654
Asset Pledged as Collateral with Right    
Held-to-maturity, fair value $ 116  
Available-for-sale securities 427 $ 320
Trading securities at fair value $ 9,041 $ 7,501
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.1
Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest Income    
Loans $ 5,533 $ 5,712
Loans held for sale 28 37
Investment securities 1,308 1,175
Other interest income 647 840
Total interest income 7,516 7,764
Interest Expense    
Deposits 2,511 2,884
Short-term borrowings 249 270
Long-term debt 664 625
Total interest expense 3,424 3,779
Net interest income 4,092 3,985
Provision for credit losses 537 553
Net interest income after provision for credit losses 3,555 3,432
Noninterest Income    
Card revenue 398 392
Corporate payment products revenue 189 184
Merchant processing services 415 401
Trust and investment management fees 680 641
Service charges 315 315
Capital markets revenue 382 388
Mortgage banking revenue 173 166
Investment products fees 87 77
Securities gains (losses), net 0 2
Other 197 134
Total noninterest income 2,836 2,700
Noninterest Expense    
Compensation and employee benefits 2,637 2,691
Net occupancy and equipment 306 296
Professional services 98 110
Marketing and business development 182 136
Technology and communications 533 507
Other intangibles 123 146
Merger and integration charges 0 155
Other 353 418
Total noninterest expense 4,232 4,459
Income before income taxes 2,159 1,673
Applicable income taxes 443 347
Net income 1,716 1,326
Net (income) loss attributable to noncontrolling interests (7) (7)
Net income attributable to U.S. Bancorp 1,709 1,319
Net income applicable to U.S. Bancorp common shareholders, basic 1,603 1,209
Net income applicable to U.S. Bancorp common shareholders, diluted $ 1,603 $ 1,209
Earnings per common share (in dollars per share) $ 1.03 $ 0.78
Diluted earnings per common share (in dollars per share) $ 1.03 $ 0.78
Average common shares outstanding (in shares) 1,559 1,559
Average diluted common shares outstanding (in shares) 1,560 1,559
v3.25.1
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 1,716 $ 1,326
Other Comprehensive Income (Loss)    
Changes in unrealized gains (losses) on investment securities available-for-sale 508 (171)
Changes in unrealized gains (losses) on derivative hedges 284 (343)
Changes in debit valuation adjustments 2 0
Foreign currency translation 4 6
Reclassification to earnings of realized (gains) losses 170 161
Income taxes related to other comprehensive income (loss) (246) 90
Total other comprehensive income (loss) 722 (257)
Comprehensive income (loss) 2,438 1,069
Comprehensive (income) loss attributable to noncontrolling interests (7) (7)
Comprehensive income (loss) attributable to U.S. Bancorp $ 2,431 $ 1,062
v3.25.1
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) 1,326 1,319       1,319     7
Other comprehensive income (loss) (257) (257)           (257)  
Preferred stock dividends [1] (102) (102)       (102)      
Common stock dividends (770) (770)       (770)      
Issuance of common and treasury stock (in shares)     3            
Issuance of common and treasury stock 13 13     (139)   152    
Purchase of treasury stock (in shares)     (1)            
Purchase of treasury stock (49) (49)         (49)    
Distributions to noncontrolling interests (7)               (7)
Stock option and restricted stock grants 108 108     108        
Ending Balance (in shares) at Mar. 31, 2024     1,560            
Ending Balance at Mar. 31, 2024 56,033 55,568 $ 21 6,808 8,642 74,473 (24,023) (10,353) 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) 1,716 1,709       1,709     7
Other comprehensive income (loss) 722 722           722  
Preferred stock dividends [2] (95) (95)       (95)      
Common stock dividends (786) (786)       (786)      
Issuance of common and treasury stock (in shares)     4            
Issuance of common and treasury stock 16 16     (149)   165    
Purchase of treasury stock (in shares)     (4)            
Purchase of treasury stock (160) (160)         (160)    
Distributions to noncontrolling interests (7)               (7)
Stock option and restricted stock grants 112 112     112        
Ending Balance (in shares) at Mar. 31, 2025     1,560            
Ending Balance at Mar. 31, 2025 $ 60,558 $ 60,096 $ 21 $ 6,808 $ 8,678 $ 77,691 $ (24,060) $ (9,042) $ 462
[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 $1,667.221, $390.264, $662.50, $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 J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,395.898, $322.724, $662.50, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively.
v3.25.1
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Common stock dividends (in dollars per share) $ 0.50 $ 0.49
Series A    
Preferred stock dividends declared (in dollars per share) 1,395.898 1,667.221
Series B    
Preferred stock dividends declared (in dollars per share) 322.724 390.264
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
Series L    
Preferred stock dividends declared (in dollars per share) 234.375 234.375
Series M    
Preferred stock dividends declared (in dollars per share) 250.00 250.00
Series N    
Preferred stock dividends declared (in dollars per share) 231.25 231.25
Series O    
Preferred stock dividends declared (in dollars per share) $ 281.25 $ 281.25
v3.25.1
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities    
Net income attributable to U.S. Bancorp $ 1,709 $ 1,319
Adjustments to reconcile net income to net cash (used in) provided by operating activities    
Provision for credit losses 537 553
Depreciation and amortization of premises and equipment 92 90
Amortization of intangibles 123 146
(Gain) loss on sales of loans held for sale (44) (36)
(Gain) loss on sales of securities and other assets (28) (9)
Loans originated for sale, net of repayments (4,185) (4,674)
Proceeds from sales of loans held for sale 4,705 4,740
Other, net (3,194) 532
Net cash (used in) provided by operating activities (285) 2,661
Investing Activities    
Proceeds from sales of available-for-sale investment securities 1,011 172
Proceeds from maturities of held-to-maturity investment securities 1,387 1,301
Proceeds from maturities of available-for-sale investment securities 1,340 1,412
Purchases of held-to-maturity investment securities (644) (93)
Purchases of available-for-sale investment securities (2,104) (4,851)
Net increase in loans outstanding (2,636) (1,128)
Proceeds from sales of loans 766 36
Purchases of loans (221) (296)
Net increase in securities purchased under agreements to resell (813) (1,274)
Other, net (634) (232)
Net cash used in investing activities (2,548) (4,953)
Financing Activities    
Net (decrease) increase in deposits (5,782) 15,751
Net increase in short-term borrowings 1,640 1,823
Proceeds from issuance of long-term debt 3,590 3,565
Principal payments or redemption of long-term debt (2,101) (2,172)
Proceeds from issuance of common stock 16 13
Repurchase of common stock (160) (49)
Cash dividends paid on preferred stock (72) (76)
Cash dividends paid on common stock (787) (770)
Net cash (used in) provided by financing activities (3,656) 18,085
Change in cash and due from banks (6,489) 15,793
Cash and due from banks at beginning of period 56,502 61,192
Cash and due from banks at end of period $ 50,013 $ 76,985
v3.25.1
Basis of Presentation
 3 Months Ended
Mar. 31, 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.
v3.25.1
Accounting Changes
 3 Months Ended
Mar. 31, 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.
v3.25.1
Investment Securities
 3 Months Ended
Mar. 31, 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:
 March 31, 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$1,297 $— $(13)$1,284 $1,296 $— $(21)$1,275 
Mortgage-backed securities
Residential agency74,773 12 (10,912)63,873 75,392 3 (12,317)63,078 
Commercial agency1,699 5 (4)1,700 1,702 — (27)1,675 
Other239 3 — 242 244 3 — 247 
Total held-to-maturity$78,008 $20 $(10,929)$67,099 $78,634 $6 $(12,365)$66,275 
Available-for-Sale
U.S. Treasury and agencies$30,387 $11 $(1,782)$28,616 $30,467 $1 $(2,081)$28,387 
Mortgage-backed securities
Residential agency35,535 51 (1,912)33,674 35,558 13 (2,290)33,281 
Commercial
Agency8,647 — (1,144)7,503 8,673 — (1,322)7,351 
Non-agency7 — — 7 7 — (1)6 
Asset-backed securities7,323 15 (6)7,332 7,136 30 (1)7,165 
Obligations of state and political subdivisions10,650 9 (1,333)9,326 10,690 13 (1,151)9,552 
Other314 2 — 316 249 1 — 250 
Total available-for-sale, excluding portfolio level basis adjustments92,863 88 (6,177)86,774 92,780 58 (6,846)85,992 
Portfolio level basis adjustments(a)
204 — (204)— 13 — (13)— 
Total available-for-sale$93,067 $88 $(6,381)$86,774 $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 $16.4 billion at March 31, 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 $543 million at March 31, 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
March 31
(Dollars in Millions)20252024
Taxable$1,234 $1,099 
Non-taxable74 76 
Total interest income from investment securities$1,308 $1,175 
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
March 31
(Dollars in Millions)20252024
Realized gains$7 $3 
Realized losses(7)(1)
Net realized gains (losses)$— $2 
Income tax (benefit) on net realized gains (losses)$— $1 
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 March 31, 2025 and December 31, 2024.
At March 31, 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 March 31, 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$6,408 $(5)$17,376 $(1,777)$23,784 $(1,782)
Mortgage-backed securities
Residential agency11,691 (131)15,511 (1,781)27,202 (1,912)
Commercial
     Agency— — 7,503 (1,144)7,503 (1,144)
Non-agency— — 7 — 7 — 
Asset-backed securities1,719 (4)983 (2)2,702 (6)
Obligations of state and political subdivisions1,363 (29)7,632 (1,304)8,995 (1,333)
Other— — 4 — 4 — 
Total investment securities$21,181 $(169)$49,016 $(6,008)$70,197 $(6,177)
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 March 31, 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 months ended March 31, 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 March 31, 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$650 $649 0.12.71 %
Maturing after one year through five years647 635 2.13.00 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$1,297 $1,284 1.12.85 %
Mortgage-backed securities(a)
Maturing in one year or less$144 $144 0.84.70 %
Maturing after one year through five years2,010 2,017 3.54.47 
Maturing after five years through ten years74,273 63,367 8.72.16 
Maturing after ten years45 45 11.44.23 
Total$76,472 $65,573 8.52.22 %
Other
Maturing in one year or less$— $— $— — %
Maturing after one year through five years239 242 2.22.68 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$239 $242 2.22.68 %
Total held-to-maturity(b)
$78,008 $67,099 8.42.23 %
Available-for-Sale
U.S. Treasury and agencies
Maturing in one year or less$11 $11 0.24.44 %
Maturing after one year through five years14,787 14,198 3.02.57 
Maturing after five years through ten years15,077 14,018 6.33.02 
Maturing after ten years512 389 10.51.78 
Total$30,387 $28,616 4.82.78 %
Mortgage-backed securities(a)
Maturing in one year or less$23 $23 0.51.89 %
Maturing after one year through five years7,627 7,161 4.02.73 
Maturing after five years through ten years36,268 33,742 7.33.98 
Maturing after ten years271 258 11.35.39 
Total$44,189 $41,184 6.83.77 %
Asset-backed securities(a)
Maturing in one year or less$10 $10 0.47.40 %
Maturing after one year through five years3,159 3,169 1.74.83 
Maturing after five years through ten years4,154 4,153 5.85.76 
Maturing after ten years— — — — 
Total$7,323 $7,332 4.05.36 %
Obligations of state and political subdivisions(c)(d)
Maturing in one year or less$118 $117 0.45.07 %
Maturing after one year through five years928 922 2.64.70 
Maturing after five years through ten years1,200 1,125 7.63.68 
Maturing after ten years8,404 7,162 14.73.31 
Total$10,650 $9,326 12.73.49 %
Other
Maturing in one year or less$109 $109 0.74.87 %
Maturing after one year through five years205 207 2.44.65 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$314 $316 1.84.72 %
Total available-for-sale(b)(f)
$92,863 $86,774 6.63.54 %
(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 $204 million.
v3.25.1
Loans and Allowance for Credit Losses
 3 Months Ended
Mar. 31, 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:
March 31, 2025December 31, 2024
(Dollars in Millions)AmountPercent of Total AmountPercent of Total
Commercial
Commercial$139,840 36.6 %$135,254 35.6 %
Lease financing4,241 1.1 4,230 1.1 
Total commercial144,081 37.7 139,484 36.7 
Commercial Real Estate
Commercial mortgages38,064 10.0 38,619 10.2 
Construction and development10,270 2.7 10,240 2.7 
Total commercial real estate48,334 12.7 48,859 12.9 
Residential Mortgages
Residential mortgages113,112 29.6 112,806 29.7 
Home equity loans, first liens5,795 1.5 6,007 1.6 
Total residential mortgages118,907 31.1 118,813 31.3 
Credit Card29,223 7.7 30,350 8.0 
Other Retail
Retail leasing3,928 1.0 4,040 1.0 
Home equity and second mortgages13,540 3.6 13,565 3.6 
Revolving credit3,791 1.0 3,747 1.0 
Installment14,190 3.7 14,373 3.8 
Automobile5,825 1.5 6,601 1.7 
Total other retail41,274 10.8 42,326 11.1 
Total loans$381,819 100.0 %$379,832 100.0 %
The Company had loans of $127.4 billion at March 31, 2025, and $127.6 billion at December 31, 2024, pledged at the FHLB, and loans of $85.8 billion at March 31, 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 $2.4 billion and $2.5 billion at March 31, 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 March 31
(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 losses200 (80)6 329 82 537 
Deduct
Loans charged-off187 25 4 386 88 690 
Less recoveries of loans charged-off(24)(29)(4)(61)(25)(143)
Net loan charge-offs (recoveries)163 (4)— 325 63 547 
Balance at end of period$2,212 $1,432 $789 $2,644 $838 $7,915 
2024
Balance at beginning of period$2,119 $1,620 $827 $2,403 $870 $7,839 
Add
Provision for credit losses156 30 16 318 33 553 
Deduct
Loans charged-off139 34 4 337 81 595 
Less recoveries of loans charged-off(23)(13)(4)(41)(26)(107)
Net loan charge-offs (recoveries)116 21 — 296 55 488 
Balance at end of period$2,159 $1,629 $843 $2,425 $848 $7,904 
The decrease in the allowance for credit losses at March 31, 2025, compared with December 31, 2024, was primarily driven by 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 March 31
(Dollars in Millions)		CommercialCommercial
Real Estate		Residential Mortgages
Credit Card(a)
Other RetailTotal Loans
2025
Originated in 2025$10 $— $— $— $— $10 
Originated in 202431 6 — — 11 48 
Originated in 202329 14 — — 15 58 
Originated in 202232 4 — — 13 49 
Originated in 20214 1 — — 15 20 
Originated prior to 20219 — 4 — 9 22 
Revolving72 — — 386 25 483 
Total charge-offs$187 $25 $4 $386 $88 $690 
2024
Originated in 2024$— $5 $— $— $2 $7 
Originated in 202326 4 — — 10 40 
Originated in 202218 24 — — 14 56 
Originated in 20218 — — — 11 19 
Originated in 20204 — — — 8 12 
Originated prior to 202010 1 4 — 11 26 
Revolving73 — — 337 25 435 
Total charge-offs$139 $34 $4 $337 $81 $595 
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
March 31, 2025
Commercial$143,066 $303 $96 $616 $144,081 
Commercial real estate47,490 59 5 780 48,334 
Residential mortgages(a)
118,242 295 229 141 118,907 
Credit card28,432 382 409 — 29,223 
Other retail40,862 207 57 148 41,274 
Total loans$378,092 $1,246 $796 $1,685 $381,819 
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 March 31, 2025, $512 million of loans 30–89 days past due and $2.5 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 March 31, 2025 and December 31, 2024, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $4 million and $5 million for the three months ended March 31, 2025 and 2024, respectively.
At March 31, 2025, the amount of foreclosed residential real estate held by the Company, and included in OREO, was $23 million, compared with $21 million at December 31, 2024. These amounts excluded $48 million and $46 million at March 31, 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 March 31, 2025 and December 31, 2024, was $590 million and $576 million, respectively, of which $376 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:
March 31, 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$16,275 $62 $240 $302 $16,577 $— $— $— $— $— 
Originated in 202450,854 473 874 1,347 52,201 57,578 503 1,034 1,537 59,115 
Originated in 202315,423 152 378 530 15,953 19,128 173 564 737 19,865 
Originated in 202217,944 127 344 471 18,415 19,718 231 370 601 20,319 
Originated in 20214,410 12 58 70 4,480 4,677 60 92 152 4,829 
Originated prior to 20216,039 146 273 419 6,458 6,812 76 143 219 7,031 
Revolving(b)
29,017 320 660 980 29,997 27,344 169 812 981 28,325 
Total commercial139,962 1,292 2,827 4,119 144,081 135,257 1,212 3,015 4,227 139,484 
Commercial real estate
Originated in 20253,190 6 387 393 3,583 — — — — — 
Originated in 20248,731 212 1,384 1,596 10,327 9,652 261 1,772 2,033 11,685 
Originated in 20234,880 26 742 768 5,648 5,213 42 760 802 6,015 
Originated in 20228,241 304 1,073 1,377 9,618 9,047 661 913 1,574 10,621 
Originated in 20215,883 150 216 366 6,249 6,515 100 196 296 6,811 
Originated prior to 20219,947 201 680 881 10,828 10,822 148 608 756 11,578 
Revolving2,031 — 47 47 2,078 2,078 — 68 68 2,146 
Revolving converted to term3 — — — 3 3 — — — 3 
Total commercial real estate42,906 899 4,529 5,428 48,334 43,330 1,212 4,317 5,529 48,859 
Residential mortgages(c)
Originated in 20251,906 — — — 1,906 — — — — — 
Originated in 20249,993 — 2 2 9,995 10,291 — — — 10,291 
Originated in 20238,661 — 13 13 8,674 8,764 — 11 11 8,775 
Originated in 202228,220 — 49 49 28,269 28,484 — 43 43 28,527 
Originated in 202134,316 — 34 34 34,350 34,694 — 35 35 34,729 
Originated prior to 202135,437 — 276 276 35,713 36,211 — 280 280 36,491 
Total residential mortgages118,533 — 374 374 118,907 118,444 — 369 369 118,813 
Credit card(d)
28,814 — 409 409 29,223 29,915 — 435 435 30,350 
Other retail
Originated in 20251,456 — — — 1,456 — — — — — 
Originated in 20246,899 — 6 6 6,905 7,398 — 3 3 7,401 
Originated in 20233,685 — 10 10 3,695 3,966 — 9 9 3,975 
Originated in 20223,696 — 11 11 3,707 4,085 — 11 11 4,096 
Originated in 20215,755 — 12 12 5,767 6,537 — 14 14 6,551 
Originated prior to 20215,091 — 20 20 5,111 5,543 — 21 21 5,564 
Revolving13,741 — 115 115 13,856 13,846 — 120 120 13,966 
Revolving converted to term737 — 40 40 777 731 — 42 42 773 
Total other retail41,060 — 214 214 41,274 42,106 — 220 220 42,326 
Total loans$371,275 $2,191 $8,353 $10,544 $381,819 $369,052 $2,424 $8,356 $10,780 $379,832 
Total outstanding commitments$785,384 $2,950 $10,584 $13,534 $798,918 $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 March 31, 2025, $2.5 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 March 31
(Dollars in Millions)
Interest Rate
Reduction
Payment
Delay
Term
Extension
Multiple Modifications(a)
Total
Modifications
Percent of
Class Total
2025
Commercial$27 $2 $143 $21 $193 .1 %
Commercial real estate— — 242 3 245 .5 
Residential mortgages(b)
— 281 2 5 288 .2 
Credit card134 3 — — 137 .5 
Other retail2 7 30 4 43 .1 
Total loans, excluding loans purchased from GNMA mortgage pools163 293 417 33 906 .2 
Loans purchased from GNMA mortgage pools(b)
— 380104123607.5 
Total loans$163 $673 $521 $156 $1,513 .4 %
2024
Commercial$25 $— $328 $— $353 .3 %
Commercial real estate— — 282 50 332 .6 
Residential mortgages(b)
— 20 5 2 27 — 
Credit card126 — — — 126 .5 
Other retail3 1 38 — 42 .1 
Total loans, excluding loans purchased from GNMA mortgage pools154 21 653 52 880 .2 
Loans purchased from GNMA mortgage pools(b)
1 490 68 93 652 .6 
Total loans$155 $511 $721 $145 $1,532 .4 %
(a)Includes $76 million of total loans receiving a payment delay and term extension, $65 million of total loans receiving an interest rate reduction and term extension and $15 million of total loans receiving an interest rate reduction, payment delay and term extension for the three months ended March 31, 2025, compared with $88 million, $53 million and $4 million for the three months ended March 31, 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 March 31, 2025 the balance of loans modified in trial period arrangements was $163 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 March 31
Weighted-Average
Interest Rate
Reduction
Weighted-Average
Months of Term
Extension
2025
Commercial(a)
11.5 %6
Commercial real estate2.1 7
Residential mortgages1.4 92
Credit card16.1 —
Other retail5.3 26
Loans purchased from GNMA mortgage pools.5 97
2024
Commercial(a)
19.3 %7
Commercial real estate4.3 9
Residential mortgages2.5 84
Credit card16.4 —
Other retail9.3 4
Loans purchased from GNMA mortgage pools.4 114
Note: The weighted-average payment deferral for all portfolio classes was less than $1 million for the three months ended March 31, 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 March 31, 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$472 $18 $130 $620 
Commercial real estate755 13 238 1,006 
Residential mortgages(a)
1,414 3 7 1,424 
Credit card310 68 38 416 
Other retail107 16 6 129 
Total loans$3,058 $118 $419 $3,595 
2024
Commercial$498 $16 $83 $597 
Commercial real estate712 2 281 995 
Residential mortgages(a)
1,509 17 15 1,541 
Credit card275 67 34 376 
Other retail130 18 7 155 
Total loans$3,124 $120 $420 $3,664 
(a)At March 31, 2025, $322 million of loans 30-89 days past due and $289 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 $333 million and $198 million at March 31, 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 March 31
(Dollars in Millions)		Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
2025
Commercial$9 $— $16 $— 
Commercial real estate— — — — 
Residential mortgages— 1 — — 
Credit card35 — — — 
Other retail1 — 4 — 
Total loans, excluding loans purchased from GNMA mortgage pools45 1 20 — 
Loans purchased from GNMA mortgage pools— 84 34 70 
Total loans$45 $85 $54 $70 
2024
Commercial$6 $— $— $— 
Commercial real estate— — — — 
Residential mortgages— 5 3 2 
Credit card29 — — — 
Other retail— 1 6 — 
Total loans, excluding loans purchased from GNMA mortgage pools35 6 9 2 
Loans purchased from GNMA mortgage pools— 77 31 42 
Total loans$35 $83 $40 $44 
(a)Includes $41 million of total loans receiving a payment delay and term extension, $27 million of total loans receiving an interest rate reduction and term extension, and $2 million of total loans receiving an interest rate reduction, payment delay and term extension for the three months ended March 31, 2025. Includes $43 million of total loans receiving a payment delay and term extension and $1 million of total loans receiving an interest rate reduction, payment delay and term extension for the three months ended March 31, 2024.
As of March 31, 2025 the Company had $365 million of commitments to lend additional funds to borrowers whose terms of their outstanding owed balances have been modified.
v3.25.1
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities
 3 Months Ended
Mar. 31, 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. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. 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 $152 million and $139 million for the three months ended March 31, 2025 and 2024,
respectively. The Company recognized $146 million and $138 million of expenses related to all of these investments for the three months ended March 31, 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 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)March 31, 2025December 31, 2024
Investment carrying amount$8,703 $8,107 
Unfunded capital and other commitments5,751 5,032 
Maximum exposure to loss8,522 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 $273 million at March 31, 2025 and $264 million at December 31, 2024. The maximum exposure to loss related to these VIEs was $398 million at March 31, 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 $2.7 billion as available-for-sale investment securities at March 31, 2025, compared with $3.2 billion at December 31, 2024. These senior notes were issued by third-party securitization vehicles that held $3.1 billion at March 31, 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 $80 million at March 31, 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 March 31, 2025, approximately $5.8 billion of the Company’s assets and $3.5 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.
v3.25.1
Mortgage Servicing Rights
 3 Months Ended
Mar. 31, 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 $216.7 billion of residential mortgage loans for others at March 31, 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, net of the value change in derivatives used to economically hedge MSRs. These changes resulted in net gains of $2 million and net losses of $3 million for the three months ended March 31, 2025 and 2024, respectively. Loan servicing and ancillary fees, not including valuation changes, included in mortgage banking revenue were $172 million and $180 million for the three months ended March 31, 2025 and 2024, respectively.
Changes in fair value of capitalized MSRs are summarized as follows:
 Three Months Ended
March 31
(Dollars in Millions)20252024
Balance at beginning of period$3,369 $3,377 
Rights capitalized59 55 
Rights sold
1 — 
Changes in fair value of MSRs
Due to fluctuations in market interest rates(a)
(49)103 
Due to revised assumptions or models(b)
4 8 
Other changes in fair value(c)
(72)(81)
Balance at end of period$3,312 $3,462 
(a)Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.
(b)Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes.
(c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.
The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments was as follows:
 March 31, 2025December 31, 2024
(Dollars in Millions)Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps 		Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps
MSR portfolio$(343)$(161)$(78)$71 $137 $250 $(310)$(144)$(69)$63 $120 $217 
Derivative instrument hedges33315877(69)(128)(226)32514769(61)(118)(220)
Net sensitivity$(10)$(3)$(1)$2 $9 $24 $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:
 March 31, 2025December 31, 2024
(Dollars in Millions)HFA Government
Conventional(d)
Total HFA Government
Conventional(d)
Total
Servicing portfolio(a)
$54,095 $24,797 $137,543 $216,435 $52,807 $25,139 $138,428 $216,374 
Fair value$819 $489 $2,004 $3,312 $856 $512 $2,001 $3,369 
Value (bps)(b)
151 197 146 153 162 204 145 156 
Weighted-average servicing fees (bps)35 45 25 30 35 45 25 30 
Multiple (value/servicing fees)4.27 4.41 5.74 5.08 4.57 4.56 5.69 5.17 
Weighted-average note rate4.99 %4.36 %3.91 %4.23 %4.92 %4.35 %3.87 %4.18 %
Weighted-average age (in years)4.66.35.15.14.56.15.05.0
Weighted-average expected prepayment (constant prepayment rate)10.5 %10.6 %8.2 %9.0 %9.9 %10.2 %7.8 %8.6 %
Weighted-average expected life (in years)7.26.67.37.27.56.87.47.4
Weighted-average option adjusted spread(c)
6.8 %6.6 %5.1 %5.7 %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.
v3.25.1
Preferred Stock
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Preferred Stock
NOTE 7Preferred Stock
At March 31, 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:
 March 31, 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 March 31, 2025 and December 31, 2024, was $1.00 per share.
v3.25.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
NOTE 8Accumulated Other Comprehensive Income (Loss)
Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows:
Three Months Ended March 31
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-for- Sale Unrealized Gains (Losses) on Investment Securities Transferred From Available- for-Sale to Held-to-Maturity Unrealized Gains (Losses) on Derivative Hedges Unrealized Gains (Losses) on Retirement Plans Debit Valuation AdjustmentsForeign Currency Translation Total
2025      
Balance at beginning of period$(5,078)$(3,165)$(553)$(955)$1 $(14)$(9,764)
Changes in unrealized gains (losses)508 — 284 — 2 — 794 
Foreign currency translation adjustment(a)
— — — — — 4 4 
Reclassification to earnings of realized (gains) losses— 111 60 (1)— — 170 
Applicable income taxes(129)(28)(88)— (1)— (246)
Balance at end of period$(4,699)$(3,082)$(297)$(956)$2 $(10)$(9,042)
2024      
Balance at beginning of period$(5,151)$(3,537)$(242)$(1,138)$— $(28)$(10,096)
Changes in unrealized gains (losses)(171)— (343)— — — (514)
Foreign currency translation adjustment(a)
— — — — — 6 6 
Reclassification to earnings of realized (gains) losses(2)114 49 — — — 161 
Applicable income taxes45 (29)75 — — (1)90 
Balance at end of period$(5,279)$(3,452)$(461)$(1,138)$— $(23)$(10,353)
(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
March 31
Affected Line Item in the Consolidated Statement of Income
(Dollars in Millions)20252024
Unrealized gains (losses) on investment securities available-for-sale
Realized gains (losses) on sales of investment securities$— $2 Securities gains (losses), net
— (1)Applicable income taxes
— 1 Net-of-tax
Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains (losses)(111)(114)Interest income
28 29 Applicable income taxes
(83)(85)Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges(60)(49)Net interest income
15 13 Applicable income taxes
(45)(36)Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses) and prior service cost (credit) amortization1 — Other noninterest expense
— — Applicable income taxes
1 — Net-of-tax
Total impact to net income$(127)$(120) 
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share
NOTE 9Earnings Per Share
The components of earnings per share were:
 Three Months Ended
March 31
(Dollars and Shares in Millions, Except Per Share Data)20252024
Net income attributable to U.S. Bancorp$1,709 $1,319 
Preferred dividends(95)(102)
Earnings allocated to participating stock awards(11)(8)
Net income applicable to U.S. Bancorp common shareholders$1,603 $1,209 
Average common shares outstanding1,559 1,559 
Net effect of the exercise and assumed purchase of stock awards1 — 
Average diluted common shares outstanding1,560 1,559 
Earnings per common share$1.03 $.78 
Diluted earnings per common share$1.03 $.78 
Options outstanding at March 31, 2025 to purchase 1 million common shares for the three months ended March 31, 2025, and outstanding at March 31, 2024 to purchase 1 million common shares for the three months ended March 31, 2024 were not included in the computation of diluted earnings per share because they were antidilutive.
v3.25.1
Employee Benefits
 3 Months Ended
Mar. 31, 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 March 31
(Dollars in Millions)20252024
Service cost$53 $55 
Interest cost103 94 
Expected return on plan assets(147)(146)
Prior service cost (credit) amortization(1)(1)
Actuarial loss (gain) amortization1 2 
Net periodic benefit cost(a)
$9 $4 
(a)Service cost is included in compensation and employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
NOTE 11Income Taxes
The components of income tax expense were:
 Three Months Ended
March 31
(Dollars in Millions)20252024
Federal
Current$(1)$180 
Deferred328 133 
Federal income tax327 313 
State
Current97 21 
Deferred19 13 
State income tax116 34 
Total income tax provision$443 $347 
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
March 31
(Dollars in Millions)20252024
Tax at statutory rate$453 $351 
State income tax, at statutory rates, net of federal tax benefit112 81 
Tax effect of
Tax credits and benefits, net of related expenses(123)(61)
Exam resolutions— (65)
Tax-exempt income(33)(31)
Other items34 72 
Applicable income taxes$443 $347 
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 March 31, 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 $5.7 billion at March 31, 2025 and $6.3 billion at December 31, 2024.
v3.25.1
Derivative Instruments
 3 Months Ended
Mar. 31, 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 March 31, 2025, the Company had $297 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 $152 million (net-of-tax). All cash flow hedges were highly effective for the three months ended March 31, 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 $1.6 billion at March 31, 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:
 March 31, 2025December 31, 2024
 Notional ValueFair ValueNotional ValueFair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps$13,100 $— $— $10,600 $— $— 
Pay fixed/receive floating swaps28,279 — — 29,739 — — 
Cash flow hedges
Interest rate contracts
Receive fixed/pay floating swaps28,500 — — 28,550 — — 
Pay fixed/receive floating swaps1,050 — — — — — 
Net investment hedges
Foreign exchange forward contracts687 1 — 870 7 — 
Other economic hedges
Interest rate contracts
Futures and forwards
Buy4,923 10 7 5,436 8 30 
Sell2,745 1 9 2,711 10 1 
Options
Purchased6,724 176 — 7,810 186 — 
Written2,672 17 54 1,991 8 47 
Receive fixed/pay floating swaps10,443 78 30 9,977 45 23 
Pay fixed/receive floating swaps2,818 — — 2,371 — — 
Foreign exchange forward contracts725 2 1 702 4 4 
Equity contracts288 — 6 293 — 9 
Credit contracts3,298 6 17 3,558 — 29 
Other(a)
1,290 7 67 1,084 7 78 
Total$107,542 $298 $191 $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 $67 million at March 31, 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 $207 million at March 31, 2025.
The following table summarizes the customer-related derivative positions of the Company:
 March 31, 2025December 31, 2024
 Notional
Value		Fair ValueNotional
Value		Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Interest rate contracts
Receive fixed/pay floating swaps$404,356 $877 $3,260 $413,841 $462 $4,485 
Pay fixed/receive floating swaps364,577 1,703 279 363,837 2,342 153 
Other(a)
70,207 17 32 72,503 17 34 
Options
Purchased105,399 366 6 96,238 414 2 
Written90,579 18 488 90,572 12 574 
Futures
Buy1,240 — — — — — 
Sell301 — — — — — 
Foreign exchange rate contracts
Forwards, spots and swaps119,520 1,932 1,789 113,718 2,441 2,232 
Options
Purchased790 15 1 497 14 — 
Written790 1 15 497 — 14 
Commodity contracts
Swaps10,972 362 301 8,224 199 180 
Options
Purchased4,953 310 4 3,921 233 2 
Written4,953 2 310 3,921 3 233 
Futures
Buy1 — — 1 — — 
Sell249 49 84 166 25 27 
Equity contracts8 — — — — — 
Credit contracts12,758 — 3 13,670 — 3 
Total$1,191,653 $5,652 $6,572 $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 March 31
 Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)2025202420252024
Asset and Liability Management Positions    
Cash flow hedges    
Interest rate contracts$211 $(255)$(45)$(36)
Net investment hedges    
Foreign exchange forward contracts(4)69 — — 
Non-derivative debt instruments(61)34 — — 
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 March 31
 Interest Income Interest Expense
(Dollars in Millions)2025202420252024
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$7,516 $7,764 $3,424 $3,779 
Asset and Liability Management Positions    
Fair value hedges    
Interest rate contract derivatives(448)468 (106)(57)
Hedged items447 (469)112 57 
Cash flow hedges    
Interest rate contract derivatives(53)(42)7 7 
Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $7 million into earnings during both the three months ended March 31, 2025 and 2024, 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)March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Line Item in the Consolidated Balance Sheet    
Available-for-sale investment securities(a)
$28,033 $29,005 $(1)$(464)
Long-term debt13,210 10,632 150 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 $(54) million and $(135) million, respectively, at March 31, 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 $14.2 billion, respectively, at March 31, 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 March 31, 2025, the amortized cost of the closed portfolios used in these hedging relationships was $19.3 billion, of which $11.1 billion was designated as hedged. At March 31, 2025, the cumulative amount of basis adjustments associated with these hedging relationships was $204 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
March 31
(Dollars in Millions)Location of Gains (Losses)
Recognized in Earnings		20252024
Asset and Liability Management Positions 
Other economic hedges 
Interest rate contracts 
Futures and forwardsMortgage banking revenue$24 $(12)
Purchased and written optionsMortgage banking revenue30 39 
SwapsMortgage banking revenue/Interest expense56 (86)
Foreign exchange forward contractsOther noninterest income2 4 
Equity contractsCompensation expense(19)— 
Credit contractsCapital markets revenue17 (2)
OtherOther noninterest income— (75)
Customer-Related Positions   
Interest rate contracts   
SwapsCapital markets revenue35 131 
Purchased and written optionsCapital markets revenue12 (47)
FuturesCapital markets revenue1 — 
Foreign exchange rate contracts   
Forwards, spots and swapsCapital markets revenue48 24 
Purchased and written optionsCapital markets revenue1 — 
Commodity contracts   
SwapsCapital markets revenue47 2 
Purchased and written optionsCapital markets revenue(1)2 
FuturesCapital markets revenue(41)— 
Credit contractsCapital markets revenue2 (1)
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 March 31, 2025, was $1.7 billion. At March 31, 2025, the Company had $1.4 billion of cash posted as collateral against this net liability position.
v3.25.1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities
 3 Months Ended
Mar. 31, 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 $1.3 trillion total notional amount of derivative positions at March 31, 2025, $583.8 billion related to bilateral over-the-counter trades, $696.3 billion related to those centrally cleared through clearinghouses and $19.1 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
March 31, 2025
Repurchase agreements
U.S. Treasury and agencies$6,711 $— $— $— $6,711 
Residential agency mortgage-backed securities543 — — — 543 
Corporate debt securities1,736 5 — — 1,741 
Asset-backed securities303 15 — — 318 
Total repurchase agreements9,293 20 — — 9,313 
Securities loaned     
Corporate debt securities141 — — — 141 
Total securities loaned141 — — — 141 
Gross amount of recognized liabilities$9,434 $20 $— $— $9,454 
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 not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and 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)
March 31, 2025
Derivative assets(d)
$5,925 $(2,680)$3,245 $(187)$(2)$3,056 
Reverse repurchase agreements7,194 — 7,194 (394)(6,790)10 
Securities borrowed1,805 — 1,805 — (1,745)60 
Total$14,924 $(2,680)$12,244 $(581)$(8,537)$3,126 
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 $1.3 billion and $1.9 billion of cash collateral related payables that were netted against derivative assets at March 31, 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 $25 million and $15 million at March 31, 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)
March 31, 2025
Derivative liabilities(d)
$6,695 $(2,835)$3,860 $(187)$— $3,673 
Repurchase agreements9,313 — 9,313 (394)(8,912)7 
Securities loaned141 — 141 — (139)2 
Total$16,149 $(2,835)$13,314 $(581)$(9,051)$3,682 
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 $1.4 billion and $1.9 billion of cash collateral related receivables that were netted against derivative liabilities at March 31, 2025 and December 31, 2024, respectively.
(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 $68 million and $79 million at March 31, 2025 and December 31, 2024, respectively, of derivative liabilities not subject to netting arrangements.
v3.25.1
Fair Values of Assets and Liabilities
 3 Months Ended
Mar. 31, 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 three months ended March 31, 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 $1 million for the three months ended March 31, 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 gains of $3 million and $8 million for the three months ended March 31, 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 gains of $2 million and net losses of $1 million, respectively, for the three months ended March 31, 2025 from the changes in the fair value of structured notes under the 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 March 31, 2025:
 Minimum Maximum
Weighted-
Average(a)
Expected prepayment6 %19 %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 March 31, 2025:
 Minimum Maximum
Weighted-
Average(a)
Expected loan close rate5 %100 %81 %
Inherent MSR value (basis points per loan)57 200 110 
(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 March 31, 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, 367 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
March 31, 2025     
Available-for-sale securities     
U.S. Treasury and agencies$23,999 $4,617 $— $— $28,616 
Mortgage-backed securities     
Residential agency— 33,674 — — 33,674 
Commercial     
Agency— 7,503 — — 7,503 
Non-agency— 7 — — 7 
Asset-backed securities— 7,332 — — 7,332 
Obligations of state and political subdivisions— 9,326 — — 9,326 
Other— 316 — — 316 
Total available-for-sale23,999 62,775 — — 86,774 
Mortgage loans held for sale— 1,704 — — 1,704 
Mortgage servicing rights— — 3,312 — 3,312 
Derivative assets53 4,374 1,523 (2,680)3,270 
Other assets434 2,333 — — 2,767 
Total$24,486 $71,186 $4,835 $(2,680)$97,827 
Time deposits$— $6,506 $— $— $6,506 
Long-term debt— 645 — — 645 
Derivative liabilities84 4,429 2,250 (2,835)3,928 
Short-term borrowings and other liabilities(a)
587 1,859 — — 2,446 
Total$671 $13,439 $2,250 $(2,835)$13,525 
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 $166 million and $159 million at March 31, 2025 and December 31, 2024, respectively, and reflect no impairment or observable price change adjustment at both March 31, 2025 and December 31, 2024. The Company did not record any adjustments for observable price changes during the first three 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 March 31
(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$3,369 $(117)
(a)
$— $1 $59 
(c)
$— $3,312 $(117)
(a)
Net derivative assets and liabilities(1,800)(191)
(b)
669 (2)1 596 (727)996 
(d)
2024
Mortgage servicing rights$3,377 $30 
(a)
$— $— $55 
(c)
$— $3,462 $30 
(a)
Net derivative assets and liabilities(1,885)(1,683)
(e)
378 (2)— 831 (2,361)(181)
(f)
(a)Included in mortgage banking revenue.
(b)Approximately $51 million, $(241) million and $(1) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $16 million, $981 million and $(1) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(e)Approximately $44 million, $(1.7) billion and $(75) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(f)Approximately $19 million, $(125) million and $(75) 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:
March 31, 2025December 31, 2024
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(a)
$— $— $339 $339 $— $— $636 $636 
Other assets(b)
— — 5 5 — — 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 March 31
(Dollars in Millions)20252024
Loans(a)
$99 $67 
Other assets(b)
1 2 
(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:
March 31, 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)
$1,704 $1,695 $9 $2,251 $2,243 $8 
Time deposits6,506 6,517 (11)5,754 5,762 (8)
Long-term debt645 664 (19)391 409 (18)
(a)Includes nonaccrual loans of $1 million carried at fair value with contractual principal outstanding of $1 million at March 31, 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 $5 million carried at fair value with contractual principal outstanding of $5 million at March 31, 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 March 31, 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:
March 31, 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$50,013 $50,013 $— $— $50,013 $56,502 $56,502 $— $— $56,502 
Federal funds sold and securities purchased under resale agreements7,236 — 7,236 — 7,236 6,380 — 6,380 — 6,380 
Investment securities held-to-maturity78,008 1,284 65,815 — 67,099 78,634 1,275 65,000 — 66,275 
Loans held for sale(a)
42 — — 42 42 322 — — 322 322 
Loans, net of allowance for losses374,235 — — 369,966 369,966 372,249 — — 365,628 365,628 
Other(b)
2,584 — 1,930 654 2,584 2,482 — 1,767 715 2,482 
Financial Liabilities
Time deposits(c)
48,740 — 48,823 — 48,823 49,015 — 49,156 — 49,156 
Short-term borrowings(d)
14,765 — 14,567 — 14,567 13,583 — 13,419 — 13,419 
Long-term debt(e)
59,214 — 58,346 — 58,346 57,611 — 56,441 — 56,441 
Other(f)
4,565 — 1,350 3,215 4,565 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 $360 million and $376 million at March 31, 2025 and December 31, 2024, respectively. The carrying value of other guarantees was $191 million and $194 million at March 31, 2025 and December 31, 2024, respectively.
v3.25.1
Guarantees and Contingent Liabilities
 3 Months Ended
Mar. 31, 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 March 31, 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 March 31, 2025:
(Dollars in Millions)
Collateral Held
Carrying Amount
Maximum
Potential
Future
Payments
Standby letters of credit$— $20 $10,791 
Securities lending indemnifications6,939 — 6,737 
Asset sales— 107 12,641 
 (a)
Merchant processing826 63 147,804 
Other— 21 3,615 
(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 March 31, 2025, the value of airline tickets purchased to be delivered at a future date through card transactions processed by the Company was $12.3 billion. The Company held collateral of $706 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 March 31, 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 March 31, 2025 and December 31, 2024, the Company had reserved $9 million 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 March 31, 2025 and December 31, 2024, the Company had $18 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).
The Division of Enforcement of the SEC conducted an investigation of U.S. Bancorp Fund Services, LLC, a subsidiary of USBNA, relating to fraud committed by an unaffiliated third party. On March 19, 2025, the SEC notified the Company that it had concluded its investigation, and based on the information the SEC had as of that date, the SEC staff did not intend to recommend an enforcement action.
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.
v3.25.1
Business Segments
 3 Months Ended
Mar. 31, 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 March 31 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)
$1,743 $1,910 $1,759 $1,879 $742 $702 $(122)$(476)$4,122 $4,015 
Noninterest income(b)(c)
1,167 1,112 407 424 1,036 979 226 185 2,836 2,700 
Total net revenue(d)
2,910 3,022 2,166 2,303 1,778 1,681 104 (291)6,958 6,715 
Compensation and employee benefits536 565 526 558 223 226 1,352 1,342 2,637 2,691 
Other intangibles46 52 59 67 18 27 — — 123 146 
Net shared services515 522 684 700 539 520 (1,738)(1,742)— — 
Other direct expenses(e)
241 241 304 298 228 234 699 849 1,472 1,622 
Total noninterest expense1,338 1,380 1,573 1,623 1,008 1,007 313 449 4,232 4,459 
Income (loss) before provision and income taxes1,572 1,642 593 680 770 674 (209)(740)2,726 2,256 
Provision for credit losses10 141 62 54 317 359 148 (1)537 553 
Income (loss) before income taxes1,562 1,501 531 626 453 315 (357)(739)2,189 1,703 
Income taxes and taxable-equivalent adjustment391 375 133 157 113 79 (164)(234)473 377 
Net income (loss)1,171 1,126 398 469 340 236 (193)(505)1,716 1,326 
Net (income) loss attributable to noncontrolling interests— — — — — — (7)(7)(7)(7)
Net income (loss) attributable to U.S. Bancorp$1,171 $1,126 $398 $469 $340 $236 $(200)$(512)$1,709 $1,319 
Average Balance Sheet
Loans$177,973 $171,137 $153,945 $154,956 $41,611 $39,803 $5,499 $5,174 $379,028 $371,070 
Other earning assets11,957 8,738 1,778 1,879 57 153 217,410 214,295 231,202 225,065 
Goodwill4,824 4,824 4,325 4,326 3,392 3,332 — — 12,541 12,482 
Other intangible assets863 1,059 4,368 4,696 249 300 8 10 5,488 6,065 
Assets208,621 199,260 166,532 169,195 46,829 46,814 247,411 238,640 669,393 653,909 
Noninterest-bearing deposits55,093 58,555 19,181 21,389 2,682 2,791 2,740 2,052 79,696 84,787 
Interest-bearing deposits214,318 208,309 200,833 198,798 95 97 11,592 11,070 426,838 418,274 
Total deposits269,411 266,864 220,014 220,187 2,777 2,888 14,332 13,122 506,534 503,061 
Total U.S. Bancorp shareholders’ equity21,549 21,760 13,706 14,851 10,229 9,965 14,127 9,091 59,611 55,667 
(a)Total net interest income includes a taxable-equivalent adjustment of $30 million for both of the three months ended March 31, 2025 and 2024. See Non-GAAP Financial Measures beginning on page 27.
(b)Payment Services noninterest income presented net of related rewards and rebate costs and certain partner payments of $741 million and $739 million for the three months ended March 31, 2025 and 2024, respectively.
(c)Total noninterest income includes revenue generated from certain contracts with customers of $2.3 billion and $2.2 billion for the three months ended March 31, 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 $197 million and $187 million of revenue for the three months ended March 31, 2025 and 2024, respectively, primarily consisting of interest income on sales-type and direct financing leases.
(e)Other direct expenses for each reportable segment includes: net occupancy and equipment, professional services, marketing and business development, technology and communications, and other.
v3.25.1
Subsequent Events
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events
NOTE 17Subsequent Events
The Company has evaluated the impact of events that have occurred subsequent to March 31, 2025 through the date the consolidated financial statements were filed with the SEC. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the consolidated financial statements and related notes.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income attributable to U.S. Bancorp $ 1,709 $ 1,319
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 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
v3.25.1
Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 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 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 $1.3 trillion total notional amount of derivative positions at March 31, 2025, $583.8 billion related to bilateral over-the-counter trades, $696.3 billion related to those centrally cleared through clearinghouses and $19.1 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 not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and 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 three months ended March 31, 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 $1 million for the three months ended March 31, 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 gains of $3 million and $8 million for the three months ended March 31, 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 gains of $2 million and net losses of $1 million, respectively, for the three months ended March 31, 2025 from the changes in the fair value of structured notes under the 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.
v3.25.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 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:
 March 31, 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$1,297 $— $(13)$1,284 $1,296 $— $(21)$1,275 
Mortgage-backed securities
Residential agency74,773 12 (10,912)63,873 75,392 3 (12,317)63,078 
Commercial agency1,699 5 (4)1,700 1,702 — (27)1,675 
Other239 3 — 242 244 3 — 247 
Total held-to-maturity$78,008 $20 $(10,929)$67,099 $78,634 $6 $(12,365)$66,275 
Available-for-Sale
U.S. Treasury and agencies$30,387 $11 $(1,782)$28,616 $30,467 $1 $(2,081)$28,387 
Mortgage-backed securities
Residential agency35,535 51 (1,912)33,674 35,558 13 (2,290)33,281 
Commercial
Agency8,647 — (1,144)7,503 8,673 — (1,322)7,351 
Non-agency7 — — 7 7 — (1)6 
Asset-backed securities7,323 15 (6)7,332 7,136 30 (1)7,165 
Obligations of state and political subdivisions10,650 9 (1,333)9,326 10,690 13 (1,151)9,552 
Other314 2 — 316 249 1 — 250 
Total available-for-sale, excluding portfolio level basis adjustments92,863 88 (6,177)86,774 92,780 58 (6,846)85,992 
Portfolio level basis adjustments(a)
204 — (204)— 13 — (13)— 
Total available-for-sale$93,067 $88 $(6,381)$86,774 $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:
 March 31, 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$1,297 $— $(13)$1,284 $1,296 $— $(21)$1,275 
Mortgage-backed securities
Residential agency74,773 12 (10,912)63,873 75,392 3 (12,317)63,078 
Commercial agency1,699 5 (4)1,700 1,702 — (27)1,675 
Other239 3 — 242 244 3 — 247 
Total held-to-maturity$78,008 $20 $(10,929)$67,099 $78,634 $6 $(12,365)$66,275 
Available-for-Sale
U.S. Treasury and agencies$30,387 $11 $(1,782)$28,616 $30,467 $1 $(2,081)$28,387 
Mortgage-backed securities
Residential agency35,535 51 (1,912)33,674 35,558 13 (2,290)33,281 
Commercial
Agency8,647 — (1,144)7,503 8,673 — (1,322)7,351 
Non-agency7 — — 7 7 — (1)6 
Asset-backed securities7,323 15 (6)7,332 7,136 30 (1)7,165 
Obligations of state and political subdivisions10,650 9 (1,333)9,326 10,690 13 (1,151)9,552 
Other314 2 — 316 249 1 — 250 
Total available-for-sale, excluding portfolio level basis adjustments92,863 88 (6,177)86,774 92,780 58 (6,846)85,992 
Portfolio level basis adjustments(a)
204 — (204)— 13 — (13)— 
Total available-for-sale$93,067 $88 $(6,381)$86,774 $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
March 31
(Dollars in Millions)20252024
Taxable$1,234 $1,099 
Non-taxable74 76 
Total interest income from investment securities$1,308 $1,175 
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
March 31
(Dollars in Millions)20252024
Realized gains$7 $3 
Realized losses(7)(1)
Net realized gains (losses)$— $2 
Income tax (benefit) on net realized gains (losses)$— $1 
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 March 31, 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$6,408 $(5)$17,376 $(1,777)$23,784 $(1,782)
Mortgage-backed securities
Residential agency11,691 (131)15,511 (1,781)27,202 (1,912)
Commercial
     Agency— — 7,503 (1,144)7,503 (1,144)
Non-agency— — 7 — 7 — 
Asset-backed securities1,719 (4)983 (2)2,702 (6)
Obligations of state and political subdivisions1,363 (29)7,632 (1,304)8,995 (1,333)
Other— — 4 — 4 — 
Total investment securities$21,181 $(169)$49,016 $(6,008)$70,197 $(6,177)
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 March 31, 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$650 $649 0.12.71 %
Maturing after one year through five years647 635 2.13.00 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$1,297 $1,284 1.12.85 %
Mortgage-backed securities(a)
Maturing in one year or less$144 $144 0.84.70 %
Maturing after one year through five years2,010 2,017 3.54.47 
Maturing after five years through ten years74,273 63,367 8.72.16 
Maturing after ten years45 45 11.44.23 
Total$76,472 $65,573 8.52.22 %
Other
Maturing in one year or less$— $— $— — %
Maturing after one year through five years239 242 2.22.68 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$239 $242 2.22.68 %
Total held-to-maturity(b)
$78,008 $67,099 8.42.23 %
Available-for-Sale
U.S. Treasury and agencies
Maturing in one year or less$11 $11 0.24.44 %
Maturing after one year through five years14,787 14,198 3.02.57 
Maturing after five years through ten years15,077 14,018 6.33.02 
Maturing after ten years512 389 10.51.78 
Total$30,387 $28,616 4.82.78 %
Mortgage-backed securities(a)
Maturing in one year or less$23 $23 0.51.89 %
Maturing after one year through five years7,627 7,161 4.02.73 
Maturing after five years through ten years36,268 33,742 7.33.98 
Maturing after ten years271 258 11.35.39 
Total$44,189 $41,184 6.83.77 %
Asset-backed securities(a)
Maturing in one year or less$10 $10 0.47.40 %
Maturing after one year through five years3,159 3,169 1.74.83 
Maturing after five years through ten years4,154 4,153 5.85.76 
Maturing after ten years— — — — 
Total$7,323 $7,332 4.05.36 %
Obligations of state and political subdivisions(c)(d)
Maturing in one year or less$118 $117 0.45.07 %
Maturing after one year through five years928 922 2.64.70 
Maturing after five years through ten years1,200 1,125 7.63.68 
Maturing after ten years8,404 7,162 14.73.31 
Total$10,650 $9,326 12.73.49 %
Other
Maturing in one year or less$109 $109 0.74.87 %
Maturing after one year through five years205 207 2.44.65 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$314 $316 1.84.72 %
Total available-for-sale(b)(f)
$92,863 $86,774 6.63.54 %
(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 $204 million.
v3.25.1
Loans and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Composition of Loan Portfolio
The composition of the loan portfolio, by class and underlying specific portfolio type, was as follows:
March 31, 2025December 31, 2024
(Dollars in Millions)AmountPercent of Total AmountPercent of Total
Commercial
Commercial$139,840 36.6 %$135,254 35.6 %
Lease financing4,241 1.1 4,230 1.1 
Total commercial144,081 37.7 139,484 36.7 
Commercial Real Estate
Commercial mortgages38,064 10.0 38,619 10.2 
Construction and development10,270 2.7 10,240 2.7 
Total commercial real estate48,334 12.7 48,859 12.9 
Residential Mortgages
Residential mortgages113,112 29.6 112,806 29.7 
Home equity loans, first liens5,795 1.5 6,007 1.6 
Total residential mortgages118,907 31.1 118,813 31.3 
Credit Card29,223 7.7 30,350 8.0 
Other Retail
Retail leasing3,928 1.0 4,040 1.0 
Home equity and second mortgages13,540 3.6 13,565 3.6 
Revolving credit3,791 1.0 3,747 1.0 
Installment14,190 3.7 14,373 3.8 
Automobile5,825 1.5 6,601 1.7 
Total other retail41,274 10.8 42,326 11.1 
Total loans$381,819 100.0 %$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 March 31
(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 losses200 (80)6 329 82 537 
Deduct
Loans charged-off187 25 4 386 88 690 
Less recoveries of loans charged-off(24)(29)(4)(61)(25)(143)
Net loan charge-offs (recoveries)163 (4)— 325 63 547 
Balance at end of period$2,212 $1,432 $789 $2,644 $838 $7,915 
2024
Balance at beginning of period$2,119 $1,620 $827 $2,403 $870 $7,839 
Add
Provision for credit losses156 30 16 318 33 553 
Deduct
Loans charged-off139 34 4 337 81 595 
Less recoveries of loans charged-off(23)(13)(4)(41)(26)(107)
Net loan charge-offs (recoveries)116 21 — 296 55 488 
Balance at end of period$2,159 $1,629 $843 $2,425 $848 $7,904 
Credit Quality Indicators
The following table provides a summary of loans charged-off by portfolio class and year of origination:
Three Months Ended March 31
(Dollars in Millions)		CommercialCommercial
Real Estate		Residential Mortgages
Credit Card(a)
Other RetailTotal Loans
2025
Originated in 2025$10 $— $— $— $— $10 
Originated in 202431 6 — — 11 48 
Originated in 202329 14 — — 15 58 
Originated in 202232 4 — — 13 49 
Originated in 20214 1 — — 15 20 
Originated prior to 20219 — 4 — 9 22 
Revolving72 — — 386 25 483 
Total charge-offs$187 $25 $4 $386 $88 $690 
2024
Originated in 2024$— $5 $— $— $2 $7 
Originated in 202326 4 — — 10 40 
Originated in 202218 24 — — 14 56 
Originated in 20218 — — — 11 19 
Originated in 20204 — — — 8 12 
Originated prior to 202010 1 4 — 11 26 
Revolving73 — — 337 25 435 
Total charge-offs$139 $34 $4 $337 $81 $595 
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:
March 31, 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$16,275 $62 $240 $302 $16,577 $— $— $— $— $— 
Originated in 202450,854 473 874 1,347 52,201 57,578 503 1,034 1,537 59,115 
Originated in 202315,423 152 378 530 15,953 19,128 173 564 737 19,865 
Originated in 202217,944 127 344 471 18,415 19,718 231 370 601 20,319 
Originated in 20214,410 12 58 70 4,480 4,677 60 92 152 4,829 
Originated prior to 20216,039 146 273 419 6,458 6,812 76 143 219 7,031 
Revolving(b)
29,017 320 660 980 29,997 27,344 169 812 981 28,325 
Total commercial139,962 1,292 2,827 4,119 144,081 135,257 1,212 3,015 4,227 139,484 
Commercial real estate
Originated in 20253,190 6 387 393 3,583 — — — — — 
Originated in 20248,731 212 1,384 1,596 10,327 9,652 261 1,772 2,033 11,685 
Originated in 20234,880 26 742 768 5,648 5,213 42 760 802 6,015 
Originated in 20228,241 304 1,073 1,377 9,618 9,047 661 913 1,574 10,621 
Originated in 20215,883 150 216 366 6,249 6,515 100 196 296 6,811 
Originated prior to 20219,947 201 680 881 10,828 10,822 148 608 756 11,578 
Revolving2,031 — 47 47 2,078 2,078 — 68 68 2,146 
Revolving converted to term3 — — — 3 3 — — — 3 
Total commercial real estate42,906 899 4,529 5,428 48,334 43,330 1,212 4,317 5,529 48,859 
Residential mortgages(c)
Originated in 20251,906 — — — 1,906 — — — — — 
Originated in 20249,993 — 2 2 9,995 10,291 — — — 10,291 
Originated in 20238,661 — 13 13 8,674 8,764 — 11 11 8,775 
Originated in 202228,220 — 49 49 28,269 28,484 — 43 43 28,527 
Originated in 202134,316 — 34 34 34,350 34,694 — 35 35 34,729 
Originated prior to 202135,437 — 276 276 35,713 36,211 — 280 280 36,491 
Total residential mortgages118,533 — 374 374 118,907 118,444 — 369 369 118,813 
Credit card(d)
28,814 — 409 409 29,223 29,915 — 435 435 30,350 
Other retail
Originated in 20251,456 — — — 1,456 — — — — — 
Originated in 20246,899 — 6 6 6,905 7,398 — 3 3 7,401 
Originated in 20233,685 — 10 10 3,695 3,966 — 9 9 3,975 
Originated in 20223,696 — 11 11 3,707 4,085 — 11 11 4,096 
Originated in 20215,755 — 12 12 5,767 6,537 — 14 14 6,551 
Originated prior to 20215,091 — 20 20 5,111 5,543 — 21 21 5,564 
Revolving13,741 — 115 115 13,856 13,846 — 120 120 13,966 
Revolving converted to term737 — 40 40 777 731 — 42 42 773 
Total other retail41,060 — 214 214 41,274 42,106 — 220 220 42,326 
Total loans$371,275 $2,191 $8,353 $10,544 $381,819 $369,052 $2,424 $8,356 $10,780 $379,832 
Total outstanding commitments$785,384 $2,950 $10,584 $13,534 $798,918 $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 March 31, 2025, $2.5 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
March 31, 2025
Commercial$143,066 $303 $96 $616 $144,081 
Commercial real estate47,490 59 5 780 48,334 
Residential mortgages(a)
118,242 295 229 141 118,907 
Credit card28,432 382 409 — 29,223 
Other retail40,862 207 57 148 41,274 
Total loans$378,092 $1,246 $796 $1,685 $381,819 
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 March 31, 2025, $512 million of loans 30–89 days past due and $2.5 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 March 31, 2025 and December 31, 2024, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $4 million and $5 million for the three months ended March 31, 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 March 31
(Dollars in Millions)
Interest Rate
Reduction
Payment
Delay
Term
Extension
Multiple Modifications(a)
Total
Modifications
Percent of
Class Total
2025
Commercial$27 $2 $143 $21 $193 .1 %
Commercial real estate— — 242 3 245 .5 
Residential mortgages(b)
— 281 2 5 288 .2 
Credit card134 3 — — 137 .5 
Other retail2 7 30 4 43 .1 
Total loans, excluding loans purchased from GNMA mortgage pools163 293 417 33 906 .2 
Loans purchased from GNMA mortgage pools(b)
— 380104123607.5 
Total loans$163 $673 $521 $156 $1,513 .4 %
2024
Commercial$25 $— $328 $— $353 .3 %
Commercial real estate— — 282 50 332 .6 
Residential mortgages(b)
— 20 5 2 27 — 
Credit card126 — — — 126 .5 
Other retail3 1 38 — 42 .1 
Total loans, excluding loans purchased from GNMA mortgage pools154 21 653 52 880 .2 
Loans purchased from GNMA mortgage pools(b)
1 490 68 93 652 .6 
Total loans$155 $511 $721 $145 $1,532 .4 %
(a)Includes $76 million of total loans receiving a payment delay and term extension, $65 million of total loans receiving an interest rate reduction and term extension and $15 million of total loans receiving an interest rate reduction, payment delay and term extension for the three months ended March 31, 2025, compared with $88 million, $53 million and $4 million for the three months ended March 31, 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 March 31
Weighted-Average
Interest Rate
Reduction
Weighted-Average
Months of Term
Extension
2025
Commercial(a)
11.5 %6
Commercial real estate2.1 7
Residential mortgages1.4 92
Credit card16.1 —
Other retail5.3 26
Loans purchased from GNMA mortgage pools.5 97
2024
Commercial(a)
19.3 %7
Commercial real estate4.3 9
Residential mortgages2.5 84
Credit card16.4 —
Other retail9.3 4
Loans purchased from GNMA mortgage pools.4 114
Note: The weighted-average payment deferral for all portfolio classes was less than $1 million for the three months ended March 31, 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 March 31, 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$472 $18 $130 $620 
Commercial real estate755 13 238 1,006 
Residential mortgages(a)
1,414 3 7 1,424 
Credit card310 68 38 416 
Other retail107 16 6 129 
Total loans$3,058 $118 $419 $3,595 
2024
Commercial$498 $16 $83 $597 
Commercial real estate712 2 281 995 
Residential mortgages(a)
1,509 17 15 1,541 
Credit card275 67 34 376 
Other retail130 18 7 155 
Total loans$3,124 $120 $420 $3,664 
(a)At March 31, 2025, $322 million of loans 30-89 days past due and $289 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 $333 million and $198 million at March 31, 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 March 31
(Dollars in Millions)		Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
2025
Commercial$9 $— $16 $— 
Commercial real estate— — — — 
Residential mortgages— 1 — — 
Credit card35 — — — 
Other retail1 — 4 — 
Total loans, excluding loans purchased from GNMA mortgage pools45 1 20 — 
Loans purchased from GNMA mortgage pools— 84 34 70 
Total loans$45 $85 $54 $70 
2024
Commercial$6 $— $— $— 
Commercial real estate— — — — 
Residential mortgages— 5 3 2 
Credit card29 — — — 
Other retail— 1 6 — 
Total loans, excluding loans purchased from GNMA mortgage pools35 6 9 2 
Loans purchased from GNMA mortgage pools— 77 31 42 
Total loans$35 $83 $40 $44 
(a)Includes $41 million of total loans receiving a payment delay and term extension, $27 million of total loans receiving an interest rate reduction and term extension, and $2 million of total loans receiving an interest rate reduction, payment delay and term extension for the three months ended March 31, 2025. Includes $43 million of total loans receiving a payment delay and term extension and $1 million of total loans receiving an interest rate reduction, payment delay and term extension for the three months ended March 31, 2024.
v3.25.1
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 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)March 31, 2025December 31, 2024
Investment carrying amount$8,703 $8,107 
Unfunded capital and other commitments5,751 5,032 
Maximum exposure to loss8,522 8,435 
v3.25.1
Mortgage Servicing Rights (Tables)
 3 Months Ended
Mar. 31, 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
March 31
(Dollars in Millions)20252024
Balance at beginning of period$3,369 $3,377 
Rights capitalized59 55 
Rights sold
1 — 
Changes in fair value of MSRs
Due to fluctuations in market interest rates(a)
(49)103 
Due to revised assumptions or models(b)
4 8 
Other changes in fair value(c)
(72)(81)
Balance at end of period$3,312 $3,462 
(a)Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.
(b)Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes.
(c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.
Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments
The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments was as follows:
 March 31, 2025December 31, 2024
(Dollars in Millions)Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps 		Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps
MSR portfolio$(343)$(161)$(78)$71 $137 $250 $(310)$(144)$(69)$63 $120 $217 
Derivative instrument hedges33315877(69)(128)(226)32514769(61)(118)(220)
Net sensitivity$(10)$(3)$(1)$2 $9 $24 $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:
 March 31, 2025December 31, 2024
(Dollars in Millions)HFA Government
Conventional(d)
Total HFA Government
Conventional(d)
Total
Servicing portfolio(a)
$54,095 $24,797 $137,543 $216,435 $52,807 $25,139 $138,428 $216,374 
Fair value$819 $489 $2,004 $3,312 $856 $512 $2,001 $3,369 
Value (bps)(b)
151 197 146 153 162 204 145 156 
Weighted-average servicing fees (bps)35 45 25 30 35 45 25 30 
Multiple (value/servicing fees)4.27 4.41 5.74 5.08 4.57 4.56 5.69 5.17 
Weighted-average note rate4.99 %4.36 %3.91 %4.23 %4.92 %4.35 %3.87 %4.18 %
Weighted-average age (in years)4.66.35.15.14.56.15.05.0
Weighted-average expected prepayment (constant prepayment rate)10.5 %10.6 %8.2 %9.0 %9.9 %10.2 %7.8 %8.6 %
Weighted-average expected life (in years)7.26.67.37.27.56.87.47.4
Weighted-average option adjusted spread(c)
6.8 %6.6 %5.1 %5.7 %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.
v3.25.1
Preferred Stock (Tables)
 3 Months Ended
Mar. 31, 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:
 March 31, 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 March 31, 2025 and December 31, 2024, was $1.00 per share.
v3.25.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Reconciliation of Accumulated Other Comprehensive Income (Loss) The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows:
Three Months Ended March 31
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-for- Sale Unrealized Gains (Losses) on Investment Securities Transferred From Available- for-Sale to Held-to-Maturity Unrealized Gains (Losses) on Derivative Hedges Unrealized Gains (Losses) on Retirement Plans Debit Valuation AdjustmentsForeign Currency Translation Total
2025      
Balance at beginning of period$(5,078)$(3,165)$(553)$(955)$1 $(14)$(9,764)
Changes in unrealized gains (losses)508 — 284 — 2 — 794 
Foreign currency translation adjustment(a)
— — — — — 4 4 
Reclassification to earnings of realized (gains) losses— 111 60 (1)— — 170 
Applicable income taxes(129)(28)(88)— (1)— (246)
Balance at end of period$(4,699)$(3,082)$(297)$(956)$2 $(10)$(9,042)
2024      
Balance at beginning of period$(5,151)$(3,537)$(242)$(1,138)$— $(28)$(10,096)
Changes in unrealized gains (losses)(171)— (343)— — — (514)
Foreign currency translation adjustment(a)
— — — — — 6 6 
Reclassification to earnings of realized (gains) losses(2)114 49 — — — 161 
Applicable income taxes45 (29)75 — — (1)90 
Balance at end of period$(5,279)$(3,452)$(461)$(1,138)$— $(23)$(10,353)
(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
March 31
Affected Line Item in the Consolidated Statement of Income
(Dollars in Millions)20252024
Unrealized gains (losses) on investment securities available-for-sale
Realized gains (losses) on sales of investment securities$— $2 Securities gains (losses), net
— (1)Applicable income taxes
— 1 Net-of-tax
Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains (losses)(111)(114)Interest income
28 29 Applicable income taxes
(83)(85)Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges(60)(49)Net interest income
15 13 Applicable income taxes
(45)(36)Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses) and prior service cost (credit) amortization1 — Other noninterest expense
— — Applicable income taxes
1 — Net-of-tax
Total impact to net income$(127)$(120) 
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Components of Earnings Per Share
The components of earnings per share were:
 Three Months Ended
March 31
(Dollars and Shares in Millions, Except Per Share Data)20252024
Net income attributable to U.S. Bancorp$1,709 $1,319 
Preferred dividends(95)(102)
Earnings allocated to participating stock awards(11)(8)
Net income applicable to U.S. Bancorp common shareholders$1,603 $1,209 
Average common shares outstanding1,559 1,559 
Net effect of the exercise and assumed purchase of stock awards1 — 
Average diluted common shares outstanding1,560 1,559 
Earnings per common share$1.03 $.78 
Diluted earnings per common share$1.03 $.78 
v3.25.1
Employee Benefits (Tables)
 3 Months Ended
Mar. 31, 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 March 31
(Dollars in Millions)20252024
Service cost$53 $55 
Interest cost103 94 
Expected return on plan assets(147)(146)
Prior service cost (credit) amortization(1)(1)
Actuarial loss (gain) amortization1 2 
Net periodic benefit cost(a)
$9 $4 
(a)Service cost is included in compensation and employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income.
v3.25.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense
The components of income tax expense were:
 Three Months Ended
March 31
(Dollars in Millions)20252024
Federal
Current$(1)$180 
Deferred328 133 
Federal income tax327 313 
State
Current97 21 
Deferred19 13 
State income tax116 34 
Total income tax provision$443 $347 
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
March 31
(Dollars in Millions)20252024
Tax at statutory rate$453 $351 
State income tax, at statutory rates, net of federal tax benefit112 81 
Tax effect of
Tax credits and benefits, net of related expenses(123)(61)
Exam resolutions— (65)
Tax-exempt income(33)(31)
Other items34 72 
Applicable income taxes$443 $347 
v3.25.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 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:
 March 31, 2025December 31, 2024
 Notional ValueFair ValueNotional ValueFair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps$13,100 $— $— $10,600 $— $— 
Pay fixed/receive floating swaps28,279 — — 29,739 — — 
Cash flow hedges
Interest rate contracts
Receive fixed/pay floating swaps28,500 — — 28,550 — — 
Pay fixed/receive floating swaps1,050 — — — — — 
Net investment hedges
Foreign exchange forward contracts687 1 — 870 7 — 
Other economic hedges
Interest rate contracts
Futures and forwards
Buy4,923 10 7 5,436 8 30 
Sell2,745 1 9 2,711 10 1 
Options
Purchased6,724 176 — 7,810 186 — 
Written2,672 17 54 1,991 8 47 
Receive fixed/pay floating swaps10,443 78 30 9,977 45 23 
Pay fixed/receive floating swaps2,818 — — 2,371 — — 
Foreign exchange forward contracts725 2 1 702 4 4 
Equity contracts288 — 6 293 — 9 
Credit contracts3,298 6 17 3,558 — 29 
Other(a)
1,290 7 67 1,084 7 78 
Total$107,542 $298 $191 $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 $67 million at March 31, 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 $207 million at March 31, 2025.
Summary of Customer-Related Derivative Positions
The following table summarizes the customer-related derivative positions of the Company:
 March 31, 2025December 31, 2024
 Notional
Value		Fair ValueNotional
Value		Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Interest rate contracts
Receive fixed/pay floating swaps$404,356 $877 $3,260 $413,841 $462 $4,485 
Pay fixed/receive floating swaps364,577 1,703 279 363,837 2,342 153 
Other(a)
70,207 17 32 72,503 17 34 
Options
Purchased105,399 366 6 96,238 414 2 
Written90,579 18 488 90,572 12 574 
Futures
Buy1,240 — — — — — 
Sell301 — — — — — 
Foreign exchange rate contracts
Forwards, spots and swaps119,520 1,932 1,789 113,718 2,441 2,232 
Options
Purchased790 15 1 497 14 — 
Written790 1 15 497 — 14 
Commodity contracts
Swaps10,972 362 301 8,224 199 180 
Options
Purchased4,953 310 4 3,921 233 2 
Written4,953 2 310 3,921 3 233 
Futures
Buy1 — — 1 — — 
Sell249 49 84 166 25 27 
Equity contracts8 — — — — — 
Credit contracts12,758 — 3 13,670 — 3 
Total$1,191,653 $5,652 $6,572 $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 March 31
 Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)2025202420252024
Asset and Liability Management Positions    
Cash flow hedges    
Interest rate contracts$211 $(255)$(45)$(36)
Net investment hedges    
Foreign exchange forward contracts(4)69 — — 
Non-derivative debt instruments(61)34 — — 
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 March 31
 Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)2025202420252024
Asset and Liability Management Positions    
Cash flow hedges    
Interest rate contracts$211 $(255)$(45)$(36)
Net investment hedges    
Foreign exchange forward contracts(4)69 — — 
Non-derivative debt instruments(61)34 — — 
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 March 31
 Interest Income Interest Expense
(Dollars in Millions)2025202420252024
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$7,516 $7,764 $3,424 $3,779 
Asset and Liability Management Positions    
Fair value hedges    
Interest rate contract derivatives(448)468 (106)(57)
Hedged items447 (469)112 57 
Cash flow hedges    
Interest rate contract derivatives(53)(42)7 7 
Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $7 million into earnings during both the three months ended March 31, 2025 and 2024, 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)March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Line Item in the Consolidated Balance Sheet    
Available-for-sale investment securities(a)
$28,033 $29,005 $(1)$(464)
Long-term debt13,210 10,632 150 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 $(54) million and $(135) million, respectively, at March 31, 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 $14.2 billion, respectively, at March 31, 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 March 31, 2025, the amortized cost of the closed portfolios used in these hedging relationships was $19.3 billion, of which $11.1 billion was designated as hedged. At March 31, 2025, the cumulative amount of basis adjustments associated with these hedging relationships was $204 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
March 31
(Dollars in Millions)Location of Gains (Losses)
Recognized in Earnings		20252024
Asset and Liability Management Positions 
Other economic hedges 
Interest rate contracts 
Futures and forwardsMortgage banking revenue$24 $(12)
Purchased and written optionsMortgage banking revenue30 39 
SwapsMortgage banking revenue/Interest expense56 (86)
Foreign exchange forward contractsOther noninterest income2 4 
Equity contractsCompensation expense(19)— 
Credit contractsCapital markets revenue17 (2)
OtherOther noninterest income— (75)
Customer-Related Positions   
Interest rate contracts   
SwapsCapital markets revenue35 131 
Purchased and written optionsCapital markets revenue12 (47)
FuturesCapital markets revenue1 — 
Foreign exchange rate contracts   
Forwards, spots and swapsCapital markets revenue48 24 
Purchased and written optionsCapital markets revenue1 — 
Commodity contracts   
SwapsCapital markets revenue47 2 
Purchased and written optionsCapital markets revenue(1)2 
FuturesCapital markets revenue(41)— 
Credit contractsCapital markets revenue2 (1)
v3.25.1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables)
 3 Months Ended
Mar. 31, 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
March 31, 2025
Repurchase agreements
U.S. Treasury and agencies$6,711 $— $— $— $6,711 
Residential agency mortgage-backed securities543 — — — 543 
Corporate debt securities1,736 5 — — 1,741 
Asset-backed securities303 15 — — 318 
Total repurchase agreements9,293 20 — — 9,313 
Securities loaned     
Corporate debt securities141 — — — 141 
Total securities loaned141 — — — 141 
Gross amount of recognized liabilities$9,434 $20 $— $— $9,454 
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)
March 31, 2025
Derivative assets(d)
$5,925 $(2,680)$3,245 $(187)$(2)$3,056 
Reverse repurchase agreements7,194 — 7,194 (394)(6,790)10 
Securities borrowed1,805 — 1,805 — (1,745)60 
Total$14,924 $(2,680)$12,244 $(581)$(8,537)$3,126 
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 $1.3 billion and $1.9 billion of cash collateral related payables that were netted against derivative assets at March 31, 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 $25 million and $15 million at March 31, 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)
March 31, 2025
Derivative liabilities(d)
$6,695 $(2,835)$3,860 $(187)$— $3,673 
Repurchase agreements9,313 — 9,313 (394)(8,912)7 
Securities loaned141 — 141 — (139)2 
Total$16,149 $(2,835)$13,314 $(581)$(9,051)$3,682 
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 $1.4 billion and $1.9 billion of cash collateral related receivables that were netted against derivative liabilities at March 31, 2025 and December 31, 2024, respectively.
(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 $68 million and $79 million at March 31, 2025 and December 31, 2024, respectively, of derivative liabilities not subject to netting arrangements.
v3.25.1
Fair Values of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Valuation Assumption Ranges for MSRs
The following table shows the significant valuation assumption ranges for MSRs at March 31, 2025:
 Minimum Maximum
Weighted-
Average(a)
Expected prepayment6 %19 %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 March 31, 2025:
 Minimum Maximum
Weighted-
Average(a)
Expected loan close rate5 %100 %81 %
Inherent MSR value (basis points per loan)57 200 110 
(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
March 31, 2025     
Available-for-sale securities     
U.S. Treasury and agencies$23,999 $4,617 $— $— $28,616 
Mortgage-backed securities     
Residential agency— 33,674 — — 33,674 
Commercial     
Agency— 7,503 — — 7,503 
Non-agency— 7 — — 7 
Asset-backed securities— 7,332 — — 7,332 
Obligations of state and political subdivisions— 9,326 — — 9,326 
Other— 316 — — 316 
Total available-for-sale23,999 62,775 — — 86,774 
Mortgage loans held for sale— 1,704 — — 1,704 
Mortgage servicing rights— — 3,312 — 3,312 
Derivative assets53 4,374 1,523 (2,680)3,270 
Other assets434 2,333 — — 2,767 
Total$24,486 $71,186 $4,835 $(2,680)$97,827 
Time deposits$— $6,506 $— $— $6,506 
Long-term debt— 645 — — 645 
Derivative liabilities84 4,429 2,250 (2,835)3,928 
Short-term borrowings and other liabilities(a)
587 1,859 — — 2,446 
Total$671 $13,439 $2,250 $(2,835)$13,525 
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 $166 million and $159 million at March 31, 2025 and December 31, 2024, respectively, and reflect no impairment or observable price change adjustment at both March 31, 2025 and December 31, 2024. The Company did not record any adjustments for observable price changes during the first three 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 March 31
(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$3,369 $(117)
(a)
$— $1 $59 
(c)
$— $3,312 $(117)
(a)
Net derivative assets and liabilities(1,800)(191)
(b)
669 (2)1 596 (727)996 
(d)
2024
Mortgage servicing rights$3,377 $30 
(a)
$— $— $55 
(c)
$— $3,462 $30 
(a)
Net derivative assets and liabilities(1,885)(1,683)
(e)
378 (2)— 831 (2,361)(181)
(f)
(a)Included in mortgage banking revenue.
(b)Approximately $51 million, $(241) million and $(1) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $16 million, $981 million and $(1) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(e)Approximately $44 million, $(1.7) billion and $(75) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(f)Approximately $19 million, $(125) million and $(75) 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 March 31
(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$3,369 $(117)
(a)
$— $1 $59 
(c)
$— $3,312 $(117)
(a)
Net derivative assets and liabilities(1,800)(191)
(b)
669 (2)1 596 (727)996 
(d)
2024
Mortgage servicing rights$3,377 $30 
(a)
$— $— $55 
(c)
$— $3,462 $30 
(a)
Net derivative assets and liabilities(1,885)(1,683)
(e)
378 (2)— 831 (2,361)(181)
(f)
(a)Included in mortgage banking revenue.
(b)Approximately $51 million, $(241) million and $(1) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $16 million, $981 million and $(1) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(e)Approximately $44 million, $(1.7) billion and $(75) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(f)Approximately $19 million, $(125) million and $(75) 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:
March 31, 2025December 31, 2024
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(a)
$— $— $339 $339 $— $— $636 $636 
Other assets(b)
— — 5 5 — — 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 March 31
(Dollars in Millions)20252024
Loans(a)
$99 $67 
Other assets(b)
1 2 
(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:
March 31, 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)
$1,704 $1,695 $9 $2,251 $2,243 $8 
Time deposits6,506 6,517 (11)5,754 5,762 (8)
Long-term debt645 664 (19)391 409 (18)
(a)Includes nonaccrual loans of $1 million carried at fair value with contractual principal outstanding of $1 million at March 31, 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 $5 million carried at fair value with contractual principal outstanding of $5 million at March 31, 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:
March 31, 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$50,013 $50,013 $— $— $50,013 $56,502 $56,502 $— $— $56,502 
Federal funds sold and securities purchased under resale agreements7,236 — 7,236 — 7,236 6,380 — 6,380 — 6,380 
Investment securities held-to-maturity78,008 1,284 65,815 — 67,099 78,634 1,275 65,000 — 66,275 
Loans held for sale(a)
42 — — 42 42 322 — — 322 322 
Loans, net of allowance for losses374,235 — — 369,966 369,966 372,249 — — 365,628 365,628 
Other(b)
2,584 — 1,930 654 2,584 2,482 — 1,767 715 2,482 
Financial Liabilities
Time deposits(c)
48,740 — 48,823 — 48,823 49,015 — 49,156 — 49,156 
Short-term borrowings(d)
14,765 — 14,567 — 14,567 13,583 — 13,419 — 13,419 
Long-term debt(e)
59,214 — 58,346 — 58,346 57,611 — 56,441 — 56,441 
Other(f)
4,565 — 1,350 3,215 4,565 5,220 — 1,369 3,851 5,220 
(a)Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.
(b)Includes investments in Federal Reserve Bank and FHLB stock and tax-advantaged investments.
(c)Excludes time deposits for which the fair value option under applicable accounting guidance was elected.
(d)Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
(e)Excludes structured long-term notes for which the fair value option under applicable accounting guidance was elected.
(f)Includes operating lease liabilities and liabilities related to tax-advantaged investments.
v3.25.1
Guarantees and Contingent Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Summary of Other Guarantees and Contingent Liabilities
The following table is a summary of other guarantees and contingent liabilities of the Company at March 31, 2025:
(Dollars in Millions)
Collateral Held
Carrying Amount
Maximum
Potential
Future
Payments
Standby letters of credit$— $20 $10,791 
Securities lending indemnifications6,939 — 6,737 
Asset sales— 107 12,641 
 (a)
Merchant processing826 63 147,804 
Other— 21 3,615 
(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.
v3.25.1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Business Segment Results
Business segment results for the three months ended March 31 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)
$1,743 $1,910 $1,759 $1,879 $742 $702 $(122)$(476)$4,122 $4,015 
Noninterest income(b)(c)
1,167 1,112 407 424 1,036 979 226 185 2,836 2,700 
Total net revenue(d)
2,910 3,022 2,166 2,303 1,778 1,681 104 (291)6,958 6,715 
Compensation and employee benefits536 565 526 558 223 226 1,352 1,342 2,637 2,691 
Other intangibles46 52 59 67 18 27 — — 123 146 
Net shared services515 522 684 700 539 520 (1,738)(1,742)— — 
Other direct expenses(e)
241 241 304 298 228 234 699 849 1,472 1,622 
Total noninterest expense1,338 1,380 1,573 1,623 1,008 1,007 313 449 4,232 4,459 
Income (loss) before provision and income taxes1,572 1,642 593 680 770 674 (209)(740)2,726 2,256 
Provision for credit losses10 141 62 54 317 359 148 (1)537 553 
Income (loss) before income taxes1,562 1,501 531 626 453 315 (357)(739)2,189 1,703 
Income taxes and taxable-equivalent adjustment391 375 133 157 113 79 (164)(234)473 377 
Net income (loss)1,171 1,126 398 469 340 236 (193)(505)1,716 1,326 
Net (income) loss attributable to noncontrolling interests— — — — — — (7)(7)(7)(7)
Net income (loss) attributable to U.S. Bancorp$1,171 $1,126 $398 $469 $340 $236 $(200)$(512)$1,709 $1,319 
Average Balance Sheet
Loans$177,973 $171,137 $153,945 $154,956 $41,611 $39,803 $5,499 $5,174 $379,028 $371,070 
Other earning assets11,957 8,738 1,778 1,879 57 153 217,410 214,295 231,202 225,065 
Goodwill4,824 4,824 4,325 4,326 3,392 3,332 — — 12,541 12,482 
Other intangible assets863 1,059 4,368 4,696 249 300 8 10 5,488 6,065 
Assets208,621 199,260 166,532 169,195 46,829 46,814 247,411 238,640 669,393 653,909 
Noninterest-bearing deposits55,093 58,555 19,181 21,389 2,682 2,791 2,740 2,052 79,696 84,787 
Interest-bearing deposits214,318 208,309 200,833 198,798 95 97 11,592 11,070 426,838 418,274 
Total deposits269,411 266,864 220,014 220,187 2,777 2,888 14,332 13,122 506,534 503,061 
Total U.S. Bancorp shareholders’ equity21,549 21,760 13,706 14,851 10,229 9,965 14,127 9,091 59,611 55,667 
(a)Total net interest income includes a taxable-equivalent adjustment of $30 million for both of the three months ended March 31, 2025 and 2024. See Non-GAAP Financial Measures beginning on page 27.
(b)Payment Services noninterest income presented net of related rewards and rebate costs and certain partner payments of $741 million and $739 million for the three months ended March 31, 2025 and 2024, respectively.
(c)Total noninterest income includes revenue generated from certain contracts with customers of $2.3 billion and $2.2 billion for the three months ended March 31, 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 $197 million and $187 million of revenue for the three months ended March 31, 2025 and 2024, respectively, primarily consisting of interest income on sales-type and direct financing leases.
(e)Other direct expenses for each reportable segment includes: net occupancy and equipment, professional services, marketing and business development, technology and communications, and other.
v3.25.1
Investment Securities - Held-to-Maturity Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost [1] $ 78,008 $ 78,634
Unrealized Gains 20 6
Unrealized Losses (10,929) (12,365)
Fair Value 67,099 66,275
U.S. Treasury and agencies    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 1,297 1,296
Unrealized Gains 0 0
Unrealized Losses (13) (21)
Fair Value 1,284 1,275
Residential mortgage-backed securities | Agency    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 74,773 75,392
Unrealized Gains 12 3
Unrealized Losses (10,912) (12,317)
Fair Value 63,873 63,078
Commercial mortgage-backed securities | Agency    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 1,699 1,702
Unrealized Gains 5 0
Unrealized Losses (4) (27)
Fair Value 1,700 1,675
Other    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 239 244
Unrealized Gains 3 3
Unrealized Losses 0 0
Fair Value $ 242 $ 247
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.1
Investment Securities - Available-For-Sale Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 93,067 $ 92,793
Unrealized Gains 88 58
Unrealized Losses (6,381) (6,859)
Fair Value [1] 86,774 85,992
Portfolio level basis adjustments, Amortized Cost 204 13
Portfolio level basis adjustments, Unrealized Losses (204) (13)
U.S. Treasury and agencies    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 30,387 30,467
Unrealized Gains 11 1
Unrealized Losses (1,782) (2,081)
Fair Value 28,616 28,387
Residential mortgage-backed securities | Agency    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 35,535 35,558
Unrealized Gains 51 13
Unrealized Losses (1,912) (2,290)
Fair Value 33,674 33,281
Commercial mortgage-backed securities | Agency    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 8,647 8,673
Unrealized Gains 0 0
Unrealized Losses (1,144) (1,322)
Fair Value 7,503 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 7,323 7,136
Unrealized Gains 15 30
Unrealized Losses (6) (1)
Fair Value 7,332 7,165
Obligations of state and political subdivisions    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 10,650 10,690
Unrealized Gains 9 13
Unrealized Losses (1,333) (1,151)
Fair Value 9,326 9,552
Other    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 314 249
Unrealized Gains 2 1
Unrealized Losses 0 0
Fair Value 316 250
Excluding portfolio level basis adjustments    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 92,863 92,780
Unrealized Gains 88 58
Unrealized Losses (6,177) (6,846)
Fair Value $ 86,774 $ 85,992
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.1
Investment Securities - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Available-for-sale securities [1] $ 86,774 $ 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 16,400 18,800
Asset Pledged as Collateral with Right    
Debt Securities, Available-for-Sale [Line Items]    
Available-for-sale securities 427 320
Available-for-sale and held-to-maturity securities $ 543 $ 320
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.1
Investment Securities - Interest Income from Taxable and Non-Taxable Investment Securities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Taxable $ 1,234 $ 1,099
Non-taxable 74 76
Total interest income from investment securities $ 1,308 $ 1,175
v3.25.1
Investment Securities - Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Realized gains $ 7 $ 3
Realized losses (7) (1)
Net realized gains (losses) 0 2
Income tax (benefit) on net realized gains (losses) $ 0 $ 1
v3.25.1
Investment Securities - Gross Unrealized Losses and Fair Value of Investment Securities (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value $ 21,181
Less Than 12 Months, Unrealized Losses (169)
12 Months or Greater, Fair Value 49,016
12 Months or Greater, Unrealized Losses (6,008)
Total, Fair Value 70,197
Total, Unrealized Losses (6,177)
U.S. Treasury and agencies  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 6,408
Less Than 12 Months, Unrealized Losses (5)
12 Months or Greater, Fair Value 17,376
12 Months or Greater, Unrealized Losses (1,777)
Total, Fair Value 23,784
Total, Unrealized Losses (1,782)
Residential mortgage-backed securities  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 11,691
Less Than 12 Months, Unrealized Losses (131)
12 Months or Greater, Fair Value 15,511
12 Months or Greater, Unrealized Losses (1,781)
Total, Fair Value 27,202
Total, Unrealized Losses (1,912)
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 7,503
12 Months or Greater, Unrealized Losses (1,144)
Total, Fair Value 7,503
Total, Unrealized Losses (1,144)
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 1,719
Less Than 12 Months, Unrealized Losses (4)
12 Months or Greater, Fair Value 983
12 Months or Greater, Unrealized Losses (2)
Total, Fair Value 2,702
Total, Unrealized Losses (6)
Obligations of state and political subdivisions  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 1,363
Less Than 12 Months, Unrealized Losses (29)
12 Months or Greater, Fair Value 7,632
12 Months or Greater, Unrealized Losses (1,304)
Total, Fair Value 8,995
Total, Unrealized Losses (1,333)
Other  
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 4
12 Months or Greater, Unrealized Losses 0
Total, Fair Value 4
Total, Unrealized Losses $ 0
v3.25.1
Investment Securities - Amortized Cost, Fair Value and Yield by Maturity Date (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Amortized Cost      
Amortized Cost [1] $ 78,008   $ 78,634
Fair Value      
Fair Value $ 67,099   $ 66,275
Weighted- Average Maturity in Years      
Total 8 years 4 months 24 days    
Weighted-Average Yield      
Total 2.23%   2.20%
Weighted average maturity of total held to maturity investment securities     8 years 8 months 12 days
Amortized Cost      
Amortized Cost $ 92,863    
Fair Value      
Fair Value [1] $ 86,774   $ 85,992
Weighted- Average Maturity in Years      
Total 6 years 7 months 6 days   6 years 9 months 18 days
Weighted-Average Yield      
Total 3.54%   3.67%
Federal statutory rate 21.00% 21.00%  
Portfolio basis adjustments excluded from amortized cost $ 204    
U.S. Treasury and agencies      
Amortized Cost      
Maturing in one year or less 650    
Maturing after one year through five years 647    
Maturing after five years through ten years 0    
Maturing after ten years 0    
Amortized Cost 1,297   $ 1,296
Fair Value      
Maturing in one year or less 649    
Maturing after one year through five years 635    
Maturing after five years through ten years 0    
Maturing after ten years 0    
Fair Value $ 1,284   1,275
Weighted- Average Maturity in Years      
Maturing in one year or less 1 month 6 days    
Maturing after one year through five years 2 years 1 month 6 days    
Total 1 year 1 month 6 days    
Weighted-Average Yield      
Maturing in one year or less 2.71%    
Maturing after one year through five years 3.00%    
Maturing after five years through ten years 0.00%    
Maturing after ten years 0.00%    
Total 2.85%    
Maturing in one year or less 2 months 12 days    
Amortized Cost      
Maturing in one year or less $ 11    
Maturing after one year through five years 14,787    
Maturing after five years through ten years 15,077    
Maturing after ten years 512    
Amortized Cost 30,387    
Fair Value      
Maturing in one year or less 11    
Maturing after one year through five years 14,198    
Maturing after five years through ten years 14,018    
Maturing after ten years 389    
Fair Value $ 28,616   28,387
Weighted- Average Maturity in Years      
Maturing in one year or less 2 months 12 days    
Maturing after one year through five years 3 years    
Maturing after five years through ten years 6 years 3 months 18 days    
Maturing after ten years 10 years 6 months    
Total 4 years 9 months 18 days    
Weighted-Average Yield      
Maturing in one year or less 4.44%    
Maturing after one year through five years 2.57%    
Maturing after five years through ten years 3.02%    
Maturing after ten years 1.78%    
Total 2.78%    
Mortgage-backed securities      
Amortized Cost      
Maturing in one year or less $ 144    
Maturing after one year through five years 2,010    
Maturing after five years through ten years 74,273    
Maturing after ten years 45    
Amortized Cost 76,472    
Fair Value      
Maturing in one year or less 144    
Maturing after one year through five years 2,017    
Maturing after five years through ten years 63,367    
Maturing after ten years 45    
Fair Value $ 65,573    
Weighted- Average Maturity in Years      
Maturing in one year or less 9 months 18 days    
Maturing after one year through five years 3 years 6 months    
Maturing after five years through ten years 8 years 8 months 12 days    
Maturing after ten years 11 years 4 months 24 days    
Total 8 years 6 months    
Weighted-Average Yield      
Maturing in one year or less 4.70%    
Maturing after one year through five years 4.47%    
Maturing after five years through ten years 2.16%    
Maturing after ten years 4.23%    
Total 2.22%    
Maturing in one year or less 6 months    
Amortized Cost      
Maturing in one year or less $ 23    
Maturing after one year through five years 7,627    
Maturing after five years through ten years 36,268    
Maturing after ten years 271    
Amortized Cost 44,189    
Fair Value      
Maturing in one year or less 23    
Maturing after one year through five years 7,161    
Maturing after five years through ten years 33,742    
Maturing after ten years 258    
Fair Value $ 41,184    
Weighted- Average Maturity in Years      
Maturing in one year or less 6 months    
Maturing after one year through five years 4 years    
Maturing after five years through ten years 7 years 3 months 18 days    
Maturing after ten years 11 years 3 months 18 days    
Total 6 years 9 months 18 days    
Weighted-Average Yield      
Maturing in one year or less 1.89%    
Maturing after one year through five years 2.73%    
Maturing after five years through ten years 3.98%    
Maturing after ten years 5.39%    
Total 3.77%    
Asset-backed securities      
Amortized Cost      
Maturing in one year or less $ 10    
Maturing after one year through five years 3,159    
Maturing after five years through ten years 4,154    
Maturing after ten years 0    
Amortized Cost 7,323    
Fair Value      
Maturing in one year or less 10    
Maturing after one year through five years 3,169    
Maturing after five years through ten years 4,153    
Maturing after ten years 0    
Fair Value $ 7,332   7,165
Weighted- Average Maturity in Years      
Maturing after one year through five years 1 year 8 months 12 days    
Maturing after five years through ten years 5 years 9 months 18 days    
Total 4 years    
Weighted-Average Yield      
Maturing in one year or less 7.40%    
Maturing after one year through five years 4.83%    
Maturing after five years through ten years 5.76%    
Maturing after ten years 0.00%    
Total 5.36%    
Obligations of state and political subdivisions      
Weighted-Average Yield      
Maturing in one year or less 4 months 24 days    
Amortized Cost      
Maturing in one year or less $ 118    
Maturing after one year through five years 928    
Maturing after five years through ten years 1,200    
Maturing after ten years 8,404    
Amortized Cost 10,650    
Fair Value      
Maturing in one year or less 117    
Maturing after one year through five years 922    
Maturing after five years through ten years 1,125    
Maturing after ten years 7,162    
Fair Value $ 9,326   9,552
Weighted- Average Maturity in Years      
Maturing in one year or less 4 months 24 days    
Maturing after one year through five years 2 years 7 months 6 days    
Maturing after five years through ten years 7 years 7 months 6 days    
Maturing after ten years 14 years 8 months 12 days    
Total 12 years 8 months 12 days    
Weighted-Average Yield      
Maturing in one year or less 5.07%    
Maturing after one year through five years 4.70%    
Maturing after five years through ten years 3.68%    
Maturing after ten years 3.31%    
Total 3.49%    
Other      
Amortized Cost      
Maturing in one year or less $ 0    
Maturing after one year through five years 239    
Maturing after five years through ten years 0    
Maturing after ten years 0    
Amortized Cost 239   244
Fair Value      
Maturing in one year or less 0    
Maturing after one year through five years 242    
Maturing after five years through ten years 0    
Maturing after ten years 0    
Fair Value $ 242   247
Weighted- Average Maturity in Years      
Maturing after one year through five years 2 years 2 months 12 days    
Total 2 years 2 months 12 days    
Weighted-Average Yield      
Maturing in one year or less 0.00%    
Maturing after one year through five years 2.68%    
Maturing after five years through ten years 0.00%    
Maturing after ten years 0.00%    
Total 2.68%    
Maturing in one year or less 8 months 12 days    
Amortized Cost      
Maturing in one year or less $ 109    
Maturing after one year through five years 205    
Maturing after five years through ten years 0    
Maturing after ten years 0    
Amortized Cost 314    
Fair Value      
Maturing in one year or less 109    
Maturing after one year through five years 207    
Maturing after five years through ten years 0    
Maturing after ten years 0    
Fair Value $ 316   $ 250
Weighted- Average Maturity in Years      
Maturing in one year or less 8 months 12 days    
Maturing after one year through five years 2 years 4 months 24 days    
Total 1 year 9 months 18 days    
Weighted-Average Yield      
Maturing in one year or less 4.87%    
Maturing after one year through five years 4.65%    
Maturing after five years through ten years 0.00%    
Maturing after ten years 0.00%    
Total 4.72%    
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.1
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 381,819 $ 379,832
Percent of Total 100.00% 100.00%
Commercial | Total commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 144,081 $ 139,484
Percent of Total 37.70% 36.70%
Commercial | Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 139,840 $ 135,254
Percent of Total 36.60% 35.60%
Commercial | Lease financing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 4,241 $ 4,230
Percent of Total 1.10% 1.10%
Commercial | Total commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 48,334 $ 48,859
Percent of Total 12.70% 12.90%
Commercial | Commercial mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 38,064 $ 38,619
Percent of Total 10.00% 10.20%
Commercial | Construction and development    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 10,270 $ 10,240
Percent of Total 2.70% 2.70%
Consumer | Total residential mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 118,907 $ 118,813
Percent of Total 31.10% 31.30%
Consumer | Residential mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 113,112 $ 112,806
Percent of Total 29.60% 29.70%
Consumer | Home equity loans, first liens    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 5,795 $ 6,007
Percent of Total 1.50% 1.60%
Consumer | Credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 29,223 $ 30,350
Percent of Total 7.70% 8.00%
Consumer | Total other retail    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 41,274 $ 42,326
Percent of Total 10.80% 11.10%
Consumer | Retail leasing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 3,928 $ 4,040
Percent of Total 1.00% 1.00%
Consumer | Home equity and second mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 13,540 $ 13,565
Percent of Total 3.60% 3.60%
Consumer | Revolving credit    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 3,791 $ 3,747
Percent of Total 1.00% 1.00%
Consumer | Installment    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 14,190 $ 14,373
Percent of Total 3.70% 3.80%
Consumer | Automobile    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 5,825 $ 6,601
Percent of Total 1.50% 1.70%
v3.25.1
Loans and Allowance for Credit Losses - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans pledged at the Federal Home Loan Bank $ 374,235   $ 372,249
Loans pledged at the Federal Reserve Bank 85,800   85,100
Net unearned interest and deferred fees and costs on originated loans and unamortized premiums and discounts on purchased loans $ 2,400   2,500
Reasonable and supportable period for allowance for credit loss 3 years    
Foreclosed residential real estate property included in other real estate owned $ 23   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 48   46
Residential mortgage loans secured by residential real estate in process of foreclosure 590   576
Modified loans 1,513 $ 1,532  
Commitments to lend 365    
Trial Modifications      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Modified loans $ 163    
Credit card      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loan modification amortization period 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 $ 376   354
Commercial      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loan threshold when individually evaluated for allowance calculation $ 5    
Threshold period to be placed on nonaccrual status 90 days    
Consumer      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loan modification amortization period 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    
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    
Consumer | First Lien      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Threshold period to be placed on nonaccrual status 180 days    
Consumer | Credit card      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Threshold period past due for charge-off 180 days    
Modified loans $ 137 $ 126  
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    
Consumer | Revolving Consumer Lines      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Threshold period past due for charge-off 180 days    
Federal Home Loan Bank      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans pledged at the Federal Home Loan Bank $ 127,400   $ 127,600
v3.25.1
Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period $ 7,925 $ 7,839
Provision for credit losses 537 553
Loans charged-off 690 595
Less recoveries of loans charged-off (143) (107)
Net loan charge-offs (recoveries) 547 488
Balance at end of period 7,915 7,904
Add    
Provision for credit losses 537 553
Deduct    
Loans charged-off 690 595
Less recoveries of loans charged-off (143) (107)
Net loan charge-offs (recoveries) 547 488
Commercial | Commercial    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 2,175 2,119
Provision for credit losses 200 156
Loans charged-off 187 139
Less recoveries of loans charged-off (24) (23)
Net loan charge-offs (recoveries) 163 116
Balance at end of period 2,212 2,159
Add    
Provision for credit losses 200 156
Deduct    
Loans charged-off 187 139
Less recoveries of loans charged-off (24) (23)
Net loan charge-offs (recoveries) 163 116
Commercial | Commercial real estate    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 1,508 1,620
Provision for credit losses (80) 30
Loans charged-off 25 34
Less recoveries of loans charged-off (29) (13)
Net loan charge-offs (recoveries) (4) 21
Balance at end of period 1,432 1,629
Add    
Provision for credit losses (80) 30
Deduct    
Loans charged-off 25 34
Less recoveries of loans charged-off (29) (13)
Net loan charge-offs (recoveries) (4) 21
Consumer | Residential mortgages    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 783 827
Provision for credit losses 6 16
Loans charged-off 4 4
Less recoveries of loans charged-off (4) (4)
Net loan charge-offs (recoveries) 0 0
Balance at end of period 789 843
Add    
Provision for credit losses 6 16
Deduct    
Loans charged-off 4 4
Less recoveries of loans charged-off (4) (4)
Net loan charge-offs (recoveries) 0 0
Consumer | Credit card    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 2,640 2,403
Provision for credit losses 329 318
Loans charged-off 386 337
Less recoveries of loans charged-off (61) (41)
Net loan charge-offs (recoveries) 325 296
Balance at end of period 2,644 2,425
Add    
Provision for credit losses 329 318
Deduct    
Loans charged-off 386 337
Less recoveries of loans charged-off (61) (41)
Net loan charge-offs (recoveries) 325 296
Consumer | Other retail    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 819 870
Provision for credit losses 82 33
Loans charged-off 88 81
Less recoveries of loans charged-off (25) (26)
Net loan charge-offs (recoveries) 63 55
Balance at end of period 838 848
Add    
Provision for credit losses 82 33
Deduct    
Loans charged-off 88 81
Less recoveries of loans charged-off (25) (26)
Net loan charge-offs (recoveries) $ 63 $ 55
v3.25.1
Loans and Allowance for Credit Losses - Loans Charged-off (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Originated in 2025/2024 $ 10 $ 7
Originated in 2024/2023 48 40
Originated in 2023/2022 58 56
Originated in 2022/2021 49 19
Originated in 2021/2020 20 12
Originated prior to 2021/2020 22 26
Revolving 483 435
Total charge-offs 690 595
Commercial | Commercial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Originated in 2025/2024 10 0
Originated in 2024/2023 31 26
Originated in 2023/2022 29 18
Originated in 2022/2021 32 8
Originated in 2021/2020 4 4
Originated prior to 2021/2020 9 10
Revolving 72 73
Total charge-offs 187 139
Commercial | Commercial real estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Originated in 2025/2024 0 5
Originated in 2024/2023 6 4
Originated in 2023/2022 14 24
Originated in 2022/2021 4 0
Originated in 2021/2020 1 0
Originated prior to 2021/2020 0 1
Revolving 0 0
Total charge-offs 25 34
Consumer | Residential mortgages    
Financing Receivable, Credit Quality Indicator [Line Items]    
Originated in 2025/2024 0 0
Originated in 2024/2023 0 0
Originated in 2023/2022 0 0
Originated in 2022/2021 0 0
Originated in 2021/2020 0 0
Originated prior to 2021/2020 4 4
Revolving 0 0
Total charge-offs 4 4
Consumer | Credit card    
Financing Receivable, Credit Quality Indicator [Line Items]    
Originated in 2025/2024 0 0
Originated in 2024/2023 0 0
Originated in 2023/2022 0 0
Originated in 2022/2021 0 0
Originated in 2021/2020 0 0
Originated prior to 2021/2020 0 0
Revolving 386 337
Total charge-offs 386 337
Consumer | Other retail    
Financing Receivable, Credit Quality Indicator [Line Items]    
Originated in 2025/2024 0 2
Originated in 2024/2023 11 10
Originated in 2023/2022 15 14
Originated in 2022/2021 13 11
Originated in 2021/2020 15 8
Originated prior to 2021/2020 9 11
Revolving 25 25
Total charge-offs $ 88 $ 81
v3.25.1
Loans and Allowance for Credit Losses - Loans by Portfolio Class, Including Delinquency Status (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans $ 381,819   $ 379,832
Loans purchased from GNMA mortgage pools      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Interest income on nonperforming loans 4 $ 5  
Nonperforming      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 1,685   1,793
Current      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 378,092   375,950
30-89 Days Past Due      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 1,246   1,279
90 Days or More Past Due      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 796   810
Commercial | Commercial      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 144,081   139,484
Commercial | Commercial | Nonperforming      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 616   670
Commercial | Commercial | Current      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 143,066   138,362
Commercial | Commercial | 30-89 Days Past Due      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 303   356
Commercial | Commercial | 90 Days or More Past Due      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 96   96
Commercial | Commercial real estate      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 48,334   48,859
Commercial | Commercial real estate | Nonperforming      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 780   824
Commercial | Commercial real estate | Current      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 47,490   47,948
Commercial | Commercial real estate | 30-89 Days Past Due      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 59   78
Commercial | Commercial real estate | 90 Days or More Past Due      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 5   9
Consumer | Residential mortgages      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 118,907   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 512   660
Loans 90 days or more past due purchased from Government National Mortgage Association mortgage pools, classified as current 2,500   2,300
Consumer | Residential mortgages | Nonperforming      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 141   152
Consumer | Residential mortgages | Current      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 118,242   118,267
Consumer | Residential mortgages | 30-89 Days Past Due      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 295   188
Consumer | Residential mortgages | 90 Days or More Past Due      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 229   206
Consumer | Credit card      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 29,223   30,350
Consumer | Credit card | Nonperforming      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 0   0
Consumer | Credit card | Current      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 28,432   29,487
Consumer | Credit card | 30-89 Days Past Due      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 382   428
Consumer | Credit card | 90 Days or More Past Due      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 409   435
Consumer | Other retail      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 41,274   42,326
Consumer | Other retail | Nonperforming      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 148   147
Consumer | Other retail | Current      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 40,862   41,886
Consumer | Other retail | 30-89 Days Past Due      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans 207   229
Consumer | Other retail | 90 Days or More Past Due      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total loans $ 57   $ 64
v3.25.1
Loans and Allowance for Credit Losses - Loans by Portfolio Class and Internal Credit Quality Rating (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Loans by origination year      
Total loans $ 381,819   $ 379,832
Total outstanding commitments 798,918   792,471
Modified loans 1,513 $ 1,532  
Pass      
Loans by origination year      
Total loans 371,275   369,052
Total outstanding commitments 785,384   778,155
Total Criticized      
Loans by origination year      
Total loans 10,544   10,780
Total outstanding commitments 13,534   14,316
Special Mention      
Loans by origination year      
Total loans 2,191   2,424
Total outstanding commitments 2,950   3,875
Classified      
Loans by origination year      
Total loans 8,353   8,356
Total outstanding commitments 10,584   10,441
Loans purchased from GNMA mortgage pools      
Loans by origination year      
Modified loans 607 652  
Commercial | Commercial      
Loans by origination year      
Originated in 2025/2024 16,577   59,115
Originated in 2024/2023 52,201   19,865
Originated in 2023/2022 15,953   20,319
Originated in 2022/2021 18,415   4,829
Originated in 2021 4,480    
Originated prior to 2021 6,458    
Originated prior to 2021     7,031
Revolving 29,997   28,325
Total loans 144,081   139,484
Modified loans 193 353  
Commercial | Commercial | Pass      
Loans by origination year      
Originated in 2025/2024 16,275   57,578
Originated in 2024/2023 50,854   19,128
Originated in 2023/2022 15,423   19,718
Originated in 2022/2021 17,944   4,677
Originated in 2021 4,410    
Originated prior to 2021 6,039    
Originated prior to 2021     6,812
Revolving 29,017   27,344
Total loans 139,962   135,257
Commercial | Commercial | Total Criticized      
Loans by origination year      
Originated in 2025/2024 302   1,537
Originated in 2024/2023 1,347   737
Originated in 2023/2022 530   601
Originated in 2022/2021 471   152
Originated in 2021 70    
Originated prior to 2021 419    
Originated prior to 2021     219
Revolving 980   981
Total loans 4,119   4,227
Commercial | Commercial | Special Mention      
Loans by origination year      
Originated in 2025/2024 62   503
Originated in 2024/2023 473   173
Originated in 2023/2022 152   231
Originated in 2022/2021 127   60
Originated in 2021 12    
Originated prior to 2021 146    
Originated prior to 2021     76
Revolving 320   169
Total loans 1,292   1,212
Commercial | Commercial | Classified      
Loans by origination year      
Originated in 2025/2024 240   1,034
Originated in 2024/2023 874   564
Originated in 2023/2022 378   370
Originated in 2022/2021 344   92
Originated in 2021 58    
Originated prior to 2021 273    
Originated prior to 2021     143
Revolving 660   812
Total loans 2,827   3,015
Commercial | Commercial real estate      
Loans by origination year      
Originated in 2025/2024 3,583   11,685
Originated in 2024/2023 10,327   6,015
Originated in 2023/2022 5,648   10,621
Originated in 2022/2021 9,618   6,811
Originated in 2021 6,249    
Originated prior to 2021 10,828    
Originated prior to 2021     11,578
Revolving 2,078   2,146
Revolving converted to term 3   3
Total loans 48,334   48,859
Modified loans 245 332  
Commercial | Commercial real estate | Pass      
Loans by origination year      
Originated in 2025/2024 3,190   9,652
Originated in 2024/2023 8,731   5,213
Originated in 2023/2022 4,880   9,047
Originated in 2022/2021 8,241   6,515
Originated in 2021 5,883    
Originated prior to 2021 9,947    
Originated prior to 2021     10,822
Revolving 2,031   2,078
Revolving converted to term 3   3
Total loans 42,906   43,330
Commercial | Commercial real estate | Total Criticized      
Loans by origination year      
Originated in 2025/2024 393   2,033
Originated in 2024/2023 1,596   802
Originated in 2023/2022 768   1,574
Originated in 2022/2021 1,377   296
Originated in 2021 366    
Originated prior to 2021 881    
Originated prior to 2021     756
Revolving 47   68
Revolving converted to term 0   0
Total loans 5,428   5,529
Commercial | Commercial real estate | Special Mention      
Loans by origination year      
Originated in 2025/2024 6   261
Originated in 2024/2023 212   42
Originated in 2023/2022 26   661
Originated in 2022/2021 304   100
Originated in 2021 150    
Originated prior to 2021 201    
Originated prior to 2021     148
Revolving 0   0
Revolving converted to term 0   0
Total loans 899   1,212
Commercial | Commercial real estate | Classified      
Loans by origination year      
Originated in 2025/2024 387   1,772
Originated in 2024/2023 1,384   760
Originated in 2023/2022 742   913
Originated in 2022/2021 1,073   196
Originated in 2021 216    
Originated prior to 2021 680    
Originated prior to 2021     608
Revolving 47   68
Revolving converted to term 0   0
Total loans 4,529   4,317
Consumer | Residential mortgages      
Loans by origination year      
Originated in 2025/2024 1,906   10,291
Originated in 2024/2023 9,995   8,775
Originated in 2023/2022 8,674   28,527
Originated in 2022/2021 28,269   34,729
Originated in 2021 34,350    
Originated prior to 2021 35,713    
Originated prior to 2021     36,491
Total loans 118,907   118,813
Modified loans 288 27  
Consumer | Residential mortgages | Pass      
Loans by origination year      
Originated in 2025/2024 1,906   10,291
Originated in 2024/2023 9,993   8,764
Originated in 2023/2022 8,661   28,484
Originated in 2022/2021 28,220   34,694
Originated in 2021 34,316    
Originated prior to 2021 35,437    
Originated prior to 2021     36,211
Total loans 118,533   118,444
Consumer | Residential mortgages | Total Criticized      
Loans by origination year      
Originated in 2025/2024 0   0
Originated in 2024/2023 2   11
Originated in 2023/2022 13   43
Originated in 2022/2021 49   35
Originated in 2021 34    
Originated prior to 2021 276    
Originated prior to 2021     280
Total loans 374   369
Consumer | Residential mortgages | Special Mention      
Loans by origination year      
Originated in 2025/2024 0   0
Originated in 2024/2023 0   0
Originated in 2023/2022 0   0
Originated in 2022/2021 0   0
Originated in 2021 0    
Originated prior to 2021 0    
Originated prior to 2021     0
Total loans 0   0
Consumer | Residential mortgages | Classified      
Loans by origination year      
Originated in 2025/2024 0   0
Originated in 2024/2023 2   11
Originated in 2023/2022 13   43
Originated in 2022/2021 49   35
Originated in 2021 34    
Originated prior to 2021 276    
Originated prior to 2021     280
Total loans 374   369
Consumer | Residential mortgages | Loans purchased from GNMA mortgage pools | Pass      
Loans by origination year      
Loans 90 days or more past due 2,500   2,300
Modified loans 1,400   1,400
Consumer | Credit card      
Loans by origination year      
Total loans 29,223   30,350
Modified loans 137 126  
Consumer | Credit card | Pass      
Loans by origination year      
Total loans 28,814   29,915
Consumer | Credit card | Total Criticized      
Loans by origination year      
Total loans 409   435
Consumer | Credit card | Special Mention      
Loans by origination year      
Total loans 0   0
Consumer | Credit card | Classified      
Loans by origination year      
Total loans 409   435
Consumer | Other retail      
Loans by origination year      
Originated in 2025/2024 1,456   7,401
Originated in 2024/2023 6,905   3,975
Originated in 2023/2022 3,695   4,096
Originated in 2022/2021 3,707   6,551
Originated in 2021 5,767    
Originated prior to 2021 5,111    
Originated prior to 2021     5,564
Revolving 13,856   13,966
Revolving converted to term 777   773
Total loans 41,274   42,326
Modified loans 43 $ 42  
Consumer | Other retail | Pass      
Loans by origination year      
Originated in 2025/2024 1,456   7,398
Originated in 2024/2023 6,899   3,966
Originated in 2023/2022 3,685   4,085
Originated in 2022/2021 3,696   6,537
Originated in 2021 5,755    
Originated prior to 2021 5,091    
Originated prior to 2021     5,543
Revolving 13,741   13,846
Revolving converted to term 737   731
Total loans 41,060   42,106
Consumer | Other retail | Total Criticized      
Loans by origination year      
Originated in 2025/2024 0   3
Originated in 2024/2023 6   9
Originated in 2023/2022 10   11
Originated in 2022/2021 11   14
Originated in 2021 12    
Originated prior to 2021 20    
Originated prior to 2021     21
Revolving 115   120
Revolving converted to term 40   42
Total loans 214   220
Consumer | Other retail | Special Mention      
Loans by origination year      
Originated in 2025/2024 0   0
Originated in 2024/2023 0   0
Originated in 2023/2022 0   0
Originated in 2022/2021 0   0
Originated in 2021 0    
Originated prior to 2021 0    
Originated prior to 2021     0
Revolving 0   0
Revolving converted to term 0   0
Total loans 0   0
Consumer | Other retail | Classified      
Loans by origination year      
Originated in 2025/2024 0   3
Originated in 2024/2023 6   9
Originated in 2023/2022 10   11
Originated in 2022/2021 11   14
Originated in 2021 12    
Originated prior to 2021 20    
Originated prior to 2021     21
Revolving 115   120
Revolving converted to term 40   42
Total loans $ 214   $ 220
v3.25.1
Loans and Allowance for Credit Losses - Loans Modified by Modification Type (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Financing Receivable, Modified [Line Items]    
Modifications $ 1,513 $ 1,532
Percent of Class Total 0.40% 0.40%
Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Modifications $ 163 $ 155
Payment Delay    
Financing Receivable, Modified [Line Items]    
Modifications 673 511
Term Extension    
Financing Receivable, Modified [Line Items]    
Modifications 521 721
Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Modifications 156 145
Payment Delay and Term Extension    
Financing Receivable, Modified [Line Items]    
Modifications 76 88
Interest Rate Reduction and Term Extension    
Financing Receivable, Modified [Line Items]    
Modifications 65 53
Interest Rate Reduction, Payment Delay and Term Extension    
Financing Receivable, Modified [Line Items]    
Modifications 15 4
Total loans, excluding loans purchased from GNMA mortgage pools    
Financing Receivable, Modified [Line Items]    
Modifications $ 906 $ 880
Percent of Class Total 0.20% 0.20%
Total loans, excluding loans purchased from GNMA mortgage pools | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Modifications $ 163 $ 154
Total loans, excluding loans purchased from GNMA mortgage pools | Payment Delay    
Financing Receivable, Modified [Line Items]    
Modifications 293 21
Total loans, excluding loans purchased from GNMA mortgage pools | Term Extension    
Financing Receivable, Modified [Line Items]    
Modifications 417 653
Total loans, excluding loans purchased from GNMA mortgage pools | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Modifications 33 52
Loans purchased from GNMA mortgage pools    
Financing Receivable, Modified [Line Items]    
Modifications $ 607 $ 652
Percent of Class Total 0.50% 0.60%
Loans purchased from GNMA mortgage pools | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Modifications $ 0 $ 1
Loans purchased from GNMA mortgage pools | Payment Delay    
Financing Receivable, Modified [Line Items]    
Modifications 380 490
Loans purchased from GNMA mortgage pools | Term Extension    
Financing Receivable, Modified [Line Items]    
Modifications 104 68
Loans purchased from GNMA mortgage pools | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Modifications 123 93
Commercial | Commercial    
Financing Receivable, Modified [Line Items]    
Modifications $ 193 $ 353
Percent of Class Total 0.10% 0.30%
Commercial | Commercial | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Modifications $ 27 $ 25
Commercial | Commercial | Payment Delay    
Financing Receivable, Modified [Line Items]    
Modifications 2 0
Commercial | Commercial | Term Extension    
Financing Receivable, Modified [Line Items]    
Modifications 143 328
Commercial | Commercial | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Modifications 21 0
Commercial | Commercial real estate    
Financing Receivable, Modified [Line Items]    
Modifications $ 245 $ 332
Percent of Class Total 0.50% 0.60%
Commercial | Commercial real estate | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Modifications $ 0 $ 0
Commercial | Commercial real estate | Payment Delay    
Financing Receivable, Modified [Line Items]    
Modifications 0 0
Commercial | Commercial real estate | Term Extension    
Financing Receivable, Modified [Line Items]    
Modifications 242 282
Commercial | Commercial real estate | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Modifications 3 50
Consumer | Residential mortgages    
Financing Receivable, Modified [Line Items]    
Modifications $ 288 $ 27
Percent of Class Total 0.20% 0.00%
Consumer | Residential mortgages | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Modifications $ 0 $ 0
Consumer | Residential mortgages | Payment Delay    
Financing Receivable, Modified [Line Items]    
Modifications 281 20
Consumer | Residential mortgages | Term Extension    
Financing Receivable, Modified [Line Items]    
Modifications 2 5
Consumer | Residential mortgages | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Modifications 5 2
Consumer | Credit card    
Financing Receivable, Modified [Line Items]    
Modifications $ 137 $ 126
Percent of Class Total 0.50% 0.50%
Consumer | Credit card | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Modifications $ 134 $ 126
Consumer | Credit card | Payment Delay    
Financing Receivable, Modified [Line Items]    
Modifications 3 0
Consumer | Credit card | Term Extension    
Financing Receivable, Modified [Line Items]    
Modifications 0 0
Consumer | Credit card | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Modifications 0 0
Consumer | Other retail    
Financing Receivable, Modified [Line Items]    
Modifications $ 43 $ 42
Percent of Class Total 0.10% 0.10%
Consumer | Other retail | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Modifications $ 2 $ 3
Consumer | Other retail | Payment Delay    
Financing Receivable, Modified [Line Items]    
Modifications 7 1
Consumer | Other retail | Term Extension    
Financing Receivable, Modified [Line Items]    
Modifications 30 38
Consumer | Other retail | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Modifications $ 4 $ 0
v3.25.1
Loans and Allowance for Credit Losses - Effects of Loan Modifications (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Payment Delay    
Financing Receivable, Modified [Line Items]    
Weighted-average payment deferral (less than) $ 1 $ 1
Loans purchased from GNMA mortgage pools | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Weighted-Average Interest Rate Reduction 0.50% 0.40%
Loans purchased from GNMA mortgage pools | Term Extension    
Financing Receivable, Modified [Line Items]    
Weighted-Average Months of Term Extension 97 months 114 months
Commercial | Commercial | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Weighted-Average Interest Rate Reduction 11.50% 19.30%
Commercial | Commercial | Term Extension    
Financing Receivable, Modified [Line Items]    
Weighted-Average Months of Term Extension 6 months 7 months
Commercial | Commercial real estate | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Weighted-Average Interest Rate Reduction 2.10% 4.30%
Commercial | Commercial real estate | Term Extension    
Financing Receivable, Modified [Line Items]    
Weighted-Average Months of Term Extension 7 months 9 months
Consumer | Residential mortgages | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Weighted-Average Interest Rate Reduction 1.40% 2.50%
Consumer | Residential mortgages | Term Extension    
Financing Receivable, Modified [Line Items]    
Weighted-Average Months of Term Extension 92 months 84 months
Consumer | Credit card | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Weighted-Average Interest Rate Reduction 16.10% 16.40%
Consumer | Other retail | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Weighted-Average Interest Rate Reduction 5.30% 9.30%
Consumer | Other retail | Term Extension    
Financing Receivable, Modified [Line Items]    
Weighted-Average Months of Term Extension 26 months 4 months
v3.25.1
Loans and Allowance for Credit Losses - Loan Modifications by Delinquency Status (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Mar. 31, 2024
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months $ 3,595 $ 3,664
Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 3,058 3,124
30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 118 120
90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 419 420
Commercial | Commercial    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 620 597
Commercial | Commercial | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 472 498
Commercial | Commercial | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 18 16
Commercial | Commercial | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 130 83
Commercial | Commercial real estate    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 1,006 995
Commercial | Commercial real estate | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 755 712
Commercial | Commercial real estate | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 13 2
Commercial | Commercial real estate | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 238 281
Consumer | Residential mortgages    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 1,424 1,541
Consumer | Residential mortgages | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 1,414 1,509
Consumer | Residential mortgages | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 3 17
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 322 333
Consumer | Residential mortgages | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 7 15
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 289 198
Consumer | Credit card    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 416 376
Consumer | Credit card | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 310 275
Consumer | Credit card | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 68 67
Consumer | Credit card | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 38 34
Consumer | Other retail    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 129 155
Consumer | Other retail | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 107 130
Consumer | Other retail | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 16 18
Consumer | Other retail | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months $ 6 $ 7
v3.25.1
Loans and Allowance for Credit Losses - Loan Modifications that Defaulted (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Loans that defaulted $ 45 $ 35
Payment Delay    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 85 83
Term Extension    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 54 40
Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 70 44
Payment Delay and Term Extension    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 41 43
Interest Rate Reduction and Term Extension    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 27  
Interest Rate Reduction, Payment Delay and Term Extension    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 2 1
Total loans, excluding loans purchased from GNMA mortgage pools | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 45 35
Total loans, excluding loans purchased from GNMA mortgage pools | Payment Delay    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 1 6
Total loans, excluding loans purchased from GNMA mortgage pools | Term Extension    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 20 9
Total loans, excluding loans purchased from GNMA mortgage pools | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 2
Loans purchased from GNMA mortgage pools | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 0
Loans purchased from GNMA mortgage pools | Payment Delay    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 84 77
Loans purchased from GNMA mortgage pools | Term Extension    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 34 31
Loans purchased from GNMA mortgage pools | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 70 42
Commercial | Commercial | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 9 6
Commercial | Commercial | Payment Delay    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 0
Commercial | Commercial | Term Extension    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 16 0
Commercial | Commercial | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 0
Commercial | Commercial real estate | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 0
Commercial | Commercial real estate | Payment Delay    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 0
Commercial | Commercial real estate | Term Extension    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 0
Commercial | Commercial real estate | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 0
Consumer | Residential mortgages | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 0
Consumer | Residential mortgages | Payment Delay    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 1 5
Consumer | Residential mortgages | Term Extension    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 3
Consumer | Residential mortgages | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 2
Consumer | Credit card | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 35 29
Consumer | Credit card | Payment Delay    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 0
Consumer | Credit card | Term Extension    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 0
Consumer | Credit card | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 0
Consumer | Other retail | Interest Rate Reduction    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 1 0
Consumer | Other retail | Payment Delay    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 0 1
Consumer | Other retail | Term Extension    
Financing Receivable, Modified [Line Items]    
Loans that defaulted 4 6
Consumer | Other retail | Multiple Modifications    
Financing Receivable, Modified [Line Items]    
Loans that defaulted $ 0 $ 0
v3.25.1
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Variable Interest Entity [Line Items]      
Tax credits related to tax-advantaged investments $ 152 $ 139  
Expense related to tax-advantaged investments 146 $ 138  
Investments in VIEs 676,489   $ 678,318
Available-for-sale securities [1] 86,774   85,992
Liabilities related to VIEs 615,931   619,278
Variable Interest Entity Not Primary Beneficiary | Minimum      
Variable Interest Entity [Line Items]      
Net investments in unconsolidated VIEs 1   1
Variable Interest Entity Not Primary Beneficiary | Maximum      
Variable Interest Entity [Line Items]      
Net investments in unconsolidated VIEs 80   79
Variable Interest Entity, Not Primary Beneficiary, Private Investment Funds and Partnerships      
Variable Interest Entity [Line Items]      
Investments in VIEs 273   264
Maximum exposure to loss 398   382
Variable Interest Entity, Not Primary Beneficiary, Securitization Vehicles | Senior Notes      
Variable Interest Entity [Line Items]      
Available-for-sale securities 2,700   3,200
Collateral held related to senior notes 3,100   3,600
Variable Interest Entity, Primary Beneficiary, Community Development and Tax-Advantaged Investments      
Variable Interest Entity [Line Items]      
Investments in VIEs 5,800   6,400
Liabilities related to VIEs $ 3,500   $ 4,200
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.1
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Investments in Community Development and Tax-advantaged VIEs (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Investment carrying amount $ 676,489 $ 678,318
Unfunded capital and other commitments 615,931 619,278
Variable Interest Entity, Not Primary Beneficiary, Community Development and Tax-Advantaged Investments    
Variable Interest Entity [Line Items]    
Investment carrying amount 8,703 8,107
Unfunded capital and other commitments 5,751 5,032
Maximum exposure to loss $ 8,522 $ 8,435
v3.25.1
Mortgage Servicing Rights - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Transfers and Servicing [Abstract]      
Residential mortgage loans serviced for others including subserviced mortgages with no corresponding MSRs asset $ 216,700   $ 216,600
Gain (loss) on fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs 2 $ (3)  
Loan servicing and ancillary fees $ 172 $ 180  
v3.25.1
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Servicing Asset at Fair Value, Amount [Roll Forward]    
Balance at beginning of period $ 3,369 $ 3,377
Rights capitalized 59 55
Rights sold 1 0
Changes in fair value of MSRs    
Due to fluctuations in market interest rates (49) 103
Due to revised assumptions or models 4 8
Other changes in fair value (72) (81)
Balance at end of period $ 3,312 $ 3,462
v3.25.1
Mortgage Servicing Rights - Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 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 $ 333 $ 325
Fair value 50 basis points change 158 147
Fair value 25 basis points change 77 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 (10) 15
Fair value 50 basis points change (3) 3
Fair value 25 basis points change (1) 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 (343) (310)
Fair value 50 basis points change (161) (144)
Fair value 25 basis points change (78) (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 (226) (220)
Fair value 50 basis points change (128) (118)
Fair value 25 basis points change (69) (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 24 (3)
Fair value 50 basis points change 9 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 250 217
Fair value 50 basis points change 137 120
Fair value 25 basis points change $ 71 $ 63
v3.25.1
Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Servicing Assets at Fair Value [Line Items]        
Fair value $ 3,312 $ 3,369 $ 3,462 $ 3,377
MSR portfolio        
Servicing Assets at Fair Value [Line Items]        
Servicing portfolio 216,435 216,374    
Fair value $ 3,312 $ 3,369    
Value (bps) 1.53% 1.56%    
Weighted-average servicing fees (bps) 0.30% 0.30%    
Multiple (value/servicing fees) 5.08 5.17    
Weighted-average note rate 4.23% 4.18%    
Weighted-average age (in years) 5 years 1 month 6 days 5 years    
Weighted-average expected prepayment (constant prepayment rate) 9.00% 8.60%    
Weighted-average expected life (in years) 7 years 2 months 12 days 7 years 4 months 24 days    
Weighted-average option adjusted spread 5.70% 5.70%    
MSR portfolio | HFA        
Servicing Assets at Fair Value [Line Items]        
Servicing portfolio $ 54,095 $ 52,807    
Fair value $ 819 $ 856    
Value (bps) 1.51% 1.62%    
Weighted-average servicing fees (bps) 0.35% 0.35%    
Multiple (value/servicing fees) 4.27 4.57    
Weighted-average note rate 4.99% 4.92%    
Weighted-average age (in years) 4 years 7 months 6 days 4 years 6 months    
Weighted-average expected prepayment (constant prepayment rate) 10.50% 9.90%    
Weighted-average expected life (in years) 7 years 2 months 12 days 7 years 6 months    
Weighted-average option adjusted spread 6.80% 5.80%    
MSR portfolio | Government        
Servicing Assets at Fair Value [Line Items]        
Servicing portfolio $ 24,797 $ 25,139    
Fair value $ 489 $ 512    
Value (bps) 1.97% 2.04%    
Weighted-average servicing fees (bps) 0.45% 0.45%    
Multiple (value/servicing fees) 4.41 4.56    
Weighted-average note rate 4.36% 4.35%    
Weighted-average age (in years) 6 years 3 months 18 days 6 years 1 month 6 days    
Weighted-average expected prepayment (constant prepayment rate) 10.60% 10.20%    
Weighted-average expected life (in years) 6 years 7 months 6 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 $ 137,543 $ 138,428    
Fair value $ 2,004 $ 2,001    
Value (bps) 1.46% 1.45%    
Weighted-average servicing fees (bps) 0.25% 0.25%    
Multiple (value/servicing fees) 5.74 5.69    
Weighted-average note rate 3.91% 3.87%    
Weighted-average age (in years) 5 years 1 month 6 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%    
v3.25.1
Preferred Stock - Additional Information (Details) - shares
shares in Millions
Mar. 31, 2025
Dec. 31, 2024
Equity [Abstract]    
Preferred stock shares authorized (in shares) 50 50
v3.25.1
Preferred Stock - Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
Mar. 31, 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
v3.25.1
Accumulated Other Comprehensive Income (Loss) - Reconciliation of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance $ 59,040 $ 55,771
Changes in unrealized gains (losses) 508 (171)
Changes in unrealized gains (losses) 284 (343)
Changes in unrealized gains (losses), debit valuation adjustments 2 0
Changes in unrealized gains (losses) 794 (514)
Foreign currency translation adjustment 4 6
Reclassification to earnings of realized (gains) losses 170 161
Applicable income taxes (246) 90
Ending Balance 60,558 56,033
Total    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance (9,764) (10,096)
Ending Balance (9,042) (10,353)
Unrealized Gains (Losses) on Investment Securities Available-for- Sale    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance (5,078) (5,151)
Changes in unrealized gains (losses) 508 (171)
Reclassification to earnings of realized (gains) losses 0 (2)
Applicable income taxes (129) 45
Ending Balance (4,699) (5,279)
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 (3,165) (3,537)
Reclassification to earnings of realized (gains) losses 111 114
Applicable income taxes (28) (29)
Ending Balance (3,082) (3,452)
Unrealized Gains (Losses) on Derivative Hedges    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance (553) (242)
Changes in unrealized gains (losses) 284 (343)
Reclassification to earnings of realized (gains) losses 60 49
Applicable income taxes (88) 75
Ending Balance (297) (461)
Unrealized Gains (Losses) on Retirement Plans    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance (955) (1,138)
Reclassification to earnings of realized (gains) losses (1)  
Ending Balance (956) (1,138)
Debit Valuation Adjustments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance 1 0
Changes in unrealized gains (losses), debit valuation adjustments 2  
Applicable income taxes (1)  
Ending Balance 2 0
Foreign Currency Translation    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance (14) (28)
Foreign currency translation adjustment 4 6
Applicable income taxes 0 (1)
Ending Balance $ (10) $ (23)
v3.25.1
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
Mar. 31, 2025
Mar. 31, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Securities gains (losses), net $ 0 $ 2
Interest income 7,516 7,764
Net interest income 4,092 3,985
Other noninterest expense (353) (418)
Applicable income taxes (443) (347)
Net income 1,716 1,326
Reclassification Out of Accumulated Other Comprehensive Income    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net income (127) (120)
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 0 2
Applicable income taxes 0 (1)
Net income 0 1
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 (111) (114)
Applicable income taxes 28 29
Net income (83) (85)
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 (60) (49)
Applicable income taxes 15 13
Net income (45) (36)
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 1 0
Applicable income taxes 0 0
Net income $ 1 $ 0
v3.25.1
Earnings Per Share - Components of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net income attributable to U.S. Bancorp $ 1,709 $ 1,319
Preferred dividends (95) [1] (102) [2]
Earnings allocated to participating stock awards (11) (8)
Net income applicable to U.S. Bancorp common shareholders 1,603 1,209
Net income applicable to U.S. Bancorp common shareholders, diluted $ 1,603 $ 1,209
Average common shares outstanding (in shares) 1,559 1,559
Average diluted common shares outstanding (in shares) 1,560 1,559
Earnings per common share (in dollars per share) $ 1.03 $ 0.78
Diluted earnings per common share (in dollars per share) $ 1.03 $ 0.78
Net effect of the exercise and assumed purchase of stock awards (in shares) 1 0
[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 $1,395.898, $322.724, $662.50, $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 J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,667.221, $390.264, $662.50, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively.
v3.25.1
Earnings Per Share - Additional Information (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stock Option    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Options outstanding of common shares 1 1
v3.25.1
Employee Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Retirement Benefits [Abstract]    
Service cost $ 53 $ 55
Interest cost 103 94
Expected return on plan assets (147) (146)
Prior service cost (credit) amortization (1) (1)
Actuarial loss (gain) amortization 1 2
Net periodic benefit cost $ 9 $ 4
v3.25.1
Income Taxes - Components of Income Tax Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Federal    
Current $ (1) $ 180
Deferred 328 133
Federal income tax 327 313
State    
Current 97 21
Deferred 19 13
State income tax 116 34
Total income tax provision $ 443 $ 347
v3.25.1
Income Taxes - Additional Information (Details) - USD ($)
$ in Billions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]      
Federal statutory rate 21.00% 21.00%  
Net deferred tax asset $ 5.7   $ 6.3
v3.25.1
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
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Tax at statutory rate $ 453 $ 351
State income tax, at statutory rates, net of federal tax benefit 112 81
Tax credits and benefits, net of related expenses (123) (61)
Exam resolutions 0 (65)
Tax-exempt income (33) (31)
Other items 34 72
Total income tax provision $ 443 $ 347
v3.25.1
Derivative Instruments - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss) $ 297 $ 553
Estimated loss to be reclassified from other comprehensive income (loss) into earnings (152)  
Fair value of derivatives under collateral agreements in a net liability position 1,700  
Collateral posted by company netted against net liability position 1,400  
Net investment hedges    
Derivative [Line Items]    
Non-derivative debt instruments $ 1,600 $ 1,300
v3.25.1
Derivative Instruments - Asset and Liability Management Derivative Positions (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional Value $ 1,300,000  
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 107,542 105,692
Fair Value, Assets 298 275
Fair Value, Liabilities 191 221
Asset and Liability Management Positions | Swaps | Visa Class B Shares    
Derivative [Line Items]    
Fair Value, Liabilities 67 78
Derivative liability notional value 1,000 1,000
Asset and Liability Management Positions | Underwriting Purchase and Sale Commitments    
Derivative [Line Items]    
Notional Value 207  
Asset and Liability Management Positions | Other    
Derivative [Line Items]    
Notional Value 1,290 1,084
Fair Value, Assets 7 7
Fair Value, Liabilities 67 78
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 10,443 9,977
Fair Value, Assets 78 45
Fair Value, Liabilities 30 23
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 2,818 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 4,923 5,436
Fair Value, Assets 10 8
Fair Value, Liabilities 7 30
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Futures and forwards | Sell/ Written    
Derivative [Line Items]    
Notional Value 2,745 2,711
Fair Value, Assets 1 10
Fair Value, Liabilities 9 1
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 6,724 7,810
Fair Value, Assets 176 186
Fair Value, Liabilities 0 0
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Options | Sell/ Written    
Derivative [Line Items]    
Notional Value 2,672 1,991
Fair Value, Assets 17 8
Fair Value, Liabilities 54 47
Asset and Liability Management Positions | Other economic hedges | Foreign exchange forward contracts    
Derivative [Line Items]    
Notional Value 725 702
Fair Value, Assets 2 4
Fair Value, Liabilities 1 4
Asset and Liability Management Positions | Other economic hedges | Equity contracts    
Derivative [Line Items]    
Notional Value 288 293
Fair Value, Assets 0 0
Fair Value, Liabilities 6 9
Asset and Liability Management Positions | Other economic hedges | Credit contracts    
Derivative [Line Items]    
Notional Value 3,298 3,558
Fair Value, Assets 6 0
Fair Value, Liabilities 17 29
Asset and Liability Management Positions | Fair value hedges | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 13,100 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 28,279 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 28,500 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 1,050 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 687 870
Fair Value, Assets 1 7
Fair Value, Liabilities $ 0 $ 0
v3.25.1
Derivative Instruments - Customer-Related Derivative Positions (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional Value $ 1,300,000  
Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 107,542 $ 105,692
Fair Value, Assets 298 275
Fair Value, Liabilities 191 221
Customer-Related Positions    
Derivative [Line Items]    
Notional Value 1,191,653 1,181,606
Fair Value, Assets 5,652 6,162
Fair Value, Liabilities 6,572 7,939
Customer-Related Positions | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 404,356 413,841
Fair Value, Assets 877 462
Fair Value, Liabilities 3,260 4,485
Customer-Related Positions | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 364,577 363,837
Fair Value, Assets 1,703 2,342
Fair Value, Liabilities 279 153
Customer-Related Positions | Interest rate contracts | Other    
Derivative [Line Items]    
Notional Value 70,207 72,503
Fair Value, Assets 17 17
Fair Value, Liabilities 32 34
Customer-Related Positions | Interest rate contracts | Options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 105,399 96,238
Fair Value, Assets 366 414
Fair Value, Liabilities 6 2
Customer-Related Positions | Interest rate contracts | Options | Sell/ Written    
Derivative [Line Items]    
Notional Value 90,579 90,572
Fair Value, Assets 18 12
Fair Value, Liabilities 488 574
Customer-Related Positions | Interest rate contracts | Futures | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 1,240 0
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Customer-Related Positions | Interest rate contracts | Futures | Sell/ Written    
Derivative [Line Items]    
Notional Value 301 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 119,520 113,718
Fair Value, Assets 1,932 2,441
Fair Value, Liabilities 1,789 2,232
Customer-Related Positions | Foreign exchange options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 790 497
Fair Value, Assets 15 14
Fair Value, Liabilities 1 0
Customer-Related Positions | Foreign exchange options | Sell/ Written    
Derivative [Line Items]    
Notional Value 790 497
Fair Value, Assets 1 0
Fair Value, Liabilities 15 14
Customer-Related Positions | Commodity contracts | Swaps    
Derivative [Line Items]    
Notional Value 10,972 8,224
Fair Value, Assets 362 199
Fair Value, Liabilities 301 180
Customer-Related Positions | Commodity contracts | Futures | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 1 1
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Customer-Related Positions | Commodity contracts | Futures | Sell/ Written    
Derivative [Line Items]    
Notional Value 249 166
Fair Value, Assets 49 25
Fair Value, Liabilities 84 27
Customer-Related Positions | Commodity options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 4,953 3,921
Fair Value, Assets 310 233
Fair Value, Liabilities 4 2
Customer-Related Positions | Commodity options | Sell/ Written    
Derivative [Line Items]    
Notional Value 4,953 3,921
Fair Value, Assets 2 3
Fair Value, Liabilities 310 233
Customer-Related Positions | Credit contracts    
Derivative [Line Items]    
Notional Value 12,758 13,670
Fair Value, Assets 0 0
Fair Value, Liabilities 3 3
Other economic hedges | Interest rate contracts | Receive fixed/pay floating swaps | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 10,443 9,977
Fair Value, Assets 78 45
Fair Value, Liabilities 30 23
Other economic hedges | Interest rate contracts | Pay fixed/receive floating swaps | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 2,818 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 6,724 7,810
Fair Value, Assets 176 186
Fair Value, Liabilities 0 0
Other economic hedges | Interest rate contracts | Options | Sell/ Written | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 2,672 1,991
Fair Value, Assets 17 8
Fair Value, Liabilities 54 47
Other economic hedges | Credit contracts | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 3,298 3,558
Fair Value, Assets 6 0
Fair Value, Liabilities 17 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 288 293
Fair Value, Assets 0 0
Fair Value, Liabilities $ 6 $ 9
v3.25.1
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
Mar. 31, 2025
Mar. 31, 2024
Cash flow hedges | Interest rate contracts    
Cash flow hedges    
Gains (Losses) Recognized in Other Comprehensive Income (Loss) $ 211 $ (255)
Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (45) (36)
Net investment hedges | Foreign exchange forward contracts    
Net investment hedges    
Gains (Losses) Recognized in Other Comprehensive Income (Loss) (4) 69
Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings 0 0
Net investment hedges | Non-derivative debt instruments    
Net investment hedges    
Gains (Losses) Recognized in Other Comprehensive Income (Loss) (61) 34
Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings $ 0 $ 0
v3.25.1
Derivative Instruments - Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Interest Income $ 7,516 $ 7,764
Interest Expense 3,424 3,779
Losses recognized in earnings related discontinuance of cash flow hedges 7 7
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 447 (469)
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 (112) (57)
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 (448) 468
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 106 57
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 (53) (42)
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)
v3.25.1
Derivative Instruments - Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Increase (decrease) in cumulative amount of basis adjustments $ 204 $ 13
Available-for-sale investment securities    
Derivative Instruments, Gain (Loss) [Line Items]    
Carrying amount of the hedged assets 28,033 29,005
Cumulative hedging adjustment for hedged assets (1) (464)
Cumulative hedging adjustment asset related to discontinued hedging relationships (54) (72)
Carrying amount of assets related to discontinued hedging relationships 8,100 6,800
Amortized cost of the closed portfolios 19,300 17,500
Amortized cost of the closed portfolios designated as hedged 11,100 11,600
Increase (decrease) in cumulative amount of basis adjustments 204 13
Long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Carrying amount of the hedged liabilities 13,210 10,632
Cumulative hedging adjustment for hedged liabilities 150 39
Cumulative hedging adjustment liability related to discontinued hedging relationships (135) (149)
Carrying amount of liabilities related to discontinued hedging relationships $ 14,200 $ 14,900
v3.25.1
Derivative Instruments - Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Customer-Related Positions | Interest rate contracts | Purchased and written options    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings $ 12 $ (47)
Customer-Related Positions | Interest rate contracts | Futures    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings 1 0
Customer-Related Positions | Swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings 35 131
Customer-Related Positions | Credit contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings 2 (1)
Customer-Related Positions | Foreign exchange rate contracts | Purchased and written options    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings 1 0
Customer-Related Positions | Foreign exchange rate contracts | Forwards, spots and swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings 48 24
Customer-Related Positions | Commodity contracts | Purchased and written options    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings (1) 2
Customer-Related Positions | Commodity contracts | Futures    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings (41) 0
Customer-Related Positions | Commodity contracts | Swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings 47 2
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 24 (12)
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 30 39
Asset and Liability Management Positions | Other economic hedges | Swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings 56 (86)
Asset and Liability Management Positions | Other economic hedges | Foreign exchange forward contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings 2 4
Asset and Liability Management Positions | Other economic hedges | Equity contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings (19) 0
Asset and Liability Management Positions | Other economic hedges | Credit contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings 17 (2)
Asset and Liability Management Positions | Other economic hedges | Other    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in earnings $ 0 $ (75)
v3.25.1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Additional Information (Details)
$ in Billions
Mar. 31, 2025
USD ($)
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value $ 1,300.0
Over-the-Counter  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value 583.8
Exchange Cleared  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value 696.3
Exchange-Traded  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value $ 19.1
v3.25.1
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
Mar. 31, 2025
Dec. 31, 2024
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements $ 9,313 $ 7,645
Securities loaned 141 90
Gross amount of recognized liabilities 9,454 7,735
Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 9,293 7,623
Securities loaned 141 90
Gross amount of recognized liabilities 9,434 7,713
Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 20 22
Securities loaned 0 0
Gross amount of recognized liabilities 20 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 6,711 5,918
U.S. Treasury and agencies | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 6,711 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 543 319
Residential mortgage-backed securities | Overnight and Continuous | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 543 319
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 1,741 1,116
Securities loaned 141 90
Corporate debt securities | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 1,736 1,116
Securities loaned 141 90
Corporate debt securities | Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 5 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 318 292
Asset-backed securities | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 303 270
Asset-backed securities | Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 15 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
v3.25.1
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
Mar. 31, 2025
Dec. 31, 2024
Derivative assets    
Gross Recognized Assets $ 5,925 $ 6,422
Gross Amounts Offset on the Balance Sheet (2,680) (2,979)
Net Amounts Presented on the Consolidated Balance Sheet 3,245 3,443
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (187) (177)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (2) (5)
Net Amount 3,056 3,261
Reverse repurchase agreements    
Gross Recognized Assets 7,194 6,383
Net Amounts Presented on the Consolidated Balance Sheet 7,194 6,383
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (394) (851)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (6,790) (5,508)
Net Amount 10 24
Securities borrowed    
Gross Recognized Assets 1,805 1,516
Net Amounts Presented on the Consolidated Balance Sheet 1,805 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 (1,745) (1,453)
Net Amount 60 63
Total    
Gross Recognized Assets 14,924 14,321
Gross Amounts Offset on the Consolidated Balance Sheet (2,680) (2,979)
Net Amounts Presented on the Consolidated Balance Sheet 12,244 11,342
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (581) (1,028)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (8,537) (6,966)
Net Amount 3,126 3,348
Cash collateral netted against derivative assets 1,300 1,900
Derivative assets not subject to netting arrangements $ 25 $ 15
v3.25.1
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
Mar. 31, 2025
Dec. 31, 2024
Derivative liabilities    
Gross Recognized Liabilities $ 6,695 $ 8,081
Gross Amounts Offset on the Consolidated Balance Sheet (2,835) (2,949)
Net Amounts Presented on the Consolidated Balance Sheet 3,860 5,132
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (187) (177)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged 0 0
Net Amount 3,673 4,955
Repurchase agreements    
Gross Recognized Liabilities 9,313 7,645
Net Amounts Presented on the Consolidated Balance Sheet 9,313 7,645
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (394) (851)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (8,912) (6,787)
Net Amount 7 7
Securities loaned    
Securities loaned Gross recognized liabilities 141 90
Net Amounts Presented on the Consolidated Balance Sheet 141 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 (139) (88)
Net Amount 2 2
Total    
Gross Recognized Liabilities 16,149 15,816
Gross Amounts Offset on the Consolidated Balance Sheet (2,835) (2,949)
Net Amounts Presented on the Consolidated Balance Sheet 13,314 12,867
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (581) (1,028)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (9,051) (6,875)
Net Amount 3,682 4,964
Cash collateral netted against derivative liabilities 1,400 1,900
Derivative liabilities not subject to netting arrangements $ 68 $ 79
v3.25.1
Fair Values of Assets and Liabilities - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Changes in debit valuation adjustments $ 2 $ 0  
Carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit 360   $ 376
Other guarantees carrying value $ 191   $ 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 367.00%    
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 (1)  
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 3 $ 8  
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 $ (1)    
v3.25.1
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Details)
Mar. 31, 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 0.19
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
v3.25.1
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Details)
Mar. 31, 2025
Minimum | Expected loan close rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.05
Minimum | Inherent MSR value (basis points per loan)  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.0057
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 0.0200
Weighted Average | Expected loan close rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.81
Weighted Average | Inherent MSR value (basis points per loan)  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.0110
v3.25.1
Fair Values of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities [1] $ 86,774   $ 85,992  
Mortgage loans held for sale 1,704   2,251  
Mortgage servicing rights 3,312 $ 3,462 3,369 $ 3,377
Derivative assets netting (2,680)   (2,979)  
Time deposits 6,506   5,754  
Long-term debt 645   391  
Derivative liabilities netting (2,835)   (2,949)  
Equity investments without readily determinable fair values 166   159  
Equity investments without readily determinable fair values impairment loss cumulative amount 0   0  
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 28,616   28,387  
Residential mortgage-backed securities | Agency        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 33,674   33,281  
Commercial mortgage-backed securities | Agency        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 7,503   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 7,332   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 9,326   9,552  
Other        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 316   250  
Fair Value, Measurements, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 86,774   85,992  
Mortgage loans held for sale 1,704   2,251  
Mortgage servicing rights 3,312   3,369  
Derivative assets netting (2,680)   (2,979)  
Derivative assets 3,270   3,458  
Other assets 2,767   2,189  
Total assets 97,827   97,259  
Time deposits 6,506   5,754  
Long-term debt 645   391  
Derivative liabilities netting (2,835)   (2,949)  
Derivative liabilities 3,928   5,211  
Short-term borrowings and other liabilities 2,446   1,935  
Total liabilities 13,525   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 28,616   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 33,674   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 7,503   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 7,332   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 9,326   9,552  
Fair Value, Measurements, Recurring | Other        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 316   250  
Fair Value, Measurements, Recurring | Level 1        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 23,999   23,891  
Mortgage loans held for sale 0   0  
Mortgage servicing rights 0   0  
Derivative assets before netting 53   27  
Other assets 434   420  
Total assets 24,486   24,338  
Time deposits 0   0  
Long-term debt 0   0  
Derivative liabilities before netting 84   27  
Short-term borrowings and other liabilities 587   475  
Total liabilities 671   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 23,999   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 62,775   62,101  
Mortgage loans held for sale 1,704   2,251  
Mortgage servicing rights 0   0  
Derivative assets before netting 4,374   5,208  
Other assets 2,333   1,769  
Total assets 71,186   71,329  
Time deposits 6,506   5,754  
Long-term debt 645   391  
Derivative liabilities before netting 4,429   5,131  
Short-term borrowings and other liabilities 1,859   1,460  
Total liabilities 13,439   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 4,617   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 33,674   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 7,503   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 7,332   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 9,326   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 316   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 3,312   3,369  
Derivative assets before netting 1,523   1,202  
Other assets 0   0  
Total assets 4,835   4,571  
Time deposits 0   0  
Long-term debt 0   0  
Derivative liabilities before netting 2,250   3,002  
Short-term borrowings and other liabilities 0   0  
Total liabilities 2,250   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.
v3.25.1
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
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Beginning of Period Balance $ (1,800) $ (1,885)  
Net Gains (Losses) Included in Net Income (191) (1,683)  
Purchases 669 378  
Sales (2) (2)  
Issuances 1 0  
Settlements 596 831  
End of Period Balance (727) (2,361)  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 996 (181)  
Available-for-sale securities [1] 86,774   $ 85,992
Mortgage servicing rights      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning of Period Balance 3,369 3,377  
Net Gains (Losses) Included in Net Income (117) 30  
Purchases 0 0  
Sales 1 0  
Issuances 59 55  
Settlements 0 0  
End of Period Balance 3,312 3,462  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period (117) 30  
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 51 44  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 16 19  
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 (241) (1,700)  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 981 (125)  
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 (1) (75)  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period $ (1) $ (75)  
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.1
Fair Values of Assets and Liabilities - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans, net of allowance for losses $ 339 $ 636
Other assets 5 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 339 636
Other assets $ 5 $ 25
v3.25.1
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
Mar. 31, 2025
Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Losses recognized related to nonrecurring fair value measurements $ 1 $ 2
Loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Losses recognized related to nonrecurring fair value measurements $ 99 $ 67
v3.25.1
Fair Values of Assets and Liabilities - Fair Value Option (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Fair value carrying amount, total loans $ 1,704 $ 2,251
Contractual principal outstanding, total loans 1,695 2,243
Carrying amount over (under) contractual principal outstanding, total loans 9 8
Fair value carrying amount, time deposits 6,506 5,754
Contractual principal outstanding, time deposits 6,517 5,762
Carrying amount over (under) contractual principal outstanding, time deposits (11) (8)
Long-term debt 645 391
Contractual principal outstanding, long-term debt 664 409
Carrying amount over (under) contractual principal outstanding, long-term debt (19) (18)
Fair value, nonaccrual loans 1 1
Contractual principal outstanding, nonaccrual loans 1 1
Fair value, loans 90 days or more past due 5 4
Contractual principal outstanding, loans 90 days or more past due $ 5 $ 4
v3.25.1
Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Financial Assets    
Cash and due from banks $ 50,013 $ 56,502
Investment securities held-to-maturity 67,099 66,275
Financial Liabilities    
Long-term debt 59,859 58,002
Carrying Amount    
Financial Assets    
Cash and due from banks 50,013 56,502
Federal funds sold and securities purchased under resale agreements 7,236 6,380
Investment securities held-to-maturity 78,008 78,634
Loans held for sale 42 322
Loans, net of allowance for losses 374,235 372,249
Other 2,584 2,482
Financial Liabilities    
Time deposits 48,740 49,015
Short-term borrowings 14,765 13,583
Long-term debt 59,214 57,611
Other 4,565 5,220
Fair Value    
Financial Assets    
Cash and due from banks 50,013 56,502
Federal funds sold and securities purchased under resale agreements 7,236 6,380
Investment securities held-to-maturity 67,099 66,275
Loans held for sale 42 322
Loans, net of allowance for losses 369,966 365,628
Other 2,584 2,482
Financial Liabilities    
Time deposits 48,823 49,156
Short-term borrowings 14,567 13,419
Long-term debt 58,346 56,441
Other 4,565 5,220
Fair Value | Level 1    
Financial Assets    
Cash and due from banks 50,013 56,502
Federal funds sold and securities purchased under resale agreements 0 0
Investment securities held-to-maturity 1,284 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 7,236 6,380
Investment securities held-to-maturity 65,815 65,000
Loans held for sale 0 0
Loans, net of allowance for losses 0 0
Other 1,930 1,767
Financial Liabilities    
Time deposits 48,823 49,156
Short-term borrowings 14,567 13,419
Long-term debt 58,346 56,441
Other 1,350 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 42 322
Loans, net of allowance for losses 369,966 365,628
Other 654 715
Financial Liabilities    
Time deposits 0 0
Short-term borrowings 0 0
Long-term debt 0 0
Other $ 3,215 $ 3,851
v3.25.1
Guarantees and Contingent Liabilities - Other Guarantees and Contingent Liabilities (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Other  
Guarantor Obligations [Line Items]  
Collateral Held $ 0
Carrying Amount 21
Maximum Potential Future Payments 3,615
Standby letters of credit  
Guarantor Obligations [Line Items]  
Collateral Held 0
Carrying Amount 20
Maximum Potential Future Payments 10,791
Securities lending indemnifications  
Guarantor Obligations [Line Items]  
Collateral Held 6,939
Carrying Amount 0
Maximum Potential Future Payments 6,737
Asset sales  
Guarantor Obligations [Line Items]  
Collateral Held 0
Carrying Amount 107
Maximum Potential Future Payments 12,641
Merchant processing  
Guarantor Obligations [Line Items]  
Collateral Held 826
Carrying Amount 63
Maximum Potential Future Payments $ 147,804
v3.25.1
Guarantees and Contingent Liabilities - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Airline Processing Arrangements    
Guarantor Obligations [Line Items]    
Value of airline tickets purchased to deliver at future date through card transactions $ 12,300  
Amount reserved for guaranteed obligations 40  
Airline Processing Arrangements | Escrow Deposits Letters of Credit Indemnities    
Guarantor Obligations [Line Items]    
Collateral held for guaranteed obligations 706  
Representation and Warranty    
Guarantor Obligations [Line Items]    
Amount reserved for guaranteed obligations 9 $ 9
Unresolved claims $ 18 $ 15
v3.25.1
Business Segments (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
segment
Mar. 31, 2024
USD ($)
Segment Reporting [Abstract]    
Number of operating segments | segment 3  
Number of reportable segments | segment 3  
Condensed Income Statement    
Net interest income (taxable-equivalent basis) $ 4,122 $ 4,015
Noninterest income 2,836 2,700
Total net revenue 6,958 6,715
Compensation and employee benefits 2,637 2,691
Other intangibles 123 146
Net shared services 0 0
Other direct expenses 1,472 1,622
Total noninterest expense 4,232 4,459
Income (loss) before provision and income taxes 2,726 2,256
Provision for credit losses 537 553
Income (loss) before income taxes 2,189 1,703
Income taxes and taxable-equivalent adjustment 473 377
Net income 1,716 1,326
Net (income) loss attributable to noncontrolling interests (7) (7)
Net income attributable to U.S. Bancorp 1,709 1,319
Average Balance Sheet    
Loans 379,028 371,070
Other earning assets 231,202 225,065
Goodwill 12,541 12,482
Other intangible assets 5,488 6,065
Assets 669,393 653,909
Noninterest-bearing deposits 79,696 84,787
Interest-bearing deposits 426,838 418,274
Total deposits 506,534 503,061
Total U.S. Bancorp shareholders’ equity 59,611 55,667
Taxable-equivalent adjustment to net interest income 30 30
Lease revenue 197 187
Wealth, Corporate, Commercial and Institutional Banking    
Condensed Income Statement    
Net interest income (taxable-equivalent basis) 1,743 1,910
Noninterest income 1,167 1,112
Total net revenue 2,910 3,022
Compensation and employee benefits 536 565
Other intangibles 46 52
Net shared services 515 522
Other direct expenses 241 241
Total noninterest expense 1,338 1,380
Income (loss) before provision and income taxes 1,572 1,642
Provision for credit losses 10 141
Income (loss) before income taxes 1,562 1,501
Income taxes and taxable-equivalent adjustment 391 375
Net income 1,171 1,126
Net (income) loss attributable to noncontrolling interests 0 0
Net income attributable to U.S. Bancorp 1,171 1,126
Average Balance Sheet    
Loans 177,973 171,137
Other earning assets 11,957 8,738
Goodwill 4,824 4,824
Other intangible assets 863 1,059
Assets 208,621 199,260
Noninterest-bearing deposits 55,093 58,555
Interest-bearing deposits 214,318 208,309
Total deposits 269,411 266,864
Total U.S. Bancorp shareholders’ equity 21,549 21,760
Consumer and Business Banking    
Condensed Income Statement    
Net interest income (taxable-equivalent basis) 1,759 1,879
Noninterest income 407 424
Total net revenue 2,166 2,303
Compensation and employee benefits 526 558
Other intangibles 59 67
Net shared services 684 700
Other direct expenses 304 298
Total noninterest expense 1,573 1,623
Income (loss) before provision and income taxes 593 680
Provision for credit losses 62 54
Income (loss) before income taxes 531 626
Income taxes and taxable-equivalent adjustment 133 157
Net income 398 469
Net (income) loss attributable to noncontrolling interests 0 0
Net income attributable to U.S. Bancorp 398 469
Average Balance Sheet    
Loans 153,945 154,956
Other earning assets 1,778 1,879
Goodwill 4,325 4,326
Other intangible assets 4,368 4,696
Assets 166,532 169,195
Noninterest-bearing deposits 19,181 21,389
Interest-bearing deposits 200,833 198,798
Total deposits 220,014 220,187
Total U.S. Bancorp shareholders’ equity 13,706 14,851
Payment Services    
Condensed Income Statement    
Net interest income (taxable-equivalent basis) 742 702
Noninterest income 1,036 979
Total net revenue 1,778 1,681
Compensation and employee benefits 223 226
Other intangibles 18 27
Net shared services 539 520
Other direct expenses 228 234
Total noninterest expense 1,008 1,007
Income (loss) before provision and income taxes 770 674
Provision for credit losses 317 359
Income (loss) before income taxes 453 315
Income taxes and taxable-equivalent adjustment 113 79
Net income 340 236
Net (income) loss attributable to noncontrolling interests 0 0
Net income attributable to U.S. Bancorp 340 236
Average Balance Sheet    
Loans 41,611 39,803
Other earning assets 57 153
Goodwill 3,392 3,332
Other intangible assets 249 300
Assets 46,829 46,814
Noninterest-bearing deposits 2,682 2,791
Interest-bearing deposits 95 97
Total deposits 2,777 2,888
Total U.S. Bancorp shareholders’ equity 10,229 9,965
Rewards and rebate costs and certain partner payments 741 739
Revenue generated from certain contracts with customers 2,300 2,200
Treasury and Corporate Support    
Condensed Income Statement    
Net interest income (taxable-equivalent basis) (122) (476)
Noninterest income 226 185
Total net revenue 104 (291)
Compensation and employee benefits 1,352 1,342
Other intangibles 0 0
Net shared services (1,738) (1,742)
Other direct expenses 699 849
Total noninterest expense 313 449
Income (loss) before provision and income taxes (209) (740)
Provision for credit losses 148 (1)
Income (loss) before income taxes (357) (739)
Income taxes and taxable-equivalent adjustment (164) (234)
Net income (193) (505)
Net (income) loss attributable to noncontrolling interests (7) (7)
Net income attributable to U.S. Bancorp (200) (512)
Average Balance Sheet    
Loans 5,499 5,174
Other earning assets 217,410 214,295
Goodwill 0 0
Other intangible assets 8 10
Assets 247,411 238,640
Noninterest-bearing deposits 2,740 2,052
Interest-bearing deposits 11,592 11,070
Total deposits 14,332 13,122
Total U.S. Bancorp shareholders’ equity $ 14,127 $ 9,091