Supplemental Consolidated Schedules First Quarter 2026

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QUARTERLY CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Interest Income
Loans			$5,526			$5,599			$5,688			$5,548			$5,533
Loans held for sale			35			43			35			59			28
Investment securities			1,303			1,343			1,392			1,355			1,308
Other interest income			974			938			812			642			647
Total interest income			7,838			7,923			7,927			7,604			7,516
Interest Expense
Deposits			2,284			2,451			2,648			2,541			2,511
Short-term borrowings			645			505			328			291			249
Long-term debt			646			683			729			721			664
Total interest expense			3,575			3,639			3,705			3,553			3,424
Net interest income			4,263			4,284			4,222			4,051			4,092
Provision for credit losses			576			577			571			501			537
Net interest income after provision for credit losses			3,687			3,707			3,651			3,550			3,555
Noninterest Income(a)
Card revenue(b)			391			427			415			413			374
Corporate payment and treasury management revenue(b)(c)			408			396			407			421			400
Merchant processing services			436			440			463			474			415
Trust and investment management fees			745			756			730			703			680
Lending and deposit-related fees(c)(d)			294			302			290			277			266
Capital markets revenue(d)(e)			377			389			378			315			292
Mortgage banking revenue			161			130			180			162			173
Investment products fees			97			101			97			90			87
Securities gains (losses), net			(35)			3			(7)			(57)			—
Other(e)			123			109			125			126			149
Total noninterest income			2,997			3,053			3,078			2,924			2,836
Noninterest Expense
Compensation and employee benefits			2,628			2,529			2,561			2,600			2,637
Net occupancy and equipment			304			320			300			301			306
Professional services			92			144			117			109			98
Marketing and business development			217			187			175			161			182
Technology and communications			573			584			560			534			533
Other intangibles			110			126			125			124			123
Other			341			337			359			352			353
Total noninterest expense			4,265			4,227			4,197			4,181			4,232
Income before income taxes			2,419			2,533			2,532			2,293			2,159
Applicable income taxes			469			482			524			472			443
Net income			1,950			2,051			2,008			1,821			1,716
Net (income) loss attributable to noncontrolling interests			(5)			(6)			(7)			(6)			(7)
Net income attributable to U.S. Bancorp			$1,945			$2,045			$2,001			$1,815			$1,709
Net income applicable to U.S. Bancorp common shareholders			$1,841			$1,965			$1,893			$1,733			$1,603
Earnings per common share			$1.18			$1.26			$1.22			$1.11			$1.03
Diluted earnings per common share			$1.18			$1.26			$1.22			$1.11			$1.03
Dividends declared per common share			$.52			$.52			$.52			$.50			$.50
Average common shares outstanding			1,554			1,555			1,557			1,559			1,559
Average diluted common shares outstanding			1,555			1,556			1,557			1,559			1,560
Financial Ratios (%)
Net interest margin (taxable-equivalent basis)			2.77			2.77			2.75			2.66			2.72
Return on average assets			1.15			1.19			1.17			1.08			1.04
Return on average common equity			12.6			13.5			13.5			12.9			12.3
Efficiency ratio			58.2			57.4			57.2			59.2			60.8

Effective January 1, 2026, U.S. Bancorp made changes and reclassifications to certain fee revenue items. Prior period balances have been conformed to current period presentation to reflect the reclassifications described below:

(a) 'Corporate payment products revenue' has been renamed 'Corporate payment and treasury management revenue', and 'Service charges' has been renamed 'Lending and deposit-related fees'.

(b) Stored-value card revenue was reclassified from 'Card revenue' to 'Corporate payment and treasury management revenue'.

(c) Treasury management services revenue was reclassified from 'Lending and deposit-related fees' to 'Corporate payment and treasury management revenue'.

(d) Loan and leasing fees was reclassified from 'Capital markets revenue' to 'Lending and deposit-related fees'.

(e) Impact Finance tax credit investment syndication fee revenue and related fees was reclassified from 'Other' noninterest income to 'Capital markets revenue'.

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CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Assets
Cash and due from banks			$48,420			$46,890			$66,637			$57,807			$50,013
Investment securities
Held-to-maturity			75,442			76,170			76,931			77,879			78,008
Available-for-sale			93,464			90,838			89,065			90,577			86,774
Loans held for sale			2,928			2,538			2,490			2,288			1,746
Loans
Commercial(a)			154,095			148,161			142,574			141,582			138,331
Commercial real estate			49,971			48,920			48,244			48,181			48,334
Residential mortgages			117,285			115,885			115,046			114,475			118,907
Credit card(a)			37,654			38,031			36,434			35,857			34,973
Other retail			40,791			40,338			40,219			40,148			41,274
Total loans			399,796			391,335			382,517			380,243			381,819
Less allowance for loan losses			(7,646)			(7,605)			(7,557)			(7,537)			(7,584)
Net loans			392,150			383,730			374,960			372,706			374,235
Premises and equipment			3,819			3,768			3,695			3,625			3,582
Goodwill			12,625			12,635			12,634			12,637			12,555
Other intangible assets			4,799			4,904			5,152			5,285			5,381
Other assets			67,351			70,872			63,793			63,566			64,195
Total assets			$700,998			$692,345			$695,357			$686,370			$676,489
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing			$85,300			$84,116			$91,550			$86,972			$84,086
Interest-bearing			442,878			438,100			434,599			431,745			428,439
Total deposits			528,178			522,216			526,149			518,717			512,525
Short-term borrowings			17,859			17,162			15,449			15,039			17,158
Long-term debt			61,361			60,764			62,535			64,013			59,859
Other liabilities			27,353			26,552			27,426			26,705			26,389
Total liabilities			634,751			626,694			631,559			624,474			615,931
Shareholders' equity
Preferred stock			6,808			6,808			6,808			6,808			6,808
Common stock			21			21			21			21			21
Capital surplus			8,623			8,728			8,745			8,706			8,678
Retained earnings			81,944			80,906			79,742			78,652			77,691
Less treasury stock			(24,387)			(24,283)			(24,228)			(24,140)			(24,060)
Accumulated other comprehensive income (loss)			(7,223)			(6,987)			(7,748)			(8,609)			(9,042)
Total U.S. Bancorp shareholders' equity			65,786			65,193			63,340			61,438			60,096
Noncontrolling interests			461			458			458			458			462
Total equity			66,247			65,651			63,798			61,896			60,558
Total liabilities and equity			$700,998			$692,345			$695,357			$686,370			$676,489

(a)Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.

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CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET
(Dollars in Millions, Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Assets
Investment securities			$171,471			$172,039			$173,423			$172,841			$171,178
Loans held for sale			2,326			2,775			2,253			4,843			1,823
Loans
Commercial
Commercial(a)			145,397			138,807			135,704			133,755			130,252
Lease financing			4,436			4,307			4,250			4,211			4,199
Total commercial(a)			149,833			143,114			139,954			137,966			134,451
Commercial real estate
Commercial mortgages			39,969			38,698			38,384			38,194			38,624
Construction and development			9,439			9,792			9,862			10,272			10,266
Total commercial real estate			49,408			48,490			48,246			48,466			48,890
Residential mortgages			116,690			115,390			114,780			115,616			118,844
Credit card(a)			37,341			37,019			36,079			35,439			35,083
Other retail
Retail leasing			3,525			3,572			3,718			3,869			3,990
Home equity and second mortgages			13,972			13,922			13,790			13,678			13,542
Other			22,791			22,778			22,585			23,495			24,228
Total other retail			40,288			40,272			40,093			41,042			41,760
Total loans			393,560			384,285			379,152			378,529			379,028
Interest-bearing deposits with banks			38,855			42,705			47,822			41,550			43,735
Other earning assets			17,950			18,413			14,867			15,579			14,466
Total earning assets			624,162			620,217			617,517			613,342			610,230
Allowance for loan losses			(7,623)			(7,599)			(7,565)			(7,605)			(7,589)
Unrealized gain (loss) on investment securities			(4,269)			(4,638)			(5,756)			(6,602)			(6,473)
Other assets			76,012			75,653			75,409			74,206			73,225
Total assets			$688,282			$683,633			$679,605			$673,341			$669,393
Liabilities and Shareholders' Equity
Noninterest-bearing deposits			$80,628			$83,295			$79,890			$79,117			$79,696
Interest-bearing deposits
Interest checking			130,600			131,055			131,281			131,599			125,651
Money market savings			188,986			186,119			181,063			177,087			195,442
Savings accounts			68,305			64,207			62,599			58,171			50,271
Time deposits			46,600			50,466			56,949			56,916			55,474
Total interest-bearing deposits			434,491			431,847			431,892			423,773			426,838
Short-term borrowings			19,580			16,107			15,698			22,791			18,841
Long-term debt			61,507			61,424			63,329			62,354			58,344
Total interest-bearing liabilities			515,578			509,378			510,919			508,918			504,023
Other liabilities			25,761			25,912			25,695			23,950			25,603
Shareholders' equity
Preferred equity			6,808			6,808			6,808			6,808			6,808
Common equity			59,049			57,782			55,835			54,091			52,803
Total U.S. Bancorp shareholders' equity			65,857			64,590			62,643			60,899			59,611
Noncontrolling interests			458			458			458			457			460
Total equity			66,315			65,048			63,101			61,356			60,071
Total liabilities and equity			$688,282			$683,633			$679,605			$673,341			$669,393

(a)Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.

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CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES(a)
						For the Three Months Ended March 31,
						2026									2025
(Dollars in Millions) (Unaudited)			Average Balances			Interest			Yields and Rates			Average Balances			Interest			Yields and Rates			% Change Average Balances
Assets
Investment securities(b)			$171,471			$1,322			3.08		%	$171,178			$1,328			3.10		%				.2		%
Loans held for sale			2,326			35			6.01			1,823			28			6.07						27.6
Loans(c)
Commercial(d)			149,833			1,883			5.09			134,451			1,859			5.61						11.4
Commercial real estate			49,408			695			5.71			48,890			725			6.02						1.1
Residential mortgages			116,690			1,158			3.97			118,844			1,189			4.00						(1.8)
Credit card(d)			37,341			1,181			12.83			35,083			1,137			13.14						6.4
Other retail			40,288			618			6.22			41,760			633			6.15						(3.5)
Total loans			393,560			5,535			5.69			379,028			5,543			5.91						3.8
Interest-bearing deposits with banks			38,855			350			3.65			43,735			481			4.46						(11.2)
Other earning assets(e)			17,950			624			14.10			14,466			166			4.65						24.1
Total earning assets(e)			624,162			7,866			5.09			610,230			7,546			4.99						2.3
Allowance for loan losses			(7,623)									(7,589)												(.4)
Unrealized gain (loss) on investment securities			(4,269)									(6,473)												34.0
Other assets			76,012									73,225												3.8
Total assets			$688,282									$669,393												2.8
Liabilities and Shareholders' Equity
Noninterest-bearing deposits			$80,628									$79,696												1.2		%
Interest-bearing deposits
Interest checking			130,600			352			1.09			125,651			342			1.10						3.9
Money market savings			188,986			1,261			2.71			195,442			1,483			3.08						(3.3)
Savings accounts			68,305			305			1.81			50,271			170			1.37						35.9
Time deposits			46,600			366			3.18			55,474			516			3.77						(16.0)
Total interest-bearing deposits			434,491			2,284			2.13			426,838			2,511			2.39						1.8
Short-term borrowings(e)			19,580			645			13.37			18,841			249			5.37						3.9
Long-term debt			61,507			646			4.26			58,344			664			4.61						5.4
Total interest-bearing liabilities(e)			515,578			3,575			2.81			504,023			3,424			2.75						2.3
Other liabilities			25,761									25,603												.6
Shareholders' equity
Preferred equity			6,808									6,808												—
Common equity			59,049									52,803												11.8
Total U.S. Bancorp shareholders' equity			65,857									59,611												10.5
Noncontrolling interests			458									460												(.4)
Total equity			66,315									60,071												10.4
Total liabilities and equity			$688,282									$669,393												2.8
Net interest income						$4,291									$4,122
Gross interest margin									2.28		%							2.24		%
Gross interest margin without taxable-equivalent increments									2.26									2.22
Percent of Earning Assets
Interest income									5.09		%							4.99		%
Interest expense									2.32									2.27
Net interest margin									2.77		%							2.72		%
Net interest margin without taxable-equivalent increments									2.75		%							2.70		%
(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent. (b)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. Yields include impacts of hedge accounting, including portfolio level basis adjustments. (c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances. (d)Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation. (e)Average balances for the three months ended March 31, 2026, reflect the impact of balance sheet netting of certain repurchase/reverse repurchase transactions under enforceable netting agreements, exclusive of the related interest income and expense. Reflecting the impact of netting the related interest income and expense for these arrangements, the average yields earned on other earning assets and total earning assets were 4.36 percent and 4.83 percent, respectively, and average rates paid on short-term borrowings and total interest-bearing liabilities were 4.44 percent and 2.47 percent, respectively, for the three months ended March 31, 2026.

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CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES(a)
						For the Three Months Ended
			March 31, 2026									December 31, 2025
(Dollars in Millions) (Unaudited)			Average Balances			Interest			Yields and Rates			Average Balances			Interest			Yields and Rates			% Change Average Balances
Assets
Investment securities(b)			$171,471			$1,322			3.08		%	$172,039			$1,361			3.16		%				(.3)		%
Loans held for sale			2,326			35			6.01			2,775			43			6.16						(16.2)
Loans(c)
Commercial(d)			149,833			1,883			5.09			143,114			1,914			5.31						4.7
Commercial real estate			49,408			695			5.71			48,490			709			5.80						1.9
Residential mortgages			116,690			1,158			3.97			115,390			1,145			3.97						1.1
Credit card(d)			37,341			1,181			12.83			37,019			1,202			12.88						.9
Other retail			40,288			618			6.22			40,272			639			6.29						—
Total loans			393,560			5,535			5.69			384,285			5,609			5.80						2.4
Interest-bearing deposits with banks			38,855			350			3.65			42,705			418			3.88						(9.0)
Other earning assets(e)			17,950			624			14.10			18,413			520			11.21						(2.5)
Total earning assets(e)			624,162			7,866			5.09			620,217			7,951			5.10						.6
Allowance for loan losses			(7,623)									(7,599)												(.3)
Unrealized gain (loss) on investment securities			(4,269)									(4,638)												8.0
Other assets			76,012									75,653												.5
Total assets			$688,282									$683,633												.7
Liabilities and Shareholders' Equity
Noninterest-bearing deposits			$80,628									$83,295												(3.2)		%
Interest-bearing deposits
Interest checking			130,600			352			1.09			131,055			394			1.19						(.3)
Money market savings			188,986			1,261			2.71			186,119			1,327			2.83						1.5
Savings accounts			68,305			305			1.81			64,207			289			1.78						6.4
Time deposits			46,600			366			3.18			50,466			441			3.47						(7.7)
Total interest-bearing deposits			434,491			2,284			2.13			431,847			2,451			2.25						.6
Short-term borrowings(e)			19,580			645			13.37			16,107			505			12.44						21.6
Long-term debt			61,507			646			4.26			61,424			683			4.41						.1
Total interest-bearing liabilities(e)			515,578			3,575			2.81			509,378			3,639			2.83						1.2
Other liabilities			25,761									25,912												(.6)
Shareholders' equity
Preferred equity			6,808									6,808												—
Common equity			59,049									57,782												2.2
Total U.S. Bancorp shareholders' equity			65,857									64,590												2.0
Noncontrolling interests			458									458												—
Total equity			66,315									65,048												1.9
Total liabilities and equity			$688,282									$683,633												.7
Net interest income						$4,291									$4,312
Gross interest margin									2.28		%							2.27		%
Gross interest margin without taxable-equivalent increments									2.26									2.25
Percent of Earning Assets
Interest income									5.09		%							5.10		%
Interest expense									2.32									2.33
Net interest margin									2.77		%							2.77		%
Net interest margin without taxable-equivalent increments									2.75		%							2.75		%
(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent. (b)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. Yields include impacts of hedge accounting, including portfolio level basis adjustments. (c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances. (d)Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation. (e)Average balances reflect the impact of balance sheet netting of certain repurchase/reverse repurchase transactions under enforceable netting agreements, exclusive of the related interest income and expense. Reflecting the impact of netting the related interest income and expense for these arrangements, the average yields earned on other earning assets and total earning assets were 4.36 percent and 4.83 percent, respectively, and the average rates paid on short-term borrowings and total interest-bearing liabilities were 4.44 percent and 2.47 percent, respectively, for the three months ended March 31, 2026. The average yields earned on other earning assets and total earning assets were 4.25 percent and 4.88 percent, respectively, and average rates paid on short-term borrowings and total interest-bearing liabilities were 4.49 percent and 2.58 percent, respectively, for the three months ended December 31, 2025.

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LOAN PORTFOLIO
			March 31, 2026						December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025
(Dollars in Millions) (Unaudited)			Amount			Percent of Total			Amount			Percent of Total			Amount			Percent of Total			Amount			Percent of Total			Amount			Percent of Total
Commercial
Commercial(a)			$149,586			37.4			$143,725			36.7			$138,266			36.2			$137,301			36.1			$134,090			35.1
Lease financing			4,509			1.2			4,436			1.2			4,308			1.1			4,281			1.1			4,241			1.1
Total commercial(a)			154,095			38.6			148,161			37.9			142,574			37.3			141,582			37.2			138,331			36.2
Commercial real estate
Commercial mortgages			40,807			10.2			39,476			10.1			38,316			10.0			38,144			10.0			38,064			10.0
Construction and
development			9,164			2.3			9,444			2.4			9,928			2.6			10,037			2.7			10,270			2.7
Total commercial
real estate			49,971			12.5			48,920			12.5			48,244			12.6			48,181			12.7			48,334			12.7
Residential mortgages
Residential mortgages			112,397			28.1			110,788			28.3			109,730			28.7			108,913			28.6			113,112			29.6
Home equity loans, first
liens			4,888			1.2			5,097			1.3			5,316			1.4			5,562			1.5			5,795			1.5
Total residential
mortgages			117,285			29.3			115,885			29.6			115,046			30.1			114,475			30.1			118,907			31.1
Credit card(a)			37,654			9.4			38,031			9.7			36,434			9.5			35,857			9.5			34,973			9.2
Other retail
Retail leasing			3,585			.9			3,524			.9			3,627			1.0			3,816			1.0			3,928			1.0
Home equity and second
mortgages			13,959			3.5			14,025			3.6			13,858			3.6			13,761			3.6			13,540			3.6
Revolving credit			4,864			1.2			4,561			1.2			4,274			1.1			4,062			1.1			3,791			1.0
Installment			14,823			3.7			14,653			3.7			14,592			3.8			14,220			3.7			14,190			3.7
Automobile			3,560			.9			3,575			.9			3,868			1.0			4,289			1.1			5,825			1.5
Total other retail			40,791			10.2			40,338			10.3			40,219			10.5			40,148			10.5			41,274			10.8
Total loans			$399,796			100.0			$391,335			100.0			$382,517			100.0			$380,243			100.0			$381,819			100.0

(a)Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.

7

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Supplemental Business Segment Schedules First Quarter 2026
WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING CONSUMER AND BUSINESS BANKING PAYMENT SERVICES TREASURY AND CORPORATE SUPPORT

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WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING												Preliminary data
			Three Months Ended
(Dollars in Millions) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)			$1,874			$1,798			$1,770			$1,725			$1,709
Noninterest Income
Card revenue			—			—			—			—			—
Corporate payment and treasury management revenue			156			144			152			163			152
Merchant processing services			—			—			—			—			—
Trust and investment management fees			744			755			729			702			679
Lending and deposit-related fees			155			161			144			139			137
Capital markets revenue			377			379			374			315			294
Mortgage banking revenue			—			—			—			—			—
Investment products fees			97			101			97			90			87
Securities gains (losses), net			—			—			—			—			—
Other			79			74			77			87			73
Total noninterest income			1,608			1,614			1,573			1,496			1,422
Total net revenue			3,482			3,412			3,343			3,221			3,131
Noninterest Expense
Compensation and employee benefits			580			565			560			565			553
Other intangibles			40			46			46			46			46
Net shared services			642			646			650			651			632
Other direct expenses			243			281			253			244			251
Total noninterest expense			1,505			1,538			1,509			1,506			1,482
Income before provision and income taxes			1,977			1,874			1,834			1,715			1,649
Provision for Credit Losses			65			157			196			178			42
Income before income taxes			1,912			1,717			1,638			1,537			1,607
Income taxes and taxable-equivalent adjustment			478			429			410			384			402
Net income			1,434			1,288			1,228			1,153			1,205
Net (income) loss attributable to noncontrolling interests			—			—			—			—			—
Net income attributable to U.S. Bancorp			$1,434			$1,288			$1,228			$1,153			$1,205
FINANCIAL RATIOS
Return on average assets			2.27		%	2.10		%	2.07		%	1.97		%	2.12		%
Net interest margin (taxable-equivalent basis)			3.47			3.44			3.50			3.47			3.55
Efficiency ratio			43.2			45.1			45.1			46.8			47.3

9

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WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING												Preliminary data
			Three Months Ended
(Dollars in Millions) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
AVERAGE BALANCE SHEET
Loans
Commercial			$137,464			$130,471			$127,534			$125,519			$122,692
Commercial real estate			37,544			36,610			36,397			36,694			37,284
Residential mortgages			22,247			20,586			19,057			17,560			16,594
Credit card			—			—			—			—			—
Other retail			6,579			6,309			5,963			5,784			5,621
Total loans			203,834			193,976			188,951			185,557			182,191
Other Earning Assets			15,378			13,378			11,908			13,930			13,142
Total earning assets			219,212			207,354			200,859			199,487			195,333
Non-earning Assets
Goodwill			4,826			4,826			4,826			4,826			4,824
Other intangible assets			682			726			772			817			863
Other non-earning assets			31,387			30,001			29,154			29,316			29,599
Total non-earning assets			36,895			35,553			34,752			34,959			35,286
Total assets			256,107			242,907			235,611			234,446			230,619
Deposits
Noninterest-bearing deposits			57,812			59,499			56,129			55,259			56,001
Interest checking			58,510			60,016			60,868			60,741			54,844
Savings products			163,031			157,476			150,618			142,773			153,462
Time deposits			8,229			8,814			9,270			9,897			10,851
Total deposits			287,582			285,805			276,885			268,670			275,158
Other Interest-bearing Liabilities			23,560			21,739			20,231			22,026			20,506
Other Noninterest-bearing Liabilities			16,553			15,023			14,597			14,310			16,115
Total liabilities			327,695			322,567			311,713			305,006			311,779
Total U.S. Bancorp Shareholders' Equity			24,200			24,511			23,992			23,700			23,508
Noncontrolling Interests			7			7			7			8			11
Total Equity			24,207			24,518			23,999			23,708			23,519
CREDIT QUALITY
Net Charge-offs
Commercial			$102			$92			$15			$49			$88
Commercial real estate			(11)			(4)			102			58			(5)
Residential mortgages			—			—			—			—			—
Credit card			—			—			—			—			—
Other retail			—			—			(1)			—			—
Total net charge-offs			$91			$88			$116			$107			$83
Net Charge-off Ratios
Commercial			.30		%	.28		%	.05		%	.16		%	.29		%
Commercial real estate			(.12)			(.04)			1.11			.63			(.05)
Residential mortgages			—			—			—			—			—
Credit card			—			—			—			—			—
Other retail			—			—			(.07)			—			—
Total net charge-offs			.18		%	.18		%	.24		%	.23		%	.18		%
			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Nonperforming Assets
Nonperforming loans			$1,068			$1,134			$1,216			$1,246			$1,301
Other nonperforming assets			1			1			1			1			—
Total nonperforming assets			$1,069			$1,135			$1,217			$1,247			$1,301

10

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WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING												Preliminary data
			Three Months Ended
(Dollars in Millions) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
OTHER INFORMATION
Average Loan Balances
Commercial real estate division			$47,498			$44,808			$44,010			$43,944			$43,659
Wealth management			36,518			34,230			32,250			30,514			29,186
Institutional client group			99,703			95,039			93,164			92,480			91,434
Other			20,115			19,899			19,527			18,619			17,912
Total			$203,834			$193,976			$188,951			$185,557			$182,191
Average Deposit Balances
Commercial real estate division			$16,616			$17,299			$15,984			$15,502			$15,527
Wealth management			48,000			47,230			46,234			45,264			45,257
Institutional client group			137,568			138,772			137,427			134,175			135,402
Global corporate trust			62,654			60,677			56,935			54,383			59,342
Other			22,744			21,827			20,305			19,346			19,630
Total			$287,582			$285,805			$276,885			$268,670			$275,158
Noninterest Income
Trust and investment management fees
Wealth management			$178			$181			$175			$172			$167
U.S. Bancorp Asset Management			65			65			65			62			64
Global corporate trust			243			253			242			231			219
Global fund services			162			160			154			144			140
Institutional trust & custody			71			70			69			67			63
Other			25			26			24			26			26
Capital markets revenue			377			379			374			315			294
Treasury management			156			144			152			163			152
All other noninterest income			331			336			318			316			297
Total			$1,608			$1,614			$1,573			$1,496			$1,422
Assets Under Management by Category(a)
Equity			$94,953			$88,527			$85,068			$79,084			$80,414
Fixed income			231,041			225,777			224,009			232,453			224,349
Money market			212,115			202,398			194,604			187,799			182,768
Other			26,944			28,243			26,336			37,037			36,741
Total			$565,053			$544,945			$530,017			$536,373			$524,272

(a) Amounts reported reflect end of month balances reported on a one month lag.

11

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CONSUMER AND BUSINESS BANKING												Preliminary data
			Three Months Ended
(Dollars in Millions) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)			$1,801			$1,762			$1,849			$1,843			$1,768
Noninterest Income
Card revenue			128			136			136			135			125
Corporate payment and treasury management revenue			35			35			35			35			33
Merchant processing services			—			—			—			—			—
Trust and investment management fees			1			1			1			1			1
Lending and deposit-related fees			139			141			146			138			129
Capital markets revenue			6			6			6			6			5
Mortgage banking revenue			161			130			180			162			173
Investment products fees			—			—			—			—			—
Securities gains (losses), net			—			—			—			—			—
Other			54			58			63			62			64
Total noninterest income			524			507			567			539			530
Total net revenue			2,325			2,269			2,416			2,382			2,298
Noninterest Expense
Compensation and employee benefits			522			531			527			530			525
Other intangibles			52			59			59			58			59
Net shared services			553			555			552			538			541
Other direct expenses			304			325			325			318			315
Total noninterest expense			1,431			1,470			1,463			1,444			1,440
Income before provision and income taxes			894			799			953			938			858
Provision for Credit Losses			72			76			62			37			62
Income before income taxes			822			723			891			901			796
Income taxes and taxable-equivalent adjustment			206			181			223			225			199
Net income			616			542			668			676			597
Net (income) loss attributable to noncontrolling interests			—			—			—			—			—
Net income attributable to U.S. Bancorp			$616			$542			$668			$676			$597
FINANCIAL RATIOS
Return on average assets			1.59		%	1.36		%	1.67		%	1.64		%	1.45		%
Net interest margin (taxable-equivalent basis)			4.98			4.73			4.95			4.79			4.61
Efficiency ratio			61.5			64.8			60.6			60.6			62.7

12

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CONSUMER AND BUSINESS BANKING												Preliminary data
			Three Months Ended
(Dollars in Millions) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
AVERAGE BALANCE SHEET
Loans
Commercial			$4,399			$4,488			$4,330			$4,525			$4,054
Commercial real estate			11,864			11,880			11,849			11,772			11,606
Residential mortgages			94,443			94,804			95,723			98,056			102,250
Credit card			—			—			—			—			—
Other retail			33,585			33,835			33,999			35,124			35,996
Total loans			144,291			145,007			145,901			149,477			153,906
Other Earning Assets			2,409			2,850			2,331			4,875			1,778
Total earning assets			146,700			147,857			148,232			154,352			155,684
Non-earning Assets
Goodwill			4,326			4,326			4,326			4,326			4,326
Other intangible assets			3,914			4,022			4,223			4,277			4,368
Other non-earning assets			2,003			2,004			1,970			2,036			2,113
Total non-earning assets			10,243			10,352			10,519			10,639			10,807
Total assets			156,943			158,209			158,751			164,991			166,491
Deposits
Noninterest-bearing deposits			18,364			19,464			19,709			19,703			19,204
Interest checking			72,111			71,142			70,509			70,973			70,901
Savings products			93,850			92,409			92,519			91,766			91,316
Time deposits			38,160			39,401			39,231			38,019			36,649
Total deposits			222,485			222,416			221,968			220,461			218,070
Other Interest-bearing Liabilities			2,874			2,127			1,553			1,537			1,728
Other Noninterest-bearing Liabilities			1,697			1,742			1,872			1,880			1,843
Total liabilities			227,056			226,285			225,393			223,878			221,641
Total U.S. Bancorp Shareholders' Equity			13,107			13,293			13,363			13,556			13,705
Noncontrolling Interests			—			—			—			—			—
Total Equity			13,107			13,293			13,363			13,556			13,705
CREDIT QUALITY
Net Charge-offs
Commercial			$18			$13			$16			$15			$12
Commercial real estate			3			1			1			(1)			1
Residential mortgages			(1)			(2)			(1)			(1)			—
Credit card			—			—			—			—			—
Other retail			68			67			58			53			62
Total net charge-offs			$88			$79			$74			$66			$75
Net Charge-off Ratios
Commercial			1.66		%	1.15		%	1.47		%	1.33		%	1.20		%
Commercial real estate			.10			.03			.03			(.03)			.03
Residential mortgages			—			(.01)			—			—			—
Credit card			—			—			—			—			—
Other retail			.82			.79			.68			.61			.70
Total net charge-offs			.25		%	.22		%	.20		%	.18		%	.20		%
			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Nonperforming Assets
Nonperforming loans			$420			$413			$394			$391			$383
Other nonperforming assets			22			24			23			21			23
Total nonperforming assets			$442			$437			$417			$412			$406

13

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CONSUMER AND BUSINESS BANKING												Preliminary data
			Three Months Ended
(Dollars in Millions) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
OTHER INFORMATION
Other Retail Loan Information
Average Balances
Retail leasing			$3,525			$3,572			$3,718			$3,868			$3,990
Home equity and second mortgages			11,483			11,457			11,359			11,246			11,120
Other			18,577			18,806			18,922			20,010			20,886
Total other retail			$33,585			$33,835			$33,999			$35,124			$35,996
Home equity first lien(a)			$4,471			$4,662			$4,861			$5,093			$5,296
Home equity loans			2,787			2,754			2,712			2,621			2,492
Home equity lines			8,696			8,703			8,647			8,625			8,628
Total home equity			$15,954			$16,119			$16,220			$16,339			$16,416
Net Charge-off Ratios (%)
Retail leasing			2.07			2.00			1.81			1.04			1.32
Home equity and second mortgages			.04			—			(.03)			—			(.04)
Other			1.07			1.03			.88			.86			.97
Total other retail			.82			.79			.68			.61			.70
Retail Credit Production
Indirect loan/lease production volume			$1,681			$1,435			$1,660			$1,367			$1,141
Direct branch loan/line production volume			1,737			1,613			1,836			1,935			1,499
Other production volume			1,595			1,196			1,133			1,004			817
Total retail credit production volume			$5,013			$4,244			$4,629			$4,306			$3,457
Branch and ATM Data
# of branches			2,066			2,075			2,080			2,081			2,117
# of U.S. Bank ATMs			4,458			4,428			4,374			4,320			4,476

(a) Home equity first lien balances are reported within residential mortgages as required by regulatory accounting principles.

14

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CONSUMER AND BUSINESS BANKING												Preliminary data
			Three Months Ended
(Dollars in Millions) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Mortgage Banking Division Data
Mortgage banking revenue
Origination and sales(a)			$88			$84			$93			$80			$71
Loan servicing			163			165			173			172			172
Mortgage servicing rights fair value changes
net of economic hedges(b)			(27)			(11)			12			(4)			2
Other changes in mortgage servicing rights fair value(c)			(63)			(108)			(98)			(86)			(72)
Total mortgage banking revenue			$161			$130			$180			$162			$173
Mortgage production volume			$11,474			$12,627			$9,951			$9,645			$6,562
Mortgage application volume			$16,307			$16,214			$14,845			$14,363			$11,631
Mortgages serviced for others(d/e)			$215,409			$216,349			$216,146			$220,795			$216,701
A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of March 31, 2026, was as follows:
(Dollars in Millions)						HFA(f)			Government			Conventional(g)			Total
Servicing portfolio(h)						$57,635			$23,239			$125,380			$206,254
Fair value						$865			$460			$1,827			$3,152
Value (bps)(i)						150			198			146			153
Weighted-average servicing fees (bps)						35			45			25			30
Multiple (value/servicing fees)						4.26			4.43			5.75			5.05
Weighted-average note rate						5.20		%	4.41		%	4.06		%	4.42		%
Weighted-average age (in years)						4.9			7.0			5.8			5.7
Weighted-average expected prepayment (constant prepayment rate)						10.4		%	10.1		%	8.3		%	9.1		%
Weighted-average expected life (in years)						7.3			6.7			7.1			7.1
Weighted-average option adjusted spread(j)						7.4		%	6.9		%	5.1		%	6.0		%
(a)Origination and sales revenue recorded based on estimated number of applications that will close. (b)Represents the net impact of changes in the fair value of mortgage servicing rights related to assumption changes and the derivatives used to economically hedge the mortgage servicing rights fair value 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. (d)Amounts reported reflect end of period balances. (e)Includes subserviced mortgages with no corresponding mortgage servicing rights asset. (f)Represents Housing Finance Agency division. (g)Represents loans primarily sold to government-sponsored enterprises. (h)Represents principal balance of mortgages having corresponding mortgage servicing rights asset. (i)Calculated as fair value divided by the servicing portfolio. (j)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the mortgage servicing rights asset.

15

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PAYMENT SERVICES												Preliminary data
			Three Months Ended
(Dollars in Millions) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)			$794			$794			$781			$730			$742
Noninterest Income
Card revenue			263			291			279			278			249
Corporate payment and treasury management revenue			217			217			220			221			213
Merchant processing services			436			440			463			474			415
Trust and investment management fees			—			—			—			—			—
Lending and deposit-related fees			—			—			—			—			—
Capital markets revenue			—			—			—			—			—
Mortgage banking revenue			—			—			—			—			—
Investment products fees			—			—			—			—			—
Securities gains (losses), net			—			—			—			—			—
Other			9			21			11			11			35
Total noninterest income			925			969			973			984			912
Total net revenue			1,719			1,763			1,754			1,714			1,654
Noninterest Expense
Compensation and employee benefits			232			230			226			216			212
Other intangibles			18			21			20			20			18
Net shared services			567			609			595			578			582
Other direct expenses			247			276			239			239			216
Total noninterest expense			1,064			1,136			1,080			1,053			1,028
Income before provision and income taxes			655			627			674			661			626
Provision for Credit Losses			347			461			409			384			317
Income before income taxes			308			166			265			277			309
Income taxes and taxable-equivalent adjustment			77			42			66			69			77
Net income			231			124			199			208			232
Net (income) loss attributable to noncontrolling interests			—			—			—			—			—
Net income attributable to U.S. Bancorp			$231			$124			$199			$208			$232
FINANCIAL RATIOS
Return on average assets			1.91		%	1.01		%	1.63		%	1.74		%	2.01		%
Net interest margin (taxable-equivalent basis)			7.32			7.17			7.21			6.93			7.22
Efficiency ratio			61.9			64.4			61.6			61.4			62.2

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PAYMENT SERVICES												Preliminary data
			Three Months Ended
(Dollars in Millions) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
AVERAGE BALANCE SHEET
Loans
Commercial			$6,541			$6,798			$6,750			$6,653			$6,388
Commercial real estate			—			—			—			—			—
Residential mortgages			—			—			—			—			—
Credit card			37,341			37,019			36,079			35,439			35,083
Other retail			121			126			128			132			136
Total loans			44,003			43,943			42,957			42,224			41,607
Other Earning Assets			5			5			5			5			57
Total earning assets			44,008			43,948			42,962			42,229			41,664
Non-earning Assets
Goodwill			3,481			3,478			3,482			3,425			3,391
Other intangible assets			237			251			260			258			249
Other non-earning assets			1,280			1,242			1,720			1,923			1,521
Total non-earning assets			4,998			4,971			5,462			5,606			5,161
Total assets			49,006			48,919			48,424			47,835			46,825
Deposits
Noninterest-bearing deposits			2,425			2,432			2,370			2,439			2,616
Interest checking			1			1			—			1			1
Savings products			92			93			94			93			92
Time deposits			1			1			1			1			1
Total deposits			2,519			2,527			2,465			2,534			2,710
Other Interest-bearing Liabilities			361			325			257			331			228
Other Noninterest-bearing Liabilities			4,573			4,675			5,104			5,377			4,880
Total liabilities			7,453			7,527			7,826			8,242			7,818
Total U.S. Bancorp Shareholders' Equity			10,596			10,457			10,318			10,234			10,229
Noncontrolling Interests			—			—			—			—			—
Total Equity			10,596			10,457			10,318			10,234			10,229
CREDIT QUALITY
Net Charge-offs
Commercial			$1			$1			$—			$1			$1
Commercial real estate			—			—			—			—			—
Residential mortgages			—			—			—			—			—
Credit card			365			358			346			380			387
Other retail			1			1			1			—			1
Total net charge-offs			$367			$360			$347			$381			$389
Net Charge-off Ratios
Commercial			.06		%	.06		%	—		%	.06		%	.06		%
Commercial real estate			—			—			—			—			—
Residential mortgages			—			—			—			—			—
Credit card			3.96			3.84			3.80			4.30			4.47
Other retail			3.35			3.15			3.10			—			2.98
Total net charge-offs			3.38		%	3.25		%	3.20		%	3.62		%	3.79		%
			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Nonperforming Assets
Nonperforming loans			$—			$—			$—			$—			$—
Other nonperforming assets			—			—			—			—			—
Total nonperforming assets			$—			$—			$—			$—			$—

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PAYMENT SERVICES												Preliminary data
			Three Months Ended
(Dollars in Millions) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
OTHER INFORMATION
Noninterest Income
Credit card			$263			$291			$279			$278			$249
Corporate payment products and prepaid			217			217			220			221			213
Global merchant acquiring			436			440			463			474			415
Payment Volumes
Credit card			$36,999			$39,651			$38,581			$38,132			$34,960
Debit card(a)			26,072			26,894			26,327			26,264			24,501
Prepaid card			1,920			2,080			1,609			1,556			1,529
Corporate payment products			22,688			21,413			23,312			22,317			21,612
Merchant volume			145,093			145,144			157,540			155,853			143,505
Total			232,772			235,182			247,369			244,122			226,107
# of merchant transactions			2,048,561,885			2,194,766,357			2,305,019,024			2,259,541,900			2,014,546,904

(a) Debit card revenue is reported within the Consumer and Business Banking segment.

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TREASURY AND CORPORATE SUPPORT												Preliminary data
			Three Months Ended
(Dollars in Millions) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)			($178)			($42)			($149)			($218)			($97)
Noninterest Income
Card revenue			—			—			—			—			—
Corporate payment and treasury management revenue			—			—			—			2			2
Merchant processing services			—			—			—			—			—
Trust and investment management fees			—			—			—			—			—
Lending and deposit-related fees			—			—			—			—			—
Capital markets revenue			(6)			4			(2)			(6)			(7)
Mortgage banking revenue			—			—			—			—			—
Investment products fees			—			—			—			—			—
Securities gains (losses), net			(35)			3			(7)			(57)			—
Other			(19)			(44)			(26)			(34)			(23)
Total noninterest income			(60)			(37)			(35)			(95)			(28)
Total net revenue			(238)			(79)			(184)			(313)			(125)
Noninterest Expense
Compensation and employee benefits			1,294			1,203			1,248			1,289			1,347
Other intangibles			—			—			—			—			—
Net shared services			(1,762)			(1,810)			(1,797)			(1,767)			(1,755)
Other direct expenses			733			690			694			656			690
Total noninterest expense			265			83			145			178			282
Income (loss) before provision and income taxes			(503)			(162)			(329)			(491)			(407)
Provision for Credit Losses			92			(117)			(96)			(98)			116
Income (loss) before income taxes			(595)			(45)			(233)			(393)			(523)
Income taxes and taxable-equivalent adjustment			(264)			(142)			(146)			(177)			(205)
Net income (loss)			(331)			97			(87)			(216)			(318)
Net (income) loss attributable to noncontrolling interests			(5)			(6)			(7)			(6)			(7)
Net income (loss) attributable to U.S. Bancorp			($336)			$91			($94)			($222)			($325)

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TREASURY AND CORPORATE SUPPORT												Preliminary data
			Three Months Ended
(Dollars in Millions) (Unaudited)			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
AVERAGE BALANCE SHEET
Loans
Commercial			$1,429			$1,357			$1,340			$1,269			$1,317
Commercial real estate			—			—			—			—			—
Residential mortgages			—			—			—			—			—
Credit card			—			—			—			—			—
Other retail			3			2			3			2			7
Total loans			1,432			1,359			1,343			1,271			1,324
Other Earning Assets			212,810			219,699			224,121			216,003			216,225
Total earning assets			214,242			221,058			225,464			217,274			217,549
Non-earning Assets
Goodwill			—			—			—			—			—
Other intangible assets			7			7			7			8			8
Other non-earning assets			11,977			12,533			11,348			8,787			7,901
Total non-earning assets			11,984			12,540			11,355			8,795			7,909
Total assets			226,226			233,598			236,819			226,069			225,458
Deposits
Noninterest-bearing deposits			2,027			1,900			1,682			1,716			1,875
Interest-bearing deposits			506			2,494			8,782			9,509			8,721
Total deposits			2,533			4,394			10,464			11,225			10,596
Other Interest-bearing Liabilities			54,292			53,340			56,986			61,251			54,723
Other Noninterest-bearing Liabilities			2,938			4,472			4,122			2,383			2,765
Total liabilities			59,763			62,206			71,572			74,859			68,084
Total U.S. Bancorp Shareholders' Equity			17,954			16,329			14,970			13,409			12,169
Noncontrolling Interests			451			451			451			449			449
Total Equity			18,405			16,780			15,421			13,858			12,618
CREDIT QUALITY
Net Charge-offs
Commercial			$—			$—			($1)			$—			$—
Commercial real estate			—			—			—			—			—
Residential mortgages			—			—			—			—			—
Credit card			—			—			—			—			—
Other retail			—			—			—			—			—
Total net charge-offs			$—			$—			($1)			$—			$—
			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Nonperforming Assets
Nonperforming loans			$—			$—			$—			$—			$1
Other nonperforming assets			17			18			20			21			19
Total nonperforming assets			$17			$18			$20			$21			$20

20