USB Q1 net income +14% on loan growth, margin expansion; announces $1B BTIG acquisition

Filed May 4, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

• high

  Announced definitive agreement to acquire BTIG, a global institutional trading and investment banking firm, for up to $1 billion ($725M at close, $275M earnout over 3 years). Expected to close Q2 2026 pending regulatory approvals.

  MD&A: BTIG acquisition verify on EDGAR →
• high

  Net interest margin expanded 5 basis points to 2.77% from 2.72% year-over-year, driven by fixed asset repricing. Net interest income rose 4.2% ($171M) on loan growth and improved earning asset mix, with no deposit mix headwind mentioned.

  MD&A: Net interest income and margin verify on EDGAR →
• high

  Deposit mix improved: noninterest-bearing deposits grew 1.2% after declining 6.0% in the prior year, while time deposits fell 16.0% as the company shifted away from higher-cost funding. Total deposits up 1.7%.

  MD&A: Deposit growth and mix verify on EDGAR →