Furthermore, net interest margin of 3.16% expanded 3 basis points year over year, driven by higher interest rates and average investment securities, along with loan portfolio mix, partly mitigated by deposit and funding mix. U.S. Bancorp's non-interest income escalated around 1% on a year-over-year basis to $2.3 billion. The upswing can primarily be attributed to rise in corporate payment products revenues, merchant processing services and other non-interest income, partially offset by lower credit and debit card revenues, treasury management fees, deposit service charges and mortgage banking revenues. Provision for credit losses increased 10.6% year over year to $377 million in the reported quarter. U.S. Bancorp's average total loans inched up 0.9% sequentially to $286.1 billion. This stemmed from a rise in commercial loans, residential mortgages, credit card and other retail loans.