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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
     
 
 
Form
10-Q
 
         
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarterly period ended
June 30, 2019
OR
 
         
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the transition period from (not applicable)
Commission file number
1-6880
U.S. BANCORP
(Exact name of registrant as specified in its charter)
 
     
Delaware
 
41-0255900
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
800 Nicollet Mall
Minneapolis, Minnesota 55402
(Address of principal executive offices, including zip code)
651-466-3000
(Registrant’s telephone number, including area code)
(not applicable)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
 
         
Title of each class
 
Trading
symbol
 
Name of each exchange
 on which registered 
Common Stock
, $.01 par value per share
 
USB
 
New York Stock Exchange
Depositary Shares
 (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)
 
USB PrA
 
New York Stock Exchange
Depositary Shares
(each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value
      $1.00)
 
USB PrH
 
New York Stock Exchange
Depositary Shares
(each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock, par value

      
$1.00)
 
USB PrM
 
New York Stock Exchange
Depositary Shares
(each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock, par value

      
$1.00)
 
USB PrO
 
New York Stock Exchange
Depositary Shares
(each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value

      
$1.00)
 
USB PrP
 
New York Stock Exchange
0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024
 
USB/24B
 
New York Stock Exchange
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.
YES
    NO ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T
during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YES ☑    NO ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in
Rule 12b-2
of the Exchange Act.
 
     
Large accelerated filer
 
Accelerated filer ☐
Non-accelerated
filer ☐
 
Smaller reporting company 
Emerging growth company 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).
YES ☐    NO
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 
     
Class
 
Outstanding as of July 31, 2019
Common Stock
, $0.01 Par Value
 
1,575,826,659
 shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table of Contents and
Form 10-Q
Cross Reference Index
 
         
Part I — Financial Information
       
   
    3  
   
    3  
   
    4  
   
    6  
   
    30  
   
    31  
   
    31  
   
    8  
   
    8  
   
    9  
   
    20  
   
    20  
   
    20  
   
    20  
   
    21  
   
    23  
   
    24  
   
    25  
   
    32  
   
Part II — Other Information
       
   
    74  
   
    74  
   
    74  
   
    74  
   
    75  
   
    76  
 
 
 
 
 
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.
 
This quarterly report on
Form 10-Q
contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of U.S. Bancorp. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. Deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility. Stress in the commercial real estate markets, as well as a downturn in the residential real estate markets, could cause credit losses and deterioration in asset values. In addition, changes to statutes, regulations, or regulatory policies or practices could affect U.S. Bancorp in substantial and unpredictable ways. U.S. Bancorp’s results could also be adversely affected by changes in interest rates; deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans; deterioration in the value of its investment securities; legal and regulatory developments; litigation; increased competition from both banks and
non-banks;
changes in the level of tariffs and other trade policies of the United States and its global trading partners; changes in customer behavior and preferences; breaches in data security; failures to safeguard personal information; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputational risk.
For discussion of these and other risks that may cause actual results to differ from expectations, refer to U.S. Bancorp’s Annual Report on Form
10-K
for the year ended December 31, 2018, on file with the Securities and Exchange Commission, including the sections entitled “Corporate Risk Profile” and “Risk Factors” contained in Exhibit 13, and all subsequent filings with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. In addition, factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.
 
 
     
U.S. Bancorp  
1
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 Table 1
     Selected Financial Data
 
 
 
 
 
 
 
                                                 
   
Three Months Ended
June 30
   
Six Months Ended
June 30
 
(Dollars and Shares in Millions, Except Per Share Data)   2019     2018     Percent
Change
    2019     2018     Percent
Change
 
Condensed Income Statement
                                               
Net interest income
  $ 3,305     $ 3,197       3.4   $ 6,564     $ 6,365       3.1
Taxable-equivalent adjustment (a)
    27       29       (6.9     54       58       (6.9
Net interest income (taxable-equivalent basis) (b)
    3,332       3,226       3.3       6,618       6,423       3.0  
Noninterest income
    2,473       2,404       2.9       4,759       4,671       1.9  
Securities gains (losses), net
    17       10       70.0       22       15       46.7  
Total net revenue
    5,822       5,640       3.2       11,399       11,109       2.6  
Noninterest expense
    3,153       3,085       2.2       6,240       6,140       1.6  
Provision for credit losses
    365       327       11.6       742       668       11.1  
Income before taxes
    2,304       2,228       3.4       4,417       4,301       2.7  
Income taxes and taxable-equivalent adjustment
    476       470       1.3       881       861       2.3  
Net income
    1,828       1,758       4.0       3,536       3,440       2.8  
Net (income) loss attributable to noncontrolling interests
    (7     (8     12.5       (16     (15     (6.7
Net income attributable to U.S. Bancorp
  $ 1,821     $ 1,750       4.1     $ 3,520     $ 3,425       2.8  
Net income applicable to U.S. Bancorp common shareholders
  $ 1,741     $ 1,678       3.8     $ 3,354     $ 3,275       2.4  
Per Common Share
                                               
Earnings per share
  $ 1.09     $ 1.02       6.9   $ 2.10     $ 1.99       5.5
Diluted earnings per share
    1.09       1.02       6.9       2.10       1.98       6.1  
Dividends declared per share
    .37       .30       23.3       .74       .60       23.3  
Book value per share (c)
    29.63       27.02       9.7                          
Market value per share
    52.40       50.02       4.8                          
Average common shares outstanding
    1,590       1,642       (3.2     1,596       1,647       (3.1
Average diluted common shares outstanding
    1,592       1,646       (3.3     1,599       1,651       (3.1
Financial Ratios
                                               
Return on average assets
    1.55     1.54             1.52     1.52        
Return on average common equity
    15.0       15.3               14.7       15.1          
Net interest margin (taxable-equivalent basis) (a)
    3.13       3.13               3.14       3.13          
Efficiency ratio (b)
    54.3       54.8               54.8       55.3          
Net charge-offs as a percent of average loans outstanding
    .49       .48               .50       .49          
Average Balances
                                               
Loans
  $ 289,218     $ 278,624       3.8   $ 287,672     $ 279,004       3.1
Loans held for sale
    3,162       3,545       (10.8     2,650       3,341       (20.7
Investment securities (d)
    115,460       114,578       .8       114,823       114,039       .7  
Earning assets
    426,933       412,676       3.5       423,234       412,265       2.7  
Assets
    471,598       454,489       3.8       467,521       454,389       2.9  
Noninterest-bearing deposits
    73,096       78,987       (7.5     73,263       79,234       (7.5
Deposits
    345,232       334,822       3.1       340,326       334,702       1.7  
Short-term borrowings
    17,169       20,602       (16.7     17,765       21,726       (18.2
Long-term debt
    40,438       35,780       13.0       41,143       34,723       18.5  
Total U.S. Bancorp shareholders’ equity
    52,438       49,322       6.3       52,016       49,075       6.0  
             
    June 30,
2019
    December 31,
2018
                         
Period End Balances
                                               
Loans
  $ 292,028     $ 286,810       1.8                        
Investment securities
    115,580       112,165       3.0                          
Assets
    481,719       467,374       3.1                          
Deposits
    353,177       345,475       2.2                          
Long-term debt
    41,008       41,340       (.8                        
Total U.S. Bancorp shareholders’ equity
    52,913       51,029       3.7                          
Asset Quality
                                               
Nonperforming assets
  $ 953     $ 989       (3.6 )%                         
Allowance for credit losses
    4,466       4,441       .6                          
Allowance for credit losses as a percentage of
period-end
loans
    1.53     1.55                                
Capital Ratios
                                               
Basel III standardized approach:
                                               
Common equity tier 1 capital
    9.5     9.1                                
Tier 1 capital
    11.0       10.7                                  
Total risk-based capital
    13.0       12.6                                  
Leverage
    9.3       9.0                                  
Common equity tier 1 capital to risk-weighted assets for the Basel III advanced approaches
    12.3       11.8                                  
Tangible common equity to tangible assets (b)
    7.9       7.8                                  
Tangible common equity to risk-weighted assets (b)
    9.7       9.4                                  
 
 
 
 
 
 
(a)
Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.
 
 
 
 
 
(b)
See
Non-GAAP
Financial Measures beginning on page 30.
 
 
 
 
 
(c)
Calculated as U.S. Bancorp common shareholders’ equity divided by common shares outstanding at end of the period.
 
 
 
 
 
(d)
Excludes unrealized gains and losses on
available-for-sale
investment securities and any premiums or discounts recorded related to the transfer of investment securities at fair value from
available-for-sale
to
held-to-maturity.
 
 
 
 
 
 
 
     
2
  U.S. Bancorp
 
 
 
 
 
 

 
Management’s Discussion and Analysis
 
OVERVIEW
Earnings Summary
U.S. Bancorp and its subsidiaries (the “Company”) reported net income attributable to U.S. Bancorp of $1.8 billion for the second quarter of 2019, or $1.09 per diluted common share, compared with $1.8 billion, or $1.02 per diluted common share, for the second quarter of 2018. Return on average assets and return on average common equity were 1.55 percent and 15.0 percent, respectively, for the second quarter of 2019, compared with 1.54 percent and 15.3 percent, respectively, for the second quarter of 2018.
Total net revenue for the second quarter of 2019 was $182 million (3.2 percent) higher than the second quarter of 2018, reflecting a 3.4 percent increase in net interest income (3.3 percent on a taxable-equivalent basis) and a 3.1 percent increase in noninterest income. The increase in net interest income from the second quarter of 2018 was mainly a result of the impact of loan growth and mix changes, as well as higher yields on reinvestment of securities, partially offset by the impact of a flatter yield curve, higher rates on deposits and changes in funding mix. The noninterest income increase was driven by growth in payment services revenue, trust and investment management fees, commercial products revenue and other noninterest income, partially offset by a decline in deposit service charges.
Noninterest expense in the second quarter of 2019 was $68 million (2.2 percent) higher than the second quarter of 2018, primarily due to higher personnel expense, technology and communications expense and net occupancy and equipment expense, all in support of business growth. Partially offsetting these increases was lower other noninterest expense driven by lower costs related to
tax-advantaged
projects and Federal Deposit Insurance Corporation (“FDIC”) assessment costs.
The provision for credit losses for the second quarter of 2019 of $365 million was $38 million (11.6 percent) higher than the second quarter of 2018. Net charge-offs in the second quarter of 2019 were $350 million, compared with $332 million in the second quarter of 2018. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.
Net income attributable to U.S. Bancorp for the first six months of 2019 was $3.5 billion, or $2.10 per diluted common share, compared with $3.4 billion, or $1.98 per diluted common share, for the first six months of 2018. Return on average assets and return on average common equity were 1.52 percent and 14.7 percent, respectively, for the first six months of 2019, compared with 1.52 percent and 15.1 percent, respectively, for the first six months of 2018.
Total net revenue for the first six months of 2019 was $290 million (2.6 percent) higher than the first six months of 2018, reflecting a 3.1 percent increase in net interest income (3.0 percent on a taxable-equivalent basis) and a 2.0 percent increase in noninterest income. The increase in net interest income from a year ago was mainly a result of the impact of loan growth and mix changes, as well as higher yields on reinvestment of securities, partially offset by the impact of a flatter yield curve, higher rates on deposits and changes in funding mix. The noninterest income increase was driven by growth in payment services revenue, trust and investment management fees, commercial products revenue and other noninterest income, partially offset by declines in deposit service charges and mortgage banking revenue.
Noninterest expense in the first six months of 2019 was $100 million (1.6 percent) higher than the first six months of 2018, primarily due to higher personnel expense, technology and communications expense and net occupancy and equipment expense, all in support of business growth. Partially offsetting these increases was lower other noninterest expense driven by lower costs related to
tax-advantaged
projects and FDIC assessment costs.
The provision for credit losses for the first six months of 2019 of $742 million was $74 million (11.1 percent) higher than the first six months of 2018. Net charge-offs in the first six months of 2019 were $717 million, compared with $673 million in the first six months of 2018. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.
 
     
U.S. Bancorp  
3
 
 
 
 
 
 
 
 

STATEMENT OF INCOME ANALYSIS
Net Interest Income
 Net interest income, on a taxable-equivalent basis, was $3.3 billion in the second quarter and $6.6 billion in the first six months of 2019, representing increases of $106 million (3.3 percent) and $195 million (3.0 percent), respectively, over the same periods of 2018. The increases were principally driven by earning assets growth and higher yields on reinvestment of securities, partially offset by a flatter yield curve, deposit pricing and changes in funding mix. Average earning assets were $14.3 billion (3.5 percent) higher in the second quarter and $11.0 billion (2.7 percent) higher in the first six months of 2019, compared with the same periods of 2018, reflecting increases in loans, investment securities and other earning assets. The net interest margin, on a taxable-equivalent basis, in the second quarter and first six months of 2019 was 3.13 percent and 3.14 percent, respectively, compared with 3.13 percent in both the second quarter and first six months of 2018. Net interest margin was essentially flat year-over-year, reflecting the impacts of higher short-term interest rates, the reinvestment of securities, and changes in loan portfolio mix, offset by the adverse impact of the flattening yield curve as well as changes in deposit and funding mix. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” tables for further information on net interest income.
Average total loans in the second quarter and first six months of 2019 were $10.6 billion (3.8 percent) and $8.7 billion (3.1 percent) higher, respectively, than the same periods of 2018, due to growth in residential mortgages, commercial loans, credit card loans and other retail loans, all driven by higher demand for loans from new and existing customers. These increases were partially offset by decreases in commercial real estate loans due to new originations being more than offset by customers paying down balances, given the later stage of the business cycle, and the fourth quarter of 2018 sale of the majority of the Company’s FDIC covered loans. Subsequent to the fourth quarter of 2018 sale, any remaining covered loan balances were reclassified to their respective portfolio category.
Average investment securities in the second quarter and first six months of 2019 were $882 million (0.8 percent) and $784 million (0.7 percent) higher, respectively, than the same periods of 2018, primarily due to purchases of mortgage-backed securities, net of prepayments and maturities.
Average total deposits for the second quarter and first six months of 2019 were $10.4 billion (3.1 percent) and $5.6 billion (1.7 percent) higher, respectively, than the same periods of 2018. Average time deposits for the second quarter and first six months of 2019 were $9.6 billion (25.5 percent) and $8.8 billion (23.8 percent) higher, respectively, than the same periods of 2018, driven by the migration of consumer customer deposit balances to higher yielding balances, as well as funding decisions based largely on relative pricing and liquidity characteristics. Average total savings deposits for the second quarter and first six months of 2019 were $6.7 billion (3.1 percent) and $2.7 billion (1.3 percent) higher, respectively, than the same periods of the prior year, driven by increases in Wealth Management and Investment Services, Consumer and Business Banking, and Corporate and Commercial Banking balances. Average noninterest-bearing deposits for the second quarter and first six months of 2019 decreased $5.9 billion (7.5 percent) and $6.0 billion (7.5 percent), respectively, from the same periods of the prior year, primarily due to balance migration to interest-bearing deposits and the continued deployment by customers of business deposits within Corporate and Commercial Banking and corporate trust balances within Wealth Management and Investment Services.
 
     
 
Table 2
     Noninterest Income
 
 
 
 
 
 
 
 
 
                                                 
   
Three Months Ended
June 30
   
Six Months Ended
June 30
 
(Dollars in Millions)   2019     2018     Percent
Change
    2019     2018     Percent
Change
 
Credit and debit card revenue
  $ 365     $ 351       4.0   $ 669     $ 675       (.9 )% 
Corporate payment products revenue
    167       158       5.7       329       312       5.4  
Merchant processing services
    404       387       4.4       782       750       4.3  
Trust and investment management fees
    415       401       3.5       814       799       1.9  
Deposit service charges
    227       273       (16.8     444       534       (16.9
Treasury management fees
    153       155       (1.3     299       305       (2.0
Commercial products revenue
    249       234       6.4       468       454       3.1  
Mortgage banking revenue
    189       191       (1.0     358       375       (4.5
Investment products fees
    47       47             92       93       (1.1
Securities gains (losses), net
    17       10       70.0       22       15       46.7  
Other
    257       207       24.2       504       374       34.8  
Total noninterest income
  $ 2,490     $ 2,414       3.1   $ 4,781     $ 4,686       2.0
 
 
 
 
 
 
 
 
 
 
     
4
  U.S. Bancorp
 
 
 
 
 
 
 
 

Provision for Credit Losses
 The provision for credit losses for the second quarter and first six months of 2019 increased $38 million (11.6 percent) and $74 million (11.1 percent), respectively, from the same periods of 2018, primarily as a result of loan growth. Net charge-offs increased $18 million (5.4 percent) and $44 million (6.5 percent) in the second quarter and first six months of 2019, respectively, compared with the same periods of the prior year, primarily due to higher credit card loan net charge-offs. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.
Noninterest Income
 Noninterest income was $2.5 billion in the second quarter and $4.8 billion in the first six months of 2019, representing increases of $76 million (3.1 percent) and $95 million (2.0 percent), respectively, compared with the same periods of 2018. The increases from a year ago were driven by growth in payment services revenue, trust and investment management fees, commercial products revenue and other noninterest income, partially offset by a decline in deposit service charges. Payment services revenue increased due to higher merchant processing services revenue and corporate payment products revenue, both driven by higher sales volume. In addition, payment services revenue increased in the second quarter of 2019, compared with the second quarter of 2018, due to higher credit and debit card revenue. Trust and investment management fees increased due to business growth and favorable market conditions. Commercial products revenue increased primarily due to higher corporate bond fees and trading revenue, partially offset by lower syndication fees. Other noninterest income also increased from a year ago primarily due to higher equity investment income, higher
tax-advantaged
investment syndication revenue, and transition services agreement revenue associated with the sale of the Company’s ATM third-party processing business in 2018. Deposit service charges decreased primarily due to the ATM third-party servicing sale. The increase in noninterest income in the first six months of 2019, compared with the same period of the prior year, was further offset by a decrease in mortgage banking revenue. The decrease in mortgage banking revenue was due to changes in mortgage servicing rights (“MSRs”) valuations, net of hedging activities, and lower servicing income, partially offset by higher production volume.
Noninterest Expense
 Noninterest expense was $3.2 billion in the second quarter and $6.2 billion in the first six months of 2019, representing increases of $68 million (2.2 percent) and $100 million (1.6 percent), respectively, over the same periods of 2018. The increases from a year ago were primarily due to higher personnel costs, technology and communications expense and net occupancy and equipment expense, partially offset by lower other noninterest expense. Compensation expense increased principally due to the impact of merit increases and hiring to support business growth, while employee benefits expense increased primarily due to increased medical costs. Technology and communications expense and net occupancy and equipment expense increased to support business growth. Other noninterest expense decreased due to lower FDIC assessment costs, driven by the elimination of the surcharge in the fourth quarter of 2018, and lower costs related to
tax-advantaged
projects, partially offset by higher other expenses.
 
     
 
Table 3
 
 
     Noninterest Expense
 
 
 
 
 
 
 
 
 
                                                 
   
Three Months Ended
June 30
   
Six Months Ended
June 30
 
(Dollars in Millions)   2019     2018     Percent
Change
    2019     2018     Percent
Change
 
Compensation
  $ 1,574     $ 1,542       2.1   $ 3,133     $ 3,065       2.2
Employee benefits
    314       299       5.0       647       629       2.9  
Net occupancy and equipment
    281       262       7.3       558       527       5.9  
Professional services
    106       95       11.6       201       178       12.9  
Marketing and business development
    111       111             200       208       (3.8
Technology and communications
    270       242       11.6       527       477       10.5  
Postage, printing and supplies
    73       80       (8.8     145       160       (9.4
Other intangibles
    42       40       5.0       82       79       3.8  
Other
    382       414       (7.7     747       817       (8.6
Total noninterest expense
  $ 3,153     $ 3,085       2.2   $ 6,240     $ 6,140       1.6
Efficiency ratio (a)
    54.3     54.8             54.8     55.3        
 
 
 
 
 
 
 
 
 
a)
See
Non-GAAP
Financial Measures beginning on page 30.
 
 
 
 
 
 
 
 
 
     
U.S. Bancorp  
5
 
 
 
 
 
 
 
 

Income Tax Expense
 The provision for income taxes was $449 million (an effective rate of 19.7 percent) for the second quarter and $827 million (an effective rate of 19.0 percent) for the first six months of 2019, compared with $441 million (an effective rate of 20.1 percent) and $803 million (an effective rate of 18.9 percent) for the same periods of 2018. For further information on income taxes, refer to Note 12 of the Notes to Consolidated Financial Statements.
BALANCE SHEET ANALYSIS
Loans
 The Company’s loan portfolio was $292.0 billion at June 30, 2019, compared with $286.8 billion at December 31, 2018, an increase of $5.2 billion (1.8 percent). The increase was driven by higher residential mortgages, commercial loans, other retail loans and credit card loans, partially offset by lower commercial real estate loans.
Residential mortgages held in the loan portfolio increased $2.9 billion (4.4 percent) at June 30, 2019, compared with December 31, 2018, as origination activity more than offset the effect of customers paying down balances in the first six months of 2019. Residential mortgages originated and placed in the Company’s loan portfolio include well-secured jumbo mortgages and branch-originated first lien home equity loans to borrowers with high credit quality.
Commercial loans increased $1.5 billion (1.5 percent) at June 30, 2019, compared with December 31, 2018, reflecting higher demand from new and existing customers.
Other retail loans increased $945 million (1.7 percent) at June 30, 2019, compared with December 31, 2018, the result of increases in installment loans and auto loans, partially offset by decreases in home equity loans, revolving credit balances and retail leasing loans.
Credit card loans increased $63 million (0.3 percent) at June 30, 2019, compared with December 31, 2018, reflecting seasonal growth in the second quarter of 2019.
Commercial real estate loans decreased $205 million (0.5 percent) at June 30, 2019, compared with December 31, 2018, primarily the result of new originations being more than offset by customers paying down balances, given the later stage of the business cycle.
The Company generally retains portfolio loans through maturity; however, the Company’s intent may change over time based upon various factors such as ongoing asset/liability management activities, assessment of product profitability, credit risk, liquidity needs, and capital implications. If the Company’s intent or ability to hold an existing portfolio loan changes, it is transferred to loans held for sale.
Loans Held for Sale
 Loans held for sale, consisting primarily of residential mortgages to be sold in the secondary market, were $3.8 billion at June 30, 2019, compared with $2.1 billion at December 31, 2018. The increase in loans held for sale was principally due to a higher level of mortgage loan closings in the second quarter of 2019, reflecting the impact of declining interest rates. Almost all of the residential mortgage loans the Company originates or purchases for sale follow guidelines that allow the loans to be sold into existing, highly liquid secondary markets; in particular in government agency transactions and to government-sponsored enterprises (“GSEs”).
 
     
6
  U.S. Bancorp
 
 
 
 
 
 
 
 

     
 
 
 
 
 
 
 
 
 
  
 Table 4
     Investment Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                         
    Available-for-Sale           Held-to-Maturity  
At June 30, 2019
(Dollars in Millions)
  Amortized
Cost
    Fair Value     Weighted-
Average
Maturity in
Years
    Weighted-
Average
Yield (e)
          Amortized
Cost
    Fair Value     Weighted-
Average
Maturity in
Years
    Weighted-
Average
Yield (e)
 
U.S. Treasury and Agencies