10-Q
US BANCORP \DE\Yes0.80.90.20.50.10.30.40.20.80.100.100.10.10.60.80.80.40.80.80.80.50.700.40.50.370.420.97Yesfalse2019Q3000003610412-31Presented net of related rewards and rebate costs and certain partner payments of $572 million and $539 million for the three months ended September 30, 2019 and 2018, respectively, and $1.7 billion and $1.6 billion for the nine months ended September 30, 2019 and 2018, respectively.Includes revenue generated from certain contracts with customers of $1.9 billion and $1.8 billion for the three months ended September 30, 2019 and 2018, respectively, and $5.5 billion for both the nine months ended September 30, 2019 and 2018, respectively.Includes time deposits greater than $250,000 balances of $8.4 billion and $15.3 billion at September 30, 2019 and December 31, 2018, respectively.Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.Reflects dividends declared per share on the Company’s Series 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Table of Contents
 
 
 
 
 
 
 
 

Table of Contents
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 September 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 October 31, 2019
Common Stock, $0.01 Par Value   1,561,859,164 shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Table of Contents
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
 
   
    
 
2
2
 
   
    
 
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 of Contents
     
 
Table 1
 
   Selected Financial Data
 
 
 
 
 
 
 
 
 
                                                 
   
Three Months Ended
September 30
    
Nine Months Ended
September 30
 
(Dollars and Shares in Millions, Except Per Share Data)   2019     2018     Percent
Change
     2019     2018     Percent
Change
 
Condensed Income Statement
                                                
Net interest income
  $ 3,281     $ 3,251       .9    $ 9,845     $ 9,616       2.4
Taxable-equivalent adjustment (a)
    25       30       (16.7      79       88       (10.2
Net interest income (taxable-equivalent basis) (b)
    3,306       3,281       .8        9,924       9,704       2.3  
Noninterest income
    2,589       2,408       7.5        7,348       7,079       3.8  
Securities gains (losses), net
    25       10       *        47       25       88.0  
Total net revenue
    5,920       5,699       3.9        17,319       16,808       3.0  
Noninterest expense
    3,144       3,044       3.3        9,384       9,184       2.2  
Provision for credit losses
    367       343       7.0        1,109       1,011       9.7  
Income before taxes
    2,409       2,312       4.2        6,826       6,613       3.2  
Income taxes and taxable-equivalent adjustment
    492       490       .4        1,373       1,351       1.6  
Net income
    1,917       1,822       5.2        5,453       5,262       3.6  
Net (income) loss attributable to noncontrolling interests
    (9     (7     (28.6      (25     (22     (13.6
Net income attributable to U.S. Bancorp
  $ 1,908     $ 1,815       5.1      $ 5,428     $ 5,240       3.6  
Net income applicable to U.S. Bancorp common shareholders
  $ 1,821     $ 1,732       5.1      $ 5,175     $ 5,007       3.4  
Per Common Share
                                                
Earnings per share
  $ 1.16     $ 1.06       9.4    $ 3.26     $ 3.05       6.9
Diluted earnings per share
    1.15       1.06       8.5        3.25       3.04       6.9  
Dividends declared per share
    .42       .37       13.5        1.16       .97       19.6  
Book value per share (c)
    30.26       27.35       10.6                           
Market value per share
    55.34       52.81       4.8                           
Average common shares outstanding
    1,575       1,629       (3.3      1,589       1,641       (3.2
Average diluted common shares outstanding
    1,578       1,633       (3.4      1,592       1,645       (3.2
Financial Ratios
                                                
Return on average assets
    1.57     1.58              1.54     1.54        
Return on average common equity
    15.3       15.5                14.9       15.2          
Net interest margin (taxable-equivalent basis) (a)
    3.02       3.15                3.10       3.14          
Efficiency ratio (b)
    53.3       53.5                54.3       54.7          
Net charge-offs as a percent of average loans outstanding
    .48       .46                .49       .48          
Average Balances
                                                
Loans
  $ 292,436     $ 281,065       4.0    $ 289,278     $ 279,699       3.4
Loans held for sale
    4,476       3,109       44.0        3,265       3,262       .1  
Investment securities (d)
    117,213       113,547       3.2        115,628       113,873       1.5  
Earning assets
    435,673       415,177       4.9        427,426       413,246       3.4  
Assets
    481,454       456,916       5.4        472,216       455,241       3.7  
Noninterest-bearing deposits
    74,594       77,192       (3.4      73,711       78,546       (6.2
Deposits
    349,933       330,121       6.0        343,563       333,159       3.1  
Short-term borrowings
    18,597       22,186       (16.2      18,046       21,881       (17.5
Long-term debt
    42,691       39,701       7.5        41,664       36,400       14.5  
Total U.S. Bancorp shareholders’ equity
    53,292       50,138       6.3        52,446       49,433       6.1  
             
    September 30,
2019
    December 31,
2018
                          
Period End Balances
                                                
Loans
  $ 294,638     $ 286,810       2.7                         
Investment securities
    121,079       112,165       7.9                           
Assets
    487,671       467,374       4.3                           
Deposits
    359,715       345,475       4.1                           
Long-term debt
    41,274       41,340       (.2                         
Total U.S. Bancorp shareholders’ equity
    53,517       51,029       4.9                           
Asset Quality
                                                
Nonperforming assets
  $ 979     $ 989       (1.0 )%                          
Allowance for credit losses
    4,481       4,441       .9                           
Allowance for credit losses as a percentage of
period-end
loans
    1.52     1.55                                 
Capital Ratios
                                                
Basel III standardized approach:
                                                
Common equity tier 1 capital
    9.6     9.1                                 
Tier 1 capital
    11.2       10.7                                   
Total risk-based capital
    13.2       12.6                                   
Leverage
    9.3       9.0                                   
Common equity tier 1 capital to risk-weighted assets for the Basel III advanced approaches
    12.6       11.8                                   
Tangible common equity to tangible assets (b)
    8.0       7.8                                   
Tangible common equity to risk-weighted assets (b)
    9.7       9.4                                   
 
 
 
 
 
 
 
 
 
*
Not meaningful
 
 
 
 
 
 
 
 
(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
 
 
 
 
 
 
 
 
 

Table of Contents
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 $1.9 billion for the third quarter of 2019, or $1.15 per diluted common share, compared with $1.8 billion, or $1.06 per diluted common share, for the third quarter of 2018. Return on average assets and return on average common equity were 1.57 percent and 15.3 percent, respectively, for the third quarter of 2019, compared with 1.58 percent and 15.5 percent, respectively, for the third quarter of 2018.
Total net revenue for the third quarter of 2019 was $221 million (3.9 percent) higher than the third quarter of 2018, reflecting a 0.9 percent increase in net interest income (0.8 percent on a taxable-equivalent basis) and an 8.1 percent increase in noninterest income. The increase in net interest income from the third quarter of 2018 was mainly a result of loan growth and higher yields on reinvestment of securities, partially offset by the impact of a flatter yield curve and changes in deposit and funding mix. The noninterest income increase was driven by growth in mortgage banking revenue, payment services revenue, commercial products revenue and other noninterest income, partially offset by a decline in deposit service charges.
Noninterest expense in the third quarter of 2019 was $100 million (3.3 percent) higher than the third quarter of 2018, primarily due to higher personnel expense, in part due to higher fee revenue production in mortgage and capital market activities, and higher technology and communications expense in support of business growth. Partially offsetting these increases was lower other noninterest expense driven by lower Federal Deposit Insurance Corporation (“FDIC”) assessment costs.
The provision for credit losses for the third quarter of 2019 of $367 million was $24 million (7.0 percent) higher than the third quarter of 2018. Net charge-offs in the third quarter of 2019 were $352 million, compared with $328 million in the third 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 nine months of 2019 was $5.4 billion, or $3.25 per diluted common share, compared with $5.2 billion, or $3.04 per diluted common share, for the first nine months of 2018. Return on average assets and return on average common equity were 1.54 percent and 14.9 percent, respectively, for the first nine months of 2019, compared with 1.54 percent and 15.2 percent, respectively, for the first nine months of 2018.
Total net revenue for the first nine months of 2019 was $511 million (3.0 percent) higher than the first nine months of 2018, reflecting a 2.4 percent increase in net interest income (2.3 percent on a taxable-equivalent basis) and a 4.1 percent increase in noninterest income. The increase in net interest income from a year ago was mainly a result of loan growth and higher yields on reinvestment of securities, partially offset by the impact of a flatter yield curve and changes in deposit and funding mix. The noninterest income increase was driven by growth in payment services revenue, mortgage banking revenue, commercial products revenue and other noninterest income, partially offset by a decline in deposit service charges.
Noninterest expense in the first nine months of 2019 was $200 million (2.2 percent) higher than the first nine months of 2018, primarily due to higher personnel expense, reflecting higher fee revenue production in mortgage and capital market activities, and higher technology and communications expense in support of business growth. Partially offsetting these increases was lower other noninterest expense driven by lower FDIC assessment costs.
The provision for credit losses for the first nine months of 2019 of $1.1 billion was $98 million (9.7 percent) higher than the first nine months of 2018. Net charge-offs in the first nine months of 2019 were $1.1 billion, compared with $1.0 billion in the first nine 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
 
 
 
 
 
 
 

Table of Contents
STATEMENT OF INCOME ANALYSIS
Net Interest Income
 Net interest income, on a taxable-equivalent basis, was $3.3 billion in the third quarter and $9.9 billion in the first nine months of 2019, representing increases of $25 million (0.8 percent) and $220 million (2.3 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 declining interest rates and a flatter yield curve, as well as changes in deposit and funding mix. Average earning assets were $20.5 billion (4.9 percent) higher in the third quarter and $14.2 billion (3.4 percent) higher in the first nine 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 third quarter and first nine months of 2019 was 3.02 percent and 3.10 percent, respectively, compared with 3.15 percent and 3.14 percent in the third quarter and first nine months of 2018, respectively. Net interest margin decreased year-over-year primarily due to the impacts of changes in the yield curve, changes in deposit and funding mix, and higher cash balances, in part related to a change in position on affiliate balances by the regulator of the Company’s Irish subsidiary. 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 third quarter and first nine months of 2019 were $11.4 billion (4.0 percent) and $9.6 billion (3.4 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 loans covered
by FDIC loss-sharing agreements
. 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 third quarter and first nine months of 2019 were $3.7 billion (3.2 percent) and $1.8 billion (1.5 percent) higher, respectively, than in the same periods of 2018, primarily due to purchases of mortgage-backed securities, net of prepayments and maturities.
Average total deposits for the third quarter and first nine months of 2019 were $19.8 billion (6.0 percent) and $10.4 billion (3.1 percent) higher, respectively, than the same periods of 2018. Average total savings deposits for the third quarter and first nine months of 2019 were $18.0 billion (8.4 percent) and $7.9 billion (3.6 percent) higher, respectively, than the same periods of the prior year, driven by increases in Wealth Management and Investment Services, Corporate and Commercial Banking, and Consumer and Business Banking balances. Average time deposits for the third quarter and first nine months of 2019 were $4.4 billion (11.7 percent) and $7.4 billion (19.6 percent) higher, respectively, than the same periods of 2018. The increases were largely related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics, in addition to the migration of consumer customer deposit balances to higher yielding products. Average noninterest-bearing deposits for the third quarter and first nine months of 2019 decreased $2.6 billion (3.4 percent) and $4.8 billion (6.2 percent), respectively, from the same periods of the prior year, primarily due to the migration of balances to interest-bearing deposits and the continued deployment by customers of business deposits within Corporate and Commercial Banking given higher earning credit rates from the prior year.
 
     
 
Table 2
 
   Noninterest Income
 
 
 
 
 
 
 
                                                 
    Three Months Ended
September 30
     Nine Months Ended
September 30
 
(Dollars in Millions)   2019      2018      Percent
Change
     2019      2018      Percent
Change
 
Credit and debit card revenue
  $ 366      $ 344        6.4    $ 1,035      $ 1,019        1.6
Corporate payment products revenue
    177        169        4.7        506        481        5.2  
Merchant processing services
    410        392        4.6        1,192        1,142        4.4  
Trust and investment management fees
    421        411        2.4        1,235        1,210        2.1  
Deposit service charges
    234        283        (17.3      678        817        (17.0
Treasury management fees
    139        146        (4.8      438        451        (2.9
Commercial products revenue
    240        216        11.1        708        670        5.7  
Mortgage banking revenue
    272        174        56.3        630        549        14.8  
Investment products fees
    46        47        (2.1      138        140        (1.4
Securities gains (losses), net
    25        10        *        47        25        88.0  
Other
    284        226        25.7        788        600        31.3  
Total noninterest income
  $ 2,614      $ 2,418        8.1    $ 7,395      $ 7,104        4.1
 
 
 
 
 
 
 
*
Not meaningful
 
 
 
 
 
 
 
     
4
   U.S. Bancorp
 
 
 
 
 
 
 

Table of Contents
Provision for Credit Losses
 The provision for credit losses for the third quarter and first nine months of 2019 increased $24 million (7.0 percent) and $98 million (9.7 percent), respectively, from the same periods of 2018, primarily as a result of loan growth. Net charge-offs increased $24 million (7.3 percent) and $68 million (6.8 percent) in the third quarter and first nine months of 2019, respectively, compared with the same periods of the prior year, primarily due to higher commercial, commercial real estate and credit card loan net charge-offs, partially offset by lower residential mortgage 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 $2.6 billion in the third quarter and $7.4 billion in the first nine months of 2019, representing increases of $196 million (8.1 percent) and $291 million (4.1 percent), respectively, compared with the same periods of 2018. The increases from a year ago were driven by growth in payment services revenue, mortgage banking revenue, commercial products revenue and other noninterest income, partially offset by a decline in deposit service charges. Payment services revenue increased due to higher credit and debit card revenue, merchant processing services revenue and corporate payment products revenue, all driven by higher sales volume. In addition, credit and debit card revenue further increased in the third quarter of 2019, compared with the third quarter of 2018, due to more processing days. Mortgage banking revenue increased due to higher origination and sales volumes related to home sales and refinancing activities given changing interest rates relative to the prior year, partially offset by changes in mortgage servicing rights (“MSRs”) valuations, net of hedging activities. Commercial products revenue increased primarily due to higher corporate bond fees and trading revenue related to stronger capital markets activities. Other noninterest income also increased from a year ago primarily due to higher equity investment income and transition services agreement revenue associated with the sale of the Company’s ATM third-party servicing business in 2018. Deposit service charges decreased primarily due to the ATM third-party servicing sale.
Noninterest Expense
 Noninterest expense was $3.1 billion in the third quarter and $9.4 billion in the first nine months of 2019, representing increases of $100 million (3.3 percent) and $200 million (2.2 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 professional services expense, partially offset by lower other noninterest expense. Compensation expense increased principally due to the impact of merit increases and higher variable compensation related to business production within mortgage banking and the capital markets business lines, while employee benefits expense increased primarily due to increased medical costs. Technology and communications expense increased, primarily driven by capital expenditures to support business growth. Professional services expense increased primarily due to business investments and enhancements to risk management programs. 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.
 
     
 
Table 3
 
   Noninterest Expense
 
 
 
 
 
 
 
                                                 
    Three Months Ended
September 30
     Nine Months Ended
September 30
 
(Dollars in Millions)   2019     2018     Percent
Change
     2019     2018     Percent
Change
 
Compensation
  $ 1,595     $ 1,529       4.3    $ 4,728     $ 4,594       2.9
Employee benefits
    324       294       10.2        971       923       5.2  
Net occupancy and equipment
    279       270       3.3        837       797       5.0  
Professional services
    114       96       18.8        315       274       15.0  
Marketing and business development
    109       106       2.8        309       314       (1.6
Technology and communications
    277       247       12.1        804       724       11.0  
Postage, printing and supplies
    74       84       (11.9      219       244       (10.2
Other intangibles
    42       41       2.4        124       120       3.3  
Other
    330       377       (12.5      1,077       1,194       (9.8
Total noninterest expense
  $ 3,144     $ 3,044       3.3    $ 9,384     $ 9,184       2.2
Efficiency ratio (a)
    53.3     53.5              54.3     54.7        
 
 
 
 
 
 
 
a)
See
Non-GAAP
Financial Measures beginning on page 30.
 
 
 
 
 
 
 
     
U.S. Bancorp   
5
 
 
 
 
 
 
 

Table of Contents
Income Tax Expense
 The provision for income taxes was $467 million (an effective rate of 19.6 percent) for the third quarter and $1.3 billion (an effective rate of 19.2 percent) for the first nine months of 2019, compared with $460 million (an effective rate of 20.2 percent) and $1.3 billion (an effective rate of 19.4 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 $294.6 billion at September 30, 2019, compared with $286.8 billion at December 31, 2018, an increase of $7.8 billion (2.7 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 $4.3 billion (6.7 percent) at September 30, 2019, compared with December 31, 2018, as origination activity more than offset the effect of customers paying down balances in the first nine 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 $2.2 billion (2.2 percent) at September 30, 2019, compared with December 31, 2018, reflecting higher demand from new and existing customers.
Other retail loans increased $1.0 billion (1.8 percent) at September 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 $527 million (2.3 percent) at September 30, 2019, compared with December 31, 2018, reflecting new and existing customer growth in the first nine months of 2019.
Commercial real estate loans decreased $271 million (0.7 percent) at September 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 $4.5 billion at September 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 third 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 of Contents
 Table 4
 
   Investment ​​​​​​​Securities
 
   
Available-for-Sale
         
Held-to-Maturity
 
At September 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