10-Q
US BANCORP \DE\Yes0.990.0090.0010.0010.990.990.420.42Yes1506438314false2020Q30000036104--12-310.99Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.The weighted-average maturity of total available-for-sale investment securities was 4.2 years at December 31, 2019, with a corresponding weighted-average yield of 2.38 percent.Includes time deposits greater than $250,000 balances of $5.0 billion and $7.8 billion at September 30, 2020 and December 31, 2019, respectively.Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances.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 A, Series B, Series F, Series H, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $894.444, $223.61, $406.25, $321.88, $662.50 and $343.75, respectively.Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $2,760.506, $663.54, $1,218.75, $965.64, $640.625, $1,325.00 and $1,031.25, respectively.Effective January 1, 2020, the Company adopted accounting guidance which changed impairment recognition of financial instruments to a model that is based on expected losses rather than incurred losses. Upon adoption, the Company increased its allowance for credit losses and reduced retained earnings net of deferred tax liabilities through a cumulative-effect adjustment.Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $2,663.888, $665.97, $1,218.75, $965.64, $640.625, $1,325.00 and $1,031.25, respectively.Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted-average remaining maturity of $1.8 billion, $195 million and 2.75 years at September 30, 2020, respectively, compared to $1.8 billion, $165 million and 2.50 years at December 31, 2019, respectively. 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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 September 30, 2020
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
symbols
 
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
Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)
  USB PrQ   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, 2020
Common Stock, $0.01 Par Value    1,506,438,314 shares
 
 
 

Table of Contents and
Form 10-Q
Cross Reference Index
 
Part I — Financial Information
    
       3  
       3  
       4  
       6  
       32  
       34  
       35  
       8  
       8  
       9  
       22  
       22  
       22  
       22  
       24  
       25  
       26  
       28  
       36  
Part II — Other Information
    
       79  
       79  
       81  
       81  
       82  
       83  
“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. The
COVID-19
pandemic is adversely affecting U.S. Bancorp, its customers, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity, and prospects is uncertain. Continued 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. 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; further increases in unemployment 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; civil unrest; 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 reputation risk.
For discussion of these and other risks that may cause actual results to differ from expectations, refer to the other information in this report, including the section entitled “Risk Factors” and U.S. Bancorp’s Annual Report on Form
10-K
for the year ended December 31, 2019, 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
September 30
    
Nine Months Ended
September 30
 
(Dollars and Shares in Millions, Except Per Share Data)
 
2020
   
2019
   
Percent
Change
    
2020
   
2019
   
Percent
Change
 
Condensed Income Statement
     
 
      
Net interest income
 
 
$    3,227
 
 
 
$    3,281
 
 
 
(1.6
)% 
  
 
$    9,650
 
 
 
$    9,845
 
 
 
(2.0
)% 
Taxable-equivalent adjustment (a)
 
 
25
 
 
 
25
 
 
 
 
  
 
73
 
 
 
79
 
 
 
(7.6
Net interest income (taxable-equivalent basis) (b)
 
 
3,252
 
 
 
3,306
 
 
 
(1.6
  
 
9,723
 
 
 
9,924
 
 
 
(2.0
Noninterest income
 
 
2,712
 
 
 
2,614
 
 
 
3.7
 
  
 
7,851
 
 
 
7,395
 
 
 
6.2
 
Total net revenue
 
 
5,964
 
 
 
5,920
 
 
 
.7
 
  
 
17,574
 
 
 
17,319
 
 
 
1.5
 
Noninterest expense
 
 
3,371
 
 
 
3,144
 
 
 
7.2
 
  
 
10,005
 
 
 
9,384
 
 
 
6.6
 
Provision for credit losses
 
 
635
 
 
 
367
 
 
 
73.0
 
  
 
3,365
 
 
 
1,109
 
 
 
*
 
Income before taxes
 
 
1,958
 
 
 
2,409
 
 
 
(18.7
  
 
4,204
 
 
 
6,826
 
 
 
(38.4
Income taxes and taxable-equivalent adjustment
 
 
372
 
 
 
492
 
 
 
(24.4
  
 
744
 
 
 
1,373
 
 
 
(45.8
Net income
 
 
1,586
 
 
 
1,917
 
 
 
(17.3
  
 
3,460
 
 
 
5,453
 
 
 
(36.5
Net (income) loss attributable to noncontrolling interests
 
 
(6
 
 
(9
 
 
33.3
 
  
 
(20
 
 
(25
 
 
20.0
 
Net income attributable to U.S. Bancorp
 
 
$    1,580
 
 
 
$    1,908
 
 
 
(17.2
  
 
$    3,440
 
 
 
$    5,428
 
 
 
(36.6
Net income applicable to U.S. Bancorp common shareholders
 
 
$    1,494
 
 
 
$    1,821
 
 
 
(18.0
  
 
$    3,196
 
 
 
$    5,175
 
 
 
(38.2
Per Common Share
     
 
      
Earnings per share
 
 
$        .99
 
 
 
$      1.16
 
 
 
(14.7
)% 
  
 
$      2.12
 
 
 
$      3.26
 
 
 
(35.0
)% 
Diluted earnings per share
 
 
.99
 
 
 
1.15
 
 
 
(13.9
  
 
2.11
 
 
 
3.25
 
 
 
(35.1
Dividends declared per share
 
 
.42
 
 
 
.42
 
 
 
 
  
 
1.26
 
 
 
1.16
 
 
 
8.6
 
Book value per share (c)
 
 
30.93
 
 
 
30.26
 
 
 
2.2
 
      
Market value per share
 
 
35.85
 
 
 
55.34
 
 
 
(35.2
      
Average common shares outstanding
 
 
1,506
 
 
 
1,575
 
 
 
(4.4
  
 
1,510
 
 
 
1,589
 
 
 
(5.0
Average diluted common shares outstanding
 
 
1,507
 
 
 
1,578
 
 
 
(4.5
  
 
1,511
 
 
 
1,592
 
 
 
(5.1
Financial Ratios
     
 
      
Return on average assets
 
 
1.17
 
 
1.57
 
 
  
 
.87
 
 
1.54
 
Return on average common equity
 
 
12.8
 
 
 
15.3
 
 
 
  
 
9.3
 
 
 
14.9
 
 
Net interest margin (taxable-equivalent basis) (a)
 
 
2.67
 
 
 
3.02
 
 
 
  
 
2.73
 
 
 
3.10
 
 
Efficiency ratio (b)
 
 
56.6
 
 
 
53.3
 
 
 
  
 
57.4
 
 
 
54.3
 
 
Net charge-offs as a percent of average loans outstanding
 
 
.66
 
 
 
.48
 
 
 
  
 
.58
 
 
 
.49
 
 
Average Balances
     
 
      
Loans
 
 
$311,018
 
 
 
$292,436
 
 
 
6.4
  
 
$308,935
 
 
 
$289,278
 
 
 
6.8
Loans held for sale
 
 
7,983
 
 
 
4,476
 
 
 
78.4
 
  
 
6,352
 
 
 
3,265
 
 
 
94.5
 
Investment securities (d)
 
 
128,565
 
 
 
117,213
 
 
 
9.7
 
  
 
123,444
 
 
 
115,628
 
 
 
6.8
 
Earning assets
 
 
486,104
 
 
 
435,673
 
 
 
11.6
 
  
 
476,018
 
 
 
427,426
 
 
 
11.4
 
Assets
 
 
536,902
 
 
 
481,454
 
 
 
11.5
 
  
 
525,380
 
 
 
472,216
 
 
 
11.3
 
Noninterest-bearing deposits
 
 
109,375
 
 
 
74,594
 
 
 
46.6
 
  
 
92,935
 
 
 
73,711
 
 
 
26.1
 
Deposits
 
 
405,523
 
 
 
349,933
 
 
 
15.9
 
  
 
390,598
 
 
 
343,563
 
 
 
13.7
 
Short-term borrowings
 
 
18,049
 
 
 
18,597
 
 
 
(2.9
  
 
21,335
 
 
 
18,046
 
 
 
18.2
 
Long-term debt
 
 
43,542
 
 
 
42,691
 
 
 
2.0
 
  
 
44,587
 
 
 
41,664
 
 
 
7.0
 
Total U.S. Bancorp shareholders’ equity
 
 
52,416
 
 
 
53,292
 
 
 
(1.6
  
 
51,936
 
 
 
52,446
 
 
 
(1.0
 
   
September 30,
2020
   
December 31,
2019
                          
Period End Balances
     
 
      
Loans
 
 
$306,985
 
 
 
$296,102
 
 
 
3.7
      
Investment securities
 
 
134,032
 
 
 
122,613
 
 
 
9.3
 
      
Assets
 
 
540,455
 
 
 
495,426
 
 
 
9.1
 
      
Deposits
 
 
413,217
 
 
 
361,916
 
 
 
14.2
 
      
Long-term debt
 
 
42,443
 
 
 
40,167
 
 
 
5.7
 
      
Total U.S. Bancorp shareholders’ equity
 
 
52,565
 
 
 
51,853
 
 
 
1.4
 
      
Asset Quality
     
 
      
Nonperforming assets
 
 
$    1,270
 
 
 
$       829
 
 
 
53.2
      
Allowance for credit losses
 
 
8,010
 
 
 
4,491
 
 
 
78.4
 
      
Allowance for credit losses as a percentage of
period-end
loans
 
 
2.61
 
 
1.52
 
 
      
Capital Ratios
     
 
      
Common equity tier 1 capital
 
 
9.4
 
 
9.1
 
 
      
Tier 1 capital
 
 
11.0
 
 
 
10.7
 
 
 
      
Total risk-based capital
 
 
13.1
 
 
 
12.7
 
 
 
      
Leverage
 
 
8.3
 
 
 
8.8
 
 
 
      
Total leverage exposure
 
 
7.2
 
 
 
7.0
 
 
 
      
Tangible common equity to tangible assets (b)
 
 
7.0
 
 
 
7.5
 
 
 
      
Tangible common equity to risk-weighted assets (b)
 
 
9.3
 
 
 
9.3
 
 
 
      
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)
 
 
9.0
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
*
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 32.
(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 $1.6 billion for the third quarter of 2020, or $0.99 per diluted common share, compared with $1.9 billion, or $1.15 per diluted common share, for the third quarter of 2019. Return on average assets and return on average common equity were 1.17 percent and 12.8 percent, respectively, for the third quarter of 2020, compared with 1.57 percent and 15.3 percent, respectively, for the third quarter of 2019. During a challenging period adversely impacted by the
COVID-19
pandemic, the Company’s diversified business generated growth in net revenue and supported a provision for credit losses of $635 million including a $120 million increase in the allowance for credit losses primarily to recognize the expected credit losses of an acquired credit card portfolio in the third quarter of 2020.
Total net revenue for the third quarter of 2020 was $44 million (0.7 percent) higher than the third quarter of 2019, reflecting a 3.7 percent increase in noninterest income, partially offset by a 1.6 percent decrease in net interest income. The decrease in net interest income from the third quarter of 2019 was primarily due to the impact of lower interest rates from a year ago, partially offset by changes in deposit and funding mix, and loan growth. The noninterest income increase was driven by significant growth in mortgage banking revenue due to refinancing production and strong growth in commercial products revenue due to capital markets activities. Growth in these fee categories was partially offset by a decline in payment services revenue and deposit service charges related to lower consumer and commercial spending. Additionally, other noninterest income declined from the third quarter of 2019 due to lower equity investment income, lower
tax-advantaged
investment syndication revenue and certain asset impairments as a result of expected branch closures.
Noninterest expense in the third quarter of 2020 was $227 million (7.2 percent) higher than the third quarter of 2019, reflecting costs related to
COVID-19
and an increase in revenue-related production expenses in the third quarter of 2020. Additionally, noninterest expense reflected an increase in personnel costs and technology and communications expense related to developing digital capabilities and related business investment, as well as an increase in other noninterest expense, partially offset by lower marketing and business development expense and lower professional services expense.
The provision for credit losses for the third quarter of 2020 of $635 million was $268 million (73.0 percent) higher than the third quarter of 2019, reflecting an increase in the allowance for credit losses during the third quarter of 2020 primarily to recognize the expected losses within the acquired State Farm Bank credit card portfolio. Net charge-offs in the third quarter of 2020 were $515 million, compared with $352 million in the third quarter of 2019. 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 2020 was $3.4 billion, or $2.11 per diluted common share, compared with $5.4 billion, or $3.25 per diluted common share, for the first nine months of 2019. Return on average assets and return on average common equity were 0.87 percent and 9.3 percent, respectively, for the first nine months of 2020, compared with 1.54 percent and 14.9 percent, respectively, for the first nine months of 2019.
Total net revenue for the first nine months of 2020 was $255 million (1.5 percent) higher than the first nine months of 2019, reflecting a 6.2 percent increase in noninterest income, partially offset by a 2.0 percent decrease in net interest income. The decrease in net interest income from the first nine months of 2019 was primarily due to the impact of lower interest rates, partially offset by changes in deposit and funding mix, and loan growth. The noninterest income increase was driven by significant growth in mortgage banking revenue and commercial products revenue, as well as increases in trust and investment management fees and gains on the sale of investment securities. Growth in these fee categories was partially offset by a decline in payment services revenue and deposit service charges related to lower consumer and commercial spending. Additionally, other noninterest income declined from the prior year due to lower equity investment income, lower
tax-advantaged
investment syndication revenue and certain asset impairments, partially offset by gains on sale of certain businesses in the first nine months of 2020.
Noninterest expense in the first nine months of 2020 was $621 million (6.6 percent) higher than the first nine months of 2019, reflecting costs related to
COVID-19
and an increase in revenue-related production expenses in the first nine months of 2020. Additionally, noninterest expense
 
U.S. Bancorp  
3

reflected an increase in personnel costs and technology and communications expense related to developing digital capabilities and related business investment, as well as an increase in other noninterest expense, partially offset by lower marketing and business development expense and lower professional services expense.
The provision for credit losses for the first nine months of 2020 of $3.4 billion was $2.3 billion higher than the first nine months of 2019, reflecting an increase in the allowance for credit losses during the first nine months of 2020 due to deteriorating economic conditions driven by the impact of
COVID-19
on the domestic and global economies. Net charge-offs in the first nine months of 2020 were $1.3 billion, compared with $1.1 billion in the first nine months of 2019. 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.
STATEMENT OF INCOME ANALYSIS
Net Interest Income
 Net interest income, on a taxable-equivalent basis, was $3.3 billion in the third quarter and $9.7 billion in the first nine months of 2020, representing decreases of $54 million (1.6 percent) and $201 million (2.0 percent), respectively, compared with the same periods of 2019. The decreases were principally driven by the impact of lower interest rates from the prior year, partially offset by changes in deposit and funding mix, and loan growth. The Company expects net interest income to be relatively flat or decline slightly in the fourth quarter of 2020, as compared with the third quarter of 2020, reflecting the expected continued low interest rate environment and its impact on the rates earned on reinvested securities, as well as higher premium amortization, within the investment securities portfolio. Average earning assets were $50.4 billion (11.6 percent) higher in the third quarter and $48.6 billion (11.4 percent) higher in the first nine months of 2020, compared with the same periods of 2019, reflecting increases in loans, investment securities and other earning assets primarily representing cash balances. The net interest margin, on a taxable-equivalent basis, in the third quarter and first nine months of 2020 was 2.67 percent and 2.73 percent, respectively, compared with 3.02 percent and 3.10 percent in the third quarter and first nine months of 2019, respectively. The decrease in net interest margin from the prior year was primarily due to the impact of lower interest rates, changes in the yield curve, a decision to maintain higher cash balances for liquidity and higher premium amortization within the investment portfolio, partially offset by the net benefit of changes in loan mix and deposit and funding mix. The Company expects downward pressure on its net interest margin in the fourth quarter of 2020 due to its expectation to maintain higher liquidity levels resulting from the acquisition of approximately $10 billion of deposit balances from State Farm Bank in early October 2020. 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 2020 were $18.6 billion (6.4 percent) and $19.7 billion (6.8 percent) higher, respectively, than the same periods of 2019. The increases were primarily due to higher commercial loans, reflecting the utilization of bank credit facilities by customers to support liquidity requirements as well as the impact of loans made under the Small Business Administration’s (“SBA”) Paycheck Protection Program, along with growth in residential mortgages given the lower interest rate environment and higher Government National Mortgage Association (“GNMA”) buybacks, and higher commercial real estate loans. These increases were partially offset by lower credit card loans reflecting the net impact of lower consumer spending during the first nine months of 2020 partially offset by the acquisition of the credit card portfolio in the third quarter of 2020, as well as lower other retail loans.
Average investment securities in the third quarter and first nine months of 2020 were $11.4 billion (9.7 percent) and $7.8 billion (6.8 percent) higher, respectively, than the same periods of 2019, primarily due to purchases of mortgage-backed, U.S. Treasury and state and political securities, net of prepayments and maturities.
Average total deposits for the third quarter and first nine months of 2020 were $55.6 billion (15.9 percent) and $47.0 billion (13.7 percent) higher, respectively, than the same periods of 2019. Average total savings deposits for the third quarter and first nine months of 2020 were $29.3 billion (12.6 percent) and $33.1 billion (14.7 percent) higher, respectively, than the same periods of the prior year, driven by increases in Consumer and Business Banking, and Corporate and Commercial Banking balances. The increase in average total savings deposits for the first nine months of 2020, compared with the first nine months of 2019, was also due to higher Wealth Management and Investment Services balances. Average noninterest-bearing deposits for the third quarter and first nine months of 2020 were $34.8 billion (46.6 percent) and $19.2 billion (26.1 percent) higher, respectively, than the same periods of 2019, primarily due to increases in Corporate and Commercial Banking, Consumer and Business Banking, and Wealth Management and Investment Services balances. The growth in average total savings and noninterest-bearing deposits was primarily a result of the actions by the federal government to increase liquidity in the financial system, customers maintaining balance sheet liquidity by utilizing existing credit facilities and government stimulus programs. Average time deposits for the third quarter and first nine months of 2020 were $8.5 billion (19.9 percent) and $5.3 billion (11.8 percent) lower, respectively, than the same periods of the prior year, primarily driven by decreases in those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.
 
4
  U.S. Bancorp

 Table 2
 
   Noninterest Income
 
            Three Months Ended
September 30
     Nine Months Ended
September 30
 
(Dollars in Millions)           2020      2019      Percent
Change
     2020      2019      Percent
Change
 
Credit and debit card revenue
 
     $   388        $   366        6.0      $   976        $1,035        (5.7 )% 
Corporate payment products revenue
 
     125        177        (29.4      371        506        (26.7
Merchant processing services
 
     347        410        (15.4      950        1,192        (20.3
Trust and investment management fees
 
     434        421        3.1        1,295        1,235        4.9  
Deposit service charges
 
     170        234        (27.4      512        678        (24.5
Treasury management fees
 
     145        139        4.3        425        438        (3.0
Commercial products revenue
 
     303        240        26.3        904        708        27.7  
Mortgage banking revenue
 
     553        272        *        1,596        630        *  
Investment products fees
 
     48        46        4.3        142        138        2.9  
Securities gains (losses), net
 
     12        25        (52.0      143        47        *  
Other
       187        284        (34.2      537        788        (31.9
Total noninterest income
 
     $2,712        $2,614        3.7      $7,851        $7,395        6.2
 
*
Not meaningful
 
Provision for Credit Losses
 The provision for credit losses was $635 million for the third quarter and $3.4 billion for the first nine months of 2020, representing increases of $268 million (73.0 percent) and $2.3 billion, respectively, from the same periods of 2019. In March 2020 economic conditions began to deteriorate, and continued to worsen in the second quarter of 2020, due to the impact of the
COVID-19
health crisis. During the third quarter of 2020, economic conditions began to moderate as economic projections for both the gross domestic product and unemployment levels improved from the second quarter. The Company recognized an increase of $2.0 billion in the allowance for credit losses during the first nine months of 2020 due to the deteriorating and ongoing effects of these adverse economic conditions. The Company recognized an increase of $120 million in the allowance for credit losses during the third quarter of 2020, primarily reflecting the expected losses within the State Farm Bank credit card portfolio acquired during the period. Net charge-offs increased $163 million (46.3 percent) and $276 million (25.8 percent) in the third quarter and first nine months of 2020, respectively, compared with the same periods of the prior year, primarily due to higher commercial loan, commercial real estate loan and retail leasing net charge-offs, partially offset by a decrease in other retail 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 $2.7 billion in the third quarter and $7.9 billion in the first nine months of 2020, representing increases of $98 million (3.7 percent) and $456 million (6.2 percent), respectively, compared with the same periods of 2019. The increases from a year ago reflected higher mortgage banking revenue, commercial products revenue and trust and investment management fees, partially offset by lower payment services revenue, deposit service charges and other noninterest income. The increase in noninterest income in the first nine months of 2020, compared with the first nine months of 2019, was also due to higher gains on sales of investment securities. Mortgage banking revenue increased due to higher mortgage loan production and stronger gain on sale margins, partially offset by declines in mortgage servicing rights (“MSRs”) valuations, net of hedging activities. The Company expects mortgage banking revenue to decline in the fourth quarter of 2020, as compared with the third quarter of 2020, reflecting slower refinancing activity for the industry and seasonality of home sales. Commercial products revenue increased primarily due to higher corporate bond issuance fees and trading revenue. Trust and investment management fees were higher due to business growth and favorable market conditions over the past year. Payment services fee revenue decreased reflecting lower merchant processing services revenue and corporate payment products revenue, driven by lower sales volume due to the worldwide impact of the
COVID-19
pandemic on consumer and business spending. Credit and debit card revenue was higher in the third quarter of 2020, compared with the third quarter of 2019, reflecting significantly higher prepaid card fees related to the delayed impact of government stimulus programs adopted in the second quarter of 2020. Payment services revenue is likely to continue to be adversely affected through the remainder of 2020 due to reduced consumer and business spending activity, as well as lower expected prepaid card volume in the fourth quarter of 2020, as compared with the third quarter of 2020. Deposit service charges decreased primarily due to lower volume. Other noninterest income decreased due to lower equity investment income, lower
tax-advantaged
investment syndication revenue, and certain asset impairments as a result of expected branch closures. Other noninterest income further decreased in the
 
U.S. Bancorp  
5

 Table 3
 
   Noninterest Expense
 
    Three Months Ended
September 30
     Nine Months Ended
September 30
 
(Dollars in Millions)   2020     2019     Percent
Change
     2020     2019     Percent
Change
 
Compensation
  $ 1,687     $ 1,595       5.8    $   4,992     $ 4,728       5.6
Employee benefits
    335       324       3.4        1,001       971       3.1  
Net occupancy and equipment
    276       279       (1.1      823       837       (1.7
Professional services
    102       114       (10.5      307       315       (2.5
Marketing and business development
    72       109       (33.9      213       309       (31.1
Technology and communications
    334       277       20.6        932       804       15.9  
Postage, printing and supplies
    70       74       (5.4      214       219       (2.3
Other intangibles
    44       42       4.8        129       124       4.0  
Other
    451       330       36.7        1,394       1,077       29.4  
Total noninterest expense
  $ 3,371     $ 3,144       7.2    $ 10,005     $ 9,384       6.6
Efficiency ratio (a)
    56.6     53.3  
 
 
 
     57.4     54.3  
 
 
 
 
a)
See
Non-GAAP
Financial Measures beginning on page 32.
 
first nine months of 2020, compared with the first nine months of 2019, due to asset impairments as a result of property damage from civil unrest in the second quarter of 2020, partially offset by gains on sale of certain businesses in the first quarter of 2020.
Noninterest Expense
 Noninterest expense was $3.4 billion in the third quarter and $10.0 billion in the first nine months of 2020, representing increases of $227 million (7.2 percent) and $621 million (6.6 percent), respectively, over the same periods of 2019. The increases from a year ago were driven by expenses of $157 million in the third quarter and $456 million in the first nine months of 2020, representing incremental costs related to the prepaid card business, expenses related to
COVID-19,
and revenue-related expenses due to higher mortgage production and capital markets activities. In addition, the increases were also driven by business investments, including those related to increased digital capabilities. The categories of expense impacted primarily include higher personnel expense, technology and communications expense, and other noninterest expense, partially offset by lower marketing and business development expense. Compensation expense increased due to the impacts of merit increases and higher variable compensation related to business production within the mortgage banking and fixed income capital markets businesses. Employee benefits expense increased primarily due to higher pension expense. Technology and communications expense increased primarily due to capital expenditures supporting business growth and the impact of increased call center volume related to prepaid cards. Other noninterest expense increased, reflecting $49 million and $228 million of expenses in the third quarter and first nine months of 2020, respectively, related to
COVID-19,
higher FDIC insurance expense driven by an increase in the assessment base, and higher state franchise taxes. The increase in other noninterest expense in the first nine months of 2020, compared with the first nine months of 2019, was partially offset by lower costs related to
tax-advantaged
projects in 2020. Incremental costs related to
COVID-19
include increased liabilities driven by the Company’s exposure as a credit card processor to charge-back risk on undelivered goods and services, including prepaid airline tickets, as well as expenses related to paying premium compensation to front-line workers and providing a safe working environment for employees. Professional services expense decreased primarily due to business initiatives completed in 2019, while marketing and business development expense decreased due to the timing of marketing campaigns and a reduction in travel as a result of
COVID-19.
The Company expects its noninterest expenses to be relatively stable for the fourth quarter of 2020, as compared with the third quarter of 2020.
Income Tax Expense
 The provision for income taxes was $347 million (an effective rate of 18.0 percent) for the third quarter and $671 million (an effective rate of 16.2 percent) for the first nine months of 2020, compared with $467 million (an effective rate of 19.6 percent) and $1.3 billion (an effective rate of 19.2 percent) for the same periods of 2019. The reduced tax rates for 2020 were primarily a result of reduced pretax income being impacted by current economic conditions, including the higher provision for credit losses. For further information on income taxes, refer to Note 11 of the Notes to Consolidated Financial Statements.
BALANCE SHEET ANALYSIS
Loans
 The Company’s loan portfolio was $307.0 billion at September 30, 2020, compared with $296.1 billion at December 31, 2019, an increase of $10.9 billion (3.7 percent). The increase was driven by higher commercial loans, residential mortgages, commercial real estate loans and other retail loans, partially offset by lower credit card loans.
Commercial loans increased $6.9 billion (6.6 percent) at September 30, 2020, compared with December 31, 2019, reflecting the impact of loans made under the SBA’s Paycheck Protection Program.
 
6
  U.S. Bancorp

 Table 4
 
   Available-for-Sale Investment Securities
 
    September 30, 2020      December 31, 2019  
(Dollars in Millions)   Amortized
Cost
     Fair Value     Weighted-
Average
Maturity in
Years
     Weighted-
Average
Yield (d)
     Amortized
Cost
     Fair Value     Weighted-
Average
Maturity in
Years
     Weighted-
Average
Yield (d)
 
U.S. Treasury and agencies
  $ 22,029      $ 22,564       2.9        1.50 %         $ 19,845      $ 19,839       2.7        1.68
Mortgage-backed securities (a)
    100,711        102,891       2.7        1.67        95,385        95,564       4.4        2.39  
Asset-backed securities (a)
    203        208       4.1        2.26        375        383       3.1        3.09  
Obligations of state and political subdivisions (b) (c)
    7,784        8,356       6.4        4.07        6,499        6,814       6.6        4.29  
Other
    13        13       .3        1.59        13        13       .3        2.66  
Total investment securities
  $ 130,740      $ 134,032       3.0        1.78    $ 122,117      $ 122,613       4.2        2.38
 
(a)
Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
(b)
Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.
(c)
Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.
(d)
Yields on investment securities are computed based on amortized cost balances. Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent.
 
Residential mortgages held in the loan portfolio increased $6.2 billion (8.8 percent) at September 30, 2020, compared with December 31, 2019, due to higher mortgage loan production given the lower interest rate environment, and higher GNMA buybacks during the first nine months of 2020. 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 real estate loans increased $634 million (1.6 percent) at September 30, 2020, compared with December 31, 2019, primarily the result of new originations, partially offset by customers paying down balances.
Other retail loans increased $36 million (0.1 percent) at September 30, 2020, compared with December 31, 2019, due to an increase in installment loans, partially offset by decreases in home equity loans, auto loans, revolving credit balances and retail leasing balances.
Credit card loans decreased $2.9 billion (11.7 percent) at September 30, 2020, compared with December 31, 2019, reflecting reduced consumer spending in 2020 driven by the impact of
COVID-19,
partially offset by the acquisition of the State Farm Bank credit card portfolio in the third quarter of 2020.
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 $7.6 billion at September 30, 2020, compared with $5.6 billion at December 31, 2019. The increase in loans held for sale was principally due to a higher level of mortgage loan closings in the third quarter of 2020 given the lower interest rate environment, compared with the fourth quarter of 2019. 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”).
Investment Securities
 Available-for-sale
investment securities totaled $134.0 billion at September 30, 2020, compared with $122.6 billion at December 31, 2019. The $11.4 billion (9.3 percent) increase was primarily due to $8.6 billion of net investment purchases and a $2.8 billion favorable change in net unrealized gains (losses) on
available-for-sale
investment securities. The Company had no outstanding investment securities classified as
held-to-maturity
at September 30, 2020 and December 31, 2019.
The Company’s
available-for-sale
investment securities are carried at fair value with changes in fair value reflected in other comprehensive income (loss) unless a portion of a security’s unrealized loss is related to credit and an allowance for credit losses is necessary. At September 30, 2020, the Company’s net unrealized gains on
available-for-sale
investment securities were $3.3 billion, compared with $496 million at December 31, 2019. The favorable change in net unrealized gains was primarily due to increases in the fair value of mortgage-backed, U.S. Treasury, and state and political securities as a result of changes in interest rates. Gross unrealized losses on
available-for-sale
investment securities totaled $34 million at September 30, 2020, compared with $448 million at December 31, 2019. At
 
U.S. Bancorp  
7

September 30, 2020, the Company had no plans to sell securities with unrealized losses, and believes it is more likely than not that it would not be required to sell such securities before recovery of their amortized cost.
Refer to Notes 3 and 14 in the Notes to Consolidated Financial Statements for further information on investment securities.
Deposits
 Total deposits were $413.2 billion at September 30, 2020, compared with $361.9 billion at December 31, 2019. The $51.3 billion (14.2 percent) increase in total deposits reflected increases in noninterest-bearing and total savings deposits, partially offset by a decrease in time deposits. Noninterest-bearing deposits increased $39.0 billion (51.6 percent) at September 30, 2020, compared with December 31, 2019, primarily due to higher Corporate and Commercial Banking, Consumer and Business Banking, and Wealth Management and Investment Services balances. Interest checking balances increased $9.7 billion (12.7 percent), while savings account balances increased $7.0 billion (14.9 percent), both driven by higher Consumer and Business Banking balances. Money market deposit balances increased $5.9 billion (4.9 percent) at September 30, 2020, compared with December 31, 2019, primarily due to higher Corporate and Commercial Banking, and Consumer and Business Banking balances, partially offset by a decrease in Wealth Management and Investment Services balances. The growth in noninterest-bearing and total savings deposits was primarily a result of the economic impact of the
COVID-19
pandemic on the world economy resulting in actions by the federal government to increase liquidity in the financial system, customers maintaining balance sheet liquidity by utilizing existing credit facilities and government stimulus programs. Time deposits decreased $10.3 billion (24.0 percent) at September 30, 2020, compared with December 31, 2019, driven by a decrease in those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics, along with a decrease in Consumer and Business Banking balances.
Borrowings
 The Company utilizes both short-term and long-term borrowings as part of its asset/liability management and funding strategies. Short-term borrowings, which include federal funds purchased, commercial paper, repurchase agreements, borrowings secured by high-grade assets and other short-term borrowings, were $13.7 billion at September 30, 2020, compared with $23.7 billion at December 31, 2019. The $10.0 billion (42.2 percent) decrease in short-term borrowings was primarily due to a decrease in short-term Federal Home Loan Bank (“FHLB”) advances and other short-term borrowings balances, partially offset by higher repurchase agreement balances. Long-term debt was $42.4 billion at September 30, 2020, compared with $40.2 billion at December 31, 2019. The $2.3 billion (5.7 percent) increase was primarily due to $3.3 billion of bank note and $2.8 billion of medium-term note issuances, partially offset by $4.5 billion of bank note repayments and maturities. Refer to the “Liquidity Risk Management” section for discussion of liquidity management of the Company.
CORPORATE RISK PROFILE
Overview
Managing risks is an essential part of successfully operating a financial services company. The Company’s Board of Directors has approved a risk management framework which establishes governance and risk management requirements for all risk-taking activities. This framework includes Company and business line risk appetite statements which set boundaries for the types and amount of risk that may be undertaken in pursuing business objectives and initiatives. The Board of Directors, primarily through its Risk Management Committee, oversees performance relative to the risk management framework, risk appetite statements, and other policy requirements.
The Executive Risk Committee (“ERC”), which is chaired by the Chief Risk Officer and includes the Chief Executive Officer and other members of the executive management team, oversees execution against the risk management framework and risk appetite statements. The ERC focuses on current and emerging risks, including strategic and reputation risks, by directing timely and comprehensive actions. Senior operating committees have also been established, each responsible for overseeing a specified category of risk.
The Company’s most prominent risk exposures are credit, interest rate, market, liquidity, operational, compliance, strategic, and reputation. Leveraging the Company’s risk management framework, the specific impacts of
COVID-19
and related risks are identified for each of the most prominent exposures. Oversight and governance is managed through a centralized command center which escalates through the ERC. The Board of Directors also oversees the Company’s responsiveness to the
COVID-19
pandemic. Credit risk is the risk of not collecting the interest and/or the principal balance of a loan, investment or derivative contract when it is due. Interest rate risk is the potential reduction of net interest income or market valuations as a result of changes in interest rates. Market risk arises from fluctuations in interest rates, foreign exchange rates, and security prices that may result in changes in the values of financial
 
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  U.S. Bancorp

instruments, such as trading and
available-for-sale
securities, mortgage loans held for sale (“MLHFS”), MSRs and derivatives that are accounted for on a fair value basis. Liquidity risk is the possible inability to fund obligations or new business at a reasonable cost and in a timely manner. Operational risk is the risk to current or projected financial condition arising from inadequate or failed internal processes or systems, people, or adverse external events, including the risk of loss resulting from breaches in data security. Operational risk can also include the risk of loss due to failures by third parties with which the Company does business. Compliance risk is the risk that the Company may suffer legal or regulatory sanctions, financial losses, and reputational damage if it fails to adhere to compliance requirements. Strategic risk is the risk to current or projected financial condition arising from adverse business decisions, poor implementation of business decisions, or lack of responsiveness to changes in the banking industry and operating environment. Reputation risk is the risk to current or anticipated earnings, capital, or franchise or enterprise value arising from negative public opinion. This risk may impair the Company’s competitiveness by affecting its ability to establish new relationships or services, offer new services or continue serving existing relationships. In addition to the risks identified above, other risk factors exist that may impact the Company. Refer to “Risk Factors” in this report and in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2019, for a detailed discussion of these factors.
The Company’s Board and management-level governance committees are supported by a “three lines of defense” model for establishing effective checks and balances. The first line of defense, the business lines, manages risks in conformity with established limits and policy requirements. In turn, business line leaders and their risk officers establish programs to ensure conformity with these limits and policy requirements. The second line of defense, which includes the Chief Risk Officer’s organization as well as policy and oversight activities of corporate support functions, translates risk appetite and strategy into actionable risk limits and policies. The second line of defense monitors first line of defense conformity with limits and policies, and provides reporting and escalation of emerging risks and other concerns to senior management and the Risk Management Committee of the Board of Directors. The third line of defense, internal audit, is responsible for providing the Audit Committee of the Board of Directors and senior management with independent assessment and assurance regarding the effectiveness of the Company’s governance, risk management and control processes.
Management regularly provides reports to the Risk Management Committee of the Board of Directors. The Risk Management Committee discusses with management the Company’s risk management performance, and provides a summary of key risks to the entire Board of Directors, covering the status of existing matters, areas of potential future concern and specific information on certain types of loss events. The Risk Management Committee considers quarterly reports by management assessing the Company’s performance relative to the risk appetite statements and the associated risk limits, including:
 
Macroeconomic environment and other qualitative considerations, such as regulatory and compliance changes, litigation developments, and technology and cybersecurity;
 
Credit measures, including adversely rated and nonperforming loans, leveraged transactions, credit concentrations and lending limits;
 
Interest rate and market risk, including market value and net income simulation, and trading-related Value at Risk (“VaR”);
 
Liquidity risk, including funding projections under various stressed scenarios;
 
Operational and compliance risk, including losses stemming from events such as fraud, processing errors, control breaches, breaches in data security or adverse business decisions, as well as reporting on technology performance, and various legal and regulatory compliance measures;
 
Capital ratios and projections, including regulatory measures and stressed scenarios; and
&