10-Q
Table of Contents
US BANCORP \DE\Yes0.720.0010.0090.0090.720.720.420.42Yesfalse2021Q10000036104--12-310.72Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.lncludes time deposits greater than $250,000 balances of $3.1 billion and $4.4 billion at March 31, 2021 and December 31, 2020, respectively.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 $884.722, $221.18, $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 I, Series J, Series K, Series L and Series M Non-Cumulative Perpetual Preferred Stock of $875.00, $218.75, $406.25, $232.953, $662.50, $343.75, $234.375, and $202.778 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 taxes through a cumulative-effect adjustment.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.Information 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 3.4 years at December 31, 2020, with a corresponding weighted-average yield of 1.61 percent.Represents stock issuance costs originally recorded in preferred stock 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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 March 31, 2021
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 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
Depositary Shares (each representing 1/1,000th interest in a share of Series M
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrR   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 April 30, 2021
Common Stock, $0.01 Par Value    1,489,677,942 shares
 
 
 

Table of Contents
Table of Contents and
Form 10-Q
Cross Reference Index
 
Part I — Financial Information
    
       3  
       3  
       3  
       6  
       30  
       32  
       32  
       7  
       7  
       8  
       21  
       21  
       21  
       21  
       23  
       24  
       25  
       27  
       33  
Part II — Other Information
    
       71  
       71  
       71  
       71  
       72  
       73  
“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;
civil unrest; changes in customer behavior and preferences; breaches in data security, including as a result of work-from-home arrangements; 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 U.S. Bancorp’s Annual Report on Form
10-K
for the year ended December 31, 2020, 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
March 31
 
(Dollars and Shares in Millions, Except Per Share Data)   2021     2020     Percent
Change
 
Condensed Income Statement
     
Net interest income
  $ 3,063     $ 3,223       (5.0 )% 
Taxable-equivalent adjustment (a)
    26       24       8.3  
Net interest income (taxable-equivalent basis) (b)
    3,089       3,247       (4.9
Noninterest income
    2,381       2,525       (5.7
Total net revenue
    5,470       5,772       (5.2
Noninterest expense
    3,379       3,316       1.9  
Provision for credit losses
    (827     993       *  
Income before taxes
    2,918       1,463       99.5  
Income taxes and taxable-equivalent adjustment
    633       284       *  
Net income
    2,285       1,179       93.8  
Net (income) loss attributable to noncontrolling interests
    (5     (8     37.5  
Net income attributable to U.S. Bancorp
  $ 2,280     $ 1,171       94.7  
Net income applicable to U.S. Bancorp common shareholders
  $ 2,175     $ 1,088       99.9  
Per Common Share
     
Earnings per share
  $ 1.45     $ .72       *
Diluted earnings per share
    1.45       .72       *  
Dividends declared per share
    .42       .42        
Book value per share (c)
    30.53       30.24       1.0  
Market value per share
    55.31       34.45       60.6  
Average common shares outstanding
    1,502       1,518       (1.1
Average diluted common shares outstanding
    1,503       1,519       (1.1
Financial Ratios
     
Return on average assets
    1.69     .95  
Return on average common equity
    19.0       9.7    
Net interest margin (taxable-equivalent basis) (a)
    2.50       2.91    
Efficiency ratio (b)
    62.1       58.0    
Net charge-offs as a percent of average loans outstanding
    .31       .53    
Average Balances
     
Loans
  $ 293,989     $ 297,657       (1.2 )% 
Loans held for sale
    10,032       4,748       *  
Investment securities (d)
    145,520       120,843       20.4  
Earning assets
    497,711       447,722       11.2  
Assets
    548,734       494,807       10.9  
Noninterest-bearing deposits
    118,352       74,142       59.6  
Deposits
    426,364       362,804       17.5  
Short-term borrowings
    13,107       20,253       (35.3
Long-term debt
    39,463       43,846       (10.0
Total U.S. Bancorp shareholders’ equity
    52,729       51,146       3.1  
        March 31,
2021
    December 31,
2020
       
Period End Balances
     
Loans
  $ 294,427     $ 297,707       (1.1 )% 
Investment securities
    156,003       136,840       14.0  
Assets
    553,375       553,905       (.1
Deposits
    433,761       429,770       .9  
Long-term debt
    37,419       41,297       (9.4
Total U.S. Bancorp shareholders’ equity
    51,678       53,095       (2.7
Asset Quality
     
Nonperforming assets
  $ 1,202     $ 1,298       (7.4 )% 
Allowance for credit losses
    6,960       8,010       (13.1
Allowance for credit losses as a percentage of
period-end
loans
    2.36     2.69  
Capital Ratios
     
Common equity tier 1 capital
    9.9     9.7  
Tier 1 capital
    11.5       11.3    
Total risk-based capital
    13.5       13.4    
Leverage
    8.4       8.3    
Total leverage exposure
    7.4       7.3    
Tangible common equity to tangible assets (b)
    6.6       6.9    
Tangible common equity to risk-weighted assets (b)
    9.1       9.5    
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)
    9.5       9.3    
 
 
 
 
*
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.
 
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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 $2.3 billion for the first quarter of 2021, or $1.45 per diluted common share, compared with $1.2 billion, or $0.72 per diluted common share, for the first quarter of 2020. Return on average assets and return on average common equity were 1.69 percent and 19.0 percent, respectively, for the first quarter of 2021, compared with 0.95 percent and 9.7 percent, respectively, for the first quarter of 2020.
Total net revenue for the first quarter of 2021 was $302 million (5.2 percent) lower than the first quarter of 2020, reflecting a 5.0 percent decrease in net interest income (4.9 percent on a taxable-equivalent basis) and a 5.7 percent decrease in noninterest income. The decrease in net interest income from the first quarter of 2020 was primarily due to the impact of lower interest rates compared with the prior year and higher premium amortization in the investment portfolio related to mortgage refinance activities, partially offset by changes in deposit and funding mix as well as higher loan fees related to the Small Business Administration (“SBA”) Paycheck Protection Program. The noninterest income decrease was driven by lower mortgage banking revenue, deposit service charges, securities gains and other noninterest income, partially offset by improvement in trust and investment management fees and commercial products revenue.
Noninterest expense in the first quarter of 2021 was $63 million (1.9 percent) higher than the first quarter of 2020, reflecting increases in personnel expense, primarily related to performance-based incentive compensation, as well as technology and communications expense, partially offset by lower net occupancy and equipment expense, marketing and business development expense, and other noninterest expense.
The provision for credit losses for the first quarter of 2021 was a benefit of $827 million, which was $1.8 billion lower than the first quarter of 2020, reflecting a decrease in the allowance for credit losses during the first quarter of 2021 primarily due to improving economic conditions. Net charge-offs in the first quarter of 2021 were $223 million, compared with $393 million in the first quarter of 2020. 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 $3.1 billion in the first quarter of 2021, representing a decrease of $158 million (4.9 percent) compared with the first quarter of 2020. The decrease was primarily due to the impact of lower interest rates compared with the prior year and higher premium amortization related to securities prepayments, partially offset by changes in deposit and funding mix as well as higher loan fees. Average earning assets were $50.0 billion (11.2 percent) higher than the first quarter of 2020, reflecting increases of $24.7 billion (20.4 percent) in investment securities and $23.7 billion (96.8 percent) in other earning assets, including cash balances being maintained for liquidity given the current economic environment, while average loans decreased $3.7 billion (1.2 percent) due to continued paydowns by corporate customers that accessed the capital markets. The net interest margin, on a taxable-equivalent basis, in the first quarter of 2021 was 2.50 percent, compared with 2.91 percent in the first quarter of 2020. The decrease in net interest margin from the first quarter of 2020 was primarily due to the impact of a lower yield curve on earning assets, higher premium amortization within the investment portfolio and decisions to maintain higher levels of liquidity, partially offset by the net benefit of deposit repricing and funding composition and higher loan fees. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” table for further information on net interest income.
 
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 Table 2
 
   Noninterest Income
 
           
Three Months Ended
March 31
 
(Dollars in Millions)           2021      2020      Percent
Change
 
Credit and debit card revenue
 
   $ 336      $ 304        10.5
Corporate payment products revenue
 
     126        145        (13.1
Merchant processing services
 
     318        337        (5.6
Trust and investment management fees
 
     444        427        4.0  
Deposit service charges
 
     161        209        (23.0
Treasury management fees
 
     147        143        2.8  
Commercial products revenue
 
     280        246        13.8  
Mortgage banking revenue
 
     299        395        (24.3
Investment products fees
 
     55        49        12.2  
Securities gains (losses), net
 
     25        50        (50.0
Other
       190        220        (13.6
Total noninterest income
 
   $ 2,381      $ 2,525        (5.7 )% 
 
Average total loans in the first quarter of 2021 were $3.7 billion (1.2 percent) lower than the first quarter of 2020. The decrease was primarily due to lower commercial loans (3.7 percent) driven by continued paydowns by corporate customers that accessed the capital markets, lower credit card loans (11.3 percent) driven by higher customer payment rates, lower commercial real estate loans (3.2 percent) reflecting customer paydowns and a decrease in new loan origination activity, and lower total other retail loans (0.2 percent). The decrease in total other retail loans reflected the net impact of lower home equity and second mortgages (18.7 percent) as more customers chose to refinance their existing first lien residential mortgage balances during the prior year due to the low interest rate environment, partially offset by higher other retail loans (9.5 percent) driven by growth in installment loans due to the impact of
COVID-19
on recreational vehicle sales. The decrease in average total loans was further offset by growth in residential mortgages (6.1 percent) driven by loan repurchases from the Government National Mortgage Association (“GNMA”).
Average investment securities in the first quarter of 2021 were $24.7 billion (20.4 percent) higher than the first quarter of 2020, 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 first quarter of 2021 were $63.6 billion (17.5 percent) higher than the first quarter of 2020, including approximately $10 billion related to the acquisition of deposit balances from State Farm Bank in the fourth quarter of 2020. Average noninterest-bearing deposits were $44.2 billion (59.6 percent) higher than the prior year, reflecting increases across all business lines. Average total savings deposits were $33.7 billion (13.6 percent) higher than the prior year, driven by increases in Consumer and Business Banking, and Wealth Management and Investment Services balances, partially offset by a decrease in Corporate and Commercial Banking balances. The growth in average noninterest-bearing and total savings 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 first quarter of 2021 were $14.4 billion (34.8 percent) lower than the first quarter of 2020, primarily driven by decreases in those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.
Provision for Credit Losses
 The provision for credit losses for the first quarter of 2021 was a benefit of $827 million, representing a decrease of $1.8 billion from the first quarter of 2020. The decrease reflected factors affecting economic conditions during the first quarter of 2021, including the enactment of additional benefits from government stimulus programs, vaccine availability in the United States and reduced levels of new
COVID-19
cases. Net charge-offs decreased $170 million (43.3 percent) in the first quarter of 2021, compared with the first quarter of 2020, primarily due to lower commercial, credit card and 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.
 
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 Table 3
 
   Noninterest Expense
 
    
Three Months Ended
March 31
 
(Dollars in Millions)    2021     2020     Percent
Change
 
Compensation
   $ 1,803     $ 1,620       11.3
Employee benefits
     384       352       9.1  
Net occupancy and equipment
     263       276       (4.7
Professional services
     98       99       (1.0
Marketing and business development
     48       74       (35.1
Technology and communications
     359       289       24.2  
Postage, printing and supplies
     69       72       (4.2
Other intangibles
     38       42       (9.5
Other
     317       492       (35.6
Total noninterest expense
   $ 3,379     $ 3,316       1.9
Efficiency ratio (a)
     62.1     58.0  
 
 
 
 
(a)
See Non-GAAP Financial Measures beginning on page 30.
 
Noninterest Income
 Noninterest income was $2.4 billion in the first quarter of 2021, representing a decrease of $144 million (5.7 percent), compared with the first quarter of 2020. The decrease from a year ago reflected lower mortgage banking revenue, deposit service charges, securities gains and other noninterest income, partially offset by higher commercial products revenue and trust and investment management fees. Mortgage banking revenue decreased $96 million (24.3 percent) due to declines in mortgage servicing rights (“MSRs”) valuations, net of hedging activities, driven by the impact of prepayments on the servicing portfolio, partially offset by higher production volume and related gain on sale margins compared with the prior year. Deposit service charges decreased $48 million (23.0 percent) primarily due to lower consumer spending activities and higher consumer deposit levels related to government stimulus. Other noninterest income decreased $30 million (13.6 percent) primarily due to lower gains on sales of certain businesses and
tax-advantaged
investment syndication revenue in the first quarter of 2021, partially offset by higher retail leasing end of term residual gains. Commercial products revenue increased $34 million (13.8 percent) primarily due to better market conditions and higher
non-yield
loan fees on unused commitments, while trust and investment management fees increased $17 million (4.0 percent) driven by business growth and favorable market conditions. During the past year, payment services revenue has been adversely affected by the impact of the
COVID-19
pandemic on consumer spending, particularly related to travel and entertainment activities. However, consumer spending continues to strengthen across most sectors driven by government stimulus, local jurisdictions reducing restrictions and consumer behaviors normalizing. As a result, payment services revenue was essentially flat compared with the first quarter of 2020. The components of payment services revenue included higher credit and debit card revenue of $32 million (10.5 percent) driven by higher net interchange revenue related to sales volumes and higher prepaid fees as a result of government stimulus programs. This increase in payment services revenue was more than offset by lower corporate payment products revenue of $19 million (13.1 percent) primarily due to lower business spending related to travel and entertainment as well as lower merchant processing services revenue of $19 million (5.6 percent) driven by lower sales volume and merchant fees.
Noninterest Expense
 Noninterest expense was $3.4 billion in the first quarter of 2021, representing an increase of $63 million (1.9 percent) over the first quarter of 2020. The increase from the prior year reflected higher compensation expense, employee benefits expense, and technology and communications expense, partially offset by lower marketing and business development expense, net occupancy and equipment expense, and other noninterest expense. Compensation expense increased $183 million (11.3 percent) due to merit increases, higher revenue-related compensation driven by business production within mortgage banking, and higher performance-based incentives and stock-based compensation. Employee benefits expense increased $32 million (9.1 percent) primarily due to higher payroll taxes and related benefits, as well as higher medical claims expense compared with the first quarter of 2020. Technology and communications expense increased $70 million (24.2 percent) primarily due to higher call center volume related to prepaid cards and capital expenditures supporting business technology investments. Other noninterest expense decreased $175 million (35.6 percent) primarily due to higher
COVID-19
related accruals in the first quarter of 2020 including recognizing liabilities related to future delivery exposures related to merchant and airline processing. Marketing and business development expense decreased $26 million (35.1 percent) due to a reduction in travel as a result of
COVID-19,
while net occupancy and equipment expense decreased $13 million (4.7 percent) primarily due to branch closures.
 
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Income Tax Expense
 The provision for income taxes was $607 million (an effective rate of 21.0 percent) for the first quarter of 2021, compared with $260 million (an effective rate of 18.1 percent) for the first quarter of 2020. The increase in the tax rate is due to the marginal impact of providing taxes on higher pretax earnings in the first quarter of 2021. 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 $294.4 billion at March 31, 2021, compared with $297.7 billion at December 31, 2020, a decrease of $3.3 billion (1.1 percent). The decrease was driven by lower residential mortgages, credit card loans and commercial real estate loans, partially offset by higher commercial loans and other retail loans.
Residential mortgages held in the loan portfolio decreased $2.5 billion (3.3 percent) at March 31, 2021, compared with December 31, 2020, due to customers paying down balances in the first quarter of 2021. 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.
Credit card loans decreased $1.5 billion (6.6 percent) at March 31, 2021, compared with December 31, 2020, reflecting higher customer payment rates.
Commercial real estate loans decreased $879 million (2.2 percent) at March 31, 2021, compared with December 31, 2020, the result of customers paying down balances and a decrease in new loan origination activity.
Commercial loans increased $1.3 billion (1.3 percent) at March 31, 2021, compared with December 31, 2020, reflecting the impact of loans made under the SBA Paycheck Protection Program during the first quarter of 2021, partially offset by paydowns by corporate customers that accessed the capital markets.
Other retail loans increased $317 million (0.6 percent) at March 31, 2021, compared with December 31, 2020, due to increases in auto loans and installment loans, partially offset by decreases in home equity loans, retail leasing balances and revolving credit balances.
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 $9.0 billion at March 31, 2021, compared with $8.8 billion at December 31, 2020. 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 $156.0 billion at March 31, 2021, compared with $136.8 billion at December 31, 2020. The $19.2 billion (14.0 percent) increase was primarily due to $22.6 billion of net investment purchases, partially offset by a $3.4 billion unfavorable change in net unrealized gains (losses) on
available-for-sale
 
 Table 4
 
   Available-for-Sale Investment Securities
 
    March 31, 2021      December 31, 2020  
(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
  $ 24,401      $ 24,317       4.4        1.31    $ 21,954      $ 22,391       3.8        1.37
Mortgage-backed securities (a)
    122,883        122,262       6.1        1.44        103,282        105,374       3.0        1.47  
Asset-backed securities (a)
    197        202       5.9        1.09        200        205       6.2        1.47  
Obligations of state and political subdivisions (b) (c)
    8,687        9,215       6.7        3.89        8,166        8,861       6.3        3.99  
Other
    7        7       .1        2.07        9        9       .1        1.81  
Total investment securities
  $ 156,175      $ 156,003       5.9        1.55    $ 133,611      $ 136,840       3.4        1.61
 
(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.
 
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investment securities. The Company had no outstanding investment securities classified as
held-to-maturity
at March 31, 2021 and December 31, 2020.
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 March 31, 2021, the Company’s net unrealized losses on
available-for-sale
investment securities were $172 million, compared with $3.2 billion of net unrealized gains at December 31, 2020. The unfavorable change in net unrealized gains (losses) was primarily due to decreases 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 $2.3 billion at March 31, 2021, compared with $53 million at December 31, 2020. At March 31, 2021, 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 $433.8 billion at March 31, 2021, compared with $429.8 billion at December 31, 2020. The $4.0 billion (0.9 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 $8.7 billion (7.3 percent) at March 31, 2021, compared with December 31, 2020, primarily due to higher Corporate and Commercial Banking, Consumer and Business Banking, and Wealth Management and Investment Services balances. Interest checking balances increased $7.9 billion (8.3 percent), driven by higher Consumer and Business Banking, Wealth Management and Investment Services, and Corporate and Commercial Banking balances. Savings account balances increased $4.4 billion (7.7 percent), primarily due to higher Consumer and Business Banking balances. Money market deposit balances decreased $10.0 billion (7.8 percent) at March 31, 2021, compared with December 31, 2020, primarily due to lower Wealth Management and Investment Services, and Corporate and Commercial Banking balances. Time deposits decreased $7.0 billion (22.8 percent) at March 31, 2021, compared with December 31, 2020, driven by a decrease in those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.
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 $12.1 billion at March 31, 2021, compared with $11.8 billion at December 31, 2020. The $332 million (2.8 percent) increase in short-term borrowings was primarily due to higher repurchase agreement and other short-term borrowings balances. Long-term debt was $37.4 billion at March 31, 2021, compared with $41.3 billion at December 31, 2020. The $3.9 billion (9.4 percent) decrease was primarily due to $3.7 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. With respect to direct impacts from
COVID-19,
oversight and governance is managed through a centralized command center with frequent reporting to the Managing
 
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Committee and ERC. The Board of Directors also oversees the Company’s responsiveness to the
COVID-19
pandemic. Credit risk is the risk of loss associated with a change in the credit profile or the failure of a borrower or counterparty to meet its contractual obligations. 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 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 and resilience arising from inadequate or failed internal processes or systems, people (including human errors or misconduct), 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 and the Company’s compliance policies. 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, 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 the Company’s Annual Report on Form
10-K
for the year ended December 31, 2020, 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
 
Strategic and reputation risk considerations, impacts and responses.
Credit Risk Management
 The Company’s strategy for credit risk management includes well-defined, centralized credit policies, uniform underwriting criteria, and ongoing risk monitoring and review processes for all commercial and consumer credit exposures. In evaluating its credit risk, the Company considers changes, if any, in underwriting activities, the loan portfolio composition
 
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(including product mix and geographic, industry or customer-specific concentrations), collateral values, trends in loan performance and macroeconomic factors, such as changes in unemployment rates, gross domestic product levels and consumer bankruptcy filings, as well as the potential impact on customers and the domestic economy resulting from the
COVID-19
pandemic. The Risk Management Committee oversees the Company’s credit risk management process.
In addition, credit quality ratings as defined by the Company, are an important part of the Company’s overall credit risk management and evaluation of its allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Loans with a special mention or classified rating, including consumer lending and small business loans that are 90 days or more past due and still accruing, nonaccrual loans, those loans considered troubled debt restructurings (“TDRs”), and loans in a junior lien position that are current but are behind a first lien position on nonaccrual, encompass all loans held by the Company that it considers to have a potential or well-defined weakness that may put full collection of contractual cash flows at risk. The Company’s internal credit quality ratings for consumer loans are primarily based on delinquency and nonperforming status, except for a limited population of larger loans within those portfolios that are individually evaluated. For this limited population, the determination of the internal credit quality rating may also consider collateral value and customer cash flows. Refer to Note 4 in the Notes to Consolidated Financial Statements for further discussion of the Company’s loan portfolios including internal credit quality ratings. In addition, refer to “Management’s Discussion and Analysis — Credit Risk Management” in the Company’s Annual Report on
Form 10-K
for the year ended December 31, 2020, for a more detailed discussion on credit risk management processes.
The Company manages its credit risk, in part, through diversification of its loan portfolio which is achieved through limit setting by product type criteria, such as industry, and identification of credit concentrations. As part of its normal business activities, the Company offers a broad array of lending products. The Company categorizes its loan portfolio into two segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s two loan portfolio segments are commercial lending and consumer lending.
The commercial lending segment includes loans and leases made to small business, middle market, large corporate, commercial real estate, financial institution,
non-profit
and public sector customers. Key risk characteristics relevant to commercial lending segment loans include the industry and geography of the borrower’s business, purpose of the loan, repayment source, borrower’s debt capacity and financial flexibility, loan covenants, and nature of pledged collateral, if any, as well as macroeconomic factors such as unemployment rates, gross domestic product levels, corporate bond spreads and long-term interest rates, all of which have been impacted by the
COVID-19
pandemic. These risk characteristics, among others, are considered in determining estimates about the likelihood of default by the borrowers and the severity of loss in the event of default. The Company considers these risk characteristics in assigning internal risk ratings to, or forecasting losses on, these loans, which are the significant factors in determining the allowance for credit losses for loans in the commercial lending segment.
The consumer lending segment represents loans and leases made to consumer customers, including residential mortgages, credit card loans, and other retail loans such as revolving consumer lines, auto loans and leases, home equity loans and lines, and student loans, a
run-off
portfolio. Home equity or second mortgage loans are junior lien
closed-end
accounts fully disbursed at origination. These loans typically are fixed rate loans, secured by residential real estate, with a
10-
or
15-year
fixed payment amortization schedule. Home equity lines are revolving accounts giving the borrower the ability to draw and repay balances repeatedly, up to a maximum commitment, and are secured by residential real estate. These include accounts in either a first or junior lien position. Typical terms on home equity lines in the portfolio are variable rates benchmarked to the prime rate, with a
10-
or
15-year
draw period during which a minimum payment is equivalent to the monthly interest, followed by a
20-
or
10-year
amortization period, respectively. At March 31, 2021, substantially all of the Company’s home equity lines were in the draw period. Approximately $1.2 billion, or 12 percent, of the outstanding home equity line balances at March 31, 2021, will enter the amortization period within the next 36 months. Key risk characteristics relevant to consumer lending segment loans primarily relate to the borrowers’ capacity and willingness to repay and include unemployment rates, consumer bankruptcy filings and other macroeconomic factors, customer payment history and credit scores, and in some cases, updated
loan-to-value
(“LTV”) information reflecting current
 
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market conditions on real estate-based loans. These and other risk characteristics, including elevated risk resulting from the
COVID-19
pandemic, are reflected in forecasts of delinquency levels, bankruptcies and losses which are the primary factors in determining the allowance for credit losses for the consumer lending segment.
The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans.
The Company’s consumer lending segment utilizes several distinct business processes and channels to originate consumer credit, including traditional branch lending, mobile and
on-line
banking, indirect lending, alliance partnerships, correspondent banks and loan brokers. Each distinct underwriting and origination activity manages unique credit risk characteristics and prices its loan production commensurate with the differing risk profiles.
Residential mortgage originations are generally limited to prime borrowers and are performed through the Company’s branches, loan production offices, mobile and
on-line
services and a wholesale network of originators. The Company may retain residential mortgage loans it originates on its balance sheet or sell the loans into the secondary market while retaining the servicing rights and customer relationships. Utilizing the secondary markets enables the Company to effectively reduce its credit and other asset/liability risks. For residential mortgages that are retained in the Company’s portfolio and for home equity and second mortgages, credit risk is also diversified by geography and managed by adherence to LTV and borrower credit criteria during the underwriting process.
The Company estimates updated LTV information on its outstanding residential mortgages quarterly, based on a method that combines automated valuation model updates and relevant home price indices. LTV is the ratio of the loan’s outstanding principal balance to the current estimate of property value. For home equity and second mortgages, combined
loan-to-value
(“CLTV”) is the combination of the first mortgage original principal balance and the second lien outstanding principal balance, relative to the current estimate of property value. Certain loans do not have an LTV or CLTV, primarily due to lack of availability of relevant automated valuation model and/or home price indices values, or lack of necessary valuation data on acquired loans.
The following tables provide summary information of residential mortgages and home equity and second mortgages by LTV at March 31, 2021:
 
Residential Mortgages
(Dollars in Millions)
  Interest
Only
    Amortizing     Total     Percent
of Total
 
Loan-to-Value
       
Less than or equal to 80%
  $ 3,138     $ 55,505     $ 58,643       79.7
Over 80% through 90%
    7       3,146       3,153       4.3  
Over 90% through 100%
          291       291       .4  
Over 100%
          91       91       .1  
No LTV available
          10       10        
Loans purchased from GNMA mortgage pools (a)
          11,436       11,436       15.5  
Total (b)
  $ 3,145     $ 70,479     $ 73,624       100.0
 
(a)
Represents loans purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose payments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.
(b)
At March 31, 2021, approximately $494 million of residential mortgage balances were considered
sub-prime.
 
Home Equity and Second Mortgages
(Dollars in Millions)
  Lines     Loans     Total     Percent
of Total
 
Loan-to-Value
       
Less than or equal to 80%
  $ 9,796     $ 654     $ 10,450       89.5
Over 80% through 90%
    625       317       942       8.1  
Over 90% through 100%
    98       36       134       1.1  
Over 100%
    67       6       73       .6  
No LTV/CLTV available
    76       4       80       .7  
Total (a)
  $ 10,662     $ 1,017     $ 11,679       100.0
 
(a)
At March 31, 2020, approximately $46 million of home equity and second mortgage balances were considered
sub-prime.    
Home equity and second mortgages were $11.7 billion at March 31, 2021, compared with $12.5 billion at December 31, 2020, and included $3.3 billion of home equity lines in a first lien position and $8.4 billion of home equity and second mortgage loans and lines in a junior lien position. Loans and lines in a junior lien position at March 31, 2021, included approximately $3.2 billion of loans and lines for which the Company also serviced the related first lien loan, and approximately $5.2 billion where the Company did not service the related first lien loan. The Company was able to determine the status of the related first liens using information the Company has as the servicer of the first lien or information reported on customer credit bureau files. The Company also evaluates other indicators of credit risk for these junior lien loans and lines including delinquency, estimated average CLTV ratios and updated weighted-average credit scores in making its assessment of credit risk, related loss estimates and determining the allowance for credit losses.
 
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The following table provides a summary of delinquency statistics and other credit quality indicators for the Company’s junior lien positions at March 31, 2021:
 
    Junior Liens Behind        
(Dollars in Millions)   Company Owned
or Serviced First
Lien
    Third Party
First Lien
    Total  
Total
  $ 3,145     $ 5,225     $ 8,370  
Percent 30—89 days past due
    .31     .34     .33
Percent 90 days or more past due
    .07     .06     .07
Weighted-average CLTV
    64     62     62
Weighted-average credit score
    780       778       779  
See the “Analysis and Determination of the Allowance for Credit Losses” section for additional information on how the Company determines the allowance for credit losses for loans in a junior lien position.
Loan Delinquencies
Trends in delinquency ratios are an indicator, among other considerations, of credit risk within the Company’s loan portfolios. The Company measures delinquencies, both including and excluding nonperforming loans, to enable comparability with other companies. Accruing loans 90 days or more past due totaled $476 million at March 31, 2021, compared with $477 million at December 31, 2020. These balances exclude loans purchased from GNMA mortgage pools whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. Accruing loans 90 days or more past due are not included in nonperforming assets and continue to accrue interest because they are adequately secured by collateral, are in the process of collection and are reasonably expected to result in repayment or restoration to current status, or are managed in homogeneous portfolios with specified
charge-off
timeframes adhering to regulatory guidelines. The ratio of accruing loans 90 days or more past due to total loans was 0.16 percent at March 31, 2021 and December 31, 2020.
 
 Table 5
     Delinquent Loan Ratios as a Percent of Ending Loan Balances
 
90 days or more past due
excluding
nonperforming loans
          March 31,
2021
    December 31,
2020
 
Commercial
      
Commercial
       .06     .06
Lease financing
 
 
 
 
            
Total commercial
       .06       .05  
Commercial Real Estate
      
Commercial mortgages
              
Construction and development
 
 
 
 
     .03       .02  
Total commercial real estate
       .01       .01  
Residential Mortgages (a)
       .19       .18  
Credit Card
       .95       .88  
Other Retail
      
Retail leasing
       .01       .05  
Home equity and second mortgages
       .36       .36  
Other
 
 
 
 
     .07       .10  
Total other retail
 
 
 
 
     .12       .15  
Total loans
 
 
 
 
     .16     .16
90 days or more past due
including
nonperforming loans
          March 31,
2021
    December 31,
2020
 
Commercial
       .39     .42
Commercial real estate
       .94       1.15  
Residential mortgages (a)
       .54       .50  
Credit card
       .95       .88  
Other retail
 
 
 
 
     .42       .42  
Total loans
 
 
 
 
     .54     .57
 
(a)
Delinquent loan ratios exclude $1.7 billion at March 31, 2021, and $1.8 billion at December 31, 2020, of loans purchased from GNMA mortgage pools whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. Including these loans, the ratio of residential mortgages 90 days or more past due including all nonperforming loans was 2.81 percent at March 31, 2021, and 2.87 percent at December 31, 2020.
 
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The following table provides summary delinquency information for residential mortgages, credit card and other retail loans included in the consumer lending segment:
 
   
Amount
            
As a Percent of Ending
Loan Balances
 
(Dollars in Millions)   March 31,
2021
     December 31,
2020
             March 31,
2021
    December 31,
2020
 
Residential Mortgages (a)
       
 
    
30-89
days
  $ 204      $ 244     
 
     .28     .32
90 days or more
    143        137     
 
     .19       .18  
Nonperforming
    253        245     
 
 
 
     .34       .32  
Total
  $ 600      $ 626     
 
     .81     .82
Credit Card
       
 
    
30-89
days
  $ 188      $ 231     
 
     .90     1.04
90 days or more
    198        197     
 
     .95       .88  
Nonperforming
               
 
 
 
            
Total
  $ 386      $ 428     
 
     1.85     1.92
Other Retail
       
 
    
Retail Leasing
       
 
    
30-89
days
  $   27      $   35     
 
     .34     .43
90 days or more
    1        4     
 
     .01       .05  
Nonperforming
    14        13     
 
 
 
     .18       .16  
Total
  $   42      $   52     
 
     .53     .64
Home Equity and Second Mortgages
       
 
    
30-89
days
  $   44      $   68     
 
     .37     .54
90 days or more
    42        45     
 
     .36       .36  
Nonperforming
    127        107     
 
 
 
     1.09       .86  
Total
  $ 213      $ 220     
 
     1.82     1.76
Other (b)
       
 
    
30-89
days
  $ 150      $ 215     
 
     .40     .60
90 days or more
    27        37     
 
     .07       .10  
Nonperforming
    31        34     
 
 
 
     .08       .09  
Total
  $ 208      $ 286     
 
 
 
     .55     .79
 
(a)
Excludes $1.5 billion of loans
30-89
days past due and $1.7 billion of loans 90 days or more past due at March 31, 2021, purchased from GNMA mortgage pools that continue to accrue interest, compared with $1.4 billion and $1.8 billion at December 31, 2020, respectively.
(b)
Includes revolving credit, installment, automobile and student loans.
 
Restructured Loans
In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. In most cases the modification is either a concessionary reduction in interest rate, extension of the maturity date or reduction in the principal balance that would otherwise not be considered.
Troubled Debt Restructurings
Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in the payments to be received. TDRs accrue interest if the borrower complies with the revised terms and conditions and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles, which is generally six months or greater. At March 31, 2021, performing TDRs were $3.5 billion, compared with $3.6 billion at December 31, 2020.
The Company continues to work with customers to modify loans for borrowers who are experiencing financial difficulties. Many of the Company’s TDRs are determined on a
case-by-case
basis in connection with ongoing loan collection processes. The modifications vary within each of the Company’s loan classes. Commercial lending segment TDRs generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate. The Company may also work with the borrower to make other changes to the loan to mitigate losses, such as obtaining additional collateral and/or guarantees to support the loan.
The Company has also implemented certain residential mortgage loan restructuring programs that may result in TDRs. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, and its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments by providing loan concessions. These concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extensions of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period
 
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arrangement, and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs and continues to report them as TDRs after the trial period.
Credit card and other retail loan TDRs are generally part of distinct restructuring programs providing customers modification solutions over a specified time period, generally up to 60 months.
In accordance with regulatory guidance, the Company considers secured consumer loans that have had debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs. If the loan amount exceeds the collateral value, the loan is charged down to collateral value and the remaining amount is reported as nonperforming.
Loan modifications or concessions granted to customers resulting directly from the effects of the
COVID-19
pandemic, who were otherwise in current payment status, are not considered to be TDRs.
 
The following table provides a summary of TDRs by loan class, including the delinquency status for TDRs that continue to accrue interest and TDRs included in nonperforming assets:
 
           As a Percent of Performing TDRs              
At March 31, 2021
(Dollars in Millions)
  Performing
TDRs
    
30-89 Days

Past Due
    90 Days or More
Past Due
    Nonperforming
TDRs
    Total
TDRs
 
Commercial
  $ 183        5.1     2.6   $ 212 (a)    $ 395  
Commercial real estate
    139        1.8             156 (b)      295  
Residential mortgages
    1,449        6.0       4.2       140       1,589 (d) 
Credit card
    235        8.4       4.2             235  
Other retail
    198        10.1       5.4       46 (c)      244 (e) 
TDRs, excluding loans purchased from GNMA mortgage pools
    2,204        6.3       3.9       554       2,758  
Loans purchased from GNMA mortgage pools (g)
    1,322                          1,322 (f) 
Total
  $ 3,526        3.9     2.4   $ 554     $ 4,080  
 
(a)
Primarily represents loans less than six months from the modification date that have not met the performance period required to return to accrual status (generally six months) and small business credit cards with a modified rate equal to 0 percent.
(b)
Primarily represents loans less than six months from the modification date that have not met the performance period required to return to accrual status (generally six months).
(c)
Primarily represents loans with a modified rate equal to 0 percent.
(d)
Includes $264 million of residential mortgage loans to borrowers that have had debt discharged through bankruptcy and $57 million in trial period arrangements or previously placed in trial period arrangements but not successfully completed.
(e)
Includes $80 million of other retail loans to borrowers that have had debt discharged through bankruptcy and $17 million in trial period arrangements or previously placed in trial period arrangements but not successfully completed.
(f)
Includes $169 million of Federal Housing Administration and United States Department of Veterans Affairs residential mortgage loans to borrowers that have had debt discharged through bankruptcy and $269 million in trial period arrangements or previously placed in trial period arrangements but not successfully completed.
(g)
Approximately 14.9 percent and 39.0 percent of the total TDR loans purchased from GNMA mortgage pools are
30-89
days past due and 90 days or more past due, respectively, but are not classified as delinquent as their repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.
 
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Short-term and Other Loan Modifications
The Company makes short-term and other modifications that it does not consider to be TDRs, in limited circumstances, to assist borrowers experiencing temporary hardships. Short-term consumer lending modification programs include payment reductions, deferrals of up to three past due payments, and the ability to return to current status if the borrower makes required payments. The Company may also make short-term modifications to commercial lending loans, with the most common modification being an extension of the maturity date of three months or less. Such extensions generally are used when the maturity date is imminent and the borrower is experiencing some level of financial stress, but the Company believes the borrower will pay all contractual amounts owed.
COVID-19
Payment Relief
The Company has offered payment relief, including forbearance, payment deferrals and other customer accommodations, to assist borrowers that have experienced financial hardship resulting from the effects of the
COVID-19
pandemic. The majority of these borrowers were not delinquent on payments at the time they received the payment relief. From March 2020 through March 31, 2021, the Company had approved approximately 385,000 loan modifications for these borrowers, representing approximately $27.0 billion. The loans modified consisted primarily of payment forbearance or deferrals of 90 days or less. A portion of the borrowers who received account modifications are no longer participating in these payment relief programs, as the programs are generally short-term; and at March 31, 2021, approximately 57,000 accounts, representing approximately $7.3 billion, were currently in an active payment relief program. The recognition of delinquent or nonaccrual loans and loan net charge-offs may be delayed for those customers enrolled in these payment relief programs who would have otherwise moved into past due or nonaccrual status, as these customer accounts do not continue to age during the period the payment delay is provided.
 
The following table summarizes borrowers enrolled in payment relief programs as a result of the
COVID-19
pandemic at March 31, 2021, as a percentage of the Company’s loans and loan balances:
 
      Percentage of Loan Accounts
in Payment Relief Programs
     Percentage of Loan Balances
in Payment Relief Programs
     Program Details
Commercial
     .07      .03    Primarily 3 month payment deferral up to a maximum of 6 months; interest continues to accrue with various payment options; may include short-term covenant waivers
Commercial real estate
     .30        .62      Primarily 3 month payment deferral up to a maximum of 6 months; interest continues to accrue with various payment options; may include short-term covenant waivers
Residential mortgages (a)
     2.28        2.99      Primarily 6 month payment forbearance, which may be extended up to 18 months; interest continues to accrue; cumulative payments suspended during forbearance period are either
paid-off
immediately or under a short-term repayment plan, or addressed through a permanent loan modification that either requires repayment at maturity or through restructured payments over time
Credit cards
     .10        .22      Primarily payment reduction up to 6 months; payment relief of up to 3 months; interest continues to accrue
Other retail
     .35        .65      Home equity loan programs are similar to residential mortgage programs; programs for other loan portfolios are primarily 2 month payment deferral up to a maximum of 4 months; interest continues to accrue
Total loans (a)
     .18      .91   
 
 
Note:
Payment relief generally includes payment deferrals, forbearances, extensions and
re-ages,
and excludes loans made under the Small Business Administration’s (“SBA”) Paycheck Protection Program, as amounts due under that program are expected to be fully forgiven by the SBA.
 
(a)
Excludes loans purchased from GNMA mortgage pools, whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. At March 31, 2021, 40.08 percent of the total number of accounts and 42.15 percent of the total loan balances of loans purchased from GNMA mortgage pools were to borrowers enrolled in payment relief programs as a result of the
COVID-19
pandemic. Including these loans, 11.15 percent of the total number of accounts and 9.07 percent of the total balances of residential mortgages were to borrowers enrolled in payment relief programs as a result of the
COVID-19
pandemic. Including these loans, .43 percent of the total number of accounts and 2.55 percent of the total balances of all loans were to borrowers enrolled in payment relief programs as a result of the
COVID-19
pandemic.
 
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Nonperforming Assets
The level of nonperforming assets represents another indicator of the potential for future credit losses. Nonperforming assets include nonaccrual loans, restructured loans not performing in accordance with modified terms and not accruing interest, restructured loans that have not met the performance period required to return to accrual status, other real estate owned (“OREO”) and other nonperforming assets owned by the Company. Interest payments collected from assets on nonaccrual status are generally applied against the principal balance and not recorded as income. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible.
At March 31, 2021, total nonperforming assets were $1.2 billion, compared to $1.3 billion at December 31, 2020. The $96 million (7.4 percent) decrease in nonperforming assets was driven by decreases in nonperforming commercial real estate and commercial
loans, partially offset by an increase in nonperforming other retail loans. The ratio of total nonperforming assets to total loans and other real estate was 0.41 percent at March 31, 2021, compared with 0.44 percent at December 31, 2020. The Company expects credit quality to return to more normalized levels throughout the remainder of 2021 as the economy rebounds and consumer spending resumes. However, some manageable levels of elevated nonperforming assets in certain industries and loan categories yet to recover from pandemic related impacts are expected.
OREO was $19 million at March 31, 2021, compared with $24 million at December 31, 2020, and was related to foreclosed properties that previously secured loan balances. These balances exclude foreclosed GNMA loans whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.
 
The following table provides an analysis of OREO, as a percent of their related loan balances, including geographical location detail for residential (residential mortgage, home equity and second mortgage) and commercial (commercial and commercial real estate) loan balances:
 
    Amount             As a Percent of Ending
Loan Balances
 
(Dollars in Millions)   March 31,
2021
    December 31,
2020
            March 31,
2021
    December 31,
2020
 
Residential
      
 
   
California
              $ 3                 $ 2     
 
    .01     .01
New York
    2       2     
 
    .16       .17  
Oregon
    2       2     
 
    .07       .07  
Illinois
    1       2     
 
    .02       .04  
Florida
    1       1     
 
    .03       .03  
All other states
    9       14     
 
 
 
    .02       .03  
Total residential
    18       23     
 
    .02       .03  
Commercial
      
 
   
Iowa
    1       1     
 
    .05       .04  
All other states
              
 
 
 
           
Total commercial
    1       1     
 
 
 
           
Total
              $ 19                 $ 24     
 
 
 
    .01     .01
 
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Table 6
 
   Nonperforming Assets (a)
 
(Dollars in Millions)   March 31,
2021
    December 31,
2020
 
Commercial
   
Commercial
          $ 298             $ 321  
Lease financing
    49       54  
Total commercial
    347       375  
Commercial Real Estate
   
Commercial mortgages
    266       411  
Construction and development
    90       39  
Total commercial real estate
    356       450  
Residential Mortgages (b)
    253       245  
Credit Card
           
Other Retail
   
Retail leasing
    14       13  
Home equity and second mortgages
    127       107  
Other
    31       34  
Total other retail
    172       154  
Total nonperforming loans
    1,128       1,224  
Other Real Estate (c)
    19       24  
Other Assets
    55       50  
Total nonperforming assets
          $ 1,202             $ 1,298  
Accruing loans 90 days or more past due (b)
          $ 476             $ 477  
Nonperforming loans to total loans
    .38     .41
Nonperforming assets to total loans plus other real estate (c)
    .41     .44
Changes in Nonperforming Assets
 
(Dollars in Millions)    Commercial and
Commercial
Real Estate
    Residential
Mortgages,
Credit Card and
Other Retail
    Total  
Balance December 31, 2020
             $ 854                 $ 444         $ 1,298  
Additions to nonperforming assets
      
New nonaccrual loans and foreclosed properties
     178       79       257  
Advances on loans
     3             3  
Total additions
     181       79       260  
Reductions in nonperforming assets