10-Q
US BANCORP \DE\Yes0.99P1M20DP11M15DP11M15DP10M24DP6MP6MP7M6DP7M6D0.0010.009P10M24DP18DP5M12DP11M15DP8M19DP21DP25DP3M14DP1M2DP14DP3M21DP7DP21DP6MP14DP1M17DP4M20DP1M9DP14DP14DP2M23DP18DP1M20DP18DP8M12DP21DP25DP25DP18DP5M15D0.99YesfalseQ30000036104--12-31Information 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.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. lncludes time deposits greater than $250,000 balances of $2.4 billion and $4.4 billion at September 30, 2021 and December 31, 2020, respectively. Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. 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 J, Series K, Series L and Series M Non-Cumulative Perpetual Preferred Stock of $894.444, $223.611, $406.25, $662.50, $343.75, $234.375 and $250.00, 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 $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 $2,663.888, $665.97, $1,218.75, $965.64, $640.625, $1,325.00 and $1,031.25, 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 $2,654.166, $663.542, $1,218.75, $232.953, $1,325.00, $1,031.25, $703.125 and $702.778, respectively. Service cost is included in employee benefits expense on the Consolidated Statement of Income. 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Table of Contents

Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form
10-Q
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
   
For the quarterly period ended September 30, 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 October 31, 2021
Common Stock, $0.01 Par Value    1,482,797,679 shares
 
 
 

Table of Contents
Table of Contents and
Form 10-Q
Cross Reference Index
 
Part I — Financial Information
    
    
 
4
 
    
 
4
 
    
 
5
 
    
 
8
 
    
 
35
 
    
 
36
 
    
 
36
 
    
 
9
 
    
 
9
 
    
 
11
 
    
 
24
 
    
 
24
 
    
 
24
 
    
 
24
 
    
 
26
 
    
 
27
 
    
 
29
 
    
 
30
 
    
 
37
 
Part II — Other Information
    
    
 
80
 
    
 
80
 
    
 
80
 
    
 
80
 
    
 
81
 
    
 
82
 
 
U.S. Bancorp
 
1

Table of Contents
“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. In addition, U.S. Bancorp’s proposed acquisition of MUFG Union Bank presents risks and uncertainties, including, among others: the risk that the cost savings, any revenue synergies and other anticipated benefits of the proposed acquisition may not be realized or may take longer than anticipated to be realized; the risk that U.S. Bancorp’s business could be disrupted as a result of the announcement and pendency of the proposed acquisition and diversion of management’s attention from ongoing business operations and opportunities; the possibility that the proposed acquisition, including the integration of MUFG Union Bank, may be more costly or difficult to complete than anticipated; delays in closing the proposed acquisition; and the failure of required governmental approvals to be obtained or any other closing conditions in the definitive purchase agreement to be satisfied.
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.
 
2
  U.S. Bancorp

Table of Contents
 Table 1
 
   Selected Financial Data
 
   
Three Months Ended
September 30
    
Nine Months Ended
September 30
 
(Dollars and Shares in Millions, Except Per Share Data)   2021     2020     Percent
Change
     2021     2020     Percent
Change
 
Condensed Income Statement
 
   
 
      
Net interest income
  $ 3,171     $ 3,227       (1.7 )%     $ 9,371     $ 9,650       (2.9 )% 
Taxable-equivalent adjustment (a)
    26       25       4.0        79       73       8.2  
Net interest income (taxable-equivalent basis) (b)
    3,197       3,252       (1.7      9,450       9,723       (2.8
Noninterest income
    2,693       2,712       (.7      7,693       7,851       (2.0
Total net revenue
    5,890       5,964       (1.2      17,143       17,574       (2.5
Noninterest expense
    3,429       3,371       1.7        10,195       10,005       1.9  
Provision for credit losses
    (163     635       *        (1,160     3,365       *  
Income before taxes
    2,624       1,958       34.0        8,108       4,204       92.9  
Income taxes and taxable-equivalent adjustment
    590       372       58.6        1,801       744       *  
Net income
    2,034       1,586       28.2        6,307       3,460       82.3  
Net (income) loss attributable to noncontrolling interests
    (6     (6            (17     (20     15.0  
Net income attributable to U.S. Bancorp
  $ 2,028     $ 1,580       28.4      $ 6,290     $ 3,440       82.8  
Net income applicable to U.S. Bancorp common shareholders
  $ 1,934     $ 1,494       29.5      $ 6,023     $ 3,196       88.5  
Per Common Share
 
   
 
      
Earnings per share
  $ 1.30     $ .99       31.3    $ 4.04     $ 2.12       90.6
Diluted earnings per share
    1.30       .99       31.3        4.04       2.11       91.5  
Dividends declared per share
    .46       .42       9.5        1.30       1.26       3.2  
Book value per share (c)
    32.22       30.93       4.2         
Market value per share
    59.44       35.85       65.8         
Average common shares outstanding
    1,483       1,506       (1.5      1,491       1,510       (1.3
Average diluted common shares outstanding
    1,484       1,507       (1.5      1,492       1,511       (1.3
Financial Ratios
     
 
      
Return on average assets
    1.45     1.17  
 
     1.53     .87  
Return on average common equity
    15.9       12.8    
 
     17.0       9.3    
Net interest margin (taxable-equivalent basis) (a)
    2.53       2.67    
 
     2.52       2.73    
Efficiency ratio (b)
    58.4       56.6    
 
     59.8       57.4    
Net charge-offs as a percent of average loans outstanding
    .20       .66    
 
     .25       .58    
Average Balances
 
   
 
      
Loans
  $ 296,739     $ 311,018       (4.6 )%     $ 295,014     $ 308,935       (4.5 )% 
Loans held for sale
    7,438       7,983       (6.8      8,422       6,352       32.6  
Investment securities (d)
    151,755       128,565       18.0        152,653       123,444       23.7  
Earning assets
    503,325       486,104       3.5        500,616       476,018       5.2  
Assets
    553,446       536,902       3.1        551,199       525,380       4.9  
Noninterest-bearing deposits
    129,018       109,375       18.0        124,262       92,935       33.7  
Deposits
    431,487       405,523       6.4        429,039       390,598       9.8  
Short-term borrowings
    14,688       18,049       (18.6      14,758       21,335       (30.8
Long-term debt
    35,972       43,542       (17.4      37,196       44,587       (16.6
Total U.S. Bancorp shareholders’ equity
    54,273       52,416       3.5        53,327       51,936       2.7  
 
        September 30,
2021
    December 31,
2020
                          
Period End Balances
 
   
 
      
Loans
  $ 297,608     $ 297,707             
Investment securities
    149,376       136,840       9.2         
Assets
    567,495       553,905       2.5         
Deposits
    442,902       429,770       3.1         
Long-term debt
    35,671       41,297       (13.6       
Total U.S. Bancorp shareholders’ equity
    53,743       53,095       1.2         
Asset Quality
     
 
      
Nonperforming assets
  $ 944     $ 1,298       (27.3 )%        
Allowance for credit losses
    6,300       8,010       (21.3       
Allowance for credit losses as a percentage of
period-end
loans
    2.12     2.69  
 
      
Capital Ratios
     
 
      
Common equity tier 1 capital
    10.2     9.7  
 
      
Tier 1 capital
    11.7       11.3    
 
      
Total risk-based capital
    13.4       13.4    
 
      
Leverage
    8.7       8.3    
 
      
Total leverage exposure
    7.0       7.3    
 
      
Tangible common equity to tangible assets (b)
    6.8       6.9    
 
      
Tangible common equity to risk-weighted assets (b)
    9.4       9.5    
 
      
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)
    9.7       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 35.
(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 $2.0 billion for the third quarter of 2021, or $1.30 per diluted common share, compared with $1.6 billion, or $0.99 per diluted common share, for the third quarter of 2020. Return on average assets and return on average common equity were 1.45 percent and 15.9 percent, respectively, for the third quarter of 2021, compared with 1.17 percent and 12.8 percent, respectively, for the third quarter of 2020.
Total net revenue for the third quarter of 2021 was $74 million (1.2 percent) lower than the third quarter of 2020, reflecting a 1.7 percent decrease in net interest income and a 0.7 percent decrease in noninterest income. The decrease in net interest income from the third quarter of 2020 was due to changes in loan portfolio composition and lower average loan balances primarily driven by commercial loan paydowns by corporate customers accessing the capital markets and the Small Business Administration (“SBA”) Paycheck Protection Program, partially offset by changes in deposit and funding mix as well as higher loan fees related to the SBA Paycheck Protection Program. The noninterest income decrease was driven by lower mortgage banking revenue, commercial products revenue and other noninterest income, mostly offset by improvements in payment services revenue, trust and investment management fees, deposit service charges, treasury management fees and investment products fees.
Noninterest expense in the third quarter of 2021 was $58 million (1.7 percent) higher than the third quarter of 2020, reflecting increases in compensation expense, primarily related to performance-based incentive compensation, as well as higher professional services expense, marketing and business development expense, and technology and communications expense, partially offset by lower net occupancy and equipment expense and other noninterest expense.
The provision for credit losses for the third quarter of 2021 was a benefit of $163 million, which was $798 million favorable from the third quarter of 2020, driven by a decrease in the allowance for credit losses during the third quarter of 2021 as a result of continued improvement in the global economy, as well as strong credit and collateral performance, compared with an increase in the allowance for credit losses during the third quarter of 2020. Net charge-offs in the third quarter of 2021 were $147 million, compared with $515 million in the third 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.
Net income attributable to U.S. Bancorp for the first nine months of 2021 was $6.3 billion, or $4.04 per diluted common share, compared with $3.4 billion, or $2.11 per diluted common share, for the first nine months of 2020. Return on average assets and return on average common equity were 1.53 percent and 17.0 percent, respectively, for the first nine months of 2021, compared with 0.87 percent and 9.3 percent, respectively, for the first nine months of 2020.
Total net revenue for the first nine months of 2021 was $431 million (2.5 percent) lower than the first nine months of 2020, reflecting a 2.9 percent decrease in net interest income (2.8 percent on a taxable-equivalent basis) and a 2.0 percent decrease in noninterest income. The decrease in net interest income from the first nine months of 2020 was due to changes in loan portfolio composition, lower average loan balances, 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 SBA Paycheck Protection Program. The noninterest income decrease was driven by lower mortgage banking revenue, commercial products revenue and securities gains, partially offset by improvements in payment services revenue, trust and investment management fees, treasury management fees, investment products fees, deposit service charges and other noninterest income.
Noninterest expense in the first nine months of 2021 was $190 million (1.9 percent) higher than the first nine months of 2020, reflecting increases in compensation expense, technology and communications expense, professional services expense, and marketing and business development expense, partially offset by lower net occupancy and equipment expense and other noninterest expense.
 
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The provision for credit losses for the first nine months of 2021 was a benefit of $1.2 billion, which was $4.5 billion favorable compared to the first nine months of 2020, driven by a decrease in the allowance for credit losses during the first nine months of 2021 as a result of improvement in the global economy and strong credit and collateral performance, compared with an increase in the allowance for credit losses during the first nine months of 2020. Net charge-offs in the first nine months of 2021 were $550 million, compared with $1.3 billion in the first nine months 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.
Pending Acquisition
 In September 2021, the Company announced that it has entered into a definitive agreement to acquire MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group (“MUFG”), for a purchase price of approximately $8.0 billion, including $5.5 billion in cash and approximately 44 million shares of U.S. Bancorp common stock. Upon close of the transaction, MUFG will hold approximately 2.9 percent of the Company’s common stock. The transaction excludes the purchase of MUFG Union Bank’s Global Corporate & Investment Bank, certain middle and back office functions, and other assets. MUFG Union Bank currently has approximately 300 branches in California, Washington and Oregon and is expected to add, based on MUFG Union Bank’s June 30, 2021 balance sheet, approximately $105 billion in total assets, $58 billion of loans and $90 billion of deposits to the Company’s consolidated balance sheet. The transaction is expected to close in the first half of 2022, subject to customary closing conditions, including regulatory approvals.
STATEMENT OF INCOME ANALYSIS
Net Interest Income
 Net interest income, on a taxable-equivalent basis, was $3.2 billion in the third quarter and $9.5 billion in the first nine months of 2021, representing decreases of $55 million (1.7 percent) and $273 million (2.8 percent), respectively, compared with the same periods of 2020. The decreases were primarily due to changes in loan mix and lower average loan balances driven by commercial loan paydowns by corporate customers accessing the capital markets and the SBA Paycheck Protection Program, partially offset by changes in deposit and funding mix as well as higher loan fees related to the SBA Paycheck Protection Program. Net interest income further decreased in the first nine months of 2021, compared with the first nine months of 2020, due to higher premium amortization related to securities prepayments and the impact of lower interest rates compared with the prior year. Average earning assets were $17.2 billion (3.5 percent) higher in the third quarter and $24.6 billion (5.2 percent) higher in the first nine months of 2021, compared with the same periods of 2020, reflecting increases in investment securities and other earning assets, primarily driven by higher cash balances, while average loans decreased due to continued paydowns by corporate customers. The net interest margin, on a taxable-equivalent basis, in the third quarter and first nine months of 2021 was 2.53 percent and 2.52 percent, respectively, compared with 2.67 percent and 2.73 percent in the third quarter and first nine months of 2020, respectively. The decrease in net interest margin from the prior year was primarily due to the impact of declining interest rates on loan yields, the mix of earning assets and lower reinvestment yields in the investment portfolio, partially offset by the net benefit of funding composition and higher loan fees. The decrease in net interest margin in the first nine months of 2021, compared with the first nine months of 2020, was further due to higher premium amortization within the investment portfolio. 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 2021 were $14.3 billion (4.6 percent) and $13.9 billion (4.5 percent) lower, respectively, than the same periods of 2020. The decreases were primarily due to lower commercial loans driven by continued paydowns by corporate customers that accessed the capital markets and the SBA Paycheck Protection Program, lower commercial real estate loans as a result of customer paydowns, and lower credit card loans driven by higher customer payment rates. Average total loans further decreased in the third quarter of 2021, compared with the third quarter of 2020, due to lower residential mortgages driven by paydowns. These decreases were partially offset by higher other retail loans, driven by growth in installment loans due to strong auto and recreational vehicle lending, partially offset by lower home equity and second mortgages as more customers chose to refinance their existing first lien residential mortgage balances during the prior year due to the low interest rate environment.
Average investment securities in the third quarter and first nine months of 2021 were $23.2 billion (18.0 percent) and $29.2 billion (23.7 percent) higher, respectively, than the same periods of 2020, primarily due to purchases of mortgage-backed, U.S. Treasury and state and political securities, net of prepayments and maturities.
 
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 Table 2
 
   Noninterest Income
 
    Three Months Ended
September 30
     Nine Months Ended
September 30
 
(Dollars in Millions)   2021      2020      Percent
Change
     2021      2020      Percent
Change
 
Credit and debit card revenue
  $ 393      $ 388        1.3    $ 1,125      $ 976        15.3
Corporate payment products revenue
    156        125        24.8        420        371        13.2  
Merchant processing services
    392        347        13.0        1,084        950        14.1  
Trust and investment management fees
    459        434        5.8        1,349        1,295        4.2  
Deposit service charges
    194        170        14.1        531        512        3.7  
Treasury management fees
    155        145        6.9        462        425        8.7  
Commercial products revenue
    277        303        (8.6      837        904        (7.4
Mortgage banking revenue
    418        553        (24.4      1,063        1,596        (33.4
Investment products fees
    62        48        29.2        177        142        24.6  
Securities gains (losses), net
    20        12        66.7        88        143        (38.5
Other
    167        187        (10.7      557        537        3.7  
Total noninterest income
  $ 2,693      $ 2,712        (.7 )%     $ 7,693      $ 7,851        (2.0 )% 
 
Average total deposits for the third quarter and first nine months of 2021 were $26.0 billion (6.4 percent) and $38.4 billion (9.8 percent) higher, respectively, than the same periods of 2020, including the acquisition of deposit balances from State Farm Bank in the fourth quarter of 2020. Average noninterest-bearing deposits for the third quarter and first nine months of 2021 were $19.6 billion (18.0 percent) and $31.3 billion (33.7 percent) higher, respectively, than the same periods of 2020, primarily due to higher Corporate and Commercial Banking, and Wealth Management and Investment Services balances. The increase in noninterest-bearing deposits in the third quarter of 2021, compared with the third quarter of 2020, was partially offset by a decrease in Payment Services balances. Average total savings deposits for the third quarter and first nine months of 2021 were $16.9 billion (6.4 percent) and $21.6 billion (8.4 percent) higher, respectively, than the same periods of the prior year, driven by increases in Consumer and Business Banking balances, partially offset by decreases 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 and government stimulus programs. Average time deposits for the third quarter and first nine months of 2021 were $10.5 billion (31.0 percent) and $14.5 billion (36.7 percent) lower, respectively, than the same periods 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 was a benefit of $163 million for the third quarter and $1.2 billion for the first nine months of 2021, representing decreases of $798 million and $4.5 billion, respectively, from the same periods of 2020. The decreases were driven by the Company decreasing the allowance for credit losses in 2021 as a result of improvement in the global economy, as well as strong credit and collateral performance, compared with the Company increasing the allowance for credit losses in 2020 due to deteriorating economic conditions related to
COVID-19.
Net charge-offs decreased $368 million (71.5 percent) and $795 million (59.1 percent) in the third quarter and first nine months of 2021, respectively, compared with the same periods of the prior year, reflecting improvement across all loan categories. 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 $7.7 billion in the first nine months of 2021, representing decreases of $19 million (0.7 percent) and $158 million (2.0 percent), respectively, compared with the same periods of 2020. The decreases from a year ago reflected lower mortgage banking revenue and commercial products revenue, partially offset by higher payment services revenue, trust and investment management fees, deposit service charges, treasury management fees and investment products fees. The decrease in noninterest income in the first nine months of 2021, compared with the first nine months of 2020, was also due to lower securities gains. Mortgage banking revenue decreased in the third quarter of 2021, compared with the third quarter of 2020, driven by lower production volume and related gain on sale margins, partially offset by increases in mortgage servicing rights (“MSRs”) valuations, net of hedging activities, as well as gains on higher Government National Mortgage Association (“GNMA”) loan sales. The decrease in mortgage banking revenue in the first nine months of 2021, compared with the first nine months of 2020, was due to lower production volume and related gain on sale margins, along with declines in MSR valuations, net of hedging activities. Commercial
 
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  U.S. Bancorp

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 Table 3
 
   Noninterest Expense
 
    Three Months Ended
September 30
    
Nine Months Ended
September 30
 
(Dollars in Millions)   2021     2020     Percent
Change
     2021     2020     Percent
Change
 
Compensation
  $ 1,847     $ 1,687       9.5    $ 5,448     $ 4,992       9.1
Employee benefits
    336       335       .3        1,057       1,001       5.6  
Net occupancy and equipment
    259       276       (6.2      780       823       (5.2
Professional services
    126       102       23.5        332       307       8.1  
Marketing and business development
    99       72       37.5        237       213       11.3  
Technology and communications
    361       334       8.1        1,082       932       16.1  
Postage, printing and supplies
    69       70       (1.4      203       214       (5.1
Other intangibles
    41       44       (6.8      119       129       (7.8
Other
    291       451       (35.5      937       1,394       (32.8
Total noninterest expense
  $ 3,429     $ 3,371       1.7    $ 10,195     $ 10,005       1.9
Efficiency ratio (a)
    58.4     56.6  
 
 
 
     59.8     57.4  
 
 
 
 
a)
See
Non-GAAP
Financial Measures beginning on page 35.
 
products revenue decreased in the third quarter and first nine months of 2021, compared with the same periods of the prior year, primarily due to lower capital markets activity and trading revenue, partially offset by higher syndication revenue and fees. The decrease in commercial products revenue in the first nine months of 2021, compared with the first nine months of 2020, was further offset by higher
non-yield
loan fees as a result of higher unused commitments. Other noninterest income decreased in the third quarter of 2021, compared with the third quarter of 2020, primarily due to the third quarter of 2020 impact of higher equity investment income and transition services agreement revenue associated with the sale of the Company’s ATM third-party servicing business, partially offset by certain asset impairments as a result of branch optimization, and higher retail leasing end of term residual gains in the third quarter of 2021. During 2020, payment services revenue had been adversely affected by the impact of the
COVID-19
pandemic on consumer and business spending, particularly related to travel and entertainment activities. However, spending has continued to strengthen across most sectors driven by government stimulus, local jurisdictions reducing restrictions and consumer behaviors normalizing. As a result, payment services revenue increased in the third quarter and first nine months of 2021, compared with the same periods of 2020. The components of payment services revenue included higher credit and debit card revenue driven by higher net interchange revenue related to sales volume as well as stronger transaction and cash advance fees, partially offset by lower prepaid card processing activities as government stimulus programs dissipated, as well as higher investment in customer acquisition. Corporate payment products revenue increased primarily due to improving business spending, while merchant processing services revenue increased driven by higher sales volume as well as higher merchant and equipment fees. Trust and investment management fees increased primarily due to business growth and favorable market conditions, while deposit service charges increased primarily due to higher customer activity and ATM processing revenue. Treasury management fees increased due to core growth driven by the
COVID-19
economic recovery, while investment products fees increased primarily driven by favorable market conditions and core growth.
Noninterest Expense
 Noninterest expense was $3.4 billion in the third quarter and $10.2 billion in the first nine months of 2021, representing increases of $58 million (1.7 percent) and $190 million (1.9 percent), respectively, over the same periods of 2020. The increases from the prior year reflected higher compensation expense, professional services expense, marketing and business development expense, and technology and communications expense, partially offset by lower net occupancy and equipment expense, and other noninterest expense. Compensation expense increased due to higher performance-based incentives, merit increases and revenue-related compensation driven by business production. Professional services expense increased primarily due to an increase in business investment and related initiatives in the third quarter of 2021. Marketing and business development expense increased due to the timing of marketing campaigns supporting business development and lower marketing activities in 2020 during the pandemic. Technology and communications expense increased primarily due to higher expenditures supporting business technology investments. Employee benefits expense increased in the first nine months of 2021, compared with the first nine months of 2020, primarily due to higher payroll taxes and related benefits, and higher pension expense. Net occupancy and equipment expense decreased in the third quarter and first nine months of 2021, compared with the same periods of the prior year, primarily due to
 
U.S. Bancorp  
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branch closures. Other noninterest expense decreased primarily due to higher
COVID-19
related expenses in 2020 including recognizing liabilities related to future delivery exposures for merchant and airline processing, as well as lower costs related to
tax-advantaged
projects which were scaled back in 2020 during the pandemic.
Income Tax Expense
 The provision for income taxes was $564 million (an effective rate of 21.7 percent) for the third quarter and $1.7 billion (an effective rate of 21.4 percent) for the first nine months of 2021, compared with $347 million (an effective rate of 18.0 percent) and $671 million (an effective rate of 16.2 percent) for the same periods of 2020, respectively. The increases in the tax rates were due to the marginal impact of providing taxes on higher pretax earnings in 2021. For further information on income taxes, refer to Note 12 of the Notes to Consolidated Financial Statements.
BALANCE SHEET ANALYSIS
Loans
 The Company’s loan portfolio was $297.6 billion at September 30, 2021, compared with $297.7 billion at December 31, 2020, a decrease of $99 million. The decrease was driven by lower commercial loans, residential mortgages, commercial real estate loans and credit card loans, partially offset by higher other retail loans.
Commercial loans decreased $1.9 billion (1.8 percent) at September 30, 2021, compared with December 31, 2020, reflecting paydowns by corporate customers that accessed the capital markets and the SBA Paycheck Protection Program during the first nine months of 2021.
Residential mortgages held in the loan portfolio decreased $1.2 billion (1.6 percent) at September 30, 2021, compared with December 31, 2020, due to customers paying down balances in the first nine months 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.
Commercial real estate loans decreased $503 million (1.3 percent) at September 30, 2021, compared with December 31, 2020, the result of customers paying down balances.
Credit card loans decreased $209 million (0.9 percent) at September 30, 2021, compared with December 31, 2020, reflecting higher customer payment rates.
Other retail loans increased $3.7 billion (6.4 percent) at September 30, 2021, compared with December 31, 2020, due to increases in auto loans and installment loans, partially offset by decreases in home equity loans and retail leasing 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 $6.2 billion at September 30, 2021, compared with $8.8 billion at December 31, 2020. The decrease in loans held for sale was principally due to a lower level of mortgage loan closings in the third quarter of 2021, compared with the fourth quarter of 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 $149.4 billion at September 30, 2021, compared with $136.8 billion at December 31, 2020. The $12.5 billion (9.2 percent) increase was primarily due to $15.7 billion of net investment purchases, partially offset by a $3.1 billion unfavorable 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, 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 September 30, 2021, the Company’s net unrealized gains on
available-for-sale
investment securities were $138 million, compared with $3.2 billion at December 31, 2020. The unfavorable change in net unrealized gains (losses) was primarily due to decreases in the fair value of mortgage-backed and U.S. Treasury securities as a result of changes in interest rates. Gross unrealized losses on
available-for-sale
investment securities totaled $1.7 billion at September 30, 2021, compared with $53 million at December 31, 2020. At September 30, 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 4 and 15 in the Notes to Consolidated Financial Statements for further information on investment securities.
 
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 Table 4
 
   Available-for-Sale
Investment Securities
 
    September 30, 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
  $ 18,460      $ 18,491       5.1        1.57    $ 21,954      $ 22,391       3.8        1.37
Mortgage-backed securities (a)
    120,887        120,482       5.1        1.55        103,282        105,374       3.0        1.47  
Asset-backed securities (a)
    64        69       3.8        1.51        200        205       6.2        1.47  
Obligations of state and political subdivisions (b) (c)
    9,820        10,327       7.4        3.71        8,166        8,861       6.3        3.99  
Other
    7        7       3.7        2.07        9        9       .1        1.81  
Total investment securities
  $ 149,238      $ 149,376       5.3        1.69    $ 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.
 
Deposits
 Total deposits were $442.9 billion at September 30, 2021, compared with $429.8 billion at December 31, 2020. The $13.1 billion (3.1 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 $17.5 billion (14.8 percent) at September 30, 2021, compared with December 31, 2020, primarily due to higher Corporate and Commercial Banking, Wealth Management and Investment Services, and Consumer and Business Banking balances. Interest checking balances increased $7.8 billion (8.2 percent) while savings account balances increased $7.0 billion (12.4 percent), both driven by higher Consumer and Business Banking balances. Money market deposit balances decreased $11.4 billion (8.9 percent) at September 30, 2021, compared with December 31, 2020, primarily due to lower Wealth Management and Investment Services, and Corporate and Commercial Banking balances. Time deposits decreased $7.8 billion (25.5 percent) at September 30, 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, 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 $16.1 billion at September 30, 2021, compared with $11.8 billion at December 31, 2020. The $4.3 billion (36.7 percent) increase in short-term borrowings was primarily due to higher commercial paper, repurchase agreement and federal funds purchased balances. Long-term debt was $35.7 billion at September 30, 2021, compared with $41.3 billion at December 31, 2020. The $5.6 billion (13.6 percent) decrease was primarily due to $3.7 billion of bank note repayments and maturities, $1.5 billion of medium-term note repayments and a $1.0 billion decrease in Federal Home Loan Bank (“FHLB”) advances, partially offset by $1.0 billion of bank note issuances. 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.
 
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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 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 current or prospective risk to earnings and capital, or market valuations, arising from the impact 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 risk that financial condition or overall safety and soundness is adversely affected by the Company’s inability, or perceived inability, to meet its cash flow obligations in a timely and complete manner in either normal or stressed conditions. 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 and resilience 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
 
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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 (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 5 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 September 30, 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 September 30, 2021, will enter the amortization period within the next 36 months. Key risk characteristics relevant to consumer
 
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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 market conditions on real estate-based loans. These and other risk characteristics, including 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 September 30, 2021:
 
Residential Mortgages
(Dollars in Millions)
  Interest
Only
    Amortizing     Total     Percent
of Total
 
Loan-to-Value
       
Less than or equal to 80%
  $ 3,243     $ 60,169     $ 63,412       84.6
Over 80% through 90%
    4       1,706       1,710       2.3  
Over 90% through 100%
          179       179       .2  
Over 100%
          79       79       .1  
No LTV available
          32       32        
Loans purchased from GNMA mortgage pools (a)
          9,542       9,542       12.8  
Total (b)
  $ 3,247     $ 71,707     $ 74,954       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 September 30, 2021, approximately $443 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%
  $ 9,379     $ 636     $ 10,015       93.4
Over 80% through 90%
    266       244       510       4.8