10-Q
US BANCORP \DE\YesYesfalseQ10000036104--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 held-to-maturity investment securities was 7.4 years at December 31, 2021, with a corresponding weighted-average yield of 1.45 percent. The weighted-average maturity of total available-for-sale investment securities was 5.5 years at December 31, 2021, with a corresponding weighted-average yield of 1.73 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, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $875.00, $218.75, $662.50, $343.75, $234.375, $250.00, $231.25 and $206.25 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 $875.00, $218.75, $406.25, $232.953, $662.50, $343.75, $234.375, and $202.778 respectively.Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges.Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged investments.Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.Includes operating lease liabilities and liabilities related to tax-advantaged investments.The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans.Represents stock issuance costs originally recorded in preferred stock upon issuance of the Company’s Series I Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. 0000036104 2022-01-01 2022-03-31 0000036104 2021-01-01 2021-03-31 0000036104 2022-03-31 0000036104 2021-12-31 0000036104 2021-01-01 2021-12-31 0000036104 2022-04-30 0000036104 2020-12-31 0000036104 2021-03-31 0000036104 us-gaap:AgencySecuritiesMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2021-12-31 0000036104 us-gaap:SeriesAPreferredStockMember 2021-12-31 0000036104 us-gaap:SeriesBPreferredStockMember 2021-12-31 0000036104 usb:SeriesJPreferredStockMember 2021-12-31 0000036104 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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, 2022
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 K
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
 
USB Pr
P
  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
Depositary Shares (each representing 1/1,000th interest in a share of Series O
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrS   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, 2022
Common Stock, $0.01 Par Value    1,485,740,142 shares
 
 
 

Table of Contents
Table of Contents and
Form 10-Q
Cross Reference Index
 
Part I — Financial Information
    
       4  
       4  
       4  
       6  
       30  
       32  
       32  
       9  
       9  
       10  
       21  
       21  
       21  
       21  
       23  
       24  
       26  
       27  
       33  
Part II — Other Information
    
       72  
       72  
       72  
       72  
       73  
       74  
 
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 often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements involve inherent risks and uncertainties, including the following risks and uncertainties and the risks and uncertainties more fully discussed in the section entitled “Risk Factors” of Exhibit 13 to U.S. Bancorp’s Annual Report on Form
10-K
for the year ended December 31, 2021, which 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; 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; the effects of climate change; changes in customer behavior and preferences; breaches in data security, including as a result of work-from-home arrangements; failures to safeguard personal information; the impacts of international hostilities or geopolitical events; 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 those described in forward-looking statements, refer to U.S. Bancorp’s Annual Report on Form
10-K
for the year ended December 31, 2021, 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. Readers are cautioned not to place undue reliance on any forward-looking statements. 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
March 31
 
(Dollars and Shares in Millions, Except Per Share Data)   2022     2021     Percent
Change
 
Condensed Income Statement
 
               
Net interest income
  $ 3,173     $ 3,063       3.6
Taxable-equivalent adjustment (a)
    27       26       3.8  
Net interest income (taxable-equivalent basis) (b)
    3,200       3,089       3.6  
Noninterest income
    2,396       2,381       .6  
Total net revenue
    5,596       5,470       2.3  
Noninterest expense
    3,502       3,379       3.6  
Provision for credit losses
    112       (827     *  
Income before taxes
    1,982       2,918       (32.1
Income taxes and taxable-equivalent adjustment
    424       633       (33.0
Net income
    1,558       2,285       (31.8
Net (income) loss attributable to noncontrolling interests
    (1     (5     80.0  
Net income attributable to U.S. Bancorp
  $ 1,557     $ 2,280       (31.7
Net income applicable to U.S. Bancorp common shareholders
  $ 1,466     $ 2,175       (32.6
Per Common Share
 
               
Earnings per share
  $ .99     $ 1.45       (31.7 )% 
Diluted earnings per share
    .99       1.45       (31.7
Dividends declared per share
    .46       .42       9.5  
Book value per share (c)
    29.87       30.53       (2.2
Market value per share
    53.15       55.31       (3.9
Average common shares outstanding
    1,485       1,502       (1.1
Average diluted common shares outstanding
    1,486       1,503       (1.1
Financial Ratios
                       
Return on average assets
    1.09     1.69        
Return on average common equity
    12.7       19.0          
Net interest margin (taxable-equivalent basis) (a)
    2.44       2.50          
Efficiency ratio (b)
    62.8       62.1          
Net charge-offs as a percent of average loans outstanding
    .21       .31          
Average Balances
 
               
Loans
  $ 312,966     $ 293,989       6.5
Loans held for sale
    5,479       10,032       (45.4
Investment securities (d)
    174,762       145,520       20.1  
Earning assets
    529,837       497,711       6.5  
Assets
    577,402       548,734       5.2  
Noninterest-bearing deposits
    127,963       118,352       8.1  
Deposits
    454,176       426,364       6.5  
Short-term borrowings
    19,038       13,107       45.3  
Long-term debt
    32,972       39,463       (16.4
Total U.S. Bancorp shareholders’ equity
    53,466       52,729       1.4  
       
        March 31,
2022
    December 31,
2021
       
Period End Balances
 
               
Loans
  $ 318,934     $ 312,028       2.2
Investment securities
    167,247       174,821       (4.3
Assets
    586,517       573,284       2.3  
Deposits
    461,546       456,083       1.2  
Long-term debt
    32,931       32,125       2.5  
Total U.S. Bancorp shareholders’ equity
    51,200       54,918       (6.8
Asset Quality
                       
Nonperforming assets
  $ 811     $ 878       (7.6 )% 
Allowance for credit losses
    6,105       6,155       (.8
Allowance for credit losses as a percentage of
period-end
loans
    1.91     1.97        
Capital Ratios
                       
Common equity tier 1 capital
    9.8     10.0        
Tier 1 capital
    11.5       11.6          
Total risk-based capital
    13.4       13.4          
Leverage
    8.6       8.6          
Total leverage exposure
    7.0       6.9          
Tangible common equity to tangible assets (b)
    6.0       6.8          
Tangible common equity to risk-weighted assets (b)
    8.0       9.2          
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)
    9.5       9.6    
 
 
 
 
*
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.    
 
U.S. Bancorp  
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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 $1.6 billion for the first quarter of 2022, or $0.99 per diluted common share, compared with $2.3 billion, or $1.45 per diluted common share, for the first quarter of 2021. Return on average assets and return on average common equity were 1.09 percent and 12.7 percent, respectively, for the first quarter of 2022, compared with 1.69 percent and 19.0 percent, respectively, for the first quarter of 2021.
Total net revenue for the first quarter of 2022 was $126 million (2.3 percent) higher than the first quarter of 2021, reflecting a 3.6 percent increase in net interest income and a 0.6 percent increase in noninterest income. The increase in net interest income from the first quarter of 2021 was primarily due to higher loan and investment securities balances and favorable deposit and funding mix due in part to higher noninterest-bearing deposits, partially offset by lower loan yields and changes in loan mix, as well as lower loan fees driven by the impact of loan forgiveness related to the Small Business Administration (“SBA”) Paycheck Protection Program in the first quarter of 2021. The noninterest income increase primarily reflected stronger payment services revenue, trust and investment management fees, deposit service charges and treasury management fees, mostly offset by lower mortgage banking revenue as refinancing activities decline, lower commercial products revenue related to capital markets activities and lower other noninterest income.
Noninterest expense in the first quarter of 2022 was $123 million (3.6 percent) higher than the first quarter of 2021, reflecting increases in compensation expense, professional services expense and marketing and business development expense.
The provision for credit losses for the first quarter of 2022 was $112 million, compared with a benefit of $827 million for the first quarter of 2021. The provision for credit losses in the first quarter of 2022 reflected the impact of improving credit quality, partially offset by loan growth and increasing economic uncertainty. The provision for credit losses for the first quarter of 2021 reflected a decrease in the allowance for credit losses as a result of improving economic conditions and credit quality. Net charge-offs in the first quarter of 2022 were $162 million, compared with $223 million in the first quarter of 2021. 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 entered into a definitive agreement to acquire MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group (“MUFG”), for an expected purchase price of approximately $8.0 billion, including $5.5 billion in cash and approximately 44 million shares of U.S. Bancorp 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 approximately $105 billion in total assets, $58 billion of loans and $90 billion of deposits to the Company’s consolidated balance sheet. Closing of the transaction is subject to customary closing conditions, including regulatory approvals which are not within the Company’s control. The Company expects to close the transaction approximately 45 days after being granted U.S. regulatory approvals. At this time, it is uncertain whether such approvals will be received in time to allow for closing to occur in the first half of 2022; however, the parties continue to make significant progress in planning for closing and integration while awaiting regulatory approvals.
STATEMENT OF INCOME ANALYSIS
Net Interest Income
 Net interest income, on a taxable-equivalent basis, was $3.2 billion in the first quarter of 2022, representing an increase of $111 million (3.6 percent) compared with the first quarter of 2021. The increase was primarily due to higher loan and investment securities balances and favorable deposit and funding mix due in part to higher noninterest-bearing deposits, partially offset by lower loan yields and changes in loan mix, as well as lower loan fees driven by the impact of loan forgiveness related to the SBA Paycheck Protection Program in the first quarter of 2021. Average earning assets were $32.1 billion (6.5 percent) higher than the first quarter of 2021, reflecting increases of $29.2 billion (20.1 percent) in investment securities and $19.0 billion (6.5 percent) in loans, partially offset by a decrease of $11.9 billion (28.6 percent) in interest-bearing deposits with banks. The net interest margin, on a taxable-equivalent basis, in the first quarter of 2022 was 2.44 percent, compared with 2.50 percent in the first quarter of 2021. The decrease in net interest margin from the first quarter of 2021 was primarily due to the mix of loans and lower loan spreads within fixed-rate portfolios, partially offset by favorable changes in funding mix and the yield curve. 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)   2022      2021     
Percent
Change
 
Credit and debit card revenue
  $ 338      $ 336        .6
Corporate payment products revenue
    158        126        25.4  
Merchant processing services
    363        318        14.2  
Trust and investment management fees
    500        444        12.6  
Deposit service charges
    177        161        9.9  
Treasury management fees
    156        147        6.1  
Commercial products revenue
    266        280        (5.0
Mortgage banking revenue
    200        299        (33.1
Investment products fees
    62        55        12.7  
Securities gains (losses), net
    18        25        (28.0
Other
    158        190        (16.8
Total noninterest income
  $ 2,396      $ 2,381        .6
 
Average total loans in the first quarter of 2022 were $19.0 billion (6.5 percent) higher than the first quarter of 2021. The increase was primarily due to growth in commercial loans (11.4 percent), residential mortgages (3.0 percent) and other retail loans (8.8 percent). The increase in commercial loans was primarily due to higher utilization driven by working capital needs of corporate customers and slower payoffs given higher volatility in the capital markets, as well as core growth, partially offset by expected reductions related to the forgiveness of loans in the SBA Paycheck Protection Program. The increase in residential mortgages was driven by stronger
on-balance
sheet loan activities and slower refinance activity. The increase in other retail loans was driven by auto and recreational vehicle lending during 2021, partially offset by lower home equity and second mortgages.
Average investment securities in the first quarter of 2022 were $29.2 billion (20.1 percent) higher than the first quarter of 2021, primarily due to purchases of mortgage-backed and U.S. Treasury securities, net of prepayments, sales and maturities.
Average total deposits for the first quarter of 2022 were $27.8 billion (6.5 percent) higher than the first quarter of 2021. Average total savings deposits for the first quarter of 2022 were $20.6 billion (7.3 percent) higher than the first quarter of 2021, driven by increases in Consumer and Business Banking, and Corporate and Commercial Banking balances, partially offset by a decrease in Wealth Management and Investment Services balances. Average noninterest-bearing deposits were $9.6 billion (8.1 percent) higher than the prior year, primarily due to higher Corporate and Commercial Banking, and Wealth Management and Investment Services balances. Average time deposits were $2.4 billion (8.8 percent) lower than the prior year, primarily driven by decreases in Consumer and Business Banking, and Wealth Management and Investment Services balances, partially offset by an increase in Corporate and Commercial Banking balances. Changes in time deposits are primarily related to 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 $112 million for the first quarter of 2022, compared with a benefit of $827 million for the first quarter of 2021. The provision for credit losses in the first quarter of 2022 reflected the impact of improving credit quality, partially offset by loan growth and increasing economic uncertainty associated with rising inflation and geopolitical tensions. The provision for credit losses in the first quarter of 2021 reflected the enactment of additional government stimulus programs and widespread vaccine availability, contributing to economic improvement during the period, which resulted in a significant decrease in the allowance for credit losses. Net charge-offs decreased $61 million (27.4 percent) in the first quarter of 2022, compared with the first quarter of 2021, reflecting improvement across most loan categories, associated with strong asset values and borrower liquidity. 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 $2.4 billion in the first quarter of 2022, representing an increase of $15 million (0.6 percent) compared with the first quarter of 2021. The increase from a year ago reflected strong payment services revenue, growth in trust and investment management fees, improving deposit service charges and higher treasury management fees, mostly offset by lower commercial products revenue, mortgage banking revenue and other noninterest income. Payment services revenue increased $79 million (10.1 percent) as corporate payment products revenue increased $32 million (25.4 percent) primarily due to higher sales volume, while merchant processing services revenue increased $45 million
 
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 Table 3
 
   Noninterest Expense
 
   
Three Months Ended
March 31
 
(Dollars in Millions)   2022     2021    
Percent
Change
 
Compensation
  $ 1,853     $ 1,803       2.8
Employee benefits
    396       384       3.1  
Net occupancy and equipment
    269       263       2.3  
Professional services
    114       98       16.3  
Marketing and business development
    80       48       66.7  
Technology and communications
    349       359       (2.8
Postage, printing and supplies
    72       69       4.3  
Other intangibles
    47       38       23.7  
Other
    322       317       1.6  
Total noninterest expense
  $ 3,502     $ 3,379       3.6
Efficiency ratio (a)
    62.8     62.1  
 
 
 
 
(a)
See
Non-GAAP
Financial Measures beginning on page 30.
 
(14.2 percent) driven by higher sales volumes and merchant fees. Trust and investment management fees increased $56 million (12.6 percent) driven by business growth, favorable market conditions and activity related to the fourth quarter of 2021 acquisition of PFM Asset Management LLC (“PFM”), partially offset by higher fee waivers. Deposit service charges increased $16 million (9.9 percent) primarily due to higher customer spend activity, net of the impact of the elimination of certain consumer
non-sufficient
funds fees in the first quarter of 2022. Treasury management fees increased $9 million (6.1 percent) primarily due to core growth given the continued recovery in the economy. Mortgage banking revenue decreased $99 million (33.1 percent) due to lower application volume, given declining refinance activities, and lower related gain on sale margins, partially offset by increases in mortgage servicing rights (“MSRs”) valuations, net of hedging activities, as well as higher performing loan sales. Commercial products revenue decreased $14 million (5.0 percent) primarily due to lower corporate bond fees and trading revenue within the capital markets business. Other noninterest income decreased $32 million (16.8 percent) driven by the impact of prior year asset sales and lower retail leasing
end-of-term
residual gains in the first quarter of 2022.
Noninterest Expense
 Noninterest expense was $3.5 billion in the first quarter of 2022, representing an increase of $123 million (3.6 percent) over the first quarter of 2021. The increase from the prior year reflected higher compensation expense, professional services expense and marketing and business development expense. Compensation expense increased $50 million (2.8 percent) primarily due to merit increases and hiring to support business growth, partially offset by lower performance-based incentives. Professional services expense increased $16 million (16.3 percent) primarily due to an increase in business investment and related initiatives. Marketing and business development expense increased $32 million (66.7 percent) due to the timing of marketing campaigns as well as increased travel and entertainment.
Income Tax Expense
 The provision for income taxes was $397 million (an effective rate of 20.3 percent) for the first quarter of 2022, compared with $607 million (an effective rate of 21.0 percent) for the first quarter of 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 $318.9 billion at March 31, 2022, compared with $312.0 billion at December 31, 2021, an increase of $6.9 billion (2.2 percent). The increase was driven by higher commercial loans and residential mortgages, partially offset by lower credit card loans and other retail loans.
Commercial loans increased $5.4 billion (4.9 percent) at March 31, 2022, compared with December 31, 2021, due to higher utilization driven by working capital needs of corporate customers and slower payoffs given higher volatility in the capital markets, as well as core growth.
Residential mortgages held in the loan portfolio increased $2.0 billion (2.6 percent) at March 31, 2022, compared with December 31, 2021, due to stronger
on-balance
sheet loan activities and slower refinance activity. Residential mortgages originated and placed in the Company’s loan portfolio include jumbo mortgages and branch-originated first lien home equity loans to borrowers with high credit quality.
Credit card loans decreased $337 million (1.5 percent) at March 31, 2022, compared with December 31, 2021, primarily the result of customers seasonally paying down balances.
 
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 Table 4
 
   Investment Securities
 
    March 31, 2022      December 31, 2021  
(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)
 
Held-to-maturity
         
 
          
Mortgage-backed securities (a)
  $ 43,654      $ 40,572       9.7        1.64    $ 41,858      $ 41,812       7.4        1.45
Total
held-to-maturity
  $ 43,654      $ 40,572       9.7        1.64    $ 41,858      $ 41,812       7.4        1.45
Available-for-sale
         
 
          
U.S. Treasury and agencies
  $ 27,653      $ 26,350       7.2        1.83    $ 36,648      $ 36,609       6.7        1.54
Mortgage-backed securities (a)
    91,277        86,955       7.3        1.80        85,394        85,564       4.9        1.58  
Asset-backed securities (a)
    4        7       4.1        2.00        62        66       5.2        1.53  
Obligations of state and political subdivisions (b) (c)
    10,701        10,274       9.5        3.64        10,130        10,717       6.6        3.67  
Other
    7        7       .1        2.07        7        7       3.4        2.07  
Total
available-for-sale
  $ 129,642      $ 123,593       7.5        1.96    $ 132,241      $ 132,963       5.5        1.73
 
(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.
 
Other retail loans decreased $336 million (0.5 percent) at March 31, 2022, compared with December 31, 2021, due to decreases in retail leasing balances and auto loans, partially offset by an increase in installment loans.
The Company generally retains portfolio loans through maturity; however, the Company’s intent may change over time based upon various factors such as ongoing asset/liability management activities, assessment of product profitability, credit risk, liquidity needs, and capital implications. If the Company’s intent or ability to hold an existing portfolio loan changes, it is transferred to loans held for sale.
Loans Held for Sale
 Loans held for sale, consisting primarily of residential mortgages to be sold in the secondary market, were $3.3 billion at March 31, 2022, compared with $7.8 billion at December 31, 2021. The decrease in loans held for sale was principally due to a lower level of mortgage loan closings in the first quarter of 2022, compared with the fourth quarter of 2021. 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
 Investment securities totaled $167.2 billion at March 31, 2022, compared with $174.8 billion at December 31, 2021. The $7.6 billion (4.3 percent) decrease was primarily due to a $6.8 billion unfavorable change in net unrealized gains (losses) on
available-for-sale
investment securities.
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, 2022, the Company’s net unrealized losses on
available-for-sale
investment securities were $6.0 billion, compared with $722 million of net unrealized gains at December 31, 2021. 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 $6.3 billion at March 31, 2022, compared with $812 million at December 31, 2021. At March 31, 2022, 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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Deposits
 Total deposits were $461.5 billion at March 31, 2022, compared with $456.1 billion at December 31, 2021. The $5.5 billion (1.2 percent) increase in total deposits reflected increases in total savings deposits and time deposits, partially offset by a decrease in noninterest-bearing deposits. Money market deposit balances increased $3.7 billion (3.2 percent) at March 31, 2022, compared with December 31, 2021, primarily due to higher Corporate and Commercial Banking, and Wealth Management and Investment Services balances. Savings account balances increased $2.6 billion (4.0 percent), driven by higher Consumer and Business Banking balances. Interest checking balances increased $2.6 billion (2.2 percent), primarily due to higher Corporate and Commercial Banking, and Consumer and Business Banking balances, partially offset by a decrease in Wealth Management and Investment Services balances. Time deposits increased $1.6 billion (7.2 percent) at March 31, 2022, compared with December 31, 2021, driven by higher Corporate and Commercial Banking balances, partially offset by lower Consumer and Business Banking balances. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics. Noninterest-bearing deposits decreased $5.1 billion (3.8 percent) at March 31, 2022, compared with December 31, 2021, primarily due to lower Wealth Management and Investment Services 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 $21.0 billion at March 31, 2022, compared with $11.8 billion at December 31, 2021. The $9.2 billion (78.4 percent) increase in short-term borrowings was primarily due to an increase in
short-term
Federal Home Loan Bank (“FHLB”) advances. Long-term debt was $32.9 billion at March 31, 2022, compared with $32.1 billion at December 31, 2021. The $806 million (2.5 percent) increase was primarily due to $2.1 billion of medium-term note issuances, partially offset by $1.0 billion of medium-term note repayments. Refer to the “Liquidity Risk Management” section for discussion of liquidity management of the Company.
 
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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. 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, 2021, 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
 
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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, geopolitical events, 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 (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. 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, 2021, 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. 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
 
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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, 2022, substantially all of the Company’s home equity lines were in the draw period. 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 market conditions on real estate-based loans. These and other risk characteristics 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 and correspondent banks. 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, 2022:
 
Residential Mortgages
(Dollars in Millions)
  Interest
Only
    Amortizing     Total     Percent
of Total
 
Loan-to-Value
                               
Less than or equal to 80%
  $ 4,097     $ 64,696     $ 68,793       87.6
Over 80% through 90%
    1       2,277       2,278       2.9  
Over 90% through 100%
          210       210       .3  
Over 100%
          63       63       .1  
No LTV available
          19       19        
Loans purchased from GNMA mortgage pools (a)
          7,124       7,124       9.1  
Total (b)
  $ 4,098     $ 74,389     $ 78,487       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, 2022, approximately $399 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
/ Combined
Loan-to-Value
                               
Less than or equal to 80%
  $ 9,065     $ 681     $ 9,746       93.2
Over 80% through 90%
    340       215       555       5.3  
Over 90% through 100%
    38       21       59       .6  
Over 100%
    39       4       43       .4  
No LTV/CLTV available
    52       2       54       .5  
Total (a)
  $ 9,534     $ 923     $ 10,457       100.0
 
(a)
At March 31, 2022, approximately $29 million of home equity and second mortgage balances were considered
sub-prime.
 
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Home equity and second mortgages were $10.5 billion at March 31, 2022, compared with $10.4 billion at December 31, 2021, and included $3.0 billion of home equity lines in a first lien position and $7.5 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, 2022, included approximately $2.7 billion of loans and lines for which the Company also serviced the related first lien loan, and approximately $4.8 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.
The following table provides a summary of delinquency statistics and other credit quality indicators for the Company’s junior lien positions at March 31, 2022:
 
    Junior Liens Behind        
(Dollars in Millions)   Company Owned
or Serviced First
Lien
    Third Party
First Lien
    Total  
Total
  $ 2,644     $ 4,840     $ 7,484  
Percent 30—89 days past due
    .43     .33     .36
Percent 90 days or more past due
    .10     .09     .09
Weighted-average CLTV
    59     57     58
Weighted-average credit score
    782       783       783  
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. Accruing loans 90 days or more past due totaled $450 million at March 31, 2022, compared with $472 million at December 31, 2021. 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 0.14 percent at March 31, 2022 compared with 0.15 percent at December 31, 2021.
 
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 Table 5
     Delinquent Loan Ratios as a Percent of Ending Loan Balances
 
90 days or more past due
excluding
nonperforming loans
   March 31,
2022
    December 31,
2021
 
Commercial
    
Commercial
     .07     .05
Lease financing
            
Total commercial
     .06       .04  
Commercial Real Estate
    
Commercial mortgages
            
Construction and development
     .01       .10  
Total commercial real estate
           .03  
Residential Mortgages (a)
     .18       .24  
Credit Card
     .74       .73  
Other Retail
    
Retail leasing
     .03       .04  
Home equity and second mortgages
     .42       .35  
Other
     .05       .06  
Total other retail
     .11       .11  
Total loans
     .14     .15
90 days or more past due
including
nonperforming loans
   March 31,
2022
    December 31,
2021
 
Commercial
     .21     .20
Commercial real estate
     .55       .76  
Residential mortgages (a)
     .45       .53  
Credit card
     .74       .73  
Other retail
     .37       .35  
Total loans
     .38     .42
 
(a)
Delinquent loan ratios exclude $1.3 billion at March 31, 2022, and $1.5 billion at December 31, 2021, 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 2.08 percent at March 31, 2022, and 2.43 percent at December 31, 2021.
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,
2022
     December 31,
2021
             March 31,
2022
    December 31,
2021
 
Residential Mortgages (a)
       
 
    
30-89
days
  $ 105      $ 124     
 
     .13     .15
90 days or more
    140        181     
 
     .18       .24  
Nonperforming
    214        226     
 
 
 
     .27       .30  
Total
  $ 459      $ 531     
 
     .58     .69
Credit Card
       
 
    
30-89
days
  $ 194      $ 193     
 
     .88     .86
90 days or more
    165        165     
 
     .74       .73  
Nonperforming
               
 
 
 
            
Total
  $ 359      $ 358     
 
     1.62     1.59
Other Retail
       
 
    
Retail Leasing
       
 
    
30-89
days
  $   27      $   29     
 
     .39     .40
90 days or more
    2        3     
 
     .03       .04  
Nonperforming
    10        10     
 
 
 
     .14       .14  
Total
  $   39      $   42     
 
     .56     .58
Home Equity and Second Mortgages
       
 
    
30-89
days
  $   41      $   55     
 
     .40     .53
90 days or more
    44        37     
 
     .42       .35  
Nonperforming
    129        116     
 
 
 
     1.23       1.11  
Total
  $ 214      $ 208     
 
     2.05     1.99
Other (b)
       
 
    
30-89
days
  $ 169      $ 191     
 
     .38     .43
90 days or more
    22        26     
 
     .05       .06  
Nonperforming
    22        24     
 
 
 
     .05       .05  
Total
  $ 213      $ 241     
 
 
 
     .48     .54
 
(a)
Excludes $662 million of loans
30-89
days past due and $1.3 billion of loans 90 days or more past due at March 31, 2022, purchased from GNMA mortgage pools that continue to accrue interest, compared with $791 million and $1.5 billion at December 31, 2021, respectively.
(b)
Includes revolving credit, installment, automobile and student loans.
 
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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, 2022 and December 31, 2021, performing TDRs were $3.1 billion.
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 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.
 
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, 2022
(Dollars in Millions)
 
Performing
TDRs
    
30-89 Days
Past Due
   
90 Days or More
Past Due
   
Nonperforming
TDRs
    Total
TDRs
 
Commercial
  $ 137        5.3     2.2   $ 76 (a)    $ 213  
Commercial real estate
    86        2.0             145 (b)      231  
Residential mortgages
    1,521        3.3       3.5       116       1,637 (d) 
Credit card
    243        11.8       5.6             243  
Other retail
    179        9.4       4.8       39 (c)      218 (e) 
TDRs, excluding loans purchased from GNMA mortgage pools
    2,166        4.9       3.6       376       2,542  
Loans purchased from GNMA mortgage pools (g)
    978                          978 (f) 
Total
  $ 3,144        3.4     2.5   $ 376     $ 3,520  
 
(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 $222 million of residential mortgage loans to borrowers that have had debt discharged through bankruptcy and $21 million in trial period arrangements or previously placed in trial period arrangements but not successfully completed.
(e)
Includes $65 million of other retail loans to borrowers that have had debt discharged through bankruptcy and $14 million in trial period arrangements or previously placed in trial period arrangements but not successfully completed.
(f)
Includes $165 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 $132 million in trial period arrangements or previously placed in trial period arrangements but not successfully completed.
(g)
Approximately 9.6 percent and 34.9 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, including previously offering payment relief to borrowers that have experienced financial hardship resulting directly from the effects of the
COVID-19
pandemic. 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.
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, 2022, total nonperforming assets were $811 million, compared to $878 million at December 31, 2021. The $67 million (7.6 percent) decrease in nonperforming assets was driven by a decrease in nonperforming commercial real estate loans. The ratio of total nonperforming assets to total loans and other real estate was 0.25 percent at March 31, 2022, compared with 0.28 percent at December 31, 2021.
OREO was $23 million at March 31, 2022, compared with $22 million at December 31, 2021, 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.
 
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 Table 6
 
   Nonperforming Assets (a)
 
(Dollars in Millions)   March 31,
2022
    December 31,
2021
 
Commercial
   
Commercial
            $139               $139  
Lease financing
    35       35  
Total commercial
    174       174  
Commercial Real Estate
   
Commercial mortgages
    178       213  
Construction and development
    38       71  
Total commercial real estate
    216       284  
Residential Mortgages (b)
    214       226  
Credit Card
           
Other Retail
   
Retail leasing
    10       10  
Home equity and second mortgages
    129       116  
Other
    22       24  
Total other retail
    161       150  
Total nonperforming loans (1)
    765       834  
Other Real Estate (c)
    23       22  
Other Assets
    23       22  
Total nonperforming assets
            $811               $878  
Accruing loans 90 days or more past due (b)
            $450               $472  
Period-end
loans (2)
            $318,934               $312,028  
Nonperforming loans to total loans (1)/(2)
    .24     .27
Nonperforming assets to total loans plus other real estate (c)
    .25     .28
Changes in Nonperforming Assets
 
(Dollars in Millions)  
Commercial and
Commercial
Real Estate
    Residential
Mortgages,
Credit Card and
Other Retail
    Total  
Balance December 31, 2021
            $ 461               $ 417     $ 878  
Additions to nonperforming assets
     
New nonaccrual loans and foreclosed properties
    92       58       150  
Advances on loans
    4             4  
Total additions
    96       58       154  
Reductions in nonperforming assets
     
Paydowns, payoffs
    (134     (15     (149
Net sales
          (4     (4
Return to performing status
    (9     (35     (44
Charge-offs (d)
    (21     (3     (24
Total reductions
    (164     (57     (221
Net additions to (reductions in) nonperforming assets
    (68     1       (67
Balance March 31, 2022
            $ 393                 $ 418         $ 811  
 
(a)
Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due.
(b)
Excludes $1.3 billion at March 31, 2022, and $1.5 billion at December 31, 2021, of loans purchased from GNMA mortgage pools that are 90 days or more past due that continue to accrue interest, as their repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.
(c)
Foreclosed GNMA loans of $27 million at March 31, 2022, and $22 million at December 31, 2021, continue to accrue interest and are recorded as other assets and excluded from nonperforming assets because they are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.
(d)
Charge-offs exclude actions for certain card products and loan sales that were not classified as nonperforming at the time the
charge-off
occurred.
 
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Table 7
 
   Net Charge-offs as a Percent of Average Loans Outstanding
 
    Three Months Ended March 31  
    2022             2021  
    Average                         Average               
    Loan      Net                  Loan      Net        
(Dollars in Millions)   Balance     
Charge-offs
    Percent             Balance     
Charge-offs
    Percent  
Commercial
                                                          
Commercial
  $ 107,819      $ 26       .10            $ 96,757      $ 52       .22
Lease financing
    5,003        6       .49                5,334        4       .30  
Total commercial
    112,822        32       .12                102,091        56       .22  
Commercial real estate
                                                          
Commercial mortgages
    28,826                             27,968        (12     (.17
Construction
    10,258        (5     (.20              10,818        5       .19  
Total commercial real estate
    39,084        (5     (.05              38,786        (7     (.07
Residential mortgages
    77,449        (6     (.03              75,201        (5     (.03
Credit card
    21,842        112       2.08                21,144        144       2.76