Table of Contents
US BANCORP \DE\Yes0.410.0080.0010.0010.410.410.370.420.740.84Yesfalse2020Q20000036104--12-310.41Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.The weighted-average maturity of total available-for-sale investment securities was 4.2 years at December 31, 2019, with a corresponding weighted-average yield of 2.38 percent.lncludes time deposits greater than $250,000 balances of $7.6 billion and $7.8 billion at June 30, 2020 and December 31, 2019, respectively.Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances.Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I and Series K Non-Cumulative Perpetual Preferred Stock of $914.234, $221.18, $406.25, $321.88, $640.625 and $343.75, respectively.Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I and Series K Non-Cumulative Perpetual Preferred Stock of $884.722, $221.18, $406.25, $321.88, $640.625 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 $1,866.062, $439.93, $812.50, $643.76, $640.625, $662.50 and $687.50, respectively.Effective January 1, 2020, the Company adopted accounting guidance which changed impairment recognition of financial instruments to a model that is based on expected losses rather than incurred losses. 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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 June 30, 2020
OR
 
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from (not applicable)
Commission file number
1-6880
U.S. BANCORP
(Exact name of registrant as specified in its charter)
 
Delaware
 
41-0255900
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
800 Nicollet Mall
Minneapolis, Minnesota 55402
(Address of principal executive offices, including zip code)
651-466-3000
(Registrant’s telephone number, including area code)
(not applicable)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading
symbols
 
Name of each exchange
on which registered
Common Stock, $.01 par value per share
  USB   New York Stock Exchange
Depositary Shares (each representing 1/100th interest in a share of Series A
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrA   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series B
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrH   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series F
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrM   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series H
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrO   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series K
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrP   New York Stock Exchange
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 July 31, 2020
Common Stock, $0.01 Par Value    1,506,362,519 shares
 
 
 

Table of Contents
Table of Contents and
Form 10-Q
Cross Reference Index
 
Part I — Financial Information
    
       3  
       3  
       4  
       6  
       32  
       33  
       35  
       8  
       8  
       9  
       22  
       22  
       22  
       22  
       24  
       25  
       26  
       28  
       36  
Part II — Other Information
    
       79  
       79  
       80  
       81  
       82  
       83  
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.
This quarterly report on
Form 10-Q
contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of U.S. Bancorp. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. The
COVID-19
pandemic is adversely affecting U.S. Bancorp, its customers, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices could affect U.S. Bancorp in substantial and unpredictable ways. U.S. Bancorp’s results could also be adversely affected by changes in interest rates; further increases in unemployment rates; deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans; deterioration in the value of its investment securities; legal and regulatory developments; litigation; increased competition from both banks and
non-banks;
changes in the level of tariffs and other trade policies of the United States and its global trading partners; changes in customer behavior and preferences; breaches in data security; failures to safeguard personal information; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk.
For discussion of these and other risks that may cause actual results to differ from expectations, refer to the other information in this report, including the section entitled “Risk Factors” and U.S. Bancorp’s Annual Report on Form
10-K
for the year ended December 31, 2019, on file with the Securities and Exchange Commission, including the sections entitled “Corporate Risk Profile” and “Risk Factors” contained in Exhibit 13, and all subsequent filings with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. In addition, factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.
 
U.S. Bancorp   
1

Table of Contents
 Table 1
 
   Selected Financial Data
 
   
Three Months Ended
June 30
    
Six Months Ended
June 30
 
(Dollars and Shares in Millions, Except Per Share Data)   2020     2019     Percent
Change
     2020     2019     Percent
Change
 
Condensed Income Statement
              
Net interest income
  $ 3,200     $ 3,305       (3.2 )%     $ 6,423     $ 6,564       (2.1 )% 
Taxable-equivalent adjustment (a)
    24       27       (11.1      48       54       (11.1
Net interest income (taxable-equivalent basis) (b)
    3,224       3,332       (3.2      6,471       6,618       (2.2
Noninterest income
    2,533       2,473       2.4        5,008       4,759       5.2  
Securities gains (losses), net
    81       17       *        131       22       *  
Total net revenue
    5,838       5,822       .3        11,610       11,399       1.9  
Noninterest expense
    3,318       3,153       5.2        6,634       6,240       6.3  
Provision for credit losses
    1,737       365       *        2,730       742       *  
Income before taxes
    783       2,304       (66.0      2,246       4,417       (49.2
Income taxes and taxable-equivalent adjustment
    88       476       (81.5      372       881       (57.8
Net income
    695       1,828       (62.0      1,874       3,536       (47.0
Net (income) loss attributable to noncontrolling interests
    (6     (7     14.3        (14     (16     12.5  
Net income attributable to U.S. Bancorp
  $ 689     $ 1,821       (62.2    $ 1,860     $ 3,520       (47.2
Net income applicable to U.S. Bancorp common shareholders
  $ 614     $ 1,741       (64.7    $ 1,702     $ 3,354       (49.3
Per Common Share
              
Earnings per share
  $ .41     $ 1.09       (62.4 )%     $ 1.13     $ 2.10       (46.2 )% 
Diluted earnings per share
    .41       1.09       (62.4      1.12       2.10       (46.7
Dividends declared per share
    .42       .37       13.5        .84       .74       13.5  
Book value per share (c)
    30.46       29.63       2.8         
Market value per share
    36.82       52.40       (29.7       
Average common shares outstanding
    1,506       1,590       (5.3      1,512       1,596       (5.3
Average diluted common shares outstanding
    1,507       1,592       (5.3      1,513       1,599       (5.4
Financial Ratios
              
Return on average assets
    .51     1.55          .72     1.52  
Return on average common equity
    5.3       15.0            7.5       14.7    
Net interest margin (taxable-equivalent basis) (a)
    2.62       3.13            2.76       3.14    
Efficiency ratio (b)
    57.6       54.3            57.8       54.8    
Net charge-offs as a percent of average loans outstanding
    .55       .49            .54       .50    
Average Balances
              
Loans
  $ 318,107     $ 289,218       10.0    $ 307,882     $ 287,672       7.0
Loans held for sale
    6,307       3,162       99.5        5,527       2,650       *  
Investment securities (d)
    120,867       115,460       4.7        120,856       114,823       5.3  
Earning assets
    494,119       426,933       15.7        470,921       423,234       11.3  
Assets
    544,306       471,598       15.4        519,556       467,521       11.1  
Noninterest-bearing deposits
    95,106       73,096       30.1        84,624       73,263       15.5  
Deposits
    403,303       345,232       16.8        383,053       340,326       12.6  
Short-term borrowings
    25,738       17,169       49.9        22,995       17,765       29.4  
Long-term debt
    46,385       40,438       14.7        45,116       41,143       9.7  
Total U.S. Bancorp shareholders’ equity
    52,241       52,438       (.4      51,693       52,016       (.6
 
    June 30,
2020
    December 31,
2019
                          
Period End Balances
              
Loans
  $ 310,335     $ 296,102       4.8       
Investment securities
    128,120       122,613       4.5         
Assets
    546,652       495,426       10.3         
Deposits
    413,306       361,916       14.2         
Long-term debt
    42,579       40,167       6.0         
Total U.S. Bancorp shareholders’ equity
    51,850       51,853               
Asset Quality
              
Nonperforming assets
  $ 1,173     $ 829       41.5       
Allowance for credit losses
    7,890       4,491       75.7         
Allowance for credit losses as a percentage of
period-end
loans
    2.54     1.52           
Capital Ratios
              
Common equity tier 1 capital
    9.0     9.1           
Tier 1 capital
    10.6       10.7             
Total risk-based capital
    12.8       12.7             
Leverage
    8.0       8.8             
Total leverage exposure
    7.1       7.0             
Tangible common equity to tangible assets (b)
    6.7       7.5             
Tangible common equity to risk-weighted assets (b)
    9.0       9.3             
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)
    8.7                                           
 
*
Not meaningful    
(a)
Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.    
(b)
See
Non-GAAP
Financial Measures beginning on page 32.    
(c)
Calculated as U.S. Bancorp common shareholders’ equity divided by common shares outstanding at end of the period.    
(d)
Excludes unrealized gains and losses on
available-for-sale
investment securities and any premiums or discounts recorded related to the transfer of investment securities at fair value from
available-for-sale
to
held-to-maturity.    
 
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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 $689 million for the second quarter of 2020, or $0.41 per diluted common share, compared with $1.8 billion, or $1.09 per diluted common share, for the second quarter of 2019. Return on average assets and return on average common equity were 0.51 percent and 5.3 percent, respectively, for the second quarter of 2020, compared with 1.55 percent and 15.0 percent, respectively, for the second quarter of 2019. During a challenging period adversely impacted by the
COVID-19
pandemic, the Company’s diversified business mix generated growth in net revenue and supported a provision for credit losses of $1.7 billion resulting in a $1.3 billion increase in the allowance for credit losses in the second quarter of 2020.
Total net revenue for the second quarter of 2020 was $16 million (0.3 percent) higher than the second quarter of 2019, reflecting a 5.0 percent increase in noninterest income, partially offset by a 3.2 percent decrease in net interest income. The decrease in net interest income from the second quarter of 2019 was primarily due to the impact of declining interest rates, partially offset by changes in deposit and funding mix, and loan growth. The noninterest income increase was driven by significant growth in mortgage banking revenue due to refinancing activities, strong growth in commercial products revenue, and an increase in gains on the sale of investment securities. Growth in these fee categories was partially offset by a decline in payment services revenue and deposit service charges related to lower consumer and commercial spending as well as higher fee waivers related to customers impacted by
COVID-19.
Additionally, other noninterest income declined from the second quarter of 2019 due to lower equity investment income, lower tax credit syndication revenues, and asset impairments as a result of property damage from civil unrest occurring during the second quarter of 2020.
Noninterest expense in the second quarter of 2020 was $165 million (5.2 percent) higher than the second quarter of 2019, reflecting costs related to
COVID-19
and an increase in revenue-related production expenses in the second quarter of 2020. Additionally, noninterest expense reflected an increase in personnel and technology and communications expenses related to developing digital capabilities and related business investment, partially offset by lower marketing and business development expense.
The provision for credit losses for the second quarter of 2020 of $1.7 billion was $1.4 billion higher than the second quarter of 2019, reflecting an increase in the allowance for credit losses during the second quarter of 2020 due to deteriorating economic conditions driven by the impact of
COVID-19
on the domestic and global economies. Net charge-offs in the second quarter of 2020 were $437 million, compared with $350 million in the second quarter of 2019. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.
Net income attributable to U.S. Bancorp for the first six months of 2020 was $1.9 billion, or $1.12 per diluted common share, compared with $3.5 billion, or $2.10 per diluted common share, for the first six months of 2019. Return on average assets and return on average common equity were 0.72 percent and 7.5 percent, respectively, for the first six months of 2020, compared with 1.52 percent and 14.7 percent, respectively, for the first six months of 2019.
Total net revenue for the first six months of 2020 was $211 million (1.9 percent) higher than the first six months of 2019, reflecting a 7.5 percent increase in noninterest income, partially offset by a 2.1 percent decrease in net interest income (2.2 percent on a taxable-equivalent basis). The decrease in net interest income from the first six months of 2019 was primarily due to the impact of declining interest rates, partially offset by changes in deposit and funding mix, and loan growth. The noninterest income increase was driven by significant growth in mortgage banking revenue due to refinancing activities, strong growth in commercial products revenue and trust and investment management fees, and an increase in gains on the sale of investment securities. Growth in these fee categories was partially offset by a decline in payment services revenue and deposit service charges related to lower consumer and commercial spending as well as higher fee waivers related to customers impacted by
COVID-19.
Additionally, other noninterest income declined from the prior year due to lower equity investment income, lower tax credit syndication revenues, and asset impairments recorded in
 
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the first six months of 2020, partially offset by gains on sale of certain businesses in the first six months of 2020.
Noninterest expense in the first six months of 2020 was $394 million (6.3 percent) higher than the first six months of 2019, reflecting costs related to
COVID-19
and an increase in revenue-related production expenses in the first six months of 2020. Additionally, noninterest expense reflected an increase in personnel and technology and communications expenses related to developing digital capabilities and related business investment, partially offset by lower marketing and business development expense.
The provision for credit losses for the first six months of 2020 of $2.7 billion was $2.0 billion higher than the first six months of 2019, reflecting an increase in the allowance for credit losses during the first six months of 2020 due to deteriorating economic conditions driven by the impact of
COVID-19
on the domestic and global economies. Net charge-offs in the first six months of 2020 were $830 million, compared with $717 million in the first six months of 2019. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.
STATEMENT OF INCOME ANALYSIS
Net Interest Income
 Net interest income, on a taxable-equivalent basis, was $3.2 billion in the second quarter and $6.5 billion in the first six months of 2020, representing decreases of $108 million (3.2 percent) and $147 million (2.2 percent), respectively, compared with the same periods of 2019. The decreases were principally driven by the impact of declining interest rates, partially offset by changes in deposit and funding mix, and loan growth. Average earning assets were $67.2 billion (15.7 percent) higher in the second quarter and $47.7 billion (11.3 percent) higher in the first six months of 2020, compared with the same periods of 2019, reflecting increases in loans, investment securities and other earning assets. The net interest margin, on a taxable-equivalent basis, in the second quarter and first six months of 2020 was 2.62 percent and 2.76 percent, respectively, compared with 3.13 percent and 3.14 percent in the second quarter and first six months of 2019, respectively. The decrease in net interest margin from the prior year was primarily due to the impact of the lower yield curve and a decision to retain higher cash balances to maintain liquidity given the environment, partially offset by changes in deposit pricing and funding mix. The Company expects its net interest margin to be relatively stable in the third quarter of 2020, as compared with the second quarter of 2020. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” tables for further information on net interest income.
Average total loans in the second quarter and first six months of 2020 were $28.9 billion (10.0 percent) and $20.2 billion (7.0 percent) higher, respectively, than the same periods of 2019. The increases were primarily due to higher commercial loans, reflecting the utilization of bank credit facilities by customers to support liquidity requirements as well as the impact of loans made under the Small Business Administration’s (“SBA”) Paycheck Protection Program, along with growth in residential mortgages given the lower interest rate environment. These increases were partially offset by lower credit card loans reflecting lower consumer spending during the first six months of 2020, as well as lower other retail loans.
Average investment securities in the second quarter and first six months of 2020 were $5.4 billion (4.7 percent) and $6.0 billion (5.3 percent) higher, respectively, than the same periods of 2019, primarily due to purchases of mortgage-backed securities, net of prepayments and maturities, partially offset by U.S. Treasury securities sales and maturities, net of purchases.
Average total deposits for the second quarter and first six months of 2020 were $58.1 billion (16.8 percent) and $42.7 billion (12.6 percent) higher, respectively, than the same periods of 2019. Average total savings deposits for the second quarter and first six months of 2020 were $39.7 billion (17.6 percent) and $35.1 billion (15.9 percent) higher, respectively, than the same periods of the prior year, driven by increases in Corporate and Commercial Banking, Consumer and Business Banking, and Wealth Management and Investment Services balances. Average noninterest-bearing deposits for the second quarter and first six months of 2020 were $22.0 billion (30.1 percent) and $11.4 billion (15.5 percent) higher, respectively, than the same periods of 2019, primarily due to increases in Corporate and Commercial Banking, Consumer and Business Banking, and Wealth Management and Investment Services balances. The growth in average total savings and noninterest-bearing deposits was primarily a result of the actions by the federal government to increase liquidity in the financial system, customers maintaining balance sheet liquidity by utilizing existing credit facilities and government stimulus programs. Average time deposits for the second quarter and first six months of 2020 were $3.6 billion (7.7 percent) and $3.7 billion (8.0 percent) lower, respectively, than the same periods of the prior year, primarily driven by decreases in those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics, partially offset by increases in Consumer and Business Banking balances.
 
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 Table 2
 
   Noninterest Income
 
           
Three Months Ended
June 30
    
Six Months Ended
June 30
 
(Dollars in Millions)           2020      2019      Percent
Change
     2020      2019      Percent
Change
 
Credit and debit card revenue
 
   $ 284      $ 365        (22.2 )%     $ 588      $ 669        (12.1 )% 
Corporate payment products revenue
 
     101        167        (39.5      246        329        (25.2
Merchant processing services
 
     266        404        (34.2      603        782        (22.9
Trust and investment management fees
 
     434        415        4.6        861        814        5.8  
Deposit service charges
 
     133        227        (41.4      342        444        (23.0
Treasury management fees
 
     137        153        (10.5      280        299        (6.4
Commercial products revenue
 
     355        249        42.6        601        468        28.4  
Mortgage banking revenue
 
     648        189        *        1,043        358        *  
Investment products fees
 
     45        47        (4.3      94        92        2.2  
Securities gains (losses), net
 
     81        17        *        131        22        *  
Other
       130        257        (49.4      350        504        (30.6
Total noninterest income
 
   $ 2,614      $ 2,490        5.0    $ 5,139      $ 4,781        7.5
 
*
Not meaningful.
 
Provision for Credit Losses
 The provision for credit losses was $1.7 billion for the second quarter and $2.7 billion for the first six months of 2020, representing increases of $1.4 billion and $2.0 billion, respectively, from the same periods of 2019. During 2020, the Company adopted accounting guidance which changed previous impairment recognition to a model that is based on expected losses rather than incurred losses. In March 2020 economic conditions began to deteriorate, and subsequently continued to deteriorate during the second quarter, due to the impact of the
COVID-19
health crisis. As a result, economic projections for the Gross Domestic Product declined dramatically and unemployment levels increased significantly due to information related to the evolving impacts of the
COVID-19
health crisis. This resulted in the Company’s expectations related to loan delinquencies, credit risk ratings, nonperforming assets and related future credit losses to reflect deteriorating credit quality. As a result, the Company recognized increases of $1.3 billion and $1.9 billion, during the second quarter and first six months of 2020, respectively, in the allowance for credit losses due to these deteriorating economic conditions. The expected loss estimates consider various factors including the changing economic conditions, potential mitigating effects of government stimulus, estimated duration of the health crisis, customer specific information impacting changes in risk ratings, projected delinquencies and the impact of industrywide loan modification efforts designed to limit long-term effects of the pandemic, among other factors. Net charge-offs increased $87 million (24.9 percent) and $113 million (15.8 percent) in the second quarter and first six months of 2020, respectively, compared with the same periods of the prior year, primarily due to higher commercial loan, commercial real estate loan and retail leasing net charge-offs, partially offset by a decrease in other retail loan net charge-offs. The increases in retail leasing charge-offs reflected the inclusion of end of term losses on residual lease values as of January 1, 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.
Noninterest Income
 Noninterest income was $2.6 billion in the second quarter and $5.1 billion in the first six months of 2020, representing increases of $124 million (5.0 percent) and $358 million (7.5 percent), respectively, compared with the same periods of 2019. The increases from a year ago reflected higher mortgage banking revenue, commercial products revenue, trust and investment management fees and gains on sales of investment securities, partially offset by lower payment services revenue, deposit service charges and other noninterest income. Mortgage banking revenue increased due to higher mortgage production and stronger gain on sale margins, partially offset by changes in mortgage servicing rights (“MSRs”) valuations, net of hedging activities. The Company expects mortgage banking revenue to decline in the third quarter of 2020, as compared with the second quarter of 2020, reflecting slower refinancing activity for the industry. Commercial products revenue increased primarily due to higher corporate bond issuance fees and trading revenue. Trust and investment management fees were higher due to business growth and favorable market conditions over the past year. Payment services fee revenue decreased reflecting lower merchant processing services revenue, credit and debit card revenue, and corporate payment products revenue, driven by lower sales volume due to the worldwide impact of the
COVID-19
pandemic on consumer and business spending. Payment services revenue is likely to be adversely affected through the remainder of 2020 due to reduced consumer and business spending activity. However, sales volume trends continue
 
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 Table 3
 
   Noninterest Expense
 
   
Three Months Ended
June 30
    
Six Months Ended
June 30
 
(Dollars in Millions)   2020     2019     Percent
Change
     2020     2019     Percent
Change
 
Compensation
  $ 1,685     $ 1,574       7.1    $ 3,305     $ 3,133       5.5
Employee benefits
    314       314              666       647       2.9  
Net occupancy and equipment
    271       281       (3.6      547       558       (2.0
Professional services
    106       106              205       201       2.0  
Marketing and business development
    67       111       (39.6      141       200       (29.5
Technology and communications
    309       270       14.4        598       527       13.5  
Postage, printing and supplies
    72       73       (1.4      144       145       (.7
Other intangibles
    43       42       2.4        85       82       3.7  
Other
    451       382       18.1        943       747       26.2  
Total noninterest expense
  $ 3,318     $ 3,153       5.2    $ 6,634     $ 6,240       6.3
Efficiency ratio (a)
    57.6     54.3              57.8     54.8        
 
a)
See
Non-GAAP
Financial Measures beginning on page 32.
 
to improve from the levels seen in late March and early April, and the Company expects continued gradual improvement in sales volumes throughout the remainder of the year. Deposit service charges decreased primarily due to lower volume and higher fee waivers related to customers impacted by
COVID-19.
Other noninterest income decreased due to lower equity investment income, lower
tax-advantaged
investment syndication revenue and asset impairments as a result of property damage from civil unrest in the second quarter of 2020. The decrease in other noninterest income in the first six months of 2020, compared with the first six months of 2019, was partially offset by gains on sale of certain businesses in the first quarter of 2020.
Noninterest Expense
 Noninterest expense was $3.3 billion in the second quarter and $6.6 billion in the first six months of 2020, representing increases of $165 million (5.2 percent) and $394 million (6.3 percent), respectively, over the same periods of 2019. The increases from a year ago were driven by incremental costs related to
COVID-19
and revenue-related expenses due to higher mortgage production and capital markets activities of $150 million in the second quarter and $299 million in the first six months of 2020, in addition to business investments, including increased digital capabilities. The categories of expense impacted include higher personnel expense, technology and communications expense, and other noninterest expense, partially offset by lower marketing and business development expense. Compensation expense increased due to the impacts of merit increases and higher variable compensation related to business production within mortgage banking and fixed income capital markets. Technology and communications expense increased primarily due to capital expenditures supporting business growth. Other noninterest expense increased, reflecting $79 million and $179 million of expenses in the second quarter and first six months of 2020, respectively, related to
COVID-19,
and higher state franchise taxes, partially offset by lower costs related to
tax-advantaged
projects in 2020. Incremental costs related to
COVID-19
include increased liabilities driven by the Company’s exposure as a credit card processor to charge-back risk on undelivered goods and services, including prepaid airline tickets, as well as expenses related to paying premium compensation to front-line workers and providing a safe working environment for employees. The Company expects these incremental
COVID-19
costs to begin to dissipate in the second half of 2020. Marketing and business development expense decreased due to the timing of marketing campaigns and a reduction in travel as a result of
COVID-19.
Income Tax Expense
 The provision for income taxes was $64 million (an effective rate of 8.4 percent) for the second quarter and $324 million (an effective rate of 14.7 percent) for the first six months of 2020, compared with $449 million (an effective rate of 19.7 percent) and $827 million (an effective rate of 19.0 percent) for the same periods of 2019. The reduced tax rates for 2020 were primarily a result of reduced pretax income being impacted by current economic conditions, including the higher provision for credit losses. For further information on income taxes, refer to Note 11 of the Notes to Consolidated Financial Statements.
BALANCE SHEET ANALYSIS
Loans
 The Company’s loan portfolio was $310.3 billion at June 30, 2020, compared with $296.1 billion at December 31, 2019, an increase of $14.2 billion (4.8 percent). The increase was driven by higher commercial loans, commercial real estate loans and residential mortgages, partially offset by lower credit card loans and other retail loans.
Commercial loans increased $16.4 billion (15.8 percent) at June 30, 2020, compared with December 31, 2019, reflecting the utilization of bank credit facilities by customers to support liquidity
 
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 Table 4
 
   Available-for-Sale Investment Securities
 
    June 30, 2020             December 31, 2019  
(Dollars in Millions)   Amortized
Cost
     Fair Value     Weighted-
Average
Maturity in
Years
     Weighted-
Average
Yield (d)
            Amortized
Cost
     Fair Value     Weighted-
Average
Maturity in
Years
     Weighted-
Average
Yield (d)
 
U.S. Treasury and agencies
  $ 19,397      $ 19,978       2.7        1.64        $ 19,845      $ 19,839       2.7        1.68
Mortgage-backed securities (a)
    97,272        99,765       2.8        1.97            95,385        95,564       4.4        2.39  
Asset-backed securities (a)
    361        368       2.9        3.58            375        383       3.1        3.09  
Obligations of state and political subdivisions (b) (c)
    7,470        7,996       6.5        4.15            6,499        6,814       6.6        4.29  
Other
    13        13       .6        1.65                13        13       .3        2.66  
Total investment securities
  $ 124,513      $ 128,120       3.0        2.05            $ 122,117      $ 122,613       4.2        2.38
 
(a)
Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
(b)
Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.
(c)
Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.
(d)
Yields on investment securities are computed based on amortized cost balances. Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent.
 
requirements as well as the impact of loans made under the SBA’s Paycheck Protection Program.
Commercial real estate loans increased $1.3 billion (3.3 percent) at June 30, 2020, compared with December 31, 2019, primarily the result of new originations, partially offset by customers paying down balances.
Residential mortgages held in the loan portfolio increased $743 million (1.1 percent) at June 30, 2020, compared with December 31, 2019, as origination activity more than offset the effect of customers paying down balances in the first six months of 2020 given the lower interest rate environment. Residential mortgages originated and placed in the Company’s loan portfolio include well-secured jumbo mortgages and branch-originated first lien home equity loans to borrowers with high credit quality.
Credit card loans decreased $3.5 billion (14.2 percent) at June 30, 2020, compared with December 31, 2019, reflecting reduced consumer spending in 2020 driven by the impact of
COVID-19.
Other retail loans decreased $706 million (1.2 percent) at June 30, 2020, compared with December 31, 2019, the result of decreases in home equity loans, auto loans and revolving credit balances, 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 $8.2 billion at June 30, 2020, compared with $5.6 billion at December 31, 2019. The increase in loans held for sale was principally due to a higher level of mortgage loan closings in the second quarter of 2020 given the lower interest rate environment, compared with the fourth quarter of 2019. Almost all of the residential mortgage loans the Company originates or purchases for sale follow guidelines that allow the loans to be sold into existing, highly liquid secondary markets; in particular in government agency transactions and to government-sponsored enterprises (“GSEs”).
 
Investment Securities
 Available-for-sale
investment securities totaled $128.1 billion at June 30, 2020, compared with $122.6 billion at December 31, 2019. The $5.5 billion (4.5 percent) increase was primarily due to a $3.1 billion favorable change in net unrealized gains (losses) on
available-for-sale
investment securities and $2.3 billion of net investment purchases. The Company had no outstanding investment securities classified as
held-to-maturity
at June 30, 2020 and December 31, 2019.
The Company’s
available-for-sale
investment securities are carried at fair value with changes in fair value reflected in other comprehensive income (loss) unless a portion of a security’s unrealized loss is related to credit and an allowance for credit losses is necessary. At June 30, 2020, the Company’s net unrealized gains on
available-for-sale
investment securities were $3.6 billion, compared with $496 million at December 31, 2019. The favorable change in net unrealized gains was primarily due to increases in the fair value of U.S. Treasury, mortgage-backed, and state and political securities as a result of changes in interest rates. Gross unrealized losses on
available-for-sale
investment securities totaled $39 million at June 30, 2020, compared with
 
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$448 million at December 31, 2019. At June 30, 2020, the Company had no plans to sell securities with unrealized losses, and believes it is more likely than not that it would not be required to sell such securities before recovery of their amortized cost.
Refer to Notes 3 and 14 in the Notes to Consolidated Financial Statements for further information on investment securities.
Deposits
 Total deposits were $413.3 billion at June 30, 2020, compared with $361.9 billion at December 31, 2019. The $51.4 billion (14.2 percent) increase in total deposits reflected increases in noninterest-bearing and total savings deposits, partially offset by a decrease in time deposits. Noninterest-bearing deposits increased $34.1 billion (45.2 percent) at June 30, 2020, compared with December 31, 2019, primarily due to higher Corporate and Commercial Banking, Consumer and Business Banking, and Wealth Management and Investment Services balances. Money market deposit balances increased $9.0 billion (7.5 percent) at June 30, 2020, compared with December 31, 2019, primarily due to higher Corporate and Commercial Banking, and Consumer and Business Banking balances, partially offset by a decrease in Wealth Management and Investment Services balances. Interest checking balances increased $7.6 billion (10.0 percent), while savings account balances increased $5.2 billion (11.1 percent), both driven by higher Consumer and Business Banking balances. The growth in noninterest-bearing and total savings deposits was primarily a result of the economic impact of the
COVID-19
pandemic on the world economy resulting in actions by the federal government to increase liquidity in the financial system, customers maintaining balance sheet liquidity by utilizing existing credit facilities and government stimulus programs. Time deposits decreased $4.6 billion (10.7 percent) at June 30, 2020, compared with December 31, 2019, driven by a decrease in those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.
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 $20.6 billion at June 30, 2020, compared with $23.7 billion at December 31, 2019. The $3.1 billion (13.2 percent) decrease in short-term borrowings was primarily due to a decrease in short-term Federal Home Loan Bank (“FHLB”) advances and other short-term borrowings balances, partially offset by higher commercial paper, repurchase agreement and federal funds purchased balances. Long-term debt was $42.6 billion at June 30, 2020, compared with $40.2 billion at December 31, 2019. The $2.4 billion (6.0 percent) increase was primarily due to $3.3 billion of bank note and $1.5 billion of medium-term note issuances, partially offset by $3.2 billion of bank note repayments and maturities. Refer to the “Liquidity Risk Management” section for discussion of liquidity management of the Company.
CORPORATE RISK PROFILE
Overview
Managing risks is an essential part of successfully operating a financial services company. The Company’s Board of Directors has approved a risk management framework which establishes governance and risk management requirements for all risk-taking activities. This framework includes Company and business line risk appetite statements which set boundaries for the types and amount of risk that may be undertaken in pursuing business objectives and initiatives. The Board of Directors, primarily through its Risk Management Committee, oversees performance relative to the risk management framework, risk appetite statements, and other policy requirements.
The Executive Risk Committee (“ERC”), which is chaired by the Chief Risk Officer and includes the Chief Executive Officer and other members of the executive management team, oversees execution against the risk management framework and risk appetite statements. The ERC focuses on current and emerging risks, including strategic and reputation risks, by directing timely and comprehensive actions. Senior operating committees have also been established, each responsible for overseeing a specified category of risk.
The Company’s most prominent risk exposures are credit, interest rate, market, liquidity, operational, compliance, strategic, and reputation. Leveraging the Company’s risk management framework, the specific impacts of
COVID-19
and related risks are identified for each of the most prominent exposures. Oversight and governance is managed through a centralized command center which escalates through the ERC. The Board of Directors also oversees the Company’s responsiveness to the
COVID-19
pandemic. Credit risk is the risk of not collecting the interest and/or the principal balance of a loan, investment or derivative contract when it is due. Interest rate risk is the potential reduction of net interest income or market valuations as a result of changes in interest rates. Market risk arises from fluctuations in interest rates, foreign exchange rates, and security prices that may result in changes in the values of financial
 
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instruments, such as trading and
available-for-sale
securities, mortgage loans held for sale (“MLHFS”), MSRs and derivatives that are accounted for on a fair value basis. Liquidity risk is the possible inability to fund obligations or new business at a reasonable cost and in a timely manner. Operational risk is the risk to current or projected financial condition arising from inadequate or failed internal processes or systems, people, or adverse external events, including the risk of loss resulting from breaches in data security. Operational risk can also include the risk of loss due to failures by third parties with which the Company does business. Compliance risk is the risk that the Company may suffer legal or regulatory sanctions, financial losses, and reputational damage if it fails to adhere to compliance requirements. Strategic risk is the risk to current or projected financial condition arising from adverse business decisions, poor implementation of business decisions, or lack of responsiveness to changes in the banking industry and operating environment. Reputation risk is the risk to current or anticipated earnings, capital, or franchise or enterprise value arising from negative public opinion. This risk may impair the Company’s competitiveness by affecting its ability to establish new relationships or services offer new services or continue serving existing relationships. In addition to the risks identified above, other risk factors exist that may impact the Company. Refer to “Risk Factors” in this report and in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2019, for a detailed discussion of these factors.
The Company’s Board and management-level governance committees are supported by a “three lines of defense” model for establishing effective checks and balances. The first line of defense, the business lines, manages risks in conformity with established limits and policy requirements. In turn, business line leaders and their risk officers establish programs to ensure conformity with these limits and policy requirements. The second line of defense, which includes the Chief Risk Officer’s organization as well as policy and oversight activities of corporate support functions, translates risk appetite and strategy into actionable risk limits and policies. The second line of defense monitors first line of defense conformity with limits and policies, and provides reporting and escalation of emerging risks and other concerns to senior management and the Risk Management Committee of the Board of Directors. The third line of defense, internal audit, is responsible for providing the Audit Committee of the Board of Directors and senior management with independent assessment and assurance regarding the effectiveness of the Company’s governance, risk management and control processes.
Management regularly provides reports to the Risk Management Committee of the Board of Directors. The Risk Management Committee discusses with management the Company’s risk management performance, and provides a summary of key risks to the entire Board of Directors, covering the status of existing matters, areas of potential future concern and specific information on certain types of loss events. The Risk Management Committee considers quarterly reports by management assessing the Company’s performance relative to the risk appetite statements and the associated risk limits, including:
 
Macroeconomic environment and other qualitative considerations, such as regulatory and compliance changes, litigation developments, and technology and cybersecurity;
 
Credit measures, including adversely rated and nonperforming loans, leveraged transactions, credit concentrations and lending limits;
 
Interest rate and market risk, including market value and net income simulation, and trading-related Value at Risk (“VaR”);
 
Liquidity risk, including funding projections under various stressed scenarios;
 
Operational and compliance risk, including losses stemming from events such as fraud, processing errors, control breaches, breaches in data security or adverse business decisions, as well as reporting on technology performance, and various legal and regulatory compliance measures;
 
Capital ratios and projections, including regulatory measures and stressed scenarios; and
 
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 and consumer bankruptcy filings, as well as the potential impact on customers and the domestic economy resulting from new tariffs or increases in existing tariffs, and 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
 
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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 risk has been identified. Loans with a special mention or classified rating, including 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 modified or delinquent loan in a first lien position, encompass all loans held by the Company that it considers to have a potential or well-defined weakness that may put full collection of contractual cash flows at risk. The Company’s internal credit quality ratings for consumer loans are primarily based on delinquency and nonperforming status, except for a limited population of larger loans within those portfolios that are individually evaluated. For this limited population, the determination of the internal credit quality rating may also consider collateral value and customer cash flows. Refer to Note 4 in the Notes to Consolidated Financial Statements for further discussion of the Company’s loan portfolios including internal credit quality ratings. In addition, refer to “Management’s Discussion and Analysis — Credit Risk Management” in the Company’s Annual Report on
Form 10-K
for the year ended December 31, 2019, 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. 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 June 30, 2020, substantially all of the Company’s home equity lines were in the draw period. Approximately $1.2 billion, or 10 percent, of the outstanding home equity line balances at June 30, 2020, will enter the amortization period within the next 36 months. Key risk characteristics relevant to consumer lending segment loans primarily relate to the borrowers’ capacity and willingness to repay and include unemployment rates and other economic 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 elevated risk resulting from the
COVID-19
pandemic, are reflected in forecasts of delinquency levels, bankruptcies and losses which are the primary factors in determining the allowance for credit losses for the consumer lending segment.
The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans.
The Company’s consumer lending segment utilizes several distinct business processes and channels to originate consumer credit, including traditional branch lending, mobile and
on-line
banking, indirect lending, correspondent banks and loan brokers. Each distinct
 
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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 and borrower type at June 30, 2020:
 
Residential Mortgages
(Dollars in Millions)
  Interest
Only
    Amortizing     Total     Percent
of Total
 
Loan-to-Value
       
Less than or equal to 80%
  $ 2,907     $ 58,651     $ 61,558       86.3
Over 80% through 90%
    13       5,346       5,359       7.5  
Over 90% through 100%
          500       500       .7  
Over 100%
          129       129       .2  
No LTV available
          20       20        
Loans purchased from GNMA mortgage pools (a)
          3,763       3,763       5.3  
Total
  $ 2,920     $ 68,409     $ 71,329       100.0
Borrower Type
       
Prime borrowers
  $ 2,920     $ 64,086     $ 67,006       93.9