Table of Contents
US BANCORP \DE\YesYesfalseQ20000036104--12-311250000000011900000050000000http://fasb.org/us-gaap/2022#FeesAndCommissionsMortgageBankingAndServicinghttp://fasb.org/us-gaap/2022#FeesAndCommissionsMortgageBankingAndServicinghttp://fasb.org/us-gaap/2022#FeesAndCommissionsMortgageBankingAndServicinghttp://fasb.org/us-gaap/2022#FeesAndCommissionsMortgageBankingAndServicinghttp://fasb.org/us-gaap/2022#ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTaxhttp://fasb.org/us-gaap/2022#ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTaxhttp://fasb.org/us-gaap/2022#ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTaxhttp://fasb.org/us-gaap/2022#ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTaxhttp://fasb.org/us-gaap/2022#NoninterestIncomehttp://fasb.org/us-gaap/2022#NoninterestIncomehttp://fasb.org/us-gaap/2022#NoninterestIncomehttp://fasb.org/us-gaap/2022#NoninterestIncomeIncludes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.The weighted-average maturity of total held-to-maturity investment securities was 9.2 years at December 31, 2022, with a corresponding weighted-average yield of 2.18 percent. The weighted-average maturity of total available-for-sale investment securities was 7.4 years at December 31, 2022, with a corresponding weighted-average yield of 2.94 percent.Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.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.Amortized cost excludes portfolio level basis adjustments of $(1) million.Effective January 1, 2023, the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings. Upon adoption, the Company reduced its allowance for credit losses and increased retained earnings net of deferred taxes through a cumulative-effect adjustment.Reflects dividends declared per share on the Company’s Series A, Series B, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $884.722, $221.181, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively.Reflects dividends declared per share on the Company’s Series A, Series B, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,587.52, $370.338, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively.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 $3,049.948, $709.695, $662.50, $687.50, $468.75, $500.00, $462.50 and $562.50, respectively.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 $1,759.722, $439.931, $662.50, $687.50, $468.75, $500.00, $462.50 and $487.50, respectively.Substantially all nonperforming loans at June 30, 2023 and December 31, 2022, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $3 million and $5 million for the three months ended June 30, 2023 and 2022, respectively, and $7 million and $8 million for the six months ended June 30, 2023 and 2022, respectively.At June 30, 2023, $556 million of loans 30–89 days past due and $2.1 billion of loans 90 days or more past due purchased and that could be purchased from Government National Mortgage Association (“GNMA”) mortgage pools under delinquent loan repurchase options whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $647 million and $2.2 billion at December 31, 2022, respectively.The par value of all shares issued and outstanding at June 30, 2023 and December 31, 2022, was $1.00 per share.Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges.Determined based on the relative fair value of the related mortgage loans serviced.Determined based on the relative fair value of the related mortgage loans.Effective January 1, 2023, the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings.Includes $91 million of charge-offs in the first quarter of 2023 related to uncollectible amounts on acquired loans.Includes $117 million of charge-offs related to balance sheet repositioning and capital management actions taken in the second quarter of 2023.Includes $192 million of charge-offs related to balance sheet repositioning and capital management actions taken in the second quarter of 2023.Percent of class total amounts expressed as a percent of total residential mortgage loan balances.Includes $100 million of total loans receiving a payment delay and term extension, $2 million of total loans receiving an interest rate reduction and term extension and $1 million of total loans receiving an interest rate reduction, payment delay and term extension for three months ended ended June 30, 2023. Includes $151 million of total loans receiving a payment delay and term extension, $5 million of total loans receiving an interest rate reduction and term extension and $6 million of total loans receiving an interest rate reduction, payment delay and term extension for six months ended ended June 30, 2023.At June 30, 2023, $95 million of loans 30-89 days past due and $20 million of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose payments are insured by the Federal Housing administration or guaranteed by the United States Department of Veterans Affairs, were classified as current.Represents allowance for credit deteriorated and charged-off loans acquired from MUB.Represents $3.5 billion of noninterest-bearing additional cash held by MUB upon close of the acquisition to be delivered to MUFG on or prior to December 1, 2027, discounted at the Company’s 5-year unsecured borrowing rate as of the 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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, 2023
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 PrP   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series L
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrQ   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series M
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrR   New York Stock Exchange
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 check mark 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, 2023
Common Stock, $0.01 Par Value    1,532,965,462 shares
 
 

Table of Contents
Table of Contents and
Form 10-Q
Cross Reference Index
 
Part I — Financial Information
    
       4  
       4  
       5  
       7  
       32  
       33  
       33  
       9  
       9  
       11  
       21  
       21  
       21  
       21  
       23  
       24  
       26  
       27  
       34  
Part II — Other Information
    
       82  
       82  
       82  
       82  
       83  
       84  
“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, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects and operations 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 that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties:
 
 
Deterioration in general business and economic conditions or turbulence in domestic or global financial markets, which 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;
 
 
Turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions, which could affect the ability of depository institutions, including U.S. Bank National Association, to attract and retain depositors, and could affect the ability of financial services providers, including U.S. Bancorp, to borrow or raise capital;
 
 
Increases in Federal Deposit Insurance Corporation (“FDIC”) assessments due to bank failures;
 
 
Actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions;
 
 
Changes to regulatory capital, liquidity and resolution-related requirements applicable to large banking organizations in response to recent developments affecting the banking sector;
 
 
Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities;
 
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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;
 
 
Risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer;
 
 
Impacts of current, pending or future litigation and governmental proceedings;
 
 
Increased competition from both banks and
non-banks;
 
 
Effects of climate change and related physical and transition risks;
 
 
Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands;
 
 
Breaches in data security;
 
 
Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties;
 
 
Failures to safeguard personal information;
 
 
Impacts of pandemics, including the
COVID-19
pandemic, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events;
 
 
Impacts of supply chain disruptions, rising inflation, slower growth or a recession;
 
 
Failure to execute on strategic or operational plans;
 
 
Effects of mergers and acquisitions and related integration;
 
 
Effects of critical accounting policies and judgments;
 
 
Effects of changes in or interpretations of tax laws and regulations;
 
 
Management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk; and
 
 
The risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form
10-K
for the year ended December 31, 2022, and subsequent filings with the Securities and Exchange Commission.
In addition, U.S. Bancorp’s acquisition of MUFG Union Bank, N.A. (“MUB”) presents risks and uncertainties, including, among others: the risk that the cost savings, any revenue synergies and other anticipated benefits of the acquisition may not be realized or may take longer than anticipated to be realized; and the possibility that the combination of MUB with U.S. Bancorp, including the integration of MUB, may be more costly or difficult to complete than anticipated or have unanticipated adverse results.
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.
 
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 Table 1
 
   Selected Financial Data
 
    Three Months Ended June 30      Six Months Ended June 30  
(Dollars and Shares in Millions, Except Per Share Data)   2023     2022     Percent
Change
     2023      2022      Percent
Change
 
Condensed Income Statement
 
              
Net interest income
  $ 4,415     $ 3,435       28.5    $ 9,049      $ 6,608        36.9
Taxable-equivalent adjustment (a)
    34       29       17.2        68        56        21.4  
Net interest income (taxable-equivalent basis) (b)
    4,449       3,464       28.4        9,117        6,664        36.8  
Noninterest income
    2,726       2,548       7.0        5,233        4,944        5.8  
Total net revenue
    7,175       6,012       19.3        14,350        11,608        23.6  
Noninterest expense
    4,569       3,724       22.7        9,124        7,226        26.3  
Provision for credit losses
    821       311       *        1,248        423        *  
Income before taxes
    1,785       1,977       (9.7      3,978        3,959        .5  
Income taxes and taxable-equivalent adjustment
    416       443       (6.1      905        867        4.4  
Net income
    1,369       1,534       (10.8      3,073        3,092        (.6
Net (income) loss attributable to noncontrolling interests
    (8     (3     *        (14      (4      *  
Net income attributable to U.S. Bancorp
  $ 1,361     $ 1,531       (11.1    $ 3,059      $ 3,088        (.9
Net income applicable to U.S. Bancorp common shareholders
  $ 1,281     $ 1,464       (12.5    $ 2,873      $ 2,930        (1.9
Per Common Share
 
              
Earnings per share
  $ .84     $ .99       (15.2 )%     $ 1.87      $ 1.97        (5.1 )% 
Diluted earnings per share
    .84       .99       (15.2      1.87        1.97        (5.1
Dividends declared per share
    .48       .46       4.3        .96        .92        4.3  
Book value per share (c)
    30.14       28.13       7.1           
Market value per share
    33.04       46.02       (28.2         
Average common shares outstanding
    1,533       1,486       3.2        1,532        1,485        3.2  
Average diluted common shares outstanding
    1,533       1,487       3.1        1,533        1,486        3.2  
Financial Ratios
                
Return on average assets
    .81     1.06          .92      1.08   
Return on average common equity
    10.9       13.9            12.5        13.3     
Net interest margin (taxable-equivalent basis) (a)
    2.90       2.59            3.00        2.51     
Efficiency ratio (b)
    63.7       62.1            63.5        62.4     
Net charge-offs as a percent of average loans outstanding
    .67       .20            .53        .20     
Average Balances
 
              
Loans
  $ 388,817     $ 324,187       19.9    $ 387,789      $ 318,608        21.7
Loans held for sale
    2,569       3,688       (30.3      2,516        4,579        (45.1
Investment securities (d)
    159,824       171,296       (6.7      162,957        173,019        (5.8
Earning assets
    613,839       536,761       14.4        610,744        533,318        14.5  
Assets
    673,012       579,911       16.1        669,251        578,663        15.7  
Noninterest-bearing deposits
    113,758       120,827       (5.9      121,705        124,375        (2.1
Deposits
    497,265       456,516       8.9        503,758        455,352        10.6  
Short-term borrowings
    54,172       23,294       *        45,369        21,178        *  
Long-term debt
    42,771       31,390       36.3        41,902        32,177        30.2  
Total U.S. Bancorp shareholders’ equity
    53,822       49,166       9.5        53,248        51,304        3.8  
 
        June 30,
2023
    December 31,
2022
                            
Period End Balances
 
              
Loans
  $ 379,428     $ 388,213       (2.3 )%          
Investment securities
    156,159       161,650       (3.4         
Assets
    680,825       674,805       .9           
Deposits
    521,600       524,976       (.6         
Long-term debt
    45,283       39,829       13.7           
Total U.S. Bancorp shareholders’ equity
    53,019       50,766       4.4           
Asset Quality
                
Nonperforming assets
  $ 1,085     $ 1,016       6.8         
Allowance for credit losses
    7,695       7,404       3.9           
Allowance for credit losses as a percentage of
period-end
loans
    2.03     1.91             
Capital Ratios
                
Common equity tier 1 capital
    9.1     8.4             
Tier 1 capital
    10.6       9.8               
Total risk-based capital
    12.7       11.9               
Leverage
    7.5       7.9               
Total leverage exposure
    6.2       6.4               
Tangible common equity to tangible assets (b)
    4.8       4.5               
Tangible common equity to risk-weighted assets (b)
    6.8       6.0               
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)
    8.9       8.1                                     
 
*
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 $1.4 billion for the second quarter of 2023, or $0.84 per diluted common share, compared with $1.5 billion, or $0.99 per diluted common share, for the second quarter of 2022. Return on average assets and return on average common equity were 0.81 percent and 10.9 percent, respectively, for the second quarter of 2023, compared with 1.06 percent and 13.9 percent, respectively, for the second quarter of 2022. The results for the second quarter of 2023 included the impact of $310 million of merger and integration-related charges associated with the acquisition of MUFG Union Bank, N.A. (“MUB”), $243 million of provision for credit losses and an additional $22 million of losses related to balance sheet repositioning and capital management actions. Combined, these items decreased diluted earnings per common share by $0.28.
Total net revenue for the second quarter of 2023 was $1.2 billion (19.3 percent) higher than the second quarter of 2022, reflecting a 28.5 percent increase in net interest income (28.4 percent on a taxable-equivalent basis) and a 7.0 percent increase in noninterest income. The increase in net interest income from the second quarter of 2022 was due to the impacts of rising interest rates on earning assets and the MUB acquisition. The increase in noninterest income reflected higher commercial products revenue, payment services revenue and trust and investment management fees.
Noninterest expense in the second quarter of 2023 was $845 million (22.7 percent) higher than the second quarter of 2022, reflecting merger and integration charges and operating expenses related to the MUB acquisition, including core deposit intangible amortization expense, as well as increases in compensation and employee benefits expense to support business growth.
The provision for credit losses for the second quarter of 2023 of $821 million was $510 million higher than the second quarter of 2022, driven by the impacts of balance sheet repositioning and capital management actions, the acquisition of MUB, normalizing credit losses and continued economic uncertainty. Net charge-offs in the second quarter of 2023 were $649 million, compared with $161 million in the second quarter of 2022. 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 2023 was $3.1 billion, or $1.87 per diluted common share, compared with $3.1 billion, or $1.97 per diluted common share, for the first six months of 2022. Return on average assets and return on average common equity were 0.92 percent and 12.5 percent, respectively, for the first six months of 2023, compared with 1.08 percent and 13.3 percent, respectively, for the first six months of 2022. The results for the first six months of 2023 included the impact of $554 million of merger and integration-related charges, $243 million of provision for credit losses and an additional $22 million of losses related to balance sheet repositioning and capital management actions. Combined, these items decreased diluted earnings per common share by $0.40.
Total net revenue for the first six months of 2023 was $2.7 billion (23.6 percent) higher than the first six months of 2022, reflecting a 36.9 percent increase in net interest income (36.8 percent on a taxable-equivalent basis) and a 5.8 percent increase in noninterest income. The increase in net interest income from the first six months of 2022 was due to the impacts of rising interest rates on earning assets and the MUB acquisition. The increase in noninterest income reflected higher trust and investment management fees, commercial products revenue and payment services revenue, partially offset by lower mortgage banking revenue and losses on securities.
Noninterest expense in the first six months of 2023 was $1.9 billion (26.3 percent) higher than the first six months of 2022, reflecting merger and integration charges and operating expenses related to the MUB acquisition, including core deposit intangible amortization expense, as well as increases in compensation and employee benefits expense to support business growth.
The provision for credit losses for the first six months of 2023 of $1.2 billion was $825 million higher than the first six months of 2022, driven by the impacts of balance sheet repositioning and capital management actions, the acquisition of MUB, normalizing credit losses and continued economic uncertainty. Net charge-offs in the first six months of 2023 were $1.0 billion, compared
 
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with $323 million in the first six months of 2022. 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.
MUFG Union Bank Acquisition
 On December 1, 2022, the Company acquired MUB’s core regional banking franchise from Mitsubishi UFJ Financial Group, Inc. (“MUFG”). Pursuant to the terms of the Share Purchase Agreement, the Company acquired all of the issued and outstanding shares of common stock of MUB for a purchase price consisting of $5.5 billion in cash and approximately 44 million shares of the Company’s common stock. The Company also received additional MUB cash of $3.5 billion upon completion of the acquisition, which is required to be repaid to MUFG on or prior to the fifth anniversary date of the completion of the purchase. On August 3, 2023, the Company completed a debt/equity conversion with MUFG. As a result, the Company repaid $936 million of its debt obligation from the proceeds of the issuance of 24 million shares of common stock of the Company to an affiliate of MUFG (the “Debt/Equity Conversion”). After the Debt/Equity Conversion, the Company had a remaining repayment obligation of $2.6 billion. On May 26, 2023, the Company merged MUB into U.S. Bank National Association (“USBNA”), the Company’s primary banking subsidiary. The Company’s results for the second quarter and first six months of 2023 reflect the full financial results of the acquired business.
STATEMENT OF INCOME ANALYSIS
Net Interest Income
Net interest income, on a taxable-equivalent basis, was $4.4 billion in the second quarter and $9.1 billion in the first six months of 2023, representing increases of $985 million (28.4 percent) and $2.5 billion (36.8 percent), respectively, compared with the same periods of 2022. The increases were primarily due to the impact of rising interest rates on earning assets and the acquisition of MUB. Average earning assets for the second quarter and first six months of 2023 were $77.1 billion (14.4 percent) and $77.4 billion (14.5 percent) higher, respectively, than the same periods of 2022, reflecting increases in loans and interest-bearing deposits with banks, partially offset by a decrease in investment securities. The net interest margin, on a taxable-equivalent basis, in the second quarter and first six months of 2023 was 2.90 percent and 3.00 percent, respectively, compared with 2.59 percent and 2.51 percent in the second quarter and first six months of 2022, respectively. The increase in net interest margin from the prior year was primarily due to the impact of higher rates on earning assets and the acquisition of MUB. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” table for further information on net interest income.
Average total loans in the second quarter and first six months of 2023 were $64.6 billion (19.9 percent) and $69.2 billion (21.7 percent) higher, respectively, than the same periods of 2022. The increases were driven by growth in the Company’s legacy loan portfolio as well as balances from the MUB acquisition. Increases in residential mortgages, commercial loans, commercial real estate loans and credit card loans were partially offset by lower other retail loans. The increase in residential mortgages was driven by the impact related to the MUB acquisition, along with
on-balance
sheet loan activities and slower refinancing activity. The increase in commercial loans was due to higher utilization driven by working capital needs of corporate customers, slower payoffs given higher volatility in the capital markets, as well as core growth and the impact related to the MUB acquisition. The increase in commercial real estate loans was driven by the impact of the MUB acquisition, while the increase in credit cards loans was primarily driven by higher spend volumes, account growth and lower payment rates. The decrease in other retail loans was driven by lower auto loans primarily due to balance sheet repositioning and capital management actions, along with lower installment loans and lower retail leasing balances, partially offset by higher home equity and second mortgages.
Average investment securities in the second quarter and first six months of 2023 were $11.5 billion (6.7 percent) and $10.1 billion (5.8 percent) lower, respectively, than the same periods of 2022, driven by balance sheet repositioning and liquidity management in connection with the acquisition of MUB. The decrease from the prior year reflected sales of investments securities, partially offset by the impact of acquired MUB investment securities.
Average total deposits for the second quarter and first six months of 2023 were $40.7 billion (8.9 percent) and $48.4 billion (10.6 percent) higher, respectively, than the same periods of 2022. Average total savings deposits for the second quarter and first six months of 2023 were $31.1 billion (10.1 percent) and $37.3 billion (12.2 percent) higher, respectively, than the same periods of 2022, driven by increases in Corporate and Commercial Banking, and Consumer and Business Banking balances, including the impact of the MUB acquisition. Average time deposits for the second quarter and first six months of 2023 were $16.7 billion (62.2 percent) and $13.8 billion (53.6 percent) higher, respectively, than the same periods
 
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 Table 2
 
   Noninterest Income
 
    
Three Months Ended
June 30
    
Six Months Ended
June 30
 
(Dollars in Millions)    2023      2022      Percent
Change
     2023      2022      Percent
Change
 
Card revenue
   $ 422      $ 399        5.8    $ 782      $ 737        6.1
Corporate payment products revenue
     190        172        10.5        379        330        14.8  
Merchant processing services
     436        425        2.6        823        788        4.4  
Trust and investment management fees
     621        566        9.7        1,211        1,066        13.6  
Service charges
     324        334        (3.0      648        667        (2.8
Commercial products revenue
     358        290        23.4        692        556        24.5  
Mortgage banking revenue
     131        142        (7.7      259        342        (24.3
Investment products fees
     68        59        15.3        136        121        12.4  
Securities gains (losses), net
     3        19        (84.2      (29      37        *  
Other
     173        142        21.8        332        300        10.7  
Total noninterest income
   $ 2,726      $ 2,548        7.0    $ 5,233      $ 4,944        5.8
 
*
Not meaningful
 
of the prior year, mainly due to the acquisition of MUB and increases in Consumer and Business Banking, and Wealth Management and Investment Services 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. Average noninterest-bearing deposits for the second quarter and first six months of 2023 were $7.1 billion (5.9 percent) and $2.7 billion (2.1 percent) lower, respectively, than the same periods of 2022, driven by decreases in Corporate and Commercial Banking, and Wealth Management and Investment Services balances, partially offset by the impact of the MUB acquisition.
Provision for Credit Losses
The provision for credit losses was $821 million in the second quarter and $1.2 billion in the first six months of 2023, representing increases of $510 million and $825 million, respectively, from the same periods of 2022. The increases were driven by the impact of balance sheet repositioning and capital management actions taken in the second quarter of 2023, the acquisition of MUB, normalizing credit losses and continued economic uncertainty. Net charge-offs increased $488 million in the second quarter and $699 million in the first six months of 2023, compared with the same periods of 2022, reflecting charge-offs related to balance sheet repositioning and capital management actions, as well as higher charge-offs in most loan categories consistent with normalizing credit conditions. In addition, net charge-offs were higher in the first six months of 2023, compared with the first six months of the prior year, due to charge-offs in the first quarter of 2023 related to the uncollectible amount of acquired loans, which were considered purchased credit deteriorated as of the date of the MUB acquisition. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming
assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.
Noninterest Income
Noninterest income was $2.7 billion in the second quarter and $5.2 billion in the first six months of 2023, representing increases of $178 million (7.0 percent) and $289 million (5.8 percent), respectively, compared with the same periods of 2022. The increases over the prior year reflected stronger commercial products revenue, trust and investment management fees and payment services revenue, partially offset by losses on the sale of securities. Commercial products revenue increased due to higher trading revenue, corporate bond fees, commercial loan fees and the acquisition of MUB. Trust and investment management fees increased primarily due to the acquisition of MUB and core business growth. Payment services revenue increased due to higher card revenue and merchant processing services revenue driven by higher sales volume, as well as higher corporate payment products revenue due to increased spending. Mortgage banking revenue decreased in the first six months of 2023, compared with the first six months of 2022, primarily due to lower application volume, given declining refinancing activities experienced in the mortgage industry, and losses related to balance sheet repositioning and capital management actions taken in the second quarter of 2023.
Noninterest Expense
Noninterest expense was $4.6 billion in the second quarter and $9.1 billion in the first six months of 2023, representing increases of $845 million (22.7 percent) and $1.9 billion (26.3 percent), respectively, over the same periods of 2022. The increases from the prior year reflected the impact of merger and integration charges, as well as operating expenses related to the MUB acquisition, higher compensation and employee benefits expense, higher other intangibles expense and higher other noninterest expense. Compensation and employee benefits expense
 
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 Table 3
 
   Noninterest Expense
 
   
Three Months Ended
June 30
           
Six Months Ended
June 30
 
(Dollars in Millions)   2023     2022     Percent
Change
            2023     2022     Percent
Change
 
Compensation and employee benefits
  $ 2,646     $ 2,246       17.8        $ 5,292     $ 4,495       17.7
Net occupancy and equipment
    316       265       19.2            637       534       19.3  
Professional services
    141       111       27.0            275       225       22.2  
Marketing and business development
    122       106       15.1            244       186       31.2  
Technology and communications
    522       419       24.6            1,025       840       22.0  
Other intangibles
    159       40       *            319       87       *  
Other
    353       340       3.8                778       662       17.5  
Total before merger and integration charges
    4,259       3,527