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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-07436

HSBC USA Inc.

(Exact name of registrant as specified in its charter)


Maryland						13-2764867
(State of incorporation)						(I.R.S. Employer Identification No.)
66 Hudson Boulevard, New York, New York						10001
(Address of principal executive offices)						(Zip Code)

Registrant's telephone number, including area code (212) 525-5000

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
$100,000,000 Zero Coupon Callable Accreting Notes due January 15, 2043	HUSI/43	New York Stock Exchange
$50,000,000 Zero Coupon Callable Accreting Notes due January 29, 2043	HUSI/43A	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 (or for such shorter period that the registrant was required to file such reports), 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, 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. (Check one):

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 ☒

As of April 25, 2025, there were 714 shares of the registrant's common stock outstanding, all of which are owned by HSBC North America Holdings Inc.


HSBC USA Inc.

TABLE OF CONTENTS


Part/Item No.
Part I		Page
Item 1.	Financial Statements (Unaudited):
	Consolidated Statement of Income	3
	Consolidated Statement of Comprehensive Income	4
	Consolidated Balance Sheet	5
	Consolidated Statement of Changes in Equity	7
	Consolidated Statement of Cash Flows	8
	Notes to the Consolidated Financial Statements	9


















Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations:
	Forward-Looking Statements	71
	Executive Overview	73
	Basis of Reporting	74

	Balance Sheet Review	75
	Results of Operations	80
	Segment Results - Group Reporting Basis	85
	Credit Quality	89
	Liquidity and Capital Resources	96
	Fair Value	100
	Risk Management	101

	Consolidated Average Balances and Interest Rates	106
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	107






Item 4.	Controls and Procedures	107








Part II
Item 1.	Legal Proceedings	107

Item 5.	Other Information	107
Item 6.	Exhibits	109

Signatures		110


HSBC USA Inc.

PART I

Item 1. Financial Statements

CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)



Three Months Ended March 31,	2025		2024
	(in millions)
Interest income:
Loans	$	876	$	899
Securities	460		445
Trading securities	91		85
Short-term investments	434		448
Other	19		16
Total interest income	1,880		1,893
Interest expense:
Deposits	934		1,012
Short-term borrowings	126		154
Long-term debt	280		285
Other	14		16
Total interest expense	1,354		1,467
Net interest income	526		426
Provision for credit losses	118		2
Net interest income after provision for credit losses	408		424
Other revenues:
Credit card fees, net	14		15
Trust and investment management fees	41		36
Other fees and commissions	165		176
Trading revenue	193		276

Other securities gains, net	3		2
Servicing and other fees from HSBC affiliates	102		88
Gain (loss) on instruments designated at fair value and related derivatives	(3)		(20)

Other income (loss)	1		(34)
Total other revenues	516		539
Operating expenses:
Salaries and employee benefits	148		135
Support services from HSBC affiliates	404		399
Occupancy expense, net	12		18

Other expenses	96		133
Total operating expenses	660		685
Income before income tax	264		278
Income tax expense	63		53





Net income	$	201	$	225

The accompanying notes are an integral part of the consolidated financial statements.


HSBC USA Inc.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)



Three Months Ended March 31,	2025		2024
	(in millions)
Net income	$	201	$	225
Net change in unrealized gains (losses), net of tax:
Investment securities	189		(107)
Fair value option liabilities attributable to our own credit spread	3		(37)
Derivatives designated as cash flow hedges	(79)		36

Total other comprehensive income (loss)	113		(108)
Comprehensive income	$	314	$	117

The accompanying notes are an integral part of the consolidated financial statements.


HSBC USA Inc.

CONSOLIDATED BALANCE SHEET (UNAUDITED)


	March 31, 2025		December 31, 2024
	(in millions)
Assets(1)
Cash and due from banks	$	888	$	621
Interest bearing deposits with banks	28,414		22,625
Federal funds sold and securities purchased under agreements to resell	10,379		14,313
Trading assets (includes $3.8 billion and $3.6 billion pledged to creditors at March 31, 2025 and December 31, 2024, respectively)	18,670		21,231
Securities available-for-sale (includes amortized cost of $28.1 billion and $27.2 billion at March 31, 2025 and December 31, 2024, respectively, an allowance for credit losses of nil at both March 31, 2025 and December 31, 2024, and $1.4 billion and $0.6 billion pledged to creditors at March 31, 2025 and December 31, 2024, respectively)	26,021		24,937
Securities held-to-maturity, net of allowance for credit losses of nil at both March 31, 2025 and December 31, 2024 (fair value of $17.6 billion and $17.0 billion at March 31, 2025 and December 31, 2024, respectively)	18,139		17,798
Loans (includes $10 million and $11 million designated under fair value option at March 31, 2025 and December 31, 2024, respectively)	63,414		62,753
Less – allowance for credit losses	634		537
Loans, net	62,780		62,216
Loans held for sale (includes $519 million and $395 million designated under fair value option at March 31, 2025 and December 31, 2024, respectively)	594		406
Properties and equipment, net	65		73
Goodwill	458		458

Other assets, net of allowance for credit losses of nil at both March 31, 2025 and December 31, 2024 (includes nil and $16 million designated under fair value option at March 31, 2025 and December 31, 2024, respectively)	6,033		6,053

Total assets	$	172,441	$	170,731
Liabilities(1)
Debt:
Domestic deposits:
Noninterest bearing	$	20,303	$	21,251
Interest bearing (includes $4.9 billion and $4.0 billion designated under fair value option at March 31, 2025 and December 31, 2024, respectively)	98,250		96,656


Foreign deposits - interest bearing	7,171		5,443

Total deposits	125,724		123,350
Short-term borrowings	7,564		7,352
Long-term debt (includes $7.5 billion and $7.9 billion designated under fair value option at March 31, 2025 and December 31, 2024, respectively)	20,668		20,717
Total debt	153,956		151,419
Trading liabilities	2,669		3,907

Interest, taxes and other liabilities (includes nil and $16 million designated under fair value option at March 31, 2025 and December 31, 2024, respectively)	3,020		2,916

Total liabilities	159,645		158,242
Equity
Preferred stock (no par value; 40,999,000 shares authorized; 265 shares issued and outstanding at both March 31, 2025 and December 31, 2024)	265		265
Common equity:
Common stock ($5 par value; 150,000,000 shares authorized; 714 shares issued and outstanding at both March 31, 2025 and December 31, 2024)	—		—
Additional paid-in capital	12,720		12,727
Retained earnings	1,470		1,269
Accumulated other comprehensive loss	(1,659)		(1,772)
Total common equity	12,531		12,224
Total equity	12,796		12,489
Total liabilities and equity	$	172,441	$	170,731


HSBC USA Inc.

(1)The following table summarizes assets and liabilities related to our consolidated variable interest entities ("VIEs") at March 31, 2025 and December 31, 2024. Assets and liabilities exclude intercompany balances that eliminate in consolidation. See Note 15, "Variable Interest Entities," for additional information.


	March 31, 2025		December 31, 2024
	(in millions)
Assets

Other assets	$	9	$	11
Total assets	$	9	$	11
Liabilities

Interest, taxes and other liabilities	$	16	$	4
Total liabilities	$	16	$	4

The accompanying notes are an integral part of the consolidated financial statements.


HSBC USA Inc.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)































Three Months Ended March 31,	2025		2024
	(in millions)
Preferred stock
Balance at beginning and end of period	$	265	$	265



Common stock
Balance at beginning and end of period	—		—
Additional paid-in capital
Balance at beginning of period	12,727		12,740



Employee benefit plans	(7)		—
Balance at end of period	12,720		12,740
Retained earnings
Balance at beginning of period	1,269		560





Net income	201		225


Balance at end of period	1,470		785
Accumulated other comprehensive loss
Balance at beginning of period	(1,772)		(1,926)


Other comprehensive income (loss), net of tax	113		(108)
Balance at end of period	(1,659)		(2,034)
Total common equity	12,531		11,491
Total equity	$	12,796	$	11,756

The accompanying notes are an integral part of the consolidated financial statements.


HSBC USA Inc.

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)


Three Months Ended March 31,	2025		2024
	(in millions)
Cash flows from operating activities
Net income	$	201	$	225


Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	(8)		(16)



Provision for credit losses	118		2


Net realized gains on securities available-for-sale	(3)		(2)

Net change in other assets and liabilities	(562)		305
Net change in loans held for sale:
Originations and purchases of loans held for sale	(335)		(87)
Sales and collections of loans held for sale	202		74
Net change in trading assets and liabilities	1,201		2,276
Lower of amortized cost or fair value adjustments on loans held for sale	—		(2)
Loss on instruments designated at fair value and related derivatives	3		20


Net cash provided by operating activities	817		2,795
Cash flows from investing activities
Net change in federal funds sold and securities purchased under agreements to resell	3,934		5,572
Securities available-for-sale:
Purchases of securities available-for-sale	(3,250)		(2,320)
Proceeds from sales of securities available-for-sale	1,846		1,075
Proceeds from paydowns and maturities of securities available-for-sale	916		970
Securities held-to-maturity:
Purchases of securities held-to-maturity	(694)		(464)

Proceeds from paydowns and maturities of securities held-to-maturity	366		259
Change in loans:
Originations, net of collections	(797)		(1,745)
Loans sold to third parties	146		861

Net cash provided by (used for) sales (acquisitions) of properties and equipment	5		(8)



Other, net	(31)		(25)


Net cash provided by investing activities	2,441		4,175

Cash flows from financing activities
Net change in deposits	2,382		766
Debt:
Net change in short-term borrowings	271		(2,881)
Issuance of long-term debt	2,481		2,331
Repayment of long-term debt	(2,329)		(1,523)




Other decreases in capital surplus	(7)		—



Net cash provided by (used in) financing activities	2,798		(1,307)
Net change in cash and due from banks and interest bearing deposits with banks	6,056		5,663
Cash and due from banks and interest bearing deposits with banks at beginning of period	23,246		25,719
Cash and due from banks and interest bearing deposits with banks at end of period	$	29,302	$	31,382

The accompanying notes are an integral part of the consolidated financial statements.


HSBC USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


Note		Page	Note		Page
1	Organization and Presentation	9	11	Fee Income from Contracts with Customers	40

2	Trading Assets and Liabilities	10	12	Related Party Transactions	41
3	Securities	11	13	Business Segments	44
4	Loans	15	14	Retained Earnings and Regulatory Capital Requirements	47
5	Allowance for Credit Losses	27	15	Variable Interest Entities	48
6	Loans Held for Sale	30	16	Guarantee Arrangements, Pledged Assets and Repurchase Agreements	50
7	Goodwill	30	17	Fair Value Measurements	55
8	Derivative Financial Instruments	31	18	Litigation and Regulatory Matters	69
9	Fair Value Option	37	19	New Accounting Pronouncements	70





10	Accumulated Other Comprehensive Loss	39

1. Organization and Presentation

HSBC USA Inc. ("HSBC USA"), incorporated under the laws of Maryland, is a New York State based bank holding company and a wholly-owned subsidiary of HSBC North America Holdings Inc. ("HSBC North America"), which is an indirect wholly-owned subsidiary of HSBC Holdings plc ("HSBC" and, together with its subsidiaries, "HSBC Group"). The accompanying unaudited interim consolidated financial statements of HSBC USA and its subsidiaries (collectively "HUSI") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X, as well as in accordance with predominant practices within the banking industry. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. HSBC USA's principal U.S. banking subsidiary is HSBC Bank USA, National Association (together with its subsidiaries, "HSBC Bank USA"). In the opinion of management, all normal and recurring adjustments considered necessary for a fair statement of financial position, results of operations and cash flows for the interim periods have been made. HUSI may also be referred to in these notes to the consolidated financial statements as "we," "us" or "our." These unaudited interim consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K").

The preparation of financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Interim results should not be considered indicative of results in future periods.


HSBC USA Inc.

2. Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:


	March 31, 2025		December 31, 2024
	(in millions)
Trading assets:
U.S. Treasury	$	3,779	$	3,676
U.S. Government agency issued or guaranteed	1		1
U.S. Government sponsored enterprises	1,189		1,166


Foreign bonds	399		783
Equity securities	12,213		13,844
Precious metals	93		163
Derivatives, net	996		1,598
Total trading assets	$	18,670	$	21,231
Trading liabilities:
Securities sold, not yet purchased	$	1,680	$	1,489
Payables for precious metals	6		70
Derivatives, net	983		2,348
Total trading liabilities	$	2,669	$	3,907

At March 31, 2025 and December 31, 2024, the fair value of derivatives included in trading assets is net of $2,344 million and $2,813 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At March 31, 2025 and December 31, 2024, the fair value of derivatives included in trading liabilities is net of $1,178 million and $1,291 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.

See Note 8, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.

Dividend income on equity securities held for trading, which is recorded in interest income in the consolidated statement of income, totaled $42 million during both the three months ended March 31, 2025 and 2024. Trading security positions are primarily held as economic hedges of derivative products issued to our clients.


HSBC USA Inc.

3. Securities

Our securities available-for-sale and securities held-to-maturity portfolios consisted of the following:


March 31, 2025	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value
	(in millions)
Securities available-for-sale:
U.S. Treasury	$	10,958	$	—	$	9	$	(174)	$	10,793
U.S. Government sponsored enterprises:
Mortgage-backed securities	3,213		—		—		(651)		2,562
Collateralized mortgage obligations	1,301		—		—		(284)		1,017
Direct agency obligations	543		—		3		(6)		540
U.S. Government agency issued or guaranteed:
Mortgage-backed securities	5,178		—		—		(443)		4,735
Collateralized mortgage obligations	2,544		—		—		(480)		2,064
Direct agency obligations	159		—		4		—		163

Asset-backed securities collateralized by:


Home equity mortgages	10		—		—		(1)		9

Corporate loans	50		—		—		—		50
Other	95		—		—		(10)		85

Foreign debt securities(1)	4,003		—		1		(1)		4,003
Total available-for-sale securities	$	28,054	$	—	$	17	$	(2,050)	$	26,021
Securities held-to-maturity:
U.S. Treasury	$	2,817	$	—	$	1	$	(37)	$	2,781
U.S. Government sponsored enterprises:
Mortgage-backed securities	906		—		—		(60)		846
Collateralized mortgage obligations	233		—		3		(11)		225
U.S. Government agency issued or guaranteed:
Mortgage-backed securities	12,727		—		27		(295)		12,459
Collateralized mortgage obligations	1,454		—		—		(131)		1,323
Obligations of U.S. states and political subdivisions	2		—		—		—		2


Total held-to-maturity securities	$	18,139	$	—	$	31	$	(534)	$	17,636


HSBC USA Inc.


December 31, 2024	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value
	(in millions)
Securities available-for-sale:
U.S. Treasury	$	10,250	$	—	$	7	$	(205)	$	10,052
U.S. Government sponsored enterprises:
Mortgage-backed securities	3,242		—		—		(691)		2,551
Collateralized mortgage obligations	1,324		—		—		(309)		1,015
Direct agency obligations	730		—		1		(8)		723
U.S. Government agency issued or guaranteed:
Mortgage-backed securities	5,286		—		—		(543)		4,743
Collateralized mortgage obligations	2,602		—		—		(528)		2,074
Direct agency obligations	156		—		5		—		161

Asset-backed securities collateralized by:


Home equity mortgages	11		—		—		(1)		10

Other	98		—		—		(11)		87

Foreign debt securities(1)	3,522		—		1		(2)		3,521
Total available-for-sale securities	$	27,221	$	—	$	14	$	(2,298)	$	24,937
Securities held-to-maturity:
U.S. Treasury	$	2,807	$	—	$	—	$	(86)	$	2,721
U.S. Government sponsored enterprises:
Mortgage-backed securities	920		—		—		(77)		843
Collateralized mortgage obligations	245		—		2		(13)		234
U.S. Government agency issued or guaranteed:
Mortgage-backed securities	12,313		—		6		(449)		11,870
Collateralized mortgage obligations	1,511		—		—		(152)		1,359
Obligations of U.S. states and political subdivisions	2		—		—		—		2


Total held-to-maturity securities	$	17,798	$	—	$	8	$	(777)	$	17,029

(1)Foreign debt securities represent public sector entity, bank or corporate debt.

Securities Available-for-Sale The following provides additional information about our portfolio of securities available-for-sale:

Allowance for credit losses On a quarterly basis, we perform an assessment to determine whether there have been any events or economic circumstances to indicate that a debt security available-for-sale in an unrealized loss position has suffered impairment due to credit factors. A debt security available-for-sale is considered impaired if its fair value is less than its amortized cost basis at the reporting date. If impaired, we assess whether the impairment is due to credit factors.

If we intend to sell the debt security or if it is more-likely-than-not that we will be required to sell the debt security before the recovery of its amortized cost basis, the impairment is recognized and the unrealized loss is recorded as a direct write-down of the security's amortized cost basis with an offsetting charge to earnings. If we do not intend to sell the debt security or believe we will not be required to sell the debt security before the recovery of its amortized cost basis, the impairment is assessed to determine if a credit loss component exists. We use a discounted cash flow method to determine the credit loss component. In the event a credit loss exists, an allowance for credit losses is recorded in earnings for the credit loss component of the impairment while the remaining portion of the impairment attributable to factors other than credit loss is recognized, net of tax, in other comprehensive income (loss). The amount of impairment recognized due to credit factors is limited to the excess of the amortized cost basis over the fair value of the security available-for-sale.

In determining whether a credit loss component exists, we consider a series of factors which include:

•The extent to which the fair value is less than the amortized cost basis;

•The credit protection features embedded within the instrument, which include but are not limited to credit subordination positions, payment structure, overcollateralization, protective triggers and financial guarantees provided by third parties;


HSBC USA Inc.

•Changes in the near term prospects of the issuer or the underlying collateral of a security such as changes in default rates, loss severities given default and significant changes in prepayment assumptions;

•The level of excess cash flows generated from the underlying collateral supporting the principal and interest payments of the debt securities; and

•Any adverse change to the credit conditions of the issuer, the monoline insurer or the security such as credit downgrades by external rating agencies or changes to internal ratings.

At both March 31, 2025 and December 31, 2024, the allowance for credit losses on securities available-for-sale was nil.

Securities in an unrealized loss position for which no allowance for credit losses has been recognized The following table summarizes gross unrealized losses and related fair values for securities available-for-sale by major security type at March 31, 2025 and December 31, 2024 classified as to the length of time the losses have existed:


	One Year or Less					Greater Than One Year
	Number of Securities	Gross Unrealized Losses		Aggregate Fair Value of Investment		Number of Securities	Gross Unrealized Losses		Aggregate Fair Value of Investment
	(dollars are in millions)
At March 31, 2025
U.S. Treasury	16	$	(6)	$	5,017	39	$	(168)	$	4,313
U.S. Government sponsored enterprises	—	—		—		134	(941)		3,758
U.S. Government agency issued or guaranteed	4	(17)		525		137	(906)		6,293

Asset-backed securities	1	—		50		6	(11)		95

Foreign debt securities	17	(1)		2,528		1	—		100
Securities available-for-sale	38	$	(24)	$	8,120	317	$	(2,026)	$	14,559
At December 31, 2024
U.S. Treasury	14	$	(15)	$	3,402	38	$	(190)	$	4,055
U.S. Government sponsored enterprises	—	—		—		137	(1,008)		3,871
U.S. Government agency issued or guaranteed	4	(28)		526		137	(1,043)		6,311

Asset-backed securities	—	—		—		6	(12)		97

Foreign debt securities	22	(2)		2,534		1	—		50
Securities available-for-sale	40	$	(45)	$	6,462	319	$	(2,253)	$	14,384

Gross unrealized losses decreased as compared with December 31, 2024 due primarily to decreasing yields on U.S. Government agency mortgage-backed and U.S. Government sponsored mortgage-backed securities.

Although the fair value of a particular security may be below its amortized cost, it does not necessarily result in a credit loss and hence an allowance for credit losses. The decline in fair value may be caused by, among other things, higher market rates or the illiquidity of the market. We have reviewed the securities in an unrealized loss position for which no allowance for credit losses has been recognized in accordance with our accounting policies, discussed further above. At March 31, 2025, we do not consider any of these securities to be impaired due to credit factors as we expect to recover their amortized cost basis and we neither intend nor expect to be required to sell these securities prior to recovery, even if that equates to holding them until their individual maturities. However, impairments due to credit factors may occur in future periods if the credit quality of the securities deteriorates.

Securities Held-to-Maturity The following provides additional information about our portfolio of securities held-to-maturity:

Allowance for credit losses We exclude from our calculation of lifetime expected credit losses ("lifetime ECL") securities for which we expect that non-payment of the amortized cost basis will be zero ("Zero Expected Credit Loss Exception"). Due to the composition of our portfolio of securities held-to-maturity, substantially all of our portfolio qualifies for the Zero Expected Credit Loss Exception and has been excluded from our lifetime ECL calculation. At both March 31, 2025 and December 31, 2024, the allowance for credit losses on securities held-to-maturity was nil.

At both March 31, 2025 and December 31, 2024, none of our securities held-to-maturity were past due or in nonaccrual status.

Credit risk profile Securities are assigned a credit rating based on the estimated probability of default. The credit ratings are used as a credit quality indicator to monitor our securities held-to-maturity portfolio. We utilize Standard and Poor's ("S&P") as the primary source of our credit ratings. If S&P ratings are not available, ratings by Moody's and Fitch are used in that order. Investment grade includes securities with credit ratings of at least BBB- or above. At both March 31, 2025 and December 31, 2024, all of our securities held-to-maturity were investment grade.


HSBC USA Inc.

Other securities gains, net The following table summarizes realized gains and losses on investment securities transactions attributable to available-for-sale securities:



Three Months Ended March 31,	2025		2024
	(in millions)
Gross realized gains	$	3	$	2
Gross realized losses	—		—
Net realized gains	$	3	$	2

Contractual Maturities and Yields The following table summarizes the amortized cost and fair values of securities available-for-sale and securities held-to-maturity at March 31, 2025 by contractual maturity. Expected maturities differ from contractual maturities because borrowers have the right to prepay obligations without prepayment penalties in certain cases. The table below also reflects the distribution of maturities of debt securities held at March 31, 2025, together with the approximate yield of the portfolio. The yields shown are calculated by dividing annualized interest income, including the accretion of discounts and the amortization of premiums, by the amortized cost of securities outstanding at March 31, 2025.


	Within One Year				After One But Within Five Years				After Five But Within Ten Years				After Ten Years
	Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield
	(dollars are in millions)
Available-for-sale:
U.S. Treasury	$	865	1.24	%	$	5,433	3.60	%	$	2,267	4.05	%	$	2,393	2.96	%
U.S. Government sponsored enterprises	47		1.68		170		1.49		326		2.04		4,514		1.82
U.S. Government agency issued or guaranteed	20		.81		—		—		2		4.20		7,859		2.96

Asset-backed securities	—		—		48		4.41		47		3.89		60		5.33

Foreign debt securities	2,046		.86		1,724		4.34		233		4.32		—		—
Total amortized cost	$	2,978	.98	%	$	7,375	3.73	%	$	2,875	3.85	%	$	14,826	2.62	%
Total fair value	$	2,972			$	7,340			$	2,867			$	12,842
Held-to-maturity:
U.S. Treasury	$	—	—	%	$	2,412	3.65	%	$	405	3.74	%	$	—	—	%
U.S. Government sponsored enterprises	—		—		219		2.80		580		3.73		340		2.87
U.S. Government agency issued or guaranteed	—		—		1		4.56		10		6.06		14,170		4.63
Obligations of U.S. states and political subdivisions	—		—		2		3.78		—		—		—		—


Total amortized cost	$	—	—	%	$	2,634	3.58	%	$	995	3.76	%	$	14,510	4.59	%
Total fair value	$	—			$	2,599			$	952			$	14,085


HSBC USA Inc.

Equity Securities Equity securities that are not classified as trading and are included in other assets consisted of the following:


	March 31, 2025		December 31, 2024
	(in millions)
Equity securities carried at fair value	$	251	$	250
Equity securities without readily determinable fair values	17		15

On a quarterly basis, we perform an assessment to determine whether any equity securities without readily determinable fair values are impaired. In the event an equity security is deemed impaired, the security is written down to fair value with impairment recorded in earnings. During the first quarter of 2025, we determined that certain equity securities without readily determinable fair values were impaired and, as a result, we recorded an impairment loss of $3 million as a component of other income (loss) in the consolidated statement of income compared with an impairment loss of $4 million during the first quarter of 2024.

Also included in other assets were investments in Federal Home Loan Bank ("FHLB") stock and Federal Reserve Bank stock of $95 million and $438 million, respectively, at both March 31, 2025 and December 31, 2024. Our investment in Federal Reserve Bank stock represents approximately half of the total subscription price for our subscribed shares. The remaining half is unpaid and remains subject to call by the Federal Reserve Board ("FRB").

4. Loans

In connection with changes to our business segments as discussed further in Note 13, "Business Segments," during the first quarter of 2025, we changed our presentation for what was previously reported as global banking to include such activity within business and corporate banking. As a result, we have reclassified prior year amounts to conform to the current year presentation. All tables below have been recasted to reflect this reclassification, as applicable.

Loans consisted of the following:


	March 31, 2025		December 31, 2024
	(in millions)
Commercial loans:
Real estate, including construction	$	6,341	$	6,612
Business and corporate banking	26,212		25,426

Other commercial:
Affiliates(1)	5,257		5,449
Other	3,532		3,564
Total other commercial	8,789		9,013
Total commercial	41,342		41,051
Consumer loans:
Residential mortgages	21,430		21,035
Home equity mortgages	388		393
Credit cards	177		195
Other consumer(2)	77		79
Total consumer	22,072		21,702
Total loans	$	63,414	$	62,753

(1)See Note 12, "Related Party Transactions," for additional information regarding loans to HSBC affiliates.

(2)Includes certain student loans that we have elected to designate under the fair value option and are therefore carried at fair value, which totaled $10 million and $11 million at March 31, 2025 and December 31, 2024, respectively. See Note 9, "Fair Value Option," for further details.

Net deferred origination costs totaled $23 million and $32 million at March 31, 2025 and December 31, 2024, respectively. At both March 31, 2025 and December 31, 2024, we had a net unamortized discount on our loans of $10 million.


HSBC USA Inc.

Aging Analysis of Past Due Loans The following table summarizes the past due status of our loans at March 31, 2025 and December 31, 2024. The aging of past due amounts is determined based on the contractual delinquency status of payments under the loan. An account is generally considered to be contractually delinquent when payments have not been made in accordance with the loan terms. Delinquency status is affected by customer account management policies and practices such as re-age, which results in the re-setting of the contractual delinquency status to current.


	Past Due				Total Past Due 30 Days or More
	30 - 89 Days		90+ Days				Current(1)		Total Loans
	(in millions)
At March 31, 2025
Commercial loans:
Real estate, including construction	$	—	$	20	$	20	$	6,321	$	6,341
Business and corporate banking	1		51		52		26,160		26,212

Other commercial	82		—		82		8,707		8,789
Total commercial	83		71		154		41,188		41,342
Consumer loans:
Residential mortgages	177		97		274		21,156		21,430
Home equity mortgages	2		6		8		380		388
Credit cards	2		2		4		173		177
Other consumer	2		1		3		74		77
Total consumer	183		106		289		21,783		22,072
Total loans	$	266	$	177	$	443	$	62,971	$	63,414
At December 31, 2024
Commercial loans:
Real estate, including construction	$	4	$	19	$	23	$	6,589	$	6,612
Business and corporate banking	63		182		245		25,181		25,426

Other commercial	31		—		31		8,982		9,013
Total commercial	98		201		299		40,752		41,051
Consumer loans:
Residential mortgages	174		105		279		20,756		21,035
Home equity mortgages	2		4		6		387		393
Credit cards	2		2		4		191		195
Other consumer	2		1		3		76		79
Total consumer	180		112		292		21,410		21,702
Total loans	$	278	$	313	$	591	$	62,162	$	62,753

(1)Loans less than 30 days past due are presented as current.


HSBC USA Inc.

Nonperforming Loans Nonperforming loans, including nonaccrual loans and accruing loans contractually 90 days or more past due, consisted of the following:


	Nonaccrual Loans		Accruing Loans Contractually Past Due 90 Days or More		Nonaccrual Loans With No Allowance For Credit Losses
	(in millions)
At March 31, 2025
Commercial loans:
Real estate, including construction	$	384	$	—	$	19
Business and corporate banking	336		46		63


Total commercial	720		46		82
Consumer loans:
Residential mortgages(1)(2)(3)	168		—		74
Home equity mortgages(1)(2)	8		—		6
Credit cards	—		2		—
Other consumer	—		1		—
Total consumer	176		3		80
Total nonperforming loans	$	896	$	49	$	162
At December 31, 2024
Commercial loans:
Real estate, including construction	$	261	$	—	$	21
Business and corporate banking	280		147		33


Total commercial	541		147		54
Consumer loans:
Residential mortgages(1)(2)(3)	173		—		80
Home equity mortgages(1)(2)	6		—		5
Credit cards	—		3		—
Other consumer	—		1		—
Total consumer	179		4		85
Total nonperforming loans	$	720	$	151	$	139

(1)At March 31, 2025 and December 31, 2024, nonaccrual consumer mortgage loans include $102 million and $106 million, respectively, of loans that are carried at the lower of amortized cost or fair value of the collateral less cost to sell.

(2)Nonaccrual consumer mortgage loans include all loans which are 90 or more days contractually delinquent as well as loans discharged under Chapter 7 bankruptcy and not re-affirmed and second lien loans where the first lien loan that we own or service is 90 or more days contractually delinquent.

(3)Nonaccrual consumer mortgage loans for all periods does not include guaranteed loans purchased from the Government National Mortgage Association. Repayment of these loans is predominantly insured by the Federal Housing Administration and as such, these loans have different risk characteristics from the rest of our consumer loan portfolio.

Interest income that was recorded on nonaccrual loans and included in interest income totaled $2 million during the three months ended March 31, 2025 compared with nil during the three months ended March 31, 2024.


HSBC USA Inc.

Collateral-Dependent Loans Loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty are considered to be collateral-dependent loans. Collateral can have a significant financial effect in mitigating our exposure to credit risk.

Collateral-dependent residential mortgage loans are carried at the lower of amortized cost or fair value of the collateral less costs to sell, with any excess in the carrying amount of the loan generally charged off at the time foreclosure is initiated or when settlement is reached with the borrower, but not to exceed the end of the month in which the account becomes six months contractually delinquent. Collateral values are based on broker price opinions or appraisals which are updated at least every 180 days less estimated costs to sell. During the quarterly period between updates, real estate price trends are reviewed on a geographic basis and incorporated as necessary. At March 31, 2025 and December 31, 2024, we had collateral-dependent residential mortgage loans totaling $276 million and $282 million, respectively.

For collateral-dependent commercial loans, the allowance for expected credit losses is individually assessed based on the fair value of the collateral. Various types of collateral are used, including real estate, inventory, equipment, accounts receivable, securities and cash, among others. For commercial real estate loans, collateral values are generally based on appraisals which are updated based on management judgment under the specific circumstances on a case-by-case basis. In situations where an appraisal is not used, borrower-specific factors such as operating results, cash flows and debt service ratios are reviewed along with relevant market data of comparable properties in order to create a 10-year cash flow model to be discounted at appropriate rates to present value. The collateral value for securities is based on their quoted market prices or broker quotes. The collateral value for other financial assets is generally based on appraisals or is estimated using a discounted cash flow analysis. Commercial loan balances are charged off at the time all or a portion of the balance is deemed uncollectible. At March 31, 2025 and December 31, 2024, we had collateral-dependent commercial loans totaling $703 million and $524 million, respectively.

Loan Modifications In conjunction with our loss mitigation activities, we modify certain loans to borrowers experiencing financial difficulty. Modifications may include changes to one or more terms of the loan, including, but not limited to, a change in interest rate, extension of the term, reduction in payment amount and partial forgiveness or deferment of principal, accrued interest or other loan covenants.

The following disclosures provide information about loan payment modifications made to borrowers experiencing financial difficulty in the form of an interest rate reduction, principal forgiveness, a term extension or significant payment deferral, or a combination thereof. Not included are loans with short-term payment modifications (e.g., deferrals of three months or less) and other insignificant modifications, such as covenant waivers and amendments, and deferrals of financial statement and covenant compliance reporting requirements. Commercial loan payment modifications typically involve term extensions. In certain cases, the term extension is coupled with an interest rate increase which is intended to reduce the financial effect of extending the life of the loan. The effects of these interest rate increases are not included in the following disclosures. For consumer loans, payment modifications typically involve payment deferrals or interest rate reductions which lower the amount of interest income we are contractually entitled to receive in future periods. Through lowering the interest rate, we believe we are able to increase the amount of cash flow that will ultimately be collected from the loan, given the borrower's financial condition.

Not included in the following tables are consumer residential mortgage loans where the borrowers were provided with short-term payment deferrals as a result of the recent California wildfires. The unpaid principal balance of these loans totaled $56 million at March 31, 2025.


HSBC USA Inc.

The following table presents information about loan payment modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025 and 2024 by type of modification, including the period-end carrying value and as a percentage of total loans.


	Interest Rate Reduction		Principal Forgiveness		Term Extension / Significant Payment Deferral		Combination(1)		Total		% of Total Loans
	(dollars are in millions)






























Three Months Ended March 31, 2025
Commercial loans:

Business and corporate banking	$	—	$	—	$	14	$	—	$	14	.1	%


Total commercial	$	—	$	—	$	14	$	—	$	14	.0








Three Months Ended March 31, 2024
Commercial loans:

Business and corporate banking	$	—	$	—	$	65	$	—	$	65	.2	%


Total commercial	$	—	$	—	$	65	$	—	$	65	.2

(1)Represents loans with more than one type of payment modification during the period.

At March 31, 2025 and December 31, 2024, additional commitments to lend to commercial borrowers who were provided with a loan payment modification during the respective year-to-date periods totaled $7 million and $25 million, respectively.

The following table summarizes the financial effect of loan payment modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025 and 2024 by type of modification:


	Weighted-Average Interest Rate Reduction		Principal Forgiven (in millions)		Weighted-Average Term Extension / Payment Deferral (in years)
























Three Months Ended March 31, 2025
Commercial loans:

Business and corporate banking	—	%	$	—	1.1








Three Months Ended March 31, 2024
Commercial loans:

Business and corporate banking	—	%	$	—	1.8

The effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the methodology used to estimate lifetime ECL, which considers historical loss information including losses from modifications of loans to borrowers experiencing financial difficulty. As a result, a material change to the allowance for credit losses is generally not recorded upon modification. In instances when a loan is modified in the form of principal forgiveness, the amount of principal forgiven is deemed uncollectible and that portion of the loan balance is charged off with a corresponding reduction to the allowance for credit losses.

We closely monitor the performance of modified loans to understand the effectiveness of our loss mitigation efforts. Upon determination that a modified loan or a portion of a modified loan has subsequently been deemed uncollectible, the loan or a portion of the loan is charged off in accordance with our accounting policies with a corresponding reduction to the allowance for credit losses.


HSBC USA Inc.

The following table presents loans to borrowers experiencing financial difficulty with a payment modification during the previous 12 months which subsequently became 90 days or greater contractually delinquent during the three months ended March 31, 2025 and 2024 by type of modification:


	Interest Rate Reduction		Principal Forgiveness		Term Extension / Significant Payment Deferral		Combination(1)		Total
	(in millions)






























Three Months Ended March 31, 2025






Consumer loans:
Residential mortgages	$	—	$	—	$	1	$	—	$	1



Total consumer	$	—	$	—	$	1	$	—	$	1


Three Months Ended March 31, 2024
Commercial loans:

Business and corporate banking	$	—	$	—	$	1	$	—	$	1


Total commercial	$	—	$	—	$	1	$	—	$	1

(1)Represents loans with more than one type of payment modification during the period.

The following table presents the past due status of loans to borrowers experiencing financial difficulty with a payment modification during the previous 12 months at March 31, 2025 and December 31, 2024:


	Past Due
	30 - 89 Days		90+ Days		Current(1)			Total
	(in millions)
At March 31, 2025
Commercial loans:
Real estate, including construction	$	—	$	—		$	236		$	236
Business and corporate banking	—		28			134			162


Total commercial	—		28			370			398
Consumer loans:
Residential mortgages	—		1			4			5



Total consumer	—		1			4			5
Total	$	—	$	29		$	374		$	403
At December 31, 2024
Commercial loans:
Real estate, including construction	$	—	$	—		$	232		$	232
Business and corporate banking	—		29			177			206


Total commercial	—		29			409			438
Consumer loans:
Residential mortgages	1		—			4			5



Total consumer	1		—			4			5
Total	$	1	$	29		$	413		$	443

(1)Loans less than 30 days past due are presented as current.


HSBC USA Inc.

Commercial Loan Credit Quality Indicators and Gross Charge-offs by Year of Origination

The following credit quality indicators are utilized to monitor our commercial loan portfolio:

Criticized loans Criticized loan classifications presented in the table below are determined by the assignment of various criticized facility risk ratings based on the risk rating standards of our regulator. The following facility risk ratings are deemed to be criticized:

Special Mention - generally includes loans that are protected by collateral and/or the credit worthiness of the customer, but are potentially weak based upon economic or market circumstances which, if not checked or corrected, could weaken our credit position at some future date.

Substandard - includes loans that are inadequately protected by the underlying collateral and/or general credit worthiness of the customer. These loans present a distinct possibility that we will sustain some loss if the deficiencies are not corrected.

Doubtful - includes loans that have all the weaknesses exhibited by substandard loans, with the added characteristic that the weaknesses make collection or liquidation in full of the recorded loan highly improbable. However, although the possibility of loss is extremely high, certain factors exist which may strengthen the credit at some future date, and therefore the decision to charge-off the loan is deferred. Loans graded as doubtful are required to be placed in nonaccrual status.

The following table summarizes our criticized commercial loans, including a disaggregation of the loans by year of origination as of March 31, 2025 and December 31, 2024:


	2025		2024		2023		2022		2021		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total at Mar. 31, 2025
	(in millions)
Real estate, including construction:
Special mention	$	—	$	—	$	—	$	105	$	—	$	69	$	—	$	—	$	174
Substandard	2		—		—		54		—		303		—		—		359
Doubtful	—		—		—		—		32		332		—		—		364
Total real estate, including construction	2		—		—		159		32		704		—		—		897
Business and corporate banking:
Special mention	97		195		155		92		25		240		154		10		968
Substandard	40		163		135		47		44		235		402		13		1,079
Doubtful	—		4		—		37		—		172		63		—		276
Total business and corporate banking	137		362		290		176		69		647		619		23		2,323










Total commercial	$	139	$	362	$	290	$	335	$	101	$	1,351	$	619	$	23	$	3,220
Total commercial:
Special mention	$	97	$	195	$	155	$	197	$	25	$	309	$	154	$	10	$	1,142
Substandard	42		163		135		101		44		538		402		13		1,438
Doubtful	—		4		—		37		32		504		63		—		640
Total commercial	$	139	$	362	$	290	$	335	$	101	$	1,351	$	619	$	23	$	3,220


HSBC USA Inc.


	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total at Dec. 31, 2024
	(in millions)
Real estate, including construction:
Special mention	$	—	$	—	$	104	$	—	$	—	$	—	$	—	$	—	$	104
Substandard	—		—		64		—		—		432		28		—		524
Doubtful	—		—		—		32		—		207		—		—		239
Total real estate, including construction	—		—		168		32		—		639		28		—		867
Business and corporate banking:
Special mention	194		235		126		27		3		178		143		18		924
Substandard	141		103		44		43		—		210		541		5		1,087
Doubtful	1		10		—		—		—		178		44		—		233
Total business and corporate banking	336		348		170		70		3		566		728		23		2,244










Total commercial	$	336	$	348	$	338	$	102	$	3	$	1,205	$	756	$	23	$	3,111
Total commercial:
Special mention	$	194	$	235	$	230	$	27	$	3	$	178	$	143	$	18	$	1,028
Substandard	141		103		108		43		—		642		569		5		1,611
Doubtful	1		10		—		32		—		385		44		—		472
Total commercial	$	336	$	348	$	338	$	102	$	3	$	1,205	$	756	$	23	$	3,111

Nonperforming The following table summarizes the nonperforming status of our commercial loan portfolio, including a disaggregation of the loans by year of origination as of March 31, 2025 and December 31, 2024:


	2025		2024		2023		2022		2021		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total at Mar. 31, 2025
	(in millions)
Real estate, including construction:
Performing loans	$	50	$	1,673	$	618	$	1,026	$	718	$	1,856	$	14	$	2	$	5,957
Nonaccrual loans	—		—		—		—		32		334		18		—		384

Total real estate, including construction	50		1,673		618		1,026		750		2,190		32

HSBC USA INC /MD/ 10-Q