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First Quarter 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) È QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2012 OR ‘ 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 1-7436 HSBC USA INC. (Exact name of registrant as specified in its charter) Maryland 13-2764867 (State of Incorporation) (I.R.S. Employer Identification No.) 452 Fifth Avenue, New York 10018 (Address of principal executive offices) (Zip Code) (212) 525-5000 Registrant’s telephone number, including area code 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 È No ‘ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes È No ‘ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ‘ Accelerated filer ‘ Non-accelerated filer È Smaller reporting company ‘ (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘ No È As of April 30, 2012, there were 712 shares of the registrant’s common stock outstanding, all of which are owned by HSBC North America Inc. HSBC USA Inc. FORM 10-Q TABLE OF CONTENTS Part/Item No. Page Part I. 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 Shareholders’ Equity ........................ 7 Consolidated Statement of Cash Flows ......................................... 8 Notes to Consolidated Financial Statements ...................................... 10 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations: Forward-Looking Statements ................................................. 94 Executive Overview ........................................................ 94 Basis of Reporting .......................................................... 102 Balance Sheet Review ....................................................... 104 Residential Real Estate Owned ................................................ 109 Results of Operations ....................................................... 111 Segment Results — IFRSs Basis .............................................. 117 Credit Quality ............................................................. 124 Liquidity and Capital Resources ............................................... 132 Off-Balance Sheet Arrangements .............................................. 135 Fair Value ................................................................ 138 Risk Management .......................................................... 142 Average Balances and Interest Rates ........................................... 151 Item 3. Quantitative and Qualitative Disclosures About Market Risk .......................... 152 Item 4. Controls and Procedures ....................................................... 152 Part II. Item 1. Legal Proceedings ............................................................ 152 Item 6. Exhibits .................................................................... 153 Index ................................................................................. 154 Signature .............................................................................. 156 2 HSBC USA Inc. PART I. FINANCIAL INFORMATION Item 1. Financial Statements CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) Three Months Ended March 31, 2012 2011 (in millions) Interest income: Loans ....................................................................... $ 463 $449 Securities .................................................................... 305 319 Trading assets ................................................................. 33 51 Short-term investments ......................................................... 26 31 Other ....................................................................... 11 12 Total interest income ............................................................. 838 862 Interest expense: Deposits ..................................................................... 76 67 Short-term borrowings .......................................................... 9 13 Long-term debt ................................................................ 154 151 Other ....................................................................... 12 1 Total interest expense ............................................................ 251 232 Net interest income .............................................................. 587 630 Provision for credit losses ......................................................... - (2) Net interest income after provision for credit losses .................................... 587 632 Other revenues: Credit card fees ............................................................... 30 32 Other fees and commissions ..................................................... 194 200 Trust income ................................................................. 25 28 Trading revenue ............................................................... 198 224 Other securities gains, net ....................................................... 30 44 Servicing and other fees from HSBC affiliates ....................................... 56 46 Residential mortgage banking revenue (loss) ........................................ 25 (35) Gain (loss) on instruments designated at fair value and related derivatives ................. (212) 21 Other income ................................................................. 21 31 Total other revenues ............................................................. 367 591 Operating expenses: Salaries and employee benefits ................................................... 280 293 Support services from HSBC affiliates ............................................. 368 316 Occupancy expense, net ......................................................... 59 68 Other expenses ................................................................ 149 254 Total operating expenses ......................................................... 856 931 Income from continuing operations before income tax expense ............................ 98 292 Income tax expense (benefit) ....................................................... 18 (13) Income from continuing operations ................................................. 80 305 Discontinued operations (Note 2): Income from discontinued operations before income tax expense .......................... 241 268 Income tax expense .............................................................. 86 94 Income from discontinued operations ............................................... 155 174 Net income ..................................................................... $ 235 $479 The accompanying notes are an integral part of the consolidated financial statements. 3 HSBC USA Inc. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended March 31, 2012 2011 (in millions) Net income .................................................................... $ 235 $ 479 Net change in unrealized gains (losses), net of tax as applicable on: Securities available-for-sale, not other-than-temporarily impaired ..................... (127) (147) Other-than-temporary impaired debt securities available-for-sale(1) .................... - 1 Other-than-temporary impaired debt securities held-to-maturity(1) ..................... - 11 Adjustment to reverse other-than-temporary impairment on securities held-to-maturity due to deconsolidation of a variable interest entity ................................... - 142 Derivatives classified as cash flow hedges ........................................ 37 (4) Unrecognized actuarial gains, transition obligation and prior service costs relating to pension and postretirement benefits, net of tax ........................................... 1 1 Other comprehensive income, net of tax ............................................ (89) 4 Comprehensive income .......................................................... $ 146 $ 483 (1) During the three months ended March 31, 2012 and 2011, there were no other-than-temporary impairment (“OTTI”) losses on securities recognized in other revenues and no OTTI losses in the non-credit component on securities were recognized in accumulated other comprehensive income. The accompanying notes are an integral part of the consolidated
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