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2006 HSBC USA Inc. 10-K

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2006 HSBC USA Inc. 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ( X ) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2006 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND 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, New York 10018 (Address of principal executive offices) (Zip Code) (716) 841-2424 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Depositary Shares (each representing a one-fourth share of Adjustable Rate Cumulative Preferred Stock, Series D) New York Stock Exchange $2.8575 Cumulative Preferred Stock New York Stock Exchange Floating Rate Non-Cumulative Preferred Stock, Series F New York Stock Exchange Depositary Shares (each representing a one-fortieth share of Floating Rate Non-Cumulative Preferred Stock, Series G) New York Stock Exchange 8.375% Debentures due 2007 New York Stock Exchange Depositary Shares (each representing a one-fortieth share of Floating Rate Non-Cumulative Preferred Stock, Series H) New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes X No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No X Indicate by check mark whether the registrant (1) had 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 X No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of the Form 10-K or any amendment to this Form 10-K. [ X ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ____ Accelerated filer ____ Non-accelerated filer X Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No X At February 28, 2007, all voting stock (706 shares of Common Stock $5 par value) is owned by an indirect wholly owned subsidiary of HSBC Holdings plc. DOCUMENTS INCORPORATED BY REFERENCE None This page is intentionally left blank. 2 HSBC USA Inc. Form 10-K TABLE OF CONTENTS Part I Page Item 1. Business History ................................................................................................................................. 5 Description of Operations and Business Segments............................................................... 5 2006 Developments and Trends ........................................................................................... 7 Geographic Distribution of Assets and Earnings ................................................................. 11 Regulation, Supervision and Capital .................................................................................... 11 Competition .......................................................................................................................... 13 Cautionary Statement on Forward-Looking Statements ...................................................... 13 Statistical Disclosure by Bank Holding Companies: Average Balance Sheets and Interest Earned and Paid ................................................... 90 Changes in Interest Income and Expense Attributable to Changes in Rate and Volume ......................................................................................................................... 34 Securities Portfolios ........................................................................................................ 112 Loans Outstanding: Composition and Maturities ...................................................................................... 30 Risk Elements in the Loan Portfolio ......................................................................... 58-60, 120 Summary of Loan Loss Experience ................................................................................ 62 Deposits .......................................................................................................................... 125 Short-Term Borrowings .................................................................................................. 126 Item 1A. Risk Factors ............................................................................................................................... 14 Item 1B. Unresolved Staff Comments ..................................................................................................... 18 Item 2. Properties ................................................................................................................................... 18 Item 3. Legal Proceedings ..................................................................................................................... 18 Item 4. Submission of Matters to a Vote of Security Holders ............................................................... 18 Part II Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ...................................................................................... 18 Item 6. Selected Financial Data ............................................................................................................. 19 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Executive Overview ............................................................................................................. 20 Basis of Reporting ................................................................................................................ 21 Critical Accounting Policies ................................................................................................ 25 Balance Sheet Review .......................................................................................................... 29 Results of Operations ........................................................................................................... 34 Business Segments ............................................................................................................... 50 Credit Quality ....................................................................................................................... 58 Off-Balance Sheet Arrangements and Contractual Obligations .......................................... 68 Risk Management ................................................................................................................ 70 Glossary of Terms ................................................................................................................ 87 Item 7A. Quantitative and Qualitative Disclosures about Market Risk ................................................... 88 Item 8. Financial Statements and Supplementary Data ......................................................................... 92 3 Part III Page Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ... 157 Item 9A. Controls and Procedures ............................................................................................................ 157 Item 9B. Other Information ...................................................................................................................... 157 Item 10. Directors, Executive Officers and Corporate Governance ........................................................ 158 Item 11. Executive Compensation ........................................................................................................... 164 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ................................................................................................... 201 Item 13. Certain Relationships and Related Transactions, and Director Independence .......................... 202 Item 14. Principal Accounting Fees and Services ................................................................................... 204 Part IV Item 15. Exhibits and Financial Statement Schedules and Reports on Form 8-K.................................... 205 4 P A R T I Item 1. Business History HSBC USA Inc., incorporated under the laws of Maryland, is a New York State based bank holding company registered under the Bank Holding Company Act of 1956, as amended. HSBC USA Inc. and its subsidiaries are collectively referred to as “HUSI”. HUSI’s origin was in Buffalo, New York in 1850 as The Marine Trust Company, which later became Marine Midland Banks, Inc. (Marine). In
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