US Bank 2005 Annual Report Download - page 29

BALANCE SHEET ANALYSIS (3.2 percent). Table 6 provides a summary of the loan
distribution by product type while Table 10 provides a
Average earning assets were $178.4 billion in 2005, summary of selected loan maturity distribution by loan
compared with $168.1 billion in 2004. The increase in category. Average total loans increased $11.0 billion
average earning assets of $10.3 billion (6.1 percent) was (9.0 percent) in 2005, compared with 2004. The increase
primarily driven by growth in residential mortgages, was due to growth in residential mortgages, commercial
commercial loans and retail loans. The change in average loans and retail loans.
earning assets was principally funded by increases of
$5.4 billion in interest-bearing deposits and $5.9 billion in Commercial Commercial loans, including lease financing,
wholesale funding. increased $2.8 billion (6.9 percent) at December 31, 2005,
For average balance information, refer to Consolidated compared with December 31, 2004. The increase in
Daily Average Balance Sheet and Related Yields and Rates commercial loans was driven by new customer relationships
on pages 108 and 109. and increases in mortgage banking and corporate card
balances. Average commercial loans increased by
Loans The Company’s total loan portfolio was $3.3 billion (8.4 percent) in 2005, compared with 2004,
$137.8 billion at December 31, 2005, an increase of primarily due to an increase in commercial loan demand
$11.5 billion (9.1 percent) from December 31, 2004. The driven by general economic conditions in 2005.
increase in total loans was driven by growth in residential Table 7 provides a summary of commercial loans by
mortgages (34.9 percent), commercial loans (6.9 percent), industry and geographical locations.
retail loans (5.7 percent) and commercial real estate loans
COMMERCIAL LOANS BY INDUSTRY GROUP AND GEOGRAPHY
December 31, 2005 December 31, 2004
Industry Group (Dollars in Millions) Loans Percent Loans Percent
Consumer products and services*********************************************** $ 8,723 20.3% $ 8,073 20.1%
Financial services ************************************************************ 5,416 12.6 4,784 11.9
Commercial services and supplies********************************************** 4,326 10.1 3,870 9.6
Capital goods *************************************************************** 3,881 9.0 3,825 9.5
Property management and development **************************************** 3,182 7.4 2,334 5.8
Agriculture ****************************************************************** 2,693 6.3 2,601 6.5
Healthcare ****************************************************************** 2,064 4.8 1,826 4.6
Paper and forestry products, mining and basic materials ************************** 1,990 4.6 1,905 4.7
Consumer staples************************************************************ 1,785 4.2 1,887 4.7
Transportation *************************************************************** 1,565 3.7 1,592 4.0
Private investors ************************************************************* 1,477 3.4 1,630 4.1
Energy********************************************************************** 842 2.0 730 1.8
Information technology******************************************************** 700 1.6 644 1.6
Other*********************************************************************** 4,298 10.0 4,472 11.1
Total ******************************************************************** $42,942 100.0% $40,173 100.0%
Geography
California******************************************************************** $ 3,561 8.3% $ 3,786 9.4%
Colorado******************************************************************** 2,578 6.0 2,064 5.1
Illinois ********************************************************************** 2,919 6.8 2,549 6.3
Minnesota******************************************************************* 6,806 15.8 6,649 16.6
Missouri ******************************************************************** 2,056 4.8 2,525 6.3
Ohio *********************************************************************** 2,640 6.2 2,528 6.3
Oregon ********************************************************************* 1,649 3.8 1,441 3.6
Washington ***************************************************************** 2,404 5.6 2,695 6.7
Wisconsin******************************************************************* 2,421 5.6 2,604 6.5
Iowa, Kansas, Nebraska, North Dakota, South Dakota **************************** 3,721 8.7 3,455 8.6
Arkansas, Indiana, Kentucky, Tennessee **************************************** 2,214 5.2 1,747 4.3
Idaho, Montana, Wyoming **************************************************** 825 1.9 830 2.1
Arizona, Nevada, Utah ******************************************************** 1,163 2.7 926 2.3
Total banking region******************************************************* 34,957 81.4 33,799 84.1
Outside the Company’s banking region ***************************************** 7,985 18.6 6,374 15.9
Total ******************************************************************** $42,942 100.0% $40,173 100.0%
U.S. BANCORP 27
Table 7