US Bank 2011 Annual Report Download - page 28

Download and view the complete annual report

Please find page 28 of the 2011 US Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 149

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149

TABLE 6 Loan Portfolio Distribution
2011 2010 2009 2008 2007
At December 31 (Dollars in Millions) Amount
Percent
of Total Amount
Percent
of Total Amount
Percent
of Total Amount
Percent
of Total Amount
Percent
of Total
Commercial
Commercial ............................ $ 50,734 24.2% $ 42,272 21.5% $ 42,255 21.7% $ 49,759 26.9% $ 44,832 29.1%
Lease financing ........................ 5,914 2.8 6,126 3.1 6,537 3.4 6,859 3.7 6,242 4.1
Total commercial ................... 56,648 27.0 48,398 24.6 48,792 25.1 56,618 30.6 51,074 33.2
Commercial Real Estate
Commercial mortgages ................ 29,664 14.1 27,254 13.8 25,306 13.0 23,434 12.7 20,146 13.1
Construction and development ........ 6,187 3.0 7,441 3.8 8,787 4.5 9,779 5.3 9,061 5.9
Total commercial real estate ........ 35,851 17.1 34,695 17.6 34,093 17.5 33,213 18.0 29,207 19.0
Residential Mortgages
Residential mortgages ................. 28,669 13.7 24,315 12.3 20,581 10.6 18,232 9.9 17,099 11.1
Home equity loans, first liens .......... 8,413 4.0 6,417 3.3 5,475 2.8 5,348 2.9 5,683 3.7
Total residential mortgages ......... 37,082 17.7 30,732 15.6 26,056 13.4 23,580 12.8 22,782 14.8
Credit Card ............................. 17,360 8.3 16,803 8.5 16,814 8.6 13,520 7.3 10,956 7.1
Other Retail
Retail leasing .......................... 5,118 2.4 4,569 2.3 4,568 2.3 5,126 2.8 5,969 3.9
Home equity and second mortgages . . 18,131 8.6 18,940 9.6 19,439 10.0 19,177 10.3 16,441 10.7
Revolving credit........................ 3,344 1.6 3,472 1.8 3,506 1.8 3,205 1.7 2,731 1.8
Installment ............................. 5,348 2.6 5,459 2.8 5,455 2.8 5,525 3.0 5,246 3.4
Automobile ............................ 11,508 5.5 10,897 5.5 9,544 4.9 9,212 5.0 8,970 5.8
Student ................................ 4,658 2.2 5,054 2.5 4,629 2.4 4,603 2.5 451 .3
Total other retail ....................... 48,107 22.9 48,391 24.5 47,141 24.2 46,848 25.3 39,808 25.9
Total loans, excluding covered
loans .......................... 195,048 93.0 179,019 90.8 172,896 88.8 173,779 94.0 153,827 100.0
Covered Loans ......................... 14,787 7.0 18,042 9.2 21,859 11.2 11,176 6.0
Total loans .................... $209,835 100.0% $197,061 100.0% $194,755 100.0% $184,955 100.0% $153,827 100.0%
by product type, while Table 12 provides a summary of the
selected loan maturity distribution by loan category. Average
total loans increased $8.4 billion (4.4 percent) in 2011,
compared with 2010. The increase was due to growth in most
major loan portfolio classes in 2011.
Commercial Commercial loans, including lease financing,
increased $8.3 billion (17.0 percent) as of December 31, 2011,
compared with December 31, 2010. Average commercial
loans increased $4.6 billion (9.8 percent) in 2011, compared
with 2010. The growth was primarily driven by demand from
new and existing customers. Table 7 provides a summary of
commercial loans by industry and geographical locations.
Commercial Real Estate The Company’s portfolio of
commercial real estate loans, which includes commercial
mortgages and construction and development loans, increased
$1.2 billion (3.3 percent) at December 31, 2011, compared
with December 31, 2010. Average commercial real estate
loans increased $1.2 billion (3.6 percent) in 2011, compared
with 2010. The increases were primarily due to the FCB
acquisition. Table 8 provides a summary of commercial real
estate loans by property type and geographical location. The
collateral for $2.5 billion of commercial real estate loans
included in covered loans at December 31, 2011 was in
California, compared with $4.5 billion at December 31, 2010.
The Company classifies loans as construction until the
completion of the construction phase. Following construction,
if a loan is retained, the loan is reclassified to the commercial
mortgage category. In 2011, approximately $925 million of
construction loans were reclassified to the commercial
mortgage category for bridge financing after completion of the
construction phase. At December 31, 2011 and 2010,
$289 million and $270 million, respectively, of tax-exempt
industrial development loans were secured by real estate. The
Company’s commercial mortgage and construction and
development loans had unfunded commitments of $7.0 billion
and $6.5 billion at December 31, 2011 and 2010, respectively.
The Company also finances the operations of real estate
developers and other entities with operations related to real
estate. These loans are not secured directly by real estate but
are subject to terms and conditions similar to commercial
loans. These loans were included in the commercial loan
category and totaled $1.9 billion and $1.7 billion at
December 31, 2011 and 2010, respectively.
26 U.S. BANCORP