Fifth Third Bank 2010 Annual Report Download - page 54

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
52 Fifth Third Bancorp
TABLE 31: RESIDENTIAL MORTGAGE LOANS OUTSTANDING, LTV GREATER THAN 80%, NO MORTGAGE INSURANCE
As of December 31, 2010 ($ in millions)
For the Year Ended
December 31, 2010
By State:
Outstanding
90 Days
Past Due
Nonaccrual
Net Charge-offs
Ohio $569 3 24 22
Michigan 294 2 20 21
Florida 294 4 31 56
North Carolina 131 1 7 12
Indiana 111 1 4 6
Kentucky 78 1 3 2
Illinois 67 - 1 4
All other states 122 3 5 8
Total $1,666 15 95 131
TABLE 32: RESIDENTIAL MORTGAGE LOANS OUTSTANDING, LTV GREATER THAN 80%, NO MORTGAGE INSURANCE
As of December 31, 2009 ($ in millions)
For the Year Ended
December 31, 2009
By State:
Outstanding
90 Days
Past Due
Nonaccrual
Net Charge-offs
Ohio $673 4 25 18
Michigan 350 3 13 21
Florida 388 9 50 68
North Carolina 169 5 9 8
Indiana 145 1 7 4
Kentucky 92 1 3 2
Illinois 62 1 6 2
All other states 141 2 8 5
Total $2,020 26 121 128
Home Equity Portfolio
The home equity portfolio is managed in two categories, loans
outstanding with a LTV greater than 80% and those loans with a
LTV of less than 80%. The carrying value of the greater than 80%
LTV home equity loans and less than 80% LTV home equity
loans were $4.6 billion and $6.9 billion, respectively, as of
December 31, 2010. Of the total $11.5 billion of outstanding
home equity loans, 82% reside within the Bancorp’s Midwest
footprint of Ohio, Michigan, Kentucky, Indiana and Illinois. The
portfolio has an average FICO score at loan origination of 734 at
December 31, 2010 compared to 730 at December 31, 2009.
The Bancorp actively manages lines of credit and makes
reductions in lending limits when it believes it is necessary based
on FICO score deterioration and property devaluation. The
Bancorp believes that home equity loans with a greater than 80%
LTV ratio present a higher level of risk. The following tables
provide analysis of these loans as of December 31, 2010 and 2009.
TABLE 33: HOME EQUITY LOANS OUTSTANDING WITH LTV GREATER THAN 80%
As of December 31, 2010 ($ in millions)
For the Year Ended
December 31, 2010
By State:
Outstanding
Exposure
90 Days
Past Due
Nonaccrual
Net Charge-offs
Ohio $1,576 2,288 9 7 35
Michigan 998 1,317 9 5 50
Illinois 482 662 5 3 22
Indiana 451 638 4 2 10
Kentucky 421 614 3 2 9
Florida 172 218 8 4 21
All other states 466 568 7 4 28
Total $4,566 6,305 45 27 175
TABLE 34: HOME EQUITY LOANS OUTSTANDING WITH LTV GREATER THAN 80%
As of December 31, 2009 ($ in millions)
For the Year Ended
December 31, 2009
By State:
Outstanding
Exposure
90 Days
Past Due
Nonaccrual
Net Charge-offs
Ohio $1,727 2,465 13 6 43
Michigan 1,091 1,417 14 6 61
Illinois 505 689 5 3 32
Indiana 499 691 5 2 13
Kentucky 471 672 4 2 12
Florida 198 248 8 3 35
All other states 523 618 9 5 37
Total $5,014 6,800 58 27 233