US Bank 2002 Annual Report Download - page 79

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The following table provides information as to the amount of gross gains and losses realized through the sales of available-
for-sale investment securities.
(Dollars in Millions) 2002 2001 2000
Realized gains*************************************************************************** $316.5 $333.0 $ 23.1
Realized losses************************************************************************** (16.6) (3.9) (15.0)
Net realized gains (losses)************************************************************* $299.9 $329.1 $ 8.1
Income tax (benefit) on realized gains (losses) ********************************************** $114.0 $115.2 $ 2.8
For amortized cost, fair value and yield by maturity included in Management’s Discussion and Analysis which is
date of held-to-maturity and available-for-sale securities incorporated by reference into these Notes to Consolidated
outstanding as of December 31, 2002, see Table 11 Financial Statements.
Loans and Allowance for Credit Losses
The composition of the loan portfolio at December 31 was as follows:
(Dollars in millions) 2002 2001
Commercial
Commercial**************************************************************************************** $ 36,584 $ 40,472
Lease financing ************************************************************************************ 5,360 5,858
Total commercial ******************************************************************************** 41,944 46,330
Commercial real estate
Commercial mortgages ***************************************************************************** 20,325 18,765
Construction and development *********************************************************************** 6,542 6,608
Total commercial real estate ********************************************************************** 26,867 25,373
Residential mortgages ***************************************************************************** 9,746 7,829
Retail
Credit card **************************************************************************************** 5,665 5,889
Retail leasing ************************************************************************************** 5,680 4,906
Home equity and second mortgage******************************************************************* 13,572 12,235
Other retail
Revolving Credit ******************************************************************************** 2,650 2,673
Installment ************************************************************************************* 2,258 2,292
Automobile ************************************************************************************* 6,343 5,660
Student **************************************************************************************** 1,526 1,218
Total other retail ***************************************************************************** 12,777 11,843
Total retail ************************************************************************************** 37,694 34,873
Total loans ********************************************************************************** $116,251 $114,405
During the third quarter of 2002, reclassifications The Company primarily lends to borrowers in the
between loan categories occurred in connection with 24 states where it has banking offices. Collateral for
conforming loan classifications at the time of system commercial loans may include marketable securities,
conversions. Prior quarters were not restated, as it was accounts receivable, inventory and equipment. For details of
impractical to determine the extent of reclassification for all the Company’s commercial portfolio by industry group and
periods presented. Reclassifications included approximately geography as of December 31, 2002, and 2001, see Table 8
$1.2 billion from the commercial loans category to the included in Management’s Discussion and Analysis which is
commercial real estate loan category ($.5 billion) and the incorporated by reference into these Notes to Consolidated
residential mortgages category ($.7 billion). Financial Statements.
Loans are presented net of unearned interest and For detail of the Company’s commercial real estate
deferred fees and costs which amounted to $1.8 billion and portfolio by property type and geography as of
$2.1 billion at December 31, 2002 and 2001, respectively. December 31, 2002, and 2001, see Table 9 included in
The Company had loans of $26.1 billion at December 31, Management’s Discussion and Analysis which is
2002, and $28.0 billion at December 31, 2001, pledged at incorporated by reference into these Notes to Consolidated
the Federal Home Loan Bank. Loans of $12.7 billion at Financial Statements. Such loans are collateralized by the
December 31, 2002, and $7.2 billion at December 31, related property.
2001, were pledged at the Federal Reserve Bank.
U.S. Bancorp 77
Note 8