US Bank 2002 Annual Report Download - page 83

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assumptions; in reality, changes in one factor may result in credit losses), which might magnify or counteract the
changes in another (for example, increases in market sensitivities.
interest rates may result in lower prepayments and increased
Cash Flow Information The table below summarizes certain cash flows received from and paid to conduit or structured
entities for the loan sales described above:
Unsecured
Indirect Corporate Small
Commercial Automobile Card Business Investment
Year Ended December 31 (Dollars in Millions) Loans (a) Loans SBA Loans Receivables (b) Receivables (b) Securities
2002
Proceeds from
New sales and securitizations ************* $ — $ — $ — $ — $ — $1,825.1
Collections used by trust to purchase new
receivables in revolving securitizations **** — — — — 610.3 —
Servicing and other fees received and cash
flows on retained interests*************** 83.0 4.0 6.1 .5 115.0 72.7
2001
Proceeds from
New sales and securitizations ************* $ — $ — $147.5 $ — $518.7 $2,356.7
Collections used by trust to purchase new
receivables in revolving securitizations **** — — — 6,487.0 60.8 —
Servicing and other fees received and cash
flows on retained interests*************** 57.6 26.0 7.3 4.2 8.6 75.0
(a) Current system constraints make it impractical to collect information on gross cash flows between the Company and the commercial loan conduit for 2002 and 2001.
(b) The corporate card and small business credit securitizations are revolving transactions where proceeds are reinvested until their legal terminations.
Other Information Quantitative information related to loan sales and managed assets was as follows:
At December 31 Year Ended December 31
Total Principal Principal Amount
Balance 90 Days or More Past Due (c) Average Balance Net Credit Losses
(Dollars in Millions) 2002 2001 2002 2001 2002 2001 2002 2001
Commercial
Commercial ******************** $ 41,861 $ 48,878 $ 819 $ 590 $ 45,195 $ 50,584 $ 543 $ 724
Lease financing **************** 5,360 5,858 172 207 5,573 5,852 149 114
Total commercial ************ 47,221 54,736 991 797 50,768 56,436 692 838
Commercial real estate
Commercial mortgages********** 20,325 18,765 181 136 19,212 19,004 32 40
Construction and development *** 6,542 6,608 62 37 6,511 7,077 7 12
Total commercial real estate ** 26,867 25,373 243 173 25,723 26,081 39 52
Residential mortgages ********* 9,746 7,829 140 140 8,412 8,576 19 13
Retail
Credit card********************* 5,665 5,889 118 128 5,633 5,645 280 271
Retail leasing ****************** 5,680 4,906 12 12 5,389 4,553 39 30
Other retail ******************** 26,505 24,510 167 224 25,756 23,905 360 360
Total retail ****************** 37,850 35,305 297 364 36,778 34,103 679 661
Total managed loans ***** $121,684 $123,243 $1,671 $1,474 $121,681 $125,196 $1,429 $1,564
Investment Securities ********** 38,143 36,368 — — 38,754 31,743 — —
Total managed assets*********** $159,827 $159,611 $1,671 $1,474 $160,435 $156,939 $1,429 $1,564
Less:
Assets sold or securitized ******* 15,088 18,598 17,150 16,846
Total assets held ********* $144,739 $141,013 $143,285 $140,093
Sold or securitized assets
Commercial loans ************** $ 4,151 $ 6,879 $ — $ — $ 5,715 $ 5,210 $ — $ —
Indirect automobile loans ******** 156 432 1 4 277 655 5 11
Guaranteed SBA loans********** 490 582 — 2 532 629 — —
Corporate card receivables ****** — 214 — 1 — 403 — 3
Small business credit lines ****** 636 731 6 4 701 122 51 3
Investment securities************ 9,655 9,760 — — 9,925 9,827 — —
Total securitized assets ****** $ 15,088 $ 18,598 $ 7 $ 11 $ 17,150 $ 16,846 $ 56 $ 17
U.S. Bancorp 81