US Bank 2003 Annual Report Download - page 83

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These sensitivities are hypothetical and should be used particular assumption on the fair value of the retained
with caution. As the figures indicate, changes in fair value interest is calculated without changing any other
based on a 10 percent variation in assumptions generally assumptions; in reality, changes in one factor may result in
cannot be extrapolated because the relationship of the change changes in another (for example, increases in market interest
in the assumptions to the change in fair value may not be rates may result in lower prepayments and increased credit
linear. Also, in this table the effect of a variation in a losses), which might magnify or counteract the sensitivities.
Cash Flow Information The table below summarizes certain cash flows received from and paid to conduits or structured
entities for the asset sales described above: Unsecured
Indirect Small
Commercial Automobile Business Investment
Year Ended December 31 (Dollars in Millions) Loans Loans Receivables (a) Securities
2003
Proceeds from
New sales and securitizations ******************************************* $— $— $— $—
Collections used by trust to purchase new receivables in revolving
securitizations ***************************************************** — — 420.6 —
Servicing and other fees received and cash flows on retained interests ******** 23.9 24.3 85.3 51.8
Net cash flow from loan conduit consolidation ******************************* (1,884.0) — — —
2002
Proceeds from
New sales and securitizations ******************************************* $ — $ — $ — $1,677.5
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 4.0 115.0 71.8
(a) The small business credit securitizations are revolving transactions where proceeds are reinvested until their legal terminations.
Other Information Quantitative information related to managed assets and loan securitizations was as follows:
At December 31 Year Ended December 31
Total Principal Principal Amount
Balance 90 Days or More Past Due (a) Average Balance Net Credit Losses
(Dollars in Millions) 2003 2002 2003 2002 2003 2002 2003 2002
Commercial
Commercial ******************** $ 34,427 $ 41,861 $ 651 $ 819 $ 39,093 $ 45,192 $ 535 $ 543
Lease financing **************** 4,990 5,360 115 172 5,088 5,573 84 149
Total commercial ************ 39,417 47,221 766 991 44,181 50,765 619 692
Commercial real estate
Commercial mortgages********** 20,624 20,325 181 181 20,166 19,212 28 32
Construction and development *** 6,618 6,542 42 62 6,976 6,511 11 7
Total commercial real estate ** 27,242 26,867 223 243 27,142 25,723 39 39
Residential mortgages ********* 13,457 9,746 123 140 11,696 8,412 27 19
Retail
Credit card********************* 5,933 5,665 100 118 5,525 5,633 255 280
Retail leasing ****************** 6,029 5,680 8 12 5,804 5,389 50 39
Other retail ******************** 27,048 26,505 135 167 26,876 25,756 311 360
Total retail ****************** 39,010 37,850 243 297 38,205 36,778 616 679
Total managed loans ***** $119,126 $121,684 $1,355 $1,671 $121,224 $121,678 $1,301 $1,429
Investment securities ********** 50,679 37,999 — — 45,633 38,689 — —
Total managed assets *********** $169,805 $159,683 $1,355 $1,671 $166,857 $160,367 $1,301 $1,429
Less
Assets sold or securitized ******* 8,236 14,944 11,247 17,085
Total assets held ********* $161,569 $144,739 $155,610 $143,282
Managed or securitized assets
Commercial loans ************** $ — $ 4,151 $ — $ — $ 1,834 $ 5,715 $ — $ —
Indirect automobile loans (b) ***** — 156 — 1 7 277 — 5
Guaranteed SBA loans (c)******* 406 490 — — 450 532 — —
Small business credit lines (c) *** 485 636 6 6 571 701 49 51
Investment securities************ 7,345 9,511 — — 8,385 9,860 — —
Total securitized assets ****** $ 8,236 $ 14,944 $ 6 $ 7 $ 11,247 $ 17,085 $ 49 $ 56
(a) Includes nonaccrual
(b) Reported in ‘‘other retail’’ loans.
(c) Reported in ‘‘commercial’’ loans.
U.S. Bancorp 81