US Bank 2004 Annual Report Download - page 80
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Please find page 80 of the 2004 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.Loans and Allowance for Credit Losses
The composition of the loan portfolio at December 31 was as follows:
(Dollars in Millions) 2004 2003
Commercial
Commercial****************************************************************************************** $ 35,210 $ 33,536
Lease financing ************************************************************************************** 4,963 4,990
Total commercial ********************************************************************************** 40,173 38,526
Commercial real estate
Commercial mortgages******************************************************************************** 20,315 20,624
Construction and development ************************************************************************* 7,270 6,618
Total commercial real estate ************************************************************************ 27,585 27,242
Residential mortgages ******************************************************************************* 15,367 13,457
Retail
Credit card ****************************************************************************************** 6,603 5,933
Retail leasing***************************************************************************************** 7,166 6,029
Home equity and second mortgages ******************************************************************** 14,851 13,210
Other retail
Revolving credit *********************************************************************************** 2,541 2,540
Installment**************************************************************************************** 2,767 2,380
Automobile *************************************************************************************** 7,419 7,165
Student ****************************************************************************************** 1,843 1,753
Total other retail******************************************************************************** 14,570 13,838
Total retail **************************************************************************************** 43,190 39,010
Total loans ************************************************************************************ $126,315 $118,235
Loans are presented net of unearned interest and For detail of the Company’s commercial real estate
deferred fees and costs, which amounted to $1.4 billion and portfolio by property type and geography as of
$1.5 billion at December 31, 2004 and 2003, respectively. December 31, 2004 and 2003, see Table 9 included in
The Company had loans of $38.3 billion at December 31, Management’s Discussion and Analysis which is
2004, and $28.7 billion at December 31, 2003, pledged at incorporated by reference into these Notes to Consolidated
the Federal Home Loan Bank. Loans of $10.3 billion at Financial Statements. Such loans are collateralized by the
December 31, 2004, and $12.1 billion at December 31, related property.
2003, were pledged at the Federal Reserve Bank. Nonperforming assets include nonaccrual loans,
The Company primarily lends to borrowers in the restructured loans not performing in accordance with
24 states in which it has banking offices. Collateral for modified terms, other real estate and other nonperforming
commercial loans may include marketable securities, assets owned by the Company. For details of the
accounts receivable, inventory and equipment. For details of Company’s nonperforming assets as of December 31, 2004,
the Company’s commercial portfolio by industry group and 2003 and 2002, see Table 12 included in Management’s
geography as of December 31, 2004 and 2003, see Table 7 Discussion and Analysis which is incorporated by reference
included in Management’s Discussion and Analysis which is into these Notes to Consolidated Financial Statements.
incorporated by reference into these Notes to Consolidated
Financial Statements.
The following table lists information related to nonperforming loans as of December 31:
(Dollars in Millions) 2004 2003
Loans on nonaccrual status ********************************************************************************* $582.5 $ 979.5
Restructured loans ***************************************************************************************** 58.0 40.5
Total nonperforming loans *********************************************************************************** $640.5 $1,020.0
Interest income that would have been recognized at original contractual terms ************************************* $ 64.4 $ 94.1
Amount recognized as interest income ************************************************************************ 22.3 26.7
Forgone revenue******************************************************************************************* $ 42.1 $ 67.4
78 U.S. BANCORP
Note 8