US Bank 2008 Annual Report Download - page 30

Download and view the complete annual report

Please find page 30 of the 2008 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.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

Loans The Company’s loan portfolio was $185.2 billion at
December 31, 2008, an increase of $31.4 billion
(20.4 percent) from December 31, 2007. The increase was
driven by growth in all major loan categories, including
retail loans (18.9 percent), commercial loans (10.9 percent),
commercial real estate loans (13.7 percent) and residential
mortgages (3.5 percent). The increase was also due to the
addition of $11.5 billion of covered assets, related to the
Downey and PFF acquisitions in the fourth quarter of 2008.
Table 6 provides a summary of the loan distribution by
product type, while Table 10 provides a summary of selected
loan maturity distribution by loan category. Average total
loans increased $18.2 billion (12.4 percent) in 2008,
compared with 2007. The increase was due to growth in all
major loan categories.
Commercial Commercial loans, including lease financing,
increased $5.5 billion (10.9 percent) as of December 31,
2008, compared with December 31, 2007. The growth in
commercial loans was primarily driven by new and existing
customers utilizing bank credit facilities to fund business
growth and liquidity requirements, as well as growth in
commercial leasing balances. Average commercial loans
increased $6.5 billion (13.6 percent) in 2008, compared with
2007, primarily due to an increase in commercial loan
demand driven by general economic conditions in 2008.
Table 7 provides a summary of commercial loans by
industry and geographical locations.
Commercial Real Estate The Company’s portfolio of
commercial real estate loans, which includes commercial
mortgages and construction loans, increased $4.0 billion
(13.7 percent) at December 31, 2008, compared with
December 31, 2007. The growth in commercial real estate
loans reflected changing market conditions that have limited
borrower access to the capital markets, and loans acquired
in 2008 business combinations. Table 8 provides a summary
of commercial real estate by property type and geographical
locations. The collateral for $.8 billion of commercial real
estate loans included in covered assets at December 31, 2008
was in California.
28 U.S. BANCORP
Table 7 COMMERCIAL LOANS BY INDUSTRY GROUP AND GEOGRAPHY, EXCLUDING COVERED ASSETS
Industry Group (Dollars in Millions) Loans Percent Loans Percent
December 31, 2008 December 31, 2007
Consumer products and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,706 18.9% $ 9,576 18.8%
Financial services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,669 11.8 7,693 15.1
Capital goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,945 8.7 4,144 8.1
Commercial services and supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,420 7.8 3,982 7.8
Property management and development . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,896 6.9 3,239 6.3
Healthcare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,614 6.4 2,521 4.9
Consumer staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,568 4.5 1,897 3.7
Agriculture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,447 4.3 2,746 5.4
Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,320 4.1 1,576 3.1
Paper and forestry products, mining and basic materials . . . . . . . . . . . . . . . . . 2,308 4.1 2,289 4.5
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,910 3.4 1,685 3.3
Information technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,230 2.2 1,085 2.1
Private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,194 2.1 2,197 4.3
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,391 14.8 6,444 12.6
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $56,618 100.0% $51,074 100.0%
Geography
California . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,638 11.7% $ 5,091 10.0%
Colorado. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,825 5.0 2,490 4.9
Illinois . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,710 6.6 2,899 5.7
Minnesota . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,195 10.9 6,254 12.2
Missouri . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,955 3.5 1,690 3.3
Ohio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,915 5.2 2,554 5.0
Oregon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,171 3.8 2,021 4.0
Washington . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,677 4.7 2,364 4.6
Wisconsin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,621 4.6 2,337 4.6
Iowa, Kansas, Nebraska, North Dakota, South Dakota . . . . . . . . . . . . . . . . . . 3,755 6.6 5,150 10.1
Arkansas, Indiana, Kentucky, Tennessee . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,075 3.7 2,066 4.0
Idaho, Montana, Wyoming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,124 2.0 1,033 2.0
Arizona, Nevada, Utah . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,993 3.5 1,947 3.8
Total banking region . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,654 71.8 37,896 74.2
Outside the Company’s banking region . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,964 28.2 13,178 25.8
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $56,618 100.0% $51,074 100.0%