US Bank 2008 Annual Report Download - page 40

Download and view the complete annual report

Please find page 40 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

The following table provides further information on
residential mortgages for the consumer finance division:
(Dollars in Millions)
Interest
Only Amortizing Total
Percent
of
Division
Sub-Prime Borrowers
Less than or equal to 80% . . . $ 3 $1,096 $1,099 11.1%
Over 80% through 90% . . . . . 7 709 716 7.3
Over 90% through 100% . . . . 20 993 1,013 10.3
Over 100% . . . . . . . . . . . . . – 95 95 1.0
Tota l .............. $ 30 $2,893 $2,923 29.7%
Other Borrowers
Less than or equal to 80% . . . $ 978 $1,641 $2,619 26.5%
Over 80% through 90% . . . . . 722 844 1,566 15.9
Over 90% through 100% . . . . 739 1,969 2,708 27.4
Over 100% . . . . . . . . . . . . . – 51 51 .5
Tota l .............. $2,439 $4,505 $6,944 70.3%
Total Consumer Finance .... $2,469 $7,398 $9,867 100.0%
In addition to residential mortgages, at December 31, 2008,
the consumer finance division had $.7 billion of home equity
and second mortgage loans and lines to customers that may
be defined as sub-prime borrowers.
The following table provides further information on home
equity and second mortgages for the consumer finance
division:
(Dollars in Millions) Lines Loans Total
Percent
of Total
Sub-Prime Borrowers
Less than or equal to 80%. . . . . . $ 22 $131 $ 153 7.1%
Over 80% through 90% . . . . . . . 26 127 153 7.1
Over 90% through 100% . . . . . . . 2 286 288 13.3
Over 100% . . . . . . . . . . . . . . . 47 98 145 6.7
Tota l ................. $ 97 $642 $ 739 34.2%
Other Borrowers
Less than or equal to 80%. . . . . . $ 369 $ 69 $ 438 20.3%
Over 80% through 90% . . . . . . . 277 65 342 15.8
Over 90% through 100% . . . . . . . 413 169 582 26.9
Over 100% . . . . . . . . . . . . . . . 23 38 61 2.8
Tota l ................. $1,082 $341 $1,423 65.8%
Total Consumer Finance ...... $1,179 $983 $2,162 100.0%
38 U.S. BANCORP
Table 13 DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
At December 31,
90 days or more past due excluding nonperforming loans 2008 2007 2006 2005 2004
Commercial
Commercial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15% .08% .06% .06% .05%
Lease financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – – .02
Total commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 .07 .05 .05 .05
Commercial Real Estate
Commercial mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . – .02 .01 – –
Construction and development . . . . . . . . . . . . . . . . . . . . . . .36 .02 .01 – –
Total commercial real estate . . . . . . . . . . . . . . . . . . . . . .11 .02 .01 – –
Residential Mortgages ........................... 1.55 .86 .42 .32 .46
Retail
Credit card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.20 1.94 1.75 1.26 1.74
Retail leasing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 .10 .03 .04 .08
Other retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45 .37 .24 .23 .30
Total retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82 .68 .49 .37 .49
Total loans, excluding covered assets . . . . . . . . . . . . . .56 .38 .24 .19 .24
Covered Assets ................................ 5.13 – – – –
Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84% .38% .24% .19% .24%
At December 31,
90 days or more past due including nonperforming loans 2008 2007 2006 2005 2004
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82% .43% .57% .69% .99%
Commercial real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.34 1.02 .53 .55 .73
Residential mortgages (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.44 1.10 .59 .55 .74
Retail (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .97 .73 .59 .52 .53
Total loans, excluding covered assets . . . . . . . . . . . . . . . . . . . . 1.57 .74 .57 .58 .75
Covered assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.74 – – – –
Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.14% .74% .57% .58% .75%
(a) Delinquent loan ratios exclude advances made pursuant to servicing agreements to Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by
the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Including the guaranteed amounts, the ratio of residential mortgages 90 days or more past due
including nonperforming loans was 6.95 percent, 3.78 percent, 3.08 percent, 4.35 percent and 5.19 percent at December 31, 2008, 2007, 2006, 2005 and 2004, respectively.
(b) Beginning in 2008, delinquent loan ratios exclude student loans that are guaranteed by the federal government. Including the guaranteed amounts, the ratio of retail loans 90 days or more
past due including nonperforming loans was 1.10 percent at December 31, 2008.