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U.S. BANCORP 41
Table 14 NONPERFORMING ASSETS (a)
At December 31, (Dollars in Millions) 2008 2007 2006 2005 2004
Commercial
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 290 $128 $196 $231 $289
Lease financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 53 40 42 91
Total commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . 392 181 236 273 380
Commercial Real Estate
Commercial mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . 294 84 112 134 175
Construction and development . . . . . . . . . . . . . . . . . . . . . 780 209 38 23 25
Total commercial real estate . . . . . . . . . . . . . . . . . . . . 1,074 293 150 157 200
Residential Mortgages .......................... 210 54 36 48 43
Retail
Credit card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 14 31 49 –
Retail leasing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – – –
Other retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 15 17 17 17
Total retail. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 29 48 66 17
Total nonperforming loans, excluding covered assets . . 1,768 557 470 544 640
Covered assets ................................ 643––––
Total nonperforming loans . . . . . . . . . . . . . . . . . . . . 2,411 557 470 544 640
Other Real Estate (b) ........................... 190 111 95 71 72
Other Assets .................................. 23 22 22 29 36
Total nonperforming assets . . . . . . . . . . . . . . . . . . . $2,624 $690 $587 $644 $748
Accruing loans 90 days or more past due, excluding covered
assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 967 $584 $349 $253 $294
Accruing loans 90 days or more past due . . . . . . . . . . . . . . . . $1,554 $584 $349 $253 $294
Nonperforming loans to total loans, excluding covered assets . . . 1.02% .36% .33% .40% .51%
Nonperforming loans to total loans . . . . . . . . . . . . . . . . . . . . . 1.30% .36% .33% .40% .51%
Nonperforming assets to total loans plus other real estate,
excluding covered assets (b) . . . . . . . . . . . . . . . . . . . . . . 1.14% .45% .41% .47% .60%
Nonperforming assets to total loans plus other real estate (b) . . . 1.42% .45% .41% .47% .60%
Net interest foregone on nonperforming loans . . . . . . . . . . . . . $ 80 $ 41 $ 39 $ 30 $ 42
Changes in Nonperforming Assets
(Dollars in Millions)
Commercial and
Commercial Real Estate
Retail and
Residential Mortgages (d) Total
Balance December 31, 2007 ......................... $ 485 $ 205 $ 690
Additions to nonperforming assets
New nonaccrual loans and foreclosed properties . . . . . . . . . . . 1,769 357 2,126
Advances on loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 – 37
Acquired nonaccrual covered assets . . . . . . . . . . . . . . . . . . . 369 274 643
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,175 631 2,806
Reductions in nonperforming assets
Paydowns, payoffs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (228) (37) (265)
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23) – (23)
Return to performing status . . . . . . . . . . . . . . . . . . . . . . . . . (32) (8) (40)
Charge-offs (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (481) (63) (544)
Total reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (764) (108) (872)
Net additions to nonperforming assets. . . . . . . . . . . . . . 1,411 523 1,934
Balance December 31, 2008 .......................... $1,896 $ 728 $2,624
(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due.
(b) Excludes $209 million, $102 million and $83 million at December 31, 2008, 2007 and 2006, respectively of foreclosed GNMA loans which continue to accrue interest.
(c) Charge-offs exclude actions for certain card products and loan sales that were not classified as nonperforming at the time the charge-off occurred.
(d) Residential mortgage information excludes changes related to residential mortgages serviced by others.