US Bank 2009 Annual Report Download - page 30

Download and view the complete annual report

Please find page 30 of the 2009 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 143

  • 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
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143

December 31, 2009 and 2008, respectively. The Company
also finances the operations of real estate developers and
other entities with operations related to real estate. These
loans are not secured directly by real estate and are subject
to terms and conditions similar to commercial loans. These
loans were included in the commercial loan category and
totaled $1.8 billion at December 31, 2009.
Residential Mortgages Residential mortgages held in the
loan portfolio at December 31, 2009, increased $2.5 billion
(10.5 percent) from December 31, 2008. Average residential
mortgages increased $1.2 billion (5.3 percent) in 2009,
compared with 2008. The growth principally reflected an
increase in production as a result of market interest rate
declines, including an increase in government agency-
guaranteed mortgages. Most loans retained in the portfolio
are to customers with prime or near-prime credit
characteristics at the date of origination.
Retail Total retail loans outstanding, which include credit
card, retail leasing, home equity and second mortgages and
other retail loans, increased $3.6 billion (5.9 percent) at
December 31, 2009, compared with December 31, 2008.
The increase was primarily driven by growth in credit card
balances and home equity and second mortgages, partially
offset by lower retail leasing balances. Average retail loans
increased $6.5 billion (11.6 percent) in 2009, compared with
2008, as a result of current year growth and a student loan
portfolio purchase in 2008.
28 U.S. BANCORP
Table 7 Commercial Loans by Industry Group and Geography,
Excluding Covered Assets
(Dollars in Millions) Loans Percent Loans Percent
December 31, 2009 December 31, 2008
Industry Group
Consumer products and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,197 16.8% $10,706 18.9%
Financial services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,123 10.5 6,669 11.8
Capital goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,806 7.8 4,945 8.7
Commercial services and supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,757 7.7 4,420 7.8
Agriculture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,415 7.0 2,447 4.3
Property management and development . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,586 5.3 3,896 6.9
Healthcare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 4.1 3,614 6.4
Paper and forestry products, mining and basic materials . . . . . . . . . . . . . . . . . 1,952 4.0 2,308 4.1
Private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,757 3.6 1,194 2.1
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,708 3.5 1,910 3.4
Consumer staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,659 3.4 2,568 4.5
Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,122 2.3 2,320 4.1
Information technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 878 1.8 1,230 2.2
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,832 22.2 8,391 14.8
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $48,792 100.0% $56,618 100.0%
Geography
California . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,685 13.7% $ 6,638 11.7%
Colorado. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,903 3.9 2,825 5.0
Illinois . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,611 7.4 3,710 6.6
Minnesota . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,757 7.7 6,195 10.9
Missouri . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,708 3.5 1,955 3.5
Ohio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,196 4.5 2,915 5.2
Oregon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,610 3.3 2,171 3.8
Washington . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,196 4.5 2,677 4.7
Wisconsin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,098 4.3 2,621 4.6
Iowa, Kansas, Nebraska, North Dakota, South Dakota . . . . . . . . . . . . . . . . . . 3,123 6.4 3,755 6.6
Arkansas, Indiana, Kentucky, Tennessee . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,805 3.7 2,075 3.7
Idaho, Montana, Wyoming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,073 2.2 1,124 2.0
Arizona, Nevada, Utah . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 4.1 1,993 3.5
Total banking region . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,765 69.2 40,654 71.8
Outside the Company’s banking region . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,027 30.8 15,964 28.2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $48,792 100.0% $56,618 100.0%