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U.S. BANCORP 43
Table 14 Nonperforming Assets (a)
At December 31, (Dollars in Millions) 2009 2008 2007 2006 2005
Commercial
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 866 $ 290 $128 $196 $231
Lease financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 102 53 40 42
Total commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 991 392 181 236 273
Commercial Real Estate
Commercial mortgages. . . . . . . . . . . . . . . . . . . . . . . . . . . 581 294 84 112 134
Construction and development . . . . . . . . . . . . . . . . . . . . . . 1,192 780 209 38 23
Total commercial real estate. . . . . . . . . . . . . . . . . . . . . . 1,773 1,074 293 150 157
Residential Mortgages .......................... 467 210 54 36 48
Retail
Credit card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 67 14 31 49
Retail leasing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – – –
Other retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 25 15 17 17
Total retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204 92 29 48 66
Total nonperforming loans, excluding covered assets . . . 3,435 1,768 557 470 544
Covered Assets .............................. 2,003 643 – – –
Total nonperforming loans . . . . . . . . . . . . . . . . . . . . . 5,438 2,411 557 470 544
Other Real Estate (b) ........................... 437 190 111 95 71
Other Assets .................................. 32 23 22 22 29
Total nonperforming assets . . . . . . . . . . . . . . . . . . . . . $5,907 $2,624 $690 $587 $644
Excluding covered assets:
Accruing loans 90 days or more past due . . . . . . . . . . . . . $1,525 $ 967 $584 $349 $253
Nonperforming loans to total loans . . . . . . . . . . . . . . . . . 1.99% 1.02% .36% .33% .40%
Nonperforming assets to total loans plus other real
estate (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.25% 1.14% .45% .41% .47%
Including covered assets:
Accruing loans 90 days or more past due . . . . . . . . . . . . . $2,309 $1,554 $584 $349 $253
Nonperforming loans to total loans . . . . . . . . . . . . . . . . . 2.78% 1.30% .36% .33% .40%
Nonperforming assets to total loans plus other real
estate (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.02% 1.42% .45% .41% .47%
Net interest foregone on nonperforming loans . . . . . . . . . . . . . $ 169 $ 80 $ 41 $ 39 $ 30
Changes in Nonperforming Assets
(Dollars in Millions)
Commercial and
Commercial Real Estate
Retail and
Residential Mortgages (d) Total
Balance December 31, 2008 ........................ $ 1,896 $ 728 $ 2,624
Additions to nonperforming assets
New nonaccrual loans and foreclosed properties . . . . . . . . . . . . 3,821 1,388 5,209
Advances on loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 – 115
Acquired nonaccrual covered assets . . . . . . . . . . . . . . . . . . . . 1,409 33 1,442
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,345 1,421 6,766
Reductions in nonperforming assets
Paydowns, payoffs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (542) (576) (1,118)
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (283) (157) (440)
Return to performing status . . . . . . . . . . . . . . . . . . . . . . . . . . (207) (10) (217)
Charge-offs (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,482) (226) (1,708)
Total reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,514) (969) (3,483)
Net additions to nonperforming assets . . . . . . . . . . . . . 2,831 452 3,283
Balance December 31, 2009 ......................... $ 4,727 $1,180 $ 5,907
(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due.
(b) Excludes $359 million, $209 million, $102 million and $83 million at December 31, 2009, 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.