US Bank 2011 Annual Report Download - page 32

TABLE 11 Other Retail Loans by Geography
December 31, 2011 December 31, 2010
(Dollars in Millions) Loans Percent Loans Percent
California ................................................................................ $ 5,793 12.0% $ 5,868 12.1%
Colorado ................................................................................ 2,175 4.5 2,319 4.8
Illinois ................................................................................... 2,233 4.6 2,264 4.7
Minnesota ............................................................................... 4,400 9.2 4,748 9.8
Missouri ................................................................................. 2,170 4.5 2,144 4.4
Ohio ..................................................................................... 2,620 5.5 2,644 5.5
Oregon .................................................................................. 1,851 3.9 1,969 4.1
Washington ............................................................................. 2,058 4.3 2,192 4.5
Wisconsin ............................................................................... 1,907 4.0 1,972 4.1
Iowa, Kansas, Nebraska, North Dakota, South Dakota ................................. 2,522 5.2 2,419 5.0
Arkansas, Indiana, Kentucky, Tennessee ............................................... 2,765 5.8 2,818 5.8
Idaho, Montana, Wyoming .............................................................. 1,125 2.3 1,233 2.5
Arizona, Nevada, New Mexico, Utah .................................................... 2,135 4.4 2,171 4.5
Total banking region .................................................................. 33,754 70.2 34,761 71.8
Outside the Company’s banking region
Florida, Michigan, New York, Pennsylvania, Texas ................................... 6,493 13.5 5,959 12.3
All other states........................................................................ 7,860 16.3 7,671 15.9
Total outside Company’s banking region ............................................... 14,353 29.8 13,630 28.2
Total .................................................................................. $48,107 100.0% $48,391 100.0%
Of the total residential mortgages, credit card and other
retail loans outstanding at December 31, 2011, approximately
72.8 percent were to customers located in the Company’s
primary banking region. Tables 9, 10 and 11 provide a
geographic summary of residential mortgages, credit card
loans and retail loans outstanding, respectively, as of
December 31, 2011 and 2010. The collateral for $5.2 billion
of residential mortgages and other retail loans included in
covered loans at December 31, 2011 was in California.
Loans Held for Sale Loans held for sale, consisting primarily
of residential mortgages to be sold in the secondary market,
were $7.2 billion at December 31, 2011, compared with $8.4
billion at December 31, 2010. The decrease in loans held for
sale was principally due to a higher level of mortgage loan
origination and refinancing activity in the second half of 2010
compared with the second half of 2011.
TABLE 12 Selected Loan Maturity Distribution
At December 31, 2011 (Dollars in Millions)
One Year
or Less
Over One
Through
Five Years
Over
Five Years Total
Commercial ........................................................................... $22,187 $31,615 $ 2,846 $ 56,648
Commercial real estate ............................................................... 9,623 19,652 6,576 35,851
Residential mortgages ................................................................ 1,755 4,846 30,481 37,082
Credit card ............................................................................ 17,360 — — 17,360
Other retail ............................................................................ 8,644 25,216 14,247 48,107
Covered loans ........................................................................ 3,544 3,912 7,331 14,787
Total loans ......................................................................... $63,113 $85,241 $61,481 $209,835
Total of loans due after one year with
Predetermined interest rates ....................................................... $ 67,992
Floating interest rates .............................................................. $ 78,730
Most of the residential mortgage loans the Company
originates follow guidelines that allow the loans to be sold
into existing, highly liquid secondary markets; in particular in
government agency transactions and to government sponsored
enterprises (“GSEs”). The Company also originates residential
mortgages that follow its own investment guidelines with the
intent to hold such loans in the loan portfolio, primarily well
secured jumbo mortgages to borrowers with high credit
quality, and near-prime non-conforming mortgages. The
Company generally retains portfolio loans through maturity;
however, the Company’s intent may change over time based
upon various factors such as ongoing asset/liability
management activities, assessment of product profitability,
credit risk, liquidity needs, and capital implications. If the
Company’s intent or ability to hold an existing portfolio loan
changes, it is transferred to loans held for sale.
30 U.S. BANCORP