US Bank 2013 Annual Report Download - page 50

TABLE 18 Summary of Allowance for Credit Losses
(Dollars in Millions) 2013 2012 2011 2010 2009
Balance at beginning of year .................................................................. $4,733 $5,014 $5,531 $5,264 $3,639
Charge-Offs
Commercial
Commercial .............................................................................. 212 312 423 784 769
Lease financing .......................................................................... 34 66 93 134 227
Total commercial ..................................................................... 246 378 516 918 996
Commercial real estate
Commercial mortgages .................................................................. 71 145 231 333 103
Construction and development .......................................................... 21 97 312 538 516
Total commercial real estate .......................................................... 92 242 543 871 619
Residential mortgages ...................................................................... 297 461 502 554 493
Credit card .................................................................................. 739 769 922 1,270 1,093
Other retail
Retail leasing ............................................................................ 5 9 10 25 47
Home equity and second mortgages .................................................... 237 327 327 348 347
Other ..................................................................................... 281 330 396 490 504
Total other retail ....................................................................... 523 666 733 863 898
Covered loans (a) ........................................................................... 37 11 13 20 12
Total charge-offs ................................................................... 1,934 2,527 3,229 4,496 4,111
Recoveries
Commercial
Commercial .............................................................................. 95 72 74 48 30
Lease financing .......................................................................... 31 31 36 43 40
Total commercial ..................................................................... 126 103 110 91 70
Commercial real estate
Commercial mortgages .................................................................. 45 31 22 13 2
Construction and development .......................................................... 80 45 23 13 3
Total commercial real estate .......................................................... 125 76 45 26 5
Residential mortgages ...................................................................... 25 23 13 8 4
Credit card .................................................................................. 83 102 88 70 62
Other retail
Retail leasing ............................................................................ 4 7 10 13 11
Home equity and second mortgages .................................................... 26 26 19 17 9
Other ..................................................................................... 75 92 100 88 81
Total other retail ....................................................................... 105 125 129 118 101
Covered loans (a) ........................................................................... 51121
Total recoveries .................................................................... 469 430 386 315 243
Net Charge-Offs
Commercial
Commercial .............................................................................. 117 240 349 736 739
Lease financing .......................................................................... 3 35 57 91 187
Total commercial ..................................................................... 120 275 406 827 926
Commercial real estate
Commercial mortgages .................................................................. 26 114 209 320 101
Construction and development .......................................................... (59) 52 289 525 513
Total commercial real estate .......................................................... (33) 166 498 845 614
Residential mortgages ...................................................................... 272 438 489 546 489
Credit card .................................................................................. 656 667 834 1,200 1,031
Other retail
Retail leasing ............................................................................ 12–1236
Home equity and second mortgages .................................................... 211 301 308 331 338
Other ..................................................................................... 206 238 296 402 423
Total other retail ....................................................................... 418 541 604 745 797
Covered loans (a) ........................................................................... 32 10 12 18 11
Total net charge-offs ............................................................... 1,465 2,097 2,843 4,181 3,868
Provision for credit losses ...................................................................... 1,340 1,882 2,343 4,356 5,557
Other changes (b) ............................................................................. (71) (66) (17) 92 (64)
Balance at end of year ......................................................................... $4,537 $4,733 $5,014 $5,531 $5,264
Components
Allowance for loan losses ................................................................... $4,250 $4,424 $4,753 $5,310 $5,079
Liability for unfunded credit commitments .................................................. 287 309 261 221 185
Total allowance for credit losses ................................................... $4,537 $4,733 $5,014 $5,531 $5,264
Allowance for Credit Losses as a Percentage of
Period-end loans, excluding covered loans ................................................. 1.94% 2.15% 2.52% 3.03% 3.04%
Nonperforming loans, excluding covered loans ............................................ 297 269 228 192 153
Nonperforming and accruing loans 90 days or more past due, excluding covered loans .. 201 194 164 138 106
Nonperforming assets, excluding covered assets .......................................... 242 218 191 162 135
Net charge-offs, excluding covered loans .................................................. 306 218 174 130 136
Period-end loans ............................................................................ 1.93% 2.12% 2.39% 2.81% 2.70%
Nonperforming loans ....................................................................... 283 228 163 136 110
Nonperforming and accruing loans 90 days or more past due ............................. 163 139 104 89 74
Nonperforming assets ...................................................................... 223 177 133 110 89
Net charge-offs ............................................................................. 310 226 176 132 136
(a) Relates to covered loan charge-offs and recoveries not reimbursable by the FDIC.
(b) Beginning in 2010, includes net changes in credit losses to be reimbursed by the FDIC and beginning in 2013, reductions in the allowance for covered loans where the reversal of a
previously recorded allowance was offset by an associated decrease in the indemnification asset.
48 U.S. BANCORP