US Bank 2014 Annual Report Download - page 51

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remaining carrying amount of the loan is believed to be
collectible.
At December 31, 2014, total nonperforming assets were
$1.8 billion, compared with $2.0 billion at December 31, 2013
and $2.7 billion at December 31, 2012. The $229 million
(11.2 percent) decrease in nonperforming assets, from
December 31, 2013 to December 31, 2014, was primarily
driven by reductions in the commercial, commercial
mortgage and construction and development portfolios, as
well as by improvement in credit card loans. Nonperforming
covered assets at December 31, 2014 were $51 million,
compared with $224 million at December 31, 2013 and $583
million at December 31, 2012. The ratio of total
nonperforming assets to total loans and other real estate
was .73 percent at December 31, 2014, compared with
.86 percent at December 31, 2013, and 1.19 percent at
December 31, 2012.
Other real estate owned, excluding covered assets, was
$288 million at December 31, 2014, compared with
$327 million at December 31, 2013 and $381 million at
December 31, 2012, and was related to foreclosed properties
that previously secured loan balances. These balances
exclude foreclosed GNMA loans whose repayments are
primarily insured by the Federal Housing Administration or
guaranteed by the Department of Veterans Affairs.
The following table provides an analysis of other real estate
owned, excluding covered assets, as a percent of their
related loan balances, including geographical location detail
for residential (residential mortgage, home equity and
second mortgage) and commercial (commercial and
commercial real estate) loan balances:
At December 31
(Dollars in Millions)
Amount
As a Percent of Ending
Loan Balances
2014 2013 2014 2013
Residential
Florida ................... $ 17 $ 17 1.06% 1.03%
Minnesota ............... 16 15 .26 .24
Illinois ................... 16 14 .37 .36
Ohio ..................... 13 17 .42 .52
Washington .............. 12 16 .30 .40
All other states .......... 159 187 .33 .39
Total residential ....... 233 266 .35 .40
Commercial
Illinois ................... 12 2 .19 .04
California ................ 11 14 .05 .08
Florida ................... 7 1 .24 .05
Missouri ................. 5 14 .12 .30
Indiana .................. 3 – .20 –
All other states .......... 17 30 .02 .04
Total commercial ..... 55 61 .04 .06
Total ................ $288 $327 .12% .14%
U.S. BANCORP The power of potential
49