US Bank 2015 Annual Report Download - page 40

TABLE 11 OTHER RETAIL LOANS BY GEOGRAPHY
2015 2014
At December 31 (Dollars in Millions) Loans Percent Loans Percent
California .................................................................. $ 7,495 14.6% $ 6,640 13.5%
Colorado .................................................................. 1,995 3.9 1,931 3.9
Illinois .................................................................... 3,000 5.8 2,808 5.7
Minnesota ................................................................. 3,600 7.0 3,666 7.4
Missouri .................................................................. 2,191 4.3 2,142 4.4
Ohio ..................................................................... 2,740 5.4 2,626 5.3
Oregon ................................................................... 1,601 3.1 1,604 3.3
Washington ............................................................... 1,724 3.4 1,731 3.5
Wisconsin ................................................................. 1,651 3.2 1,729 3.5
Iowa, Kansas, Nebraska, North Dakota, South Dakota ............................. 2,318 4.5 2,329 4.7
Arkansas, Indiana, Kentucky, Tennessee ........................................ 2,925 5.7 2,819 5.7
Idaho, Montana, Wyoming ................................................... 963 1.9 975 2.0
Arizona, Nevada, New Mexico, Utah ........................................... 2,539 5.0 2,362 4.8
Total banking region ....................................................... 34,742 67.8 33,362 67.7
Florida, Michigan, New York, Pennsylvania, Texas ................................ 8,858 17.3 8,328 16.9
All other states ............................................................. 7,606 14.9 7,574 15.4
Total outside Company’s banking region ...................................... 16,464 32.2 15,902 32.3
Total ................................................................... $51,206 100.0% $49,264 100.0%
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.
Loans Held for Sale Loans held for sale, consisting primarily
of residential mortgages to be sold in the secondary market,
were $3.2 billion at December 31, 2015, compared with $4.8
billion at December 31, 2014. The decrease in loans held for
sale was principally due to a lower level of mortgage loan
closing late in 2015, compared with the same period of 2014.
Almost all of the residential mortgage loans the Company
originates or purchases for sale 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”).
—38 —