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68 LENDER/SERVICER PROFILE U.S. Bank REGIONAL Sources USBank.com STAT INSIGHT $1,456 Million U.S. Bancorp reported net income of $1,456 million in Q4 of 2013. That's up from $1,420 million in Q4 2014. RECOGNITION U.S. Bank has earned top honors in the 2013 Privacy Trust Study for Retail Banking conducted by privacy and information security research firm the Ponemon Institute. VERBOSITY "I am very pleased with our record full year 2013 earnings. As we look forward to the coming year, we are mindful of the strength of our Company and how we, as a bank, remain an integral part of the growth and vibrancy of the nation's economy, our communities and the customers we serve and support." —Richard K. Davis COMPANY VITALS Headquarters: Minneapolis, Minnesota Phone: 800.365.7772 Online: USBank.com U.S. Bank is headquartered in Minneapolis, Minnesota and is a division of U.S. Bancorp. Based out of Minneapolis, Minnesota, U.S Bank is a division of U.S. Bancorp. In 2013, the company enjoyed record earnings of $5.8 billion and had industry-leading profitability measures, including ROA of 1.65% and an efficiency ratio of 52.4%. U.S. Bancorp also held more than $360 billion worth of assets at the end of 2013. COMPANY'S LATEST January 23, 2013 U.S. Bank looking forward to '14 U.S. Bancorp CEO Richard Davis said Wednesday that he sees loan demand coming back in the second half of 2014 because bank customers are much more willing to discuss future investments than they have been in years. "My intuition tells me we're on the verge and the advent of an increasing sentiment for consumer spending, but I think we'll see it in the second half of the year," Davis told analysts after the company reported its last results for 2013. "I think it may be a tale of two halves of the year." —Minneapolis Star Tribune January 19, 2014 U.S. Bank Awards Remedies Renewing Lives $3K Grant Remedies Renewing Lives has become the recipient of a $3,000.00 grant awarded by U.S. Bancorp Foundation, which provides cash contributions to nonprofit organizations in the areas of education, affordable housing and economic opportunity, and artistic and cultural enrichment. Total charitable contributions from the U.S. Bancorp Foundation reached nearly $23.2 million in 2012. U.S. Bank has six local branches to serve the Rockford community. —WIFR.com January 23, 2014 U.S. Bank looking forward to '14 U.S. Bancorp CEO Richard Davis said Wednesday that he sees loan demand coming back in the second half of 2014 because bank customers are much more willing to discuss future investments than they have been in years. "My intuition tells me we're on the verge and the advent of an increasing sentiment for consumer spending, but I think we'll see it in the second half of the year," Davis told analysts after the company reported its last results for 2013. "I think it may be a tale of two halves of the year." Davis said his reading is based simply on sentiment and reports from his bankers, and that he doesn't have evidence of the turn yet. More corporate customers are taking out lines of credit from U.S. Bank, for instance, yet they still aren't rushing to draw on the money. The bank's utilization rate on credit lines remains historically low. The Minneapolis-based lender, fighting to offset a steep decline in mortgage banking activity, grew profits 2.5 percent in the fourth quarter to $1.46 billion, or 76 cents a share. The results beat the Wall Street consensus expectation by a penny. Gains in business and commercial real estate lending, credit and debit card revenue, as well as trust and investment management fees and commercial products such as bond underwriting drove profit growth, along with an extra $35 million that came from dipping into the reserves held for future credit losses. KEY PERSONNEL Richard Davis Chairman, President, and CEO Rick Aneshansel President of U.S. Bank Home Mortgage Jane Smallwood SVP, Home Mortgage SERVICING SUMMARY* Portfolio Stats » $49,540 million in residential mortgages at the end of Q4 2013 » Mortgage banking revenue was 29.6% lower in Q4 2013 compared to Q3 2013. Delinquency Stats » $770 million in nonperforming residential loans as of end of Dec. 2013 » Accruing loans 90 days or more past due were $1,189 million ($713 million excluding covered loans) at December 31, 2013. » 30-89 Delinquencies Q4 2013 were .70% » 90+ Delinquencies Q4 2013 were .65% » Nonperforming loans Q4 2013 1.51% Portfolio » Had new lending activity of $63.1 billion during Q3 2013 » 17.6 million customers at the end of Q3 2013 KNOW THIS In January 2014, U.S. Bancorp announced that U.S. Bank is purchasing the Chicago branch- banking operations of the Charter One Bank franchise owned by RBS Citizens Financial Group. Headquarters: Minneapolis, Minnesota HEADQUARTERS