US Bancorp cuts $87 million of soured loans

US Bancorp cleaned out more toxic loans in the third quarter, reducing nonperforming assets to $1 billion from $1.1 billion in the three months to end-September.

The ratio of soured assets to total loans fell in tandem, to 0.36% from 0.39%, and from 0.45% the year-ago quarter, when total nonperforming assets stood at $1.3 billion.

US Bancorp attributed the drop to improvements in recoveries in nonperforming residential mortgages, commercial loans, and real estate owned by the bank.

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