PNC Bank 2001 Annual Report Download - page 101

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99
SHORT-TERM BORROWINGS
Federal funds purchased include overnight borrowings and term federal funds, which are payable on demand. Repurchase
agreements generally have maturities of 18 months or less. Approximately 40% of the total bank notes of the Corporation
mature in 2002. Other short-term borrowings primarily consist of U.S. Treasury, tax and loan borrowings, which are payable on
demand and commercial paper, which is issued in maturities not to exceed nine months. At December 31, 2001, 2000 and 1999,
$2.4 billion, $3.4 billion and $3.1 billion, respectively, notional value of interest rate swaps were designated to borrowed funds.
The effect of these swaps is included in the rates set forth in the following table.
SHORT-TERM BORROWINGS
2001 2000 1999
Dollars in millions Amount Rate Amount Rate Amount Rate
Federal funds purchased
Year-end balance $240 1.52% $1,445 4.89% $1,281 4.05%
Average during year 2,094 4.44 2,139 6.31 1,662 5.05
Maximum month-end balance during year 2,824 2,778 2,671
Repurchase agreements
Year-end balance 954 1.56 607 5.77 402 4.77
Average during year 980 3.37 754 5.97 621 4.99
Maximum month-end balance during year 1,247 864 725
Bank notes
Year-end balance 3,600 2.68 5,512 6.74 6,354 6.25
Average during year 4,273 4.70 5,934 6.55 8,224 5.29
Maximum month-end balance during year 5,513 6,527 9,775
Other
Year-end balance 171 2.83 632 6.31 956 5.64
Average during year 325 4.32 784 6.87 654 6.00
Maximum month-end balance during year 1,115 1,368 1,192
LOAN MATURITIES AND INTEREST SENSITIVITY
December 31, 2001
In millions
1 Year
or Less
1 Through
5 Years
After 5
Years
Gross
Loans
Commercial $6,764 $7,168 $1,273 $15,205
Real estate project 801 887 92 1,780
Total $7,565 $8,055 $1,365 $16,985
Loans with
Predetermined rate $838 $1,209 $579 $2,626
Floating rate 6,727 6,846 786 14,359
Total $7,565 $8,055 $1,365 $16,985
At December 31, 2001, $4.6 billion notional value of
interest rate swaps, caps and floors designated to
commercial loans altered the interest rate characteristics of
such loans. The basis adjustment related to fair value
hedges for commercial loans is included in the above table.
TIME DEPOSITS OF $100,000 OR MORE
Time deposits in foreign offices totaled $1.6 billion at
December 31, 2001, substantially all of which are in
denominations of $100,000 or more. The following table
sets forth maturities of domestic time deposits of $100,000
or more:
December 31, 2001 – in millions
Certificates
of Deposit
Three months or less $650
Over three through six months 591
Over six through twelve months 289
Over twelve months 904
Total $2,434