PNC Bank 2002 Annual Report Download - page 115

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113
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 60% of the total bank notes of the Corporation
mature in 2003. 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, 2002, 2001 and 2000,
$2.4 billion, $2.4 billion and $3.4 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
2002 2001 2000
Dollars in millions Amount Rate Amount Rate Amount Rate
Federal funds purchased
Year-end balance $38 1.06% $167 1.52% $1,445 4.89%
Average during year 551 1.63 2,057 4.42 2,139 6.31
Maximum month-end balance during year 3,563 2,817 2,778
Repurchase agreements
Year-end balance 814 1.28 954 1.56 607 5.77
Average during year 956 1.46 980 3.37 754 5.97
Maximum month-end balance during year 1,121 1,247 864
Bank notes
Year-end balance 1,854 1.63 3,600 2.68 5,512 6.74
Average during year 2,514 2.06 4,273 4.70 5,934 6.55
Maximum month-end balance during year 2,801 5,513 6,527
Other
Year-end balance 147 2.58 244 2.83 632 6.31
Average during year 311 1.42 362 4.34 784 6.87
Maximum month-end balance during year 876 1,131 1,368
LOAN MATURITIES AND INTEREST SENSITIVITY
December 31, 2002
In millions
1 Year
or Less
1 Through
5 Years
After 5
Years
Gross
Loans
Commercial $6,807 $7,028 $1,152 $14,987
Real estate project 984 677 89 1,750
Total $7,791 $7,705 $1,241 $16,737
Loans with
Predetermined rate $672 $1,029 $484 $2,185
Floating rate 7,119 6,676 757 14,552
Total $7,791 $7,705 $1,241 $16,737
At December 31, 2002, $3.6 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 $463 million at
December 31, 2002, 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, 2002 – in millions
Certificates
of Deposit
Three months or less $525
Over three through six months 373
Over six through twelve months 227
Over twelve months 1,111
Total $2,236
COMMON STOCK PRICES/DIVIDENDS DECLARED
The table below sets forth by quarter the range of high and
low sale and quarter-end closing prices for The PNC Financial
Services Group, Inc. common stock and the cash dividends
declared per common share.
High Low Close
Cash
Dividends
Declared
2002 Quarter
First $62.800 $52.500 $61.490 $.48
Second 61.490 49.600 52.280 .48
T
hird 52.750 32.700 42.170 .48
Fourth 44.230 36.020 41.900 .48
Total $1.92
2001 Quarter
First $75.813 $56.000 $67.750 $.48
Second 71.110 62.400 65.790 .48
T
hird 70.390 51.140 57.250 .48
Fourth 60.110 52.300 56.200 .48
Total $1.92