PNC Bank 2003 Annual Report Download - page 32

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30
December 31
In millions, except par value 2003 2002
Assets
Cash and due from banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,968 $ 3,201
Federal funds sold and other short-term investments . . . . . . . . . . . . . 2,596 3,658
Loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 1,607
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,690 13,763
Loans, net of unearned income of $1,009 and $1,075 . . . . . . . . . . . . . . 34,080 35,450
Allowance for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (632) (673)
Net loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,448 34,777
Goodwill and other intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . 2,707 2,646
Purchased customer receivables(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,223
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,136 6,725
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $68,168 $66,377
Liabilities
Deposits
Noninterest-bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,505 $10,563
Interest-bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,736 34,419
Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,241 44,982
Borrowed funds
Federal funds purchased and repurchase agreements . . . . . . . . . . . . 1,250 852
Bank notes and senior debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,823 4,400
Federal Home Loan Bank borrowings . . . . . . . . . . . . . . . . . . . . . . . . 1,115 1,256
Subordinated debt(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,729 2,423
Commercial paper(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,226
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 185
Total borrowed funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,453 9,116
Allowance for unfunded loan commitments and letters of credit . . . . . 90 84
Accrued expenses and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,277 4,218
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,061 58,400
Minority and noncontrolling interests in consolidated entities . . . . . . 462 270
Mandatorily redeemable capital securities of subsidiary trusts(b) . . . . . 848
Shareholders’ Equity
Common stock—$5 par value
Authorized 800 shares, issued 353 shares . . . . . . . . . . . . . . . . . . . . . 1,764 1,764
Capital surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,108 1,101
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,642 7,187
Deferred benefit expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29) (9)
Accumulated other comprehensive income . . . . . . . . . . . . . . . . . . . . . 60 321
Common stock held in treasury at cost: 76 and 68 shares . . . . . . . . . . (3,900) (3,505)
Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,645 6,859
Total liabilities, minority and noncontrolling interests, capital
securities and shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . $68,168 $66,377
(a) Amounts at December 31, 2003 reflect PNC’s adoption of FASB Interpretation No. 46 (Revised 2003), “Consolidation of Variable Interest Entities” (FIN 46R).
(b) Effective December 31, 2003, PNC deconsolidated the assets and liabilities of PNC Institutional Trust A, Trust B, Trust C and Trust D (the Trusts) based upon guidance
included in FIN 46R. The deconsolidation of these Trusts removed $1.148 billion of mandatorily redeemable capital securities of subsidiary trusts issued by these Trusts
while adding$1.184 billion of junior subordinated debentures and $36 million of other assets to the Consolidated Balance Sheet at December 31, 2003.
Condensed Consolidated Balance Sheet
The PNC Financial Services Group, Inc.