PNC Bank 2005 Annual Report Download - page 38
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38
Noninterest income for 2005 increased $37 million, or 6%,
compared with 2004 primarily due to higher fees from our
commercial mortgage servicing, treasury management, and
capital markets products and services, including Harris
Williams services, and higher net gains on commercial
mortgage loans sales. These increases were partially offset
by a $45 million decrease in net gains on institutional loans
held for sale. The liquidation of institutional loans held for
sale is complete.
Noninterest expense for 2005 increased 8% compared with
2004 primarily as a result of higher staff and related
expenses. Higher expenses were associated with the Harris
Williams acquisition, our expansion into the greater
Washington, D.C. area, higher compensation costs
associated with customer and revenue growth and a 20%
increase in expenses associated with consolidated LIHTC
investments.
Through Corporate & Institutional Banking we provide
lending, treasury management and capital markets products
and services, commercial loan servicing, and real estate
advisory and technology solutions to mid-sized
corporations, government entities and selectively to large
corporations. Corporate & Institutional Banking provides
products and services generally within our primary
geographic markets and provides certain products and
services nationally.
Lending products include:
• Secured and unsecured loans
• Letters of credit
• Equipment leases
Treasury management services include:
• Cash and investment management
• Receivables management
• Disbursement services
• Funds transfer services
• Information reporting
• Global trade services
Capital markets products and services include:
• Foreign exchange
• Derivatives
• Loan syndications
• Securities underwriting
• Securities sales and trading
• Mergers and acquisitions advisory and related
services to middle -market companies
See the additional revenue discussion regarding treasury
management, capital markets, Midland Loan Services and
equipment leasing on pages 24 and 25.