PNC Bank 2008 Annual Report Download - page 154
Download and view the complete annual report
Please find page 154 of the 2008 PNC Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144 -
145 -
146 -
147 -
148 -
149 -
150 -
151 -
152 -
153 -
154 -
155 -
156 -
157 -
158 -
159 -
160 -
161 -
162 -
163 -
164 -
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
 |
 |
N
OTE
26 P
ARENT
C
OMPANY
Summarized financial information of the parent company is as
follows:
Income Statement
Year ended December 31 - in millions 2008 2007 2006
O
PERATING
R
EVENUE
Dividends from:
Bank subsidiaries and bank holding
company $1,012 $1,078 $ 710
Non-bank subsidiaries 168 74 69
Interest income 415 16
Noninterest income 18 23 9
Total operating revenue 1,202 1,190 804
O
PERATING
E
XPENSE
Interest expense 152 160 93
Other expense 46 84 46
Total operating expense 198 244 139
Income before income taxes and equity
in undistributed net income of
subsidiaries 1,004 946 665
Income tax benefits (50) (78) (60)
Income before equity in
undistributed net income of
subsidiaries 1,054 1,024 725
Equity in undistributed net income of
subsidiaries:
Bank subsidiaries and bank
holding company (125) 229 1,653
Non-bank subsidiaries (47) 214 217
Net income $ 882 $1,467 $2,595
Balance Sheet
December 31 - in millions 2008 (a) 2007
A
SSETS
Cash and due from banks $15$20
Short-term investments 140 58
Investment securities 164
Loans (b) 2,275
Investments in:
Bank subsidiaries and bank holding
company 27,960 15,776
Non-bank subsidiaries 2,378 2,214
Other assets 1,821 614
Total assets $34,753 $18,682
L
IABILITIES
Subordinated debt $ 4,122 $ 968
Senior debt 2,707
Other borrowed funds 2
Nonbank affiliate borrowings 945 2,478
Accrued expenses and other liabilities 1,554 382
Total liabilities 9,330 3,828
Minority and noncontrolling interests in
consolidated entities 1
S
HAREHOLDERS
’E
QUITY
25,422 14,854
Total liabilities, minority and
noncontrolling interests, and
shareholders’ equity $34,753 $18,682
(a) Includes the impact of National City.
(b) Balance represents National City loans with subsidiaries.
Commercial paper and all other debt issued by PNC Funding
Corp, a wholly owned finance subsidiary, is fully and
unconditionally guaranteed by the parent company. In
addition, in connection with certain affiliates’ commercial and
residential mortgage servicing operations, the parent company
has committed to maintain such affiliates’ net worth above
minimum requirements.
The parent company received net income tax refunds of $92
million in 2008, $65 million in 2007 and $35 million in 2006.
Such refunds represent the parent company’s portion of
consolidated income taxes. The parent company paid interest
of $147 million in 2008, $146 million in 2007 and $113
million in 2006.
150