PNC Bank 2008 Annual Report Download - page 165
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S
HORT
-T
ERM
B
ORROWINGS
Federal funds purchased include overnight borrowings and term federal funds, which are payable at maturity.
2008 2007 2006
Dollars in millions Amount Rate Amount Rate Amount Rate
Federal funds purchased
Year-end balance $ 128 .01% $7,037 3.17% $2,711 5.24%
Average during year 4,518 2.15 5,533 5.13 3,081 5.10
Maximum month-end balance during year 7,343 8,798 4,226
S
ELECTED
L
OAN
M
ATURITIES
A
ND
I
NTEREST
S
ENSITIVITY
December 31, 2008
In millions
1 Year
or Less
1 Through
5 Years
After 5
Years
Gross
Loans
Commercial $22,866 $36,425 $8,028 $67,319
Real estate projects 9,134 7,048 994 17,176
Total $32,000 $43,473 $9,022 $84,495
Loans with
Predetermined rate $ 3,408 $ 7,077 $3,315 $13,800
Floating or
adjustable rate 28,592 36,396 5,707 70,695
Total $32,000 $43,473 $9,022 $84,495
At December 31, 2008, we had no pay-fixed interest rate
swaps designated to commercial loans as part of fair value
hedge strategies. At December 31, 2008, $5.6 billion notional
amount of receive-fixed interest rate swaps were designated as
part of cash flow hedging strategies that converted the floating
rate (1 month LIBOR) on the underlying commercial loans to
a fixed rate as part of risk management strategies.
T
IME
D
EPOSITS
O
F
$100,000 O
R
M
ORE
Time deposits in foreign offices totaled $4.0 billion at
December 31, 2008, 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, 2008 – in millions
Certificates
of Deposit
Three months or less $ 6,177
Over three through six months 1,904
Over six through twelve months 6,146
Over twelve months 8,629
Total $22,856
C
OMMON
S
TOCK
P
RICES
/D
IVIDENDS
D
ECLARED
The table below sets forth by quarter the range of high and
low sale and quarter-end closing prices for our common stock
and the cash dividends we declared per common share.
High Low Close
Cash
Dividends
Declared
2008 Quarter
First $71.20 $53.10 $65.57 $ .63
Second 73.00 55.22 57.10 .66
Third 87.99 49.01 74.70 .66
Fourth 80.00 39.09 49.00 .66
Total $2.61
2007 Quarter
First $76.41 $68.60 $71.97 $ .55
Second 76.15 70.31 71.58 .63
Third 75.99 64.00 68.10 .63
Fourth 74.56 63.54 65.65 .63
Total $2.44
On March 1, 2009, the Board decided to reduce PNC’s
quarterly common stock dividend from $0.66 to $0.10 per
share. The next dividend is expected to be declared in early
April 2009.
161