PNC Bank 2009 Annual Report Download - page 122
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Assets and liabilities measured at fair value on a recurring basis, including instruments for which PNC has elected the fair value
option, follow. The assets and liabilities acquired from National City are included as of and for the year ended December 31, 2009
but were excluded as of December 31, 2008, the acquisition date.
Fair Value Measurements - Summary
December 31, 2009 December 31, 2008 (j)
In millions Level 1 Level 2 Level 3
Total Fair
Value Level 1 Level 2 Level 3
Total Fair
Value
Assets
Securities available for sale $7,256 $33,609 $ 9,933 $50,798 $347 $21,633 $4,837 $26,817
Financial derivatives (a) 27 3,839 50 3,916 16 5,582 125 5,723
Residential mortgage loans held for sale (b) 1,012 1,012
Trading securities (c) 1,736 299 89 2,124 89 529 73 691
Residential mortgage servicing rights (d) 1,332 1,332 66
Commercial mortgage loans held for sale (b) 1,050 1,050 1,400 1,400
Equity investments 1,188 1,188 571 571
Customer resale agreements (e) 990 990 1,072 1,072
Loans (f) 107 107
Other assets (g) 207 509 716 144 144
Total assets $9,019 $40,063 $14,151 $63,233 $452 $28,960 $7,012 $36,424
Liabilities
Financial derivatives (h) $ 2 $ 3,331 $ 295 $ 3,628 $ 2 $ 4,387 $ 22 $ 4,411
Trading securities sold short (i) 1,302 42 1,344 182 207 389
Other liabilities 66 99
Total liabilities $1,304 $ 3,379 $ 295 $ 4,978 $184 $ 4,603 $ 22 $ 4,809
(a) Included in other assets on the Consolidated Balance Sheet.
(b) Included in loans held for sale on the Consolidated Balance Sheet. PNC has elected the fair value option for certain commercial and residential mortgage loans held for sale.
(c) Included in trading securities on the Consolidated Balance Sheet. Fair value includes net unrealized gains of $9 million at December 31, 2009 compared with net unrealized losses of
$28 million at December 31, 2008.
(d) Included in other intangible assets on the Consolidated Balance Sheet.
(e) Included in Federal funds sold and resale agreements on the Consolidated Balance Sheet. PNC has elected the fair value option for this item.
(f) Included in loans on the Consolidated Balance Sheet. PNC has elected the fair value option for residential mortgage loans originated for sale. Certain of these loans have been
subsequently reclassified into portfolio loans.
(g) Includes BlackRock Series C Preferred Stock.
(h) Included in other liabilities on the Consolidated Balance Sheet.
(i) Included in other borrowed funds on the Consolidated Balance Sheet.
(j) Excludes assets and liabilities associated with the acquisition of National City.
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