PNC Bank 2009 Annual Report Download - page 168
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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 2009(a) 2008 2007
O
PERATING
R
EVENUE
Dividends from:
Bank subsidiaries and bank holding
company $ 839 $1,012 $1,078
Non-bank subsidiaries 84 168 74
Interest income 12 415
Nononinterest income 28 18 23
Total operating revenue 963 1,202 1,190
O
PERATING
E
XPENSE
Interest expense 495 152 160
Other expense 21 46 84
Total operating expense 516 198 244
Income before income taxes and equity
in undistributed net income of
subsidiaries 447 1,004 946
Income tax benefits (147) (50) (78)
Income before equity in
undistributed net income of
subsidiaries 594 1,054 1,024
Equity in undistributed net income of
subsidiaries:
Bank subsidiaries and bank
holding company 1,736 (125) 229
Non-bank subsidiaries 117 (47) 214
Net income $2,447 $ 882 $1,467
Balance Sheet
December 31 - in millions 2009 2008 (a)
A
SSETS
Cash and due from banks $ 104 $15
Interest-earning deposits with banks 95 140
Investment securities 164
Loans (b) 2,275
Investments in:
Bank subsidiaries and bank holding
company 32,966 27,960
Non-bank subsidiaries 2,650 2,378
Other assets 1,287 1,821
Total assets $37,102 $34,753
L
IABILITIES
Subordinated debt $ 3,859 $ 4,122
Senior debt 2,018 2,707
Other borrowed funds 2
Bank affiliate borrowings 92
Non-bank affiliate borrowings 945
Accrued expenses and other liabilities 1,191 1,554
Total liabilities 7,160 9,330
E
QUITY
Shareholder’s equity 29,942 25,422
Noncontrolling interests 1
Total equity 29,942 25,423
Total liabilities and equity $37,102 $34,753
(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 $137
million in 2009, $92 million in 2008 and $65 million in 2007.
Such refunds represent the parent company’s portion of
consolidated income taxes. The parent company paid interest
of $427 million in 2009, $147 million in 2008 and $146
million in 2007.
164