PNC Bank 2010 Annual Report Download - page 148
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C
USTOMER
R
ESALE
A
GREEMENTS
Interest income on structured resale agreements is reported on the Consolidated Income Statement in other interest income.
Changes in fair value due to instrument-specific credit risk for 2010 and 2009 were not material.
The changes in fair value included in noninterest income for items for which we elected the fair value option follow.
Fair Value Option – Changes in Fair Value (a)
Gains (Losses)
In millions 2010 2009 2008
Assets
Customer resale agreements $1 $ (26) $ 69
Commercial mortgage loans held for sale 16 (68) (251)
Residential mortgage loans held for sale 280 405
Residential mortgage loans – portfolio 1
BlackRock Series C Preferred Stock (86) 275
(a) The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts.
Fair values and aggregate unpaid principal balances of items for which we elected the fair value option follow.
Fair Value Option – Fair Value and Principal Balances
In millions Fair Value
Aggregate Unpaid
Principal Balance Difference
December 31, 2010
Customer resale agreements $ 866 $ 806 $ 60
Residential mortgage loans held for sale
Performing loans 1,844 1,839 5
Loans 90 days or more past due 33 41 (8)
Nonaccrual loans 1 2 (1)
Total 1,878 1,882 (4)
Commercial mortgage loans held for sale (a)
Performing loans 847 990 (143)
Nonaccrual loans 30 49 (19)
Total 877 1,039 (162)
Residential mortgage loans – portfolio
Performing loans 36 44 (8)
Loans 90 days or more past due 64 67 (3)
Nonaccrual loans 16 31 (15)
Total $ 116 $ 142 $ (26)
December 31, 2009
Customer resale agreements $ 990 $ 925 $ 65
Residential mortgage loans held for sale
Performing loans 971 977 (6)
Loans 90 days or more past due 40 50 (10)
Nonaccrual loans 1 9 (8)
Total 1,012 1,036 (24)
Commercial mortgage loans held for sale (a)
Performing loans 1,023 1,235 (212)
Nonaccrual loans 27 41 (14)
Total 1,050 1,276 (226)
Residential mortgage loans – portfolio
Performing loans 25 27 (2)
Loans 90 days or more past due 51 54 (3)
Nonaccrual loans 12 23 (11)
Total $ 88 $ 104 $ (16)
(a) There were no loans 90 days or more past due within this category at December 31, 2010 or December 31, 2009.
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