PNC Bank 2011 Annual Report Download - page 164
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F
INANCIAL
A
SSETS
A
CCOUNTED
F
OR
U
NDER
F
AIR
V
ALUE
O
PTION
Refer to the Fair Value Measurement section of this Note 8
regarding the fair value of commercial mortgage loans held
for sale, residential mortgage loans held for sale, customer
resale agreements, and BlackRock Series C Preferred Stock.
Commercial Mortgage Loans Held for Sale
Interest income on these loans is recorded as earned and
reported on the Consolidated Income Statement in Other
interest income. The impact on earnings of offsetting
economic hedges is not reflected in these amounts. Changes in
fair value due to instrument-specific credit risk for 2011 and
2010 were not material.
Residential Mortgage Loans Held for Sale and in Portfolio
Interest income on these loans is recorded as earned and
reported on the Consolidated Income Statement in Other
interest income. Throughout 2011 and 2010, certain
residential mortgage loans for which we elected the fair value
option were subsequently reclassified to portfolio loans.
Changes in fair value due to instrument-specific credit risk for
2011 and 2010 were not material.
Customer Resale Agreements
Interest income on resale agreements is reported on the
Consolidated Income Statement in Other interest income.
Changes in fair value due to instrument-specific credit risk for
2011 and 2010 were not material.
Residential Mortgage-Backed Agency Securities With
Embedded Derivatives
Interest income on securities is reported on the Consolidated
Income Statement in Interest income.
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)
Year ended December 31 Gains (Losses)
In millions 2011 2010 2009
Assets
Customer resale agreements $(12) $1 $(26)
Residential mortgage-backed agency securities with embedded derivatives (b) 24
Commercial mortgage loans held for sale 316 (68)
Residential mortgage loans held for sale 172 280 405
Residential mortgage loans – portfolio (17) 1
BlackRock Series C Preferred Stock (14) (86) 275
(a) The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts.
(b) These residential mortgage-backed agency securities with embedded derivatives are carried as Trading securities.
The PNC Financial Services Group, Inc. – Form 10-K 155