This excerpt taken from the PNC 8-K filed Jan 17, 2008.
Average borrowed funds for the fourth quarter of 2007 were $28.6 billion, an increase of $13.9 billion compared with the fourth quarter of 2006 and an increase of $3.4 billion compared with the third quarter of 2007. The increases were due to acquisitions and to fund earning asset growth.
- more -
PNC Reports 2007 Net Income of $1.5 Billion and Adjusted Net Income of $1.7 Billion - Page 8
During the fourth quarter of 2007 PNC completed an agreement with the Internal Revenue Service regarding cross-border lease transactions and recorded a $7 million after-tax charge. This settlement removed a significant uncertainty from PNCs tax position.
PNCs Tier 1 risk-based capital ratio was an estimated 6.8 percent at December 31, 2007 compared with 10.4 percent at December 31, 2006 and 7.5 percent at September 30, 2007. The decline in the ratios in the comparisons was primarily due to the impact of acquisitions, which increased risk-weighted assets and goodwill, and organic balance sheet growth. The company repurchased 11.1 million common shares under common stock repurchase programs at a cost of approximately $800 million during 2007. In October 2007 the PNC board of directors authorized a new program to purchase up to 25 million shares of PNC common stock which replaced and terminated the prior common stock repurchase program. Management does not expect to actively engage in share repurchase activity for the foreseeable future. PNC issued approximately 3.4 million shares of common stock and paid approximately $156 million in cash to Yardville shareholders at closing of the acquisition in October.