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This excerpt taken from the PNC 10-Q filed May 11, 2009. EFFECTIVE TAX RATE Our effective tax rate was 20.1% for the first three months of 2009 and 39.5% for the first three months of 2008. A favorable agreement to settle with taxing authorities in the first quarter of 2009 contributed to the lower effective tax rate in that period and higher taxes related to the gain on sale of Hilliard Lyons in the first quarter of 2008 contributed to the higher effective tax rate in that period. These excerpts taken from the PNC 10-K filed Mar 2, 2009. EFFECTIVE TAX RATE Our effective tax rate was 29.1% for 2008 and 29.9% for 2007.
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Table of ContentsEFFECTIVE TAX RATE Our effective tax rate was 29.9% for 2007 and 34% for 2006. The lower effective tax rate in 2007 compared with the prior year reflected the impact of the following matters:
This excerpt taken from the PNC 10-Q filed Nov 6, 2008. EFFECTIVE TAX RATE Our effective tax rate was 33.1% for the first nine months of 2008 and 31.0% for the first nine months of 2007. The higher effective tax rate for the first nine months of 2008 was due to taxes associated with the gain on the sale of Hilliard Lyons. This excerpt taken from the PNC 10-Q filed Aug 8, 2008. EFFECTIVE TAX RATE Our effective tax rate was 35.4% for the first six months of 2008 and 31.1% for the first six months of 2007. The higher effective tax rate for the first six months of 2008 was due to taxes associated with the gain on the sale of Hilliard Lyons. We expect our effective tax rate to be approximately 33% for full year 2008.
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Table of ContentsThis excerpt taken from the PNC 10-Q filed May 12, 2008. EFFECTIVE TAX RATE Our effective tax rate was 40.0% for the first quarter of 2008 and 30.7% for the first quarter of 2007. The higher effective tax rate for the first quarter of 2008 was due to taxes associated with the gain on the sale of Hilliard Lyons. We expect our effective tax rate to be approximately 31% for the remainder of 2008.
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Table of ContentsThis excerpt taken from the PNC 10-K filed Feb 29, 2008. EFFECTIVE TAX RATE Our effective tax rate was 34% for 2006 and 30.2% for 2005. The Consolidated Income Statement Review section of this Item 7 outlines the factors that contributed to the 2006 effective tax rate. The effective tax rate for 2005 reflected the benefit in that year of a reversal of deferred tax liabilities in connection with the transfer of our ownership in BlackRock to our intermediate bank holding company. This transaction reduced our first quarter 2005 tax provision by $45 million, or $.16 per diluted share. This excerpt taken from the PNC 10-Q filed Nov 8, 2007. EFFECTIVE TAX RATE Our effective tax rate for the first nine months of 2007 was 31.0% compared with 34.9% for the first nine months of 2006. The effective tax rate was 30.7% for the third quarter of 2007 and 36.0% for the third quarter of 2006. The higher effective rate in the 2006 period for both comparisons was primarily due to the third quarter 2006 gain on the BlackRock/MLIM transaction and a related $57 million cumulative adjustment to deferred taxes recorded in the same quarter. We expect our effective tax rate to be approximately 31% for full year 2007.
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Table of ContentsThis excerpt taken from the PNC 10-Q filed Aug 8, 2007. EFFECTIVE TAX RATE Our effective tax rate for the first six months of 2007 was 31.1% compared with 32.8% for the first six months of 2006. The lower effective rate for first half of 2007 was primarily due to the deconsolidation of BlackRock effective September 29, 2006. We expect our effective tax rate to be approximately 31% to 32% for the remainder of 2007 before considering the previously mentioned integration costs related to higher state deferred tax liabilities from the Mercantile and Yardville acquisitions.
This excerpt taken from the PNC 10-Q filed May 9, 2007. EFFECTIVE TAX RATE Our effective tax rate for the first three months of 2007 was 30.7% compared with 32.5% for the first three months of 2006. The lower effective rate for first quarter of 2007 reflected the deconsolidation of BlackRock effective September 29, 2006 and certain tax adjustments. We expect our effective tax rate to increase to approximately 32% for the remainder of 2007 resulting from the Mercantile acquisition.
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Table of ContentsThis excerpt taken from the PNC 10-K filed Mar 1, 2007. EFFECTIVE TAX RATE Our effective tax rate was 30.2% for 2005 and 30.3% for 2004. The low effective tax rate for 2005 was primarily attributable to the impact of the reversal of deferred tax liabilities that year in connection with the transfer of our ownership in BlackRock described under “Summary Results” above. The following favorably impacted the effective tax rate for 2004:
This excerpt taken from the PNC 10-Q filed Nov 9, 2006. EFFECTIVE TAX RATE Our effective tax rate for the first nine months of 2006 was 35.1% compared with 29.7% for the first nine months of 2005. The higher effective rate for first nine months of 2006 was primarily due to a $57 million cumulative adjustment to deferred taxes in connection with the BlackRock/MLIM transaction. The lower effective tax rate in 2005 reflected the impact of the first quarter 2005 reversal of deferred tax liabilities in connection with the transfer of our ownership in BlackRock to our intermediate bank holding company. This transaction reduced our first quarter 2005 tax provision by $45 million.
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