This excerpt taken from the PNC 10-K filed Mar 2, 2009.
Total funding sources were $113.6 billion at December 31, 2007 and $81.3 billion at December 31, 2006. Funding sources increased $32.3 billion in the comparison as total deposits increased $16.4 billion and total borrowed funds increased $15.9 billion. Our acquisition of Mercantile added $12.5 billion of deposits and $2.1 billion of borrowed funds. The Yardville acquisition resulted in $2.0 billion of deposits.
During the first quarter of 2007 we issued borrowings to fund the $2.1 billion cash portion of the Mercantile acquisition. The remaining increase in borrowed funds was the result of growth in loans and securities and the need to fund other net changes in our balance sheet. During the second half of 2007 we substantially increased Federal Home Loan Bank borrowings, which provided us with additional liquidity at relatively attractive rates.
This excerpt taken from the PNC 10-K filed Feb 29, 2008.
Total funding sources were $81.3 billion at December 31, 2006 and $77.2 billion at December 31, 2005. The $4.1 billion increase in total funding sources was comprised of a $6.0 billion increase in total deposits partially offset by a $1.9 billion decrease in total borrowed funds.
The increase in deposits as of December 31, 2006 was driven primarily by the impact of higher money market and certificates of deposit balances. In addition to growth in retail deposit balances, growth in deposits from commercial
This excerpt taken from the PNC 10-K filed Mar 1, 2007.
Total funding sources were $77.2 billion at December 31, 2005 and $65.2 billion at December 31, 2004. The increase of $12 billion in funding sources was comprised of a $7 billion increase in total deposits and a $5 billion increase in total borrowed funds. The increase in deposits reflected sales and retention efforts related to core deposits as well as the impact of our expansion into the greater Washington, DC area.