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PNC » Topics » Gains on Sales of Securities

This excerpt taken from the PNC 10-Q filed May 11, 2009.

Gains on Sales of Securities

 

Three months ended

March 31

In millions

    Proceeds   

Gross

Gains

   

Tax

Expense

2009

    $ 2,744    $ 56    $ 20

2008

      2,363      41      14

The fair value of securities pledged to secure public and trust deposits and repurchase agreements and for other purposes was $21.0 billion at March 31, 2009 and $22.5 billion at December 31, 2008. The pledged securities include positions held in our portfolio of investment securities, trading securities, and securities accepted as collateral from others that we are permitted by contract or custom to sell or repledge.

The fair value of securities accepted as collateral that we are permitted by contract or custom to sell or repledge was $1.5 billion at March 31, 2009 and $1.6 billion at December 31, 2008 and is a component of federal funds sold and resale agreements on our Consolidated Balance Sheet. Of the permitted amount, $285 million was repledged to others at March 31, 2009 and $461 million was repledged to others at December 31, 2008.


 

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Table of Contents

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at March 31, 2009.

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