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PNC » Topics » National City Acquisition - Summary Purchase Price Allocation

This excerpt taken from the PNC 8-K filed Jul 23, 2009.

National City Acquisition - Summary Purchase Price Allocation

 

Three months ended - in billions

    June 30, 2009     March 31, 2009  

Excess of fair value of adjusted net assets acquired over purchase price - beginning of period

    $ 0.0      $ (1.3 ) 

Additional fair value marks on acquired loans - December 31, 2008 (a)

      0.6        1.2   

Other adjustments, net

      (0.3 )      0.1   
                

Excess of purchase price over fair value of adjusted net assets acquired - end of period

    $ 0.3      $ 0.0   
                

 

(a) Subsequent to December 31, 2008 additional information was obtained on the credit quality of loans as of the acquisition date. This new information resulted in additional fair value writedowns on impaired loans.

Further modifications to purchase price allocation may occur, resulting in the recognition of goodwill and liabilities in future periods.

THE PNC FINANCIAL SERVICES GROUP, INC.   Page 1
This excerpt taken from the PNC 8-K filed Apr 23, 2009.

National City Acquisition - Summary Purchase Price Allocation

 

In billions

             

Excess of fair value of adjusted net assets acquired over purchase price—December 31, 2008

    $ (1.3 )  

Additional fair value marks on acquired loans—December 31, 2008

      1.2     (a )

Additional mortgage recourse, insurance and legal reserves

      0.3    

Other adjustments, net

      (0.2 )  
          

Excess of fair value of adjusted net assets acquired over purchase price—March 31, 2009

    $ 0.0    
          

 

(a) Subsequent to December 31, 2008 additional information was obtained on the credit quality of loans as of the acquisition date. This new information resulted in additional fair value writedowns on impaired loans.

Further modifications to purchase price allocation may be made over the remainder of 2009, although we currently expect that any such changes will not be significant.

THE PNC FINANCIAL SERVICES GROUP, INC.

 

EXCERPTS ON THIS PAGE:

8-K
Jul 23, 2009
8-K
Apr 23, 2009

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