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PNC » Topics » Noninterest Expense

This excerpt taken from the PNC 10-K filed Mar 2, 2009.

Noninterest Expense

Total noninterest expense was $4.296 billion for 2007, a decrease of $147 million compared with $4.443 billion for 2006.

Noninterest expense for 2007 included the following:

  •  

Acquisition integration costs of $102 million, and

  •  

A charge of $82 million for an indemnification obligation related to certain Visa litigation.

Noninterest expense for 2006 included the following:

  •  

The first nine months of 2006 included $765 million of expenses related to BlackRock, which was still consolidated during that time, and

  •  

BlackRock/MLIM transaction integration costs totaling $91 million.

Apart from the impact of these items, noninterest expense increased $525 million, or 15%, in 2007 compared with 2006.

These increases were largely a result of the acquisition of Mercantile. Investments in growth initiatives were mitigated by disciplined expense management.

This excerpt taken from the PNC 10-K filed Feb 29, 2008.

Noninterest Expense

Total noninterest expense was $4.443 billion for 2006, an increase of $137 million compared with 2005. Item 6 of this Report includes our efficiency ratios for 2006 and 2005 and information regarding certain significant items impacting noninterest income and expense in 2006.

Noninterest expense for 2006 included the following:

  •  

Our share of integration costs related to the BlackRock/MLIM transaction totaling $91 million, which were almost entirely offset by a decrease in other BlackRock expenses of $87 million due to our deconsolidation of BlackRock effective September 29, 2006,

  •  

An increase of $71 million of expenses related to Harris Williams, which we acquired in October 2005,

  •  

An increase of $60 million related to the consolidation of our merchant services activities in the fourth quarter of 2005, and

  •  

An increase of $23 million in PFPC’s distribution/out-of-pocket expenses, the increase of which was entirely offset in noninterest income and which had no impact on our earnings.

Apart from the impact of these items, noninterest expense for 2006 decreased $21 million compared with 2005 as the benefit of the One PNC initiative more than offset the impact of our expansion into the greater Washington, DC area and other investments in the business.

This excerpt taken from the PNC 10-K filed Mar 1, 2007.

Noninterest Expense

Total noninterest expense was $4.306 billion for 2005, an increase of $594 million compared with 2004. The efficiency ratio was 68% for 2005 and 67% for 2004.

Noninterest expense for 2005 included the following:

  •  

An increase of $325 million in BlackRock non-LTIP operating expenses that reflected the impact of costs resulting from the first quarter 2005 SSRM acquisition and other investments to fund growth;

  •  

Costs totaling approximately $132 million resulting from our Riggs acquisition, including approximately $16 million of integration costs;

  •  

BlackRock LTIP charges of $64 million;

  •  

Implementation costs totaling $53 million related to the One PNC initiative;

  •  

Contributions of BlackRock stock to the PNC Foundation of $40 million; and

  •  

Costs totaling $17 million related to the Harris Williams acquisition.

The effect of these increases was partially offset by cost reductions of approximately $90 million realized in 2005 from the One PNC initiative. The impact of the Riggs integration and One PNC implementation costs was reflected in several noninterest expense items in the Consolidated Income Statement.

Noninterest expense of $3.712 billion for 2004 included a $110 million charge associated with the BlackRock LTIP and conversion-related and other nonrecurring costs totaling approximately $11 million related to our acquisition of United National Bancorp, Inc.

Apart from the impact of these items, noninterest expense increased $174 million, or 5%, in 2005 compared with 2004. These higher expenses were driven by investments in our businesses and increased sales incentives.

EXCERPTS ON THIS PAGE:

10-K
Mar 2, 2009
10-K
Feb 29, 2008
10-K
Mar 1, 2007

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