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This excerpt taken from the PNC 10-Q filed May 11, 2009. NONINTEREST EXPENSE Noninterest expense for the first quarter of 2009 was $2.3 billion compared with $1.0 billion in the prior year first quarter, with the increase substantially related to National City. Acquisition cost savings of approximately $400 million annualized were realized in the first quarter of 2009, on plan to reach our goal of annualized cost savings of $1.2 billion at the end of two years. Integration costs totaled $52 million in the first quarter of 2009 compared with $14 million in the first quarter of 2008. We expect that the FDIC will enact a special deposit insurance assessment in 2009 that will significantly increase our FDIC deposit insurance costs for the year. This excerpt taken from the PNC 10-K filed Mar 2, 2009. NONINTEREST EXPENSE Total noninterest expense was $4.430 billion for 2008 and $4.296 billion for 2007, an increase of $134 million, or 3%. Higher noninterest expense in 2008 compared with 2007 primarily resulted from investments in growth initiatives, including acquisitions, partially offset by the impact of the sale of Hilliard Lyons and disciplined expense management. Integration costs included in noninterest expense totaled $122 million for 2008, including $81 million in the fourth quarter, and $102 million for 2007. Integration costs for the fourth quarter of 2008 included $71 million related to our National City acquisition. Noninterest expense for 2008 included the benefit of the reversal of $46 million of the $82 million Visa indemnification liability that we established in the fourth quarter of 2007. Additional information regarding our transactions related to Visa is included in Note 25 Commitments And Guarantees in the Notes To Consolidated Financial Statements included in Item 8 of this Report. Expense management will be a key driver in 2009 as we intend to maintain our focus on continuous improvement and to achieve cost savings targets associated with our National City integration. We currently expect FDIC deposit insurance costs to increase significantly in 2009. This excerpt taken from the PNC 10-Q filed Nov 6, 2008. NONINTEREST EXPENSE Total noninterest expense was $3.299 billion for the first nine months of 2008 and $3.083 billion for the first nine months of 2007. Noninterest expense totaled $1.142 billion for the third quarter of 2008 compared with $1.099 billion for the third quarter of 2007. Higher noninterest expense in both the third quarter and first nine month comparisons with 2007 primarily resulted from investments in growth initiatives, including acquisitions, partially offset by the impact of the sale of Hilliard Lyons and disciplined expense management. Integration costs included in noninterest expense totaled $41 million for the first nine months of 2008 and $67 million for the first nine months of 2007. Integration costs in the third quarter of 2008 totaled $14 million compared with $41 million in the third quarter of 2007. Noninterest expense for the first nine months of 2008 included the benefit of the first quarter 2008 reversal of $43 million of
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Table of ContentsThis excerpt taken from the PNC 10-Q filed Aug 8, 2008. NONINTEREST EXPENSE Total noninterest expense was $2.157 billion for the first six months of 2008 and $1.984 billion for the first six months of 2007. Noninterest expense totaled $1.115 billion for the second quarter of 2008 compared with $1.040 billion for the second quarter of 2007. Noninterest expense for the first half of 2008 included the benefit of the first quarter 2008 reversal of $43 million of the $82 million Visa indemnification liability that we established in the fourth quarter of 2007. Additional information regarding our transactions related to Visa is included in Note 15 Commitments And Guarantees in the Notes To Consolidated Financial Statements included in this Report. Higher noninterest expense in both the second quarter and first half comparisons with 2007 primarily resulted from investments in growth initiatives, including acquisitions, partially offset by the impact of the sale of Hilliard Lyons and disciplined expense management. Integration costs included in noninterest expense totaled $27 million for the first half of 2008 and $26 million for the first This excerpt taken from the PNC 10-Q filed May 12, 2008. NONINTEREST EXPENSE Total noninterest expense was $1.042 billion for the first quarter of 2008 and $944 million for the first quarter of 2007. Noninterest expense for 2008 included the reversal of $43 million of the Visa indemnification liability that we established in the fourth quarter of 2007. Apart from the impact of this item, noninterest expense increased $141 million, or 15%, in the first three months of 2008 compared with the first three months of 2007. The higher noninterest expense in 2008 resulted from Mercantile and Yardville operating and Yardville integration costs, and investments in growth initiatives while maintaining disciplined expense management. Additional information regarding our transactions related to Visa is included in Note 15 Commitments and Guarantees in the Notes To Consolidated Financial Statements included in this Report. We expect noninterest expense to grow at a mid-single digit percentage for full year 2008 compared with 2007. This excerpt taken from the PNC 10-K filed Feb 29, 2008. NONINTEREST EXPENSE Total noninterest expense was $4.296 billion for 2007, a decrease of $147 million compared with $4.443 billion for 2006. Item 6 of this Report includes our efficiency ratios for 2007 and 2006, along with information regarding certain significant items impacting noninterest income and expense in 2006. Noninterest expense for 2007 included the following:
Noninterest expense for 2006 included the following:
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. We expect to incur pretax integration costs of approximately $70 million in 2008 primarily related to our planned acquisition of Sterling and additional costs related to the Yardville and Albridge acquisitions. This excerpt taken from the PNC 10-Q filed Nov 8, 2007. NONINTEREST EXPENSE Total noninterest expense was $3.083 billion for the first nine months of 2007 and $3.474 billion for the first nine months of 2006. Total noninterest expense was $1.099 billion for the third quarter of 2007 and $1.167 billion for the third quarter of 2006. Noninterest expense for the 2007 and 2006 periods included the following:
Apart from the impact of these items, noninterest expense increased $398 million, or 15%, in the first nine months of 2007 compared with the first nine months of 2006. Similarly, noninterest expense increased $186 million, or 21%, in the third quarter of 2007 compared with the prior year quarter. These increases were largely a result of the acquisition of Mercantile. Investments in growth initiatives were mitigated by disciplined expense management. We expect total noninterest expense to decline for full year 2007 compared with full year 2006 due to the impact of the deconsolidation of BlackRock. Apart from this impact and integration costs, we expect noninterest expense to grow by a This excerpt taken from the PNC 10-Q filed Aug 8, 2007. NONINTEREST EXPENSE Total noninterest expense was $1.984 billion for the first six months of 2007 and $2.307 billion for the first six months of 2006. Total noninterest expense was $1.040 billion for the second quarter of 2007 and $1.145 billion for the second quarter of 2006. Noninterest expense for the 2007 and 2006 periods covered by this analysis included the following:
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Table of ContentsThis excerpt taken from the PNC 10-Q filed May 9, 2007. NONINTEREST EXPENSE Total noninterest expense was $944 million for the first quarter of 2007 and $1.162 billion for the first quarter of 2006.
This excerpt taken from the PNC 10-K filed Mar 1, 2007. NONINTEREST EXPENSE Total noninterest expense was $4.443 billion for 2006, an increase of $137 million compared with $4.306 billion for 2005. Item 6, Selected Financial Data, of this Report includes our efficiency ratios for 2006 and 2005 and notes regarding certain significant items impacting noninterest income and expense in 2006. Noninterest expense for 2006 included the following:
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. We will have a continued emphasis on expense management in 2007 as we continue our focus on sustaining positive operating leverage.
This excerpt taken from the PNC 10-Q filed Nov 9, 2006. NONINTEREST EXPENSE Year-to-date September 30, 2006 and 2005 Total noninterest expense was $3.498 billion for the first nine months of 2006 and $3.199 billion for the first nine months of 2005. The Consolidated Financial Highlights section of this Report includes our efficiency ratios for the third quarter and first nine months of both 2006 and 2005, along with notes regarding certain items impacting noninterest income and expense for both 2006 periods. Noninterest expense for the first nine months of 2006 included the following:
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Table of ContentsApart from the impact of these items, noninterest expense for the first nine months of 2006 decreased $76 million over the prior year period as the benefit of the One PNC initiative more than offset the impact of our expansion into the greater Washington, DC area and contributions of BlackRock stock to the PNC Foundation. Third quarter 2006 and 2005 Total noninterest expense was $1.178 billion for the third quarter of 2006 and $1.159 billion for the third quarter of 2005. Noninterest expense for the third quarter of 2006 reflected a $76 million increase in operating expenses at BlackRock (including MLIM integration costs of $72 million), $22 million of expenses related to Harris Williams and an increase of $11 million related to the fourth quarter 2005 consolidation of our merchant services activities. Apart from the impact of these items, noninterest expense for the third quarter of 2006 decreased $90 million compared with the prior year third quarter. We expect that the percentage increase in total noninterest expense for full year 2006 compared with 2005, excluding the BlackRock business segment and MLIM transaction integration costs, will be in the low single-digit range, with the increase primarily attributable to the acquisition of Harris Williams and the consolidation of merchant services in the fourth quarter of 2005. However, noninterest expense will continue to be impacted by ongoing investments in our businesses. Period-end employees totaled 23,539 at September 30, 2006 (comprised of 21,374 full-time and 2,165 part-time) compared with 25,348 at December 31, 2005 (comprised of 23,593 full-time and 1,755 part-time) and 25,369 at September 30, 2005 (comprised of 23,811 full-time and 1,558 part-time). The decline in full-time employees at September 30, 2006 reflects the deconsolidation of BlackRock effective September 29, 2006. The increase in part-time employees reflects Retail Banking initiatives to utilize more customer-facing employees during peak business hours versus full-time employees for the entire day. This excerpt taken from the PNC 10-Q filed Aug 9, 2006. NONINTEREST EXPENSE Year-to-date June 30, 2006 and 2005 Total noninterest expense was $2.320 billion for the first six months of 2006 and $2.040 billion for the first six months of 2005. The efficiency ratio was 66% for the first six months of 2006 compared with 69% for the first six months of 2005. Noninterest expense for the first half of 2006 included the following:
Apart from the impact of these items, noninterest expense for the first six months of 2006 increased $22 million over the prior year period primarily due to the impact of our expansion into the greater Washington, DC area and contributions of BlackRock stock to the PNC Foundation, partially offset by the benefit of the One PNC initiative. Second quarter 2006 and 2005 Total noninterest expense was $1.149 billion for the second quarter of 2006 and $1.040 billion for the second quarter of 2005. The efficiency ratio was 64% for the second quarter of 2006 and 71% for the second quarter of 2005. Noninterest expense for the second quarter of 2006 reflected a $74 million increase in operating expenses at BlackRock, $24 million of expenses related to Harris Williams, and an increase of $14 million related to the fourth quarter 2005 consolidation of our merchant services activities. Apart from the impact of these items, noninterest expense for the second quarter of 2006 decreased $3 million compared with the prior year second quarter. We expect that the percentage increase in total noninterest expense for full year 2006 compared with 2005, excluding BlackRock, will be in the low single-digit range, with the increase primarily attributable to the acquisition of Harris Williams and the consolidation of merchant services in the fourth quarter of 2005. However, noninterest expense will continue to be impacted by ongoing investments in our businesses.
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Table of ContentsPeriod-end employees totaled 26,032 at June 30, 2006 (comprised of 23,791 full-time and 2,241 part-time) compared with 25,348 at December 31, 2005 (comprised of 23,593 full-time and 1,755 part-time) and 25,874 at June 30, 2005 (comprised of 24,397 full-time and 1,477 part-time). The increase in part-time employees reflects Retail Banking initiatives to utilize more customer-facing employees during peak business hours versus full-time employees for the entire day. This excerpt taken from the PNC 10-Q filed May 9, 2006. NONINTEREST EXPENSE Total noninterest expense was $1.171 billion for the first quarter of 2006 and $1.000 billion for the first quarter of 2005. The efficiency ratio was 67% for the first quarter of 2006 compared with 68% for the first quarter of 2005. Noninterest expense for the first quarter of 2006 included the following:
Apart from the impact of these items, noninterest expense for the first quarter of 2006 increased $26 million, or 3%, over the prior year quarter primarily due to the impact of our expansion into the greater Washington, DC area and the consolidation of our merchant services activities in 2005, partially offset by the benefit of the One PNC initiative. We expect that the percentage increase in total noninterest expense for full year 2006 compared with 2005 will be in the low single-digit range, with the increase primarily attributable to aquisitions in the fourth quarter of 2005. Period-end employees totaled 25,645 at March 31, 2006 (comprised of 23,642 full-time and 2,003 part-time) compared with 25,348 at December 31, 2005 (comprised of 23,593 full-time and 1,755 part-time) and 25,089 at March 31, 2005 (comprised of 23,640 full-time and 1,449 part-time). The majority of our part-time employees are in Retail Banking. | EXCERPTS ON THIS PAGE:
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