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PNC » Topics » Securities Gains and Losses

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

Securities Gains and Losses

 

Year ended
December 31

In millions

    Proceeds   

Gross

Gains

   

Gross

Losses (a)

   

Net

Gains

(Losses)

     

Tax
Expense

(Benefit)

  

2008

    $ 10,283    $ 114    $ 320    $ (206 )    $ (72 )

2007

      6,056      20      25      (5 )      (2 )

2006

      11,102      2      209      (207 )      (72 )

 

(a) Includes other-than-temporary impairment charges of $312 million for 2008.

The fair value of securities pledged to secure public and trust deposits and repurchase agreements and for other purposes was $22.5 billion at December 31, 2008 and $24.2 billion at December 31, 2007. 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.


 

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Table of Contents

The fair value of securities accepted as collateral that we are permitted by contract or custom to sell or repledge was $1.6 billion at December 31, 2008 and $2.3 billion at December 31, 2007 and is a component of federal funds sold and resale

agreements on our Consolidated Balance Sheet. Of the permitted amount, $461 million was repledged to others at December 31, 2008 and $1.5 billion was repledged to others at December 31, 2007.


 

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at December 31, 2008.

"Securities Gains and Losses" elsewhere:

First Horizon National Corporation (FHN)
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