Securities Sold for PNC FINANCIAL SERVICES GROUP INC (PNC)

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PNC Financial Services (PNC)

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PNC » Topics » Securities Sold

This excerpt taken from the PNC 10-Q filed Nov 6, 2008.

Securities Sold (a)


Nine months ended September 30 In millions	Proceeds		Gross Gains		Gross Losses (a)			Net Gains (Losses)			Income Tax Expense (Benefit)
2008	$	5,943	$	121	$	(155	)	$	(34	)	$	(12	)
2007		4,765		12		(16	)		(4	)		(1	)

(a)	Includes other-than-temporary impairment charges of $136 million for the first nine months of 2008.

The fair value of securities pledged to secure public and trust deposits and repurchase agreements and for other purposes was $20.6 billion at September 30, 2008 and $24.2 billion at December 31, 2007. The pledged securities include positions held in our portfolio of securities available for sale, 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 $1.7 billion at September 30, 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, $645 million was repledged to others at September 30, 2008 and $1.5 billion was repledged to others at December 31, 2007.

This excerpt taken from the PNC 10-Q filed Aug 8, 2008.

Securities Sold (a)


Six months ended June 30 In millions	Proceeds		Gross Gains		Gross Losses (a)		Net Gains (Losses)			Income Tax Expense (Benefit)
2008	$	3,506	$	49	$	9	$	40		$	14
2007		3,872		10		12		(2	)		(1	)

(a)	Includes losses of $9 million recorded for the first six months of 2008 that represent other-than-temporary impairment charges.

The fair value of securities pledged to secure public and trust deposits and repurchase agreements and for other purposes was $21.0 billion at June 30, 2008 and $24.2 billion at December 31, 2007. The pledged securities include positions held in our portfolio of securities available for sale, 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 $2.5 billion at June 30, 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, $1.4 billion was repledged to others at June 30, 2008 and $1.5 billion was repledged to others at December 31, 2007.

This excerpt taken from the PNC 10-Q filed May 12, 2008.

Securities Sold


Three months ended March 31 In millions	Proceeds		Gross Gains		Gross Losses			Net Gains (Losses)			Income Tax Expense/ (Benefit)
2008	$	2,363	$	41				$	41		$	14
2007		3,425		9	$	(12	)		(3	)		(1	)

The fair value of securities pledged to secure public and trust deposits and repurchase agreements and for other purposes was $22.1 billion at March 31, 2008 and $24.2 billion at December 31, 2007. The pledged securities include positions held in our portfolio of securities available for sale, 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 $2.0 billion at March 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, $900 million was repledged to others at March 31, 2008 and $1.5 billion was repledged to others at December 31, 2007.

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

Securities Sold


Year ended December 31 In millions	Proceeds		Gross Gains		Gross Losses		Net Gains (Losses)			Tax Expense (Benefit)
2007	$	6,056	$	20	$	25	$	(5	)	$	(2	)
2006		11,102		2		209		(207	)		(72	)
2005		13,304		19		60		(41	)		(14	)

The fair value of securities pledged to secure public and trust deposits and repurchase agreements and for other purposes was $24.2 billion at December 31, 2007 and $10.6 billion at December 31, 2006. The increase is due primarily to an increase in securities pledged as collateral for the ability to borrow from the Federal Reserve Bank of Cleveland. The

pledged securities include positions held in our portfolio of securities available for sale, trading securities that are included in other short-term investments on our Consolidated Balance Sheet, 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 $2.3 billion at December 31, 2007 and $1.4 billion at December 31, 2006 and is a component of federal funds sold and resale agreements on our Consolidated Balance Sheet. Of the permitted amount, $1.5 billion was repledged to others at December 31, 2007 and $1.3 billion was repledged to others at December 31, 2006. At December 31, 2007 and December 31, 2006, securities accepted as collateral were obtained under resale agreements. Amounts repledged were used to cover securities sold short.

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at December 31, 2007.

This excerpt taken from the PNC 10-K filed Feb 4, 2008.

Securities Sold


Year ended December 31 In millions	Proceeds	Gross Gains	Gross Losses	Net Gains (Losses)		Tax Expense (Benefit)
2006	$11,102	$2	$209	$(207	)	$(72	)
2005	13,304	19	60	(41	)	(14	)
2004	14,206	94	39	55		19

The fair value of securities pledged to secure public and trust deposits and repurchase agreements and for other purposes was $10.6 billion at December 31, 2006 and $10.8 billion at December 31, 2005. The pledged securities include positions held in our portfolio of securities available for sale, trading securities that are included in other short-term investments on our Consolidated Balance Sheet, 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 $1.4 billion at December 31, 2006 and $273 million at December 31, 2005 and is a component of federal funds sold and resale agreements on our Consolidated Balance Sheet. This change reflected an increase in securities sold short, included in other borrowed funds on our Consolidated Balance Sheet. Of the permitted amount, $1.3 billion was repledged to others at December 31, 2006 and all was repledged to others at December 31, 2005.

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at December 31, 2006.

This excerpt taken from the PNC 10-Q filed Nov 8, 2007.

Securities Sold


Nine months ended September 30 In millions	Proceeds		Gross Gains		Gross Losses			Net Gains (Losses)			Income Tax Expense/ (Benefit)
2007	$	4,765	$	12	$	(16	)	$	(4	)	$	(1	)
2006		10,619		2		(209	)		(207	)		(72	)

The fair value of securities pledged to secure public and trust deposits and repurchase agreements and for other purposes was $24.8 billion at September 30, 2007 and $10.6 billion at December 31, 2006. The increase is due primarily to an increase in securities pledged as collateral for the ability to borrow from the Federal Reserve Bank of Cleveland. The pledged securities include positions held in our portfolio of securities available for sale, 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 $2.2 billion at September 30, 2007 and $1.4 billion at December 31, 2006 and is a component of Federal funds sold and resale agreements on our Consolidated Balance Sheet. Of the permitted amount, $1.6 billion was repledged to others at September 30, 2007 and $1.3 billion was repledged to others at December 31, 2006.

As further described in our 2006 Form 10-K, during mid-August through early September 2006, we performed a comprehensive review of our securities available for sale portfolio and, by the end of September 2006, completed the process of executing portfolio rebalancing actions. The portfolio rebalancing resulted in the sale during the third quarter of 2006 of $6.0 billion of securities available for sale at an aggregate pretax loss of $196 million, or $127 million after-tax. The resulting net realized losses on the sale of the securities during the third quarter of 2006 were previously reflected as net unrealized securities losses within accumulated other comprehensive loss in the shareholders’ equity section of PNC’s Consolidated Balance Sheet. Accordingly, total shareholders’ equity did not change as a result of these actions.

This excerpt taken from the PNC 10-Q filed Aug 8, 2007.

Securities Sold


Six months ended June 30 In millions	Proceeds		Gross Gains		Gross Losses			Net Gains (Losses)			Income Tax Expense/ (Benefit)
2007	$	3,872	$	10	$	(12	)	$	(2	)	$	(1	)
2006		3,433		1		(13	)		(12	)		(4	)

The fair value of securities pledged to secure public and trust deposits and repurchase agreements and for other purposes was $23.7 billion at June 30, 2007 and $10.6 billion at December 31, 2006. The increase is due primarily to an increase in securities pledged as collateral for the ability to borrow from the Federal Reserve Bank of Cleveland. The pledged securities include positions held in our portfolio of securities available for sale, 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 $1.4 billion at June 30, 2007 and December 31, 2006 and is a component of Federal funds sold and Resale agreements on our Consolidated Balance Sheet. Of the permitted amount, $1.1 billion was repledged to others at June 30, 2007 and $1.3 billion was repledged to others at December 31, 2006.

This excerpt taken from the PNC 10-Q filed May 9, 2007.

Securities Sold


Three months ended March 31 In millions	Proceeds	Gross Gains	Gross Losses		Net Gains (Losses)		Income Tax Expense/ (Benefit)
2007	$3,425	$9	$(12	)	$(3	)	$(1	)
2006	1,257		(4	)	(4	)	(1	)

The fair value of securities pledged to secure public and trust deposits and repurchase agreements and for other purposes was $23.3 billion at March 31, 2007 and $10.6 billion at

December 31, 2006. The increase is due primarily to an increase in securities pledged as collateral for the ability to borrow from the Federal Reserve Bank of Cleveland. The pledged securities include positions held in our portfolio of securities available for sale, trading securities that are included in Other short-term investments on our Consolidated Balance Sheet, 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 $1.3 billion at March 31, 2007 and $1.4 billion at December 31, 2006 and is a component of Federal funds sold and Resale agreements on our Consolidated Balance Sheet. Of the permitted amount, $1.2 billion was repledged to others at March 31, 2007 and $1.3 billion was repledged to others at December 31, 2006.

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

Securities Sold


Year ended December 31 In millions	Proceeds	Gross Gains	Gross Losses	Net Gains (Losses)		Tax Expense (Benefit)
2006	$11,102	$2	$209	$(207	)	$(72	)
2005	13,304	19	60	(41	)	(14	)
2004	14,206	94	39	55		19

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at December 31, 2006.

This excerpt taken from the PNC 10-Q filed Nov 9, 2006.

Securities Sold


Nine months ended September 30 In millions	Proceeds	Gross Gains	Gross Losses	Net Gains (Losses)	Income Tax Expense/ (Benefit)
2006	$10,619	$2	$(209)	$(207)	$(72)
2005	11,627	19	(56)	(37)	(13)

The value of securities pledged to secure public and trust deposits and repurchase agreements and for other purposes was $10.8 billion at both September 30, 2006 and December 31, 2005. The pledged securities include positions held in our portfolio of securities available for sale, trading securities that are included in other interest earning assets on our Average Consolidated Balance Sheet, 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 $2.6 billion at September 30, 2006 and $273 million at December 31, 2005 and is a component of federal funds sold and resale agreements on our Consolidated Balance Sheet. The increase is due primarily from the use of collateral accepted to fulfill pledging requirements previously met with positions held in our portfolio of securities available for sale. An increase in securities sold short that are included in other borrowed funds on the Average Consolidated Balance Sheet also contributed to the increase. Of the permitted amount, all was repledged to others at September 30, 2006 and December 31, 2005.

This excerpt taken from the PNC 10-Q filed Aug 9, 2006.

Securities Sold


Six months ended June 30 In millions	Proceeds	Gross Gains	Gross Losses	Net Gains (Losses)	Income Tax Expense/ (Benefit)
2006	$3,433	$1	$(13)	$(12)	$(4)
2005	9,993	16	(51)	(35)	(12)

The carrying value of securities pledged to secure public and trust deposits and repurchase agreements and for other purposes was $10.3 billion at June 30, 2006 and $10.8 billion at December 31, 2005. The fair value of securities accepted as collateral that we are permitted by contract or custom to sell or repledge was $445 million at June 30, 2006 and $273 million at December 31, 2005 and is a component of federal funds sold and resale agreements on our Consolidated Balance Sheet. Of the permitted amount, all was repledged to others at June 30, 2006 and December 31, 2005.

This excerpt taken from the PNC 10-Q filed May 9, 2006.

Securities Sold


Three months ended March 31 In millions	Proceeds	Gross Gains	Gross Losses	Net Gains (Losses)	Income Tax Expense/ (Benefit)
2006	$1,257		$(4)	$(4)	$(1)
2005	5,458	11	(20)	(9)	(3)

The carrying value of securities pledged to secure public and trust deposits and repurchase agreements and for other purposes was $11.1 billion at March 31, 2006 and $10.8 billion at December 31, 2005. The fair value of securities accepted as collateral that we are permitted by contract or custom to sell or repledge was $347 million at March 31, 2006 and $273 million at December 31, 2005 and is a component of federal funds sold and resale agreements on our Consolidated Balance Sheet. Of the permitted amount, all was repledged to others at March 31, 2006 and December 31, 2005.

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