Summary for PNC FINANCIAL SERVICES GROUP INC (PNC)

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PNC Financial Services (PNC)

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This excerpt taken from the PNC 10-Q filed May 11, 2009.

Summary

Noninterest income totaled $1.566 billion for the first three months of 2009 compared with $967 million for the first three months of 2008. Noninterest income for the first quarter of 2009 included $945 million of noninterest income related to National City.

First quarter 2009 noninterest income included the following:

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Gains on hedges of residential mortgage servicing rights of $202 million,

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Gains of $103 million related to our BlackRock LTIP shares adjustment,

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Net credit-related other-than-temporary impairments on debt and equity securities of $149 million,

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Net losses on private equity and alternative investments of $122 million, and

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Net gains on sales of securities of $56 million.

Noninterest income for the first three months of 2008 included the impact of the following:

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Losses related to our commercial mortgage loans held for sale, net of hedges, of $166 million,

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Income from Hilliard Lyons totaling $164 million, including the gain of $114 million from the sale of this business,

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A gain of $95 million related to the redemption of a portion of our Visa Class B common shares related to Visa’s March 2008 initial public offering,

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Trading losses of $76 million,

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Net gains on sales of securities of $41 million, and

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Gains of $40 million related to our BlackRock LTIP shares adjustment.

These excerpts taken from the PNC 10-K filed Mar 2, 2009.

Summary

Noninterest income was $3.367 billion for 2008 and $3.790 billion for 2007.

Noninterest income for 2008 included the following:

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Gains of $246 million related to the mark-to-market adjustment on our BlackRock LTIP shares obligation,

•

Losses related to our commercial mortgage loans held for sale of $197 million, net of hedges,

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Impairment and other losses related to alternative investments of $179 million,

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Income from Hilliard Lyons totaling $164 million, including the first quarter gain of $114 million from the sale of this business,

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Net securities losses of $206 million,

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A first quarter gain of $95 million related to the redemption of a portion of our Visa Class B common shares related to Visa’s March 2008 initial public offering,

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A third quarter $61 million reversal of a legal contingency reserve established in connection with an acquisition due to a settlement,

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Trading losses of $55 million,

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A $35 million impairment charge on commercial mortgage servicing rights, and

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Equity management losses of $24 million.

Noninterest income for 2007 included the following:

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The impact of $82 million gain recognized in connection with our transfer of BlackRock shares to satisfy a portion of PNC’s LTIP obligation and a $209 million net loss on our LTIP shares obligation,

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Income from Hilliard Lyons totaling $227 million,

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Trading income of $104 million,

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Equity management gains of $102 million, and

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Gains related to our commercial mortgage loans held for sale of $3 million, net of hedges.

Apart from the impact of these items, noninterest income increased $16 million in 2008 compared with 2007.

Summary

Noninterest income was $3.790 billion for 2007 and $6.327 billion for 2006. Noninterest income for 2007 included the impact of an $83 million gain recognized in connection with our transfer of BlackRock shares to satisfy a portion of PNC’s LTIP obligation and a $210 million net loss representing the mark-to-market adjustment on our LTIP obligation.

Noninterest income for 2006 included the impact of the following items:

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The gain on the BlackRock/MLIM transaction, which totaled $2.078 billion,

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The effects of our third quarter 2006 balance sheet repositioning activities that resulted in charges totaling $244 million, and

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PNC consolidated BlackRock in its results for the first nine months of 2006 but accounted for BlackRock on the equity method for the fourth quarter of 2006 and all of 2007. Had our BlackRock investment been on the equity method for all of 2006, BlackRock’s noninterest income reported by us would have been lower by $943 million for that year.

Apart from the impact of these items, noninterest income increased $367 million, or 10%, in 2007 compared with 2006 largely as a result of the Mercantile acquisition and growth in several fee income categories.

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

Summary – Third Quarter

Noninterest income totaled $654 million for the third quarter of 2008 compared with $990 million for the third quarter of 2007.

Noninterest income for the third quarter of 2008 included the following:

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Valuation losses related to our commercial mortgage loans held for sale of $82 million,

•

Net securities losses of $74 million,

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The $61 million reversal of a legal contingency reserve referred to above,

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Other investment losses of $55 million,

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Trading losses of $54 million,

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A loss of $51 million related to our BlackRock LTIP shares adjustment, and

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Equity management losses of $24 million.

Noninterest income for the third quarter of 2007 included the following:

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Income from Hilliard Lyons of $58 million,

•

A loss of $50 million related to our BlackRock LTIP shares adjustment,

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Equity management gains of $47 million, and

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Trading income of $33 million.

Apart from the impact of these items, noninterest income increased $31 million, or 3%, in this comparison.

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

Summary

Noninterest income totaled $2.029 billion for the first six months of 2008 compared with $1.966 billion for the first six months of 2007.

Noninterest income for the first half of 2008 included the following:

•

Income from Hilliard Lyons totaling $164 million, including the first quarter gain of $114 million from the sale of this business,

•

Gains of $120 million related to our BlackRock LTIP shares adjustment,

•

A first quarter gain of $95 million related to the redemption of a portion of our Visa Class B common shares related to Visa’s March 2008 initial public offering,

•

Equity management gains and net securities gains totaling $56 million,

•

Valuation losses related to our commercial mortgage loans and commitments held for sale, net of hedges, of $156 million, and

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Trading losses of $23 million.

Noninterest income for the first half of 2007 included the following:

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Income from Hilliard Lyons totaling $113 million,

•

Trading income of $81 million,

•

A net gain related to our equity investment in BlackRock of $51 million, representing an $82 million gain recognized in connection with our transfer of BlackRock shares to satisfy a portion of our 2002 LTIP obligation, partially offset by a net mark-to-market loss totaling $31 million on our remaining BlackRock LTIP shares obligation, and

•

Equity management gains and net securities losses netting to $32 million of gains.

Apart from the impact of these items, noninterest income increased $84 million, or 5%, for the first six months of 2008 compared with the first six months of 2007.

Noninterest income totaled $1.062 billion for the second quarter of 2008 compared with $975 million for the second quarter of 2007. The second quarter of 2008 included a gain of $80 million related to our BlackRock LTIP shares adjustment. In addition, the second quarter of 2007 included income from Hilliard Lyons of $58 million. Apart from the impact of these items, noninterest income increased $65 million, or 7%, in this comparison.

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

Summary

Noninterest income totaled $967 million for the first three months of 2008 compared with $991 million for the first three months of 2007.

Noninterest income for the first quarter of 2008 included the following items:

•

A gain of $114 million from the sale of Hilliard Lyons,

•

A gain of $95 million related to the redemption of a portion of our Visa Class B common shares related to Visa’s March 2008 initial public offering,

•

Net securities gains of $41 million,

•

Gains of $40 million related to our equity investment in BlackRock, largely due to a net mark-to-market adjustment on our remaining BlackRock LTIP shares obligation,

•

Equity management gains of $23 million,

•

Valuation losses related to our commercial mortgage loans and commitments held for sale, net of hedges, of $177 million, and

•

Trading losses of $76 million.

Noninterest income for the first quarter of 2007 included the following:

•

A net gain related to our equity investment in BlackRock of $52 million, representing an $82 million gain recognized in connection with our transfer of BlackRock shares to satisfy a portion of our 2002 LTIP obligation, partially offset by a net mark-to-market adjustment totaling $30 million on our remaining BlackRock LTIP shares obligation,

•

Trading income of $52 million, and

•

Equity management gains of $32 million and net securities losses of $3 million.

Apart from the impact of these items, noninterest income increased $49 million, or 6%, for the first three months of 2008 compared with the first three months of 2007.

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

Summary

Noninterest income was $6.327 billion for 2006 and $4.173 billion for 2005. Noninterest income for 2006 included the impact of the gain on the BlackRock/MLIM transaction, which totaled $2.078 billion, partially offset by the effects of our third quarter 2006 balance sheet repositioning activities that resulted in charges totaling $244 million.

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

Summary

Noninterest income totaled $2.956 billion for the first nine months of 2007 compared with $5.358 billion for the first nine months of 2006.

Noninterest income for the first nine months of 2006 included the following items:

•

The $2.078 billion gain on the BlackRock/MLIM transaction,

•

The impact of BlackRock on a consolidated basis totaling $1.087 billion. Had our BlackRock investment been on the equity method during that time, BlackRock’s noninterest income reported by us would have been $144 million for that period, or lower by $943 million, and

•

The $196 million securities portfolio rebalancing loss and the $48 million mortgage loan portfolio repositioning loss.

Apart from the impact of these items, noninterest income increased $375 million, or 15%, for the first nine months of 2007 compared with the first nine months of 2006 largely as a result of the acquisition of Mercantile and organic growth.

Noninterest income was $990 million for the third quarter of 2007 compared with $2.943 billion for the third quarter of 2006. Noninterest income for the third quarter of 2007 included the impact of a net loss of $50 million related to our mark-to-market adjustment on our remaining BlackRock LTIP shares obligation.

Noninterest income for the third quarter of 2006 included the following items:

•

The $2.078 billion gain on the BlackRock/MLIM transaction, partially offset by the balance sheet repositioning items totaling $244 million described above, and

•

The impact of BlackRock on a consolidated basis totaling $320 million. Had our BlackRock investment been on the equity method during that time, BlackRock’s noninterest income reported by us would have been $43 million for that quarter, or lower by $277 million.

Apart from the impact of these items, PNC’s noninterest income increased $208 million, or 25%, during the third quarter of 2007. The impact of the Mercantile acquisition, higher equity management (private equity) gains and growth in several other areas further described below were the primary drivers in the increase.

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

Summary

Noninterest income totaled $1.966 billion for the first six months of 2007 compared with $2.415 billion for the first six months of 2006. Noninterest income was $975 million for the second quarter of 2007 compared with $1.230 billion for the second quarter of 2006.

Total noninterest income for the first half of 2007 and 2006 included the following items:

•

The first six months of 2007 included a net gain related to our equity investment in BlackRock of $51 million, representing an $82 million gain recognized during the first quarter in connection with our transfer of BlackRock shares to satisfy a portion of our 2002 LTIP shares obligation, partially offset by a net mark-to-market adjustment totaling $31 million on our remaining BlackRock LTIP shares obligation.

•

The first half of 2006 included the impact of BlackRock on a consolidated basis in the amount of $767 million. Had our BlackRock investment been on the equity method for the first six months of 2006, BlackRock’s noninterest income reported by us would have been $101 million for that period, or lower by $666 million.

Apart from the impact of these items, noninterest income increased $166 million, or 10%, for the first six months of 2007 compared with the first six months of 2006 largely as a result of organic growth and the acquisition of Mercantile.

A comparison of second quarter 2007 and 2006 noninterest income is impacted by the following:

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The second quarter of 2006 included the impact of BlackRock on a consolidated basis in the amount of $361 million. Had our BlackRock investment been on the equity method for the second quarter of 2006, BlackRock’s noninterest income reported by us would have been $49 million for that quarter, or lower by $312 million.

Apart from the impact of this item, PNC’s total noninterest income would have increased $57 million, or 6%, during the second quarter of 2007 compared with the prior year second quarter despite significantly lower equity management and trading revenue in the 2007 period.

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

Summary

Noninterest income was $991 million for the first quarter of 2007 compared with $1.185 billion for the first quarter of 2006. In 2007, we refined our accounting and reporting of PFPC’s distribution fee revenue and related expense amounts. Due to this change, amounts for these items for the first quarter of 2007 are lower than as reported in conjunction with our first quarter 2007 earnings release. These amounts, which offset each other entirely and which have no impact on earnings, were previously shown on a gross basis within the fund servicing fee component of noninterest income and within other noninterest expense. This change was made on a prospective basis, effective January 1, 2007.

Total noninterest income for the first quarter of 2007 and first quarter 2006 included the following items:

•

First quarter 2007 included a net gain related to our equity investment in BlackRock of $52 million, representing an $82 million gain recognized in connection with our transfer of BlackRock shares to satisfy a portion of our 2002 LTIP shares obligation, partially offset by a net mark-to-market adjustment totaling $30 million on our remaining BlackRock LTIP shares obligation, and

•

First quarter of 2006 noninterest income included the impact of BlackRock on a consolidated basis in the amount of $406 million. Had BlackRock been on the equity method for the first quarter of 2006, BlackRock’s reported noninterest income would have been $52 million for that quarter, or lower by $354 million.

Apart from the impact of these items, noninterest income increased $108 million, or 13%, compared with the first quarter of 2006 largely as a result of organic growth and the acquisition of Mercantile.

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

Summary

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

Summary

Noninterest income was $5.358 billion for the first nine months of 2006 compared with $3.019 billion for the first nine months of 2005. Noninterest income for the third quarter of 2006 totaled $2.943 billion and totaled $1.116 billion in the prior year third quarter. Both the first nine months and third quarter of 2006 included the impact of the gain on the BlackRock transaction, which totaled $2.078 billion, partially offset by the effects of our third quarter balance sheet repositioning activities that resulted in charges totaling $244 million.

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

Summary

Noninterest income was $2.415 billion for the first six months of 2006, an increase of $512 million, or 27%, compared with the first six months of 2005. Noninterest income for the second quarter of 2006 totaled $1.230 billion and totaled $929 million in the prior year second quarter, an increase of $301 million, or 32%. Higher asset management fees was the largest factor in both comparisons. In addition, noninterest income in both 2006 periods reflected increases in most other major categories.

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

Summary

Noninterest income was $1.185 billion for the first quarter of 2006, an increase of $211 million, or 22%, compared with the first quarter of 2005. Higher asset management fees was the largest factor in the increase. In addition, noninterest income in 2006 reflected increases in all other major categories other than equity management gains.

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