This excerpt taken from the PNC 8-K filed Jul 23, 2009.
VALUATION OF SOP 03-3 PURCHASED IMPAIRED LOANS
Subsequent to December 31, 2008, an additional $2.6 billion of acquired National City loans were identified as impaired under SOP 03-3. A total fair value mark of $1.6 billion was recorded, resulting in a $1.0 billion net investment. These impairments were effective December 31, 2008 based on additional information regarding the borrowers and credit conditions that existed as of that date. The net investment of $12.9 billion above differs from the $12.5 billion net investment at June 30, 2009 (on page 7) due to payoffs, accretion and other adjustments during the first six months of 2009.