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PNC » Topics » Year-to-date September 30, 2006 and 2005

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

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:

  ·   An increase of $270 million in BlackRock operating expenses (including integration costs related to the MLIM transaction of $91 million), reflecting growth in that business,
  ·   Expenses totaling $65 million related to Harris Williams, which we acquired in October 2005, and
  ·   An increase of $40 million related to the consolidation of our merchant services activities in the fourth quarter of 2005.

 

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Apart 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.

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

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:

  ·   An increase of $185 million in BlackRock operating expenses, reflecting growth in that business and integration costs related to the pending Merrill Lynch transaction,
  ·   Expenses totaling $43 million related to Harris Williams, which we acquired in October 2005, and
  ·   An increase of $30 million related to the consolidation of our merchant services activities in the fourth quarter of 2005.

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.

EXCERPTS ON THIS PAGE:

10-Q
Nov 9, 2006
10-Q
Aug 9, 2006

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