-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, UPTt3bQFGBWmmbpo3YvIpTyh2MUkRl6NfJZ/GXji90sBe3YVnyXatUegiMULIKdH ye4U0SOfdKR8+njFXN+x6w== 0000950128-94-000002.txt : 19940128 0000950128-94-000002.hdr.sgml : 19940128 ACCESSION NUMBER: 0000950128-94-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19940119 ITEM INFORMATION: 2 ITEM INFORMATION: 5 ITEM INFORMATION: 7 FILED AS OF DATE: 19940126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PNC BANK CORP CENTRAL INDEX KEY: 0000713676 STANDARD INDUSTRIAL CLASSIFICATION: 6021 IRS NUMBER: 251435979 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 34 SEC FILE NUMBER: 001-09718 FILM NUMBER: 94502710 BUSINESS ADDRESS: STREET 1: ONE PNC PLAZA STREET 2: FIFTH AVE & WOOD ST CITY: PITTSBURGH STATE: PA ZIP: 15265 BUSINESS PHONE: 4127622666 FORMER COMPANY: FORMER CONFORMED NAME: PNC BANK CORP /PA/ DATE OF NAME CHANGE: 19930428 FORMER COMPANY: FORMER CONFORMED NAME: PNC FINANCIAL CORP DATE OF NAME CHANGE: 19920703 8-K 1 PNC 8-K INFORMATION 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 19, 1994 PNC BANK CORP. (Exact name of registrant as specified in its charter) PENNSYLVANIA 1-9718 25-1435979 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.)
ONE PNC PLAZA FIFTH AVENUE AND WOOD STREET PITTSBURGH, PENNSYLVANIA 15265 (Address of principal executive offices) (Zip Code) (412) 762-2666 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report) 2 ITEM 5. OTHER EVENTS 1993 Financial Results On January 19, 1994, PNC Bank Corp. ("Corporation") reported results of operations for the three months and twelve months ended December 31, 1993. Excerpts from the earnings press release issued by the Corporation are attached as Exhibit 28.1 and incorporated herein by reference. United Federal Bancorp, Inc. ("United") Acquisition On January 21, 1994, the Corporation completed the previously reported acquisition of United and merged United's subsidiary, United Federal Savings Bank, into PNC Bank, National Association, a wholly-owned subsidiary of the Corporation. Additional information regarding the transaction is included in the press release attached as Exhibit 28.2 and incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits The exhibits listed on the Exhibit Index on page 4 of this Form 8-K are filed herewith. 2 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PNC BANK CORP. (Registrant) Date: January 26, 1994 /s/ Robert L. Haunschild By __________________________ Robert L. Haunschild Senior Vice President, Planning/Finance 3 4 EXHIBIT INDEX 28.1 Excerpts from the earnings press release issued by the Corporation on January 19, 1994, with respect to earnings for the three months and twelve months ended December 31, 1993, filed herewith. 28.2 Press release issued by the Corporation on January 21, 1994, with respect to the consummation of the United acquisition, filed herewith. 4 EX-28.1 2 PNC 8-K EXHIBIT 28.1 1 EXHIBIT 28.1 PNC BANK CORP. AND SUBSIDIARIES Financial Highlights Page 4 (In thousands, except ratios and per share data)
-------------------------------------------------------------------------------------------------------- Three Months Ended Twelve Months Ended December 31 December 31 -------------------- -------------------- 1993 1992 1993 1992 ....................................................................................................... FINANCIAL PERFORMANCE Net interest income (taxable-equivalent basis) $470,955 $464,039 $1,868,535 $1,700,065 Income before cumulative effect of changes in accounting principles 171,434 143,542 745,263 529,440 Net income 171,434 143,542 725,870 426,939 Earnings per common share Before cumulative effect of changes in accounting principles Primary .72 .61 3.14 2.36 Fully diluted .72 .61 3.13 2.34 Net income Primary .72 .61 3.06 1.90 Fully diluted .72 .61 3.04 1.89 Cash dividends declared per common share .32 .285 1.175 1.08 Average common shares outstanding Primary 236,427 233,905 236,386 224,023 Fully diluted 238,360 236,504 238,421 227,125 Net interest margin 3.77 % 4.07 % 3.95 % 4.03 % Returns before cumulative effect of changes in accounting principles Return on average total assets 1.28 1.18 1.48 1.18 Return on average common shareholders' equity 16.52 15.74 18.89 15.03 Returns based on net income Return on average total assets 1.28 1.18 1.44 .95 Return on average common shareholders' equity 16.52 15.74 18.40 12.47 Average shareholders' equity to average total assets 7.79 7.52 7.86 7.68 Net charge-offs to average loans .60 1.23 .66 1.15 Provision for credit losses to net charge-offs 92.12 81.18 118.57 115.11 Overhead ratio 55.46 58.62 51.66 55.76 --------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- December 31 September 30 December 31 1993 1993 1992 .......................................................................................................... PERIOD-END RATIOS Capital Leverage 7.85 % 8.10 % 7.62 % Common shareholders' equity to total assets 6.93 7.84 7.23 Asset quality Nonperforming loans to total loans 1.15 1.53 2.14 Nonperforming assets to total loans and foreclosed assets 1.65 2.25 3.14 Nonperforming assets to total assets .89 1.19 1.60 Allowance for credit losses to total loans 2.92 3.43 3.47 Allowance for credit losses to nonperforming loans 253.12 223.87 162.08 BOOK VALUE PER COMMON SHARE $18.34 $17.50 $15.96 ---------------------------------------------------------------------------------------------------------
- more - 2 PNC BANK CORP. AND SUBSIDIARIES Consolidated Condensed Statement of Income Page 5 (In thousands)
----------------------------------------------------------------------------------------------- Three Months Ended Twelve Months Ended December 31 December 31 ------------------- ------------------- 1993 1992 1993 1992 ................................................................................................ INTEREST INCOME Loans and fees on loans $517,005 $486,077 $1,950,937 $1,964,248 Securities 279,858 324,965 1,203,151 1,203,643 Other 18,338 10,858 47,032 51,080 ................................................................................................ Total interest income 815,201 821,900 3,201,120 3,218,971 ................................................................................................ INTEREST EXPENSE Deposits 180,564 220,413 742,772 1,063,422 Borrowed funds 118,427 127,089 473,116 417,336 Notes and debentures 54,496 20,233 156,199 80,921 ................................................................................................ Total interest expense 353,487 367,735 1,372,087 1,561,679 ................................................................................................ Net interest income 461,714 454,165 1,829,033 1,657,292 Provision for credit losses 38,692 63,060 203,944 323,531 ................................................................................................ Net interest income less provision for credit losses 423,022 391,105 1,625,089 1,333,761 ................................................................................................ NONINTEREST INCOME Investment management and trust 70,269 63,656 273,849 260,113 Service charges, fees and commissions 117,195 94,818 403,013 360,559 Trading account profits (losses) (663) 579 6,785 1,717 Net securities gains 3,404 49,187 187,694 193,503 Other 16,125 14,716 73,908 70,884 ................................................................................................ Total noninterest income 206,330 222,956 945,249 886,776 ................................................................................................ NONINTEREST EXPENSES Compensation and benefits 173,379 176,626 685,388 668,403 Net occupancy and equipment 60,486 51,239 229,308 206,560 Other 141,784 174,820 539,030 567,452 ................................................................................................ Total noninterest expenses 375,649 402,685 1,453,726 1,442,415 ................................................................................................ Income before income taxes and cumulative effect of changes in accounting principles 253,703 211,376 1,116,612 778,122 Applicable income taxes 82,269 67,834 371,349 248,682 ................................................................................................ Income before cumulative effect of changes in accounting principles 171,434 143,542 745,263 529,440 Cumulative effect of changes in accounting principles, net of tax benefits of $5,343 and $52,804 (19,393) (102,501) ................................................................................................ Net income $171,434 $143,542 $725,870 $426,939 -----------------------------------------------------------------------------------------------
- more - 3 PNC BANK CORP. AND SUBSIDIARIES Consolidated Condensed Balance Sheet Page 6 (Dollars in millions)
--------------------------------------------------------------------------------------- December 31 December 31 1993 1992 ....................................................................................... ASSETS Cash and due from banks $1,817 $2,117 Short-term investments 856 1,165 Loans held for sale 1,392 220 Securities available for sale 11,388 7,414 Investment securities, market value of $11,716 and $13,430 11,672 13,327 Loans, net of unearned income 33,308 25,817 Allowance for credit losses (972) (897) ....................................................................................... Net loans 32,336 24,920 ....................................................................................... Other 2,619 2,217 ....................................................................................... Total assets $62,080 $51,380 --------------------------------------------------------------------------------------- LIABILITIES Deposits Noninterest-bearing $7,057 $5,890 Interest-bearing 26,058 23,580 ....................................................................................... Total deposits 33,115 29,470 ....................................................................................... Borrowed funds 16,062 14,736 Notes and debentures 5,185 1,372 Other 3,393 2,056 ....................................................................................... Total liabilities 57,755 47,634 ....................................................................................... SHAREHOLDERS' EQUITY 4,325 3,746 ....................................................................................... Total liabilities and shareholders' equity $62,080 $51,380 --------------------------------------------------------------------------------------- COMMON SHAREHOLDERS' EQUITY $4,305 $3,713 COMMON SHARES OUTSTANDING 234,705,237 232,573,253 ---------------------------------------------------------------------------------------
Effective December 31, 1993, PNC Bank Corp. adopted Statement of Financial Accounting Standards No. 115 related to accounting for and reporting of securities. As a result, shareholders' equity at December 31, 1993 includes $88 million of after-tax unrealized net securities gains. - more - 4 PNC BANK CORP. AND SUBSIDIARIES Statistical Information Page 7 AVERAGE BALANCE SHEET
-------------------------------------------------------------------------------------- Three Months Ended Twelve Months Ended December 31 December 31 -------------------- -------------------- In millions 1993 1992 1993 1992 ...................................................................................... ASSETS Loans, net of unearned income Commercial $11,096 $10,405 $10,877 $10,432 Real estate project 1,770 1,976 1,845 2,001 Real estate mortgage 5,813 3,946 4,390 3,621 Consumer 8,279 7,799 7,974 7,531 Other 925 922 873 935 .................................................................................... Total loans 27,883 25,048 25,959 24,520 .................................................................................... Securities 20,430 19,595 20,403 16,653 Other earning assets 1,527 1,017 978 1,019 .................................................................................... Total earning assets 49,840 45,660 47,340 42,192 .................................................................................... Other 3,170 2,776 2,981 2,552 .................................................................................... Total assets $53,010 $48,436 $50,321 $44,744 ------------------------------------------------------------------------------------ LIABILITIES Deposits Interest-bearing $23,981 $23,326 $23,072 $23,696 Noninterest-bearing 5,781 5,230 5,370 4,780 .................................................................................... Total deposits 29,762 28,556 28,442 28,476 .................................................................................... Borrowed funds 13,010 13,901 13,405 10,674 Notes and debentures 4,991 1,377 3,454 1,341 Other 1,119 958 1,063 817 .................................................................................... Total liabilities 48,882 44,792 46,364 41,308 .................................................................................... SHAREHOLDERS' EQUITY 4,128 3,644 3,957 3,436 .................................................................................... Total liabilities and shareholders $53,010 $48,436 $50,321 $44,744 ------------------------------------------------------------------------------------ COMMON SHAREHOLDERS' EQUITY $4,107 $3,610 $3,935 $3,401 ------------------------------------------------------------------------------------
- more - 5 PNC BANK CORP. AND SUBSIDIARIES Statistical Information (continued) Page 8 NONPERFORMING ASSETS
------------------------------------------------------------------------------------------ December 31 September 30 December 31 In millions 1993 1993 1992 .......................................................................................... NONACCRUAL LOANS Commercial $181 $219 $316 Real estate 175 193 213 .......................................................................................... Total nonaccrual loans 356 412 529 .......................................................................................... RESTRUCTURED LOANS Commercial 6 6 11 Real estate 22 2 14 .......................................................................................... Total restructured loans 28 8 25 .......................................................................................... Total nonperforming loans 384 420 554 .......................................................................................... FORECLOSED ASSETS Commercial 20 34 36 Real estate 150 167 230 .......................................................................................... Total foreclosed assets 170 201 266 .......................................................................................... Total nonperforming assets $554 $621 $820 ------------------------------------------------------------------------------------------
ALLOWANCE FOR CREDIT LOSSES
------------------------------------------------------------------------------------------- Three Months Ended Twelve Months Ended December 31 December 31 ------------------ --------------------- In millions 1993 1992 1993 1992 ........................................................................................... Beginning balance $940 $870 $897 $797 ........................................................................................... Charge-offs (63) (95) (246) (343) Recoveries 21 17 74 62 ........................................................................................... Net charge-offs (42) (78) (172) (281) ........................................................................................... Provision for credit losses 39 63 204 324 Acquisitions 35 42 43 57 ........................................................................................... Ending balance $972 $897 $972 $897 -------------------------------------------------------------------------------------------
### EX-28.2 3 PNC 8-K EXHIBIT 28.2 1 EXHIBIT 28.2 CONTACTS: MEDIA: Jonathan Williams (412) 762-4550 (o) (412) 257-3257 (h) INVESTORS: William H. Callihan (412) 762-8257 PNC BANK COMPLETES ACQUISITION OF UNITED FEDERAL BANCORP, INC. PITTSBURGH, Jan. 21, 1994--PNC Bank Corp. (NYSE: PNC) announced that its acquisition of United Federal Bancorp, Inc. (NASDAQ: UFBK), headquartered in State College, Pa., will be completed at the close of business today. Under terms of the transaction, United Federal shareholders will receive $32.50 cash per share. United Federal has 18 branch offices in seven central Pennsylvania counties and brings approximately $900 million in new assets to PNC Bank. The core of United Federal Savings Bank's branches will form a new market for PNC Bank known as PNC Bank, Central PA. It will be headed by Charles C. Pearson Jr., formerly president and chief executive officer of United Federal. "This acquisition allows us to become a market leader in fast-growing central Pennsylvania where PNC Bank previously had no presence," said Thomas H. O'Brien, chairman and chief executive officer of PNC Bank. Pearson said, "Our customers will continue to be served at all of our branches by the same helpful personnel as before, but, as a part of PNC Bank, we can now offer our customers a wider array of services and products." - more - 2 PNC Bank Completes Acquisition of United Federal Bancorp, Inc. -- Page 2 Pearson pointed to Investment Management and Trust services, expanded Corporate Banking services, and an array of retail, corporate and public finance services available through PNC Securities Corp. as examples of financial services previously unavailable through United Federal. Pearson said customers can continue to use their existing supply of checks and other materials and will be notified in advance of any future changes that may affect their accounts. In the near future, United Federal customers will be able to perform banking transactions in any of PNC Bank's Pennsylvania branches. PNC Bank Corp., headquartered in Pittsburgh, is one of the largest banking organizations in the United States. It operates more than 550 community banking offices throughout Pennsylvania, Delaware, Ohio, Kentucky and Indiana. PNC Bank's major lines of business include retail banking; corporate banking; investment management and trust; and investment banking. # # # -----END PRIVACY-ENHANCED MESSAGE-----