-----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, mUuZkzeiUx9opSzBheUegjMmvqosqh0At1Ff7z1uUmCNBDtL9QFnAhjiGgYwKs1s nXMpamcHoCR1Nkodzhookg== 0000950128-94-000116.txt : 19940706 0000950128-94-000116.hdr.sgml : 19940706 ACCESSION NUMBER: 0000950128-94-000116 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940629 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: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-09718 FILM NUMBER: 94536817 BUSINESS ADDRESS: STREET 1: ONE PNC PLAZA STREET 2: FIFTH AVE & WOOD ST CITY: PITTSBURGH STATE: PA ZIP: 15265 BUSINESS PHONE: 4127622666 MAIL ADDRESS: STREET 1: ONE PNC PLAZA STREET 2: FIFTH AVENUE & WOOD STREET CITY: PITTSBURGH STATE: PA ZIP: 15265 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 10-K/A 1 PNC 10-K/A 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K/A (Amendment No. 1) (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT 0F 1934 For the year ended December 31, 1993 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT 0F 1934 For the transition period from ____________ to ____________ Commission File Number 1-9718 PNC BANK CORP. (Exact name of registrant as specified in its charter) PENNSYLVANIA 25-1435979 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) 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) Page 1 of 42 Exhibit Index begins on page 41 2 By filing this amendment ("Amendment No. 1"), the undersigned registrant hereby amends its Annual Report on Form 10-K for the fiscal year ended December 31, 1993 ("1993 Form 10-K"), to include, as permitted by Rule 15d-21 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the financial statements and exhibits required by Form 11-K with respect to the PNC Bank Corp. Incentive Savings Plan (the "Plan"), for the year ended December 31, 1993. In accordance with Rule 12b-15 of the Exchange Act, Item 14 of Part IV of the 1993 Form 10-K is hereby amended and restated to read in its entirety as follows: PART IV Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K The following consolidated financial statements and report of independent auditors of the Corporation, included in the Annual Report to Shareholders at the page indicated, are incorporated herein by reference:
INDEX TO FINANCIAL STATEMENTS PAGE - - - ----------------------------------- ---- Report of Independent Auditors 38 Consolidated Balance Sheet as of December 31, 1993 and 1992 39 Consolidated Statement of Income for the three years ended December 31, 1993 40 Consolidated Statement of Changes in Shareholders' Equity for the three years ended December 31, 1993 41 Consolidated Statement of Cash Flows for the three years ended December 31, 1993 42 Notes to Consolidated Financial Statements 43 Quarterly Selected Financial Data 62
As permitted by Rule 15d-21 of the Exchange Act, the following financial statements of the Plan and report of independent auditors of the Plan are filed with Amendment No. 1 at the page indicated.
INDEX TO FINANCIAL STATEMENTS PAGE OF AMENDMENT NO.1 - - - ----------------------------------- -------------- Report of Independent Auditors 7 Statements of Net Assets Available for Plan Benefits 8 Statements of Changes in Net Assets Available for Plan Benefits 9 Notes to Financial Statements 10 Assets Held for Investments 20 Transactions or Series of Transactions in Excess of 5 Percent of the Fair Value of Plan Assets 39
- 2 - 3 FINANCIAL STATEMENT SCHEDULES Not applicable. REPORTS ON FORM 8-K A Current Report on Form 8-K ("Current Report") dated as of November 19, 1993, was filed on December 7, 1993, pursuant to Items 2 and 5 to report: (i) completion of the acquisition of Sears Mortgage Corporation, Sears Mortgage Securities Corporation and Sears Savings Bank, FSB, and (ii) completion of the acquisition of Gateway Fed Corporation. Also, a Current Report dated as of January 19, 1994, was filed on January 26, 1994, pursuant to Item 5 to report: (i) the Corporation's consolidated financial results for the three months and twelve months ended December 31, 1993, and (ii) completion of the acquisition of United Federal Bancorp, Inc. No pro forma financial statements were required to be filed with either such Current Report. EXHIBITS The exhibits listed below are filed herewith or are incorporated herein by reference: 3.1 Articles of Incorporation of the Corporation, as amended, filed as Exhibit 3.1 to 1993 Form 10-K. 3.2 By-Laws of the Corporation, as amended, filed as Exhibit 3.2 to 1993 Form 10-K. 4.1 Instruments defining the rights of holders of long-term debt of the Corporation and its subsidiaries are not filed as Exhibits because the amount of debt under each instrument is less than 10 percent of the consolidated assets of the Corporation. The Corporation agrees to furnish these instruments to the Commission upon request. 4.2 Designation of Series: $1.80 Cumulative Convertible Preferred Stock -- Series A, incorporated herein as part of Exhibit 3.1. 4.3 Designation of Series: $1.80 Cumulative Convertible Preferred Stock -- Series B, incorporated herein as part of Exhibit 3.1. 4.4 Designation of Series: $1.60 Cumulative Convertible Preferred Stock -- Series C, incorporated herein as part of Exhibit 3.1. 4.5 Designation of Series: $1.80 Cumulative Convertible Preferred Stock -- Series D, incorporated herein as part of Exhibit 3.1.
- 3 - 4 10.1 Supplemental Executive Retirement Income and Disability Plan of the Corporation, incorporated herein by reference to Exhibit 10.2 of the Annual Report on Form 10-K for the year ended December 31, 1990 ("1990 Form 10-K").* 10.2 Supplemental Executive Life Insurance and Spouse's Benefit Plan of the Corporation, incorporated herein by reference to Exhibit 10.3 of the 1990 Form 10-K.* 10.3 Description of the Corporation's Senior Executive Compensation Plan, incorporated herein by reference to Exhibit 10.4 of the Annual Report on Form 10-K for the year ended December 31, 1992 ("1992 Form 10-K").* 10.4 1992 Long-Term Incentive Award Plan of the Corporation, incorporated herein by reference to Exhibit 4.3 of the Registration Statement on Form S-8 at File No. 33-54960.* 10.5 1992 Director Share Incentive Plan, incorporated herein by reference to Exhibit 10.6 of the 1992 Form 10-K.* 11 Calculation of Primary and Fully Diluted Earnings Per Share, filed as Exhibit 11 to 1993 Form 10-K. 12.1 Computation of Ratio of Earnings to Fixed Charges, filed as Exhibit 12.1 to 1993 Form 10-K. 12.2 Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends, filed as Exhibit 12.2 to 1993 Form 10-K. 13 Annual Report to Shareholders for the year ended December 31, 1993, filed as Exhibit 13 to 1993 Form 10-K. Such Annual Report, except for those portions thereof that are expressly incorporated by reference herein, is furnished for information of the Securities and Exchange Commission only and is not deemed to be "filed" as part of this Form 10-K. 21 Major Subsidiaries of the Corporation, filed as Exhibit 21 to 1993 Form 10-K. 23.1 Consent of Ernst & Young, independent auditors for the Corporation, filed as Exhibit 23 to 1993 Form 10-K. 23.2 Consent of Ernst & Young, independent auditors for the Plan, filed herewith. 24 Powers of Attorney of certain directors of the Corporation, filed as Exhibit 24 to 1993 Form 10-K. - - - --------- * Management contract or compensatory plan.
- 4 - 5 Audited Financial Statements PNC Bank Corp. Incentive Savings Plan YEARS ENDED DECEMBER 31, 1993 AND 1992 WITH REPORT OF INDEPENDENT AUDITORS - 5 - 6 PNC Bank Corp. Incentive Savings Plan Audited Financial Statements Years ended December 31, 1993 and 1992 CONTENTS Report of Independent Auditors ............................................ 7 Audited Financial Statements Statements of Net Assets Available for Plan Benefits ...................... 8 Statements of Changes in Net Assets Available for Plan Benefits ........... 9 Notes to Financial Statements ............................................. 10 Assets Held for Investment ................................................ 20 Transactions or Series of Transactions in Excess of 5 Percent of the Fair Value of Plan Assets .................................................... 39
- 6 - 7 Report of Independent Auditors Administrative Committee PNC Bank Corp. Incentive Savings Plan We have audited the accompanying statements of net assets available for plan benefits of the PNC Bank Corp. Incentive Savings Plan (Plan) as of December 31, 1993 and 1992, and the related statements of changes in net assets available for plan benefits for each of the three years in the period ended December 31, 1993. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan at December 31, 1993 and 1992, and the changes in its net assets available for plan benefits for each of the three years in the period ended December 31, 1993, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1993 and transactions or series of transactions in excess of 5 percent of the fair value of plan assets for the year ended December 31, 1993, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 basic financial statements taken as a whole. /s/ Ernst & Young June 7, 1994 - 7 - 8 PNC Bank Corp. Incentive Savings Plan Statements of Net Assets Available for Plan Benefits
DECEMBER 31 1993 1992 ---------------------------- ASSETS Investments at fair value: Common stock: PNC Bank Corp. (1993 cost--$232,917,549; 1992 cost--$223,212,175) $365,889,775 $357,996,966 Other (1993 cost--$39,358,667; 1992 cost-- $33,936,507) 48,105,737 40,666,917 PNC Bank Corp. preferred stock (1993 cost-- $8,521; 1992 cost--$8,735) 39,433 39,990 Corporate debt securities (1993 cost-- $5,868,247; 1992 cost--$2,527,642) 6,134,410 2,615,323 Short-term investment funds (1993 cost-- $63,197,125; 1992 cost--$69,973,564) 63,197,125 69,973,564 U.S. Government and agency securities (1993 cost--$28,635,836; 1992 cost--$28,283,761) 30,914,648 29,949,439 Registered investment companies (1993 cost-- $20,583,368; 1992 cost--$18,850,981) 22,581,591 19,713,716 Other (1993 cost--$566,605; 1992 cost--$822,754) 572,446 830,993 Participant loans, at current outstanding principal balance 21,661,680 18,838,074 ---------------------------- Total investments 559,096,845 540,624,982 Cash -- 30,083 Contribution receivable from employer 112,818 235,860 Accrued income 887,516 864,525 ---------------------------- Total assets 560,097,179 541,755,450 LIABILITIES ESOP note payable to PNC Bank Corp. 110,000,000 130,700,000 Benefits payable to participants 6,818,078 19,871,314 ---------------------------- Net assets available for plan benefits $443,279,101 $391,184,136 ============================
SEE ACCOMPANYING NOTES. - 8 - 9 PNC Bank Corp. Incentive Savings Plan Statements of Changes in Net Assets Available for Plan Benefits
YEAR ENDED DECEMBER 31 1993 1992 1991 ---------------------------------------------- Additions: Investment income: Interest $ 5,887,262 $ 6,208,934 $ 7,195,339 Dividends: PNC Bank Corp. Common Stock 14,713,715 13,632,515 12,110,492 Other 2,030,261 1,528,626 1,027,846 ---------------------------------------------- 22,631,238 21,370,075 20,333,677 Contributions (employer): Cash 19,257,119 6,747,722 9,301,681 Noncash--PNC Bank Corp. Common Stock 107,680 1,801,951 5,264,191 Contributions (employee) 20,889,993 19,741,691 17,280,217 Contributions (rollover) 1,195,519 2,080,294 505,282 ---------------------------------------------- Total additions 64,081,549 51,741,733 52,685,048 Deductions: Payments to participants or beneficiaries 29,723,385 46,340,796 22,793,767 ESOP note interest expense 4,881,729 6,282,878 9,446,076 Distributions for terminated employees 816,667 171,898 3,269,974 Other 578,071 353,256 839,778 ---------------------------------------------- Total deductions 35,999,852 53,148,828 36,349,595 Net realized and unrealized appreciation in fair value of investments 13,113,492 66,854,463 171,750,655 Net assets received in connection with mergers 10,899,776 3,331,374 22,943,165 ---------------------------------------------- Net increase 52,094,965 68,778,742 211,029,273 Net assets available for plan benefits at beginning of year 391,184,136 322,405,394 111,376,121 ---------------------------------------------- Net assets available for plan benefits at end of year $443,279,101 $391,184,136 $322,405,394 ==============================================
SEE ACCOMPANYING NOTES. - 9 - 10 PNC Bank Corp. Incentive Savings Plan Notes to Financial Statements December 31, 1993 1. SIGNIFICANT ACCOUNTING POLICIES VALUATION Marketable securities are stated at fair value. Securities are valued at the last public sale price of the securities listed on the New York Stock Exchange. If no sales were reported, and in the case of securities traded over the counter, the last bid price at the close of business is used. The value of any security not listed or quoted on any exchange is determined by the last closing bid price, reference to the bid price of any published quotations in common use, or by the quotation of a reputable broker. For certain investments that do not have an established fair value, such value is established based on the opinion of the trustee. The fair value of the participation units in the short-term investment funds and the collective funds is based on quoted redemption values on the last business day of the plan year. Loans are valued at the amount of principal outstanding. REALIZED GAINS AND LOSSES Realized gains and losses from investment transactions are computed using the average cost method. 2. DESCRIPTION OF THE PLAN PNC Bank Corp. (PNC Bank) is the sponsor of the Incentive Savings Plan (Plan). The Plan covers substantially all eligible salaried employees of PNC Bank and subsidiaries. The Plan allows participants to contribute from 1 to 15 percent of their biweekly base compensation on a pretax 401(k) basis. PNC Bank matches 100 percent of employee contributions up to 6 percent of base compensation. Subject to Internal Revenue Service (IRS) limitations, a participant may choose to defer any discretionary cash profit sharing award into the Plan; however, this amount will not be matched by the employer. Participants are fully vested in their balances, including the employer contributions. Plan income is allocated to participants based on an average participant investment balance, on a quarterly basis. - 10 - 11 PNC Bank Corp. Incentive Savings Plan Notes to Financial Statements (continued) 2. DESCRIPTION OF THE PLAN (CONTINUED) Participants in the Plan may invest any voluntary contributions and balances rolled over from any prior plans in any of four investment options: Fund A (a common stock fund), Fund B (an intermediate-term income fund), Fund C (a short-term income fund), and/or Fund D (PNC Bank Common Stock fund). At December 31, total participants in each fund were as follows:
1993 1992 ----------------- Fund A 8,041 7,730 Fund B 7,184 7,210 Fund C 8,892 9,857 Fund D 13,604 13,639
Employer matching contributions for participants whose age is 55 years or under are made in PNC Bank Common Stock. Participants over age 55 can choose to have their matching contribution made in PNC Bank Common Stock or in cash to invest in the other three funds. The Plan has a loan feature that allows participants to borrow against their balance in accordance with the loan policies established by the Administrative Committee. Such borrowings are reflected in the Loan Fund. At December 31, 1993, the Plan was committed to fund approximately $3.6 million in participant loans, of which approximately $1.3 million represents refinancings of existing loans. Under certain circumstances, the Plan permits withdrawals by participants. Although it has not expressed an interest to do so, PNC Bank has the right under the Plan to discontinue contributions at any time and to terminate the Plan subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan includes a leveraged employee stock ownership plan (ESOP). In September 1989, the ESOP borrowed $140 million from PNC Bank and purchased approximately 7,350,000 shares of PNC Bank Common Stock through open market purchases. The unallocated shares of PNC Bank Common Stock are pledged as security on the ESOP note. The ESOP shares are used to match a portion of the employer's matching contributions to the Plan. - 11 - 12 PNC Bank Corp. Incentive Savings Plan Notes to Financial Statements (continued) 2. DESCRIPTION OF THE PLAN (CONTINUED) PNC Bank is obligated to make annual contributions sufficient to fund principal and interest payments on the ESOP note net of investment income and realized gains and losses in the unallocated ESOP fund. Shares of PNC Bank Common Stock allocated to participants totaled 572,335 in 1993 and 434,500 in 1992. During 1993, the original ESOP note was replaced with medium term fixed rate notes. The effective interest rate on the new fixed rate notes was 4.76% in 1993. Principal and interest payments are due on a semi-annual basis. The following is a schedule of debt maturities: 1994 $ -- 1995 11,400,000 1996 14,000,000 1997 16,900,000 1998 20,100,000 1999 and thereafter 47,600,000 ------------ $110,000,000 ============
At December 31, 1993, the ESOP held 5,231,028 unallocated shares of PNC Bank Common Stock with a market value of $151,699,812 and $2,882,833 in short-term investment funds. These assets will be used to match future participant contributions. 3. INVESTMENTS The Plan is comprised of investment funds representing both the employer's and the participants' contributions. Records are maintained to account for the noncontributory and the voluntary portion of each fund. - 12 - 13 PNC Bank Corp. Incentive Savings Plan Notes to Financial Statements (continued) 3. INVESTMENTS (CONTINUED) Net realized and unrealized appreciation in aggregate fair value of securities was as follows:
NET REALIZED AND UNREALIZED APPRECIATION IN FAIR VALUE FOR YEAR ENDED DECEMBER 31 -------------------------------------------- 1993 1992 1991 -------------------------------------------- Common stock $11,059,012 $65,898,182 $166,128,705 Preferred stock 420 7,310 16,503 Corporate obligations 152,902 87,682 -- U.S. Government and agency securities 759,077 2,406 1,768,692 Collective funds 1,142,081 850,644 3,836,755 Other -- 8,239 -- -------------------------------------------- $13,113,492 $66,854,463 $171,750,655 ============================================
The fair value of individual investments that represents 5 percent or more of the Plan's net assets is as follows:
DECEMBER 31 1993 1992 ----------------------------- PNC Bank Corp. Common Stock $365,889,775 $357,996,966 PNC Money Market Portfolio 63,197,125 69,973,564 PNC Index Equity Portfolio Fund 21,478,252 19,713,716
- 13 - 14 PNC Bank Corp. Incentive Savings Plan Notes to Financial Statements (continued) 3. INVESTMENTS (CONTINUED) The net assets available for plan benefits for the Plan's investment funds were as follows: December 31, 1993
COMMON INTERMEDIATE- SHORT-TERM PNC BANK STOCK- TERM FIXED FIXED INCOME- CORP. STOCK- FUND A INCOME-FUND B FUND C FUND D ------------------------------------------------------------------ Investments at fair value: Common stock: PNC Bank Corp. $ -- $ -- $ -- $155,765,635 Other 48,105,737 -- -- -- PNC Bank Corp. preferred stock -- -- -- 39,433 Corporate debt securities -- 6,134,410 -- -- Short-term investment funds 5,138,462 857,353 51,021,486 2,901,292 U.S. Government and agency securities -- 30,914,648 -- -- Collective funds 21,478,252 1,103,339 -- -- Other investments -- 472,446 100,000 -- Participant loans -- -- -- -- ------------------------------------------------------------------ Total investments 74,722,451 39,482,196 51,121,486 158,706,360 Contribution receivable from employer 36,832 28,028 47,958 -- Accrued income 98,716 631,679 134,712 9,504 Due to (from) fund 11,156 68,468 35,187 1,656,559 ------------------------------------------------------------------ Total assets 74,869,155 40,210,371 51,339,343 160,372,423 ESOP note payable -- -- -- -- Benefits payable to participants (1,435,099) (720,859) (810,118) (3,852,002) ------------------------------------------------------------------ Net assets available for plan benefits $73,434,056 $39,489,512 $50,529,225 $156,520,421 ==================================================================
PNC PNC BANK CORP. BANK CORP. ALLOCATED UNALLOCATED LOAN ESOP FUND ESOP FUND FUND TOTAL ------------------------------------------------------------------ Investments at fair value: Common stock: PNC Bank Corp. $58,424,328 $ 151,699,812 $ -- $ 365,889,775 Other -- -- -- 48,105,737 PNC Bank Corp. preferred stock -- -- -- 39,433 Corporate debt securities -- -- -- 6,134,410 Short-term investment funds -- 2,882,834 395,698 63,197,125 U.S. Government and agency securities -- -- -- 30,914,648 Collective funds -- -- -- 22,581,591 Other investments -- -- -- 572,446 Participant loans -- -- 21,661,680 21,661,680 ------------------------------------------------------------------ Total investments 58,424,328 154,582,646 22,057,378 559,096,845 Contribution receivable from employer -- -- -- 112,818 Accrued income 2,866 9,342 697 887,516 Due to (from) fund 3,473,684 (5,116,852) (128,202) -- ------------------------------------------------------------------ Total assets 61,900,878 149,475,136 21,929,873 560,097,179 ESOP note payable -- (110,000,000) -- (110,000,000) Benefits payable to participants -- -- -- (6,818,078) ------------------------------------------------------------------ Net assets available for plan benefits $61,900,878 $ 39,475,136 $21,929,873 $ 443,279,101 ==================================================================
- 14 - 15 PNC Bank Corp. Incentive Savings Plan Notes to Financial Statements (continued) 3. INVESTMENTS (CONTINUED) The net assets available for plan benefits for the Plan's investment funds were as follows: December 31, 1992
COMMON INTERMEDIATE- SHORT-TERM PNC BANK STOCK- TERM FIXED FIXED INCOME- CORP. STOCK- FUND A INCOME-FUND B FUND C FUND D ------------------------------------------------------------------ Investments at fair value: Common stock: PNC Bank Corp. $ -- $ -- $ -- $150,298,713 Other 40,666,917 -- -- -- PNC Bank Corp. preferred stock -- -- -- 39,990 Corporate debt securities -- 2,615,323 -- -- Short-term investment funds 2,822,260 1,794,472 58,214,736 4,142,023 U.S. Government and agency securities -- 29,949,439 -- -- Collective funds 19,713,716 -- -- -- Other investments -- 830,993 -- -- Participant loans -- -- -- -- ------------------------------------------------------------------ Total investments 63,202,893 35,190,227 58,214,736 154,480,726 Cash -- -- 30,083 -- Contribution receivable from employer 68,778 55,671 111,411 -- Accrued income 95,238 611,658 142,526 8,543 Due to (from) fund 271,693 185,981 373,632 1,199,338 ------------------------------------------------------------------ Total assets 63,638,602 36,043,537 58,872,388 155,688,607 ESOP note payable -- -- -- -- Benefits payable to participants (3,590,228) (2,060,038) (5,626,374) (8,594,674) ------------------------------------------------------------------ Net assets available for plan benefits $60,048,374 $33,983,499 $53,246,014 $147,093,933 ==================================================================
PNC PNC BANK CORP. BANK CORP. ALLOCATED UNALLOCATED LOAN ESOP FUND ESOP FUND FUND TOTAL ------------------------------------------------------------------ Investments at fair value: Common stock: PNC Bank Corp. $35,536,251 $ 172,162,002 $ -- $ 357,996,966 Other -- -- -- 40,666,917 PNC Bank Corp. preferred stock -- -- -- 39,990 Corporate debt securities -- -- -- 2,615,323 Short-term investment funds -- 1,519,864 1,480,209 69,973,564 U.S. Government and agency securities -- -- -- 29,949,439 Collective funds -- -- -- 19,713,716 Other investments -- -- -- 830,993 Participant loans -- -- 18,838,074 18,838,074 ------------------------------------------------------------------ Total investments 35,536,251 173,681,866 20,318,283 540,624,982 Cash -- -- -- 30,083 Contribution receivable from employer -- -- -- 235,860 Accrued income -- 4,132 2,428 864,525 Due to (from) fund 8,544,263 (9,322,584) (1,252,323) -- ------------------------------------------------------------------ Total assets 44,080,514 164,363,414 19,068,388 541,755,450 ESOP note payable -- (130,700,000) -- (130,700,000) Benefits payable to participants -- -- -- (19,871,314) ------------------------------------------------------------------ Net assets available for plan benefits $44,080,514 $ 33,663,414 $19,068,388 $ 391,184,136 ==================================================================
- 15 - 16 PNC Bank Corp. Incentive Savings Plan Notes to Financial Statements (continued) 3. INVESTMENTS (CONTINUED) The changes in net assets available for plan benefits for the Plan's investment funds were as follows: Year ended December 31, 1993
COMMON INTERMEDIATE- SHORT-TERM PNC BANK STOCK- TERM FIXED FIXED INCOME- CORP. STOCK- FUND A INCOME-FUND B FUND C FUND D ------------------------------------------------------------------ Net assets available for plan benefits at December 31, 1992 $60,048,374 $33,983,499 $53,246,014 $147,093,933 Additions: Interest and dividends 2,129,796 2,469,705 1,732,255 6,288,509 Contributions: Employer 310,953 227,374 418,800 107,680 Employee 6,330,784 3,782,203 5,157,880 5,619,126 Rollover 476,369 304,357 71,788 343,005 Loan activity: Loans paid out (3,285,473) (2,380,354) (3,719,025) (6,404,848) Principal payments transferred 1,193,524 759,103 1,351,381 1,792,617 Loan payoffs transferred 1,311,797 979,199 1,698,328 2,532,702 Interest payments transferred 312,661 200,723 337,622 483,615 Short-term investment fund interest transferred 1,784 1,123 1,960 2,844 Other -- -- -- -- Deductions: Payments to participants or beneficiaries (3,756,531) (2,341,777) (7,482,584) (14,889,245) Net transfers 2,356,881 (42,053) (6,054,620) 4,556,459 ESOP activity: Interest expense -- -- -- -- Other ESOP activity -- -- -- 48,180 Net realized and unrealized appreciation 5,494,419 880,658 -- 2,989,964 Acquisitions 508,718 665,752 3,769,426 5,955,880 ------------------------------------------------------------------ Net assets available for plan benefits at December 31, 1993 $73,434,056 $39,489,512 $50,529,225 $156,520,421 ==================================================================
PNC PNC BANK CORP. BANK CORP. ALLOCATED UNALLOCATED LOAN ESOP FUND ESOP FUND FUND TOTAL ------------------------------------------------------------------ Net assets available for plan benefits at December 31, 1992 $44,080,514 $ 33,663,414 $19,068,388 $391,184,136 Additions: Interest and dividends 1,672,651 6,979,883 1,358,439 22,631,238 Contributions: Employer -- 18,299,992 -- 19,364,799 Employee -- -- -- 20,889,993 Rollover -- -- -- 1,195,519 Loan activity: Loans paid out -- -- 15,789,700 -- Principal payments transferred -- -- (5,096,625) -- Loan payoffs transferred -- -- (6,522,026) -- Interest payments transferred -- -- (1,334,621) -- Short-term investment fund interest transferred -- -- (7,711) -- Other -- -- (578,071) (578,071) Deductions: Payments to participants or beneficiaries (1,322,315) -- (747,600) (30,540,052) Net transfers (2,486,698) 1,670,031 -- -- ESOP activity: Interest expense -- (4,881,729) -- (4,881,729) Other ESOP activity 19,308,995 (19,357,175) -- -- Net realized and unrealized appreciation 647,731 3,100,720 -- 13,113,492 Acquisitions -- -- -- 10,899,776 ------------------------------------------------------------------ Net assets available for plan benefits at December 31, 1993 $61,900,878 $ 39,475,136 $21,929,873 $443,279,101 ==================================================================
- 16 - 17 PNC Bank Corp. Incentive Savings Plan Notes to Financial Statements (continued) 3. INVESTMENTS (CONTINUED) The changes in net assets available for plan benefits for the Plan's investment funds were as follows: Year ended December 31, 1992
COMMON INTERMEDIATE- SHORT-TERM PNC BANK STOCK- TERM FIXED FIXED INCOME- CORP. STOCK- FUND A INCOME-FUND B FUND C FUND D ------------------------------------------------------------------ Net assets available for plan benefits at December 31, 1991 $52,947,628 $32,321,056 $ 58,399,414 $128,523,049 Additions: Interest and dividends 1,628,741 2,415,966 2,174,428 5,847,900 Contributions: Employer 368,439 303,088 676,195 1,801,951 Employee 5,419,629 3,733,205 6,087,576 4,501,281 Rollover 702,350 747,909 414,115 215,920 Loan activity: Loans paid out (3,132,381) (2,092,846) (4,312,317) (6,156,456) Principal payments transferred 1,666,148 1,226,071 2,598,192 2,904,229 Interest payments transferred 281,672 198,846 406,466 446,412 Short-term investment fund interest transferred 5,302 4,021 8,711 8,743 Other -- -- -- -- Deductions: Payments to participants or beneficiaries (6,521,333) (4,831,405) (12,831,657) (20,846,468) Net transfers 3,203,637 (653,315) (1,423,860) (1,175,759) ESOP activity: Interest expense -- -- -- -- ESOP payouts -- -- -- 2,156,056 Other ESOP activity -- -- -- 82,073 Distributions for terminated employees (4,315) (11,775) (51,106) (93,762) Net realized and unrealized appreciation (depreciation) 2,968,057 (1,750) -- 27,786,475 Acquisitions 514,800 624,428 1,099,857 1,092,289 ------------------------------------------------------------------ Net assets available for plan benefits at December 31, 1992 $60,048,374 $33,983,499 $ 53,246,014 $147,093,933 ==================================================================
PNC PNC BANK CORP. BANK CORP. ALLOCATED UNALLOCATED LOAN ESOP FUND ESOP FUND FUND TOTAL ------------------------------------------------------------------ Net assets available for plan benefits at December 31, 1991 $23,336,176 $ 14,040,264 $12,837,807 $322,405,394 Additions: Interest and dividends 1,173,811 6,769,419 1,359,810 21,370,075 Contributions: Employer -- 5,400,000 -- 8,549,673 Employee -- -- -- 19,741,691 Rollover -- -- -- 2,080,294 Loan activity: Loans paid out -- -- 15,694,000 -- Principal payments transferred -- -- (8,394,640) -- Interest payments transferred -- -- (1,333,396) -- Short-term investment fund interest transferred -- -- (26,777) -- Other -- -- (353,256) (353,256) Deductions: Payments to participants or beneficiaries (545,476) -- (764,457) (46,340,796) Net transfers 323,107 (323,107) 49,297 -- ESOP activity: Interest expense -- (6,282,878) -- (6,282,878) ESOP payouts (2,156,056) -- -- -- Other ESOP activity 16,036,279 (16,118,352) -- -- Distributions for terminated employees (10,940) -- -- (171,898) Net realized and unrealized appreciation (depreciation) 5,923,613 30,178,068 -- 66,854,463 Acquisitions -- -- -- 3,331,374 ------------------------------------------------------------------ Net assets available for plan benefits at December 31, 1992 $44,080,514 $ 33,663,414 $19,068,388 $391,184,136 ==================================================================
- 17 - 18 PNC Bank Corp. Incentive Savings Plan Notes to Financial Statements (continued) 3. INVESTMENTS (CONTINUED) The changes in net assets available for plan benefits for the Plan's investment funds were as follows: Year ended December 31, 1991
COMMON INTERMEDIATE- SHORT-TERM PNC BANK STOCK- TERM FIXED FIXED INCOME- CORP. STOCK- FUND A INCOME-FUND B FUND C FUND D ------------------------------------------------------------------ Net assets available for plan benefits at December 31, 1990 $36,007,663 $25,305,511 $51,483,692 $ 48,455,316 Additions: Interest and dividends 1,181,244 1,958,672 3,672,798 4,493,298 Contributions: Employer 326,160 298,411 752,117 5,264,191 Employee 3,990,953 3,238,434 6,178,111 3,872,719 Rollover 165,780 85,229 135,597 118,676 Loan activity: Loans paid out (1,685,913) (1,301,287) (2,814,448) (3,316,253) Principal payments transferred 1,186,102 847,674 2,040,665 2,667,196 Interest payments transferred 201,268 155,353 378,641 405,727 Short-term investment fund interest transferred 2,082 1,502 3,825 4,663 Other -- -- -- -- Deductions: Payments to participants or beneficiaries (3,012,009) (2,781,261) (7,883,825) (9,082,657) Net transfers 449,700 207,044 652,249 (1,308,989) ESOP activity: Interest expense -- -- -- -- ESOP payouts -- -- -- 967,559 Other ESOP activity -- -- -- 102,035 Distributions for terminated employees (392,363) (492,197) (1,106,503) (676,848) Net realized and unrealized appreciation 11,014,922 1,878,997 -- 65,546,098 Acquisitions 3,512,039 2,918,974 4,906,495 11,010,318 ------------------------------------------------------------------ Net assets available for plan benefits at December 31, 1991 $52,947,628 $32,321,056 $58,399,414 $128,523,049 ==================================================================
PNC PNC BANK CORP. BANK CORP. ALLOCATED UNALLOCATED LOAN ESOP FUND ESOP FUND FUND TOTAL ------------------------------------------------------------------ Net assets available for plan benefits at December 31, 1990 $ 5,450,339 $(66,032,381) $10,705,981 $111,376,121 Additions: Interest and dividends 677,244 7,197,359 1,153,062 20,333,677 Contributions: Employer -- 7,924,993 -- 14,565,872 Employee -- -- -- 17,280,217 Rollover -- -- -- 505,282 Loan activity: Loans paid out -- -- 9,117,901 -- Principal payments transferred -- -- (6,741,637) -- Interest payments transferred -- -- (1,140,989) -- Short-term investment fund interest transferred -- -- (12,072) -- Other -- -- (839,778) (839,778) Deductions: Payments to participants or beneficiaries (34,015) -- -- (22,793,767) Net transfers (64,797) 64,793 -- -- ESOP activity: Interest expense -- (9,446,076) -- (9,446,076) ESOP payouts (610,274) (357,285) -- -- Other ESOP activity 9,712,176 (9,814,211) -- -- Distributions for terminated employees (602,063) -- -- (3,269,974) Net realized and unrealized appreciation 8,807,566 84,503,072 -- 171,750,655 Acquisitions -- -- 595,339 22,943,165 ------------------------------------------------------------------ Net assets available for plan benefits at December 31, 1991 $23,336,176 $ 14,040,264 $12,837,807 $322,405,394 ==================================================================
- 18 - 19 PNC Bank Corp. Incentive Savings Plan Notes to Financial Statements (continued) 4. TRANSACTIONS WITH PARTIES-IN-INTEREST The Investment Management and Trust Division of PNC Bank, N.A., a wholly owned subsidiary of PNC Bank, administers the Plan, maintains discretionary investment power, and is the safekeeping agent. PNC Bank pays administrative costs incurred by the Plan. The Investment Management and Trust Division of PNC Bank, Ohio, N.A., a wholly owned subsidiary of PNC Bank, administers the ESOP portion of the Plan. 5. INCOME TAX STATUS The Plan has not yet requested a letter of determination from the IRS to qualify under Section 401(a) of the Internal Revenue Code (Code) and to exempt the trust from taxation under Section 501(a) of the Code. Each predecessor plan had received a favorable ruling from the IRS. The Plan Administrator expects to request a letter of determination in 1994 and is not aware of any events or actions that have occurred in the operation of the Plan that would result in its disqualification. - 19 - 20 PNC Bank Corp. Incentive Savings Plan Assets Held for Investment December 31, 1993 COMMON STOCK-FUND A
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - ------------------------------------------------------------------------------------------- # OF SHARES Common Stock - - - ------------ Arco Chemical Co 5,200 $ 193,427 $ 224,900 Allied Signal Inc 3,400 142,164 268,600 Alltel Corp 17,000 479,485 501,500 Ambac Inc 8,100 268,488 340,200 Amerada Hess Corp 9,500 399,366 428,688 American Electric Power Inc 9,000 245,147 334,125 American General Corp 8,000 150,875 229,000 American Home Products Corp 6,000 385,706 388,500 American International Group 10,200 579,656 895,050 American Telephone & Telegraph 9,000 402,165 472,500 AMP Inc 8,000 423,182 505,000 AON Corp 6,000 152,298 290,250 Arrow Electronics Inc 12,000 468,756 501,000 Atlantic Richfield Co 2,600 264,323 273,650 Beckman Instruments Inc New 19,000 333,105 520,125 Bell Atlantic Corp 8,000 378,010 474,000 Bellsouth Corp 11,000 565,447 638,000 Boeing Co 26,000 1,020,675 1,124,500 Bowater Inc 5,000 120,890 115,000 Bristol Myers Squibb Co 14,200 851,735 827,150 British Airways PLC ADR 14,100 691,730 937,650 British Petroleum PLC 5,000 266,974 320,000 Champion International Corp 5,000 170,243 166,875 Chubb Corp 10,800 839,629 841,050 Comerica Inc 12,000 328,903 319,500 Consolidated Rail Corp 2,200 34,659 147,125 Corestates Financial Corp 11,000 213,174 287,375 Dean Witter Discover & Co 7,761 304,317 268,725 Delta Air Lines Inc 3,000 189,282 163,875 Diamond Shamrock Inc 12,900 310,543 312,825 Dow Chemical Co 4,600 276,169 261,050 Dupont E I De Nemours & Co 17,525 807,910 845,581 Dun & Bradstreet Corp 10,000 505,343 616,250 Emerson Electric Co 8,000 466,560 482,000
- 20 - 21 Assets Held for Investment (continued)
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - ------------------------------------------------------------------------------------ Exxon Corp 12,200 694,299 770,125 FPL Group Inc 10,000 366,640 391,250 Federal National Mortgage Assn 7,000 398,559 549,500 Federal Paper Board Co Inc 6,500 117,458 138,125 Fingerhut Cos Inc 15,800 133,617 444,375 First Brands Corp 8,096 215,102 279,312 First Chicago Corp 14,300 416,355 618,475 Ford Motor Co 16,400 760,275 1,057,800 General Electric Co 9,600 635,764 1,006,800 General Motors Corp 10,000 380,557 548,750 General Motors Corp Class E 14,000 418,278 409,500 Hewlett-Packard Co 2,200 121,416 173,800 IMC Fertilizer Group Inc 12,400 464,130 562,650 ITT Corp 2,800 157,899 255,500 INCO Ltd 6,000 144,063 161,250 International Business Machines 8,300 660,852 468,950 International Paper Co 8,700 552,380 589,425 Johnson & Johnson 12,000 386,430 538,500 K Mart Corp 10,700 190,366 230,050 Kaufman & Broad Home Corp 11,000 120,940 261,250 Lilly Eli & Co 6,200 312,243 368,125 Lubrizol Corp 33,000 1,000,729 1,126,125 MBIA Inc 4,100 143,572 257,787 MCI Communications Corp 29,000 475,915 819,250 Mercantile Stores Inc 13,000 452,777 471,250 Merck & Co Inc 23,950 752,099 823,281 Meridian Bancorp Inc 29,000 680,914 826,500 Michigan National Corp 7,000 245,880 402,500 Minnesota Mining & Manufacturing 4,000 364,190 435,000 Mobil Corp 10,000 696,758 791,250 Monsanto Co 16,200 939,829 1,188,675 Morgan, J P & Co Inc 7,000 401,450 485,625 Motorola Inc 5,000 201,058 461,250 Nationsbank Corp 15,000 726,756 735,000 Norfolk Southern Corp 6,000 156,930 423,000 Nynex Corp 5,500 217,310 220,687 Ohio Edison Co 16,700 323,718 379,925 PPG Industries Inc 6,000 395,830 455,250 Phelps Dodge Corp 8,300 286,386 404,625 Philadelphia Electric Co 14,000 287,570 423,500 Philip Morris Companies Inc 8,000 553,597 445,000 Phillips Petroleum Co 7,200 180,310 208,800
- 21 - 22 Assets Held for Investment (continued)
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - -------------------------------------------------------------------------------------------- Primerica Corp New 10,000 444,550 388,750 Public Service Enterprise Group Inc 7,000 183,741 224,000 Reynolds Metals Co 13,000 648,594 589,875 Rochester Gas & Electric Corp 10,000 172,150 262,500 Royal Dutch Petroleum Co 5,200 404,001 542,750 Schlumberger Ltd 7,000 406,326 413,875 Scott Paper Co 4,500 158,424 185,063 Sears Roebuck & Co 4,300 137,647 227,362 Smithkline Beecham PLC 5,200 86,702 142,350 Societe Nationale Elf Aquitaine 16,000 488,383 566,000 Southern Co 4,500 108,904 198,563 Stratus Computer Inc 16,000 469,985 502,000 TIG Holdings 20,000 445,580 460,000 T R W Inc 9,000 484,470 623,250 Tenneco Inc 16,500 712,989 868,313 Texaco Inc 8,000 473,184 518,000 Toys R Us Incorporated 12,500 335,511 510,938 UST Inc 10,100 257,025 280,275 Ultramar PLC 12,500 187,672 317,187 Unilever NV 4,000 407,064 462,000 Union Pacific Corp 9,000 328,406 563,625 U S West Inc 10,000 274,189 458,750 United Technologies Corp 8,900 421,597 551,800 Unocal Corp 16,000 471,408 446,000 WD 40 Co 4,200 147,000 201,600 Wal-Mart Stores Inc 10,000 105,146 250,000 Whirlpool Corp 1,500 42,906 99,750 Xerox Corp 3,600 193,576 321,750 ------------------------------------ 39,358,667 48,105,737 Short-Term Investment Funds - - - --------------------------- PNC Money Market Portfolio 5,138,462 units 5,138,462 5,138,462 Registered Investment Companies - - - ------------------------------- PNC Index Equity Portfolio Fund 1,940,222 units 19,473,413 21,478,252 ------------------------------------ TOTAL COMMON STOCK-FUND A 63,970,542 74,722,451
- 22 - 23 Assets Held for Investment (continued) INTERMEDIATE-TERM FIXED INCOME-FUND B
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - ---------------------------------------------------------------------------------------------- U.S. Government and Agency Securities - - - -------------------------------------- Federal Home Loan Banks 2,500,000 par 2,500,000 2,663,275 Cons Bd 6.99% Due 04/25/1997 Federal Home Loan Mtg Corp 238,030 par 233,865 257,815 Group #360044 10.00% Due 01/01/2019 Federal Home Loan Mtg Corp 254,125 par 252,457 267,863 Group #380025 9.50% Due 07/01/2003 Federal Home Loan Mtg Corp 459,157 par 456,144 483,979 Group #380062 9.50% Due 11/01/2004 Federal Home Loan Mtg Corp 483,983 par 480,807 510,147 Group #380066 9.50% Due 01/01/2005 Federal National Mtg Assn 3,000,000 Par 2,038,800 2,560,320 Prin Strips Prin Pmt on 7.89% Due 03/09/2002 Federal National Mtg Assn 2,000,000 par 2,075,625 2,296,240 DEB SER 90 8.25% Due 12/18/2000 Federal National Mtg Assn 2,500,000 par 2,546,094 2,706,250 DEB SER 87 7.60% Due 01/10/1997 Federal National Mtg Assn 1,000,000 par 999,375 1,021,250 DEB SER 92 6.20% Due 01/10/1997
- 23 - 24 Assets Held for Investment (continued)
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - --------------------------------------------------------------------------------------------- Federal National Mtg Assn 1,500,000 par 1,511,719 1,654,680 7.55% Due 04/22/2002 Federal National Mtg Assn 1,000,000 par 995,000 1,042,500 7.30% Due 07/10/2002 Federal National Mtg Assn l,000,000 par 998,125 1,042,500 DEB 6.95% Due 09/10/2002 Federal National Mtg Assn 1,000,000 par 1,015,937 1,067,500 DEB 7.05% Due 11/12/2002 Federal National Mtg Assn 3,000,000 par 3,004,531 3,011,250 DEB 6.40% Due 03/25/2003 Federal National Mtg Assn 800,000 par 799,625 771,000 DEB 5.45% Due 10/10/2003 Government Natl Mtg Assn 280,869 par 266,825 305,004 POOL #164012 9.50% Due 09/15/2016 Government Natl Mtg Assn 620,512 par 614,113 663,557 POOL #251867 9.00% Due 07/15/2018 US Treasury Notes 1,000,000 par 1,003,828 1,075,940 8.625% Due 10/15/1995 US Treasury Notes 1,000,000 par 1,030,938 1,157,190 8.875% Due 11/15/1998 US Treasury Notes 1,000,000 par 1,017,969 1,022,190 9.50% Due 05/15/1994 US Treasury Notes 1,000,000 par 994,760 1,031,090 8.625% Due 08/15/1994
- 24 - 25 Assets Held for Investment (continued)
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - -------------------------------------------------------------------------------------------- US Treasury Notes 1,000,000 par 996,250 1,081,720 7.875% Due 07/15/1996 US Treasury Notes 1,300,000 par 1,283,479 1,469,208 8.00% Due 08/15/1999 US Treasury Notes 1,500,000 par 1,519,570 1,752,180 8.50% Due 11/15/2000 -------------------------------- 28,635,836 30,914,648 Corporate Debt Securities - - - ------------------------- Consol Natural Gas Co 1,000,000 par 983,750 970,230 DEB 5.75% Due 08/01/2003 Federal Natl Mtg Assoc 400,000 par 395,375 411,000 DEB SER 89 9.15% Due 09/10/1999 Ford Mtr Cr Corp 2,000,000 par 1,961,480 1,967,400 NTS 6.375% Due 12/15/2005 General Motors Corp Note 750,000 par 749,820 794,910 7.625% Due 02/15/1997 Scott Paper Co Deb 1,795,000 par 1,777,822 1,990,870 8.30% Due 03/15/2004 -------------------------------- 5,868,247 6,134,410 Other Investments - - - ----------------- GMAC 1991-C Grantor Tr 467,481 par 466,605 472,446 Asset Backed CTF 5.70% Due 12/15/1996
- 25 - 26 Assets Held for Investment (continued) Short-Term Investment Funds - - - --------------------------- PNC Money Market Portfolio 857,353 units 857,353 857,353 Registered Investment Companies - - - ------------------------------- PNC Short-Term Bond Portfolio 111,000 par 1,109,955 1,103,339 ------------------------------ TOTAL INTERMEDIATE-TERM FIXED INCOME-FUND B 36,937,996 39,482,196
- 26 - 27 Assets Held for Investment (continued) SHORT-TERM FTXED INCOME-FUND C
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - ------------------------------------------------------------------------------------------ Other Investments - - - ----------------- First Fed S/L Harrisburg CD 100,000 par 100,000 100,000 #4019 DTD 01/06/1992 5.65% Due 01/06/1994 --------------------------- 100,000 100,000 Short-Term Investment Funds - - - --------------------------- PNC Money Market Portfolio 51,021,486 units 51,021,486 51,021,486 --------------------------- TOTAL SHORT-TERM FIXED INCOME-FUND C 51,121,486 51,121,486
- 27 - 28 Assets Held for Investment (continued) PNC BANK CORP. STOCK-FUND D
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - ---------------------------------------------------------------------------------------- Common Stock - - - ------------ PNC Bank Corp. 5,371,229 shares 94,161,300 155,765,635 Preferred Stock - - - --------------- PNC Bank Corp. 839 shares 8,521 39,433 Short-Term Investment Funds - - - --------------------------- PNC Money Market Portfolio 2,901,292 units 2,901,292 2,901,292 ----------------------------- TOTAL PNC BANK CORP. STOCK-FUND D 97,071,113 158,706,360
- 28 - 29 Assets Held for Investment (continued) ESOP ACCOUNT
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - -------------------------------------------------------------------------------- Common Stock - - - ------------ PNC Bank Corp.: Allocated Account 2,014,632 shares 39,566,759 58,424,328 Unallocated Account 5,231,028 shares 99,189,490 151,699,812 --------------------------- 138,756,249 210,124,140 Short-Term Investment Funds - - - --------------------------- PNC Money Market Portfolio 2,882,834 units 2,882,834 2,882,834 --------------------------- TOTAL ESOP ACCOUNT 141,639,083 213,006,974
- 29 - 30 Assets Held for Investment (continued) LOAN FUND
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - --------------------------------------------------------------------------------------------- Participant Loans Installment Loans - - - ----------------- 89-01 661,800 par 963 963 Effective January, 1989 10.50% 89-02 550,800 par 148 148 Effective February, 1989 10.50% 89-03 CFC 361,950 par 1,015 1,015 Citizens Fidelity Corp Effective February, 1989 10.50% CFC-88 2,742,862 par 80 80 Citizens Fidelity Corp Effective February, 1989 At Various Rates 89-03 420,900 par 1,177 1,177 Effective March, 1989 11.50% 89-04 551,700 par 2,454 2,454 Effective April, 1989 11.50% 89-05 890,900 par 28,085 28,085 Effective May, 1989 11.50% 89-06 694,100 par 12,826 12,826 Effective June, 1989 11.50%
- 30 - 31 Assets Held for Investment (continued)
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - ------------------------------------------------------------------------------------------- 89-07 549,800 par 13,219 13,219 Effective July, 1989 11.00% 89-08 869,400 par 8,319 8,319 Effective August, 1989 10.50% 89-09 1,472,600 par 20,030 20,030 Effective September, 1989 10.50% 89-10 328,800 par 1,077 1,077 Effective October, 1989 10.50% 89-11 348,800 par 14,566 14,566 Effective November, 1989 10.50% 89-12 262,800 par 5,605 5,605 Effective December, 1989 10.50% 90-01 328,500 par 20,931 20,931 Effective January, 1990 10.50% 90-02 603,800 par 16,883 16,883 Effective February, 1990 10.00% 90-03 464,800 par 15,234 15,234 Effective March, 1990 10.00% 90-04 408,900 par 37,592 37,592 Effective April, 1990 10.00%
- 31 - 32 Assets Held for Investment (continued)
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - -------------------------------------------------------------------------------------------- 90-05 700,300 par 36,279 36,279 Effective May, 1990 10.00% 90-06 537,100 par 39,607 39,607 Effective June, 1990 10.00% 90-07 489,100 par 10,682 10,682 Effective July, 1990 10.00% 90-08 559,800 par 46,000 46,000 Effective August, 1990 10.00% 90-09 979,000 par 43,663 43,663 Effective September, 1990 10.00% 90-10 423,000 par 12,609 12,609 Effective October, 1990 10.00% 90-11 442,500 par 16,273 16,273 Effective November, 1990 10.00% 90-12 232,200 par 22,907 22,907 Effective December, 1990 10.00% BOD-90 595,341 par 38,751 38,751 Bank of Delaware Effective January, 1991 At various rates 91-01 418,100 par 41,361 41,361 Effective January, 1991 10.00%
- 32 - 33 Assets Held for Investment (continued)
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - -------------------------------------------------------------------------------------------- 91-02 643,300 par 33,602 33,602 Effective February, 1991 9.50% 91-03 714,000 par 58,888 58,888 Effective March, 1991 9.00% 91-04 572,900 par 67,278 67,278 Effective April, 1991 9.00% 91-05 1,270,800 par 119,601 119,601 Effective May, 1991 9.00% 91-06 955,200 par 81,306 81,306 Effective June, 1991 8.50% 91-07 954,400 par 143,715 143,715 Effective July, 1991 8.50% 91-08 1,507,100 par 195,534 195,534 Effective August, 1991 8.50% 91-09 1,579,700 par 267,452 267,452 Effective September, 1991 8.50% 91-12 2,235,000 par 482,123 482,123 Effective December, 1991 8.00% CCNB92-1 114,275 par 58,168 58,168 Effective January, 1992 At various rates
- 33 - 34 Assets Held for Investment (continued)
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - ------------------------------------------------------------------------------------------- CCNB92-2 15,991 par 8,767 8,767 Effective February, 1992 At various rates 92-03 3,962,900 par 1,275,162 1,275,162 Effective March, 1992 6.50% 92-06 3,931,400 par 1,320,558 1,320,558 Effective June, 1992 6.50% 92-09 4,333,500 par 1,960,098 1,960,098 Effective September, 1992 6.50% 92-12 2,505,000 par 1,814,571 1,814,571 Effective December, 1992 6.00% 93-03 3,459,000 par 2,638,366 2,638,366 Effective March, 1993 6.00% 93-03-X 16,600 par 15,727 15,727 Effective March, 1993 6.00% 93-06 4,122,800 par 3,621,476 3,621,476 Effective June, 1993 6.00% 93-06-X 1,000 par 817 817 Effective June, 1993 6.00% 93-09 4,667,500 par 4,464,449 4,464,449 Effective September, 1993 6.00% ------------------------------- 19,135,994 19,135,994
- 34 - 35 Assets Held for Investment (continued)
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - ------------------------------------------------------------------------------------------- Mortgage Loans - - - -------------- 89-01-M 15,000 par 8,239 8,239 Effective January, 1989 10.50% 89-03CFC-M 41,300 par 15,205 15,205 Citizens Fidelity Corp. Effective February, 1989 10.50% CFC88-M 349,104 par 19,450 19,450 Citizens Fidelity Corp. Effective February, 1989 At various rates 89-03-M 19,700 par 3,789 3,789 Effective March, 1989 11.50% 89-04-M 42,900 par 12,176 12,176 Effective April, 1989 11.50% 89-05-M 59,700 par 1,702 1,702 Effective May, 1989 11.50% 89-06-M 85,300 par 12,802 12,802 Effective June, 1989 11.50% 89-07-M 19,000 par 6,386 6,386 Effective July, 1989 11.00% 89-08-M 72,400 par 12,768 12,768 Effective August, 1989 10.50%
- 35 - 36 Assets Held for Investment (continued)
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - ------------------------------------------------------------------------------------------- 89-09-M 119,900 par 50,767 50,767 Effective September, 1989 10.50% 89-12-M 4,600 par 3,314 3,314 Effective December, 1989 10.50% 90-02-M 12,800 par 10,393 10,393 Effective February, 1990 10.00% 90-03-M 88,100 par 32,309 32,309 Effective March, 1990 10.00% 90-04-M 66,600 par 24,309 24,309 Effective April, 1990 10.00% 90-05-M 38,700 par 10,961 10,961 Effective May, 1990 10.00% 90-06-M 41,000 par 20,329 20,329 Effective June, 1990 10.00% 90-07-M 49,500 par 7,592 7,592 Effective July, 1990 10.00% 90-08-M 80,200 par 70,029 70,029 Effective August, 1990 10.00% 90-09-M 33,700 par 26,725 26,725 Effective September, 1990 10.00%
- 36 - 37 Assets Held for Investment (continued)
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - ------------------------------------------------------------------------------------------- 90-10-M 6,400 par 3,218 3,218 Effective October, 1990 10.00% 90-12-M 11,200 par 10,094 10,094 Effective December, 1990 10.00% 91-02-M 83,400 par 71,664 71,664 Effective February, 1991 9.50% 91-03-M 58,700 par 30,425 30,425 Effective March, 1991 9.00% 91-04-M 59,000 par 37,684 37,684 Effective April, 1991 9.00% 91-05-M 57,000 par 36,721 36,721 Effective May, 1991 9.00% 91-07-M 118,700 par 61,731 61,731 Effective July, 1991 8.50% 91-08-M 60,100 par 36,497 36,497 Effective August, 1991 8.50% 91-09-M 42,800 par 34,979 34,979 Effective September, 1991 8.50% 91-12-M 92,200 par 64,685 64,685 Effective December, 1991 8.00%
- 37 - 38 Assets Held for Investment (continued)
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE - - - ------------------------------------------------------------------------------------------- 92-09-M 287,300 par 251,829 251,829 Effective September, 1992 6.50% 92-03-M 504,700 par 341,474 341,474 Effective March, 1992 6.50% 92-06-M 347,100 par 261,166 261,166 Effective June, 1992 At various rates 92-12-M 148,700 par 139,785 139,785 Effective December, 1992 6.00% 93-03-M 203,200 par 195,147 195,147 Effective March, 1993 6.00% 93-06-M 309,100 par 223,218 223,218 Effective June, 1993 6.00% 93-09-M 379,300 par 376,124 376,124 Effective September, 1993 ------------------------------- 6.00% 2,525,686 2,525,686 -------------------------------- 21,661,680 21,661,680 Short-Term Investment Funds - - - --------------------------- PNC Money Market Portfolio 395,698 units 395,698 395,698 -------------------------------- TOTAL LOAN FUND 22,057,378 22,057,378 -------------------------------- TOTAL PNC BANK CORP. INCENTIVE SAVINGS PLAN $412,797,598 $559,096,845 ================================
- 38 - 39 PNC Bank Corp. Incentive Savings Plan Transactions or Series of Transactions in Excess of 5 Percent of the Fair Value of Plan Assets Year ended December 31, 1993
FAIR VALUE COST OF ASSETS ON NET PURCHASE SELLING OF TRANSACTION GAIN DESCRIPTION OF ASSETS PRICE PRICE ASSETS DATE (LOSS) - - - ------------------------------------------------------------------------------------------------ Category (iii)--Series of Transactions in Excess of 5 Percent of Plan Assets - - - ---------------------------------------------------------------------------- PNC Bank Corp. 22,565,657 22,565,657 22,565,657 -- PNC Money Market Portfolio 34,362,261 34,362,261 34,362,261 -- PNC Money Market Portfolio 42,397,443 42,397,443 42,397,443 --
There were no category (i), (ii) or (iv) reportable transactions during 1993. - 39 - 40 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned thereunto duly authorized. PNC BANK CORP. (REGISTRANT) Date: June 28, 1994 By /s/ Robert L. Haunschild ----------------------------- Robert L. Haunschild SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER - 40 - 41 EXHIBIT INDEX
Page of Amendment No. 1 --------------- 23.2 Consent of Independent Auditors, filed herewith. 42
- 41 - EX-23.2 2 PNC 10-K/A 1 Exhibit 23.2 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statement (Form S-8, Number 33-25140) pertaining to the PNC Bank Corp. Incentive Savings Plan and in the related Prospectus of our report dated June 7, 1994 with respect to the financial statements and schedules of the PNC Bank Corp. Incentive Savings Plan included in this Annual Report on Form 10-K/A (Amendment No. 1) for the year ended December 31, 1993. /s/ ERNST & YOUNG Pittsburgh, Pennsylvania June 28, 1994 - 42 - -----END PRIVACY-ENHANCED MESSAGE-----