-----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, H7NgfsUsb6LS3Q3w9f3xpSbmpDutyJdjNXW8ebeY1p7bOfradTV2xz4NLsKlRAb/ sB4qJxEUKRaFV84IEUiAmg== 0000950128-94-000152.txt : 19941026 0000950128-94-000152.hdr.sgml : 19941026 ACCESSION NUMBER: 0000950128-94-000152 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940930 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19941024 SROS: NYSE 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: 1934 Act SEC FILE NUMBER: 001-09718 FILM NUMBER: 94554616 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 8-K 1 PNC BANK 8-K 1 UNITED STATES 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 October 19, 1994 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) 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) 762-3900 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report) 2 ITEM 5. OTHER EVENTS THIRD QUARTER 1994 FINANCIAL RESULTS On October 19, 1994, PNC Bank Corp. ("Corporation") reported results of operations for the three months and nine months ended September 30, 1994. Excerpts from the earnings press release issued by the Corporation are attached as Exhibit 99 and incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits The exhibit listed on the Exhibit Index on page 4 of this Form 8-K is filed herewith. 2 3 SIGNATURES 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: October 21, 1994 By /s/ Robert L. Haunschild -------------------------- Robert L. Haunschild SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER 3 4 EXHIBIT INDEX 99 Excerpts from the earnings press release issued by the Corporation on October 19, 1994, with respect to results of operations for the three months and nine months ended September 30, 1994, filed herewith. 4 EX-99 2 PNC BANK 8-K 1 Exhibit 99 PNC BANK CORP. AND SUBSIDIARIES Consolidated Financial Highlights FINANCIAL PERFORMANCE ====================================================================================================================================
Three months ended Nine months ended September 30 September 30 ------------------------- ------------------------- IN THOUSANDS, EXCEPT PER SHARE DATA AND RATIOS 1994 1993 1994 1993 - ------------------------------------------------------------------------------------------------------------------------------------ Net interest income (taxable-equivalent basis) $503,240 $467,878 $1,510,407 $1,397,580 Income before cumulative effect of changes in accounting principles 187,998 217,676 581,532 573,829 Net income 187,998 217,676 581,532 554,436 Earnings per common share Before cumulative effect of changes in accounting principles Primary .79 .92 2.45 2.42 Fully diluted .79 .91 2.44 2.41 Net income Primary .79 .92 2.45 2.34 Fully diluted .79 .91 2.44 2.33 Cash dividends declared per common share .32 .285 .96 .855 Average common shares outstanding Primary 236,914 236,544 236,954 236,345 Fully diluted 238,735 238,647 238,807 238,414 Net interest margin 3.45% 3.93% 3.57% 4.01% Returns before cumulative effect of changes in accounting principles Return on average total assets 1.20 1.72 1.29 1.55 Return on average common shareholders' equity 17.15 21.59 18.04 19.74 Returns based on net income Return on average total assets 1.20 1.72 1.29 1.50 Return on average common shareholders' equity 17.15 21.59 18.04 19.07 Average shareholders' equity to average total assets 7.03 7.98 7.17 7.89 Net charge-offs to average loans .18 .54 .27 .69 Provision for credit losses to net charge-offs 62.87 145.09 89.24 127.19 After-tax profit margin 25.60 29.73 26.10 25.95 Overhead ratio 59.36 47.25 57.49 50.46 ==================================================================================================================================
PERIOD-END RATIOS ==================================================================================================================================== September 30 December 31 September 30 1994 1993 1993 - ------------------------------------------------------------------------------------------------------------------------------------ Capital Leverage 6.82% 7.85% 8.10% Common shareholders' equity to total assets 6.92 6.93 7.84 Asset quality Nonperforming loans to total loans 1.03 1.15 1.53 Nonperforming assets to total loans and foreclosed assets 1.44 1.65 2.25 Nonperforming assets to total assets .80 .89 1.19 Allowance for credit losses to total loans 2.89 2.92 3.43 Allowance for credit losses to nonperforming loans 281.35 253.12 223.87 Book value per common share As reported $18.87 $18.34 $17.50 Excluding net unrealized securities gains/losses 19.46 17.96 17.50 ===================================================================================================================================
5 2 PNC BANK CORP. AND SUBSIDIARIES Condensed Consolidated Statement of Income
==================================================================================================================================== Three months ended Nine months ended September 30 September 30 ----------------------------- ----------------------------- IN THOUSANDS 1994 1993 1994 1993 - ------------------------------------------------------------------------------------------------------------------------------------ INTEREST INCOME Loans and fees on loans $652,127 $472,378 $1,818,974 $1,433,932 Securities 335,117 308,860 947,572 923,293 Other 20,325 10,652 71,121 28,694 - ------------------------------------------------------------------------------------------------------------------------------------ Total interest income 1,007,569 791,890 2,837,667 2,385,919 - ------------------------------------------------------------------------------------------------------------------------------------ INTEREST EXPENSE Deposits 249,532 174,496 664,777 562,208 Borrowed funds 131,161 89,219 338,394 276,570 Notes and debentures 131,921 70,193 349,241 179,822 - ------------------------------------------------------------------------------------------------------------------------------------ Total interest expense 512,614 333,908 1,352,412 1,018,600 - ------------------------------------------------------------------------------------------------------------------------------------ Net interest income 494,955 457,982 1,485,255 1,367,319 Provision for credit losses 10,078 50,021 60,123 165,252 - ------------------------------------------------------------------------------------------------------------------------------------ Net interest income less provision for credit losses 484,877 407,961 1,425,132 1,202,067 - ------------------------------------------------------------------------------------------------------------------------------------ NONINTEREST INCOME Investment management and trust 72,354 68,214 218,815 203,580 Service charges, fees and commissions 95,094 91,845 275,135 261,194 Mortgage banking 78,911 7,648 159,274 24,624 Net securities gains (losses) (44,202) 72,513 (13,895) 184,290 Other 28,942 23,984 78,561 65,231 - ------------------------------------------------------------------------------------------------------------------------------------ Total noninterest income 231,099 264,204 717,890 738,919 - ------------------------------------------------------------------------------------------------------------------------------------ NONINTEREST EXPENSE Staff expense 208,128 165,669 618,999 512,009 Net occupancy and equipment 67,880 55,730 200,022 168,822 Other 159,905 124,515 462,033 397,246 - ------------------------------------------------------------------------------------------------------------------------------------ Total noninterest expense 435,913 345,914 1,281,054 1,078,077 - ------------------------------------------------------------------------------------------------------------------------------------ Income before income taxes and cumulative effect of changes in accounting principles 280,063 326,251 861,968 862,909 Applicable income taxes 92,065 108,575 280,436 289,080 - ------------------------------------------------------------------------------------------------------------------------------------ Income before cumulative effect of changes in accounting principles 187,998 217,676 581,532 573,829 Cumulative effect of changes in accounting principles, net of tax benefit of $5,343 (19,393) - ------------------------------------------------------------------------------------------------------------------------------------ Net income $187,998 $217,676 $581,532 $554,436 ====================================================================================================================================
6 3 PNC BANK CORP. AND SUBSIDIARIES Other Financial Data
NET INTEREST MARGIN ==================================================================================================================================== THREE MONTHS ENDED September 30 June 30 March 31 September 30 TAXABLE-EQUIVALENT BASIS 1994 1994 1994 1993 - ------------------------------------------------------------------------------------------------------------------------------------ Book-basis yield on earning assets 6.70% 6.48% 6.23% 6.40% Effect of loan fees .13 .11 .14 .13 Taxable-equivalent adjustment .06 .06 .06 .08 - ------------------------------------------------------------------------------------------------------------------------------------ Taxable-equivalent yield on earning assets 6.89 6.65 6.43 6.61 Rate on interest-bearing liabilities 4.16 3.90 3.69 3.72 - ------------------------------------------------------------------------------------------------------------------------------------ Interest rate spread 2.73 2.75 2.74 2.89 Effect of noninterest-bearing sources .56 .55 .53 .58 Net benefit of interest rate swaps .16 .28 .41 .46 - ------------------------------------------------------------------------------------------------------------------------------------ Net interest margin 3.45% 3.58% 3.68% 3.93% ====================================================================================================================================
NONINTEREST INCOME ====================================================================================================================================
Three months ended Six months ended September 30 September 30 ------------------------------------ ----------------------------------- IN THOUSANDS 1994 1993 1994 1993 - ------------------------------------------------------------------------------------------------------------------------------------ Investment management and trust Trust $47,853 $45,488 $146,658 $137,675 Mutual funds 24,501 22,726 72,157 65,905 - ------------------------------------------------------------------------------------------------------------------------------------ Total investment management and trust 72,354 68,214 218,815 203,580 - ------------------------------------------------------------------------------------------------------------------------------------ Service charges, fees and commissions Deposit account and corporate services 41,931 39,275 124,156 117,347 Credit card and merchant services 13,723 14,189 40,520 40,734 Brokerage 9,306 10,721 26,529 28,238 Corporate finance 12,075 11,990 33,302 30,295 Other services 18,059 15,670 50,628 44,580 - ------------------------------------------------------------------------------------------------------------------------------------ Total service charges, fees and commissions 95,094 91,845 275,135 261,194 - ------------------------------------------------------------------------------------------------------------------------------------ Mortgage banking Servicing 32,439 6,386 93,140 19,417 Sales of servicing 34,747 51,338 Marketing 11,725 1,262 14,796 5,207 - ------------------------------------------------------------------------------------------------------------------------------------ Total mortgage banking 78,911 7,648 159,274 24,624 - ------------------------------------------------------------------------------------------------------------------------------------ Net securities gains (losses) (44,202) 72,513 (13,895) 184,290 Other 28,942 23,984 78,561 65,231 - ------------------------------------------------------------------------------------------------------------------------------------ Total $231,099 $264,204 $717,890 $738,919 ====================================================================================================================================
NONINTEREST EXPENSE ====================================================================================================================================
Three months ended Nine months ended September 30 September 30 ------------------------------------ ----------------------------------- IN THOUSANDS 1994 1993 1994 1993 - ------------------------------------------------------------------------------------------------------------------------------------ Compensation $168,433 $143,906 $497,835 $423,309 Employee benefits 39,695 21,763 121,164 88,700 - ------------------------------------------------------------------------------------------------------------------------------------ Total staff expense 208,128 165,669 618,999 512,009 - ------------------------------------------------------------------------------------------------------------------------------------ Net occupancy 34,545 28,246 101,107 86,449 Equipment 33,335 27,484 98,915 82,373 Amortization of intangible assets 21,648 7,371 59,478 22,737 Federal deposit insurance 18,406 15,732 54,745 48,664 Taxes other than income 11,533 9,448 33,411 28,058 Other 108,318 91,964 314,399 297,787 - ------------------------------------------------------------------------------------------------------------------------------------ Total $435,913 $345,914 $1,281,054 $1,078,077 ====================================================================================================================================
7 4 PNC BANK CORP. AND SUBSIDIARIES Condensed Consolidated Balance Sheet
==================================================================================================================================== September 30 December 31 September 30 IN MILLIONS, EXCEPT SHARE DATA 1994 1993 1993 - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Cash and due from banks $1,938 $1,817 $1,742 Short-term investments 782 856 250 Loans held for sale 517 1,392 296 Securities available for sale, fair value of $3,484 on September 30, 1993 4,985 11,388 3,443 Investment securities, fair value of $17,113, $11,716 and $18,006 17,976 11,672 17,732 Loans, net of unearned income of $223, $222 and $205 35,700 33,308 27,385 Allowance for credit losses (1,030) (972) (940) - ------------------------------------------------------------------------------------------------------------------------------------ Net loans 34,670 32,336 26,445 - ----------------------------------------------------------------------------------------------------------------------------------- Other 3,136 2,619 2,372 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets $64,004 $62,080 $52,280 ==================================================================================================================================== LIABILITIES Deposits Noninterest-bearing $6,572 $7,057 $5,394 Interest-bearing 26,997 26,058 22,872 - ------------------------------------------------------------------------------------------------------------------------------------ Total deposits 33,569 33,115 28,266 - ------------------------------------------------------------------------------------------------------------------------------------ Borrowed funds 12,375 11,662 11,313 Notes and debentures 11,839 9,585 7,010 Other 1,775 3,393 1,572 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 59,558 57,755 48,161 - ------------------------------------------------------------------------------------------------------------------------------------ SHAREHOLDERS' EQUITY Realized shareholders' equity 4,584 4,237 4,119 Net unrealized securities gains (losses) (138) 88 - ------------------------------------------------------------------------------------------------------------------------------------ Total shareholders' equity 4,446 4,325 4,119 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities and shareholders' equity $64,004 $62,080 $52,280 ==================================================================================================================================== COMMON SHAREHOLDERS' EQUITY $4,427 $4,305 $4,098 COMMON SHARES OUTSTANDING 234,565,250 234,705,237 234,227,545 ====================================================================================================================================
8 5 PNC BANK CORP. AND SUBSIDIARIES Condensed Consolidated Average Balance Sheet
==================================================================================================================================== Three months ended Nine months ended September 30 September 30 ------------------------------------ ----------------------------------- IN MILLIONS 1994 1993 1994 1993 - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Interest-earning assets Short-Term investments $744 $523 $821 515% Securities 22,422 21,011 21,844 20,393 Loans, net of unearned income Commercial 12,454 11,121 11,963 10,803 Real estate project 1,621 1,810 1,693 1,870 Real estate mortgage 9,836 3,812 9,293 3,911 Consumer 8,993 7,950 8,689 7,871 Other 1,590 835 1,387 855 - ------------------------------------------------------------------------------------------------------------------------------------ Total loans, net of unearned income 34,494 25,528 33,025 25,310 - ------------------------------------------------------------------------------------------------------------------------------------ Other interest-earning assets 615 362 828 278 - ------------------------------------------------------------------------------------------------------------------------------------ Total interest-earning assets 58,275 47,424 56,518 46,496 - ------------------------------------------------------------------------------------------------------------------------------------ Other 3,713 2,846 3,686 2,918 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets $61,988 $50,270 $60,204 $49,414 ==================================================================================================================================== LIABILITIES Interest-bearing liabilities Deposits $27,657 $22,550 $26,507 $22,765 Borrowed funds 11,346 10,410 11,284 10,682 Notes and debentures 11,358 7,027 10,848 5,791 - ------------------------------------------------------------------------------------------------------------------------------------ Total interest-bearing liabilities 50,361 39,987 48,639 39,238 - ------------------------------------------------------------------------------------------------------------------------------------ Noninterest-bearing deposits 6,325 5,263 6,158 5,232 Other 942 1,007 1,087 1,045 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 57,628 46,257 55,884 45,515 - ------------------------------------------------------------------------------------------------------------------------------------ SHAREHOLDERS' EQUITY 4,360 4,013 4,320 3,899 - ---------------------------------------------------------------------------------------------------------------------------------- Total liabilities and shareholders' equity $61,988 $50,270 $60,204 $49,414 ==================================================================================================================================== COMMON SHAREHOLDERS' EQUITY $4,341 $3,992 $4,300 $3,877 ====================================================================================================================================
9 6 PNC BANK CORP. AND SUBSIDIARIES Asset Quality Data
NONPERFORMING ASSETS ==================================================================================================================================== September 30 December 31 September 30 IN MILLIONS 1994 1993 1993 - ------------------------------------------------------------------------------------------------------------------------------------ Nonaccrual loans Commercial $211 $181 $219 Real estate project 78 91 160 Real estate mortgage 73 84 33 - ------------------------------------------------------------------------------------------------------------------------------------ Total nonaccrual loans 362 356 412 - ------------------------------------------------------------------------------------------------------------------------------------ Restructured loans 4 28 8 - ------------------------------------------------------------------------------------------------------------------------------------ Total nonperforming loans 366 384 420 - ------------------------------------------------------------------------------------------------------------------------------------ Foreclosed assets Real estate project 91 108 159 Real estate mortgage 30 42 8 Other 28 20 34 - ------------------------------------------------------------------------------------------------------------------------------------ Total foreclosed assets 149 170 201 - ------------------------------------------------------------------------------------------------------------------------------------ Total $515 $554 $621 ====================================================================================================================================
ALLOWANCE FOR CREDIT LOSSES ====================================================================================================================================
Three months ended Nine months ended September 30 September 30 ------------------------------------ ----------------------------------- IN MILLIONS 1994 1993 1994 1993 - ------------------------------------------------------------------------------------------------------------------------------------ Beginning balance $1,036 $917 $972 $897 Charge-offs (39) (56) (120) (183) Recoveries 23 21 53 53 - ------------------------------------------------------------------------------------------------------------------------------------ Net charge-offs (16) (35) (67) (130) Provision for credit losses 10 50 60 165 Acquisitions 8 65 8 - ------------------------------------------------------------------------------------------------------------------------------------ Ending balance $1,030 $940 $1,030 $940 ====================================================================================================================================
10 -----END PRIVACY-ENHANCED MESSAGE-----