<PAGE> 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
<PAGE> 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:
<TABLE>
<CAPTION>
INDEX TO FINANCIAL STATEMENTS PAGE
- - - ----------------------------------- ----
<S> <C>
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
</TABLE>
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.
<TABLE>
<CAPTION>
INDEX TO FINANCIAL STATEMENTS PAGE OF
AMENDMENT NO.1
- - - ----------------------------------- --------------
<S> <C>
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
</TABLE>
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<PAGE> 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:
<TABLE>
<S> <C>
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.
</TABLE>
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<PAGE> 4
<TABLE>
<S> <C>
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.
- - - ---------
<FN>
* Management contract or compensatory plan.
</TABLE>
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<PAGE> 5
Audited Financial Statements
PNC Bank Corp.
Incentive Savings Plan
YEARS ENDED DECEMBER 31, 1993 AND 1992
WITH REPORT OF INDEPENDENT AUDITORS
- 5 -
<PAGE> 6
PNC Bank Corp.
Incentive Savings Plan
Audited Financial Statements
Years ended December 31, 1993 and 1992
CONTENTS
<TABLE>
<S> <C>
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
</TABLE>
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<PAGE> 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
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<PAGE> 8
PNC Bank Corp.
Incentive Savings Plan
Statements of Net Assets Available for Plan Benefits
<TABLE>
<CAPTION>
DECEMBER 31
1993 1992
----------------------------
<S> <C> <C>
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
============================
</TABLE>
SEE ACCOMPANYING NOTES.
- 8 -
<PAGE> 9
PNC Bank Corp.
Incentive Savings Plan
Statements of Changes in Net Assets Available for Plan Benefits
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31
1993 1992 1991
----------------------------------------------
<S> <C> <C> <C>
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
==============================================
</TABLE>
SEE ACCOMPANYING NOTES.
- 9 -
<PAGE> 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 -
<PAGE> 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:
<TABLE>
<CAPTION>
1993 1992
-----------------
<S> <C> <C>
Fund A 8,041 7,730
Fund B 7,184 7,210
Fund C 8,892 9,857
Fund D 13,604 13,639
</TABLE>
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 -
<PAGE> 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:
<TABLE>
<S> <C>
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
============
</TABLE>
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 -
<PAGE> 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:
<TABLE>
<CAPTION>
NET REALIZED AND UNREALIZED APPRECIATION
IN FAIR VALUE FOR YEAR ENDED
DECEMBER 31
--------------------------------------------
1993 1992 1991
--------------------------------------------
<S> <C> <C> <C>
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
============================================
</TABLE>
The fair value of individual investments that represents 5 percent or more of
the Plan's net assets is as follows:
<TABLE>
<CAPTION>
DECEMBER 31
1993 1992
-----------------------------
<S> <C> <C>
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
</TABLE>
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<PAGE> 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
<TABLE>
<CAPTION>
COMMON INTERMEDIATE- SHORT-TERM PNC BANK
STOCK- TERM FIXED FIXED INCOME- CORP. STOCK-
FUND A INCOME-FUND B FUND C FUND D
------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
==================================================================
</TABLE>
<TABLE>
<CAPTION>
PNC PNC
BANK CORP. BANK CORP.
ALLOCATED UNALLOCATED LOAN
ESOP FUND ESOP FUND FUND TOTAL
------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
==================================================================
</TABLE>
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<PAGE> 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
<TABLE>
<CAPTION>
COMMON INTERMEDIATE- SHORT-TERM PNC BANK
STOCK- TERM FIXED FIXED INCOME- CORP. STOCK-
FUND A INCOME-FUND B FUND C FUND D
------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
==================================================================
</TABLE>
<TABLE>
<CAPTION>
PNC PNC
BANK CORP. BANK CORP.
ALLOCATED UNALLOCATED LOAN
ESOP FUND ESOP FUND FUND TOTAL
------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
==================================================================
</TABLE>
- 15 -
<PAGE> 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
<TABLE>
<CAPTION>
COMMON INTERMEDIATE- SHORT-TERM PNC BANK
STOCK- TERM FIXED FIXED INCOME- CORP. STOCK-
FUND A INCOME-FUND B FUND C FUND D
------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
==================================================================
</TABLE>
<TABLE>
<CAPTION>
PNC PNC
BANK CORP. BANK CORP.
ALLOCATED UNALLOCATED LOAN
ESOP FUND ESOP FUND FUND TOTAL
------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
==================================================================
</TABLE>
- 16 -
<PAGE> 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
<TABLE>
<CAPTION>
COMMON INTERMEDIATE- SHORT-TERM PNC BANK
STOCK- TERM FIXED FIXED INCOME- CORP. STOCK-
FUND A INCOME-FUND B FUND C FUND D
------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
==================================================================
</TABLE>
<TABLE>
<CAPTION>
PNC PNC
BANK CORP. BANK CORP.
ALLOCATED UNALLOCATED LOAN
ESOP FUND ESOP FUND FUND TOTAL
------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
==================================================================
</TABLE>
- 17 -
<PAGE> 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
<TABLE>
<CAPTION>
COMMON INTERMEDIATE- SHORT-TERM PNC BANK
STOCK- TERM FIXED FIXED INCOME- CORP. STOCK-
FUND A INCOME-FUND B FUND C FUND D
------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
==================================================================
</TABLE>
<TABLE>
<CAPTION>
PNC PNC
BANK CORP. BANK CORP.
ALLOCATED UNALLOCATED LOAN
ESOP FUND ESOP FUND FUND TOTAL
------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
==================================================================
</TABLE>
- 18 -
<PAGE> 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 -
<PAGE> 20
PNC Bank Corp.
Incentive Savings Plan
Assets Held for Investment
December 31, 1993
COMMON STOCK-FUND A
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - -------------------------------------------------------------------------------------------
# OF SHARES
<S> <C> <C> <C>
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
</TABLE>
- 20 -
<PAGE> 21
Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - ------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
</TABLE>
- 21 -
<PAGE> 22
Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
</TABLE>
- 22 -
<PAGE> 23
Assets Held for Investment (continued)
INTERMEDIATE-TERM FIXED INCOME-FUND B
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
</TABLE>
- 23 -
<PAGE> 24
Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
</TABLE>
- 24 -
<PAGE> 25
Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
</TABLE>
- 25 -
<PAGE> 26
Assets Held for Investment (continued)
<TABLE>
<S> <C> <C> <C>
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
</TABLE>
- 26 -
<PAGE> 27
Assets Held for Investment (continued)
SHORT-TERM FTXED INCOME-FUND C
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - ------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
</TABLE>
- 27 -
<PAGE> 28
Assets Held for Investment (continued)
PNC BANK CORP. STOCK-FUND D
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - ----------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
</TABLE>
- 28 -
<PAGE> 29
Assets Held for Investment (continued)
ESOP ACCOUNT
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - --------------------------------------------------------------------------------
<S> <C> <C> <C>
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
</TABLE>
- 29 -
<PAGE> 30
Assets Held for Investment (continued)
LOAN FUND
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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%
</TABLE>
- 30 -
<PAGE> 31
Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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%
</TABLE>
- 31 -
<PAGE> 32
Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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%
</TABLE>
- 32 -
<PAGE> 33
Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
</TABLE>
- 33 -
<PAGE> 34
Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
</TABLE>
- 34 -
<PAGE> 35
Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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%
</TABLE>
- 35 -
<PAGE> 36
Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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%
</TABLE>
- 36 -
<PAGE> 37
Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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%
</TABLE>
- 37 -
<PAGE> 38
Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- - - -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
================================
</TABLE>
- 38 -
<PAGE> 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
<TABLE>
<CAPTION>
FAIR VALUE
COST OF ASSETS ON NET
PURCHASE SELLING OF TRANSACTION GAIN
DESCRIPTION OF ASSETS PRICE PRICE ASSETS DATE (LOSS)
- - - ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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 --
</TABLE>
There were no category (i), (ii) or (iv) reportable transactions during 1993.
- 39 -
<PAGE> 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 -
<PAGE> 41
EXHIBIT INDEX
<TABLE>
<CAPTION>
Page of
Amendment No. 1
---------------
<C> <S> <C>
23.2 Consent of Independent Auditors, filed herewith. 42
</TABLE>
- 41 -
<PAGE> 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 -
