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Previous: PAINEWEBBER AMERICA FUND /NY/, NSAR-A, 1994-04-27 |
Next: PEOPLES HOLDING CO, 8-K, 1994-04-27 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
April 18, 1994
PNC BANK CORP.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
PENNSYLVANIA 1-9718 25-1435979
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
</TABLE>
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> 2
ITEM 5. OTHER EVENTS
First Quarter 1994 Financial Results
On April 18, 1994, PNC Bank Corp. ("Corporation") reported results of
operations for the three months ended March 31, 1994. Excerpts from the
earnings press release issued by the Corporation are attached as Exhibit 28
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
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PNC BANK CORP.
(Registrant)
/s/Robert L. Haunschild
Date: April 26, 1994 By ___________________________
Robert L. Haunschild
Senior Vice President and
Chief Financial Officer
3
<PAGE> 4
EXHIBIT INDEX
28 Excerpts from the earnings press release issued by the Corporation on
April 18, 1994, with respect to earnings for the three months ended March
31, 1994, filed herewith.
4
<PAGE> 1
Exhibit 28
PNC BANK CORP. AND SUBSIDIARIES Page 4
Financial Highlights
(In thousands, except ratios and per share data)
<TABLE>
<CAPTION>
================================================================================================
Three months ended March 31 1994 1993
................................................................................................
FINANCIAL PERFORMANCE
<S> <C> <C>
Net interest income (taxable-equivalent basis) $505,804 $463,568
Income before cumulative effect of
changes in accounting principles 205,689 187,011
Net income 205,689 167,618
Earnings per common share
Before cumulative effect of changes in accounting principles
Primary .87 .79
Fully diluted .86 .78
Net income
Primary .87 .71
Fully diluted .86 .70
Cash dividends declared per common share .32 .285
Average common shares outstanding
Primary 236,698 235,914
Fully diluted 238,592 238,435
Net interest margin 3.68 % 4.14 %
Returns before cumulative effect of changes in accounting principles
Return on average total assets 1.41 1.59
Return on average common shareholders' equity 19.32 19.86
Returns based on net income
Return on average total assets 1.41 1.42
Return on average common shareholders' equity 19.32 17.89
Average shareholders' equity to average total assets 7.34 7.98
Net charge-offs to average loans .29 .76
Provision for credit losses to net charge-offs 110.10 129.47
After-tax profit margin 26.91 22.53
Overhead ratio 55.84 54.14
================================================================================================
</TABLE>
<TABLE>
<CAPTION>
================================================================================================
March 31 December 31 March 31
1994 1993 1993
................................................................................................
PERIOD-END RATIOS
<S> <C> <C> <C>
Capital
Leverage 7.14 % 7.85 % 7.96 %
Common shareholders' equity to total assets 6.97 6.93 7.50
Asset quality
Nonperforming loans to total loans 1.09 1.15 1.93
Nonperforming assets to total loans and foreclosed assets 1.56 1.65 2.92
Nonperforming assets to total assets .85 .89 1.45
Allowance for credit losses to total loans 2.94 2.92 3.62
Allowance for credit losses to nonperforming loans 269.60 253.12 187.85
Book value per common share
As reported $18.14 $18.34 $16.42
Excluding net unrealized securities gains/losses 18.53 17.96 16.42
================================================================================================
</TABLE>
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<PAGE> 2
PNC BANK CORP. AND SUBSIDIARIES Page 5
Condensed Consolidated Statement of Income
(In thousands)
<TABLE>
<CAPTION>
================================================================================================
Three months ended March 31 1994 1993
................................................................................................
<S> <C> <C>
INTEREST INCOME
Loans and fees on loans $572,836 $486,219
Securities 295,808 298,497
Other 26,460 8,837
................................................................................................
Total interest income 895,104 793,553
................................................................................................
INTEREST EXPENSE
Deposits 200,004 199,177
Borrowed funds 96,737 88,524
Notes and debentures 101,022 52,161
................................................................................................
Total interest expense 397,763 339,862
................................................................................................
Net interest income 497,341 453,691
Provision for credit losses 25,015 61,417
................................................................................................
Net interest income less provision for credit losses 472,326 392,274
................................................................................................
NONINTEREST INCOME
Investment management and trust 72,967 66,273
Service charges, fees and commissions 87,902 81,445
Mortgage banking 37,892 7,894
Net securities gains 30,392 105,161
Other 29,398 19,508
................................................................................................
Total noninterest income 258,551 280,281
................................................................................................
NONINTEREST EXPENSES
Staff expense 206,899 176,404
Net occupancy and equipment 65,282 58,319
Other 154,665 152,292
................................................................................................
Total noninterest expenses 426,846 387,015
................................................................................................
Income before income taxes and cumulative
effect of changes in accounting principles 304,031 285,540
Applicable income taxes 98,342 98,529
................................................................................................
Income before cumulative effect of
changes in accounting principles 205,689 187,011
Cumulative effect of changes in accounting
principles, net of tax benefit of $5,343 (19,393)
................................................................................................
Net income $205,689 $167,618
================================================================================================
</TABLE>
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<PAGE> 3
PNC BANK CORP. AND SUBSIDIARIES Page 6
Statistical Information
(In thousands)
NONINTEREST INCOME
<TABLE>
<CAPTION>
================================================================================================
Three months ended March 31 1994 1993
................................................................................................
<S> <C> <C>
INVESTMENT MANAGEMENT AND TRUST
Trust $ 49,399 $ 44,793
Mutual funds 23,568 21,480
................................................................................................
Total investment management and trust 72,967 66,273
................................................................................................
SERVICE CHARGES, FEES AND COMMISSIONS
Deposit account and corporate services 39,806 38,478
Credit card and merchant services 12,920 12,908
Brokerage 8,677 7,717
Corporate finance 10,679 8,583
Other services 15,820 13,759
................................................................................................
Total service charges, fees and commissions 87,902 81,445
................................................................................................
MORTGAGE BANKING
Servicing 35,022 6,294
Marketing 2,870 1,600
................................................................................................
Total mortgage banking 37,892 7,894
................................................................................................
Net securities gains 30,392 105,161
Other 29,398 19,508
................................................................................................
Total $258,551 $280,281
================================================================================================
</TABLE>
<TABLE>
<CAPTION>
NONINTEREST EXPENSES
================================================================================================
Three months ended March 31 1994 1993
................................................................................................
<S> <C> <C>
Compensation $164,792 $140,349
Employee benefits 42,107 36,055
................................................................................................
Total staff expense 206,899 176,404
................................................................................................
Net occupancy 32,420 29,667
Equipment 32,862 28,652
Amortization of intangible assets 19,560 10,704
Federal deposit insurance 18,176 16,465
Taxes other than income 11,096 8,829
Other 105,833 116,294
................................................................................................
Total $426,846 $387,015
================================================================================================
</TABLE>
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<PAGE> 4
PNC BANK CORP. AND SUBSIDIARIES Page 7
Condensed Consolidated Balance Sheet
(In millions, except share data)
<TABLE>
<CAPTION>
=============================================================================================================
March 31 December 31 March 31
1994 1993 1993
............................................................................................................
<S> <C> <C> <C>
ASSETS
Cash and due from banks $ 2,536 $ 1,817 $ 1,737
Short-term investments 1,208 856 2,083
Loans held for sale 996 1,392 221
Securities available for sale, fair value of $5,429 on March 31,1993 9,751 11,388 5,317
Investment securities, fair value of $11,284, $11,716 and $15,252 11,558 11,672 14,996
Loans, net of unearned income 33,294 33,308 25,127
Allowance for credit losses (980) (972) (911)
............................................................................................................
Net loans 32,314 32,336 24,216
............................................................................................................
Other 2,800 2,619 2,554
............................................................................................................
Total assets $61,163 $62,080 $51,124
============================================================================================================
LIABILITIES
Deposits
Noninterest-bearing $ 6,901 $ 7,057 $ 5,091
Interest-bearing 26,099 26,058 23,075
............................................................................................................
Total deposits 33,000 33,115 28,166
............................................................................................................
Borrowed funds 11,696 11,662 12,600
Notes and debentures 10,286 9,585 4,707
Other 1,899 3,393 1,796
............................................................................................................
Total liabilities 56,881 57,755 47,269
............................................................................................................
SHAREHOLDERS' EQUITY 4,282 4,325 3,855
............................................................................................................
Total liabilities and shareholders' equity $61,163 $62,080 $51,124
============================================================================================================
COMMON SHAREHOLDERS' EQUITY $4,262 $4,305 $3,833
COMMON SHARES OUTSTANDING 234,953,452 234,705,237 233,413,124
============================================================================================================
</TABLE>
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<PAGE> 5
PNC BANK CORP. AND SUBSIDIARIES Page 8
Statistical Information
(In millions)
<TABLE>
<CAPTION>
AVERAGE BALANCE SHEET
==================================================================================
Three months ended March 31 1994 1993
..................................................................................
<S> <C> <C>
ASSETS
Interest-earning assets
Loans, net of unearned income
Commercial $11,349 $10,578
Real estate project 1,723 1,926
Real estate mortgage 9,055 4,029
Consumer 8,450 7,804
Other 1,446 877
..................................................................................
Total loans, net of unearned income 32,023 25,214
..................................................................................
Securities 21,327 18,980
Other earning assets 1,921 786
..................................................................................
Total interest-earning assets 55,271 44,980
..................................................................................
Other 3,695 2,814
..................................................................................
Total assets $58,966 $47,794
==================================================================================
LIABILITIES
Interest-bearing sources
Interest-bearing deposits $25,716 $23,039
Borrowed funds 11,543 10,149
Notes and debentures 10,142 4,744
..................................................................................
Total interest-bearing sources 47,401 37,932
..................................................................................
Noninterest-bearing deposits 6,021 5,051
Other 1,214 997
..................................................................................
Total liabilities 54,636 43,980
..................................................................................
SHAREHOLDERS' EQUITY 4,330 3,814
..................................................................................
Total liabilities and shareholders' equity $58,966 $47,794
==================================================================================
COMMON SHAREHOLDERS' EQUITY $4,309 $3,789
==================================================================================
</TABLE>
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<PAGE> 6
PNC BANK CORP. AND SUBSIDIARIES Page 9
Statistical Information (continued)
(In millions)
<TABLE>
<CAPTION>
NONPERFORMING ASSETS
==================================================================================
March 31 December 31 March 31
1994 1993 1993
..................................................................................
<S> <C> <C> <C>
NONACCRUAL LOANS
Commercial $208 $181 $284
Real estate project 87 91 159
Real estate mortgage 60 84 36
..................................................................................
Total nonaccrual loans 355 356 479
..................................................................................
RESTRUCTURED LOANS 9 28 6
..................................................................................
Total nonperforming loans 364 384 485
..................................................................................
FORECLOSED ASSETS
Real estate project 94 108 208
Real estate mortgage 40 42 8
Other 23 20 39
..................................................................................
Total foreclosed assets 157 170 255
..................................................................................
Total $521 $554 $740
==================================================================================
</TABLE>
<TABLE>
<CAPTION>
ALLOWANCE FOR CREDIT LOSSES
<S> <C> <C>
==================================================================================
Three months ended March 31 1994 1993
..................................................................................
Beginning balance $972 $897
..................................................................................
Charge-offs (38) (63)
Recoveries 15 16
..................................................................................
Net charge-offs (23) (47)
..................................................................................
Provision for credit losses 25 61
Acquisition 6
..................................................................................
Ending balance $980 $911
==================================================================================
</TABLE>
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