<PAGE> 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
JANUARY 24, 1996
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
PNC BANK CORP.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 1-9718
PENNSYLVANIA 25-1435979
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
ONE PNC PLAZA
24th Floor
249 FIFTH AVENUE
PITTSBURGH, PENNSYLVANIA 15222-2707
(Address of principal executive offices)
(Zip Code)
(412) 762-1553
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
<PAGE> 2
ITEM 5. OTHER EVENTS
1995 FINANCIAL RESULTS
On January 24, 1996, PNC Bank Corp. ("Corporation") reported results
of operations for the three months and year ended December 31,
1995. A copy of the earnings press release issued by the
Corporation is 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 3 of this Form 8-K is
filed herewith.
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: January 25, 1996 By /s/ ROBERT L. HAUNSCHILD
--------------------------
Robert L. Haunschild
Senior Vice President and
Chief Financial Officer
2
<PAGE> 3
EXHIBIT INDEX
99 Earnings press release issued by the Corporation on January 24, 1996,
with respect to the results of operations for the three months and
year ended December 31, 1995, is filed herewith.
3
<PAGE> 1
Exhibit 99
MEDIA:
- -----
Jonathan Williams
(412) 762-4550
INVESTORS:
- ----------
William H. Callihan
(412) 762-8257
PNC BANK CORP. EARNS $408.1 MILLION IN 1995
PITTSBURGH, Jan. 24, 1996 -- PNC Bank Corp. (NYSE: PNC) today reported 1995
net income of $408.1 million, or $1.19 per fully diluted share. Returns on
average assets and average common shareholders' equity for 1995 were 0.54
percent and 7.05 percent, respectively. The 1995 results include $380.2 million
of after-tax charges recorded in connection with the Midlantic Corporation
("Midlantic") merger and actions taken to reposition the corporation's balance
sheet. Excluding these charges, 1995 earnings were $788.3 million, or $2.29 per
fully diluted share. On this basis, returns on average assets and average common
equity were 1.05 percent and 13.67 percent, respectively. Net income was $883.9
million, or $2.52 per fully diluted share, for 1994. The Midlantic merger was
accounted for as a pooling of interests. Accordingly, all financial information
has been restated to reflect the combined results of operations.
Taxable-equivalent net interest income totaled $2.2 billion in 1995
compared with $2.5 billion a year earlier. Net interest margin was 3.15 percent
compared with 3.64 percent in 1994. These declines reflect the costs of actions
taken to downsize the balance sheet and reduce interest rate sensitivity, higher
deposit and borrowing costs, and the impact of interest rate swaps and caps.
Excluding the impact of interest rate swaps and caps, which the corporation
substantially eliminated in the fourth quarter of 1995, net interest margin was
3.42 percent in 1995 compared with 3.43 percent a year ago. The corporation's
actions to downsize the securities portfolio in the fourth quarter of 1995 will
positively impact net interest margin in 1996.
<PAGE> 2
PNC BANK CORP. EARNS $408.1 MILLION IN 1995--Page 2
Noninterest income before securities transactions increased $59.5 million,
or 5.0 percent, to $1.2 billion in 1995. Investment management and trust income
increased $84.8 million, or 25.3 percent, to $420.2 million. BlackRock
contributed $57.1 million of the increase. Discretionary assets under management
totaled $96.5 billion at Dec. 31, 1995, compared with $57.7 billion a year ago.
Service charges, fees and commissions increased $4.9 million during 1995 to
$494.6 million. Excluding the impact of the corporation's credit card alliance,
this category increased $15.1 million, or 3.2 percent.
Mortgage banking income decreased $11.9 million to $186.6 million during
1995 primarily due to lower gains on servicing sales. At Dec. 31, 1995, the
corporation serviced $37.3 billion of mortgages, including $25.1 billion
serviced for others. The corporation uses a variety of financial instruments to
manage the risk of decline in value of mortgage servicing rights ("MSR"). A
gain of $11.2 million, included in other noninterest income, from instruments
used to hedge the value of MSR was offset by a $10.9 million impairment charge
recorded in noninterest expense.
Excluding the mortgage-related hedge gains, other noninterest income
decreased $29.5 million due to nonrecurring gains in 1994 from sales of loans
and other real estate held for accelerated disposition.
Net securities losses totaled $279.7 million in 1995 and were primarily
associated with actions taken in the fourth quarter of 1995 to reposition the
corporation's balance sheet. Approximately $6.2 billion of securities were sold
at a pretax loss of $60.8 million and $5.0 billion notional value of associated
pay-fixed interest rate swaps were terminated at a pretax loss of $228.2
million, including the accelerated recognition of deferred losses on contracts
previously terminated. In addition, the corporation terminated $4.5 billion
notional value of receive-fixed index-amortizing swaps, resulting in a net loss
of $12.8 million, which is being deferred and amortized.
<PAGE> 3
PNC BANK CORP. EARNS $408.1 MILLION IN 1995--Page 3
Noninterest expense before special charges increased $20.0 million to $2.2
billion for 1995 compared with a year earlier. Staff expense increased 2.3
percent reflecting successful acquisition integration and the corporation's
ongoing rationalization of retail delivery systems. Other noninterest expense
decreased 2.0 percent primarily due to lower Federal deposit insurance costs.
Special charges in connection with the Midlantic merger totaled $274.9
million in 1995. Charges of $180.0 million relate to elimination of duplicative
operations and facilities and employee severance and $79.9 million relates to
the termination of an interest rate cap position. Income tax expense includes
$15.0 million associated with the write-down of state tax assets as a result of
the Midlantic merger. The results for 1994 include a $48.3 million charge in
connection with the consolidation of telebanking centers and the rationalization
of retail delivery systems.
At Dec. 31, 1995, total assets and earning assets were $73.4 billion and
$66.8 billion, respectively. Loans totaled $48.7 billion at year-end 1995,
compared with $44.0 billion a year ago. Excluding purchase acquisitions, average
loans increased 4.8 percent and was primarily attributable to consumer related
loans. The securities portfolio declined $7.8 billion to $15.8 billion at Dec.
31, 1995. As a percent of earning assets, the portfolio was 23.7 percent
compared with 33.9 percent a year ago. At Dec. 31, 1995, deposits totaled $46.9
billion and represented 84.9 percent of interest-bearing liabilities compared
with 76.0 percent at year-end 1994.
At Dec. 31, 1995, the leverage capital ratio was 6.39 percent, and Tier I
and total risk-based capital ratios are estimated to be 8.0 percent and 11.6
percent, respectively.
The corporation's asset quality continued to improve during the year. The
allowance for credit losses was $1.3 billion at Dec. 31, 1995, or 351.7 percent
of nonperforming loans compared with 239.3 percent at Dec. 31, 1994.
Nonperforming assets declined $221 million during the year to $536 million at
Dec. 31, 1995.
<PAGE> 4
PNC BANK CORP. EARNS $408.1 MILLION IN 1995--Page 4
The ratio of nonperforming assets to total loans and foreclosed assets was
1.10 percent at Dec. 31, 1995, compared with 1.71 percent a year ago. Net
charge-offs totaled $133 million, or 0.29 percent of average loans in 1995
compared with $161 million and 0.40 percent a year ago.
PNC Bank Corp., headquartered in Pittsburgh, is one of the largest
financial services organizations in the United States, with banking
subsidiaries in Pennsylvania, New Jersey, Delaware, Ohio, Kentucky, Indiana,
Massachusetts, and Florida. Its major businesses include corporate banking,
consumer banking, mortgage banking and asset management.
<PAGE> 5
PNC BANK CORP. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
Table of Contents
- ------------------------------------------------------------------------------
Page
----
Selected Consolidated Financial Data 6
Consolidated Statement of Income and
Supplemental Schedules 8
Consolidated Balance Sheet and
Average Balance Sheet 11
Asset Quality Data 12
Quarterly Financial Data
Selected Quarterly Consolidated Financial Data 13
Net Interest Income and Net Interest Margin 14
Noninterest Income and Noninterest Expense 16
Consolidated Balance Sheet and
Average Balance Sheet 18
The unaudited consolidated financial information on the following pages gives
effect to the pooling of interests between PNC Bank Corp. and Midlantic
Corporation. Certain reclassifications have been made to the historical
financial information.
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<PAGE> 6
PNC BANK CORP. AND SUBSIDIARIES Page 6
Selected Consolidated Financial Data
<TABLE>
<CAPTION>
1995 1994 1993 1992 1991
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
RESULTS OF OPERATIONS (Year ended December 31, in thousands)
Interest income $5,149,431 $4,723,147 $4,026,667 $4,281,178 $5,399,913
Interest expense 3,007,562 2,231,153 1,682,944 2,103,691 3,327,114
- ------------------------------------------------------------------------------------------------------------------------------------
Net interest income 2,141,869 2,491,994 2,343,723 2,177,487 2,072,799
Provision for credit losses 6,000 83,458 350,249 493,830 1,152,431
Noninterest income before net securities gains (losses) 1,240,113 1,180,582 937,003 930,885 995,822
Net securities gains (losses) (279,694) (141,582) 194,699 246,256 60,564
Noninterest expense before special charges 2,209,350 2,189,320 1,984,689 2,072,804 2,015,332
Special charges 259,926 48,300
Income taxes 218,952 318,460 261,539 251,526 114,939
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) before cumulative effect
of changes in accounting principles 408,060 891,456 878,948 536,468 (153,517)
Cumulative effect of changes in accounting principles,
net of taxes (7,528) 19,569 (148,287)
- ------------------------------------------------------------------------------------------------------------------------------------
Net income (loss) $ 408,060 $ 883,928 $ 898,517 $ 388,181 ($ 153,517)
====================================================================================================================================
EARNINGS (LOSS) PER COMMON SHARE
Fully diluted before cumulative effect
of changes in accounting principles $1.19 $2.54 $2.54 $1.70 ($.55)
Cumulative effect of changes in accounting principles (.02) .06 (.47)
- ------------------------------------------------------------------------------------------------------------------------------------
Fully diluted $1.19 $2.52 $2.60 $1.23 ($.55)
====================================================================================================================================
BALANCE SHEET HIGHLIGHTS (December 31, in millions)
Total assets $ 73,404 $ 77,461 $ 76,012 $ 65,802 $ 63,024
Earning assets 66,772 69,751 71,296 61,387 58,613
Securities 15,839 23,670 25,496 22,849 16,805
Loans, net of unearned income 48,653 44,043 42,113 35,943 38,762
Deposits 46,899 45,818 44,703 42,030 46,109
Borrowed funds 8,665 12,193 12,336 12,182 10,074
Notes and debentures 10,398 12,127 9,972 4,734 1,751
Shareholders' equity 5,768 5,727 5,404 4,543 4,044
AVERAGE BALANCE SHEET HIGHTLIGHTS (Year ended December 31, in millions)
Total assets $ 75,131 $ 74,362 $ 64,053 $ 61,013 $ 64,556
Earnings assets 69,535 69,427 59,987 57,426 60,373
Securities 22,140 24,355 22,334 19,395 14,787
Loans, net of unearned income 45,624 42,599 35,541 36,273 43,320
Deposits 44,830 43,937 40,224 42,772 50,276
Borrowed funds 13,386 11,960 10,768 9,593 7,769
Notes and debentures 9,790 11,662 6,882 3,391 1,795
Shareholders' equity 5,784 5,531 4,886 4,153 3,828
FINANCIAL PERFORMANCE RATIOS (Year ended December 31)
Return on average assets .54% 1.19% 1.40% .64% (.24)%
Return on average common shareholders' equity 7.05 16.09 18.55 9.38 (4.30)
Net interest margin 3.15 3.64 3.99 3.90 3.59
After-tax profit margin 12.96 24.77 25.51 11.36 (4.76)
Overhead 78.42 62.69 56.35 60.66 62.51
SELECTED RATIOS
Book value per common share $ 16.87 $ 16.59 $ 15.61 $ 13.63 $ 13.51
Leverage 6.39% 7.10% 7.69% 6.99% 6.49%
Common shareholders' equity to total assets 7.83 7.30 7.02 6.78 6.28
Average common shareholders' equity to average assets 7.64 7.34 7.52 6.67 5.79
Net charge-offs to average loans .29 .40 1.65 1.62 2.21
Nonperforming assets to total loans and foreclosed assets 1.10 1.71 2.65 6.16 7.38
Allowance for credit losses to total loans 2.59 3.07 3.26 4.36 4.24
Allowance for credit losses to nonperforming loans 351.68 239.29 160.28 86.87 67.09
</TABLE>
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<PAGE> 7
PNC BANK CORP. AND SUBSIDIARIES Page 7
Selected Consolidated Financial Data
<TABLE>
<CAPTION>
Three months ended Year ended
December 31 December 31
------------------------- ---------------------------
1995 1994 1995 1994
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FINANCIAL PERFORMANCE (Dollars in thousands, except per share data)
Net interest income (taxable-equivalent basis) $563,825 $586,010 $2,188,511 $2,530,138
Net income (loss) (176,177) 106,328 408,060 883,928
Fully diluted earnings (loss) per common share (.52) .30 1.19 2.52
Return on average total assets (.92)% .55% .54% 1.19%
Return on average common shareholders' equity (11.92) 7.42 7.05 16.09
Net interest margin 3.22 3.28 3.15 3.64
After-tax profit margin (30.01) 14.41 12.96 24.77
Overhead 140.66 81.87 78.42 62.69
SELECTED AVERAGE BALANCES (In millions)
Assets $75,707 $76,102 $75,131 $74,362
Earning assets 69,681 71,154 69,535 69,427
Loans, net of unearned income 48,304 43,717 45,624 42,599
Securities 19,450 25,351 22,140 24,355
Deposits 46,216 44,193 44,830 43,937
Shareholders' equity 5,893 5,687 5,784 5,531
==================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
December 31 September 30 June 30 March 31 December 31
1995 1995 1995 1995 1994
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SELECTED RATIOS
Capital
Book value per common share $16.87 $17.55 $17.24 $16.90 $16.59
Leverage 6.39% 7.00% 6.81% 6.88% 7.10%
Common shareholders' equity to total assets 7.83 7.85 7.55 7.51 7.30
Average common shareholders' equity to average assets 7.64 7.58 7.53 7.54 7.34
Asset quality
Net charge-offs to average loans .29 .24 .28 .33 .40
Nonperforming assets to total loans and foreclosed assets 1.10 1.37 1.47 1.58 1.71
Nonperforming loans to total loans .74 .96 1.05 1.12 1.28
Allowance for credit losses to total loans 2.59 2.80 2.86 2.98 3.07
Allowance for credit losses to nonperforming loans 351.68 291.16 272.54 265.19 239.29
===================================================================================================================================
</TABLE>
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<PAGE> 8
PNC BANK CORP. AND SUBSIDIARIES Page 8
Consolidated Statement of Income
<TABLE>
<CAPTION>
Three months ended Year ended
December 31 December 31
--------------------------- ---------------------------
In thousands, except per share data 1995 1994 1995 1994
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans and fees on loans $ 983,267 $ 839,372 $3,742,877 $3,188,611
Securities 283,703 379,424 1,282,929 1,407,104
Other 33,032 30,775 123,625 127,432
- ------------------------------------------------------------------------------------------------------------------------------------
Total interest income 1,300,002 1,249,571 5,149,431 4,723,147
INTEREST EXPENSE
Deposits 400,962 331,792 1,551,816 1,159,242
Borrowed funds 177,403 164,905 834,654 514,133
Notes and debentures 168,889 177,600 621,092 557,778
- ------------------------------------------------------------------------------------------------------------------------------------
Total interest expense 747,254 674,297 3,007,562 2,231,153
- ------------------------------------------------------------------------------------------------------------------------------------
Net interest income 552,748 575,274 2,141,869 2,491,994
Provision for credit losses 1,500 (433) 6,000 83,458
- ------------------------------------------------------------------------------------------------------------------------------------
Net interest income less provision for credit losses 551,248 575,707 2,135,869 2,408,536
NONINTEREST INCOME
Investment management and trust 111,524 84,573 420,160 335,315
Service charges, fees and commissions 130,803 124,549 494,649 489,785
Mortgage banking 39,427 39,274 186,617 198,548
Net securities losses (288,958) (124,313) (279,694) (141,582)
Other 30,490 27,950 138,687 156,934
- ------------------------------------------------------------------------------------------------------------------------------------
Total noninterest income 23,286 152,033 960,419 1,039,000
NONINTEREST EXPENSE
Staff expense 266,962 252,230 1,065,057 1,040,926
Net occupancy and equipment 88,063 81,250 346,064 333,633
Other 210,876 222,426 798,229 814,761
Special charges 259,926 48,300 259,926 48,300
- ------------------------------------------------------------------------------------------------------------------------------------
Total noninterest expense 825,827 604,206 2,469,276 2,237,620
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) before income taxes and cumulative effect of change
in accounting principle (251,293) 123,534 627,012 1,209,916
Applicable income taxes (benefits) (75,116) 17,206 218,952 318,460
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) before cumulative effect of change in
accounting principle (176,177) 106,328 408,060 891,456
Cumulative effect of change in accounting principle,
net of tax benefit of $4,598 (7,528)
- ------------------------------------------------------------------------------------------------------------------------------------
Net income (loss) ($ 176,177) $ 106,328 $ 408,060 $ 883,928
====================================================================================================================================
EARNINGS (LOSS) PER COMMON SHARE
Primary before cumulative effect of change in
accounting principle ($.52) $.30 $1.19 $2.56
Cumulative effect of change in accounting principle (.02)
- ------------------------------------------------------------------------------------------------------------------------------------
Primary ($.52) $.30 $1.19 $2.54
====================================================================================================================================
Fully diluted before cumulative effect of change in
accounting principle ($.52) $.30 $1.19 $2.54
Cumulative effect of change in accounting principle (.02)
- ------------------------------------------------------------------------------------------------------------------------------------
Fully diluted ($.52) $.30 $1.19 $2.52
====================================================================================================================================
CASH DIVIDENDS DECLARED PER COMMON SHARE $.35 $.35 $1.40 $1.31
AVERAGE COMMON SHARES OUTSTANDING
Primary 336,954 344,149 339,134 345,214
Fully diluted 336,954 349,064 344,922 350,218
====================================================================================================================================
</TABLE>
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<PAGE> 9
PNC BANK CORP. AND SUBSIDIARIES Page 9
Details of Net Interest Income and Net Interest Margin
<TABLE>
<CAPTION>
Three months ended Year ended
December 31 December 31
Taxable-equivalent basis ----------------------------- -----------------------------
In thousands 1995 1994 1995 1994
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net interest income before swaps and caps
Interest income $1,318,461 $1,248,534 $5,224,103 $4,599,937
Loan fees 17,965 18,068 82,023 82,544
Taxable-equivalent adjustment 11,077 10,736 46,642 38,144
- ------------------------------------------------------------------------------------------------------------------------------------
Total interest income 1,347,503 1,277,338 5,352,768 4,720,625
Interest expense 739,819 672,485 2,979,295 2,319,525
- ------------------------------------------------------------------------------------------------------------------------------------
Net interest income before swaps and caps 607,684 604,853 2,373,473 2,401,100
Effect of swaps and caps on
Interest income (36,424) (17,031) (156,695) 40,666
Interest expense 7,435 1,812 28,267 (88,372)
- ------------------------------------------------------------------------------------------------------------------------------------
Total swaps and caps (43,859) (18,843) (184,962) 129,038
- ------------------------------------------------------------------------------------------------------------------------------------
Net interest income $563,825 $586,010 $2,188,511 $2,530,138
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Three months ended Year ended
December 31 December 31
----------------------- ----------------------
Taxable-equivalent basis 1995 1994 1995 1994
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest rate spread before swaps and caps
Book-basis yield on earning assets 7.50% 6.96% 7.51% 6.63%
Effect of loan fees .10 .10 .12 .12
Taxable-equivalent adjustment .06 .06 .07 .05
- ------------------------------------------------------------------------------------------------------------------------------------
Taxable-equivalent yield on earning assets 7.66 7.12 7.70 6.80
Rate on interest-bearing liabilities 4.98 4.43 5.06 3.96
- ------------------------------------------------------------------------------------------------------------------------------------
Interest rate spread 2.68 2.69 2.64 2.84
Noninterest-bearing sources .79 .69 .78 .59
- ------------------------------------------------------------------------------------------------------------------------------------
Net interest margin before effect of swaps and caps 3.47 3.38 3.42 3.43
Effect of swaps and caps on
Interest income (.20) (.09) (.23) .06
Interest expense .05 .01 .04 (.15)
- ------------------------------------------------------------------------------------------------------------------------------------
Total swaps and caps (.25) (.10) (.27) .21
- ------------------------------------------------------------------------------------------------------------------------------------
Net interest margin 3.22% 3.28% 3.15% 3.64%
====================================================================================================================================
</TABLE>
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<PAGE> 10
PNC BANK CORP. AND SUBSIDIARIES Page 10
Details of Noninterest Income and Noninterest Expense
<TABLE>
<CAPTION>
NONINTEREST INCOME
Three months ended Year ended
December 31 December 31
--------------------------- -----------------------------
In thousands 1995 1994 1995 1994
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment management and trust
Trust $ 69,175 $ 54,601 $ 265,808 $ 222,814
Mutual funds 42,349 29,972 154,352 112,501
- ------------------------------------------------------------------------------------------------------------------------------------
Total investment management and trust 111,524 84,573 420,160 335,315
Service charges, fees and commissions
Deposit account and corporate services 62,843 59,406 240,278 241,557
Credit card and merchant services 10,888 16,441 47,189 59,972
Corporate finance 14,592 12,691 53,130 50,430
Brokerage 11,587 8,398 41,353 34,176
Other services 30,893 27,613 112,699 103,650
- ------------------------------------------------------------------------------------------------------------------------------------
Total service charges, fees and commissions 130,803 124,549 494,649 489,785
Mortgage banking
Servicing 28,488 28,636 119,601 121,776
Sales of servicing 1,046 9,235 33,721 60,573
Marketing 9,893 1,403 33,295 16,199
- ------------------------------------------------------------------------------------------------------------------------------------
Total mortgage banking 39,427 39,274 186,617 198,548
Other 30,490 27,950 138,687 156,934
- ------------------------------------------------------------------------------------------------------------------------------------
Total noninterest income before
securities transactions 312,244 276,346 1,240,113 1,180,582
Net securities losses (288,958) (124,313) (279,694) (141,582)
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 23,286 $ 152,033 $ 960,419 $1,039,000
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
NONINTEREST EXPENSE
Three months ended Year ended
December 31 December 31
------------------------- -----------------------------
In thousands 1995 1994 1995 1994
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Compensation $221,645 $214,856 $ 863,151 $ 838,171
Employee benefits 45,317 37,374 201,906 202,755
- ------------------------------------------------------------------------------------------------------------------------------------
Total staff expense 266,962 252,230 1,065,057 1,040,926
Net occupancy 42,424 45,436 180,398 180,067
Equipment 45,639 35,814 165,666 153,566
Intangible and MSR amortization 41,387 21,976 114,671 86,297
Federal deposit insurance 7,662 26,178 57,669 102,309
Taxes other than income 13,796 11,801 52,857 47,826
Other 148,031 162,471 573,032 578,329
Special charges 259,926 48,300 259,926 48,300
- ------------------------------------------------------------------------------------------------------------------------------------
Total $825,827 $604,206 $2,469,276 $2,237,620
====================================================================================================================================
</TABLE>
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<PAGE> 11
PNC BANK CORP. AND SUBSIDIARIES Page 11
Consolidated Balance Sheet
<TABLE>
<CAPTION>
December 31
In millions, except share data 1995 1994
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 3,679 $ 3,412
Securities available for sale 15,839 3,790
Investment securities, fair value of $18,559 19,880
Loans, net of unearned income of $403 and $385 48,653 44,043
Allowance for credit losses (1,259) (1,352)
- -----------------------------------------------------------------------------------------------------------------------
Net loans 47,394 42,691
Other 6,492 7,688
- -----------------------------------------------------------------------------------------------------------------------
Total assets $73,404 $77,461
=======================================================================================================================
LIABILITIES
Deposits $46,899 $45,818
Borrowed funds 8,665 12,193
Notes and debentures 10,398 12,127
Other 1,674 1,596
- -----------------------------------------------------------------------------------------------------------------------
Total liabilities 67,636 71,734
- -----------------------------------------------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Realized shareholders' equity 5,742 5,849
Net unrealized securities gains (losses) 26 (122)
- -----------------------------------------------------------------------------------------------------------------------
Total shareholders' equity 5,768 5,727
- -----------------------------------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity $73,404 $77,461
=======================================================================================================================
COMMON SHAREHOLDERS' EQUITY $ 5,750 $ 5,658
COMMON SHARES OUTSTANDING 340,863,348 341,005,417
=======================================================================================================================
</TABLE>
Consolidated Average Balance Sheet
<TABLE>
<CAPTION>
Three months ended Year ended
December 31 December 31
------------------------- -------------------------
In millions 1995 1994 1995 1994
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Interest-earning assets
Short-term investments $ 950 $ 1,562 $ 1,034 $ 1,721
Securities 19,450 25,351 22,140 24,355
Loans, net of unearned income
Commercial 16,590 15,339 15,852 15,185
Real estate project 2,221 2,328 2,213 2,401
Real estate mortgage 14,270 12,198 13,613 11,576
Consumer 13,188 11,565 12,013 11,192
Other 2,035 2,287 1,933 2,245
- ------------------------------------------------------------------------------------------------------------------------------------
Total loans, net of unearned income 48,304 43,717 45,624 42,599
Other interest-earning assets 977 524 737 752
- ------------------------------------------------------------------------------------------------------------------------------------
Total interest-earning assets 69,681 71,154 69,535 69,427
Other 6,026 4,948 5,596 4,935
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets $75,707 $76,102 $75,131 $74,362
====================================================================================================================================
LIABILITIES
Interest-bearing liabilities
Deposits $36,577 $35,047 $35,718 $34,998
Borrowed funds 11,511 12,102 13,386 11,960
Notes and debentures 10,637 12,966 9,790 11,662
- ------------------------------------------------------------------------------------------------------------------------------------
Total interest-bearing liabilities 58,725 60,115 58,894 58,620
Noninterest-bearing deposits 9,639 9,146 9,112 8,939
Other 1,450 1,154 1,341 1,272
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 69,814 70,415 69,347 68,831
- ------------------------------------------------------------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY 5,893 5,687 5,784 5,531
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity $75,707 $76,102 $75,131 $74,362
====================================================================================================================================
COMMON SHAREHOLDERS' EQUITY $ 5,875 $ 5,618 $ 5,741 $ 5,461
====================================================================================================================================
</TABLE>
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<PAGE> 12
PNC BANK CORP. AND SUBSIDIARIES Page 12
Asset Quality Data
<TABLE>
<CAPTION>
ALLOWANCE FOR CREDIT LOSSES
Three months ended Year ended
December 31 December 31
--------------------- ---------------------
In millions 1995 1994 1995 1994
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning balance $1,285 $1,387 $1,352 $1,372
Charge-offs
Commercial 28 35 82 116
Real estate project 10 1 33 37
Real estate mortgage 3 7 14 31
Consumer 36 25 111 93
- ----------------------------------------------------------------------------------------------------------------------------------
Total charge-offs 77 68 240 277
Recoveries
Commercial 8 17 49 59
Real estate project 4 4 14 10
Real estate mortgage 1 1 3 6
Consumer 9 11 41 41
- ----------------------------------------------------------------------------------------------------------------------------------
Total recoveries 22 33 107 116
- ----------------------------------------------------------------------------------------------------------------------------------
Net charge-offs (55) (35) (133) (161)
Net charge-offs on bulk loan sales and
loans held for accelerated disposition (8)
Provision for credit losses 1 6 84
Acquisitions 28 34 65
- ----------------------------------------------------------------------------------------------------------------------------------
Ending balance $1,259 $1,352 $1,259 $1,352
==================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
NONPERFORMING ASSETS
December 31 September 30 June 30 March 31 December 31
In millions 1995 1995 1995 1995 1994
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Nonaccrual loans
Commercial $118 $126 $148 $193 $219
Real estate project 45 89 103 81 98
Real estate mortgage
Commercial 108 109 113 107 103
Residential 54 55 54 54 56
Other 10 17 14 16 20
- ----------------------------------------------------------------------------------------------------------------------------------
Total nonaccrual loans 335 396 432 451 496
Restructured loans 23 45 45 46 69
- ----------------------------------------------------------------------------------------------------------------------------------
Total nonperforming loans 358 441 477 497 565
Foreclosed assets
Real estate project 86 99 102 104 94
Real estate mortgage
Commercial 19 16 17 18 23
Residential 24 25 26 29 21
Other 49 50 51 54 54
- ----------------------------------------------------------------------------------------------------------------------------------
Total foreclosed assets 178 190 196 205 192
- ----------------------------------------------------------------------------------------------------------------------------------
Total $536 $631 $673 $702 $757
==================================================================================================================================
</TABLE>
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<PAGE> 13
PNC BANK CORP. AND SUBSIDIARIES Page 13
Selected Quarterly Consolidated Financial Data
<TABLE>
<CAPTION>
December 31 September 30 June 30 March 31
Three months ended 1995 1995 1995 1995
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
RESULTS OF OPERATIONS (In thousands)
Interest income $1,300,002 $1,293,509 $1,294,643 $1,261,277
Interest expense 747,254 766,490 771,821 721,997
- ------------------------------------------------------------------------------------------------------------------------
Net interest income 552,748 527,019 522,822 539,280
Provision for credit losses 1,500 1,500 1,500 1,500
Noninterest income before net
securities gains (losses) 312,244 338,282 305,284 284,303
Net securities gains (losses) (288,958) 44 7,966 1,254
Noninterest expense before special charges 565,901 547,435 542,663 553,351
Special charges 259,926
Income taxes (benefits) (75,116) 105,673 97,956 90,439
- ------------------------------------------------------------------------------------------------------------------------
Net income (loss) $ (176,177) $ 210,737 $ 193,953 $ 179,547
========================================================================================================================
EARNINGS (LOSS) PER FULLY DILUTED SHARE ($.52) $.62 $.56 $.52
========================================================================================================================
AVERAGE BALANCE SHEET HIGHLIGHTS (In millions)
Total assets $ 75,707 $ 75,266 $ 75,343 $ 74,841
Earnings assets 69,681 69,458 69,495 69,486
Securities 19,450 22,045 23,137 23,984
Loans, net of unearned income 48,304 45,646 44,765 43,710
Deposits 46,216 45,077 44,365 43,667
Borrowed funds 11,511 14,016 14,140 13,902
Notes and debentures 10,637 8,829 9,586 10,109
Shareholders' equity 5,893 5,802 5,727 5,710
FINANCIAL PERFROMANCE RATIOS
Return on average total assets (.92)% 1.11% 1.03% .97%
Return on average common shareholders' equity (11.92) 14.43 13.65 12.81
Net interest margin 3.22 3.09 3.06 3.16
After-tax profit margin (30.01) 24.03 22.87 21.46
Overhead 140.66 62.41 63.99 66.14
SELECTED RATIOS
Book value per common share $ 16.87 $ 17.55 $ 17.24 $ 16.90
Leverage 6.39% 7.00% 6.81% 6.88%
Common shareholders' equity to total assets 7.83 7.85 7.55 7.51
Average common shareholders' equity to
average assets 7.64 7.58 7.53 7.54
Net charge-offs to average loans .29 .24 .28 .33
Nonperforming assets to total loans and
foreclosed assets 1.10 1.37 1.47 1.58
Nonperforming loans to total loans .74 .96 1.05 1.12
Allowance for credit losses to total loans 2.59 2.80 2.86 2.98
Allowance for credit losses to
nonperforming loans 351.68 291.16 272.54 265.19
========================================================================================================================
</TABLE>
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<PAGE> 14
PNC BANK CORP. AND SUBSIDIARIES Page 14
Details of Net Interest Income
<TABLE>
<CAPTION>
Three months ended
Taxable-equivalent basis December 31 September 30 June 30 March 31
In thousands 1995 1995 1995 1995
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net interest income before swaps and caps
Interest income $1,318,461 $1,312,720 $1,314,090 $1,278,832
Loan fees 17,965 23,115 21,354 19,589
Taxable-equivalent adjustment 11,077 11,790 11,919 11,856
- ------------------------------------------------------------------------------------------------------------------
Total interest income 1,347,503 1,347,625 1,347,363 1,310,277
Interest expense 739,819 760,001 762,064 717,411
- ------------------------------------------------------------------------------------------------------------------
Net interest income before
swaps and caps 607,684 587,624 585,299 592,866
Effect of swaps and caps on
Interest income (36,424) (42,326) (40,801) (37,144)
Interest expense 7,435 6,489 9,757 4,586
- ------------------------------------------------------------------------------------------------------------------
Total swaps and caps (43,859) (48,815) (50,558) (41,730)
- ------------------------------------------------------------------------------------------------------------------
Net interest income $563,825 $538,809 $534,741 $551,136
==================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Three months ended
Taxable-equivalent basis December 31 September 30 June 30 March 31
In thousands 1994 1994 1994 1994
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net interest income before swaps and caps
Interest income $1,248,534 $1,194,553 $1,108,322 $1,048,528
Loan fees 18,068 22,626 19,698 22,152
Taxable-equivalent adjustment 10,736 9,003 9,140 9,265
- ------------------------------------------------------------------------------------------------------------------
Total interest income 1,277,338 1,226,182 1,137,160 1,079,945
Interest expense 672,485 599,300 540,772 506,968
- ------------------------------------------------------------------------------------------------------------------
Net interest income before
swaps and caps 604,853 626,882 596,388 572,977
Effect of swaps and caps on
Interest income (17,031) 11,452 18,836 27,409
Interest expense 1,812 (17,738) (30,892) (41,554)
- ------------------------------------------------------------------------------------------------------------------
Total swaps and caps (18,843) 29,190 49,728 68,963
- ------------------------------------------------------------------------------------------------------------------
Net interest income $586,010 $656,072 $646,116 $641,940
==================================================================================================================
</TABLE>
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<PAGE> 15
PNC BANK CORP. AND SUBSIDIARIES Page 15
Details of Net Interest Margin
<TABLE>
<CAPTION>
Three-months ended December 31 September 30 June 30 March 31
Taxable-equivalent basis 1995 1995 1995 1995
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest rate spread before swaps and caps
Book-basis yield on earnings assets 7.50% 7.49% 7.49% 7.34%
Effect of loan fees .10 .13 .12 .11
Taxable-equivalent adjustment .06 .07 .07 .07
- ------------------------------------------------------------------------------------------------------------------
Taxable-equivalent yield on earnings assets 7.66 7.69 7.68 7.52
Rate on interest-bearing liabilities 4.98 5.11 5.09 4.86
- ------------------------------------------------------------------------------------------------------------------
Interest rate spread 2.68 2.58 2.59 2.66
Noninterest-bearing sources .79 .79 .77 .74
- ------------------------------------------------------------------------------------------------------------------
Net interest margin before
swaps and caps 3.47 3.37 3.36 3.40
Effect of swaps and caps on
Interest income (.20) (.24) (.23) (.21)
Interest expense .05 .04 .07 .03
- ------------------------------------------------------------------------------------------------------------------
Total swaps and caps (.25) (.28) (.30) (.24)
- ------------------------------------------------------------------------------------------------------------------
Net interest margin 3.22% 3.09% 3.06% 3.16%
==================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Three-months ended December 31 September 30 June 30 March 31
Taxable-equivalent basis 1994 1994 1994 1994
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest rate spread before swaps and caps
Book-basis yield on earnings assets 6.96% 6.77% 6.48% 6.22%
Effect of loan fees .10 .13 .12 .13
Taxable-equivalent adjustment .06 .05 .05 .06
- ------------------------------------------------------------------------------------------------------------------
Taxable-equivalent yield on earnings assets 7.12 6.95 6.65 6.41
Rate on interest-bearing liabilities 4.43 4.03 3.76 3.58
- ------------------------------------------------------------------------------------------------------------------
Interest rate spread 2.69 2.92 2.89 2.83
Noninterest-bearing sources .69 .61 .56 .51
- ------------------------------------------------------------------------------------------------------------------
Net interest margin before
swaps and caps 3.38 3.53 3.45 3.34
Effect of swaps and caps on
Interest income (.09) .07 .11 .16
Interest expense .01 (.12) (.22) (.29)
- ------------------------------------------------------------------------------------------------------------------
Total swaps and caps (.10) .19 .33 .45
- ------------------------------------------------------------------------------------------------------------------
Net interest margin 3.28% 3.72% 3.78% 3.79%
==================================================================================================================
</TABLE>
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<PAGE> 16
PNC BANK CORP. AND SUBSIDIARIES Page 16
Details of Noninterest Income
<TABLE>
<CAPTION>
Three months ended December 31 September 30 June 30 March 31
In thousands 1995 1995 1995 1995
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment management and trust
Trust $ 69,175 $ 68,288 $ 69,826 $ 58,519
Mutual funds 42,349 40,829 39,325 31,849
- ------------------------------------------------------------------------------------------------------------------
Total investment management and trust 111,524 109,117 109,151 90,368
Service charges, fees and commissions
Deposit account and corporate services 62,843 60,722 58,326 58,387
Credit card and merchant services 10,888 9,649 11,321 15,331
Corporate finance 14,592 13,133 13,021 12,384
Brokerage 11,587 10,113 10,311 9,342
Other services 30,893 29,666 26,112 26,028
- ------------------------------------------------------------------------------------------------------------------
Total service charges, fees
and commissions 130,803 123,283 119,091 121,472
Mortgage banking
Servicing 28,488 30,215 29,772 31,126
Sales of servicing 1,046 10,745 9,672 12,258
Marketing 9,893 10,649 11,414 1,339
- ------------------------------------------------------------------------------------------------------------------
Total mortgage banking 39,427 51,609 50,858 44,723
Other 30,490 54,273 26,184 27,740
- ------------------------------------------------------------------------------------------------------------------
Total noninterest income before
securities transactions 312,244 338,282 305,284 284,303
Net securities gains (losses) (288,958) 44 7,966 1,254
- ------------------------------------------------------------------------------------------------------------------
Total $ 23,286 $338,326 $313,250 $285,557
==================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Three months ended December 31 September 30 June 30 March 31
In thousands 1994 1994 1994 1994
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment management and trust
Trust $ 54,601 $ 54,930 $ 56,788 $ 56,495
Mutual funds 29,972 28,709 27,566 26,254
- ------------------------------------------------------------------------------------------------------------------
Total investment management and trust 84,573 83,639 84,354 82,749
Service charges, fees and commissions
Deposit account and corporate services 59,406 61,960 61,504 58,752
Credit card and merchant services 16,441 14,766 14,945 13,821
Corporate finance 12,691 9,307 8,269 8,201
Brokerage 8,398 13,544 12,039 12,155
Other services 27,613 26,625 25,582 23,832
- ------------------------------------------------------------------------------------------------------------------
Total service charges, fees
and commissions 124,549 126,202 122,339 116,761
Mortgage banking
Servicing 28,636 32,439 30,825 29,877
Sales of servicing 9,235 34,747 11,445 5,145
Marketing 1,403 11,725 388 2,870
- ------------------------------------------------------------------------------------------------------------------
Total mortgage banking 39,274 78,911 42,658 37,892
Other 27,950 35,919 54,026 38,786
- ------------------------------------------------------------------------------------------------------------------
Total noninterest income before
securities transactions 276,346 324,671 303,377 276,188
Net securities gains (losses) (124,313) (44,202) (4,722) 31,655
- ------------------------------------------------------------------------------------------------------------------
Total $152,033 $280,469 $298,655 $307,843
==================================================================================================================
</TABLE>
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<PAGE> 17
PNC BANK CORP. AND SUBSIDIARIES Page 17
Details of Noninterest Expense
<TABLE>
<CAPTION>
Three months ended December 31 September 30 June 30 March 31
In thousands 1995 1995 1995 1995
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Compensation $221,645 $218,934 $213,879 $208,693
Employee benefits 45,317 50,345 51,536 54,708
- ------------------------------------------------------------------------------------------------------------------
Total staff expense 266,962 269,279 265,415 263,401
Net occupancy 42,424 46,542 45,771 45,661
Equipment 45,639 40,188 38,766 41,073
Intangible and MSR amortization 41,387 26,094 23,855 23,335
Federal deposit insurance 7,662 1,470 24,217 24,320
Taxes other than income 13,796 12,856 13,107 13,098
Other 148,031 151,006 131,532 142,463
Special charges 259,926
- ------------------------------------------------------------------------------------------------------------------
Total $825,827 $547,435 $542,663 $553,351
==================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Three months ended December 31 September 30 June 30 March 31
In thousands 1994 1994 1994 1994
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Compensation $214,856 $212,399 $205,139 $205,777
Employee benefits 37,374 53,072 55,853 56,456
- ------------------------------------------------------------------------------------------------------------------
Total staff expense 252,230 265,471 260,992 262,233
Net occupancy 45,436 45,014 44,962 44,655
Equipment 35,814 39,257 38,708 39,787
Intangible and MSR amortization 21,976 23,266 19,890 21,165
Federal deposit insurance 26,178 25,411 25,350 25,370
Taxes other than income 11,801 12,426 11,686 11,913
Other 162,471 139,242 134,924 141,692
Special charges 48,300
- ------------------------------------------------------------------------------------------------------------------
Total $604,206 $550,087 $536,512 $546,815
==================================================================================================================
</TABLE>
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<PAGE> 18
PNC BANK CORP. AND SUBSIDIARIES Page 18
Consolidated Average Balance Sheet
<TABLE>
<CAPTION>
Three months ended December 31 September 30 June 30 March 31
In millions 1995 1995 1995 1995
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Interest-earning assets
Securities $19,450 $22,045 $23,137 $23,984
Loans, net of unearned income
Commercial 16,590 15,914 15,620 15,139
Real estate project 2,221 2,267 2,191 2,174
Real estate mortgage 14,270 13,895 13,454 12,920
Consumer 13,188 11,822 11,603 11,520
Other 2,035 1,748 1,897 1,957
- ------------------------------------------------------------------------------------------------------------------------------------
Total loans, net of unearned income 48,304 45,646 44,765 43,710
Other interest-earning assets 1,927 1,767 1,593 1,792
- ------------------------------------------------------------------------------------------------------------------------------------
Total interest-earning assets 69,681 69,458 69,495 69,486
Other 6,026 5,808 5,848 5,355
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets $75,707 $75,266 $75,343 $74,841
====================================================================================================================================
LIABILITIES
Interest-bearing liabilities
Deposits $36,577 $35,945 $35,407 $34,954
Borrowed funds 11,511 14,016 14,140 13,902
Notes and debentures 10,637 8,829 9,586 10,109
- ------------------------------------------------------------------------------------------------------------------------------------
Total interest-bearing liabilities 58,725 58,790 59,133 58,965
Noninterest-bearing deposits 9,639 9,132 8,958 8,713
Other 1,450 1,542 1,525 1,453
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 69,814 69,464 69,616 69,131
- ------------------------------------------------------------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY 5,893 5,802 5,727 5,710
- ----------------------------------------------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity $75,707 $75,266 $75,343 $74,841
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Three months ended December 31 September 30 June 30 March 31
In millions 1994 1994 1994 1994
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Interest-earning assets
Securities $25,351 $24,460 $23,981 $23,605
Loans, net of unearned income
Commercial 15,339 15,605 15,297 14,456
Real estate project 2,328 2,280 2,445 2,551
Real estate mortgage 12,198 11,915 11,017 11,115
Consumer 11,565 11,421 10,990 10,763
Other 2,287 2,520 2,029 2,137
- ------------------------------------------------------------------------------------------------------------------------------------
Total loans, net of unearned income 43,717 43,741 41,778 41,022
Other interest-earning assets 2,086 2,217 2,587 3,011
- ------------------------------------------------------------------------------------------------------------------------------------
Total interest-earning assets 71,154 70,418 68,346 67,638
Other 4,948 4,869 4,828 5,225
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets $76,102 $75,287 $73,174 $72,863
====================================================================================================================================
LIABILITIES
Interest-bearing liabilities
Deposits $35,047 $35,915 $34,609 $34,397
Borrowed funds 12,102 11,862 11,612 12,260
Notes and debentures 12,966 11,731 11,404 10,519
- ------------------------------------------------------------------------------------------------------------------------------------
Total interest-bearing liabilities 60,115 59,508 57,625 57,176
Noninterest-bearing deposits 9,146 9,021 8,790 8,796
Other 1,154 1,170 1,340 1,461
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 70,415 69,699 67,755 67,433
- ------------------------------------------------------------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY 5,687 5,588 5,419 5,430
- ----------------------------------------------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity $76,102 $75,287 $73,174 $72,863
====================================================================================================================================
</TABLE>
###
