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Exhibit 99
PNC BANK CORP. AND SUBSIDIARIES
Consolidated Financial Highlights
FINANCIAL PERFORMANCE
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Three months ended Six months ended
June 30 June 30
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IN THOUSANDS, EXCEPT PER SHARE DATA AND RATIOS 1994 1993 1994 1993
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Net interest income (taxable-equivalent basis) $501,363 $466,134 $1,007,167 $929,702
Income before cumulative effect of
changes in accounting principles 187,845 169,142 393,534 356,153
Net income 187,845 169,142 393,534 336,760
Earnings per common share
Before cumulative effect of changes in accounting principles
Primary .79 .71 1.66 1.50
Fully diluted .79 .71 1.65 1.49
Net income
Primary .79 .71 1.66 1.42
Fully diluted .79 .71 1.65 1.41
Cash dividends declared per common share .32 .285 .64 .57
Average common shares outstanding
Primary 237,241 236,561 236,974 236,241
Fully diluted 239,086 238,751 238,887 238,545
Net interest margin 3.58% 3.96% 3.63% 4.04%
Returns before cumulative effect of changes in accounting principles
Return on average total assets 1.26 1.35 1.34 1.47
Return on average common shareholders' equity 17.70 17.59 18.51 18.76
Returns based on net income
Return on average total assets 1.26 1.35 1.34 1.39
Return on average common shareholders' equity 17.70 17.59 18.51 17.73
Average shareholders' equity to average total assets 7.16 7.71 7.25 7.84
Net charge-offs to average loans .35 .76 .32 .76
Provision for credit losses to net charge-offs 87.45 112.08 97.47 120.72
After-tax profit margin 25.75 25.61 26.34 23.98
Overhead ratio 57.33 52.25 56.57 52.13
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PERIOD-END RATIOS
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June 30 December 31 June 30
1994 1993 1993
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Capital
Leverage 6.99% 7.85% 7.80%
Common shareholders' equity to total assets 6.77 6.93 7.32
Asset quality
Nonperforming loans to total loans 1.11 1.15 1.81
Nonperforming assets to total loans and foreclosed assets 1.55 1.65 2.63
Nonperforming assets to total assets .85 .89 1.25
Allowance for credit losses to total loans 2.97 2.92 3.60
Allowance for credit losses to nonperforming loans 267.09 253.12 199.57
Book value per common share
As reported $18.37 $18.34 $16.84
Excluding net unrealized securities gains/losses 19.02 17.96 16.84
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2
PNC BANK CORP. AND SUBSIDIARIES
Condensed Consolidated Statement of Income
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Three months ended Six months ended
June 30 June 30
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IN THOUSANDS 1994 1993 1994 1993
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INTEREST INCOME
Loans and fees on loans $594,011 $475,335 $1,166,847 $961,554
Securities 316,647 315,936 612,455 614,433
Other 24,336 9,205 50,796 18,042
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Total interest income 934,994 800,476 1,830,098 1,594,029
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INTEREST EXPENSE
Deposits 217,512 188,536 417,516 387,713
Borrowed funds 110,574 98,827 207,311 187,350
Notes and debentures 113,949 57,467 214,971 109,629
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Total interest expense 442,035 344,830 839,798 684,692
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Net interest income 492,959 455,646 990,300 909,337
Provision for credit losses 25,030 53,814 50,045 115,231
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Net interest income less provision for credit losses 467,929 401,832 940,255 794,106
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NONINTEREST INCOME
Investment management and trust 73,494 69,093 146,461 135,366
Service charges, fees and commissions 92,205 87,904 180,041 169,349
Mortgage banking 42,658 9,082 80,363 16,976
Net securities gains (losses) (85) 6,616 30,307 111,777
Other 19,968 21,739 49,619 41,247
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Total noninterest income 228,240 194,434 486,791 474,715
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NONINTEREST EXPENSE
Staff expense 203,972 169,936 410,871 346,340
Net occupancy and equipment 66,860 54,773 132,142 113,092
Other 147,463 120,439 302,128 272,731
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Total noninterest expense 418,295 345,148 845,141 732,163
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Income before income taxes and cumulative
effect of changes in accounting principles 277,874 251,118 581,905 536,658
Applicable income taxes 90,029 81,976 188,371 180,505
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Income before cumulative effect of
changes in accounting principles 187,845 169,142 393,534 356,153
Cumulative effect of changes in accounting
principles, net of tax benefit of $5,343 (19,393)
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Net income $187,845 $169,142 $393,534 $336,760
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3
PNC BANK CORP. AND SUBSIDIARIES
Other Financial Data
NET INTEREST MARGIN
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THREE MONTHS ENDED June 30 March 31 June 30
TAXABLE-EQUIVALENT BASIS 1994 1994 1993
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Book-basis yield on earning assets 6.48% 6.23% 6.60%
Effect of loan fees .11 .14 .13
Taxable-equivalent adjustment .06 .06 .09
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Taxable-equivalent yield on earning assets 6.65 6.43 6.82
Rate on interest-bearing liabilities 3.90 3.69 3.83
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Interest rate spread 2.75 2.74 2.99
Net benefit of interest rate swaps .28 .41 .38
Net benefit of noninterest-bearing funds .55 .53 .59
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Net interest margin 3.58% 3.68% 3.96%
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NONINTEREST INCOME
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Three months ended Six months ended
June 30 June 30
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IN THOUSANDS 1994 1993 1994 1993
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Investment management and trust
Trust $49,406 $47,394 $98,805 $92,187
Mutual funds 24,088 21,699 47,656 43,179
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Total investment management and trust 73,494 69,093 146,461 135,366
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Service charges, fees and commissions
Deposit account and corporate services 42,484 39,593 82,225 78,072
Credit card and merchant services 13,878 13,634 26,797 26,545
Brokerage 8,545 9,799 17,223 17,517
Corporate finance 10,547 9,724 21,227 18,305
Other services 16,751 15,154 32,569 28,910
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Total service charges, fees and commissions 92,205 87,904 180,041 169,349
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Mortgage banking
Servicing 42,270 6,737 77,292 13,031
Marketing 388 2,345 3,071 3,945
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Total mortgage banking 42,658 9,082 80,363 16,976
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Net securities gains (losses) (85) 6,616 30,307 111,777
Other 19,968 21,739 49,619 41,247
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Total $228,240 $194,434 $486,791 $474,715
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NONINTEREST EXPENSE
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Three months ended Six months ended
June 30 June 30
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IN THOUSANDS 1994 1993 1994 1993
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Compensation $164,610 $139,054 $329,402 $279,403
Employee benefits 39,362 30,882 81,469 66,937
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Total staff expense 203,972 169,936 410,871 346,340
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Net occupancy 34,142 28,536 66,562 58,203
Equipment 32,718 26,237 65,580 54,889
Amortization of intangible assets 18,270 4,662 37,830 15,366
Federal deposit insurance 18,163 16,467 36,339 32,932
Taxes other than income 10,782 9,781 21,878 18,610
Other 100,248 89,529 206,081 205,823
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Total $418,295 $345,148 $845,141 $732,163
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4
PNC BANK CORP. AND SUBSIDIARIES
Condensed Consolidated Balance Sheet
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June 30 December 31 June 30
IN MILLIONS, EXCEPT SHARE DATA 1994 1993 1993
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ASSETS
Cash and due from banks $1,989 $1,817 $2,353
Short-term investments 672 856 451
Loans held for sale 804 1,392 397
Securities available for sale, fair value of $5,791 on June 30, 1993 7,236 11,388 5,679
Investment securities, fair value of $15,233, $11,716 and $18,590 15,971 11,672 18,159
Loans, net of unearned income of $218, $222 and $223 34,860 33,308 25,434
Allowance for credit losses (1,036) (972) (917)
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Net loans 33,824 32,336 24,517
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Other 3,471 2,619 2,262
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Total assets $63,967 $62,080 $53,818
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LIABILITIES
Deposits
Noninterest-bearing $6,257 $7,057 $6,172
Interest-bearing 26,692 26,058 22,331
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Total deposits 32,949 33,115 28,503
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Borrowed funds 13,402 11,662 11,511
Notes and debentures 11,437 9,585 6,333
Other 1,830 3,393 3,510
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Total liabilities 59,618 57,755 49,857
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SHAREHOLDERS' EQUITY
Realized shareholders' equity 4,503 4,237 3,961
Net unrealized securities gains (losses) (154) 88
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Total shareholders' equity 4,349 4,325 3,961
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Total liabilities and shareholders' equity $63,967 $62,080 $53,818
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COMMON SHAREHOLDERS' EQUITY $4,330 $4,305 $3,940
COMMON SHARES OUTSTANDING 235,660,470 234,705,237 233,909,151
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5
PNC BANK CORP. AND SUBSIDIARIES
Condensed Consolidated Average Balance Sheet
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Three months ended Six months ended
June 30 June 30
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IN MILLIONS 1994 1993 1994 1993
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ASSETS
Interest-earning assets
Securities $21,859 $21,184 $21,550 $20,088
Loans, net of unearned income
Commercial 12,075 10,705 11,714 10,641
Real estate project 1,736 1,876 1,730 1,901
Real estate mortgage 8,981 3,892 9,018 3,960
Consumer 8,617 7,858 8,534 7,831
Other 1,122 853 1,282 866
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Total loans, net of unearned income 32,531 25,184 32,278 25,199
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Other earning assets 1,672 707 1,797 746
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Total interest-earning assets 56,062 47,075 55,625 46,033
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Other 3,563 3,077 3,672 2,946
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Total assets $59,625 $50,152 $59,297 $48,979
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LIABILITIES
Interest-bearing liabilities
Deposits $26,128 $22,712 $25,923 $22,874
Borrowed funds 10,967 11,485 11,253 10,821
Notes and debentures 11,030 5,578 10,589 5,163
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Total interest-bearing liabilities 48,125 39,775 47,765 38,858
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Noninterest-bearing deposits 6,124 5,379 6,073 5,216
Other 1,108 1,129 1,160 1,064
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Total liabilities 55,357 46,283 54,998 45,138
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SHAREHOLDERS' EQUITY 4,268 3,869 4,299 3,841
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Total liabilities and shareholders' equity $59,625 $50,152 $59,297 $48,979
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COMMON SHAREHOLDERS' EQUITY $4,248 $3,847 $4,279 $3,818
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6
PNC BANK CORP. AND SUBSIDIARIES
Credit Quality Data
NONPERFORMING ASSETS
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June 30 December 31 June 30
IN MILLIONS 1994 1993 1993
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Nonaccrual loans
Commercial $232 $181 $237
Real estate project 72 91 184
Real estate mortgage 80 84 32
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Total nonaccrual loans 384 356 453
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Restructured loans 4 28 6
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Total nonperforming loans 388 384 459
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Foreclosed assets
Real estate project 93 108 172
Real estate mortgage 33 42 8
Other 30 20 36
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Total foreclosed assets 156 170 216
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Total $544 $554 $675
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ALLOWANCE FOR CREDIT LOSSES
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Three months ended Six months ended
June 30 June 30
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IN MILLIONS 1994 1993 1994 1993
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Beginning balance $980 $911 $972 $897
Charge-offs (44) (64) (81) (127)
Recoveries 15 16 30 32
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Net charge-offs (29) (48) (51) (95)
Provision for credit losses 25 54 50 115
Acquisitions 60 65
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Ending balance $1,036 $917 $1,036 $917
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