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