Exhibit 28 PNC BANK CORP. AND SUBSIDIARIES Page 4 Financial Highlights (In thousands, except ratios and per share data)
================================================================================================ Three months ended March 31 1994 1993 ................................................................................................ FINANCIAL PERFORMANCE 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 ================================================================================================
================================================================================================ March 31 December 31 March 31 1994 1993 1993 ................................................................................................ PERIOD-END RATIOS 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 ================================================================================================
- more - PNC BANK CORP. AND SUBSIDIARIES Page 5 Condensed Consolidated Statement of Income (In thousands)
================================================================================================ Three months ended March 31 1994 1993 ................................................................................................ 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 ================================================================================================
- more - PNC BANK CORP. AND SUBSIDIARIES Page 6 Statistical Information (In thousands) NONINTEREST INCOME
================================================================================================ Three months ended March 31 1994 1993 ................................................................................................ 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 ================================================================================================
NONINTEREST EXPENSES ================================================================================================ Three months ended March 31 1994 1993 ................................................................................................ 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 ================================================================================================
- more - PNC BANK CORP. AND SUBSIDIARIES Page 7 Condensed Consolidated Balance Sheet (In millions, except share data)
============================================================================================================= March 31 December 31 March 31 1994 1993 1993 ............................................................................................................ 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 ============================================================================================================
-more- PNC BANK CORP. AND SUBSIDIARIES Page 8 Statistical Information (In millions)
AVERAGE BALANCE SHEET ================================================================================== Three months ended March 31 1994 1993 .................................................................................. 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 ==================================================================================
- more - PNC BANK CORP. AND SUBSIDIARIES Page 9 Statistical Information (continued) (In millions)
NONPERFORMING ASSETS ================================================================================== March 31 December 31 March 31 1994 1993 1993 .................................................................................. 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 ==================================================================================
ALLOWANCE FOR CREDIT LOSSES ================================================================================== 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 ==================================================================================