PNC Bank 2000 Annual Report Download - page 84

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81
RE S U LT S O F BU S I N E S S E S
PNC PNC
Year ended December 31 Community Corporate Real Estate Business PNC Black-
In millions Banking Banking Finance Credit Advisors Rock PFPC Other Consolidated
2000
IN C O M E ST A T E M E N T
Net interest income (a) . . . . . . . . $1,414 $562 $115 $99 $136 $7 $(46) $(105) $2,182
Noninterest income . . . . . . . . . . . 619 277 105 20 656 477 656 81 2,891
Total revenue . . . . . . . . . . . . . . 2,033 839 220 119 792 484 610 (24) 5,073
Provision for credit losses . . . . . . 45 79 (7) 12 5 2 136
Depreciation and amortization . . . 85 13 20 2 14 20 49 56 259
Other noninterest expense . . . . . . 986 371 119 28 497 314 483 14 2,812
Pretax earnings . . . . . . . . . . . . 917 376 88 77 276 150 78 (96) 1,866
Income taxes . . . . . . . . . . . . . . . . 327 132 6 28 103 63 31 (38) 652
Earnings . . . . . . . . . . . . . . . . . $590 $244 $82 $49 $173 $87 $47 $(58) $1,214
Inter-segment revenue . . . . . . . . . $3 $5 $13 $84 $(105)
AV E R A G E AS S E T S . . . . . . . . $38,958 $16,382 $5,506 $2,271 $3,500 $537 $1,578 $(241) $68,491
1999
IN C O M E ST AT E M E N T
Net interest income (a) . . . . . . . . $1,418 $481 $112 $71 $130 $(8) $6 $156 $2,366
Noninterest income . . . . . . . . . . . 550 264 100 11 608 381 251 285 2,450
Total revenue . . . . . . . . . . . . . . 1,968 745 212 82 738 373 257 441 4,816
Provision for credit losses . . . . . . 61 16 (5) 11 7 73 163
Depreciation and amortization . . . 88 14 20 2 14 18 10 130 296
Other noninterest expense . . . . . . 969 346 106 23 480 252 175 196 2,547
Pretax earnings . . . . . . . . . . . . 850 369 91 46 237 103 72 42 1,810
Income taxes . . . . . . . . . . . . . . . . 307 123 17 17 90 44 27 (17) 608
Earnings . . . . . . . . . . . . . . . . . $543 $246 $74 $29 $147 $59 $45 $59 $1,202
Inter-segment revenue . . . . . . . . . $5 $2 $(1) $8 $84 $(98)
AV E R A G E AS S E T S . . . . . . . . . $37,502 $15,587 $5,554 $1,759 $3,353 $448 $308 $3,403 $67,914
1998
IN C O M E ST AT E M E N T
Net interest income (a) . . . . . . . . $1,391 $416 $114 $55 $121 $(11) $8 $420 $2,514
Noninterest income . . . . . . . . . . . 605 211 47 7 368 339 183 326 2,086
Total revenue . . . . . . . . . . . . . . 1,996 627 161 62 489 328 191 746 4,600
Provision for credit losses . . . . . . 81 84 (5) 3 1 61 225
Depreciation and amortization . . . 98 13 15 2 6 13 6 106 259
Other noninterest expense . . . . . . 1,036 306 84 17 290 247 125 334 2,439
Pretax earnings . . . . . . . . . . . . 781 224 67 40 192 68 60 245 1,677
Income taxes . . . . . . . . . . . . . . . . 293 81 15 15 73 32 22 66 597
Earnings . . . . . . . . . . . . . . . . . $488 $143 $52 $25 $119 $36 $38 $179 $1,080
Inter-segment revenue . . . . . . . . . $6 $1 $1 $6 $(14)
AV E R A G E AS S E T S . . . . . . . . . . $36,942 $14,329 $5,306 $1,380 $2,731 $441 $229 $7,918 $69,276
(a) Taxable-equivalent basis
Gains in 1999 from the sales of the credit card business, an
equity interest in Electronic Payment Services, Inc., the
BlackRock IPO, Concord stock and branches totaling
$422 million are included in the “Other” category. Also in
1999, valuation adjustments associated with exiting certain
non-strategic lending businesses totaling $195 million,
costs related to efficiency initiatives of $98 million, a con-
tribution to the PNC Foundation of $30 million, the write-
down of an equity investment of $28 million and expense
associated with the buyout of PNC’s mall ATM representa-
tive of $12 million are included in the “ Other” category.
The results of the credit card business through the first
quarter of 1999, the corporate trust and escrow business in
1998, differences between management accounting prac-
tices and generally accepted accounting principles, divested
and exited businesses, equity management activities, minor-
ity interests, residual asset and liability management activi-
ties, eliminations and unassigned items comprise the
remainder of the “Other” category.