PNC Bank 2001 Annual Report Download - page 28

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FINANCIAL REVIEW
THE PNC FINANCIAL SERVICES GROUP, INC.
26
SELECTED CONSOLIDATED FINANCIAL DATA
Year ended December 31
Dollars in millions, exce
p
t
p
er share data 2001 2000 1999 1998 1997
SUMMARY OF OPERATIONS
Interest income $4,137 $4,732 $4,583 $5,024 $4,912
Interest expense 1,875 2,568 2,239 2,536 2,467
Net interest income 2,262 2,164 2,344 2,488 2,445
Provision for credit losses 903 136 163 225 70
Noninterest income before net securities gains 2,412 2,871 2,428 2,070 1,583
Net securities gains 131 20 22 16 40
Noninterest expense 3,338 3,071 2,843 2,698 2,403
Income from continuing operations before income
taxes 564 1,848 1,788 1,651 1,595
Income taxes 187 634 586 571 557
Income from continuing operations 377 1,214 1,202 1,080 1,038
Income from discontinued operations, net of tax 565 62 35 14
Net income before cumulative effect of accounting
change 382 1,279 1,264 1,115 1,052
Cumulative effect of accountin
g
chan
g
e, net of tax (5)
Net income $377 $1,279 $1,264 $1,115 $1,052
P
ER COMMON SHARE
Basic earnings
Continuing operations $1.27 $4.12 $3.98 $3.53 $3.29
Discontinued o
p
erations .02 .23 .21 .11 .04
Before cumulative effect of accounting change 1.29 4.35 4.19 3.64 3.33
Cumulative effect of accounting change (.02)
Net income $1.27 $4.35 $4.19 $3.64 $3.33
Diluted earnings
Continuing operations $1.26 $4.09 $3.94 $3.49 $3.24
Discontinued operations .02 .22 .21 .11 .04
Before cumulative effect of accounting change 1.28 4.31 4.15 3.60 3.28
Cumulative effect of accounting change (.02)
Net income $1.26 $4.31 $4.15 $3.60 $3.28
Book value
(
At December 31
)
$20.54 $21.88 $19.23 $18.86 $16.87
Cash dividends declared $1.92 $1.83 $1.68 $1.58 $1.50
This Financial Review should be read in conjunction with The PNC Financial Services Group, Inc. and subsidiaries (“Corporation” or “PNC”)
Consolidated Financial Statements and Statistical Information included herein. Certain prior-period amounts have been reclassified to conform with the
current year presentation. For information regarding certain business risks, see the Risk Factors and Risk Management sections in this Financial
Review. Also, see the Forward-Looking Statements section in this Financial Review for certain other factors that could cause actual results to differ
materially from forward-looking statements or historical performance.