PNC Bank 2001 Annual Report Download - page 62

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FORWARD-LOOKING STATEMENTS
This report contains, and other statements made by the
Corporation may contain, forward-looking statements within
the meaning of the Private Securities Litigation Reform Act
with respect to the outlook or expectations for earnings,
revenues, asset quality, share repurchases, and other future
financial or business performance, strategies and
expectations. Forward-looking statements are typically
identified by words or phrases such as “believe,” “feel,”
“expect,” “anticipate,” “intend,” “outlook,” “estimate,”
“forecast,” “position,” “poised,” “target,” “mission,”
“assume,” “achievable,” “potential,” “strategy,” “goal,”
“objective,” “plan,” “aspiration,” “outcome,” “continue,”
“remain,” “maintain,” “seek,” “strive,” “trend” and
variations of such words and similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could,”
“might,” “can,” “may” or similar expressions.
The Corporation cautions that forward-looking
statements are subject to numerous assumptions, risks and
uncertainties, which change over time. Actual results could
differ materially from those anticipated in forward-looking
statements and future results could differ materially from
historical performance. Forward-looking statements speak
only as of the date they are made, and the Corporation
assumes no duty to update forward-looking statements.
In addition to factors mentioned elsewhere in this report
or previously disclosed in the Corporation’s SEC reports
(accessible on the SEC’s website at www.sec.gov), the following
factors, among others, could cause actual results to differ
materially from forward-looking statements or historical
performance:
(1) adjustments to recorded results of the sale of the
residential mortgage banking business after disputes
over certain closing date adjustments have been
resolved;
(2) changes in political, economic or industry conditions,
the interest rate environment or financial and capital
markets, which could result in: a deterioration in credit
quality and increased credit losses; an adverse effect on
the allowance for credit losses; a reduction in demand
for credit or fee-based products and services, net
interest income, value of assets under management and
assets serviced, value of venture capital investments and
of other debt and equity investments, value of loans
held for sale or value of other on-balance-sheet and off-
balance-sheet assets; or changes in the availability and
terms of funding necessary to meet PNC’s liquidity
needs;
(3) relative investment performance of assets under
management;
(4) the introduction, withdrawal, success and timing of
business initiatives and strategies, decisions regarding
further reductions in balance sheet leverage, the timing
and pricing of any sales of loans held for sale, and
PNC’s inability to realize cost savings or revenue
enhancements, implement integration plans and other
consequences of mergers, acquisitions, restructurings
and divestitures;
(5) customer borrowing, repayment, investment and deposit
practices and their acceptance of PNC’s products and
services;
(6) the impact of increased competition;
(7) the means PNC chooses to redeploy available capital,
including the extent and timing of any share repurchases
and investments in PNC businesses;
(8) the inability to manage risks inherent in PNC’s business;
(9) the unfavorable resolution of legal proceedings or
government inquiries;
(10) the denial of insurance coverage for claims made by
PNC;
(11) an increase in the number of customer or counterparty
delinquencies, bankruptcies or defaults that could result
in, among other things, increased credit and asset quality
risk, a higher loan loss provision and reduced
profitability;
(12) the impact, extent and timing of technological changes,
the adequacy of intellectual property protection and
costs associated with obtaining rights in intellectual
property claimed by others;
(13) actions of the Federal Reserve Board, legislative and
regulatory reforms, and regulatory, supervisory or
enforcement actions of government agencies; and
(14) terrorist activities, including the September 11th terrorist
attacks, which may adversely affect the general
economy, financial and capital markets, specific
industries, and PNC. The Corporation cannot predict
the severity or duration of effects stemming from such
activities or any actions taken in connection with them.
Some of the above factors are described in more detail in
the 2002 Operating Environment and Risk Factors sections
of this Financial Review and factors relating to credit risk,
interest rate risk, liquidity risk, trading activities, financial and
other derivatives and “off-balance-sheet” activities are
discussed in the Risk Management section of this Financial
Review. Other factors are described elsewhere in this report.