PNC Bank 2001 Annual Report Download - page 64

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CONSOLIDATED STATEMENT OF INCOME
THE PNC FINANCIAL SERVICES GROUP, INC.
62
Year ended December 31
In millions, except per share data 2001 2000 1999
INTEREST INCOME
Loans and fees on loans $3,279 $4,045 $4,064
Securities 625 386 362
Loans held for sale 119 204 104
Othe
r
114 97 53
T
otal interest income 4,137 4,732 4,583
INTEREST EXPENSE
De
p
osits 1,229 1,653 1,369
Borrowed funds 646 915 870
T
otal interest ex
p
ense 1,875 2,568 2,239
Net interest income 2,262 2,164 2,344
Provision for credit losses 903 136 163
Net interest income less provision for credit losses 1,359 2,028 2,181
NONINTEREST INCOME
Asset mana
g
emen
t
848 809 681
Fund servicin
g
724 654 251
Service char
g
es on de
p
osits 218 206 207
Brokera
g
e206 249 219
Consumer services 229 209 218
Cor
p
orate services 60 342 133
E
q
uity mana
g
emen
t
(179) 133 100
Net securities
g
ains 131 20 22
Sale of subsidiary stock 64
Othe
r
306 269 555
T
otal noninterest income 2,543 2,891 2,450
NONINTEREST EXPENSE
Staff ex
p
ense 1,667 1,616 1,380
Net occu
p
anc
y
220 203 224
E
q
ui
p
men
t
255 224 232
Amortization 105 110 92
Marketin
g
57 70 70
Distributions on ca
p
ital securities 63 67 65
Minority interest in income of consolidated entities 33 27 15
Othe
r
938 754 765
T
otal noninterest ex
p
ense 3,338 3,071 2,843
Income from continuing operations before income taxes 564 1,848 1,788
Income taxes 187 634 586
Income from continuing operations 377 1,214 1,202
Income from discontinued o
p
erations
(less applicable income taxes of $0, $44 and $41) 565 62
Net income before cumulative effect of accounting change 382 1,279 1,264
Cumulative effect of accountin
g
chan
g
e (less a
pp
licable income
tax benefit of $2) (5)
Net income $377 $1,279 $1,264
E
ARNINGS
P
ER
C
OMMON
S
HAR
E
From continuing operations
Basic $1.27 $4.12 $3.98
Diluted 1.26 4.09 3.94
From net income
Basic 1.27 4.35 4.19
Diluted 1.26 4.31 4.15
C
ASH
D
IVIDENDS
D
ECLARED
P
ER
C
OMMON
S
HARE 1.92 1.83 1.68
AVERAGE
C
OMMON
S
HARES OUTSTANDING
Basic 287 290 297
Diluted 290 293 300
See accompanying Notes to Consolidated Financial Statements.