PNC Bank 2004 Annual Report Download

Download and view the complete annual report

Please find the complete 2004 PNC Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 40

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40

DRIVEN}
2004 Summary Annual Report

Table of contents

  • Page 1
    2004 DRIVEN} Summary Annual Report

  • Page 2
    ... of Businesses - Summary and Reconciliation to Total Consolidated Results Cautionary Statement Corporate Information PNC Bank Regional Offices 1 2 7 8 12 16 20 24 29 30 31 32 33 34 35 36 On the cover PNC business bankers Don Paterson and Sherrylynn Marshall at PNC's Eastwick Center in Philadelphia...

  • Page 3
    ...accounting change Cumulative effect of accounting change Net income Book value (at December 31) Cash dividends declared Selected Ratios From Continuing Operations Net... statements, see the Cautionary Statement on page 34 and in our 2004 Annual Report on Form 10-K. 2004 PNC Summary Annual Report ...

  • Page 4
    ...this earnings and balance sheet growth, we made substantial capital investments to expand the franchise. We successfully integrated New Jersey-based United National Bancorp early in 2004. In July, we announced the still-pending acquisition of Riggs National Corporation, a move that will give us entr...

  • Page 5
    ... (center) William S. Demchak Vice Chairman and Chief Financial Officer (left) Strength across businesses Across all of our business segments, 2004 was a year of progress and growth. In the community bank, an eight percent increase in checking account relationships - the keystone of broader customer...

  • Page 6
    ... 19 percent and successfully transitioned its business model to a relationship management approach, giving clients a single contact point for all of their dealings with PNC. BlackRock, our asset management subsidiary, had an excellent year, increasing assets under management DEPOSITS $ billions to...

  • Page 7
    ...-market customers, for example - and in our size lies possibility unavailable to the mega-banks. We are big enough, we have enough resources, to compete for the business we choose to pursue, but we are also small enough to be nimble and quick to respond to our customers' needs. A more efficient PNC...

  • Page 8
    ... in which we do business will continue to benefit from our 2 success also. Through programs like PNC Grow Up Great, our 10-year, $100 million initiative to help prepare young children for school, and through The 1 PNC Foundation's continuous work, PNC makes its communities better for the long...

  • Page 9
    ...highly diversified financial services company. Our revenues come from a wide range of business sources - from community banking to wealth and asset management; from mutual fund processing to corporate banking - and from markets as widespread as Philadelphia and Luxembourg, Los Angeles and Louisville...

  • Page 10
    ... options, and by forming enduring relationships so that we can serve companies like Small World Kids and help stimulate their growth. Pictured at right are Small World Kids President and CEO Debra Fine (right), CFO Bob Rankin (left) and COO John Nelson (center). 8 2004 PNC Summary Annual Report

  • Page 11

  • Page 12
    ...commitments. PNC Business Credit closed 118 deals in 2004, an increase of 27 percent over the prior year. Much of this growth can be attributed to the expanding national scope of the business unit, which operates from 25 offices from New York to Chicago to Los Angeles, and to a primary advantage the...

  • Page 13
    ...Advantage, our lockbox management system. These product and market enhancements are being augmented by strategic capital investments and commitments, including the acquisition of United National Bancorp, which closed on January 1, 2004 and added to our presence in New Jersey and eastern Pennsylvania...

  • Page 14
    ...each small business relationship with a high degree of individual service so that we can help meet the individual needs of each business. In short, we build relationships so that our customers, like Al and Joyce Kollinger (right), can build their businesses. BUILD} 12 2004 PNC Summary Annual Report

  • Page 15

  • Page 16
    ..., owners of Kollinger Auto Body Inc. just north of Pittsburgh, were not necessarily looking for a new bank when PNC came calling a few CHECKING RELATIONSHIPS millions years ago. A short time later, though, the Kollingers had moved all of their bank accounts - business and personal - to PNC and...

  • Page 17
    ... children's accounts, to PNC. Our banker constantly works very hard to help us continue building our business and manage our personal finances." - Al and Joyce Kollinger, Owners, Kollinger Auto Body Inc. Community banking grows Small business banking's progress is one element in the excellent 2004...

  • Page 18
    ...and then work to create solutions derived from our full expertise and product set. Royal Castle Companies and its principal, Elliot Stone (right), needed just such a creative and unified approach from their bankers for the new Villas del Lago development in Miami. 16 2004 PNC Summary Annual Report

  • Page 19

  • Page 20
    ... LV E } MULTI-FAMILY, MULTI-PRODUCT At PNC Real Estate Finance, providing a full range of financing solutions is more than just a claim. Royal Castle Companies learned that first hand as WHOLESALE BANKING AVERAGE DEPOSITS $ billions the developer searched for a lender to finance the construction of...

  • Page 21
    ... a consumer checking customer seeks financing for a new business idea, we work to serve that need seamlessly. When the CEO of a corporate client needs a wealth management plan, PNC Advisors steps in to assist. And when a small business grows into a middle market business, the customer experiences no...

  • Page 22
    ... governance policies and procedures to help ensure we are among the best in class. And we work hard, every day and at every interaction, to instill in our customers trust in PNC. Gerry Walts (pictured) trusts PNC Advisors with all of her financial services needs. 20 2004 PNC Summary Annual Report

  • Page 23

  • Page 24
    ... management, her trust and estate planning and all of her banking needs to PNC. She stays with us for many reasons - because of her close working relationship with her PNC team, because of the coherent and sensible plan developed for her - but most of all because she trusts PNC to help her manage...

  • Page 25
    ... management plan that would cover not only my needs, but also the needs of my children and grandchildren. The PNC people have earned my trust by staying at my side as they developed a wide-ranging plan to help me manage all of my finances." - Gerry Walts, PNC Advisors client, Jeffersonville, Indiana...

  • Page 26
    Community service is a deeply ingrained value at PNC. Our employees have committed well over a million hours of volunteer service to their communities over the past decade because they - and we as a company - know that the long-term vitality of the places where we do business is both a solemn ...

  • Page 27

  • Page 28
    ...million in grants in 2004 to the benefit that gives employees 40 paid hours per year to perform volunteer work related to early childhood development. Helping kids Grow Up Great The most visible of our programs is PNC Grow Up Great, a 10-year, $100 million program to help prepare young children from...

  • Page 29
    ... a corporate pledge to the American Red Cross and matched our employees' donations to tsunami relief organizations. We are just as committed to serving longer-term needs. In October 2004, for example, we announced an economic development program for medium-sized and small businesses in New Jersey...

  • Page 30
    ... teams and processes, growing our fee-based businesses and our balance sheet - but our vision is not complete. From here, we must accelerate our growth, and we intend to achieve that goal by attracting and satisfying customers across all of our businesses. 28 2004 PNC Summary Annual Report

  • Page 31
    ... Chief Executive Officer PNC Advisors Neil F. Hall Chief Executive Officer Regional Community Banking Michael J. Hannon Chief Credit Policy Officer Vance Williams LaVelle Chief Marketing Officer Helen P. Pudlin General Counsel William E. Rosner Chief Human Resources Officer Timothy G. Shack Chief...

  • Page 32
    ... Income Asset management Fund servicing Service charges on deposits Brokerage Consumer services Corporate services Equity management gains (losses) Net securities gains Other Total noninterest income Noninterest Expense Compensation Employee benefits Net occupancy Equipment Marketing Other Total...

  • Page 33
    ...In millions, except par value 2004 $ 3,230 3,483 1,670 16,761 43,495 (607) 42,888 3,355 8,336 $ 79,723 2003 $ 2,968 2,596 1,400 15,690 36,303 (632) 35,671 2,707 7,136 $ 68,168 Assets Cash and due from banks Federal funds sold, resale agreements and other short term investments Loans held for sale...

  • Page 34
    ... Board of Directors and Shareholders of The PNC Financial Services Group, Inc. Pittsburgh, Pennsylvania We have audited the consolidated balance sheet of The PNC Financial Services Group, Inc. and subsidiaries (the "Company") as of December 31, 2004 and 2003, and the related consolidated statements...

  • Page 35
    ... Consolidated Results} The PNC Financial Services Group, Inc. (Unaudited) (a) Year ended December 31 In millions 2004 2003 Earnings Banking businesses Regional Community Banking Wholesale Banking PNC Advisors Total banking businesses Asset management and processing businesses BlackRock (b) PFPC...

  • Page 36
    ... risks and uncertainties generally related to the performance of PNC's and Riggs' businesses (with respect to Riggs, you may review Riggs' SEC reports, which are accessible on the SEC's website at www.sec.gov) or due to factors related to the acquisition of Riggs and the process of integrating Riggs...

  • Page 37
    ... to attend The PNC Financial Services Group, Inc. annual meeting on Tuesday, April 26, 2005, at 11 a.m., Eastern Time, at One PNC Plaza, 249 Fifth Avenue, Pittsburgh, Pennsylvania 15222. Common Stock Prices/Dividends Declared The table below sets forth by quarter the range of high and low sale...

  • Page 38
    PNC BANK REGIONAL OFFICES } The PNC Financial Services Group, Inc. 1-800-PNC-BANK (1-800-762-2265) PNC Bank, Central & Northern New Jersey Two Tower Center Boulevard East Brunswick, NJ 08816 Regional President: Thomas C. Gregor PNC Bank, Central Pennsylvania 4242 Carlisle Pike Camp Hill, PA 17011 ...

  • Page 39

  • Page 40
    The PNC Financial Services Group, Inc. One PNC Plaza 249 Fifth Avenue Pittsburgh, PA 15222-2707