This excerpt taken from the PNC 8-K filed Feb 3, 2009.
Capital, liquidity and loan loss reserve coverage strengthened
PITTSBURGH, Feb. 3, 2009 The PNC Financial Services Group, Inc. (NYSE: PNC) today reported 2008 net income of $882 million, or $2.46 per diluted share, compared with 2007 net income of $1.47 billion, or $4.35 per diluted share. PNC reported a net loss of $248 million, or $.77 per diluted share, for the fourth quarter of 2008 compared with net income of $178 million in the fourth quarter of 2007, or $.52 per diluted share. PNC acquired National City Corporation on December 31, 2008.
Net income for 2008 would have been $1.30 billion, or $3.68 per diluted share, and 2007 net income would have been $1.57 billion, or $4.65 per diluted share, excluding integration costs. Integration costs, which included conforming provisions for credit losses for acquisitions, primarily National City, were $422 million after tax for full year 2008 and $380 million after tax for the fourth quarter of 2008. Net income excluding integration costs would have been $132 million, or $.32 per diluted share, for the fourth quarter of 2008 and $228 million, or $.67 per diluted share, for the fourth quarter of 2007.
PNC successfully executed its business strategies in 2008 and delivered solid results during a time of unprecedented markets and a weakening economy, said James E. Rohr, chairman and chief executive officer. During the year we strengthened our capital, liquidity and loan loss reserve coverage. The acquisition of National City provided us with a unique opportunity to grow our franchise, doubling our assets and customers. Our two-year integration plan is underway, and we believe our combined company should begin to deliver significant shareholder value.
PNCs consolidated balance sheet and financial ratios as of December 31, 2008 reflect the acquisition of National City on that date. The average consolidated balance sheet was not impacted by the National City acquisition. PNCs consolidated income statement for full year and fourth quarter 2008 does not include operating results of National City.
- more -
PNC Reports Full Year 2008 Net Income of $882 Million Including Acquisition Costs or $1.3 Billion
Excluding Costs Related to Acquisitions Page 2