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PNC » Topics » Earnings reduced by special FDIC assessment and integration costs

This excerpt taken from the PNC 8-K filed Jul 23, 2009.

Earnings reduced by special FDIC assessment and integration costs

Capital, liquidity and loan loss reserves continued to strengthen

PITTSBURGH, July 23, 2009 – The PNC Financial Services Group, Inc. (NYSE: PNC) today reported net income of $207 million, or $.14 per diluted common share, for the second quarter of 2009. Net income reflected a special FDIC assessment of $.19 per diluted common share and integration costs of $.20 per diluted common share. For the first six months of 2009, the company earned net income of $737 million, or $1.16 per diluted common share.

“Our businesses performed well in the second quarter given the extremely challenging economic environment. We increased our loan loss reserves again this quarter as credit quality deteriorated with the broader economy,” said James E. Rohr, chairman and chief executive officer. “Despite the current recession, sales were above expectations and we added clients and deepened customer relationships. Total revenue increased this quarter while we continued to effectively manage expenses and improve our liquidity and capital positions. We see opportunities for further market share growth through the successful implementation of our business model across our expanded franchise.”

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