PNC » Topics » Footnotes to the Shareholders Letter
This excerpt taken from the PNC 8-K filed Mar 23, 2007.
Footnotes to the Shareholders’
Letter
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Net income growth on a reported basis for 2006 over 2005 was 96 percent. The PNC Financial Services Group, Inc. reported 2006 net income of $2.6 billion. PNC earned adjusted net
income of $1.5 billion for the year. Adjusted net income for 2006 excluded, after-tax, a $1.3 billion gain on the BlackRock/Merrill Lynch Investment Managers transaction, a $127 million loss on the repositioning of PNC’s securities portfolio,
$47 million in BlackRock/MLIM transaction integration costs and a $31 million loss on the repositioning of PNC’s mortgage loan portfolio. PNC’s reported 2005 net income was $1.3 billion.
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PNC’s 2006 peer group includes Bank of New York Company, BB&T Corporation, Fifth Third Bancorp, KeyCorp, National City Corporation, Regions Financial Corporation,
SunTrust Banks, U.S. Bancorp, Wachovia Corporation and Wells Fargo & Company.
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PNC Bank received the highest numerical score in the proprietary J.D. Power and Associates 2006 Small Business
Banking Satisfaction Study.SM Study based on 4,996 total responses, measuring 13 financial institutions and measures
opinions of small business customers with annual revenues from $100,000 to $10 million. Proprietary study results are based on experiences and perceptions of customers surveyed in July – September 2006. Your experiences may vary. Visit
jdpower.com.
2 PNC 2006 ANNUAL REPORT
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