This excerpt taken from the PNC 8-K filed Apr 23, 2009.
National City acquisition exceeding expectations
PITTSBURGH, April 23, 2009 The PNC Financial Services Group, Inc. (NYSE: PNC) today reported net income of $530 million, or $1.03 per diluted common share, for the first quarter of 2009. Net income increased 38 percent over the first quarter of 2008. Earnings per common share were after preferred stock dividends that included a $47 million preferred stock dividend payment to the U.S. Department of the Treasury under the Capital Purchase Program. The March 31, 2009 estimated Tier 1 risk-based capital ratio was 10.2 percent and tangible common equity ratio was 3.3 percent, reflecting meaningful increases from year end.
PNC delivered strong financial results, the second highest net income quarter in our history, fueled by the acquisition of National City and the efforts of our 59,000 employees. In a very challenging environment we further strengthened our capital and liquidity positions and loan loss reserves, said James E. Rohr, chairman and chief executive officer. We are on pace to exceed the strategic objectives of our acquisition, and we are seeing solid client and deposit growth throughout our markets. In this difficult time, PNC is committed to building an even stronger company, actively lending to qualified consumers and businesses, and supporting economic recovery efforts.