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PNC » Topics » PNC and Mercantile Proforma Combined EPS

This excerpt taken from the PNC 8-K filed Oct 10, 2006.

PNC and Mercantile Proforma Combined EPS

PNC projected net income                                                          $1,637           $1,793

Mercantile projected net income                                                      279                360

Proforma combined net income                                                    1,916             2,153

Adjustments (after-tax)

        Synergies                                                                                          28                  85

        Purchase accounting adjustments                                              14                    7

        Other                                                                                                (95)             (119)

         Net adjustments                                                                           (53)                (27)

Adjusted proforma combined net income                                   $1,863           $2,126

One-time expenses                                                                             44

Adjusted proforma net income w/ one-time expenses               $1,819

PNC shares outstanding (millions)                                                288.2             280.6                          

Proforma shares outstanding (millions)                                        331.9             330.9

PNC projected EPS                                                                          $5.68             $6.39

Proforma combined EPS (excluding one-time expenses)          5.61               6.42

Accretion/(dilution)                                                                          ($0.07)             $0.03

2007

2008

$ millions

(1)

(1)

(1)

Based on EBIS consensus estimates

23

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