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PNC » Topics » RECONCILIATION OF AS REPORTED TO AS ADJUSTED TANGIBLE COMMON EQUITY RATIO

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

RECONCILIATION OF “AS REPORTED” TO “AS ADJUSTED” TANGIBLE COMMON EQUITY RATIO

Dollars in millions

 

Tangible common equity ratio (a)

    March 31
2009 (b)		     December 31
2008		     March 31
2008		  

Common shareholders’ equity

    $ 18,546     $ 17,490     $ 14,416  

Add back: AOCI

      3,289       3,949       779  
                        

Common shareholders’ equity, excluding AOCI

    $ 21,835     $ 21,439     $ 15,195  

Goodwill and other intangible assets, net of deferred taxes

    $ 9,448     $ 9,206     $ 8,275  

Total assets

    $ 286,422     $ 291,081     $ 139,991  

Add back: AOCI assets

      2,658       3,282       630  
                        

Total assets, excluding AOCI

    $ 289,080     $ 294,363     $ 140,621  

Tangible common equity ratio, as reported

      3.3 %     2.9 %     4.7 %

Add back: AOCI assets

      1.1       1.4       .6  
                        

Tangible common equity ratio, as adjusted

      4.4 %     4.3 %     5.3 %
                        

 

This table represents a reconciliation of certain GAAP amounts to “As Adjusted” amounts attributable to accumulated other comprehensive income (“AOCI”). We have provided these adjusted amounts and reconciliation so that investors, analysts, regulators and others will be better able to evaluate the impact of these respective items on our tangible common equity ratio as of the periods presented. We believe that information as adjusted for the impact of the specified items may be useful due to the extent to which these items are not indicative of our ongoing operations. Adjusted information supplements our results as reported in accordance with GAAP and should not be viewed in isolation from, or as a substitute for, our GAAP results.

 

(a) Period-end common shareholders’ equity less goodwill and other intangible assets (net of deferred taxes) excluding mortgage servicing rights, divided by period-end assets less goodwill and other intangible assets (net of deferred taxes) excluding mortgage servicing rights.
(b) Estimated.
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