{"id":19131,"date":"2012-01-18T12:58:00","date_gmt":"2012-01-18T12:58:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/pnc-financial-services-solid-year-of-accomplishments\/19129\/"},"modified":"2012-01-18T12:58:00","modified_gmt":"2012-01-18T12:58:00","slug":"pnc-financial-services-solid-year-of-accomplishments","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/pnc-financial-services-solid-year-of-accomplishments\/19131\/","title":{"rendered":"PNC Financial Services &#8211; Solid year of accomplishments"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2012\/01\/PNC.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-19134\" title=\"PNC\" src=\"https:\/\/storage.googleapis.com\/smw-news-wp\/2012\/01\/PNC.png\" alt=\"\" width=\"177\" height=\"67\"><\/a>The PNC Financial Services Group, Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=PNC\">NYSE: PNC<\/a>)<\/strong> today reported 2011 net income of $3.1 billion, or $5.64 per diluted common share, compared with 2010 net income of $3.4 billion, or $5.74 per diluted common share. Fourth quarter 2011 net income was $493 million, or $.85 per diluted common share, compared with third quarter 2011 net income of $834 million, or $1.55 per diluted common share, and fourth quarter 2010 net income of $820 million, or $1.50 per diluted common share.<\/p>\n<p>&#8220;PNC had a solid year of accomplishments in a challenging regulatory and economic environment. We increased market share across our businesses by continuing to grow the number of customers we serve,&#8221; said James E. Rohr, chairman and chief executive officer. &#8220;We are leveraging our capital strength to expand into the southeast with a strategic acquisition and we remain focused on strong risk and expense management. In 2012, we are committed to building on our achievements so that we can deliver greater value to our shareholders, customers, communities and employees.&#8221;<\/p>\n<p><strong>Income Statement Highlights<\/strong><\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<ul>\n<li>PNC&#8217;s 2011 results were driven by good performance in a challenging environment of low <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">interest rates<\/a>, slow economic growth and new regulations. Fourth quarter earnings reflected strong revenue and improved credit costs offset by higher expenses.<\/li>\n<li>Net interest income of $2.2 billion for the fourth quarter increased $24 million compared with the third quarter due to strong growth in core net interest income.<\/li>\n<li>Noninterest income of $1.4 billion for the fourth quarter decreased $19 million from the third quarter and included the regulatory impact of lower interchange fees of $75 million on debit card transactions offset by higher corporate service revenue.<\/li>\n<li>Provision for credit losses declined to $190 million for the fourth quarter compared with $261 million in the third quarter as overall credit quality continued to improve.<\/li>\n<li>Noninterest expense of $2.7 billion for the fourth quarter increased $579 million compared with the third quarter and included $240 million of residential mortgage foreclosure-related expenses primarily as a result of ongoing governmental matters, a noncash charge of $198 million related to redemption of trust preferred securities, and an increase in personnel expense of $103 million primarily driven by higher stock market prices and higher business production. Noninterest expense for the first quarter of 2012 is expected to return to third quarter 2011 levels excluding legal and regulatory-related contingencies and integration costs that may be incurred in first quarter 2012.<\/li>\n<\/ul>\n<p><strong>Credit Quality Highlights<\/strong><\/p>\n<ul>\n<li>Overall credit quality improved during 2011 and in the fourth quarter.<\/li>\n<\/ul>\n<ul>\n<li style=\"padding-left: 30px;\">Nonperforming assets of $4.2 billion at December 31, 2011 declined $1.0 billion, or 19 percent, compared with year end 2010 and $142 million, or 3 percent, compared with the third quarter.<\/li>\n<li style=\"padding-left: 30px;\">Accruing loans past due were $4.5 billion at December 31, 2011 and $4.3 billion at September 30, 2011. The increase was primarily due to purchased government insured loans.<\/li>\n<li style=\"padding-left: 30px;\">Net charge-offs declined to $327 million in the fourth quarter compared with $365 million in the third quarter.<\/li>\n<li style=\"padding-left: 30px;\">The allowance for loan and lease losses was 122 percent of nonperforming loans at both December 31, 2011 and September 30, 2011.<\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\">\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-in-green-in-mid-day-trading-2\/19311\"><br \/>\nGold and Silver Prices in Green in Mid-Day Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/comerica-incorporated-record-deposit-levels-of-47-8-billion-at-year-end\/19305\"><br \/>\nComerica Incorporated &#8211; Record deposit levels of $47.8 billion at year-end<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/treehouse-foods-surprised-by-the-sudden-decrease-in-december-volumes\/19303\"><br \/>\nTreeHouse Foods &#8211; Surprised by the sudden decrease in December volumes<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/first-horizon-national-2011-was-another-year-of-significant-progress\/19301\"><br \/>\nFirst Horizon National &#8211; 2011 was another year of significant progress<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/sonoco-implementing-further-cost-reduction-actions-in-response-to-changing-business-conditions\/19300\"><br \/>\nSonoco &#8211; Implementing further cost reduction actions in response to changing business conditions<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/fifth-third-bancorp-2011-results-clearly-demonstrated-continued-improvement\/19298\"><br \/>\nFifth Third Bancorp &#8211; 2011 results clearly demonstrated continued improvement<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/bank-of-marin-bancorp-record-earnings-and-strong-loan-growth-this-year\/19296\"><br \/>\nBank of Marin Bancorp &#8211; Record earnings and strong loan growth this year<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>The PNC Financial Services Group, Inc. (NYSE: PNC) today reported 2011 net income of $3.1 billion, or $5.64 per diluted [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[3],"tags":[448],"class_list":["post-19131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-pnc"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/19131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=19131"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/19131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=19131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=19131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=19131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}