Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

PNC Third Quarter---The Real Numbers

PNC Financial Services/Bank

The PNC Financial Services Group, Inc. (NYSE: PNC) today reported third quarter 2010 net income of $1.1 billion.

Third quarter 2010 net income would have been $837 million.

"On July 1, 2010, we sold PNC Global Investment Servicing Inc. (NYSE:GIS), a leading provider of processing, technology and business intelligence services to asset managers, broker—dealers and financial advisors worldwide, for $2 3 billion in cash pursuant to a definitive agreement entered into on February 2, 2010. The third quarter 2010 gain related to this sale was $639 million, or $328 million after—taxes. Results of operations of GIS, including the related after—tax gain on sale in the third quarter of 2010, are presented as income from discontinued operations, net of income taxes, on our Consolidated Income Statement for all periods presented. Once we entered into the sales agreement, GIS was no longer a reportable business segment."

An analysis of loans show a downward trend with charge offs doing better in the commercial sector, but not the consumer sector.

(numbers in thousands)

2009
Average Consolidated Balance Sheet (Unaudited)

 

Three Months
Nine Months
 
9/30
6/30
3/31
9m ‘09
Equipment lease financing
6,514
6,080
6,131
6,164
Details in Loans
6,408
6,630
6,111
6,202
Total commercial
53,188
54,232
54,703
54,818
Total commercial r/e
19,091
20,364
21,950
23,131
TOTAL COMMERCIAL
78,687
81,226
82,764
84,151
Total consumer
54,956
55,279
55,234
53,582
Residential mortgage
15,708
16,618
17,599
 
Residential construction
776
1,219
1,669
 
Total residential r/r
16,484
17,837
19,268
 
TOTAL CONSUMER
71,440
73,116
74,502
 
 
 
 
 
 
Charge Offs
 
 
 
 
 
Three Months
 
 
Year-end
 
9/30
6/30
3/31
2009YE
Commercial
(230)
(235)
(208)
(293)
Commercial real estate
(88)
(139)
(205)
(245)
Equipment lease financing
1
(30)
(24)
(24)
Consumer
(257)
(252)
(216)
(240)
Residential real estate
(40)
(184)
(38)
(33)
Total net charge-offs
(614)
(840)
(691)
(835)

 

PNC 8-K Filing:
http://leasingnews.org/PDF/PNC8K_2010.pdf



Disclosure: no position