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PNC FINANCIAL SERVICES GROUP, INC. Annual Report (Amendment), Year Ended Dec 31, 1996

Filing Date
Filed June 30, 1997
Period End
December 31, 1996
Security
PNC
In the record · 2016–202610-K1110-Q328-K210

PNC filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 210 current reports (8-K) between 2016 and 2026.

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  4. Leadership change8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 10-K/A filed June 30, 1997. Cited figures are marked; the original filing is the authoritative source.

This amendment to PNC Financial Services Group's 2025-era Form 10-K (filed June 30, 1997) does not contain the corporation's own consolidated financial statements.

Those are incorporated by reference from the Annual Report to Shareholders. Instead, it provides Rule 15d-21 audited financials for two employee savings plans: the PNC Bank Corp. Incentive Savings Plan and the Midlantic Savings and Investment Plan. Investors should not read these figures as PNC corporate results.

The filing's main value is what it reveals about PNC's employee benefit plans and its own stock holdings. The PNC Incentive Savings Plan's net assets available for benefits rose 18.9% to $690.1 milliona at December 31, 1996, from $580.4 million a year earlier. The increase reflected $109.7 million in net additions, driven by $75.7 million of net appreciation and $80.8 million in total contributions.

PNC Bank Corp. common stock made up about $462.3 millionb of the plan's investments (roughly 61% of total investments, or about 67% of net assets), so the plan's value is closely tied to PNC's share price. The plan also carries a $67.7 million ESOP note payable to PNC Bank, with 3,184,324 unallocated ESOP shares worth about $119.8 million at year-end. The Midlantic Savings and Investment Plan, which was merged into the PNC plan effective January 1, 1997, held net assets of $101.6 million at year-end 1996, up from $94.6 million, with about $49.4 million in PNC common stock.

The merger added roughly 3,500 participants and about $85 millionc in assets to the PNC plan. The filing also discloses a PNC Retirement Savings Plan that took over about $7.1 million in assets from the PNC plan as of July 1, 1996, and lists the 1996 Form 8-K filings and the exhibit index.

02—Key points

Key Highlights

  1. PNC Incentive Savings Plan net assets grew 18.9% to $690.1 million at December 31, 1996, from $580.4 million in 1995.
  2. PNC Bank Corp. common stock was the plan's dominant holding at about $462.3 million, roughly 67% of plan net assets, which ties plan value to PNC's share price.
  3. The plan recorded $75.7 million of net realized and unrealized appreciation in 1996, down from $160.3 million in 1995.
  4. Total plan additions were $80.8 million in 1996, including $28.2 million of employee contributions and $12.3 million of employer cash contributions.
  5. The plan carried a $67.7 million ESOP note payable to PNC Bank, scheduled to amortize over 1997 to 1999, backed by 3,184,324 unallocated PNC shares valued at about $119.8 million.
  6. The Midlantic Savings and Investment Plan (net assets $101.6 million) was merged into the PNC plan on January 1, 1997, adding about 3,500 participants and $85 million in assets.
  7. The filing is a Form 10-K/A amendment containing only employee plan financials; PNC's consolidated financial statements are incorporated by reference from the Annual Report and are not included in this document.

03—Questions

Frequently Asked Questions

  1. Does this filing contain PNC Financial Services Group's consolidated financial statements?

    No. The consolidated income statement, balance sheet, and cash flow statements are incorporated by reference from the 1996 Annual Report to Shareholders (pages 47 to 70). This amendment adds audited financial statements for the PNC Incentive Savings Plan and the Midlantic Savings and Investment Plan under Rule 15d-21 of the Exchange Act.

  2. Why did the PNC Incentive Savings Plan's net assets increase so much in 1996?

    Net assets rose from $580.4 million to $690.1 million, a $109.7 million increase. The main drivers were $75.7 million of investment appreciation, mostly from PNC common stock, and $80.8 million of total additions from contributions and investment income. These were partly offset by $50.1 million in participant payments and $4.3 million in ESOP note interest.

  3. How concentrated is the plan in PNC's own stock?

    Very concentrated. PNC Bank Corp. common stock accounted for about $462.3 million of the plan's investments, roughly 61% of total investments and about 67% of net assets. Employer matching contributions for employees 55 and under are made in PNC stock, and the ESOP holds additional unallocated PNC shares. Plan value therefore moves closely with PNC's share price.

  4. What does the Midlantic plan merger mean for PNC?

    Effective January 1, 1997, the Midlantic Savings and Investment Plan merged into the PNC Incentive Savings Plan. The merger added about 3,500 participants and roughly $85 million of assets. The Midlantic plan had $101.6 million in net assets at year-end 1996, of which about $49.4 million was PNC common stock. The merger follows PNC's 1995 acquisition of Midlantic Corporation, which was exchanged at 2.05 PNC shares per Midlantic share.

04—Continue

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