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PNC FINANCIAL SERVICES GROUP, INC. Annual Report (Amendment), Year Ended Dec 21, 1998

Filing Date
Filed December 21, 1998
Period End
December 21, 1998
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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01—Abstract

Summary

Summary of the 10-K/A filed December 21, 1998. Cited figures are marked; the original filing is the authoritative source.

This filing is Amendment No. 2 to PNC Financial Services Group's 10-K for 1997.

It does not contain PNC's consolidated financial statements for the corporation. The excerpt consists of the audited financial statements of the PNC Retirement Savings Plan (Plan 003) for the years ended June 30, 1998 and 1997, filed under Rule 15d-21 of the Exchange Act. Ernst & Young issued an unqualified opinion on the Plan's statements, dated December 2, 1998.

Consolidated income, balance sheet, and cash flow data for PNC are incorporated by reference to the 1997 Annual Report to Shareholders, which is not included in this excerpt. The Plan's net assets available for benefits grew to $25.33 milliona at June 30, 1998, up from $14.79 million a year earlier, a 71% increase. Growth came from employee and employer contributions ($8.0 million combined), net investment appreciation ($3.0 million), and interest and dividends ($0.9 million), partly offset by $1.89 million in participant payments.

PNC Bank Corp. common stock held in Fund D was the largest asset at $10.35 millionb, about 49% of total investments of $20.9 million, which concentrates participant retirement savings in a single company's stock. For investors, the most relevant points are the Plan's concentration in PNC stock, the expansion of its investment menu from 4 to 11 funds effective July 1, 1998, and several participant-benefit changes.

These changes include a 12-month suspension of contributions after a hardship withdrawal and permission for participants to hold two loans at once. The Plan's own financial data does not directly measure PNC's overall profitability, capital, or asset quality.

02—Key points

Key Highlights

  1. The filing is Amendment No. 2 to PNC's 1997 Form 10-K and contains only the PNC Retirement Savings Plan financial statements, not PNC's consolidated financials.
  2. Plan net assets available for benefits rose to $25.33 million at June 30, 1998, up 71% from $14.79 million at June 30, 1997.
  3. PNC Bank Corp. common stock (Fund D) made up $10.35 million of the Plan's $20.9 million in investments, about 49%, a significant single-stock concentration.
  4. Total additions for FY1998 were $12.43 million, including $4.36 million in employer matching contributions, $3.66 million in employee contributions, and $3.01 million in net realized and unrealized appreciation.
  5. Benefits paid to participants were $1.89 million in FY1998 (about $2.14 million on the Form 5500 basis), compared with $0.75 million in FY1997.
  6. Effective July 1, 1998, the investment options expanded from 4 to 11 funds, with daily valuation; participants can hold two loans outstanding from September 21, 1998.
  7. Ernst & Young issued an unqualified opinion on the Plan's financial statements, dated December 2, 1998; the Plan was determined qualified under Section 401(a) by an IRS letter dated May 26, 1998.

03—Questions

Frequently Asked Questions

  1. Does this filing contain PNC's consolidated financial results for 1997?

    No. This amendment includes only the audited financial statements of the PNC Retirement Savings Plan. PNC's consolidated income statement, balance sheet, and cash flow statement are incorporated by reference to the 1997 Annual Report to Shareholders, which is not part of this excerpt.

  2. How concentrated is the Plan in PNC Bank Corp. stock?

    PNC Bank Corp. common stock (Fund D) was valued at $10.35 million at June 30, 1998, about 49% of total Plan investments of $20.9 million. Employer matching contributions for participants aged 55 and under are made in PNC stock, which adds to this concentration.

  3. What changed in the Plan after June 30, 1998?

    Effective July 1, 1998, the Plan expanded its investment options from four to eleven funds with daily valuation. Participants who take a hardship withdrawal are suspended from elective contributions and matching contributions for 12 months. Effective September 21, 1998, participants may have two loans outstanding at the same time.

  4. How did the Plan's assets change over the year?

    Net assets available for benefits increased from $14.79 million to $25.33 million. Drivers included $12.43 million in total additions, mainly contributions and $3.01 million in investment appreciation, less $1.89 million in participant benefit payments. The Plan's assets also include $877,000 in participant loans, valued at outstanding principal.

04—Continue

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