$75
$80
$85
$90
$95
$100
$105
17-Mar 17-Jun 17-Sep 17-Dec 17-Mar
One Year Price History (w/ 50-day Moving Average)
PNC S&P 500 50d EMA
Year 2015 2016E 2017E
P/E 13.35 11.64 10.84
PEG 1.89 1.55 1.44
P/Sales 3.01 2.78 2.67
P/FCF 8.91 8.09 7.53
P/Book 1.60 1.00 0.94
March 21, 2016
PNC FINANCIAL SERVICES GROUP — (PNC)
PNC: More Gains than GNC
OUSEMG EQUITYRESEARCH 1
Stock Rating: Buy
Price Target
Current Price
$96.52 (12.0%)
$86.16
Analysts Travis Blair
Head Analyst
Jacob Moore Executive Board
Abby Roberg Analyst
Mozika Maloba Analyst
Robert Meeks Analyst
Company Information
Sector Financial
Industry Regional Banks
Market Cap $43.3B
Sales $15.0B
Beta 1.04
Price-Based Multiples
Investment Thesis
The Pittsburgh National Corporation Financial Services Group operates in three
major reported segments; Retail Banking, Corporate & Institutional Banking, and
Asset Management Group throughout the Mid-Atlantic, Southeast, and Midwest
regions of the United States.
Thesis Highlights
Overstated Downward Trend in Banking Industry
Since the start of 2016, banks have been the worst performing industry group vs. the
S&P 500. The recent performance of the industry has been driven by uncertain global
conditions, oil prices, and dovish Federal Funds Rate guidance. Certain institutions
may suffer significant losses as a result of these drivers; however, the credit risk to
regional banks (specifically PNC) has been overstated by the market.
Stability in Loan Book and Diversified Revenue Stream
PNC is driving fee income growth in a variety of its business segments. Asset
management, consumer services, and corporate services fee revenue have all been
experiencing significant growth. This has pushed the company to have one of the
highest proportions of non-interest revenue in its peer group. PNC has the second
highest annual deposit growth among its competitors, at 7.8 percent. Through its
Continuous Improvement Program (CIP), the company is reducing expense growth,
and saw an expense reduction in 2015.
Organic Growth Driven by Southeast Region
PNC’s acquisition of The Royal Bank of Canada, which had 424 branches in North
Carolina, Florida, Alabama, Georgia, Virginia and South Carolina, allowed it to create
a presence in the Southeast (SE) region of the US. Since then, PNC has seen growth
within this region and describes the SE region as its “single best opportunity for
organic growth overtime.” PNC is building on client relationships and create initiatives
such as the cross-selling of loans. PNC plans to see above average growth in the SE
for 2016 fueled by rapid population growth and increases in demand within the
region.
Thesis Risk
▪ “Lower for Longer” Still a Threat
PNC Management believes it can leverage ~$10bn of its $35bn in liquidity into higher
quality and higher yielding securities to improve NIM without compromising LCR
(currently >100%). While this strategy is noteworthy, the psychology behind regional
banks is the impact interest rates can have. Relevant Information
NIM 2.70%
Efficiency Ratio 61.42
LCR >100%
Tier 1 Capital Ratio 10.6%
Short Interest 1.13%
Dividend Yield 2.36%
Debt Rating A3
Next Earnings Date 4/14/2016
OUSEMG EQUITYRESEARCH 2
MARCH 21, 2016 | PITTSBURGH NATIONAL CORPORATION FINANCIAL SERVICES GROUP (PNC)
Overstated Downward Trend in Banking Industry
Fair Value Problematic
Legislative measures such as the Dodd-Frank Act have led to historically high
capitalization levels in the banking industry. Higher capitalization levels limit even
healthy financial institutions from generating ROE. This along with artificially low
interest rates have made the process of determining fair valuation within the banking
industry much more difficult. As a result, shares of banking institutions have been
more volatile and are more susceptible to overreact in the face of macroeconomic
events.
Since the beginning of 2016, banks have been the worst performing industry
measured against the S&P 500. The recent performance has been driven mainly by
uncertain global conditions, oil prices, and dovish Federal Funds rate guidance.
Certain institutions are suffering heavy losses as a result of these drivers; however,
the increased credit risk to regional banks (specifically PNC) has been overstated by
the market.
Energy Credit Risk
Despite trading in line with industry indices,
PNC’s loan exposure to the energy sector is
much lower than its peers. Within PNC’s loan
exposure to energy companies $200mn or 17
percent of total energy exposure was not asset
backed or investment grade. In late December
2015 PNC increased its Allowance for Loan Lease
Losses by $300mn, largely to account for further
expected deterioration of oil prices. Although oil
has fluctuated greatly since the start of 2016,
WTI Crude is once again trading around the
same level it did in late 2015. Oil at $40 per
barrel poses far less credit risk to banks than at
its recent trough of $26.21 seen on February 11,
2016.
Thesis Point 1:
▪ RBC Acquisition Highlights
▪ Energy Credit Risk
▪ Attractive Valuation
PNC 1.0%
BB&T 1.0%
Fifth Third Bancorp 2.0%
KeyCorp 2.0%
Capital One 4.0%
Bank of America 4.0%
Regions Financial 4.0%
SunTrust Banks 4.0%
JP Morgan Chase 5.0%
Average 3.0%
Energy Exposure as a % of
Total Loans
OUSEMG EQUITYRESEARCH 3
MARCH 21, 2016 | PITTSBURGH NATIONAL CORPORATION FINANCIAL SERVICES GROUP (PNC)
P/TBVPS
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
PNC P/TBVPS
PNC 3-Year Average 5-Year Average 10-Year Average 15-Year Average
1.30
1.40
1.50
1.60
1.70
1.80
1.90
2.00
PNC P/TBVPS
PNC 3-Year Average 5-Year Average
On every historical basis—3, 5, 10, and 15-year average P/TBVPS, PNC trades at a discount. However, the operating
environment has changed drastically as a result of significant regulation. With this in mind, we believe the 3 year-
average is a better representation of PNC’s value. The chart in the upper right corner displays PNC’s P/TBVPS over the
past 9 months. Relative to the 3-year average, PNC currently trades at a 9 percent discount and 20 percent lower than
its P/TBVPS to start the year.
-9.0%
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
PNC vs. Industry P/TBVPS
PNC Industry 3-Year Average 5-Year Average 10-Year Average 15-Year Average
0
10
20
30
40
50
60
70
Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
TBVPS
PNC FITB BBT MTB HBAN KEY
0
10
20
30
40
50
60
70
Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
PNC TBVPS vs. Industry TBVPS
PNC Industry
-5.2%
Fundamentals have not changed recently. For PNC, TBVPS has significantly improved overtime vs. its peers.
1.25
1.36
1.47
1.58
1.69
1.80
PNC vs. Industry P/TBVPS
PNC Industry 3-Year Industry Average 5-Year Industry Average 3-Year Average 5-Year Average
-19.8%
Current 3-Year 5-Year 10-Year 15-Year
1.85x 2.11x 2.04x 2.41x 2.74x
Current Premium/Discount to Historical P/TBVPS -12.4% -9.1% -23.2% -32.4%
Industry Average 1.39x 1.64x 1.56x 1.94x 2.44x
Premium/Discount to Industry 33.1% 28.6% 30.4% 24.1% 12.2%
BBT
Current 3-Year 5-Year 10-Year 15-Year
1.21x 1.55x 1.46x 1.70x 2.64x
Current Premium/Discount to Historical P/TBVPS -22.0% -16.8% -29.0% -54.1%
Industry Average 1.52x 1.76x 1.68x 2.08x 2.46x
Premium/Discount to Industry -20.3% -11.6% -13.2% -18.2% 7.2%
FITB
Current 3-Year 5-Year 10-Year 15-Year
1.44x 1.57x 1.43x 1.51x 1.75x
Current Premium/Discount to Historical P/TBVPS -8.3% 0.4% -4.4% -17.9%
Industry Average 1.39x 1.63x 1.54x 1.97x 2.47x
Premium/Discount to Industry 3.6% -3.9% -6.6% -23.4% -29.1%
HBAN
Current 3-Year 5-Year 10-Year 15-Year
1.06x 1.29x 1.13x 1.26x 1.55x
Current Premium/Discount to Historical P/TBVPS -17.9% -6.2% -16.0% -31.6%
Industry Average 1.55x 1.81x 1.74x 2.17x 2.68x
Premium/Discount to Industry -31.5% -28.5% -35.2% -41.9% -42.2%
KEY
Current 3-Year 5-Year 10-Year 15-Year
1.80x 2.22x 2.27x 2.74x 3.29x
Current Premium/Discount to Historical P/TBVPS -18.9% -20.6% -34.3% -45.2%
Industry Average 1.40x 1.62x 1.51x 1.88x 2.33x
Premium/Discount to Industry 28.6% 36.9% 49.6% 46.0% 41.1%
MTB
Current 3-Year 5-Year 10-Year 15-Year
1.44x 1.58x 1.52x 2.50x 2.97x
Current Premium/Discount to Historical P/TBVPS -9.0% -5.2% -42.3% -51.6%
Industry Average 1.47x 1.75x 1.66x 1.92x 2.39x
Premium/Discount to Industry -2.2% -9.6% -8.7% 29.7% 24.3%
PNC
Considering the lack of correlation
between macroeconomic factors and
deterioration of fundamentals, we feel
PNC’s current discount relative to its
historical 3-year average is unwarranted
especially considering the consistency
displayed in the above two charts.
OUSEMG EQUITYRESEARCH 4
MARCH 21, 2016 | PITTSBURGH NATIONAL CORPORATION FINANCIAL SERVICES GROUP (PNC)
Stability in Loan Book and Diversified Revenue Stream
Loan Book & Balance Sheet Strength
PNC has a conservatively positioned balance sheet and a strong book of loans. Its
investment portfolio is well-diversified. Over the past few years, PNC has made
significant changes to the composition of its portfolio, significantly increasing the
amount of US Treasury and Agency securities, and ensuring it is well positioned to
meet new, tougher regulatory requirements. PNC has experienced solid returns,
despite defensively positioning for rising rates. Cash represents about 10 percent of
assets, giving PNC one of the highest cash balances amongst its peers. Management
has expressed a continued plan to move excess cash into higher yielding securities.
PNC has been working to drive commercial lending growth. Commercial and
commercial real estate loans now account for about 60 percent of the loan book. The
bank has significant capital and liquidity to promote further loan growth. PNC has a
strong track-record of only entering beneficial loan agreements. It has some of the
lowest net-charge offs to average loans and non-performing loan rates within its
peers.
Thesis Point 2:
▪ Conservative Balance
Sheet
▪ Book of Loans
▪ PNC vs. Peers
▪ Market Share
2011 2012 2013 2014 2015
BAC 10.6% 10.8% 10.9% 9.2% 9.3%
WFC 11.0 10.3 9.4 8.7 8.1
JPM 6.5 6.6 6.4 5.8 5.9
PNC 3.5 3.7 3.6 3.6 3.3
USB 3.2 3.2 3.3 3.4 3.4
Commerical & Industrial Loans Market Share
2011 2012 2013 2014 2015
BAC 14.3% 13.6% 13.3% 12.9% 11.9%
WFC 12.8 12.7 12.3 11.8 11.2
JPM 11.1 10.9 10.4 9.7 9.0
C 5.2 4.9 4.7 4.4 3.9
PNC 3.3 3.7 3.6 3.5 3.4
Home Equity Loans Market Share
14%
49%
4%
6%
8%
9%
6%4%
Securities Breakdown
UST and Agency
Agency RMBS
Agency CMBS
Non-Agency RMBS
Non-Agency CMBS
Asset-Backed
State and Muni
Other
2010 2011 2012 2013 2014 2015 5-Year
Commercial Lending 36.6% 41.3% 44.7% 45.2% 47.6% 47.7% 43.1%
Commercial Real Estate 11.9% 10.2% 10.0% 10.8% 11.4% 13.3% 10.9%
Equipment Lease Financing 4.2% 4.0% 3.9% 3.9% 3.8% 3.6% 4.0%
Total Commercial Lending 52.8% 55.5% 58.6% 59.9% 62.7% 64.6% 57.9%
% Change 2.8% 3.1% 1.3% 2.8% 1.9% --
Home Equity 22.7% 20.8% 19.3% 18.6% 16.9% 15.5% 19.7%
Residential Real Estate 10.6% 9.1% 8.2% 7.7% 7.0% 7.0% 8.5%
Total Home Equity & Real Estate 33.3% 29.9% 27.5% 26.3% 24.0% 22.5% 28.2%
% Change -3.4% -2.4% -1.2% -2.4% -1.4% --
Other Consumer
(auto, education, other)13.9% 14.6% 13.9% 13.8% 13.4% 12.9% 13.9%
Total Consumer Lending (other, credit cards, res. Real estate, & home equity)
47.2% 44.5% 41.4% 40.1% 37.3% 35.4% 42.1%
% Change -2.7% -3.1% -1.3% -2.8% -1.9% --
Total Book of Loans 150.6 159.0 185.9 195.6 204.8 206.7 179.18
% Change 5.6% 16.9% 5.2% 4.7% 0.9% --
PNC Book of Loans
OUSEMG EQUITYRESEARCH 5
MARCH 21, 2016 | PITTSBURGH NATIONAL CORPORATION FINANCIAL SERVICES GROUP (PNC)
Stability in Loan Book and Diversified Revenue Stream (Contd.)
Well Positioned Against Peers, Still Room for Improvement
Though PNC still has a below average NIM, the company has been dedicated to
increasing NIM as much as possible. In 2015, NIM was up 3 bps. The low NIM is
offset by PNC’s continued dedication to cost cutting through its Continuous
Improvement Program (CIP). The main areas CIP has focused on are branch
reconfigurations, lower cost transaction channels, and efficiencies in the mortgage
business. Management expects CIP to keep expenses stable in FY16, while freeing up
capital for investments into technology and retail transformation. In addition, the
company has placed a continuous emphasis to increase its fee growth, specifically in
asset management, corporate services, and consumer services.
Management’s focus has been aimed towards expense reduction, fee growth across
its segments, and maintaining PNC’s theme of conservative lending ultimately leading
to less net charge offs and nonperforming loans. With this in mind, management is
now turning their focus to improving NIM which is currently lowest of the peer group.
BB&T M&T Bank Fifth Third Bank Huntington Bank KeyCorp Average PNC Ranking
Liquidity Coverage Ratio 130% 116% 116% 100% 100% 112% >100% 3rd
Efficiency Ratio 58.80% 58.88% 57.60% 63.70% 66.40% 61.08% 74.00% 1st
Tier 1 Captial Ratio 10.50% 9.10% 10.49% 10.90% 11.14% 10.43% 10.60% 3rd
Avg. Deposit Growth 7.30% 7.40% 4.90% 4.00% 4.10% 5.54% 7.80% 1st
Total Loan Growth 20.70% 30.50% 3.00% 5.00% 2.00% 12.24% 4.00% 3rd
Interest Earning Assets
Growth- 20.00% 7.00% 8.00% 12.10% 11.78% 9.00% 3rd
Net Interest Margin 3.12% 3.16% 2.88% 3.49% 2.87% 3.10% 2.74% 6th
Expense Growth 6.40% 2.10% 1.40% 4.83% 4.40% 3.83% -0.30% 1st
Net Charge Offs 0.38% 0.19% 0.34% 0.46% 0.25% 0.32% 0.23% 2nd
Fee Income Growth -0.70% -2.40% 17.00% - 5.00% 4.73% 7.81% 2nd
Nonperforming Loans % 0.52% 0.91% 0.70% 0.79% 0.65% 0.71% 0.68% 3rd
Thesis Point 2:
▪ Conservative Balance
Sheet
▪ Market Share
▪ Book of Loans
▪ PNC vs. Peers
OUSEMG EQUITYRESEARCH 6
MARCH 21, 2016 | PITTSBURGH NATIONAL CORPORATION FINANCIAL SERVICES GROUP (PNC)
Organic Growth Driven by Southeast Region
Organic Growth Opportunity
In 2011, PNC agreed to acquire RBC and their 424 branches 900,000 customers in
Alabama, Florida, Georgia, North Carolina and South Carolina. By 2014, all of PNC’s
start up costs were complete allowing for it to invest directly into the consolidation
and advancement of its Southeast (SE) branches. As a result, PNC now sees the SE
region of the United States as its “single best opportunity for organic growth
overtime.”
With recent gains in market share and exposure, the SE market now represents 11
percent of PNC’s total market revenue and 7 percent of its total overall revenue. In
states such as Florida, Georgia, North Carolina and South Carolina, PNC has seen
YoY increases in market share of of 0.10 percent, 0.18 percent, 0.10 and 0.07
percent respectively. Also, in North Carolina and Alabama, PNC’s market share ranks
in the top ten. This allows PNC to benefit from the 2.3 percent employment increase
and 1.4 percent population growth the SE region is forecasted to achieve in
comparison to the Midwest and Mid-Atlantic’s forecasted 1.6 and 1.7 percent
employment increases and 0.2 and 0.7 percent population increases respectively. In
the midst of these positive trends, PNC is consolidating its branches and implementing
a new service model within their company.
PNC CARES (About Gaining Clients)
With the integration phase over for PNC in the Southeast (SE), their main focus
moving forward is to gain clients. Last year, PNC launched a new service model called
PNC CARES. This model includes many additions and changes to its current business
model in the hope to improve and create their client relationships. Some of these
additions are a new innovation lab that enables PNC to test new products and services
and a new program for gauging customer satisfaction and loyalty to the brand called
the Net Promoter Score (NPS). The NPS tells PNC not only whether customers are
satisfied with the quality of their relationship, but also how likely they are to
recommend PNC to their family and friends. Along with this, PNC created a Voice of
the Customer database to help it turn customer feedback into experience
enhancements and implemented over 100 improvements throughout the company
driven by customer and employee input.
Along with implementing new business models, PNC was also able to consolidate its
branches over the past few years. As of 2015, PNC has roughly 598 offices in the SE
region compared to the 652 offices it operated in 2012. With PNC’s elimination of
some of the reach it had in the SE, PNC still saw a 7 percent growth in revenue in its
SE region in comparison to an overall 1 percent decline in revenue. With the ongoing
consolidation of its SE branches and its implementation of PNC CARES, PNC is in a
great place to grab more market share from its competitors in the SE and be the main
driver of organic growth for the company in the next couple of years.
Thesis Point 3:
▪ RBC Acquisition Highlights
▪ Favorable
Macroenvironment in SE
OUSEMG EQUITYRESEARCH 7
MARCH 21, 2016 | PITTSBURGH NATIONAL CORPORATION FINANCIAL SERVICES GROUP (PNC)
“Lower for Longer” Still a Threat
Weak NIM Relative to Peers
Net Interest Margin (NIM) ranks lowest amongst our peer group at 2.77 percent for
FY2015 vs. the industry of 3.01 percent. Just as well, over the past five years PNC’s
NIM has declined 111bps against the group average of just 54bps. The lower interest
rate environment has clearly taken its toll on NIM as PNC was the leader in 2012.
PNC is currently in the process of moving $10bn worth of $35bn in liquidity into
“higher quality and higher yielding” assets. Despite management’s efforts to gather
some improvement in NIM, their effort in 11th hour is somewhat overdue and
reflected in steady and significant NIM deterioration over the years relative to peers
(twice the decline as peers).
Furthermore, over the past five years the industry has shifted the mix towards net
interest income by an average of 140bps. On the other hand, PNC has shifted away
from this trend and is split evenly between net interest income and noninterest
income.
In addition to this, management notes the spread from rising interest rates moves
significantly slower and the recent December rate hike will have little effect on NIM.
From the Q4 earnings call management accounted for three rate hikes, one in March,
June, and December at 25bps each. The March rate hike will not occur; therefore,
leaving just two rate hikes in management’s assumptions.
Thesis Risk 1:
▪ Weak NIM & Spreads
Lack
▪ Shift Towards Net
Interest Income
2011 2012 2013 2014 2015
PNC 3.88% 4.02% 3.49% 3.03% 2.77%BBT 3.99% 3.88% 3.64% 3.43% 3.31%FITB 3.59% 3.47% 3.25% 3.05% 2.87%HBAN 3.34% 3.45% 3.28% 3.23% 3.13%KEY 3.10% 3.11% 3.05% 2.87% 2.86%MTB 3.77% 3.70% 3.64% 3.34% 2.90%
Avg. 3.56% 3.52% 3.37% 3.18% 3.01%
Net Interest Margin
NII Non-II NII Non-II NII Non-II NII Non-II NII Non-II
PNC 55.0% 45.0% 58.0% 42.0% 54.0% 46.0% 55.0% 45.0% 50.0% 50.0%
BBT 55.0% 45.0% 55.0% 45.0% 54.5% 45.5% 54.0% 46.0% 54.0% 46.0%
FITB 53.0% 47.0% 50.5% 49.5% 49.5% 50.5% 55.0% 45.0% 50.0% 50.0%
HBAN 55.0% 45.0% 56.5% 43.5% 59.0% 41.0% 62.0% 38.0% 62.0% 38.0%
KEY 56.0% 44.0% 54.0% 46.0% 60.0% 40.0% 59.0% 41.0% 58.0% 42.0%
MTB 55.0% 45.0% 56.0% 44.0% 55.5% 44.5% 56.5% 43.5% 57.0% 43.0%
Avg. 54.80% 45.20% 54.40% 45.60% 55.70% 44.30% 57.30% 42.70% 56.20% 43.80%
Net Interest Income & Noninterest Income (as a % of revenue)
2011 2012 2013 2014 2015
OUSEMG EQUITYRESEARCH 8
MARCH 21, 2016 | PITTSBURGH NATIONAL CORPORATION FINANCIAL SERVICES GROUP (PNC)
Appendix A: Interest Rates
Appendix B: PNC Locations
FED Effective Rate 0.37
Meeting Prob. of Hike Prob. Of Cut 0.25-0.5 0.5-0.75 0.75-1 1-1.25 1.25-1.5 1.5-1.75 1.75-2
4/27/2016 6.0% 0.0% 94.0% 6.0% 0.0% 0.0% 0.0% 0.0% 0.0%
6/15/2016 41.7% 0.0% 58.3% 39.4% 2.3% 0.0% 0.0% 0.0% 0.0%
7/27/2016 49.9% 0.0% 50.1% 42.1% 7.5% 0.3% 0.0% 0.0% 0.0%
9/21/2016 59.9% 0.0% 40.1% 43.7% 14.4% 1.8% 0.1% 0.0% 0.0%
11/2/2016 62.4% 0.0% 37.6% 43.5% 16.2% 2.5% 0.2% 0.0% 0.0%
12/14/2016 71.3% 0.0% 28.7% 42.1% 22.7% 5.8% 0.7% 0.0% 0.0%
2/1/2017 73.6% 0.0% 26.4% 41.0% 24.3% 7.1% 1.1% 0.1% 0.0%
Source: Bloomberg
FOMC Target Range
FOMC Rate Hike Probability
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6860.0
0.0
51,0
94.0
0.0
71,4
94.0
0.1
0
+ T
ota
l N
on
-In
tere
st
Inco
me
1,7
14
.00.4
51
,67
0.0
0.4
51
,70
5.0
0.4
51
,65
9.0
0.4
46
,74
8.0
0.4
56
,86
4.0
0.4
56
,80
9.0
0.4
35
,59
8.0
0.3
75
,62
6.0
0.3
9
+ T
radin
g A
ccount Pro
fits
/Loss
es
----
----
----
----
0.0
0.0
014.0
0.0
0-5
6.0
0.0
0-7
.00.0
00.0
0.0
0
+ Inve
stm
ent &
Loan Inc
(Loss
)2
0.0
0-9
0.0
08
0.0
041
0.0
143.0
0.0
0-7
.00.0
083.0
0.0
193.0
0.0
197.0
0.0
1
+ G
ain
/Loss
fro
m Inve
stm
ents
2.0
0.0
0-9
.00.0
08.0
0.0
041.0
0.0
143.0
0.0
0-7
.00.0
083.0
0.0
193.0
0.0
197.0
0.0
1
+ C
om
mis
sions
& F
ees
Earn
ed
1,4
25.0
0.3
71,3
98.0
0.3
71,4
39.0
0.3
81,3
48.0
0.3
65,6
10.0
0.3
75,4
62.0
0.3
55,2
73.0
0.3
34,3
28.0
0.2
84,4
76.0
0.3
1
+ O
ther
op inco
me (
loss
)287.0
0.0
8281.0
0.0
8258.0
0.0
7270.0
0.0
71,0
95.0
0.0
71,3
95.0
0.0
91,5
09.0
0.0
91,1
84.0
0.0
81,0
53.0
0.0
7
- P
rov
isio
n f
or
Lo
an
Lo
sse
s7
4.0
0.0
28
1.0
0.0
24
6.0
0.0
15
4.0
0.0
12
55
.00.0
22
73
.00.0
26
43
.00.0
49
87
.00.0
61
,15
2.0
0.0
8
Ne
t R
ev
en
ue
aft
er
Pro
vis
ion
s3
,73
2.0
0.9
83
,65
1.0
0.9
83
,71
1.0
0.9
93
,67
7.0
0.9
91
4,7
71
.00.9
81
5,1
16
.00.9
81
5,3
13
.00.9
61
4,2
51
.00.9
41
3,1
74
.00.9
2
- To
tal N
on
-In
tere
st
Exp
en
se
2,3
96
.00.6
32
,35
2.0
0.6
32
,36
6.0
0.6
32
,34
9.0
0.6
39
,46
3.0
0.6
39
,79
1.0
0.6
49
,84
9.0
0.6
21
0,2
70
.00.6
79
,06
3.0
0.6
3
+ O
ther
Opera
ting E
xpense
s2,3
96.0
0.6
32,3
52.0
0.6
32,3
66.0
0.6
32,3
49.0
0.6
39,4
63.0
0.6
39,7
91.0
0.6
49,8
49.0
0.6
210,2
70.0
0.6
79,0
63.0
0.6
3
Op
era
tin
g I
nco
me
(Lo
ss)
1,3
36
.00.3
51
,29
9.0
0.3
51
,34
5.0
0.3
61
,32
8.0
0.3
65
,30
8.0
0.3
55
,32
5.0
0.3
55
,46
4.0
0.3
43
,98
1.0
0.2
64
,11
1.0
0.2
9
Pre
tax I
nco
me
(Lo
ss),
Ad
juste
d1
,33
6.0
0.3
51
,29
9.0
0.3
51
,34
5.0
0.3
61
,32
8.0
0.3
65
,30
8.0
0.3
55
,32
5.0
0.3
55
,46
4.0
0.3
43
,98
1.0
0.2
64
,11
1.0
0.2
9
- A
bn
orm
al Lo
sse
s (
Ga
ins)
-47
.0-0
.01
-43
.0-0
.01
-10
9.0
-0.0
30
.00.0
0-1
99
.0-0
.01
-28
9.0
-0.0
2-2
24
.0-0
.01
38
.00.0
04
2.0
0.0
0
+ C
redit V
alu
ation A
dju
stm
ent
----
----
----
----
----
14.0
0.0
0-5
6.0
0.0
0-7
.00.0
0--
--
+ M
erg
er/
Acq
uis
itio
n E
xpense
----
----
-30.0
-0.0
1--
----
----
----
--267.0
0.0
242.0
--
+ D
isposa
l of Ass
ets
----
----
----
----
----
-94.0
----
----
----
--
+ Im
pairm
ent O
f Goodw
ill--
----
----
----
----
----
----
--45.0
----
--
+ L
egal Settle
ment
----
----
-30.0
-0.0
1--
---3
0.0
0.0
0--
----
----
----
--
+ O
ther
Abnorm
al Item
s-4
7.0
-0.0
1-4
3.0
-0.0
1-7
9.0
-0.0
2--
---1
69.0
-0.0
1-2
09.0
-0.0
1-1
68.0
-0.0
1-2
67.0
-0.0
2--
--
Pre
tax I
nco
me
(Lo
ss),
GA
AP
1,3
83
.00.3
61
,34
2.0
0.3
61
,45
4.0
0.3
91
,32
8.0
0.3
65
,50
7.0
0.3
75
,61
4.0
0.3
65
,68
8.0
0.3
63
,94
3.0
0.2
64
,06
9.0
0.2
8
- In
co
me
Ta
x E
xp
en
se
(B
en
efi
t)3
61
.00.0
92
69
.00.0
74
10
.00.1
13
24
.00.0
91
,36
4.0
0.0
91
,40
7.0
0.0
91
,47
6.0
0.0
99
42
.00.0
69
98
.00.0
7
+ C
urr
ent In
com
e T
ax
----
----
----
----
960.0
0.0
61,1
52.0
0.0
7280.0
0.0
2372.0
0.0
2158.0
0.0
1
+ D
efe
rred Inco
me T
ax
----
----
----
----
404.0
0.0
3255.0
0.0
21,1
96.0
0.0
7570.0
0.0
4840.0
0.0
6
Inco
me
(Lo
ss)
fro
m C
on
t O
ps
1,0
22
.00.2
71
,07
3.0
0.2
91
,04
4.0
0.2
81
,00
4.0
0.2
74
,14
3.0
0.2
84
,20
7.0
0.2
74
,21
2.0
0.2
63
,00
1.0
0.2
03
,07
1.0
0.2
1
Inco
me
(Lo
ss)
Incl. M
I1
,02
2.0
0.2
71
,07
3.0
0.2
91
,04
4.0
0.2
81
,00
4.0
0.2
74
,14
3.0
0.2
84
,20
7.0
0.2
74
,21
2.0
0.2
63
,00
1.0
0.2
03
,07
1.0
0.2
1
-
Min
ority
Inte
rest
14.0
0.0
018.0
0.0
04.0
0.0
01.0
0.0
037.0
0.0
023.0
0.0
011.0
0.0
0-1
2.0
0.0
015.0
0.0
0
Ne
t In
co
me
, G
AA
P1
,00
8.0
0.2
61
,05
5.0
0.2
81
,04
0.0
0.2
81
,00
3.0
0.2
74
,10
6.0
0.2
74
,18
4.0
0.2
74
,20
1.0
0.2
63
,01
3.0
0.2
03
,05
6.0
0.2
1
-
Pre
ferr
ed D
ivid
ends
43.0
0.0
164.0
0.0
248.0
0.0
170.0
0.0
2225.0
0.0
1237.0
0.0
2249.0
0.0
2177.0
0.0
156.0
0.0
0
-
Oth
er
Adju
stm
ents
961.0
0.2
5991.0
0.2
7992.0
0.2
6930.0
0.2
517.0
0.0
011.0
0.0
018.0
0.0
04.0
0.0
02.0
0.0
0
Ne
t In
co
me
Av
ail
to C
om
mo
n,
GA
AP
96
1.0
0.2
59
91
.00.2
79
92
.00.2
69
30
.00.2
53
,86
4.0
0.2
63
,93
6.0
0.2
63
,93
4.0
0.2
52
,83
2.0
0.1
92
,99
8.0
0.2
1
Ne
t In
co
me
Av
ail
to C
om
mo
n,
Ad
j9
30
.50.2
49
63
.10.2
69
21
.20.2
59
30
.00.2
53
,73
4.7
0.2
53
,74
7.9
0.2
43
,78
8.0
0.2
42
,87
2.5
0.1
92
,97
1.0
0.2
1
Net Abnorm
al Lo
sses
(Gain
s)-3
0.6
-0.0
1-2
8.0
-0.0
1-7
0.9
-0.0
20.0
0.0
0-1
29.4
-0.0
1-1
88.1
-0.0
1-1
46.0
-0.0
140.5
0.0
0-2
7.0
0.0
0
Net Ext
raord
inary
Loss
es
(Gain
s)0.0
0.0
00.0
0.0
00.0
0.0
00.0
0.0
00.0
0.0
00.0
0.0
00.0
0.0
00.0
0.0
00.0
0.0
0
Q1
20
15
Co
mm
on
Siz
ed
FY2
01
2C
om
mo
n
Siz
ed
FY2
01
1C
om
mo
n
Siz
ed
Q4
20
15
Co
mm
on
Siz
ed
Q3
20
14
Co
mm
on
Siz
ed
Q2
20
15
Co
mm
on
Siz
ed
FY2
01
5C
om
mo
n
Siz
ed
FY2
01
4C
om
mo
n
Siz
ed
FY2
01
3C
om
mo
n
Siz
ed
Inco
me
Sta
tem
en
t (v
alu
es
in m
illio
ns
of U
SD
, exc
ept
per
share
fig
ure
s)
OUSEMG
EQ
UIT
YR
ES
EA
RC
H
PIT
TS
BU
RG
H N
AT
ION
AL C
OR
PO
RA
TIO
N F
INA
NC
IAL S
ER
VIC
ES G
RO
UP
(P
NC
)
Bala
nce S
heet
(val
ues
in m
illions
of
USD
, exp
ect
per
shar
e f
igure
s)
To
tal A
sse
ts
+ C
ash
& C
ash
Equiv
ale
nts
4,0
65.0
0.0
13,8
35.0
0.0
14,4
12.0
0.0
14,1
51.0
0.0
14,0
65.0
0.0
14,3
60.0
0.0
14,0
43.0
0.0
15,2
20.0
0.0
24,1
05.0
0.0
2
+ Inte
rbank
ass
ets
31,9
15.0
0.0
935,7
58.0
0.1
035,9
40.0
0.1
033,0
91.0
0.0
931,9
15.0
0.0
933,6
31.0
0.1
014,1
21.0
0.0
45,4
47.0
0.0
23,3
74.0
0.0
1
+ F
ed F
unds
Sold
& R
epos
1,3
69.0
0.0
01,5
34.0
0.0
01,9
71.0
0.0
11,8
93.0
0.0
11,3
69.0
0.0
01,8
52.0
0.0
11,9
86.0
0.0
11,4
63.0
0.0
02,2
05.0
0.0
1
+ O
ther
Inte
rbank
Ass
ets
30,5
46.0
0.0
934,2
24.0
0.0
933,9
69.0
0.1
031,1
98.0
0.0
930,5
46.0
0.0
931,7
79.0
0.0
912,1
35.0
0.0
43,9
84.0
0.0
11,1
69.0
0.0
0
+ S
T A
nd L
T Inve
stm
ents
72,2
54.0
0.2
069,9
67.0
0.1
963,6
96.0
0.1
862,9
19.0
0.1
872,2
54.0
0.2
058,1
76.0
0.1
763,3
67.0
0.2
063,5
02.0
0.2
163,1
47.0
0.2
3
+ T
radin
g S
ecu
rities
1,7
26.0
0.0
01,9
01.0
0.0
12,3
34.0
0.0
12,1
51.0
0.0
11,7
26.0
0.0
02,3
53.0
0.0
13,0
73.0
0.0
12,0
96.0
0.0
12,5
13.0
0.0
1
+ Inve
stm
ent Sec
Ava
il fo
r Sale
55,7
60.0
0.1
653,6
63.0
0.1
547,6
79.0
0.1
347,5
79.0
0.1
455,7
60.0
0.1
644,2
35.0
0.1
348,6
07.0
0.1
551,0
52.0
0.1
748,5
68.0
0.1
8
+ Inve
stm
ent Sec
Held
to M
at
14,7
68.0
0.0
414,4
03.0
0.0
413,6
83.0
0.0
413,1
89.0
0.0
414,7
68.0
0.0
411,5
88.0
0.0
311,6
87.0
0.0
410,3
54.0
0.0
312,0
66.0
0.0
4
+ T
ota
l Com
merc
ial Lo
ans
133,5
44.0
0.3
7131,1
64.0
0.3
6130,7
22.0
0.3
7129,6
75.0
0.3
7133,5
44.0
0.3
7128,3
68.0
0.3
7117,1
45.0
0.3
7108,9
42.0
0.3
688,3
14.0
0.3
3
+ C
om
merc
ial RE L
oans
34,9
36.0
0.1
033,7
37.0
0.0
932,5
89.0
0.0
932,0
25.0
0.0
934,9
36.0
0.1
030,9
48.0
0.0
928,7
67.0
0.0
925,9
02.0
0.0
822,6
20.0
0.0
8
+ O
ther
Com
merc
ial Lo
ans
98,6
08.0
0.2
897,4
27.0
0.2
798,1
33.0
0.2
897,6
50.0
0.2
898,6
08.0
0.2
897,4
20.0
0.2
888,3
78.0
0.2
883,0
40.0
0.2
765,6
94.0
0.2
4
+ T
ota
l Consu
mer
Loans
73,1
52.0
0.2
073,8
19.0
0.2
074,4
31.0
0.2
175,0
47.0
0.2
173,1
52.0
0.2
076,4
49.0
0.2
278,4
68.0
0.2
576,9
14.0
0.2
570,7
00.0
0.2
6
+ C
redit C
ard
Loans
4,8
62.0
0.0
14,6
00.0
0.0
14,5
20.0
0.0
14,4
34.0
0.0
14,8
62.0
0.0
14,6
12.0
0.0
14,4
25.0
0.0
14,3
03.0
0.0
13,9
76.0
0.0
1
+ H
om
e E
quity
Loans
32,1
33.0
0.0
933,0
06.0
0.0
933,5
35.0
0.0
934,0
65.0
0.1
032,1
33.0
0.0
934,6
77.0
0.1
036,4
47.0
0.1
135,9
20.0
0.1
233,0
89.0
0.1
2
+ 1
-4 F
am
ily R
esi
dential Lo
ans
14,4
11.0
0.0
414,4
92.0
0.0
414,5
32.0
0.0
414,4
89.0
0.0
414,4
11.0
0.0
414,4
07.0
0.0
415,0
65.0
0.0
515,2
40.0
0.0
514,4
69.0
0.0
5
+ A
uto
Loans
11,1
57.0
0.0
311,0
39.0
0.0
311,0
57.0
0.0
311,1
20.0
0.0
311,1
57.0
0.0
311,6
16.0
0.0
310,8
27.0
0.0
38,7
08.0
0.0
35,1
81.0
0.0
2
+ S
tudent Lo
ans
5,8
81.0
0.0
26,0
70.0
0.0
26,2
12.0
0.0
26,4
48.0
0.0
25,8
81.0
0.0
26,6
26.0
0.0
27,5
34.0
0.0
28,2
38.0
0.0
39,5
82.0
0.0
4
+ O
ther
Consu
mer
Loans
4,7
08.0
0.0
14,6
12.0
0.0
14,5
75.0
0.0
14,4
91.0
0.0
14,7
08.0
0.0
14,5
11.0
0.0
14,1
70.0
0.0
14,5
05.0
0.0
14,4
03.0
0.0
2
+ O
ther
Loans
1,5
40.0
0.0
02,0
60.0
0.0
12,3
57.0
0.0
12,4
23.0
0.0
11,5
40.0
0.0
02,2
62.0
0.0
12,2
55.0
0.0
13,6
93.0
0.0
12,9
36.0
0.0
1
+ T
ota
l Lo
ans
208,2
36.0
0.5
8207,0
43.0
0.5
7207,5
10.0
0.5
9207,1
45.0
0.5
9208,2
36.0
0.5
8207,0
79.0
0.6
0197,8
68.0
0.6
2189,5
49.0
0.6
2161,9
50.0
0.6
0
-
Rese
rve for
Loan L
oss
es
2,7
27.0
0.0
13,2
37.0
0.0
13,2
72.0
0.0
13,3
06.0
0.0
12,7
27.0
0.0
13,3
31.0
0.0
13,6
09.0
0.0
14,0
36.0
0.0
14,3
47.0
0.0
2
+ N
et Lo
ans
205,5
09.0
0.5
7203,8
06.0
0.5
6204,2
38.0
0.5
8203,8
39.0
0.5
8205,5
09.0
0.5
7203,7
48.0
0.5
9194,2
59.0
0.6
1185,5
13.0
0.6
1157,6
03.0
0.5
8
+ N
et Fix
ed A
ssets
5,9
08.0
0.0
2--
----
----
--5,9
08.0
0.0
25,6
43.0
0.0
25,6
18.0
0.0
25,4
28.0
0.0
2--
--
+ P
ropert
y, P
lant &
Equip
5,9
08.0
0.0
2--
----
----
--5,9
08.0
0.0
25,6
43.0
0.0
25,6
18.0
0.0
25,4
28.0
0.0
2--
--
+ T
ota
l In
tangib
le A
ssets
9,4
82.0
0.0
39,5
10.0
0.0
39,5
38.0
0.0
39,5
66.0
0.0
39,4
82.0
0.0
310,9
47.0
0.0
311,2
90.0
0.0
410,8
69.0
0.0
410,1
44.0
0.0
4
+ G
oodw
ill9,1
03.0
0.0
39,1
03.0
0.0
39,1
03.0
0.0
39,1
03.0
0.0
39,1
03.0
0.0
39,1
03.0
0.0
39,0
74.0
0.0
39,0
72.0
0.0
38,2
85.0
0.0
3
+ O
ther
Inta
ngib
le A
ssets
379.0
0.0
0407.0
0.0
0435.0
0.0
0463.0
0.0
0379.0
0.0
01,8
44.0
0.0
12,2
16.0
0.0
11,7
97.0
0.0
11,8
59.0
0.0
1
+ Inve
stm
ents
in A
ssoci
ate
s10,5
87.0
0.0
310,4
97.0
0.0
310,5
31.0
0.0
310,5
23.0
0.0
310,5
87.0
0.0
310,7
28.0
0.0
310,5
60.0
0.0
310,8
77.0
0.0
410,1
34.0
0.0
4
+ T
ota
l Defe
rred T
ax
Ass
ets
3,2
84.0
0.0
1--
----
----
--3,2
84.0
0.0
13,6
70.0
0.0
13,8
15.0
0.0
14,9
52.0
0.0
23,8
64.0
0.0
1
+ T
ota
l Deriva
tive
Ass
ets
1,8
36.0
0.0
13,6
19.0
0.0
12,5
57.0
0.0
13,3
59.0
0.0
11,8
36.0
0.0
12,5
87.0
0.0
11,6
95.0
0.0
12,4
30.0
0.0
12,3
60.0
0.0
1
+ O
ther
Ass
ets
13,6
53.0
0.0
425,1
33.0
0.0
723,0
33.0
0.0
723,5
12.0
0.0
713,6
53.0
0.0
411,5
82.0
0.0
311,4
24.0
0.0
410,8
69.0
0.0
416,4
74.0
0.0
6
To
tal A
sse
ts3
58
,49
3.0
1.0
03
62
,12
5.0
1.0
03
53
,94
5.0
1.0
03
50
,96
0.0
1.0
03
58
,49
3.0
1.0
03
45
,07
2.0
1.0
03
20
,19
2.0
1.0
03
05
,10
7.0
1.0
02
71
,20
5.0
1.0
0
Lia
bili
tie
s &
Sh
are
ho
lde
rs'
Eq
uit
y
+ D
em
and D
eposi
ts90,0
38.0
0.2
983,6
32.0
0.2
682,6
53.0
0.2
783,5
27.0
0.2
790,0
38.0
0.2
982,8
29.0
0.2
877,7
56.0
0.2
873,9
95.0
0.2
857,7
17.0
0.2
5
+ Inte
rest
Bearing D
eposi
ts158,9
64.0
0.5
1161,3
47.0
0.5
1157,0
51.0
0.5
1152,9
76.0
0.5
0158,9
64.0
0.5
1149,4
05.0
0.5
0143,1
75.0
0.5
2139,1
47.0
0.5
3130,2
49.0
0.5
6
+ S
avi
ng D
eposi
ts138,4
54.0
0.4
4140,4
65.0
0.4
4136,4
61.0
0.4
4132,4
38.0
0.4
3138,4
54.0
0.4
4128,0
09.0
0.4
3119,7
09.0
0.4
3113,0
56.0
0.4
398,6
17.0
0.4
2
+ T
ime D
eposi
ts20,5
10.0
0.0
720,8
82.0
0.0
720,5
90.0
0.0
720,5
38.0
0.0
720,5
10.0
0.0
721,3
96.0
0.0
723,4
66.0
0.0
826,0
91.0
0.1
031,6
32.0
0.1
4
+ T
ota
l Deposi
ts249,0
02.0
0.8
0244,9
79.0
0.7
8239,7
04.0
0.7
8236,5
03.0
0.7
8249,0
02.0
0.8
0232,2
34.0
0.7
8220,9
31.0
0.8
0213,1
42.0
0.8
1187,9
66.0
0.8
0
+ S
T B
orr
ow
ings
& R
epos
4,5
70.0
0.0
16,0
08.0
0.0
28,4
33.0
0.0
310,1
72.0
0.0
34,5
70.0
0.0
111,8
62.0
0.0
412,3
46.0
0.0
413,7
42.0
0.0
59,6
23.0
0.0
4
+ S
T B
orr
ow
ings
4,5
70.0
0.0
16,0
08.0
0.0
28,4
33.0
0.0
310,1
72.0
0.0
34,5
70.0
0.0
111,8
62.0
0.0
412,3
46.0
0.0
413,7
42.0
0.0
59,6
23.0
0.0
4
+ L
T D
ebt
49,9
62.0
0.1
650,6
55.0
0.1
649,8
43.0
0.1
646,6
57.0
0.1
549,9
62.0
0.1
644,9
06.0
0.1
533,7
59.0
0.1
227,1
65.0
0.1
027,0
81.0
0.1
2
+ L
T B
orr
ow
ings
49,9
62.0
0.1
650,6
55.0
0.1
649,8
43.0
0.1
646,6
57.0
0.1
549,9
62.0
0.1
644,9
06.0
0.1
533,7
59.0
0.1
227,1
65.0
0.1
027,0
81.0
0.1
2
+ P
ensi
on L
iabili
ties
547.0
0.0
0--
----
----
--547.0
0.0
0843.0
0.0
0667.0
0.0
01,2
59.0
0.0
01,0
77.0
0.0
0
+ P
ensi
ons
379.0
0.0
0--
----
----
--379.0
0.0
0464.0
0.0
0292.0
0.0
0865.0
0.0
0680.0
0.0
0
+ O
ther
Post
-Ret Benefits
168.0
0.0
0--
----
----
--168.0
0.0
0379.0
0.0
0375.0
0.0
0394.0
0.0
0397.0
0.0
0
+ T
ota
l Defe
rred T
ax
Liabili
ties
5,4
46.0
0.0
2--
----
----
--5,4
46.0
0.0
25,6
07.0
0.0
25,4
37.0
0.0
25,5
13.0
0.0
25,0
02.0
0.0
2
+ T
ota
l Deriva
tive
Lia
bili
ties
640.0
0.0
01,8
70.0
0.0
11,3
91.0
0.0
01,8
70.0
0.0
1640.0
0.0
01,3
83.0
0.0
0904.0
0.0
0589.0
0.0
0711.0
0.0
0
+ O
ther
Liabili
ties
2,3
46.0
0.0
112,3
35.0
0.0
48,6
62.0
0.0
39,3
20.0
0.0
32,3
46.0
0.0
12,1
63.0
0.0
12,1
11.0
0.0
11,9
32.0
0.0
12,4
99.0
0.0
1
To
tal Lia
bili
tie
s3
12
,51
3.0
1.0
03
15
,84
7.0
1.0
03
08
,03
3.0
1.0
03
04
,52
2.0
1.0
03
12
,51
3.0
1.0
02
98
,99
8.0
1.0
02
76
,15
5.0
1.0
02
63
,34
2.0
1.0
02
33
,95
9.0
1.0
0
+ P
refe
rred E
quity
14,7
61.4
0.3
22,2
98.0
0.0
53,4
49.0
0.0
83,9
48.0
0.0
914,7
61.4
0.3
235.3
0.0
03,9
41.0
0.0
93,5
90.0
0.0
91,6
37.0
0.0
4
+ S
hare
Capital &
APIC
4,1
43.6
0.0
916,5
35.0
0.3
615,3
40.0
0.3
315,2
67.0
0.3
34,1
43.6
0.0
919,2
42.7
0.4
215,1
14.0
0.3
414,8
83.0
0.3
614,7
55.0
0.4
0
+ C
om
mon S
tock
2,7
08.0
0.0
62,7
08.0
0.0
62,7
08.0
0.0
62,7
06.0
0.0
62,7
08.0
0.0
62,7
05.0
0.0
62,6
98.0
0.0
62,6
90.0
0.0
62,6
83.0
0.0
7
+ A
dditio
nal Paid
in C
apital
1,4
35.6
0.0
313,8
27.0
0.3
012,6
32.0
0.2
812,5
61.0
0.2
71,4
35.6
0.0
316,5
37.7
0.3
612,4
16.0
0.2
812,1
93.0
0.2
912,0
72.0
0.3
2
-
Tre
asu
ry S
tock
3,3
68.0
0.0
72,8
37.0
0.0
62,2
62.0
0.0
51,7
75.0
0.0
43,3
68.0
0.0
71,4
30.0
0.0
3408.0
0.0
1569.0
0.0
1487.0
0.0
1
+ R
eta
ined E
arn
ings
29,0
43.0
0.6
328,3
37.0
0.6
127,6
09.0
0.6
026,8
82.0
0.5
829,0
43.0
0.6
326,2
00.0
0.5
723,2
51.0
0.5
320,2
65.0
0.4
918,2
53.0
0.4
9
+ O
ther
Equity
130.0
0.0
0615.0
0.0
1379.0
0.0
1703.0
0.0
2130.0
0.0
0503.0
0.0
1436.0
0.0
1834.0
0.0
2-1
05.0
0.0
0
Eq
uit
y b
efo
re M
ino
rity
In
tere
st
44
,71
0.0
0.9
74
4,9
48
.00.9
74
4,5
15
.00.9
74
5,0
25
.00.9
74
4,7
10
.00.9
74
4,5
51
.00.9
74
2,3
34
.00.9
63
9,0
03
.00.9
33
4,0
53
.00.9
1
+ M
inority
Inte
rest
1,2
70.0
0.0
31,3
30.0
0.0
31,3
97.0
0.0
31,4
13.0
0.0
31,2
70.0
0.0
31,5
23.0
0.0
31,7
03.0
0.0
42,7
62.0
0.0
73,1
93.0
0.0
9
To
tal Eq
uit
y4
5,9
80
.01.0
04
6,2
78
.01.0
04
5,9
12
.01.0
04
6,4
38
.01.0
04
5,9
80
.01.0
04
6,0
74
.01.0
04
4,0
37
.01.0
04
1,7
65
.01.0
03
7,2
46
.01.0
0
To
tal Lia
bili
tie
s &
Eq
uit
y3
58
,49
3.0
1.0
03
62
,12
5.0
1.0
03
53
,94
5.0
1.0
03
50
,96
0.0
1.0
03
58
,49
3.0
1.0
03
45
,07
2.0
1.0
03
20
,19
2.0
1.0
03
05
,10
7.0
1.0
02
71
,20
5.0
1.0
0
FY2
01
3C
om
mo
n
Siz
ed
FY2
01
2C
om
mo
n
Siz
ed
FY2
01
1C
om
mo
n
Siz
ed
Q1
20
15
Co
mm
on
Siz
ed
FY2
01
5C
om
mo
n
Siz
ed
FY2
01
4C
om
mo
n
Siz
ed
Q4
20
15
Co
mm
on
Siz
ed
Q3
20
15
Co
mm
on
Siz
ed
Q2
20
15
Co
mm
on
Siz
ed
Ba
lan
ce
Sh
ee
t (v
alu
es
in m
illio
ns
of U
SD
, exc
ept
per
share
fig
ure
s)
10
OUSEMG EQUITYRESEARCH 11
MARCH 21, 2016 | PITTSBURGH NATIONAL CORPORATION FINANCIAL SERVICES GROUP (PNC)
Balance Sheet(values in millions of USD, expect per share figures)
Cash from Operating Activities
+ Net Income 1,008.0 1,055.0 1,040.0 1,003.0 4,106.0 4,184.0 4,201.0 3,013.0 3,056.0
+ Depreciation & Amortization 286.0 272.0 278.0 252.0 1,088.0 988.0 1,146.0 1,159.0 1,140.0
+ Provision for Loan Losses 74.0 81.0 46.0 54.0 255.0 273.0 643.0 987.0 1,152.0
+ Non-Cash Items 130.0 132.0 -224.0 29.0 67.0 121.0 356.0 502.0 1,420.0
+ Gain on Sale of Secs & Loans 120.0 -113.0 -9.0 -41.0 -43.0 7.0 -83.0 -93.0 -249.0
+ Deferred Income Taxes 276.0 19.0 69.0 40.0 404.0 255.0 1,196.0 570.0 840.0
+ Stock-Based Compensation 4.0 -33.0 — — -29.0 -28.0 -23.0 -18.0 —
+ Other Non-Cash Adjustments -270.0 259.0 -284.0 30.0 -265.0 -113.0 -734.0 43.0 829.0
+ Net Ch in Operating Capital 421.0 408.0 247.0 -1,096.0 -20.0 -9.0 -791.0 1,148.0 -733.0
+ Trading Assets & Liab 38.0 187.0 207.0 -229.0 203.0 757.0 -455.0 1,350.0 330.0
+ Net Ch in Operating Loans 479.0 305.0 -123.0 -268.0 393.0 -405.0 -94.0 -1,125.0 77.0
+ Other Op Assets/Liab -96.0 -84.0 163.0 -599.0 -616.0 -361.0 -242.0 923.0 -1,140.0
Cash from Operating Activities 1,896.0 1,971.0 1,387.0 242.0 5,496.0 5,557.0 5,555.0 6,809.0 6,035.0
Cash from Investing Activities
+ Net Change in Investments -4,202.0 -5,020.0 -1,231.0 -4,135.0 -14,588.0 4,845.0 -177.0 3,084.0 2,308.0
+ Decrease in Investments 5,780.0 3,506.0 3,354.0 4,035.0 16,675.0 13,334.0 20,125.0 21,727.0 29,466.0
+ Dec in HTM Investments 491.0 487.0 568.0 486.0 2,032.0 1,987.0 2,483.0 3,174.0 2,859.0
+ Dec in AFS Investments 5,289.0 3,019.0 2,786.0 3,549.0 14,643.0 11,347.0 17,642.0 18,553.0 26,607.0
+ Increase in Investments -9,982.0 -8,526.0 -4,585.0 -8,170.0 -31,263.0 -8,489.0 -20,302.0 -18,643.0 -27,158.0
+ Inc in HTM Investments -1,161.0 -686.0 -1,049.0 -2,000.0 -4,896.0 -500.0 -1,883.0 -1,479.0 -1,607.0
+ Inc in AFS Investments -8,821.0 -7,840.0 -3,536.0 -6,170.0 -26,367.0 -7,989.0 -18,419.0 -17,164.0 -25,551.0
+ Net Ch in Loans & Interbank 1,615.0 142.0 -3,237.0 514.0 -966.0 -29,539.0 -18,887.0 -16,312.0 -8,927.0
+ Net Ch in Customer Loans -2,470.0 -485.0 -844.0 -173.0 -3,972.0 -12,147.0 -10,790.0 -14,333.0 -10,224.0
+ Net Ch in Interbank Assets 3,842.0 181.0 -2,849.0 540.0 1,714.0 -19,512.0 -8,681.0 -1,794.0 1,928.0
+ Net Ch in Loans 243.0 446.0 456.0 147.0 1,292.0 2,120.0 584.0 -185.0 -631.0
+ Net Cash from Acq & Div 0.0 -62.0 0.0 -4,130.0 430.0
+ Cash for Acq of Subs 0.0 -62.0 0.0 -4,130.0 430.0
+ Other Investing Activities -139.0 -173.0 -129.0 -265.0 -706.0 -137.0 129.0 97.0 -360.0
Cash from Investing Activities -2,726.0 -5,051.0 -4,597.0 -3,886.0 -16,260.0 -24,893.0 -18,935.0 -17,261.0 -6,549.0
Cash from Financing Activities
+ Dividends Paid -300 -326 -312 -319 -1,257 -1,232 -1,148 -997 -660
+ Cash From (Repayment) Debt -1,854 -1,945 1,585 -153 -2,367 10,469 5,333 2,604 -3,051
+ Cash From (Repay) ST Debt -1,240.0 -2,267.0 -1,835.0 508.0 -4,834.0 219.0 -3,235.0 2,903.0 438.0
+ Net Ch in Interbank Trans -300.0 -113.0 -12.0 -1,308.0 -1,733.0 -778.0 965.0 -2.0 -1,151.0
+ Cash From LT Debt 1,302.0 1,484.0 4,251.0 3,556.0 10,593.0 23,176.0 22,323.0 17,099.0 12,269.0
+ Repayments of LT Debt -1,616.0 -1,049.0 -819.0 -2,909.0 -6,393.0 -12,148.0 -14,720.0 -17,396.0 -14,607.0
+ Cash (Repurchase) of Equity -1,106.0 6.0 -999.0 -385.0 -2,484.0 -896.0 589.0 2,409.0 987.0
+ Increase in Capital Stock 0.0 84.0 58.0 78.0 168.0 280.0 763.0 2,625.0 1,060.0
+ Decrease in Capital Stock -1,106.0 -78.0 -1,057.0 -463.0 -2,652.0 -1,176.0 -174.0 -216.0 -73.0
+ Net Change In Deposits 3,820.0 5,268.0 3,197.0 4,292.0 16,577.0 11,312.0 7,804.0 8,051.0 4,046.0
+ Other Financing Activities 500.0 -500.0 0.0 0.0 0.0 0.0 -375.0 -500.0 0.0
Cash from Financing Activities 1,060.0 2,503.0 3,471.0 3,435.0 10,469.0 19,653.0 12,203.0 11,567.0 1,322.0
Net Changes in Cash 230.0 -577.0 261.0 -209.0 -295.0 317.0 -1,177.0 1,115.0 808.0
Cash Paid for Taxes 676.0 337.0 163.0 29.0 1,205.0 1,114.0 237.0 23.0 801.0
Cash Paid for Interest 676.0 261.0 252.0 251.0 1,005.0 863.0 891.0 1,208.0 1,517.0
FY2013 FY2012 FY2011Q1 2015 FY2015 FY2014Q4 2015 Q3 2015 Q2 2015
Cash Flow Statement (values in millions of USD, except per share figures)
OUSEMG
EQ
UIT
YR
ES
EA
RC
H
12
PIT
TS
BU
RG
H N
AT
ION
AL C
OR
PO
RA
TIO
N F
INA
NC
IAL S
ER
VIC
ES G
RO
UP
(P
NC
)
CO
MP
AR
AB
LE A
NA
LY
SIS
PN
C F
inan
cia
l S
erv
ices
- P
ub
lic C
om
para
ble
Co
mp
an
ies
Pri
ce
as o
fM
ark
et
Fre
e C
ash
Flo
w
Co
mp
an
y3
/1
9/2
01
6V
alu
e5
-Ye
ar
TT
M2
01
6E
5-Y
ea
rT
TM
20
16
E5
-Ye
ar
TT
M2
01
6E
PN
C F
ina
ncia
l S
erv
ice
s
$8
6.1
6$
43
,17
54
.1%
7.5
%1
.42
.4x
2.7
x2
.8x
11
.7x
12
.0x
11
.6x
6.9
x8
.0x
8.1
x
Re
gio
na
l B
an
ks
BB&
T C
orp
ora
tion
$34.6
7$27,0
58.9
15.8
%8.6
%1.2
2.3
x2.6
x2.5
x12.9
x12.6
x11.8
x6.6
x9.2
x7.5
x
Fifth
Third B
anco
rp17.3
613,6
07
4.5
%4.2
%2.3
2.2
x1.9
x2.2
x10.3
x9.6
x11.1
x6.8
x6.4
x7.8
x
Huntingto
n B
ancs
hare
s In
corp
ora
ted
9.6
77,7
14
18.0
%5.9
%1.7
2.4
x2.4
x2.3
x11.6
x11.3
x11.2
x7.6
x8.2
x7.8
x
KeyCorp
11.3
99,5
18
22.2
%6.6
%1.3
2.3
x2.1
x2.0
x11.4
x10.4
x10.1
x8.0
x8.8
x6.7
x
M&
T B
ank C
orp
ora
tion
112.6
117,9
17
5.4
%3.8
%3.2
2.9
x3.6
x3.4
x14.6
x14.8
x13.4
x16.1
x9.3
x7.9
x
Me
an
2.0
2.4
x2
.5x
2.5
x1
2.2
x1
1.7
x1
1.5
x9
.0x
8.4
x7
.5x
Me
dia
n1
.72
.3x
2.4
x2
.3x
11
.6x
11
.3x
11
.2x
7.6
x8
.8x
7.8
x
Pre
miu
m/D
isco
un
t
S&
P 5
00
--
1.6
x1
.6x
1.8
x1
6.4
x1
8.5
x1
8.5
x--
----
Pre
miu
m/D
isco
un
t--
Ea
rnin
gs
5-Y
ea
r
Gro
wth
Ra
te
'16
E -
'1
7E
Re
ve
nu
e
Gro
wth
20
16
PE
G
Pri
ce
as a
Mu
ltip
le o
f:
Sa
les
(35
.7%
)0
.1%
4.3
%1
0.1
%(4
.0%
)2
.6%
1.1
%(3
0.7
%)
(4.4
%)
6.6
%
35
.2%
40
.6%
34
.1%
(40
.0%
)(5
4.0
%)
(59
.6%
)--
----
Th
e P
NC
Fin
an
cia
l S
erv
ices G
rou
p,
Inc.
- P
ub
lic C
om
para
ble
Co
mp
an
ies
Co
mp
an
y5
-Ye
ar
TT
M2
01
6E
5-Y
ea
rT
TM
20
16
E5
-Ye
ar
TT
M5
-Ye
ar
TT
M2
01
6E
5-Y
ea
rT
TM
20
16
E
PN
C F
ina
ncia
l S
erv
ice
s
30
.3%
33
.8%
--2
2.7
%2
7.0
%2
4.2
%5
.0%
4.3
%1
.2%
1.2
%1
.1%
9.7
%1
0.4
%8
.8%
Re
gio
na
l B
an
ks
BB&
T C
orp
ora
tion
26.3
%28.2
%21.9
%17.8
%21.7
%22.1
%5.4
%4.6
%1.0
%1.1
%1.1
%8.8
%8.4
%9.0
%
Fifth
Third B
anco
rp31.9
%33.6
%--
22.9
%26.2
%20.0
%6.5
%6.3
%1.2
%1.2
%0.9
%10.9
%10.3
%8.1
%
Huntingto
n B
ancs
hare
s In
corp
ora
ted
27.9
%29.0
%--
21.1
%23.2
%22.1
%6.8
%5.9
%1.1
%1.0
%0.9
%10.9
%10.9
%10.1
%
KeyCorp
26.9
%27.1
%--
20.0
%21.7
%21.1
%5.0
%5.4
%1.0
%1.0
%1.0
%8.7
%8.6
%8.4
%
M&
T B
ank C
orp
ora
tion
32.9
%33.5
%--
22.0
%23.1
%25.1
%6.8
%5.0
%1.2
%1.0
%1.1
%9.6
%7.6
%8.7
%
Me
an
29
.2%
30
.3%
21
.9%
20
.7%
23
.2%
22
.1%
6.1
%5
.5%
1.1
%1
.0%
1.0
%9
.8%
9.1
%8
.9%
Me
dia
n2
7.9
%2
9.0
%2
1.9
%2
1.1
%2
3.1
%2
2.1
%6
.5%
5.4
%1
.1%
1.0
%1
.0%
9.6
%8
.6%
8.7
%
Pre
miu
m/D
isco
un
t
S&
P 5
00
1
2.8
%1
2.1
%1
5.1
%8
.8%
8.0
%8
.0%
----
3.0
%2
.6%
2.6
%1
4.1
%1
2.0
%1
2.0
%
Pre
miu
m/D
isco
un
t--
--
Re
turn
On
:
Ne
t M
arg
inIn
ve
ste
d C
ap
ita
lA
sse
tsE
qu
ity
EB
IT M
arg
in
Op
era
tin
g M
etr
ics
--1.1
%3
.6%
--1
.9%
3.8
%2
.1%
(1.1
%)
(1.2
%)
(4.4
%)
(1.6
%)
(3.3
%)
(1.5
%)
17
.5%
21
.7%
--1
3.8
%1
8.9
%1
6.1
%(1
.8%
)(1
.4%
)
(0.1
%)
0.1
%0
.1%
0.0
%(0
.1%
)1
.3%
OUSEMG
EQ
UIT
YR
ES
EA
RC
H
13
PIT
TS
BU
RG
H N
AT
ION
AL C
OR
PO
RA
TIO
N F
INA
NC
IAL S
ER
VIC
ES G
RO
UP
(P
NC
)
Cu
rre
nt
NTM
TB
VP
S3
-Ye
ar
Av
era
ge
1.4
4x
1.4
4x
1.5
7x
TB
VP
S59.8
868.8
959.8
8
Imp
lied
Pri
ce
$86.1
6$99.1
3$93.9
1
We
igh
tin
g50.0
0%
50.0
0%
We
igh
ted
PT
$49.5
7+
$46.9
6
Po
ten
tia
l U
psid
e$96.5
212.0
3%
1.3
0
1.3
5
1.4
0
1.4
5
1.5
0
1.5
5
1.6
0
1.6
5
1.7
0
1.7
5 Mar-
15
Apr-
15
May-1
5Ju
n-1
5Ju
l-15
Aug-1
5Sep-1
5O
ct-1
5N
ov-1
5D
ec-
15
Jan-1
6Feb-1
6M
ar-
16
PN
C P
/TBVPS
PN
C3-Y
ear
Avera
ge
Takin
g into
acc
ount
the s
trong f
undam
enta
ls o
f PN
C,
rece
nt
dow
nw
ard
tradin
g o
f th
e s
tock
as
a re
sult o
f unre
late
d m
acr
oeco
nom
ic fa
ctors
,
and o
pport
unity f
or
gro
wth
in t
he S
outh
east
regio
n w
e f
eel sh
are
s are
underv
alu
ed a
nd t
here
is
room
for
multip
le e
xpansi
on o
n a
P/T
BPVS
level.
Our
price
targ
et
for
PN
C is
weig
hte
d 5
0/5
0 b
etw
een N
TM
TBVPS a
t th
e
curr
ent
multip
le
and
the
3-y
ear
avera
ge
P/T
BVPS
multip
le
at
the
curr
ent
TBVPS.
We pre
fer
the 3-y
ear
avera
ge m
ultip
le as
PN
C opera
tes
in a sp
ace
whic
h h
as
changed d
rast
ically
over
the p
ast
10 y
ears
ultim
ate
ly leadin
g
to
dis
tort
ed
his
torica
l m
ultip
les.
Lik
ew
ise,
post
-rece
ssio
n
and
more
import
antly post
-regula
tion,
the m
ark
et
has
a bett
er
sense
fo
r valu
e
whic
h h
as
been r
eflect
ed b
ut
not
as
of la
tely
.
62
63
64
65
66
67
68
69
70 M
ar-
15
Apr-
15
May-1
5Ju
n-1
5Ju
l-15
Aug-1
5Sep-1
5O
ct-1
5N
ov-1
5D
ec-
15
Jan-1
6Feb-1
6M
ar-
16
NTM
TBVPS
OUSEMG
EQ
UIT
YR
ES
EA
RC
H
14
PIT
TS
BU
RG
H N
AT
ION
AL C
OR
PO
RA
TIO
N F
INA
NC
IAL S
ER
VIC
ES G
RO
UP
(P
NC
)
AN
NO
TA
TE
D S
TO
CK C
HA
RT
74
.669
99
8
79
.669
99
8
84
.669
99
8
89
.669
99
8
94
.669
99
8
99
.669
99
8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.1 1
6-M
ar2
8-A
pr
10
-Ju
n2
3-J
ul
3-S
ep
16
-Oct
30
-No
v1
3-J
an2
6-F
eb7
5
80
85
90
95
10
0 16
-Mar
16
-Ap
r1
6-M
ay1
6-J
un
16
-Ju
l1
6-A
ug
16
-Sep
16
-Oct
16
-No
v1
6-D
ec1
6-J
an1
6-F
eb1
6-M
ar
Ea
rnin
gs
EPS:
1.7
19
Est
imate
: 1.7
84
Ea
rnin
gs
EPS:
1.7
45
Est
imate
: 1.7
56
Ea
rnin
gs
EPS:
1.8
06
Est
imate
: 1.7
94
FD
IC in
crease
s re
serv
e ratio
from
1.1
5%
to
1.3
5%
Ea
rnin
gs
EPS:
1.7
50
Est
imate
: 1.7
20