PNC 1Q earnings increase - Dayton Business Journal:

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Pittsburgh-based (NYSE:PNC), which acquired National City last said itearned $530 million in the firsrt quarter, up from $384 million a year ago. The bank durinf the quarter also paidout $47 millionn in preferred stock dividends to the after receiving a $7.7 billion investment through the Capitao Purchase Program in December. The dividend payout help push PNC’s earnings attributabler to shareholders downto $460 million, up 22 percent from earnings last year. The preferree stock payout also diluted share earnings to downfrom $1.09 last Analysts on average had been expectiny PNC’s first-quarter per-share earnings to total 42 cents.
The additionj of National City, Central Ohio’s fourth-largest bank by area pushed PNCto top-line gains. Net interesf income jumped to $2.31 billion from $854 millionj and non-interest income from fees grew 62 percenfto $1.57 billion. After PNC’s provision for creditt loans ballooned in the fourth quarter to accountg forNational City, the bank recorder $880 million in set-asides for the firsr three months. That’s nearly six timez the $151 million in credit-loss provisions recorded a year ago. PNC’s total assets were $286 billion as of Mar. 31, down from $291 billiobn on Dec. 31.
The decrease was attributed to declinesin cash, trading securities and short-ter investments. The decline was somewhat offset by an increasse ininvestment securities.