PNC (NYSE: PNC) grows loans, margin and returns $1.4B to shareholders in Q1 2026
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
The PNC Financial Services Group, Inc. reported first quarter 2026 net income of $1.8 billion, or $4.13 diluted EPS, and $4.32 diluted EPS as adjusted excluding FirstBank integration costs.
Total revenue was $6.2 billion, up 2% from the prior quarter and 13% year over year, driven by a 6% increase in net interest income and a higher 2.95% net interest margin. Average loans grew 7% to $350.9 billion and average deposits rose 4% to $458.4 billion, reflecting the completed acquisition of FirstBank, which added assets, loans and deposits and generated $98 million of pre-tax integration costs.
Credit performance remained controlled, with net loan charge-offs of $253 million and an allowance for credit losses of $5.5 billion, or 1.52% of total loans. Capital stayed strong with a 10.1% CET1 ratio. PNC returned $1.4 billion to shareholders through $0.7 billion in dividends and $0.7 billion in share repurchases and expects second-quarter 2026 repurchases of approximately $600–$700 million.
Positive
- Revenue and balance sheet growth: Total revenue rose 13% year over year to $6.2 billion, net interest margin improved to 2.95%, and average loans and deposits grew 11% and 9% year over year, respectively, supported by strong commercial activity and the FirstBank acquisition.
Negative
- None.
Insights
Strong loan growth and net interest margin expansion offset integration and credit costs.
PNC delivered Q1 2026 net income of $1.8B on total revenue of $6.2B, with net interest income up 6% quarter over quarter and net interest margin improving to 2.95%. The completed FirstBank acquisition boosted loans and deposits while adding $98M of pre-tax integration expense.
Average loans rose 7% to $350.9B and average deposits increased 4% to $458.4B, including substantial contributions from FirstBank. Credit costs ticked higher, with a $210M provision for credit losses and net charge-offs of $253M, but the allowance for credit losses remained solid at $5.5B, or 1.52% of total loans.
Capital stayed robust despite growth, with an estimated common equity tier 1 ratio of 10.1% at March 31, 2026. PNC returned $1.4B to shareholders through $0.7B in dividends and $0.7B in buybacks and indicated expected repurchases of $600M–$700M in Q2 2026, underscoring management’s confidence in capital strength.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net income: $1.8B
Total revenue: $6.17B
Diluted EPS (reported / adjusted): $4.13 / $4.32
+5 more
8 metrics
Net income
$1.8B
For the quarter ended March 31, 2026
Total revenue
$6.17B
Q1 2026; up 2% vs Q4 2025 and 13% vs Q1 2025
Diluted EPS (reported / adjusted)
$4.13 / $4.32
Q1 2026; adjusted excludes FirstBank integration costs
Net interest margin
2.95%
Q1 2026; up 11 bps vs Q4 2025
Average loans
$350.9B
Q1 2026 average; 7% higher than Q4 2025
Average deposits
$458.4B
Q1 2026 average; 4% higher than Q4 2025
Allowance for credit losses
$5.5B
As of March 31, 2026; 1.52% of total loans
CET1 capital ratio
10.1%
Estimated as of March 31, 2026
Key Terms
Net interest margin (NIM), Noninterest income, Provision for credit losses, Common equity tier 1 (CET1) capital ratio, +2 more
6 terms
Net interest margin (NIM) financial
"NII increased 6%, NIM of 2.95%; grew average loans 7%"
Net interest margin (NIM) measures how much profit a bank or lending business makes from its core activity of borrowing and lending: it’s the difference between interest earned on loans and investments and interest paid to depositors and lenders, expressed as a percentage of the assets that earn interest. Think of it like a store’s markup on goods — a higher NIM means the lender keeps more on each dollar it intermediates, so investors use it to judge profitability and sensitivity to interest-rate changes.
Noninterest income financial
"Noninterest income for the first quarter of 2026 decreased $136 million"
Noninterest income is the money a bank or financial firm earns from activities other than charging interest on loans, such as account fees, transaction charges, advisory and underwriting fees, trading gains, and service income — like a store making extra money from repairs, warranties or delivery charges rather than product sales. It matters to investors because it shows how diversified a company’s revenue is and whether it can withstand changes in interest rates; a strong noninterest income stream can stabilize profits but may also be more variable than steady loan interest.
Provision for credit losses financial
"Provision for credit losses was $210 million in the first quarter"
Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.
Common equity tier 1 (CET1) capital ratio regulatory
"The Basel III common equity tier 1 capital ratio was an estimated 10.1% at March 31, 2026"
The common equity tier 1 (CET1) capital ratio measures a bank’s core capital—mainly common stock and retained earnings—against its assets after those assets are adjusted for risk. Think of it as the size of the bank’s financial cushion compared with the riskiness of what it owns; a higher CET1 ratio means a bigger cushion to absorb losses and generally signals greater safety for investors, though it can also affect returns.
Stress Capital Buffer (SCB) regulatory
"PNC’s SCB for the four-quarter period beginning October 1, 2025 is the regulatory minimum of 2.5%"
Pretax, pre-provision earnings (PPNR) financial
"Pretax, pre-provision earnings (PPNR) (non-GAAP) | 2,397"
Pretax, pre-provision earnings (PPNR) is a bank’s profit from core operations before paying taxes and before setting aside loan-loss reserves. Think of it as the cash a lender generates from normal business—interest, fees and operating costs—before preparing for potential bad loans and tax bills. Investors use PPNR to judge underlying profitability and the firm’s ability to absorb future losses, pay dividends or invest, independent of one-time loss provisions or tax effects.
Earnings Snapshot
Total revenue: $6.17B · Guidance included
Q1 2026
Total revenue
$6.17B
+13% YoY
Net income
$1.77B
+18% YoY vs $1.50B
Diluted EPS
$4.13
+18% YoY vs $3.51
Net interest income
$3.96B
+14% YoY
Noninterest income
$2.20B
+12% YoY
Guidance
PNC indicated share repurchase activity in the second quarter of 2026 is expected to approximate $600 million to $700 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
THE PNC FINANCIAL SERVICES GROUP, INC.
(Exact name of registrant as specified in its charter)
Commission File Number 001-09718
| (State or other jurisdiction of | (I.R.S. Employer | ||||
| incorporation) | Identification No.) | ||||
The Tower at PNC Plaza
(Address of principal executive offices, including zip code)
(888 ) 762-2265
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 15, 2026 , The PNC Financial Services Group, Inc. (“PNC”) issued a press release regarding PNC’s earnings and business results for the first quarter of 2026. A copy of PNC’s press release is included in this Report as Exhibit 99.1 and is furnished herewith.
In connection therewith, PNC provided supplementary financial information on its website. A copy of PNC’s supplementary financial information is included in this Report as Exhibit 99.2 and is furnished herewith.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Number | Description | Method of Filing | ||||||
| 99.1 | Press release dated April 15, 2026 | Furnished herewith | ||||||
| 99.2 | Financial Supplement (unaudited) for the First Quarter 2026 | Furnished herewith | ||||||
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. | |||||||
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE PNC FINANCIAL SERVICES GROUP, INC. (Registrant) | |||||||||||
| Date: | By: | /s/ Gregory H. Kozich | |||||||||
| Gregory H. Kozich | |||||||||||
| Senior Vice President and Controller | |||||||||||
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Exhibit 99.1
PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 as Adjusted
NII increased 6%, NIM of 2.95%; grew average loans 7%; ~$700 million of share repurchases
PITTSBURGH, Apr. 15, 2026 – The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:
| For the quarter | |||||||||||||||||||||||||||||||||||
| In millions, except per share data and as noted | 1Q26 | 4Q25 | 1Q25 | First Quarter Highlights | |||||||||||||||||||||||||||||||
▪ | |||||||||||||||||||||||||||||||||||
| Financial Results | Comparisons reflect 1Q26 vs. 4Q25 | ||||||||||||||||||||||||||||||||||
| Net interest income (NII) | $ | 3,961 | $ | 3,731 | $ | 3,476 | Income Statement ▪First quarter results include FirstBank operations since acquisition close on Jan. 5th 2026 ▪Adjusted EPS was $4.32, excluding FirstBank integration costs of $98 million, pre-tax ▪Revenue increased 2% –NII increased 6%; NIM of 2.95% increased 11 bps –Fee income decreased 2% –Other noninterest income of $125 million ▪Noninterest expense increased 5% primarily due to FirstBank operating and integration expenses. Excluding integration expenses, noninterest expense increased 2% ▪Balance Sheet ▪Average loans increased $23.0 billion, or 7%, driven by loans acquired from FirstBank and commercial loan growth –Total loans increased $29.4 billion, or 9% ▪Average deposits grew $18.8 billion, or 4%, driven by FirstBank deposits ▪Net loan charge-offs were $253 million and included $45 million of acquired net loan charge-offs related to FirstBank loans. ▪Maintained strong capital position –CET1 capital ratio of 10.1% –Returned $1.4 billion to shareholders through $0.7 billion of share repurchases and $0.7 billion of common stock dividends | ||||||||||||||||||||||||||||
Fee income (non-GAAP) | 2,079 | 2,123 | 1,839 | ||||||||||||||||||||||||||||||||
| Other noninterest income | 125 | 217 | 137 | ||||||||||||||||||||||||||||||||
| Noninterest income | 2,204 | 2,340 | 1,976 | ||||||||||||||||||||||||||||||||
| Revenue | 6,165 | 6,071 | 5,452 | ||||||||||||||||||||||||||||||||
| Noninterest expense | 3,768 | 3,603 | 3,387 | ||||||||||||||||||||||||||||||||
Pretax, pre-provision earnings (PPNR) (non-GAAP) | 2,397 | 2,468 | 2,065 | ||||||||||||||||||||||||||||||||
| Integration costs | 98 | — | — | ||||||||||||||||||||||||||||||||
PPNR excluding integration costs (non-GAAP) | 2,495 | 2,468 | 2,065 | ||||||||||||||||||||||||||||||||
| Provision for credit losses | 210 | 139 | 219 | ||||||||||||||||||||||||||||||||
| Net income | 1,772 | 2,033 | 1,499 | ||||||||||||||||||||||||||||||||
| Per Common Share | |||||||||||||||||||||||||||||||||||
| Diluted earnings per share (EPS) | $ | 4.13 | $ | 4.88 | $ | 3.51 | |||||||||||||||||||||||||||||
Diluted EPS - as adjusted (non-GAAP) | 4.32 | 4.88 | 3.51 | ||||||||||||||||||||||||||||||||
| Average diluted common shares outstanding | 405 | 394 | 398 | ||||||||||||||||||||||||||||||||
| Book value | 143.65 | 140.44 | 127.98 | ||||||||||||||||||||||||||||||||
Tangible book value (TBV) (non-GAAP) | 109.42 | 112.51 | 100.40 | ||||||||||||||||||||||||||||||||
| Balance Sheet & Credit Quality | |||||||||||||||||||||||||||||||||||
Average loans In billions | $ | 350.9 | $ | 327.9 | $ | 316.6 | |||||||||||||||||||||||||||||
Average deposits In billions | 458.4 | 439.5 | 420.6 | ||||||||||||||||||||||||||||||||
| Net loan charge-offs | 253 | 162 | 205 | ||||||||||||||||||||||||||||||||
| Acquired net loan charge-offs | 45 | — | — | ||||||||||||||||||||||||||||||||
| Non-acquired net loan charge-offs | 208 | 162 | 205 | ||||||||||||||||||||||||||||||||
| Allowance for credit losses to total loans | 1.52 | % | 1.58 | % | 1.64 | % | |||||||||||||||||||||||||||||
| Selected Ratios | |||||||||||||||||||||||||||||||||||
| Return on average common shareholders’ equity | 11.92 | % | 14.33 | % | 11.60 | % | |||||||||||||||||||||||||||||
| Return on average assets | 1.19 | 1.40 | 1.09 | ||||||||||||||||||||||||||||||||
Net interest margin (NIM) (non-GAAP) | 2.95 | 2.84 | 2.78 | ||||||||||||||||||||||||||||||||
| Noninterest income to total revenue | 36 | 39 | 36 | ||||||||||||||||||||||||||||||||
| Efficiency | 61 | 59 | 62 | ||||||||||||||||||||||||||||||||
| Efficiency excluding integration costs (non-GAAP) | 60 | 59 | 62 | ||||||||||||||||||||||||||||||||
| Common equity tier 1 (CET1) capital ratio | 10.1 | 10.6 | 10.6 | ||||||||||||||||||||||||||||||||
See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release. Totals may not sum due to rounding. | |||||||||||||||||||||||||||||||||||
| From Bill Demchak, PNC Chairman and Chief Executive Officer: | ||||||||||||||||||||||||||||||||||||||
“2026 is off to a great start for PNC. During the first quarter we successfully closed the FirstBank acquisition, and in addition, generated strong legacy loan growth. Client activity remains robust across all our geographies, and importantly, we’re well positioned to continue our strong momentum.” | ||||||||||||||||||||||||||||||||||||||
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 2
Acquisition of FirstBank
▪On January 5, 2026, PNC completed its acquisition of FirstBank Holding Company, including its banking subsidiary FirstBank. At close, FirstBank had $26 billion of assets, $16 billion of loans and $23 billion of deposits. Effective January 5, 2026, FirstBank’s financial results are included in PNC’s consolidated operations and, during the first quarter of 2026, PNC incurred $98 million, pre-tax, of the expected total integration costs of $325 million.
Income Statement Highlights
First quarter 2026 compared with fourth quarter 2025
▪Total revenue of $6.2 billion increased $94 million, or 2%, driven by higher net interest income.
–Net interest income of $4.0 billion increased $230 million, or 6%, reflecting the benefit of FirstBank, lower funding costs and commercial loan growth.
•Net interest margin increased 11 basis points to 2.95% reflecting an 18 basis point decline in the rate paid on interest-bearing deposits.
–Fee income of $2.1 billion decreased $44 million, or 2%, primarily due to a $31 million decline in mortgage servicing rights valuation, net of economic hedge, driven by rate volatility.
–Other noninterest income of $125 million included negative $32 million of Visa derivative adjustments, unfavorable valuation adjustments of private equity investments and $28 million of net securities gains.
▪Noninterest expense of $3.8 billion increased $165 million, or 5%, driven by FirstBank operating and integration expenses, partially offset by seasonally lower marketing spend.
–Excluding integration expenses of $97 million, noninterest expense increased 2%.
▪Provision for credit losses was $210 million in the first quarter and reflected portfolio activity, including loan growth and the addition of FirstBank, as well as updates to macroeconomic factors.
▪The effective tax rate was 19.0% for the first quarter and 12.7% for the fourth quarter. The fourth quarter included the favorable resolution of several tax matters.
Balance Sheet Highlights
First quarter 2026 compared with fourth quarter 2025 or March 31, 2026 compared with December 31, 2025
▪Average loans of $350.9 billion increased $23.0 billion, or 7%. Average commercial loans increased $16.8 billion, or 7%, due to growth within the commercial and industrial portfolio, reflecting new production and increased utilization, as well as the addition of FirstBank loans. Average consumer loans increased $6.1 billion, or 6%, driven by the benefit of acquired FirstBank residential mortgage loans.
–Loans at March 31, 2026 of $360.9 billion increased $29.4 billion, or 9%, from December 31, 2025, reflecting strong commercial loan growth and $15.5 billion of FirstBank loans.
▪Credit quality performance:
–Delinquencies of $1.6 billion increased $115 million, or 8%, primarily due to the addition of FirstBank commercial and consumer loans.
–Total nonperforming loans of $2.2 billion were stable.
–Net loan charge-offs of $253 million increased $91 million and included $45 million of acquired net loan charge-offs related to purchase accounting treatment for certain FirstBank loans. Excluding FirstBank acquired net loan charge-offs, net loan charge-offs were $208 million, an increase of $46 million driven by higher commercial net loan charge-offs.
–The allowance for credit losses of $5.5 billion increased $0.3 billion. The allowance for credit losses to total loans was 1.52% at March 31, 2026 and 1.58% at December 31, 2025.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 3
▪Average investment securities of $144.5 billion increased $2.3 billion, or 2%, reflecting higher residential mortgage-backed securities.
▪Average deposits of $458.4 billion increased $18.8 billion, or 4%, driven by the addition of FirstBank deposits, partially offset by lower brokered time deposits.
▪PNC maintained a strong capital and liquidity position:
–On April 2, 2026, the PNC board of directors declared a quarterly cash dividend on common stock of $1.70 per share to be paid on May 5, 2026 to shareholders of record at the close of business April 14, 2026.
–PNC returned $1.4 billion of capital to shareholders, reflecting $0.7 billion of dividends on common shares and $0.7 billion of common share repurchases.
–Share repurchase activity in the second quarter of 2026 is expected to approximate $600 million to $700 million.
–The Basel III common equity tier 1 capital ratio was an estimated 10.1% at March 31, 2026 and was 10.6% at December 31, 2025.
–PNC’s average LCR for the three months ended March 31, 2026 was 107%, exceeding the regulatory minimum requirement throughout the quarter.
| Earnings Summary | ||||||||||||||||||||
| In millions, except per share data | 1Q26 | 4Q25 | 1Q25 | |||||||||||||||||
| Net income | $ | 1,772 | $ | 2,033 | $ | 1,499 | ||||||||||||||
| Net income attributable to diluted common shareholders | $ | 1,675 | $ | 1,922 | $ | 1,399 | ||||||||||||||
Net income attributable to diluted common shareholders - as adjusted (non-GAAP) | $ | 1,752 | $ | 1,922 | $ | 1,399 | ||||||||||||||
| Diluted earnings per common share | $ | 4.13 | $ | 4.88 | $ | 3.51 | ||||||||||||||
Diluted earnings per common share - as adjusted (non-GAAP) | $ | 4.32 | $ | 4.88 | $ | 3.51 | ||||||||||||||
| Average diluted common shares outstanding | 405 | 394 | 398 | |||||||||||||||||
| Cash dividends declared per common share | $ | 1.70 | $ | 1.70 | $ | 1.60 | ||||||||||||||
See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release. | ||||||||||||||||||||
The Consolidated Financial Highlights accompanying this news release include additional information regarding reconciliations of non-GAAP financial measures to reported (GAAP) amounts. This information supplements results as reported in accordance with GAAP and should not be viewed in isolation from, or as a substitute for, GAAP results. Information in this news release, including the financial tables, is unaudited.
| CONSOLIDATED REVENUE REVIEW | |||||||||||||||||||||||
| Revenue | Change | Change | |||||||||||||||||||||
| 1Q26 vs | 1Q26 vs | ||||||||||||||||||||||
| In millions | 1Q26 | 4Q25 | 1Q25 | 4Q25 | 1Q25 | ||||||||||||||||||
| Net interest income | $ | 3,961 | $ | 3,731 | $ | 3,476 | 6 | % | 14 | % | |||||||||||||
| Noninterest income | 2,204 | 2,340 | 1,976 | (6) | % | 12 | % | ||||||||||||||||
| Total revenue | $ | 6,165 | $ | 6,071 | $ | 5,452 | 2 | % | 13 | % | |||||||||||||
Total revenue for the first quarter of 2026 increased $94 million compared to the fourth quarter of 2025 driven by increased net interest income. Compared to the first quarter of 2025, total revenue increased $713 million as a result of growth in both net interest income and noninterest income.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 4
Net interest income of $4.0 billion increased $230 million from the fourth quarter of 2025 and $485 million from the first quarter of 2025. In both comparisons, the increase reflected the benefit of FirstBank, lower funding costs and commercial loan growth.
Net interest margin was 2.95% in the first quarter of 2026, increasing 11 basis points from the fourth quarter of 2025, reflecting an 18 basis point decline in the rate paid on interest-bearing deposits. Compared to the first quarter of 2025 net interest margin expanded 17 basis points.
| Noninterest Income | Change | Change | |||||||||||||||||||||
| 1Q26 vs | 1Q26 vs | ||||||||||||||||||||||
| In millions | 1Q26 | 4Q25 | 1Q25 | 4Q25 | 1Q25 | ||||||||||||||||||
| Asset management and brokerage | $ | 420 | $ | 411 | $ | 391 | 2 | % | 7 | % | |||||||||||||
| Capital markets and advisory | 463 | 489 | 306 | (5) | % | 51 | % | ||||||||||||||||
| Card and cash management | 738 | 733 | 692 | 1 | % | 7 | % | ||||||||||||||||
| Lending and deposit services | 340 | 342 | 316 | (1) | % | 8 | % | ||||||||||||||||
| Residential and commercial mortgage | 118 | 148 | 134 | (20) | % | (12) | % | ||||||||||||||||
Fee income (non-GAAP) | 2,079 | 2,123 | 1,839 | (2) | % | 13 | % | ||||||||||||||||
| Other | 125 | 217 | 137 | (42) | % | (9) | % | ||||||||||||||||
| Total noninterest income | $ | 2,204 | $ | 2,340 | $ | 1,976 | (6) | % | 12 | % | |||||||||||||
Noninterest income for the first quarter of 2026 decreased $136 million, or 6%, compared with the fourth quarter of 2025 and increased $228 million, or 12%, from the first quarter of 2025.
In comparison to the fourth quarter of 2025, fee income decreased $44 million, or 2%. Asset management and brokerage fees increased $9 million as a result of higher average equity markets and increased client activity. Capital markets and advisory revenue decreased $26 million as both higher underwriting and trading revenue were more than offset by lower merger and acquisition advisory fees. Card and cash management revenue increased $5 million and included higher treasury management product revenue. Residential and commercial mortgage revenue decreased $30 million due to a $31 million decline in mortgage servicing rights valuation, net of economic hedge driven by rate volatility.
Compared to the first quarter of 2025, fee income increased $240 million, or 13%, driven by broad-based growth across business lines and fee income categories.
Other noninterest income of $125 million in the first quarter of 2026 included negative $32 million of Visa derivative adjustments, unfavorable valuation adjustments of private equity investments and $28 million of net securities gains.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 5
| CONSOLIDATED EXPENSE REVIEW | |||||||||||||||||||||||
| Noninterest Expense | Change | Change | |||||||||||||||||||||
| 1Q26 vs | 1Q26 vs | ||||||||||||||||||||||
| In millions | 1Q26 | 4Q25 | 1Q25 | 4Q25 | 1Q25 | ||||||||||||||||||
| Personnel | $ | 2,106 | $ | 2,033 | $ | 1,890 | 4 | % | 11 | % | |||||||||||||
| Occupancy | 262 | 247 | 245 | 6 | % | 7 | % | ||||||||||||||||
| Equipment | 415 | 412 | 384 | 1 | % | 8 | % | ||||||||||||||||
| Marketing | 87 | 101 | 85 | (14) | % | 2 | % | ||||||||||||||||
| Other | 898 | 810 | 783 | 11 | % | 15 | % | ||||||||||||||||
| Total noninterest expense | $ | 3,768 | $ | 3,603 | $ | 3,387 | 5 | % | 11 | % | |||||||||||||
| Integration expense | 97 | — | — | ||||||||||||||||||||
Noninterest expense, excluding integration expense (non-GAAP) | $ | 3,671 | $ | 3,603 | $ | 3,387 | 2 | % | 8 | % | |||||||||||||
Noninterest expense for the first quarter of 2026 increased $165 million compared to the fourth quarter of 2025 and $381 million compared with the first quarter of 2025. In both comparisons, the increase included FirstBank operating and integration expenses. In comparison to the fourth quarter of 2025, the increase was partially offset by seasonally lower marketing spend. Compared to the first quarter of 2025, the increase was also the result of increased business activity and continued investments to support business growth.
The effective tax rate was 19.0% for the first quarter of 2026, 12.7% for the fourth quarter of 2025 and 18.8% for the first quarter of 2025. The fourth quarter of 2025 included the favorable resolution of several tax matters.
CONSOLIDATED BALANCE SHEET REVIEW
| Loans | Change | Change | |||||||||||||||||||||
| 1Q26 vs | 1Q26 vs | ||||||||||||||||||||||
| In billions | 1Q26 | 4Q25 | 1Q25 | 4Q25 | 1Q25 | ||||||||||||||||||
| Average | |||||||||||||||||||||||
| Commercial and industrial | $ | 211.4 | $ | 198.7 | $ | 184.0 | 6 | % | 15 | % | |||||||||||||
| Commercial real estate | 34.4 | 30.2 | 33.1 | 14 | % | 4 | % | ||||||||||||||||
| Commercial | $ | 245.7 | $ | 228.9 | $ | 217.1 | 7 | % | 13 | % | |||||||||||||
| Consumer | 105.2 | 99.0 | 99.5 | 6 | % | 6 | % | ||||||||||||||||
| Average loans | $ | 350.9 | $ | 327.9 | $ | 316.6 | 7 | % | 11 | % | |||||||||||||
| Quarter end | |||||||||||||||||||||||
| Commercial and industrial | $ | 221.2 | $ | 202.9 | $ | 187.3 | 9 | % | 18 | % | |||||||||||||
| Commercial real estate | 34.8 | 29.6 | 32.3 | 18 | % | 8 | % | ||||||||||||||||
| Commercial | $ | 256.0 | $ | 232.5 | $ | 219.6 | 10 | % | 17 | % | |||||||||||||
| Consumer | 105.0 | 99.0 | 99.3 | 6 | % | 6 | % | ||||||||||||||||
| Total loans | $ | 360.9 | $ | 331.5 | $ | 318.9 | 9 | % | 13 | % | |||||||||||||
Totals may not sum due to rounding | |||||||||||||||||||||||
Average loans for the first quarter of 2026 increased $23.0 billion compared to the fourth quarter of 2025 and $34.3 billion compared to the first quarter of 2025.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 6
Average commercial loans increased $16.8 billion and $28.6 billion compared to the fourth quarter of 2025 and the first quarter of 2025, respectively. In both comparisons, growth within the commercial and industrial portfolio was driven by strong new production, increased utilization and the addition of FirstBank loans. The increase in commercial real estate loans was attributable to acquired FirstBank loans.
Average consumer loans increased $6.1 billion and $5.6 billion compared to the fourth quarter of 2025 and the first quarter of 2025 driven by the benefit of acquired FirstBank residential mortgage loans.
Loans at March 31, 2026 increased $29.4 billion and $42.1 billion from December 31, 2025 and March 31, 2025, respectively. In both comparisons, the increase included $15.5 billion of FirstBank loans, comprised of $3.2 billion of commercial and industrial loans, $5.1 billion of commercial real estate loans and $7.2 billion of consumer loans. Excluding the impact of the FirstBank acquisition, growth in both comparisons was driven by strong activity across the legacy commercial and industrial portfolio. Compared to December 31, 2025, the increase was also attributable to modest growth in the legacy PNC commercial real estate portfolio.
| Average Investment Securities | Change | Change | |||||||||||||||||||||
| 1Q26 vs | 1Q26 vs | ||||||||||||||||||||||
| In billions | 1Q26 | 4Q25 | 1Q25 | 4Q25 | 1Q25 | ||||||||||||||||||
| Available for sale | $ | 71.6 | $ | 69.9 | $ | 65.7 | 2 | % | 9 | % | |||||||||||||
| Held to maturity | 72.9 | 72.3 | 76.5 | 1 | % | (5) | % | ||||||||||||||||
| Total | $ | 144.5 | $ | 142.2 | $ | 142.2 | 2 | % | 2 | % | |||||||||||||
Average investment securities of $144.5 billion in the first quarter of 2026 increased $2.3 billion compared to both the fourth quarter of 2025 and the first quarter of 2025. In both comparisons, the increase reflected higher residential mortgage-backed securities.
The duration of the investment securities portfolio was 3.6 years as of March 31, 2026, 3.5 years as of December 31, 2025 and 3.4 years as of March 31, 2025. Net unrealized losses on available-for-sale securities were $2.1 billion at March 31, 2026, $1.8 billion at December 31, 2025 and $2.7 billion at March 31, 2025.
| Average Deposits | Change | Change | |||||||||||||||||||||
| 1Q26 vs | 1Q26 vs | ||||||||||||||||||||||
| In billions | 1Q26 | 4Q25 | 1Q25 | 4Q25 | 1Q25 | ||||||||||||||||||
| Commercial | $ | 229.6 | $ | 224.0 | $ | 206.5 | 3 | % | 11 | % | |||||||||||||
| Consumer | 226.9 | 210.1 | 209.5 | 8 | % | 8 | % | ||||||||||||||||
| Brokered time deposits | 1.9 | 5.4 | 4.7 | (65) | % | (60) | % | ||||||||||||||||
| Total | $ | 458.4 | $ | 439.5 | $ | 420.6 | 4 | % | 9 | % | |||||||||||||
| IB % of total avg. deposits | 78 | % | 78 | % | 78 | % | |||||||||||||||||
| NIB % of total avg. deposits | 22 | % | 22 | % | 22 | % | |||||||||||||||||
| IB - Interest-bearing NIB - Noninterest-bearing | |||||||||||||||||||||||
Totals may not sum due to rounding | |||||||||||||||||||||||
First quarter 2026 average deposits of $458.4 billion increased $18.8 billion compared to the fourth quarter of 2025 and $37.7 billion compared to the first quarter of 2025 driven by the addition of FirstBank deposits, partially offset by lower brokered time deposits.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 7
| Average Borrowed Funds | Change | Change | |||||||||||||||||||||
| 1Q26 vs | 1Q26 vs | ||||||||||||||||||||||
| In billions | 1Q26 | 4Q25 | 1Q25 | 4Q25 | 1Q25 | ||||||||||||||||||
| Total | $ | 62.9 | $ | 60.3 | $ | 64.5 | 4 | % | (3) | % | |||||||||||||
| Avg. borrowed funds to avg. liabilities | 12 | % | 12 | % | 13 | % | |||||||||||||||||
Average borrowed funds of $62.9 billion in the first quarter of 2026 increased $2.6 billion compared to the fourth quarter of 2025 and reflected increases in Federal Home Loan Bank advances. Average borrowed funds decreased $1.6 billion compared to the first quarter of 2025 primarily due to lower Federal Home Loan Bank advances, partially offset by higher senior debt outstanding.
| Capital | March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||
Common shareholders’ equity In billions | $ | 57.8 | $ | 54.8 | $ | 50.7 | |||||||||||
Accumulated other comprehensive income (loss) In billions | $ | (3.8) | $ | (3.4) | $ | (5.2) | |||||||||||
| Basel III common equity tier 1 capital ratio * | 10.1 | % | 10.6 | % | 10.6 | % | |||||||||||
*March 31, 2026 ratio is estimated. | |||||||||||||||||
PNC maintained a strong capital position. Common shareholders’ equity at March 31, 2026 increased $3.0 billion from December 31, 2025 primarily due to common stock issuance related to the FirstBank acquisition.
As a Category III institution, PNC has elected to exclude accumulated other comprehensive income related to both available-for-sale securities and pension and other post-retirement plans from CET1 capital. Accumulated other comprehensive income was negative $3.8 billion at March 31, 2026 compared to negative $3.4 billion at December 31, 2025 and negative $5.2 billion at March 31, 2025. The change in each comparison reflected the impact of interest rate movements on securities and swaps and the continued accretion of unrealized losses.
In the first quarter of 2026, PNC returned $1.4 billion of capital to shareholders, reflecting $0.7 billion of dividends on common shares and $0.7 billion of common share repurchases. The Stress Capital Buffer (SCB) framework permits capital return in amounts in excess of SCB minimum levels. Consistent with this framework, PNC had approximately 32% of the 100 million common shares still available for repurchase at March 31, 2026 under the repurchase program previously approved by our board of directors.
Share repurchase activity in the second quarter of 2026 is expected to approximate $600 million to $700 million. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors.
PNC’s SCB for the four-quarter period beginning October 1, 2025 is the regulatory minimum of 2.5%. On April 2, 2026, the PNC board of directors declared a quarterly cash dividend on common stock of $1.70 per share to be paid on May 5, 2026 to shareholders of record at the close of business April 14, 2026.
At March 31, 2026, PNC was considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements. For additional information regarding PNC’s Basel III capital ratios, see Capital Ratios in the Consolidated Financial Highlights.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 8
| CREDIT QUALITY REVIEW | |||||||||||||||||
| Credit Quality | Change | Change | |||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | 03/31/26 vs | 03/31/26 vs | |||||||||||||
| In millions | 12/31/25 | 03/31/25 | |||||||||||||||
| Provision for credit losses (a) | $ | 210 | $ | 139 | $ | 219 | $ | 71 | $ | (9) | |||||||
| Net loan charge-offs (a) | $ | 253 | $ | 162 | $ | 205 | 56 | % | 23 | % | |||||||
| Acquired net loan charge-offs | $ | 45 | — | — | |||||||||||||
| Non-acquired net loan charge-offs | $ | 208 | $ | 162 | $ | 205 | 28 | % | 1 | % | |||||||
| Allowance for credit losses (b) | $ | 5,495 | $ | 5,228 | $ | 5,218 | 5 | % | 5 | % | |||||||
| Total delinquencies (c) | $ | 1,558 | $ | 1,443 | $ | 1,431 | 8 | % | 9 | % | |||||||
| Nonperforming loans | $ | 2,243 | $ | 2,218 | $ | 2,292 | 1 | % | (2) | % | |||||||
| Net charge-offs to average loans (annualized) | 0.29 | % | 0.20 | % | 0.26 | % | |||||||||||
| Acquired net loan charge-offs to average loans (annualized) | 0.05 | % | — | — | |||||||||||||
| Non-acquired net loan charge-offs to average loans (annualized) | 0.24 | % | 0.20 | % | 0.26 | % | |||||||||||
| Allowance for credit losses to total loans | 1.52 | % | 1.58 | % | 1.64 | % | |||||||||||
| Nonperforming loans to total loans | 0.62 | % | 0.67 | % | 0.72 | % | |||||||||||
(a) Represents amounts for the three months ended for each respective period (b) Excludes allowances for investment securities and other financial assets (c) Total delinquencies represent accruing loans 30 days or more past due | |||||||||||||||||
Provision for credit losses was $210 million in the first quarter of 2026 and reflected portfolio activity, including loan growth and the addition of FirstBank, as well as updates to macroeconomic factors. Provision for credit losses was $139 million in the fourth quarter of 2025 and $219 million in the first quarter of 2025.
Net loan charge-offs were $253 million in the first quarter of 2026, and included $45 million of acquired net loan charge-offs related to purchase accounting treatment for certain FirstBank loans. Excluding FirstBank acquired net loan charge-offs, net loan charge-offs were $208 million, or 0.24% annualized to average loans, increasing $46 million compared to the fourth quarter of 2025 due to higher commercial net loan charge-offs.
The allowance for credit losses was $5.5 billion at March 31, 2026, and $5.2 billion at December 31, 2025 and March 31, 2025. The allowance for credit losses as a percentage of total loans was 1.52% at March 31, 2026, 1.58% at December 31, 2025 and 1.64% at March 31, 2025.
Delinquencies at March 31, 2026 were $1.6 billion, increasing $115 million from December 31, 2025 and $127 million from March 31, 2025. In both comparisons the increase was primarily due to the addition of FirstBank commercial and consumer loans.
Nonperforming loans of $2.2 billion at March 31, 2026 were stable compared to December 31, 2025 and decreased modestly from March 31, 2025.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 9
| BUSINESS SEGMENT RESULTS | |||||||||||||||||
| Business Segment Income (Loss) | |||||||||||||||||
| In millions | 1Q26 | 4Q25 | 1Q25 | ||||||||||||||
| Retail Banking | $ | 1,320 | $ | 1,241 | $ | 1,121 | |||||||||||
| Corporate & Institutional Banking | 1,400 | 1,514 | 1,244 | ||||||||||||||
| Asset Management Group | 118 | 121 | 105 | ||||||||||||||
| Other | (1,078) | (856) | (989) | ||||||||||||||
| Net income excluding noncontrolling interests | $ | 1,760 | $ | 2,020 | $ | 1,481 | |||||||||||
| Retail Banking | Change | Change | |||||||||||||||||||||||||||
| 1Q26 vs | 1Q26 vs | ||||||||||||||||||||||||||||
| In millions | 1Q26 | 4Q25 | 1Q25 | 4Q25 | 1Q25 | ||||||||||||||||||||||||
| Net interest income | $ | 3,198 | $ | 2,989 | $ | 2,836 | $ | 209 | $ | 362 | |||||||||||||||||||
| Noninterest income | $ | 770 | $ | 770 | $ | 706 | — | $ | 64 | ||||||||||||||||||||
| Noninterest expense | $ | 2,115 | $ | 1,977 | $ | 1,902 | $ | 138 | $ | 213 | |||||||||||||||||||
| Provision for credit losses | $ | 124 | $ | 155 | $ | 168 | $ | (31) | $ | (44) | |||||||||||||||||||
| Earnings | $ | 1,320 | $ | 1,241 | $ | 1,121 | $ | 79 | $ | 199 | |||||||||||||||||||
| In billions | |||||||||||||||||||||||||||||
| Average loans | $ | 110.9 | $ | 97.0 | $ | 97.8 | $ | 13.9 | $ | 13.1 | |||||||||||||||||||
| Average deposits | $ | 268.2 | $ | 244.1 | $ | 240.9 | $ | 24.1 | $ | 27.3 | |||||||||||||||||||
Net loan charge-offs In millions | $ | 118 | $ | 116 | $ | 144 | $ | 2 | $ | (26) | |||||||||||||||||||
Retail Banking Highlights
First quarter 2026 compared with fourth quarter 2025
▪Earnings increased 6%, primarily due to higher net interest income as well as a lower provision for credit losses, partially offset by higher noninterest expense.
–Noninterest income was stable as the addition of FirstBank customers offset seasonal declines in consumer activity.
–Noninterest expense increased 7%, primarily reflecting operating expenses from FirstBank.
–Provision for credit losses of $124 million in the first quarter of 2026 reflected the impact of portfolio activity.
▪Average loans increased 14% driven by the benefit of acquired FirstBank commercial and residential mortgage loans.
▪Average deposits increased 10%, primarily due to the benefit of acquired FirstBank interest-bearing and noninterest-bearing deposits.
First quarter 2026 compared with first quarter 2025
▪Earnings increased 18%, driven by higher net interest income and noninterest income as well as a lower provision for credit losses, partially offset by higher noninterest expense.
–Noninterest income increased 9%, and included the addition of FirstBank customers and growth in client activity.
–Noninterest expense increased 11%, primarily due to FirstBank operating expenses and technology investments.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 10
▪Average loans increased 13%, driven by higher commercial and residential real estate loans attributable to acquired FirstBank loans.
▪Average deposits increased 11%, primarily due to the benefit of acquired FirstBank interest-bearing and noninterest-bearing deposits.
| Corporate & Institutional Banking | Change | Change | |||||||||||||||||||||||||||
| 1Q26 vs | 1Q26 vs | ||||||||||||||||||||||||||||
| In millions | 1Q26 | 4Q25 | 1Q25 | 4Q25 | 1Q25 | ||||||||||||||||||||||||
| Net interest income | $ | 1,838 | $ | 1,856 | $ | 1,652 | $ | (18) | $ | 186 | |||||||||||||||||||
| Noninterest income | $ | 1,144 | $ | 1,210 | $ | 978 | $ | (66) | $ | 166 | |||||||||||||||||||
| Noninterest expense | $ | 1,076 | $ | 1,107 | $ | 956 | $ | (31) | $ | 120 | |||||||||||||||||||
| Provision for credit losses | $ | 77 | $ | 14 | $ | 49 | $ | 63 | $ | 28 | |||||||||||||||||||
| Earnings | $ | 1,400 | $ | 1,514 | $ | 1,244 | $ | (114) | $ | 156 | |||||||||||||||||||
| In billions | |||||||||||||||||||||||||||||
| Average loans | $ | 223.5 | $ | 214.6 | $ | 202.2 | $ | 8.9 | $ | 21.3 | |||||||||||||||||||
| Average deposits | $ | 161.2 | $ | 163.8 | $ | 148.0 | $ | (2.6) | $ | 13.2 | |||||||||||||||||||
Net loan charge-offs In millions | $ | 92 | $ | 49 | $ | 64 | $ | 43 | $ | 28 | |||||||||||||||||||
Corporate & Institutional Banking Highlights
First quarter 2026 compared with fourth quarter 2025
▪Earnings decreased 8%, reflecting lower noninterest income, a higher provision for credit losses and lower net interest income, partially offset by lower noninterest expense.
–Noninterest income decreased 5%, driven by a seasonal decline in business activity from record fourth quarter levels.
–Noninterest expense decreased 3%, and included lower variable compensation associated with decreased business activity.
▪Average loans increased 4%, driven by strong new production and increased utilization.
▪Average deposits decreased 2%, reflecting seasonal declines in corporate deposits.
First quarter 2026 compared with first quarter 2025
▪Earnings increased 13%, driven by higher net interest income and noninterest income, partially offset by higher noninterest expense and a higher provision for credit losses.
–Noninterest income increased 17%, primarily due to broad-based increases across the capital markets and advisory businesses and growth in treasury management product revenue.
–Noninterest expense increased 13%, reflecting higher variable compensation associated with increased business activity.
▪Average loans increased 11%, driven by strong new production within the commercial and industrial portfolio.
▪Average deposits increased 9%, due to growth in interest-bearing deposits.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 11
| Asset Management Group | Change | Change | |||||||||||||||||||||||||||
| 1Q26 vs | 1Q26 vs | ||||||||||||||||||||||||||||
| In millions | 1Q26 | 4Q25 | 1Q25 | 4Q25 | 1Q25 | ||||||||||||||||||||||||
| Net interest income | $ | 189 | $ | 180 | $ | 174 | $ | 9 | $ | 15 | |||||||||||||||||||
| Noninterest income | $ | 262 | $ | 260 | $ | 243 | $ | 2 | $ | 19 | |||||||||||||||||||
| Noninterest expense | $ | 292 | $ | 293 | $ | 279 | $ | (1) | $ | 13 | |||||||||||||||||||
| Provision for (recapture of) credit losses | $ | 5 | $ | (11) | $ | 1 | $ | 16 | $ | 4 | |||||||||||||||||||
| Earnings | $ | 118 | $ | 121 | $ | 105 | $ | (3) | $ | 13 | |||||||||||||||||||
In billions | |||||||||||||||||||||||||||||
| Discretionary client assets under management | $ | 230 | $ | 234 | $ | 210 | $ | (4) | $ | 20 | |||||||||||||||||||
| Nondiscretionary client assets under administration | $ | 233 | $ | 238 | $ | 201 | $ | (5) | $ | 32 | |||||||||||||||||||
| Client assets under administration at quarter end | $ | 463 | $ | 472 | $ | 411 | $ | (9) | $ | 52 | |||||||||||||||||||
| In billions | |||||||||||||||||||||||||||||
| Average loans | $ | 14.4 | $ | 14.1 | $ | 14.0 | $ | 0.3 | $ | 0.4 | |||||||||||||||||||
| Average deposits | $ | 27.7 | $ | 27.0 | $ | 27.6 | $ | 0.7 | $ | 0.1 | |||||||||||||||||||
Asset Management Group Highlights
First quarter 2026 compared with fourth quarter 2025
▪Earnings decreased 2%, due to a provision for credit losses, partially offset by higher net interest income and noninterest income.
–Noninterest income increased 1%, reflecting higher average equity markets.
–Noninterest expense was stable.
▪Discretionary client assets under management decreased 2%, driven by lower spot equity markets.
▪Average loans increased 2%, primarily due to higher commercial loan balances.
▪Average deposits increased 3%, reflecting seasonal growth.
First quarter 2026 compared with first quarter 2025
▪Earnings increased 12%, due to higher noninterest income and net interest income, partially offset by higher noninterest expense and a higher provision for credit losses.
–Noninterest income increased 8%, reflecting higher average equity markets.
–Noninterest expense increased 5%, due to higher variable compensation associated with increased business activity.
▪Discretionary client assets under management increased 10%, driven by higher spot equity markets and positive net flows.
▪Average loans increased 3%, and included growth in securities-based lending and higher commercial loan balances.
▪Average deposits were stable.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 12
Other
The “Other” category, for the purposes of this release, includes remaining corporate operations that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities, including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, corporate overhead net of allocations, tax adjustments that are not allocated to business segments, exited businesses and the residual impact from funds transfer pricing operations.
CONFERENCE CALL AND SUPPLEMENTAL FINANCIAL INFORMATION
PNC Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors today at 10:00 a.m. Eastern Time regarding the topics addressed in this news release and the related earnings materials. Dial-in numbers for the conference call are (866) 604-1697 and (215) 268-9875 (international) and Internet access to the live audio listen-only webcast of the call is available at www.pnc.com/investorevents. PNC’s first quarter 2026 earnings materials to accompany the conference call remarks will be available at www.pnc.com/investorevents prior to the beginning of the call. A telephone replay of the call will be available for 30 days at (877) 660-6853 and (201) 612-7415 (international), Access ID 13758610 and a replay of the audio webcast will be available on PNC’s website for 30 days.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
| CONTACTS | ||||||||
| MEDIA: | INVESTORS: | |||||||
| Anne Pace | Bryan Gill | |||||||
| (631) 338-3268 | (412) 768-4143 | |||||||
| anne.pace@pnc.com | investor.relations@pnc.com | |||||||
[TABULAR MATERIAL FOLLOWS]
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 13
2
| The PNC Financial Services Group, Inc. | Consolidated Financial Highlights (Unaudited) | |||||||||||||||||||
| FINANCIAL RESULTS | Three months ended | |||||||||||||||||||
| Dollars in millions, except per share data | March 31 | December 31 | March 31 | |||||||||||||||||
| 2026 | 2025 | 2025 | ||||||||||||||||||
| Revenue | ||||||||||||||||||||
| Net interest income | $ | 3,961 | $ | 3,731 | $ | 3,476 | ||||||||||||||
| Noninterest income | 2,204 | 2,340 | 1,976 | |||||||||||||||||
| Total revenue | 6,165 | 6,071 | 5,452 | |||||||||||||||||
| Provision for credit losses | 210 | 139 | 219 | |||||||||||||||||
| Noninterest expense | 3,768 | 3,603 | 3,387 | |||||||||||||||||
| Income before income taxes and noncontrolling interests | $ | 2,187 | $ | 2,329 | $ | 1,846 | ||||||||||||||
| Income taxes | 415 | 296 | 347 | |||||||||||||||||
| Net income | $ | 1,772 | $ | 2,033 | $ | 1,499 | ||||||||||||||
| Less: | ||||||||||||||||||||
| Net income attributable to noncontrolling interests | 12 | 13 | 18 | |||||||||||||||||
| Preferred stock dividends (a) | 73 | 83 | 71 | |||||||||||||||||
| Preferred stock discount accretion and redemptions | 1 | 3 | 2 | |||||||||||||||||
| Net income attributable to common shareholders | $ | 1,686 | $ | 1,934 | $ | 1,408 | ||||||||||||||
| Less: Dividends and undistributed earnings allocated to nonvested restricted shares | 11 | 12 | 9 | |||||||||||||||||
| Net income attributable to diluted common shareholders | $ | 1,675 | $ | 1,922 | $ | 1,399 | ||||||||||||||
| Per Common Share | ||||||||||||||||||||
| Basic | $ | 4.13 | $ | 4.88 | $ | 3.52 | ||||||||||||||
| Diluted | $ | 4.13 | $ | 4.88 | $ | 3.51 | ||||||||||||||
| Cash dividends declared per common share | $ | 1.70 | $ | 1.70 | $ | 1.60 | ||||||||||||||
| Effective tax rate (b) | 19.0 | % | 12.7 | % | 18.8 | % | ||||||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Net interest margin (c) | 2.95 | % | 2.84 | % | 2.78 | % | ||||||||||||||
| Noninterest income to total revenue | 36 | % | 39 | % | 36 | % | ||||||||||||||
| Efficiency (d) | 61 | % | 59 | % | 62 | % | ||||||||||||||
| Return on: | ||||||||||||||||||||
| Average common shareholders' equity | 11.92 | % | 14.33 | % | 11.60 | % | ||||||||||||||
| Average assets | 1.19 | % | 1.40 | % | 1.09 | % | ||||||||||||||
(a)Dividends are payable quarterly, other than Series S preferred stock, which is payable semiannually.
(b)The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax.
(c)Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources. To provide more meaningful comparisons of net interest margins, we use net interest income on a taxable-equivalent basis in calculating average yields used in the calculation of net interest margin by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under generally accepted accounting principles (GAAP) in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 were $29 million, $31 million and $28 million, respectively.
(d)Calculated as noninterest expense divided by total revenue.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 14
| The PNC Financial Services Group, Inc. | Consolidated Financial Highlights (Unaudited) | ||||||||||||||||
| March 31 | December 31 | March 31 | |||||||||||||||
| 2026 | 2025 | 2025 | |||||||||||||||
| BALANCE SHEET DATA | |||||||||||||||||
| Dollars in millions, except per share data and as noted | |||||||||||||||||
| Assets | $ | 603,028 | $ | 573,572 | $ | 554,722 | |||||||||||
| Loans (a) | $ | 360,923 | $ | 331,481 | $ | 318,850 | |||||||||||
| Allowance for loan and lease losses | $ | 4,663 | $ | 4,410 | $ | 4,544 | |||||||||||
| Interest-earning deposits with banks | $ | 26,053 | $ | 32,936 | $ | 32,298 | |||||||||||
| Investment securities | $ | 143,112 | $ | 138,240 | $ | 137,775 | |||||||||||
| Total deposits (a) | $ | 457,648 | $ | 440,866 | $ | 422,915 | |||||||||||
| Borrowed funds (a) | $ | 66,666 | $ | 57,101 | $ | 60,722 | |||||||||||
| Allowance for unfunded lending related commitments | $ | 832 | $ | 818 | $ | 674 | |||||||||||
| Total shareholders' equity | $ | 63,627 | $ | 60,585 | $ | 56,405 | |||||||||||
| Common shareholders' equity | $ | 57,752 | $ | 54,828 | $ | 50,654 | |||||||||||
| Accumulated other comprehensive income (loss) | $ | (3,773) | $ | (3,408) | $ | (5,237) | |||||||||||
| Book value per common share | $ | 143.65 | $ | 140.44 | $ | 127.98 | |||||||||||
Tangible book value per common share (non-GAAP) (b) | $ | 109.42 | $ | 112.51 | $ | 100.40 | |||||||||||
Period end common shares outstanding (In millions) | 402 | 390 | 396 | ||||||||||||||
| Loans to deposits | 79 | % | 75 | % | 75 | % | |||||||||||
| Common shareholders' equity to total assets | 9.6 | % | 9.6 | % | 9.1 | % | |||||||||||
| CLIENT ASSETS (In billions) | |||||||||||||||||
| Discretionary client assets under management | $ | 230 | $ | 234 | $ | 210 | |||||||||||
| Nondiscretionary client assets under administration | 233 | 238 | 201 | ||||||||||||||
| Total client assets under administration | 463 | 472 | 411 | ||||||||||||||
| Brokerage account client assets | 93 | 94 | 86 | ||||||||||||||
| Total client assets | $ | 556 | $ | 566 | $ | 497 | |||||||||||
| CAPITAL RATIOS | |||||||||||||||||
| Basel III (c) | |||||||||||||||||
| Common equity tier 1 | 10.1 | % | 10.6 | % | 10.6 | % | |||||||||||
| Tier 1 risk-based | 11.3 | % | 11.9 | % | 11.9 | % | |||||||||||
| Total capital risk-based | 13.1 | % | 13.5 | % | 13.7 | % | |||||||||||
| Leverage | 9.1 | % | 9.4 | % | 9.2 | % | |||||||||||
| Supplementary leverage | 7.4 | % | 7.6 | % | 7.6 | % | |||||||||||
| ASSET QUALITY | |||||||||||||||||
| Nonperforming loans to total loans | 0.62 | % | 0.67 | % | 0.72 | % | |||||||||||
| Nonperforming assets to total loans, OREO, foreclosed and other assets (d) | 0.66 | % | 0.71 | % | 0.73 | % | |||||||||||
| Nonperforming assets to total assets | 0.40 | % | 0.41 | % | 0.42 | % | |||||||||||
| Net charge-offs to average loans (for the three months ended) (annualized) | 0.29 | % | 0.20 | % | 0.26 | % | |||||||||||
| Allowance for loan and lease losses to total loans | 1.29 | % | 1.33 | % | 1.43 | % | |||||||||||
| Allowance for credit losses to total loans (e) | 1.52 | % | 1.58 | % | 1.64 | % | |||||||||||
| Allowance for loan and lease losses to nonperforming loans | 208 | % | 199 | % | 198 | % | |||||||||||
Total delinquencies (In millions) (f) | $ | 1,558 | $ | 1,443 | $ | 1,431 | |||||||||||
(a)Amounts include assets and liabilities for which we have elected the fair value option. Our 2025 Form 10-K included, and our first quarter 2026 Form 10-Q will include, additional information regarding these Consolidated Balance Sheet line items.
(b)See the Tangible Book Value per Common Share table on page 17 for additional information.
(c)All ratios are calculated using the regulatory capital methodology applicable to PNC during each period presented and calculated based on the standardized approach. See Capital Ratios on page 15 for additional information. The ratios as of March 31, 2026 are estimated.
(d)Amounts include nonaccrual servicing advances primarily to single asset/single borrower trusts with commercial real estate as collateral totaling $103 million and $105 million at March 31, 2026 and December 31, 2025, respectively.
(e)Excludes allowances for investment securities and other financial assets.
(f)Total delinquencies represent accruing loans 30 days or more past due.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 15
The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)
CAPITAL RATIOS
PNC's regulatory risk-based capital ratios in 2026 are calculated using the standardized approach for determining risk-weighted assets. Under the standardized approach for determining credit risk-weighted assets, exposures are generally assigned a pre-defined risk weight. Exposures to high volatility commercial real estate, past due exposures and equity exposures are generally subject to higher risk weights than other types of exposures.
Our Basel III capital ratios may be impacted by changes to the regulatory capital rules and additional regulatory guidance or analysis. The following table summarizes our December 31, 2025, March 31, 2025 and estimated March 31, 2026 capital balances and ratios.
| Basel lll Common Equity Tier 1 Capital Ratios | |||||||||||||||||
| Basel III | |||||||||||||||||
| March 31 2026 (estimated) | December 31 2025 | March 31 2025 | |||||||||||||||
| Dollars in millions | |||||||||||||||||
| Common stock, related surplus and retained earnings, net of treasury stock | $ | 61,523 | $ | 58,235 | $ | 55,891 | |||||||||||
| Less regulatory capital adjustments: | |||||||||||||||||
| Goodwill and disallowed intangibles, net of deferred tax liabilities | (13,757) | (10,901) | (10,914) | ||||||||||||||
| All other adjustments | (82) | (75) | (84) | ||||||||||||||
| Basel III Common equity tier 1 capital | $ | 47,684 | $ | 47,259 | $ | 44,893 | |||||||||||
| Basel III standardized approach risk-weighted assets (a) | $ | 472,733 | $ | 444,438 | $ | 423,931 | |||||||||||
| Basel III Common equity tier 1 capital ratio | 10.1 | % | 10.6 | % | 10.6 | % | |||||||||||
(a)Basel III standardized approach risk-weighted assets are based on the Basel III standardized approach rules and include credit and market risk-weighted assets.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 16
The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)
NON-GAAP MEASURES
| Fee Income (non-GAAP) | Three months ended | ||||||||||||||||
| March 31 | December 31 | March 31 | |||||||||||||||
| Dollars in millions | 2026 | 2025 | 2025 | ||||||||||||||
| Noninterest income | |||||||||||||||||
| Asset management and brokerage | $ | 420 | $ | 411 | $ | 391 | |||||||||||
| Capital markets and advisory | 463 | 489 | 306 | ||||||||||||||
| Card and cash management | 738 | 733 | 692 | ||||||||||||||
| Lending and deposit services | 340 | 342 | 316 | ||||||||||||||
| Residential and commercial mortgage | 118 | 148 | 134 | ||||||||||||||
Fee income (non-GAAP) | $ | 2,079 | $ | 2,123 | $ | 1,839 | |||||||||||
| Other income | 125 | 217 | 137 | ||||||||||||||
| Total noninterest income | $ | 2,204 | $ | 2,340 | $ | 1,976 | |||||||||||
Fee income is a non-GAAP measure and is comprised of noninterest income in the following categories: asset management and brokerage, capital markets and advisory, card and cash management, lending and deposit services, and residential and commercial mortgage. We believe this non-GAAP measure serves as a useful tool for comparison of noninterest income related to fees.
Pretax Pre-Provision Earnings (non-GAAP) Pretax Pre-Provision Earnings Excluding Integration Costs (non-GAAP) | Three months ended | ||||||||||||||||
| March 31 | December 31 | March 31 | |||||||||||||||
| Dollars in millions | 2026 | 2025 | 2025 | ||||||||||||||
| Income before income taxes and noncontrolling interests | $ | 2,187 | $ | 2,329 | $ | 1,846 | |||||||||||
| Provision for credit losses | 210 | 139 | 219 | ||||||||||||||
Pretax pre-provision earnings (non-GAAP) | $ | 2,397 | $ | 2,468 | $ | 2,065 | |||||||||||
| Integration costs | 98 | — | — | ||||||||||||||
Pretax pre-provision earnings excluding integration costs (non-GAAP) | $ | 2,495 | $ | 2,468 | $ | 2,065 | |||||||||||
Pretax pre-provision earnings is a non-GAAP measure and is based on adjusting income before income taxes and noncontrolling interests to exclude provision for credit losses. We believe that pretax, pre-provision earnings is a useful tool to help evaluate the ability to provide for credit costs through operations and provides an additional basis to compare results between periods by isolating the impact of provision for credit losses, which can vary significantly between periods.
Pretax pre-provision earnings excluding integration costs is a non-GAAP measure and is based on adjusting pretax pre-provision earnings to exclude integration costs related to the FirstBank acquisition during the period. We believe that pretax, pre-provision earnings excluding integration costs is a useful tool in understanding PNC's results by providing greater comparability between periods, as well as demonstrating the effect of significant items.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 17
The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)
Adjusted Diluted Earnings per Common Share Excluding Integration Costs (non-GAAP) | Three months ended | ||||||||||
| March 31 | Per Common | ||||||||||
| Dollars in millions, except per share data | 2026 | Share | |||||||||
| Net income attributable to diluted common shareholders | $ | 1,675 | $ | 4.13 | |||||||
| Integration costs after tax (a) | 77 | 0.19 | |||||||||
Adjusted net income attributable to diluted common shareholders excluding integration costs (non-GAAP) | $ | 1,752 | $ | 4.32 | |||||||
Average diluted common shares outstanding (In millions) | 405 | ||||||||||
(a)Statutory tax rate of 21% used to calculate impacts.
The adjusted diluted earnings per common share excluding integration costs is a non-GAAP measure and excludes the integration costs related to the FirstBank acquisition. It is calculated based on adjusting net income attributable to diluted common shareholders by removing post-tax integration costs in the period. We believe this non-GAAP measure serves as a useful tool in understanding PNC's results by providing greater comparability between periods, as well as demonstrating the effect of significant items.
| Tangible Book Value per Common Share (non-GAAP) | |||||||||||||||||
| March 31 | December 31 | March 31 | |||||||||||||||
| Dollars in millions, except per share data | 2026 | 2025 | 2025 | ||||||||||||||
| Book value per common share | $ | 143.65 | $ | 140.44 | $ | 127.98 | |||||||||||
| Tangible book value per common share | |||||||||||||||||
| Common shareholders' equity | $ | 57,752 | $ | 54,828 | $ | 50,654 | |||||||||||
| Goodwill and other intangible assets | (14,174) | (11,138) | (11,154) | ||||||||||||||
| Deferred tax liabilities on goodwill and other intangible assets | 416 | 237 | 239 | ||||||||||||||
| Tangible common shareholders' equity | $ | 43,994 | $ | 43,927 | $ | 39,739 | |||||||||||
Period-end common shares outstanding (In millions) | 402 | 390 | 396 | ||||||||||||||
Tangible book value per common share (non-GAAP) | $ | 109.42 | $ | 112.51 | $ | 100.40 | |||||||||||
Tangible book value per common share is a non-GAAP measure and is calculated based on tangible common shareholders' equity divided by period-end common shares outstanding. We believe this non-GAAP measure serves as a useful tool to help evaluate the strength and discipline of a company’s capital management strategies and as an additional, conservative measure of total company value.
| Taxable-Equivalent Net Interest Income (non-GAAP) | Three months ended | ||||||||||||||||
| March 31 | December 31 | March 31 | |||||||||||||||
| Dollars in millions | 2026 | 2025 | 2025 | ||||||||||||||
| Net interest income | $ | 3,961 | $ | 3,731 | $ | 3,476 | |||||||||||
| Taxable-equivalent adjustments | 29 | 31 | 28 | ||||||||||||||
Net interest income (Fully Taxable-Equivalent - FTE) (non-GAAP) | $ | 3,990 | $ | 3,762 | $ | 3,504 | |||||||||||
The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP. Taxable-equivalent net interest income is only used for calculating net interest margin. Net interest income shown elsewhere in this presentation is GAAP net interest income.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 18
The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)
Noninterest Expense Excluding Integration Expense (non-GAAP) Efficiency Ratio Excluding Integration Costs (non-GAAP) | |||||||||||||||||||||||||||||||||||||||||
| Three months ended | Three months ended | ||||||||||||||||||||||||||||||||||||||||
| March 31 | December 31 | Change | March 31 | March 31 | Change | ||||||||||||||||||||||||||||||||||||
| Dollars in millions | 2026 | 2025 | $ | % | 2026 | 2025 | $ | % | |||||||||||||||||||||||||||||||||
| Noninterest expense | $ | 3,768 | $ | 3,603 | $ | 165 | 5 | % | $ | 3,768 | $ | 3,387 | $ | 381 | 11 | % | |||||||||||||||||||||||||
| Integration expense | (97) | — | (97) | — | |||||||||||||||||||||||||||||||||||||
Noninterest expense excluding integration expense (non-GAAP) | $ | 3,671 | $ | 3,603 | $ | 68 | 2 | % | $ | 3,671 | $ | 3,387 | $ | 284 | 8 | % | |||||||||||||||||||||||||
| Total revenue | $ | 6,165 | $ | 6,071 | $ | 94 | 2 | % | $ | 6,165 | $ | 5,452 | $ | 713 | 13 | % | |||||||||||||||||||||||||
| Integration costs - contra revenue | (1) | — | (1) | — | |||||||||||||||||||||||||||||||||||||
Total revenue excluding integration costs - contra revenue (non-GAAP) | $ | 6,166 | $ | 6,071 | $ | 95 | 2 | % | $ | 6,166 | $ | 5,452 | $ | 714 | 13 | % | |||||||||||||||||||||||||
| Efficiency ratio (a) | 61 | % | 59 | % | 61 | % | 62 | % | |||||||||||||||||||||||||||||||||
Efficiency ratio excluding integration costs (non-GAAP) (b) | 60 | % | 59 | % | 60 | % | 62 | % | |||||||||||||||||||||||||||||||||
(a)Calculated as noninterest expense divided by total revenue.
(b)Calculated as noninterest expense excluding integration expense divided by total revenue excluding integration costs - contra revenue.
Noninterest expense excluding integration expense is a non-GAAP measure and is based on adjusting noninterest expense to exclude integration expense related to the FirstBank acquisition during the period. We believe this non-GAAP measure to be a useful tool for comparison of operating expenses incurred during the normal course of business. The exclusion of integration expense increases comparability across periods, demonstrates the impact of significant items and provides a useful measure for determining PNC’s expenses that are core to our business operations and expected to recur over time.
The efficiency ratio excluding integration costs is a non-GAAP measure and excludes the integration costs related to the FirstBank acquisition. It is calculated based on adjusting the efficiency ratio calculation by excluding integration costs during the period from noninterest expense and total revenue. We believe that this non-GAAP measure is a useful tool for the purpose of evaluating PNC's results.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 19
Cautionary Statement Regarding Forward-Looking Information
We make statements in this news release and related conference call, and we may from time to time make other statements, regarding our outlook for financial performance, such as earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting us and our future business and operations, including our sustainability strategy, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as “believe,” “plan,” “expect,” “anticipate,” “see,” “look,” “intend,” “outlook,” “project,” “forecast,” “estimate,” “goal,” “will,” “should” and other similar words and expressions.
Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. Forward-looking statements speak only as of the date made. We do not assume any duty and do not undertake any obligation to update forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. As a result, we caution against placing undue reliance on any forward-looking statements.
Our forward-looking statements are subject to the following principal risks and uncertainties.
▪Our businesses, financial results and balance sheet values are affected by business and economic conditions, including:
–Changes in interest rates and valuations in debt, equity and other financial markets,
–Disruptions in the U.S. and global financial markets,
–Actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply, market interest rates and inflation,
–Changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives,
–Changes in customers’, suppliers’ and other counterparties’ performance and creditworthiness,
–Impacts of sanctions, tariffs and other trade policies of the U.S. and its global trading partners,
–Impacts of changes in federal, state and local governmental policy, including on the regulatory landscape, capital markets, taxes, infrastructure spending and social programs,
–Our ability to attract, recruit and retain skilled employees, and
–Commodity price volatility.
▪Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting. These statements are based on our views that:
–PNC’s baseline forecast remains for continued expansion in 2026, but slower economic growth in 2026 than in 2024 and 2025. The baseline forecast anticipates real GDP growth slowing to around 1.9% in 2026, with continued modest job gains and the unemployment rate moving slightly higher, to around 4.6% at year’s end. CPI inflation will peak at around 3.5% in mid-2026, with core CPI inflation at around 2.6%. An extended conflict with Iran and higher energy prices are significant risks to the outlook, both for inflation and growth, and a reversal in sentiment around AI or a large decline in equity prices would be drags. Weaker labor force growth could lead to weaker long-run growth.
–Our baseline forecast is for the Federal Reserve to keep the federal funds rate unchanged throughout 2026 and into 2027, in a range between 3.50% and 3.75%. However, there are two-sided risks to this outlook: (1) if the conflict with Iran persists and inflation proves more persistent than expected the Federal Reserve may raise rates, or (2) if growth falters or recession emerges there could be a deep and prolonged easing in monetary policy.
▪PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding minimum capital levels, including a stress capital buffer established by the Federal Reserve Board in connection with the Federal Reserve Board’s Comprehensive Capital Analysis and Review (CCAR) process.
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PNC Reports First Quarter 2026 Net Income of $1.8 Billion, $4.13 Diluted EPS or $4.32 As Adjusted – Page 20
Cautionary Statement Regarding Forward-Looking Information (Continued)
▪PNC's regulatory capital ratios in the future will depend on, among other things, PNC’s financial performance,
the scope and terms of final capital regulations then in effect and management actions affecting the
composition of PNC’s balance sheet. In addition, PNC’s ability to determine, evaluate and forecast regulatory
capital ratios, and to take actions (such as capital distributions) based on actual or forecasted capital ratios,
will be dependent at least in part on the development, validation and regulatory review of related models and
the reliability of and risks resulting from extensive use of such models.
▪Legal and regulatory developments could have an impact on our ability to operate our businesses, financial condition, results of operations, competitive position, reputation, or pursuit of attractive acquisition opportunities. Reputational impacts could affect matters such as business generation and retention, liquidity, funding, and ability to attract and retain employees. These developments could include:
–Changes to laws and regulations, including changes affecting oversight of the financial services industry, changes in the enforcement and interpretation of such laws and regulations, and changes in accounting and reporting standards.
–Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries resulting in monetary losses, costs, or alterations in our business practices, and potentially causing reputational harm to PNC.
–Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies.
–Costs associated with obtaining rights in intellectual property claimed by others and of adequacy of our intellectual property protection in general.
▪Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques, and to meet evolving regulatory capital and liquidity standards.
▪Our reputation and business and operating results may be affected by our ability to appropriately meet or address environmental, social or governance targets, goals, commitments or concerns that may arise.
▪We grow our business in part through acquisitions and new strategic initiatives. Risks and uncertainties include those presented by the nature of the business acquired and strategic initiative, including in some cases those associated with our entry into new businesses or new geographic or other markets and risks resulting from our inexperience in those new areas, as well as risks and uncertainties related to the acquisition transactions themselves, regulatory issues, the integration of the acquired businesses into PNC after closing or any failure to execute strategic or operational plans.
▪Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands.
▪Business and operating results can also be affected by widespread manmade, natural and other disasters (including severe weather events), health emergencies, dislocations, geopolitical instabilities or events, terrorist activities, system failures or disruptions, security breaches, cyberattacks, international hostilities, or other extraordinary events beyond PNC’s control through impacts on the economy and financial markets generally or on us or our counterparties, customers or third-party vendors and service providers specifically.
We provide greater detail regarding these as well as other factors in our most recent Form 10-K and in any subsequent Form 10-Qs, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes of the Notes To Consolidated Financial Statements in those reports, and in our other subsequent SEC filings. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss elsewhere in this news release or in our SEC filings, accessible on the SEC’s website at www.sec.gov and on our corporate website at www.pnc.com/secfilings. We have included these web addresses as inactive textual references only. Information on these websites is not part of this document.
###
Exhibit 99.2
THE PNC FINANCIAL SERVICES GROUP, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2026
(Unaudited)
THE PNC FINANCIAL SERVICES GROUP, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2026
(UNAUDITED)
Consolidated Results: | Page | ||||
Income Statement | 1 | ||||
Balance Sheet | 2 | ||||
Average Balance Sheet | 3 | ||||
Details of Net Interest Margin | 4 | ||||
Loans | 5 | ||||
Allowance for Credit Losses | 6-7 | ||||
Nonperforming Assets | 8 | ||||
Accruing Loans Past Due | 9-10 | ||||
| Business Segment Results: | |||||
Descriptions | 11 | ||||
Period End Employees | 11 | ||||
Net Income and Revenue | 12 | ||||
Retail Banking | 13-14 | ||||
Corporate & Institutional Banking | 15-16 | ||||
Asset Management Group | 17 | ||||
Glossary of Terms | 18-19 | ||||
The information contained in this Financial Supplement is preliminary, unaudited and based on data available on April 15, 2026. This information speaks only as of the particular date or dates included in the schedules. We do not undertake any obligation to, and disclaim any duty to, correct or update any of the information provided in this Financial Supplement. Our future financial performance is subject to risks and uncertainties as described in our United States Securities and Exchange Commission (SEC) filings.
BUSINESS
PNC is one of the largest diversified financial services companies in the United States (U.S.) and is headquartered in Pittsburgh, Pennsylvania. PNC has businesses engaged in retail banking, corporate and institutional banking and asset management, providing many of its products and services nationally. PNC's retail branch network is located coast-to-coast. PNC also has strategic international offices in four countries outside the U.S.
ACQUISITION OF FIRSTBANK HOLDING COMPANY
On January 5, 2026, PNC completed its acquisition of FirstBank Holding Company, including its banking subsidiary FirstBank. At close, FirstBank had $26 billion of assets, $16 billion of loans and $23 billion of deposits. Effective January 5, 2026, FirstBank’s financial results are included in PNC’s consolidated operations. PNC's previously disclosed amounts do not include FirstBank amounts. PNC's first quarter 2026 Form 10-Q will include additional information on this acquisition.
PRESENTATION OF LOAN CLASSES
Effective January 1, 2026, PNC updated its defined loan classes (classes of financing receivables) as follows: (i) equipment lease financing loans were reclassified to the Commercial and industrial loan class based on similarities in the manner in which credit risk is monitored and assessed within these portfolios, as well as materiality considerations, and (ii) education loans were reclassified to the Other consumer loan class based on materiality considerations. All impacted tables have been updated accordingly, and prior periods have been adjusted to conform with the current presentation.
| THE PNC FINANCIAL SERVICES GROUP, INC. | ||||||||
| Cross Reference Index to First Quarter 2026 Financial Supplement (Unaudited) | ||||||||
| Financial Supplement Table Reference | ||||||||
| Table | Description | Page | ||||||
| 1 | Consolidated Income Statement | 1 | ||||||
| 2 | Consolidated Balance Sheet | 2 | ||||||
| 3 | Average Consolidated Balance Sheet | 3 | ||||||
| 4 | Details of Net Interest Margin | 4 | ||||||
| 5 | Details of Loans | 5 | ||||||
| 6 | Change in Allowance for Loan and Lease Losses | 6 | ||||||
| 7 | Components of the Provision for Credit Losses | 7 | ||||||
| 8 | Allowance for Credit Losses by Loan Class | 7 | ||||||
| 9 | Nonperforming Assets by Type | 8 | ||||||
| 10 | Change in Nonperforming Assets | 8 | ||||||
| 11 | Accruing Loans Past Due 30 to 59 Days | 9 | ||||||
| 12 | Accruing Loans Past Due 60 to 89 Days | 9 | ||||||
| 13 | Accruing Loans Past Due 90 Days or More | 10 | ||||||
| 14 | Period End Employees | 11 | ||||||
| 15 | Summary of Business Segment Net Income and Revenue | 12 | ||||||
| 16 | Retail Banking | 13-14 | ||||||
| 17 | Corporate & Institutional Banking | 15-16 | ||||||
| 18 | Asset Management Group | 17 | ||||||
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 1 | |||||||
Table 1: Consolidated Income Statement (Unaudited)
| Three months ended | |||||||||||||||||||||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||
| In millions, except per share data | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Interest Income | |||||||||||||||||||||||||||||
| Loans | $ | 4,792 | $ | 4,640 | $ | 4,751 | $ | 4,609 | $ | 4,472 | |||||||||||||||||||
| Investment securities | 1,202 | 1,188 | 1,211 | 1,151 | 1,124 | ||||||||||||||||||||||||
| Other | 450 | 552 | 565 | 510 | 534 | ||||||||||||||||||||||||
| Total interest income | 6,444 | 6,380 | 6,527 | 6,270 | 6,130 | ||||||||||||||||||||||||
| Interest Expense | |||||||||||||||||||||||||||||
| Deposits | 1,735 | 1,864 | 1,980 | 1,845 | 1,808 | ||||||||||||||||||||||||
| Borrowed funds | 748 | 785 | 899 | 870 | 846 | ||||||||||||||||||||||||
| Total interest expense | 2,483 | 2,649 | 2,879 | 2,715 | 2,654 | ||||||||||||||||||||||||
| Net interest income | 3,961 | 3,731 | 3,648 | 3,555 | 3,476 | ||||||||||||||||||||||||
| Noninterest Income | |||||||||||||||||||||||||||||
| Asset management and brokerage | 420 | 411 | 404 | 391 | 391 | ||||||||||||||||||||||||
| Capital markets and advisory | 463 | 489 | 432 | 321 | 306 | ||||||||||||||||||||||||
| Card and cash management | 738 | 733 | 737 | 737 | 692 | ||||||||||||||||||||||||
| Lending and deposit services | 340 | 342 | 335 | 317 | 316 | ||||||||||||||||||||||||
| Residential and commercial mortgage | 118 | 148 | 161 | 128 | 134 | ||||||||||||||||||||||||
| Other (a) (b) | 125 | 217 | 198 | 212 | 137 | ||||||||||||||||||||||||
| Total noninterest income | 2,204 | 2,340 | 2,267 | 2,106 | 1,976 | ||||||||||||||||||||||||
| Total revenue | 6,165 | 6,071 | 5,915 | 5,661 | 5,452 | ||||||||||||||||||||||||
| Provision For Credit Losses | 210 | 139 | 167 | 254 | 219 | ||||||||||||||||||||||||
| Noninterest Expense | |||||||||||||||||||||||||||||
| Personnel | 2,106 | 2,033 | 1,970 | 1,889 | 1,890 | ||||||||||||||||||||||||
| Occupancy | 262 | 247 | 235 | 235 | 245 | ||||||||||||||||||||||||
| Equipment | 415 | 412 | 416 | 394 | 384 | ||||||||||||||||||||||||
| Marketing | 87 | 101 | 93 | 99 | 85 | ||||||||||||||||||||||||
| Other | 898 | 810 | 747 | 766 | 783 | ||||||||||||||||||||||||
| Total noninterest expense | 3,768 | 3,603 | 3,461 | 3,383 | 3,387 | ||||||||||||||||||||||||
| Income before income taxes and noncontrolling interests | 2,187 | 2,329 | 2,287 | 2,024 | 1,846 | ||||||||||||||||||||||||
| Income taxes | 415 | 296 | 465 | 381 | 347 | ||||||||||||||||||||||||
| Net income | 1,772 | 2,033 | 1,822 | 1,643 | 1,499 | ||||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interests | 12 | 13 | 14 | 16 | 18 | ||||||||||||||||||||||||
| Preferred stock dividends (c) | 73 | 83 | 71 | 83 | 71 | ||||||||||||||||||||||||
| Preferred stock discount accretion and redemptions | 1 | 3 | 2 | 2 | 2 | ||||||||||||||||||||||||
| Net income attributable to common shareholders | $ | 1,686 | $ | 1,934 | $ | 1,735 | $ | 1,542 | $ | 1,408 | |||||||||||||||||||
| Earnings Per Common Share | |||||||||||||||||||||||||||||
| Basic | $ | 4.13 | $ | 4.88 | $ | 4.36 | $ | 3.86 | $ | 3.52 | |||||||||||||||||||
| Diluted | $ | 4.13 | $ | 4.88 | $ | 4.35 | $ | 3.85 | $ | 3.51 | |||||||||||||||||||
| Average Common Shares Outstanding | |||||||||||||||||||||||||||||
| Basic | 405 | 394 | 396 | 397 | 398 | ||||||||||||||||||||||||
| Diluted | 405 | 394 | 396 | 397 | 398 | ||||||||||||||||||||||||
| Efficiency | 61 | % | 59 | % | 59 | % | 60 | % | 62 | % | |||||||||||||||||||
| Noninterest income to total revenue | 36 | % | 39 | % | 38 | % | 37 | % | 36 | % | |||||||||||||||||||
| Effective tax rate (d) | 19.0 | % | 12.7 | % | 20.3 | % | 18.8 | % | 18.8 | % | |||||||||||||||||||
(a)Includes net gains (losses) on sale of securities of $28 million, $(7) million, less than $1 million, less than $1 million and $(2) million for the quarters ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025.
(b)Includes Visa derivative fair value adjustments of $(32) million, $(41) million, $(35) million, $2 million and $(40) million for the quarters ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025. These adjustments are primarily related to escrow funding and the extension of anticipated litigation resolution timing.
(c)Dividends are payable quarterly, other than Series S preferred stock, which is payable semiannually.
(d)The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax.
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 2 | |||||||
Table 2: Consolidated Balance Sheet (Unaudited)
| March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||
| In millions, except par value | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Cash and due from banks | $ | 5,646 | $ | 6,777 | $ | 5,553 | $ | 5,939 | $ | 6,102 | |||||||||||||||||||
| Interest-earning deposits with banks (a) | 26,053 | 32,936 | 33,318 | 24,455 | 32,298 | ||||||||||||||||||||||||
| Loans held for sale (b) | 1,332 | 1,939 | 1,104 | 1,837 | 1,236 | ||||||||||||||||||||||||
| Investment securities – available-for-sale | 71,072 | 68,135 | 68,297 | 67,136 | 63,318 | ||||||||||||||||||||||||
| Investment securities – held-to-maturity | 72,040 | 70,105 | 73,226 | 75,212 | 74,457 | ||||||||||||||||||||||||
| Loans (b) | 360,923 | 331,481 | 326,616 | 326,340 | 318,850 | ||||||||||||||||||||||||
| Allowance for loan and lease losses | (4,663) | (4,410) | (4,478) | (4,523) | (4,544) | ||||||||||||||||||||||||
| Net loans | 356,260 | 327,071 | 322,138 | 321,817 | 314,306 | ||||||||||||||||||||||||
| Equity investments | 10,512 | 10,790 | 9,972 | 9,755 | 9,448 | ||||||||||||||||||||||||
| Mortgage servicing rights | 3,816 | 3,659 | 3,627 | 3,467 | 3,564 | ||||||||||||||||||||||||
| Goodwill | 13,282 | 10,959 | 10,962 | 10,932 | 10,932 | ||||||||||||||||||||||||
| Other (b) | 43,015 | 41,201 | 40,570 | 38,557 | 39,061 | ||||||||||||||||||||||||
| Total assets | $ | 603,028 | $ | 573,572 | $ | 568,767 | $ | 559,107 | $ | 554,722 | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Deposits | |||||||||||||||||||||||||||||
| Noninterest-bearing | $ | 99,297 | $ | 91,748 | $ | 91,207 | $ | 93,253 | $ | 92,369 | |||||||||||||||||||
| Interest-bearing (b) | 358,351 | 349,118 | 341,542 | 333,443 | 330,546 | ||||||||||||||||||||||||
| Total deposits | 457,648 | 440,866 | 432,749 | 426,696 | 422,915 | ||||||||||||||||||||||||
| Borrowed funds | |||||||||||||||||||||||||||||
| Federal Home Loan Bank advances | 21,417 | 13,000 | 16,100 | 18,000 | 18,000 | ||||||||||||||||||||||||
| Senior debt | 38,021 | 38,642 | 38,695 | 35,750 | 34,987 | ||||||||||||||||||||||||
| Subordinated debt | 4,502 | 3,016 | 3,512 | 3,490 | 4,163 | ||||||||||||||||||||||||
| Other (b) | 2,726 | 2,443 | 4,037 | 3,184 | 3,572 | ||||||||||||||||||||||||
| Total borrowed funds | 66,666 | 57,101 | 62,344 | 60,424 | 60,722 | ||||||||||||||||||||||||
| Allowance for unfunded lending related commitments | 832 | 818 | 775 | 759 | 674 | ||||||||||||||||||||||||
| Accrued expenses and other liabilities (b) | 14,206 | 14,151 | 13,861 | 13,573 | 13,960 | ||||||||||||||||||||||||
| Total liabilities | 539,352 | 512,936 | 509,729 | 501,452 | 498,271 | ||||||||||||||||||||||||
| Equity | |||||||||||||||||||||||||||||
| Preferred stock (c) | — | — | — | — | — | ||||||||||||||||||||||||
| Common stock - $5 par value | |||||||||||||||||||||||||||||
| Authorized 800,000,000 shares, issued 557,213,012; 543,497,966; 543,412,079; 543,412,101 and 543,310,646 shares | 2,786 | 2,717 | 2,717 | 2,717 | 2,717 | ||||||||||||||||||||||||
| Capital surplus | 21,926 | 18,922 | 18,859 | 18,809 | 18,731 | ||||||||||||||||||||||||
| Retained earnings | 64,256 | 63,266 | 62,008 | 60,951 | 60,051 | ||||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | (3,773) | (3,408) | (4,077) | (4,682) | (5,237) | ||||||||||||||||||||||||
| Common stock held in treasury at cost: 155,167,491; 153,084,091; 151,030,533; 149,426,326 and 147,519,772 shares | (21,568) | (20,912) | (20,517) | (20,188) | (19,857) | ||||||||||||||||||||||||
| Total shareholders’ equity | 63,627 | 60,585 | 58,990 | 57,607 | 56,405 | ||||||||||||||||||||||||
| Noncontrolling interests | 49 | 51 | 48 | 48 | 46 | ||||||||||||||||||||||||
| Total equity | 63,676 | 60,636 | 59,038 | 57,655 | 56,451 | ||||||||||||||||||||||||
| Total liabilities and equity | $ | 603,028 | $ | 573,572 | $ | 568,767 | $ | 559,107 | $ | 554,722 | |||||||||||||||||||
(a)Amounts include balances held with the Federal Reserve Bank of $25.3 billion, $32.0 billion, $32.7 billion, $23.9 billion and $31.9 billion as of March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.
(b)Amounts include assets and liabilities for which PNC has elected the fair value option. Our 2025 Form 10-K included, and our first quarter 2026 Form 10-Q will include, additional information regarding these items.
(c)Par value less than $0.5 million at each date.
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 3 | |||||||
| Table 3: Average Consolidated Balance Sheet (Unaudited) (a) (b) | |||||||||||||||||||||||||||||
| Three months ended | |||||||||||||||||||||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||
| In millions | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||||
| Investment securities | |||||||||||||||||||||||||||||
| Securities available-for-sale | |||||||||||||||||||||||||||||
| Residential mortgage-backed | $ | 34,652 | $ | 33,564 | $ | 34,752 | $ | 34,567 | $ | 33,793 | |||||||||||||||||||
| U.S. Treasury and government agencies | 28,491 | 28,119 | 26,799 | 25,372 | 24,382 | ||||||||||||||||||||||||
| Other | 8,505 | 8,202 | 8,293 | 7,818 | 7,505 | ||||||||||||||||||||||||
| Total securities available-for-sale | 71,648 | 69,885 | 69,844 | 67,757 | 65,680 | ||||||||||||||||||||||||
| Securities held-to-maturity | |||||||||||||||||||||||||||||
| Residential mortgage-backed | 45,078 | 42,925 | 42,667 | 40,440 | 40,045 | ||||||||||||||||||||||||
| U.S. Treasury and government agencies | 20,683 | 23,426 | 25,540 | 26,900 | 28,931 | ||||||||||||||||||||||||
| Other | 7,117 | 5,983 | 6,384 | 6,838 | 7,525 | ||||||||||||||||||||||||
| Total securities held-to-maturity | 72,878 | 72,334 | 74,591 | 74,178 | 76,501 | ||||||||||||||||||||||||
| Total investment securities | 144,526 | 142,219 | 144,435 | 141,935 | 142,181 | ||||||||||||||||||||||||
| Loans | |||||||||||||||||||||||||||||
| Commercial and industrial | 211,358 | 198,726 | 195,903 | 191,526 | 184,025 | ||||||||||||||||||||||||
| Commercial real estate | 34,367 | 30,173 | 30,850 | 31,838 | 33,067 | ||||||||||||||||||||||||
| Consumer | 55,483 | 54,884 | 54,238 | 53,851 | 53,421 | ||||||||||||||||||||||||
| Residential real estate | 49,675 | 44,146 | 44,941 | 45,539 | 46,111 | ||||||||||||||||||||||||
| Total loans | 350,883 | 327,929 | 325,932 | 322,754 | 316,624 | ||||||||||||||||||||||||
| Interest-earning deposits with banks (c) | 32,612 | 32,009 | 35,003 | 31,570 | 34,614 | ||||||||||||||||||||||||
| Other interest-earning assets | 12,457 | 18,618 | 12,759 | 11,348 | 10,147 | ||||||||||||||||||||||||
| Total interest-earning assets | 540,478 | 520,775 | 518,129 | 507,607 | 503,566 | ||||||||||||||||||||||||
| Noninterest-earning assets | 60,984 | 55,071 | 53,404 | 54,079 | 52,811 | ||||||||||||||||||||||||
| Total assets | $ | 601,462 | $ | 575,846 | $ | 571,533 | $ | 561,686 | $ | 556,377 | |||||||||||||||||||
| Liabilities and Equity | |||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||||||||||
| Money market | $ | 85,196 | $ | 78,742 | $ | 75,890 | $ | 70,909 | $ | 73,063 | |||||||||||||||||||
| Demand | 137,558 | 132,591 | 128,962 | 126,222 | 125,046 | ||||||||||||||||||||||||
| Savings | 100,940 | 97,188 | 96,627 | 97,028 | 97,409 | ||||||||||||||||||||||||
| Time deposits | 35,579 | 36,180 | 37,593 | 35,674 | 32,763 | ||||||||||||||||||||||||
| Total interest-bearing deposits | 359,273 | 344,701 | 339,072 | 329,833 | 328,281 | ||||||||||||||||||||||||
| Borrowed funds | |||||||||||||||||||||||||||||
| Federal Home Loan Bank advances | 16,616 | 14,671 | 17,615 | 18,319 | 19,703 | ||||||||||||||||||||||||
| Senior debt | 37,383 | 38,623 | 38,012 | 36,142 | 34,933 | ||||||||||||||||||||||||
| Subordinated debt | 4,200 | 3,299 | 3,616 | 3,686 | 4,320 | ||||||||||||||||||||||||
| Other | 4,675 | 3,722 | 7,070 | 7,146 | 5,549 | ||||||||||||||||||||||||
| Total borrowed funds | 62,874 | 60,315 | 66,313 | 65,293 | 64,505 | ||||||||||||||||||||||||
| Total interest-bearing liabilities | 422,147 | 405,016 | 405,385 | 395,126 | 392,786 | ||||||||||||||||||||||||
| Noninterest-bearing liabilities and equity: | |||||||||||||||||||||||||||||
| Noninterest-bearing deposits | 99,081 | 94,834 | 92,756 | 93,142 | 92,367 | ||||||||||||||||||||||||
| Accrued expenses and other liabilities | 16,944 | 16,646 | 15,624 | 16,942 | 16,214 | ||||||||||||||||||||||||
| Equity | 63,290 | 59,350 | 57,768 | 56,476 | 55,010 | ||||||||||||||||||||||||
| Total liabilities and equity | $ | 601,462 | $ | 575,846 | $ | 571,533 | $ | 561,686 | $ | 556,377 | |||||||||||||||||||
(a)Calculated using average daily balances.
(b)Nonaccrual loans are included in loans, net of unearned income. The impact of financial derivatives used in interest rate risk management is included in the interest income/expense and average yields/rates of the related assets and liabilities. Fair value adjustments related to hedged items are included in noninterest-earning assets and noninterest-bearing liabilities. Average balances of securities are based on amortized historical cost (excluding adjustments to fair value, which are included in other assets).
(c)Amounts include average balances held with the Federal Reserve Bank of $31.8 billion, $31.3 billion, $34.2 billion, $30.8 billion and $34.2 billion for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 4 | |||||||
| Table 4: Details of Net Interest Margin (Unaudited) | |||||||||||||||||||||||||||||
| Three months ended | |||||||||||||||||||||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||
| Average yields/rates (a) | |||||||||||||||||||||||||||||
| Yield on interest-earning assets | |||||||||||||||||||||||||||||
| Investment securities | |||||||||||||||||||||||||||||
| Securities available-for-sale | |||||||||||||||||||||||||||||
| Residential mortgage-backed | 3.72 | % | 3.80 | % | 3.82 | % | 3.76 | % | 3.68 | % | |||||||||||||||||||
| U.S. Treasury and government agencies | 4.04 | % | 4.29 | % | 4.58 | % | 4.55 | % | 4.50 | % | |||||||||||||||||||
| Other | 4.00 | % | 3.97 | % | 3.91 | % | 3.69 | % | 3.65 | % | |||||||||||||||||||
| Total securities available-for-sale | 3.88 | % | 4.02 | % | 4.12 | % | 4.05 | % | 3.98 | % | |||||||||||||||||||
| Securities held-to-maturity | |||||||||||||||||||||||||||||
| Residential mortgage-backed | 3.20 | % | 3.13 | % | 3.07 | % | 2.90 | % | 2.84 | % | |||||||||||||||||||
| U.S. Treasury and government agencies | 1.59 | % | 1.50 | % | 1.51 | % | 1.53 | % | 1.49 | % | |||||||||||||||||||
| Other | 4.23 | % | 4.28 | % | 4.35 | % | 4.34 | % | 4.39 | % | |||||||||||||||||||
| Total securities held-to-maturity | 2.84 | % | 2.70 | % | 2.65 | % | 2.54 | % | 2.48 | % | |||||||||||||||||||
| Total investment securities | 3.36 | % | 3.35 | % | 3.36 | % | 3.26 | % | 3.17 | % | |||||||||||||||||||
| Loans | |||||||||||||||||||||||||||||
| Commercial and industrial | 5.43 | % | 5.55 | % | 5.78 | % | 5.72 | % | 5.71 | % | |||||||||||||||||||
| Commercial real estate | 5.79 | % | 5.92 | % | 6.06 | % | 6.01 | % | 5.94 | % | |||||||||||||||||||
| Consumer | 6.99 | % | 7.09 | % | 7.18 | % | 7.11 | % | 7.14 | % | |||||||||||||||||||
| Residential real estate | 3.97 | % | 3.74 | % | 3.75 | % | 3.76 | % | 3.78 | % | |||||||||||||||||||
| Total loans | 5.50 | % | 5.60 | % | 5.76 | % | 5.70 | % | 5.70 | % | |||||||||||||||||||
| Interest-earning deposits with banks | 3.64 | % | 3.92 | % | 4.34 | % | 4.38 | % | 4.42 | % | |||||||||||||||||||
| Other interest-earning assets | 4.95 | % | 4.95 | % | 5.51 | % | 5.66 | % | 6.02 | % | |||||||||||||||||||
| Total yield on interest-earning assets | 4.80 | % | 4.86 | % | 4.99 | % | 4.93 | % | 4.90 | % | |||||||||||||||||||
| Rate on interest-bearing liabilities | |||||||||||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||||||||||
| Money market | 2.53 | % | 2.77 | % | 3.07 | % | 3.01 | % | 2.99 | % | |||||||||||||||||||
| Demand | 1.61 | % | 1.78 | % | 1.96 | % | 1.89 | % | 1.87 | % | |||||||||||||||||||
| Savings | 1.49 | % | 1.62 | % | 1.68 | % | 1.63 | % | 1.64 | % | |||||||||||||||||||
| Time deposits | 3.26 | % | 3.53 | % | 3.67 | % | 3.64 | % | 3.69 | % | |||||||||||||||||||
| Total interest-bearing deposits | 1.96 | % | 2.14 | % | 2.32 | % | 2.24 | % | 2.23 | % | |||||||||||||||||||
| Borrowed funds | |||||||||||||||||||||||||||||
| Federal Home Loan Bank advances | 3.98 | % | 4.41 | % | 4.73 | % | 4.74 | % | 4.73 | % | |||||||||||||||||||
| Senior debt | 5.14 | % | 5.55 | % | 5.85 | % | 5.77 | % | 5.64 | % | |||||||||||||||||||
| Subordinated debt | 5.12 | % | 5.52 | % | 5.81 | % | 5.69 | % | 5.54 | % | |||||||||||||||||||
Other | 4.14 | % | 4.02 | % | 4.19 | % | 4.24 | % | 4.38 | % | |||||||||||||||||||
| Total borrowed funds | 4.76 | % | 5.18 | % | 5.38 | % | 5.31 | % | 5.25 | % | |||||||||||||||||||
| Total rate on interest-bearing liabilities | 2.37 | % | 2.59 | % | 2.81 | % | 2.74 | % | 2.72 | % | |||||||||||||||||||
| Interest rate spread | 2.43 | % | 2.27 | % | 2.18 | % | 2.19 | % | 2.18 | % | |||||||||||||||||||
| Benefit from use of noninterest-bearing sources (b) | 0.52 | % | 0.57 | % | 0.61 | % | 0.61 | % | 0.60 | % | |||||||||||||||||||
| Net interest margin | 2.95 | % | 2.84 | % | 2.79 | % | 2.80 | % | 2.78 | % | |||||||||||||||||||
(a)Yields and rates are calculated using the applicable annualized interest income or interest expense divided by the applicable average earning assets or interest-bearing liabilities. Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources. To provide more meaningful comparisons of net interest margins, we use net interest income on a taxable-equivalent basis in calculating average yields used in the calculation of net interest margin by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025 were $29 million, $31 million, $30 million, $28 million and $28 million, respectively.
(b)Represents the positive effects of investing noninterest-bearing sources in interest-earning assets.
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 5 | |||||||
Table 5: Details of Loans (Unaudited)
| March 31 | December 31 | September 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| In millions | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Commercial | ||||||||||||||||||||||||||||||||
| Commercial and industrial | ||||||||||||||||||||||||||||||||
| Financial services | $ | 42,224 | $ | 37,592 | $ | 33,939 | $ | 32,378 | $ | 29,815 | ||||||||||||||||||||||
| Manufacturing | 34,977 | 30,623 | 31,044 | 31,958 | 29,742 | |||||||||||||||||||||||||||
| Service providers | 27,303 | 25,552 | 25,159 | 24,373 | 24,206 | |||||||||||||||||||||||||||
| Wholesale trade | 21,146 | 19,843 | 19,917 | 20,045 | 19,758 | |||||||||||||||||||||||||||
| Real estate related (a) | 17,138 | 15,275 | 15,405 | 15,214 | 15,370 | |||||||||||||||||||||||||||
| Technology, media and telecommunications | 13,613 | 12,324 | 11,594 | 11,263 | 10,199 | |||||||||||||||||||||||||||
| Retail trade | 12,973 | 12,073 | 12,408 | 12,970 | 11,986 | |||||||||||||||||||||||||||
| Transportation and warehousing | 9,872 | 9,258 | 8,156 | 7,865 | 7,816 | |||||||||||||||||||||||||||
| Health care | 9,526 | 9,135 | 9,851 | 9,873 | 10,195 | |||||||||||||||||||||||||||
| Rental and leasing | 9,281 | 9,074 | 8,940 | 8,919 | 8,302 | |||||||||||||||||||||||||||
| Other industries | 23,137 | 22,149 | 20,681 | 20,900 | 19,880 | |||||||||||||||||||||||||||
| Total commercial and industrial | 221,190 | 202,898 | 197,094 | 195,758 | 187,269 | |||||||||||||||||||||||||||
| Commercial real estate | 34,770 | 29,565 | 30,281 | 31,250 | 32,307 | |||||||||||||||||||||||||||
| Total commercial | 255,960 | 232,463 | 227,375 | 227,008 | 219,576 | |||||||||||||||||||||||||||
| Consumer | ||||||||||||||||||||||||||||||||
| Residential real estate | 49,567 | 43,760 | 44,637 | 45,257 | 45,890 | |||||||||||||||||||||||||||
| Home equity | 26,223 | 25,941 | 25,942 | 25,928 | 25,846 | |||||||||||||||||||||||||||
| Automobile | 16,325 | 16,591 | 16,272 | 15,892 | 15,324 | |||||||||||||||||||||||||||
| Credit card | 7,069 | 7,014 | 6,636 | 6,570 | 6,550 | |||||||||||||||||||||||||||
| Other consumer | 5,779 | 5,712 | 5,754 | 5,685 | 5,664 | |||||||||||||||||||||||||||
| Total consumer | 104,963 | 99,018 | 99,241 | 99,332 | 99,274 | |||||||||||||||||||||||||||
| Total loans | $ | 360,923 | $ | 331,481 | $ | 326,616 | $ | 326,340 | $ | 318,850 | ||||||||||||||||||||||
(a)Represents loans to customers in the real estate and construction industries.
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 6 | |||||||
Allowance for Credit Losses (Unaudited)
Table 6: Change in Allowance for Loan and Lease Losses
| Three months ended | ||||||||||||||||||||||||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| Dollars in millions | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
Allowance for loan and lease losses | ||||||||||||||||||||||||||||||||
| Beginning balance | $ | 4,410 | $ | 4,478 | $ | 4,523 | $ | 4,544 | $ | 4,486 | ||||||||||||||||||||||
| Acquisition PCD reserves | 93 | — | — | — | — | |||||||||||||||||||||||||||
| Acquisition PSL reserves (a) | 229 | — | — | — | — | |||||||||||||||||||||||||||
| Adjusted beginning balance | 4,732 | 4,478 | 4,523 | 4,544 | 4,486 | |||||||||||||||||||||||||||
| Gross charge-offs: | ||||||||||||||||||||||||||||||||
| Commercial and industrial | (129) | (85) | (97) | (99) | (113) | |||||||||||||||||||||||||||
| Commercial real estate | (19) | (15) | (19) | (64) | (18) | |||||||||||||||||||||||||||
| Residential real estate | (1) | — | (6) | — | (2) | |||||||||||||||||||||||||||
| Home equity | (10) | (7) | (10) | (9) | (9) | |||||||||||||||||||||||||||
| Automobile | (31) | (33) | (32) | (30) | (35) | |||||||||||||||||||||||||||
| Credit card | (74) | (73) | (76) | (81) | (90) | |||||||||||||||||||||||||||
| Other consumer | (45) | (43) | (44) | (41) | (45) | |||||||||||||||||||||||||||
| Acquired loans (b) | (45) | — | — | — | — | |||||||||||||||||||||||||||
| Total gross charge-offs | (354) | (256) | (284) | (324) | (312) | |||||||||||||||||||||||||||
| Recoveries: | ||||||||||||||||||||||||||||||||
| Commercial and industrial | 33 | 33 | 38 | 53 | 42 | |||||||||||||||||||||||||||
| Commercial real estate | 5 | 3 | 6 | 8 | 5 | |||||||||||||||||||||||||||
| Residential real estate | 2 | 3 | 3 | 3 | 2 | |||||||||||||||||||||||||||
| Home equity | 8 | 8 | 7 | 12 | 8 | |||||||||||||||||||||||||||
| Automobile | 20 | 22 | 25 | 24 | 23 | |||||||||||||||||||||||||||
| Credit card | 20 | 15 | 17 | 15 | 15 | |||||||||||||||||||||||||||
| Other consumer | 13 | 10 | 9 | 11 | 12 | |||||||||||||||||||||||||||
| Total recoveries | 101 | 94 | 105 | 126 | 107 | |||||||||||||||||||||||||||
| Net (charge-offs) / recoveries: | ||||||||||||||||||||||||||||||||
| Commercial and industrial | (96) | (52) | (59) | (46) | (71) | |||||||||||||||||||||||||||
| Commercial real estate | (14) | (12) | (13) | (56) | (13) | |||||||||||||||||||||||||||
| Residential real estate | 1 | 3 | (3) | 3 | — | |||||||||||||||||||||||||||
| Home equity | (2) | 1 | (3) | 3 | (1) | |||||||||||||||||||||||||||
| Automobile | (11) | (11) | (7) | (6) | (12) | |||||||||||||||||||||||||||
| Credit card | (54) | (58) | (59) | (66) | (75) | |||||||||||||||||||||||||||
| Other consumer | (32) | (33) | (35) | (30) | (33) | |||||||||||||||||||||||||||
| Acquired loans | (45) | — | — | — | — | |||||||||||||||||||||||||||
| Total net (charge-offs) | (253) | (162) | (179) | (198) | (205) | |||||||||||||||||||||||||||
| Provision for credit losses (c) | 188 | 93 | 136 | 171 | 260 | |||||||||||||||||||||||||||
| Other | (4) | 1 | (2) | 6 | 3 | |||||||||||||||||||||||||||
| Ending balance | $ | 4,663 | $ | 4,410 | $ | 4,478 | $ | 4,523 | $ | 4,544 | ||||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||||||||||||||
| Net charge-offs | ||||||||||||||||||||||||||||||||
| Commercial net charge-offs | $ | (120) | $ | (64) | $ | (72) | $ | (102) | $ | (84) | ||||||||||||||||||||||
| Consumer net charge-offs | (133) | (98) | (107) | (96) | (121) | |||||||||||||||||||||||||||
| Total net charge-offs | (253) | (162) | (179) | (198) | (205) | |||||||||||||||||||||||||||
| Net charge-offs to average loans (annualized) | 0.29 | % | 0.20 | % | 0.22 | % | 0.25 | % | 0.26 | % | ||||||||||||||||||||||
| Commercial | 0.18 | % | 0.11 | % | 0.13 | % | 0.18 | % | 0.16 | % | ||||||||||||||||||||||
| Consumer | 0.38 | % | 0.39 | % | 0.43 | % | 0.39 | % | 0.49 | % | ||||||||||||||||||||||
(a)On January 1, 2026, we adopted ASU 2025-08 - Financial Instruments - Credit Losses (Topic 326): Purchased Loans, and established the initial ACL for purchased seasoned loans (PSLs). Our first quarter 2026 Form 10-Q will include additional information on the adoption of this ASU.
(b)Primarily represents the charge-off of certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.
(c)See Table 7 for the components of the Provision for credit losses being reported on the Consolidated Income Statement.
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 7 | |||||||
Allowance for Credit Losses (Unaudited) (Continued)
Table 7: Components of the Provision for Credit Losses
| Three months ended | ||||||||||||||||||||||||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| In millions | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Provision for credit losses | ||||||||||||||||||||||||||||||||
| Loans and leases | $ | 188 | $ | 93 | $ | 136 | $ | 171 | $ | 260 | ||||||||||||||||||||||
| Unfunded lending related commitments | 14 | 43 | 16 | 84 | (46) | |||||||||||||||||||||||||||
| Investment securities | — | — | (1) | (1) | 3 | |||||||||||||||||||||||||||
| Other financial assets | 8 | 3 | 16 | — | 2 | |||||||||||||||||||||||||||
| Total provision for credit losses | $ | 210 | $ | 139 | $ | 167 | $ | 254 | $ | 219 | ||||||||||||||||||||||
Table 8: Allowance for Credit Losses by Loan Class (a)
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||
Dollars in millions | Allowance Amount | Total Loans | % of Total Loans | Allowance Amount | Total Loans | % of Total Loans | Allowance Amount | Total Loans | % of Total Loans | |||||||||||||||||||||||||||||||||||
| Allowance for loan and lease losses | ||||||||||||||||||||||||||||||||||||||||||||
| Commercial | ||||||||||||||||||||||||||||||||||||||||||||
| Commercial and industrial | $ | 2,149 | $ | 221,190 | 0.97 | % | $ | 2,032 | $ | 202,898 | 1.00 | % | $ | 1,772 | $ | 187,269 | 0.95 | % | ||||||||||||||||||||||||||
| Commercial real estate | 1,120 | 34,770 | 3.22 | % | 1,057 | 29,565 | 3.58 | % | 1,433 | 32,307 | 4.44 | % | ||||||||||||||||||||||||||||||||
| Total commercial | 3,269 | 255,960 | 1.28 | % | 3,089 | 232,463 | 1.33 | % | 3,205 | 219,576 | 1.46 | % | ||||||||||||||||||||||||||||||||
| Consumer | ||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | 92 | 49,567 | 0.19 | % | 44 | 43,760 | 0.10 | % | 43 | 45,890 | 0.09 | % | ||||||||||||||||||||||||||||||||
| Home equity | 275 | 26,223 | 1.05 | % | 271 | 25,941 | 1.04 | % | 286 | 25,846 | 1.11 | % | ||||||||||||||||||||||||||||||||
| Automobile | 163 | 16,325 | 1.00 | % | 158 | 16,591 | 0.95 | % | 167 | 15,324 | 1.09 | % | ||||||||||||||||||||||||||||||||
| Credit card | 647 | 7,069 | 9.15 | % | 632 | 7,014 | 9.01 | % | 621 | 6,550 | 9.48 | % | ||||||||||||||||||||||||||||||||
| Other consumer | 217 | 5,779 | 3.75 | % | 216 | 5,712 | 3.78 | % | 222 | 5,664 | 3.92 | % | ||||||||||||||||||||||||||||||||
| Total consumer | 1,394 | 104,963 | 1.33 | % | 1,321 | 99,018 | 1.33 | % | 1,339 | 99,274 | 1.35 | % | ||||||||||||||||||||||||||||||||
Total | 4,663 | $ | 360,923 | 1.29 | % | 4,410 | $ | 331,481 | 1.33 | % | 4,544 | $ | 318,850 | 1.43 | % | |||||||||||||||||||||||||||||
Allowance for unfunded lending related commitments | 832 | 818 | 674 | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | 5,495 | $ | 5,228 | $ | 5,218 | ||||||||||||||||||||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to total loans | 1.52 | % | 1.58 | % | 1.64 | % | ||||||||||||||||||||||||||||||||||||||
| Commercial | 1.55 | % | 1.62 | % | 1.70 | % | ||||||||||||||||||||||||||||||||||||||
| Consumer | 1.46 | % | 1.47 | % | 1.50 | % | ||||||||||||||||||||||||||||||||||||||
(a) Excludes allowances for investment securities and other financial assets, which together totaled $103 million, $99 million and $91 million at March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 8 | |||||||
Details of Nonperforming Assets (Unaudited)
Table 9: Nonperforming Assets by Type
| March 31 | December 31 | September 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| Dollars in millions | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Nonperforming loans | ||||||||||||||||||||||||||||||||
| Commercial | ||||||||||||||||||||||||||||||||
| Commercial and industrial | ||||||||||||||||||||||||||||||||
| Manufacturing | $ | 224 | $ | 98 | $ | 75 | $ | 73 | $ | 98 | ||||||||||||||||||||||
| Service providers | 136 | 116 | 119 | 126 | 143 | |||||||||||||||||||||||||||
| Wholesale trade | 97 | 161 | 96 | 19 | 16 | |||||||||||||||||||||||||||
| Retail trade | 79 | 194 | 36 | 64 | 121 | |||||||||||||||||||||||||||
| Transportation and warehousing | 71 | 62 | 68 | 68 | 48 | |||||||||||||||||||||||||||
| Health care | 42 | 47 | 45 | 54 | 77 | |||||||||||||||||||||||||||
| Technology, media and telecommunications | 25 | 27 | 83 | 31 | 52 | |||||||||||||||||||||||||||
| Real estate related (a) | 25 | 27 | 20 | 24 | 25 | |||||||||||||||||||||||||||
| Rental and leasing | 5 | 6 | 13 | 16 | 17 | |||||||||||||||||||||||||||
| Other industries | 46 | 46 | 64 | 23 | 19 | |||||||||||||||||||||||||||
| Total commercial and industrial | 750 | 784 | 619 | 498 | 616 | |||||||||||||||||||||||||||
| Commercial real estate | 630 | 574 | 663 | 753 | 851 | |||||||||||||||||||||||||||
| Total commercial | 1,380 | 1,358 | 1,282 | 1,251 | 1,467 | |||||||||||||||||||||||||||
| Consumer (b) | ||||||||||||||||||||||||||||||||
| Residential real estate | 316 | 320 | 326 | 325 | 287 | |||||||||||||||||||||||||||
| Home equity | 447 | 439 | 431 | 436 | 437 | |||||||||||||||||||||||||||
| Automobile | 85 | 83 | 82 | 80 | 83 | |||||||||||||||||||||||||||
| Credit card | 12 | 13 | 13 | 13 | 15 | |||||||||||||||||||||||||||
| Other consumer | 3 | 5 | 3 | 3 | 3 | |||||||||||||||||||||||||||
| Total consumer | 863 | 860 | 855 | 857 | 825 | |||||||||||||||||||||||||||
| Total nonperforming loans (c) | 2,243 | 2,218 | 2,137 | 2,108 | 2,292 | |||||||||||||||||||||||||||
| OREO, foreclosed and other assets (d) | 139 | 143 | 162 | 33 | 32 | |||||||||||||||||||||||||||
| Total nonperforming assets | 2,382 | 2,361 | 2,299 | 2,141 | 2,324 | |||||||||||||||||||||||||||
| Nonperforming loans to total loans | 0.62 | % | 0.67 | % | 0.65 | % | 0.65 | % | 0.72 | % | ||||||||||||||||||||||
| Nonperforming assets to total loans, OREO, foreclosed and other assets (d) | 0.66 | % | 0.71 | % | 0.70 | % | 0.66 | % | 0.73 | % | ||||||||||||||||||||||
| Nonperforming assets to total assets | 0.40 | % | 0.41 | % | 0.40 | % | 0.38 | % | 0.42 | % | ||||||||||||||||||||||
| Allowance for loan and lease losses to nonperforming loans | 208 | % | 199 | % | 210 | % | 215 | % | 198 | % | ||||||||||||||||||||||
(a)Represents loans related to customers in the real estate and construction industries.
(b)Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.
(c)Nonperforming loans exclude certain government insured or guaranteed loans, loans held for sale and loans accounted for under the fair value option.
(d)Amounts include nonaccrual servicing advances primarily to single asset/single borrower trusts with commercial real estate as collateral totaling $103 million, $105 million and $127 million at March 31, 2026, December 31, 2025 and September 30, 2025, respectively.
Table 10: Change in Nonperforming Assets
| Three months ended | ||||||||||||||||||||||||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| Dollars in millions | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Beginning balance | $ | 2,361 | $ | 2,299 | $ | 2,141 | $ | 2,324 | $ | 2,357 | ||||||||||||||||||||||
| New nonperforming assets | 539 | 569 | 653 | 367 | 477 | |||||||||||||||||||||||||||
| Charge-offs and valuation adjustments | (152) | (91) | (103) | (149) | (135) | |||||||||||||||||||||||||||
| Principal activity, including paydowns and payoffs | (343) | (248) | (299) | (312) | (156) | |||||||||||||||||||||||||||
| Asset sales and transfers to loans held for sale | (9) | (33) | (13) | (5) | (77) | |||||||||||||||||||||||||||
| Returned to performing status | (95) | (135) | (80) | (84) | (142) | |||||||||||||||||||||||||||
| Acquired nonperforming assets | 81 | — | — | — | — | |||||||||||||||||||||||||||
| Ending balance | $ | 2,382 | $ | 2,361 | $ | 2,299 | $ | 2,141 | $ | 2,324 | ||||||||||||||||||||||
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 9 | |||||||
Accruing Loans Past Due (Unaudited)
Table 11: Accruing Loans Past Due 30 to 59 Days (a)
| March 31 | December 31 | September 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| Dollars in millions | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Commercial | ||||||||||||||||||||||||||||||||
| Commercial and industrial | $ | 283 | $ | 182 | $ | 161 | $ | 133 | $ | 257 | ||||||||||||||||||||||
| Commercial real estate | 90 | 14 | 9 | 43 | 6 | |||||||||||||||||||||||||||
| Total commercial | 373 | 196 | 170 | 176 | 263 | |||||||||||||||||||||||||||
| Consumer | ||||||||||||||||||||||||||||||||
| Residential real estate | ||||||||||||||||||||||||||||||||
| Non government insured | 221 | 170 | 166 | 169 | 208 | |||||||||||||||||||||||||||
| Government insured | 63 | 73 | 79 | 78 | 79 | |||||||||||||||||||||||||||
| Home equity | 73 | 70 | 73 | 62 | 71 | |||||||||||||||||||||||||||
| Automobile | 59 | 74 | 70 | 74 | 73 | |||||||||||||||||||||||||||
| Credit card | 41 | 45 | 45 | 42 | 45 | |||||||||||||||||||||||||||
| Other consumer | 33 | 32 | 32 | 34 | 35 | |||||||||||||||||||||||||||
| Total consumer | 490 | 464 | 465 | 459 | 511 | |||||||||||||||||||||||||||
| Total | $ | 863 | $ | 660 | $ | 635 | $ | 635 | $ | 774 | ||||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||||||||||||||
| Total accruing loans past due 30-59 days to total loans | 0.24 | % | 0.20 | % | 0.19 | % | 0.19 | % | 0.24 | % | ||||||||||||||||||||||
| Commercial | 0.15 | % | 0.08 | % | 0.07 | % | 0.08 | % | 0.12 | % | ||||||||||||||||||||||
| Consumer | 0.47 | % | 0.47 | % | 0.47 | % | 0.46 | % | 0.51 | % | ||||||||||||||||||||||
(a)Excludes loans held for sale.
Table 12: Accruing Loans Past Due 60 to 89 Days (a)
| March 31 | December 31 | September 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| Dollars in millions | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Commercial | ||||||||||||||||||||||||||||||||
| Commercial and industrial | $ | 50 | $ | 103 | $ | 67 | $ | 101 | $ | 45 | ||||||||||||||||||||||
| Commercial real estate | 17 | 98 | — | 6 | — | |||||||||||||||||||||||||||
| Total commercial | 67 | 201 | 67 | 107 | 45 | |||||||||||||||||||||||||||
| Consumer | ||||||||||||||||||||||||||||||||
| Residential real estate | ||||||||||||||||||||||||||||||||
| Non government insured | 69 | 57 | 48 | 52 | 93 | |||||||||||||||||||||||||||
| Government insured | 41 | 44 | 39 | 39 | 39 | |||||||||||||||||||||||||||
| Home equity | 32 | 30 | 27 | 28 | 28 | |||||||||||||||||||||||||||
| Automobile | 15 | 18 | 17 | 19 | 19 | |||||||||||||||||||||||||||
| Credit card | 31 | 32 | 31 | 32 | 33 | |||||||||||||||||||||||||||
| Other consumer | 18 | 21 | 22 | 20 | 21 | |||||||||||||||||||||||||||
| Total consumer | 206 | 202 | 184 | 190 | 233 | |||||||||||||||||||||||||||
| Total | $ | 273 | $ | 403 | $ | 251 | $ | 297 | $ | 278 | ||||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||||||||||||||
| Total accruing loans past due 60-89 days to total loans | 0.08 | % | 0.12 | % | 0.08 | % | 0.09 | % | 0.09 | % | ||||||||||||||||||||||
| Commercial | 0.03 | % | 0.09 | % | 0.03 | % | 0.05 | % | 0.02 | % | ||||||||||||||||||||||
| Consumer | 0.20 | % | 0.20 | % | 0.19 | % | 0.19 | % | 0.23 | % | ||||||||||||||||||||||
(a)Excludes loans held for sale.
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 10 | |||||||
Accruing Loans Past Due (Unaudited) (Continued)
Table 13: Accruing Loans Past Due 90 Days or More (a)
| March 31 | December 31 | September 30 | June 30 | March 31 | ||||||||||||||||||||||||||||
| Dollars in millions | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||||
| Commercial | ||||||||||||||||||||||||||||||||
| Commercial and industrial | 68 | 57 | 71 | 79 | 75 | |||||||||||||||||||||||||||
| Commercial real estate | 1 | — | 1 | — | — | |||||||||||||||||||||||||||
| Total commercial | 69 | 57 | 72 | 79 | 75 | |||||||||||||||||||||||||||
| Consumer | ||||||||||||||||||||||||||||||||
| Residential real estate | ||||||||||||||||||||||||||||||||
| Non government insured | 50 | 46 | 38 | 53 | 53 | |||||||||||||||||||||||||||
| Government insured | 195 | 163 | 126 | 129 | 130 | |||||||||||||||||||||||||||
| Automobile | 5 | 5 | 4 | 5 | 7 | |||||||||||||||||||||||||||
| Credit card | 64 | 65 | 63 | 64 | 71 | |||||||||||||||||||||||||||
| Other consumer | 39 | 44 | 44 | 41 | 43 | |||||||||||||||||||||||||||
| Total consumer | 353 | 323 | 275 | 292 | 304 | |||||||||||||||||||||||||||
| Total | $ | 422 | $ | 380 | $ | 347 | $ | 371 | $ | 379 | ||||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||||||||||||||
| Total accruing loans past due 90 days or more to total loans | 0.12 | % | 0.11 | % | 0.11 | % | 0.11 | % | 0.12 | % | ||||||||||||||||||||||
| Commercial | 0.03 | % | 0.02 | % | 0.03 | % | 0.03 | % | 0.03 | % | ||||||||||||||||||||||
| Consumer | 0.34 | % | 0.33 | % | 0.28 | % | 0.29 | % | 0.31 | % | ||||||||||||||||||||||
| Total accruing loans past due | $ | 1,558 | $ | 1,443 | $ | 1,233 | $ | 1,303 | $ | 1,431 | ||||||||||||||||||||||
| Commercial | $ | 509 | $ | 454 | $ | 309 | $ | 362 | $ | 383 | ||||||||||||||||||||||
| Consumer | $ | 1,049 | $ | 989 | $ | 924 | $ | 941 | $ | 1,048 | ||||||||||||||||||||||
| Total accruing loans past due to total loans | 0.43 | % | 0.44 | % | 0.38 | % | 0.40 | % | 0.45 | % | ||||||||||||||||||||||
| Commercial | 0.20 | % | 0.20 | % | 0.14 | % | 0.16 | % | 0.17 | % | ||||||||||||||||||||||
| Consumer | 1.00 | % | 1.00 | % | 0.93 | % | 0.95 | % | 1.06 | % | ||||||||||||||||||||||
(a)Excludes loans held for sale.
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 11 | |||||||
Business Segment Descriptions (Unaudited)
Retail Banking provides deposit, lending, brokerage, insurance services, investment management and cash management products and services to consumer and small business customers who are serviced through our coast-to-coast branch network, digital channels, ATMs, or through our phone-based customer contact centers. Deposit products include checking, savings and money market accounts and time deposits. Lending products include residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans and personal and small business loans and lines of credit. The residential mortgage loans are directly originated within our branch network and nationwide, and are typically underwritten to agency and/or third-party standards, and either sold, servicing retained or held on our balance sheet. PNC Wealth Management offers brokerage, investment management and cash management products and services which include managed, education, retirement and trust accounts.
Corporate & Institutional Banking provides lending, treasury management, capital markets and advisory products and services to mid-sized and large corporations and government and not-for-profit entities. Lending products include secured and unsecured loans, letters of credit and equipment leases. The Treasury Management business provides corporations with cash and investment management services, receivables and disbursement management services, funds transfer services and access to online/mobile information management and reporting services. Capital markets and advisory includes services and activities primarily related to merger and acquisitions advisory, equity capital markets advisory, asset-backed financing, loan syndication, securities underwriting and customer-related trading. We also provide commercial loan servicing and technology solutions for the commercial real estate finance industry. Products and services are provided nationally.
Asset Management Group provides private banking for high net worth and ultra high net worth clients and institutional asset management. The Asset Management Group is composed of two operating units:
•PNC Private Bank provides products and services to emerging affluent, high net worth and ultra high net worth individuals and their families, including investment and retirement planning, customized investment management, credit and cash management solutions, trust management and administration. In addition, multi-generational family planning services are also provided to ultra high net worth individuals and their families, which include estate, financial, tax, fiduciary and customized performance reporting.
•Institutional Asset Management provides outsourced chief investment officer, custody, cash and fixed income client solutions and retirement plan fiduciary investment services to institutional clients, including corporations, healthcare systems, insurance companies, unions, municipalities and non-profits.
Table 14: Period End Employees
| March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||
| Full-time employees | |||||||||||||||||||||||||||||
| Retail Banking | 28,046 | 26,168 | 26,126 | 26,291 | 27,108 | ||||||||||||||||||||||||
| Other full-time employees | 28,320 | 27,691 | 27,397 | 26,884 | 26,360 | ||||||||||||||||||||||||
| Total full-time employees | 56,366 | 53,859 | 53,523 | 53,175 | 53,468 | ||||||||||||||||||||||||
| Part-time employees | |||||||||||||||||||||||||||||
| Retail Banking | 1,389 | 1,427 | 1,367 | 1,465 | 1,460 | ||||||||||||||||||||||||
| Other part-time employees | 46 | 47 | 48 | 407 | 48 | ||||||||||||||||||||||||
| Total part-time employees | 1,435 | 1,474 | 1,415 | 1,872 | 1,508 | ||||||||||||||||||||||||
| Total | 57,801 | 55,333 | 54,938 | 55,047 | 54,976 | ||||||||||||||||||||||||
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 12 | |||||||
Table 15: Summary of Business Segment Net Income and Revenue (Unaudited) (a)
| Three months ended | |||||||||||||||||||||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||
| In millions | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Net Income | |||||||||||||||||||||||||||||
| Retail Banking | $ | 1,320 | $ | 1,241 | $ | 1,324 | $ | 1,359 | $ | 1,121 | |||||||||||||||||||
| Corporate & Institutional Banking | 1,400 | 1,514 | 1,459 | 1,229 | 1,244 | ||||||||||||||||||||||||
| Asset Management Group | 118 | 121 | 117 | 129 | 105 | ||||||||||||||||||||||||
| Other | (1,078) | (856) | (1,092) | (1,090) | (989) | ||||||||||||||||||||||||
| Net income excluding noncontrolling interests | $ | 1,760 | $ | 2,020 | $ | 1,808 | $ | 1,627 | $ | 1,481 | |||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||
| Retail Banking | $ | 3,968 | $ | 3,759 | $ | 3,806 | $ | 3,756 | $ | 3,542 | |||||||||||||||||||
| Corporate & Institutional Banking | 2,982 | 3,066 | 2,909 | 2,720 | 2,630 | ||||||||||||||||||||||||
| Asset Management Group | 451 | 440 | 430 | 423 | 417 | ||||||||||||||||||||||||
| Other | (1,236) | (1,194) | (1,230) | (1,238) | (1,137) | ||||||||||||||||||||||||
| Total revenue | $ | 6,165 | $ | 6,071 | $ | 5,915 | $ | 5,661 | $ | 5,452 | |||||||||||||||||||
(a)Our business information is presented based on our internal management reporting practices. Net interest income in business segment results reflects PNC’s internal funds transfer pricing methodology. Assets receive a funding charge and liabilities and capital receive a funding credit based on a transfer pricing methodology that incorporates product repricing characteristics, tenor and other factors.
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 13 | |||||||
Table 16: Retail Banking (Unaudited) (a)
| Three months ended | |||||||||||||||||||||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||
| Dollars in millions | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Income Statement | |||||||||||||||||||||||||||||
| Net interest income | $ | 3,198 | $ | 2,989 | $ | 3,016 | $ | 2,974 | $ | 2,836 | |||||||||||||||||||
| Noninterest income | 770 | 770 | 790 | 782 | 706 | ||||||||||||||||||||||||
| Total revenue | 3,968 | 3,759 | 3,806 | 3,756 | 3,542 | ||||||||||||||||||||||||
| Provision for credit losses | 124 | 155 | 126 | 83 | 168 | ||||||||||||||||||||||||
| Noninterest expense | |||||||||||||||||||||||||||||
| Personnel | 571 | 535 | 529 | 539 | 538 | ||||||||||||||||||||||||
| Segment allocations (b) | 1,088 | 1,020 | 979 | 978 | 967 | ||||||||||||||||||||||||
| Depreciation and amortization | 132 | 95 | 97 | 87 | 86 | ||||||||||||||||||||||||
| Other (c) | 324 | 327 | 336 | 286 | 311 | ||||||||||||||||||||||||
| Total noninterest expense | 2,115 | 1,977 | 1,941 | 1,890 | 1,902 | ||||||||||||||||||||||||
| Pre-tax earnings | 1,729 | 1,627 | 1,739 | 1,783 | 1,472 | ||||||||||||||||||||||||
| Income taxes | 402 | 379 | 406 | 414 | 342 | ||||||||||||||||||||||||
| Noncontrolling interests | 7 | 7 | 9 | 10 | 9 | ||||||||||||||||||||||||
| Earnings | $ | 1,320 | $ | 1,241 | 752 | $ | 1,324 | $ | 1,359 | $ | 1,121 | ||||||||||||||||||
| Average Balance Sheet | |||||||||||||||||||||||||||||
| Loans held for sale | $ | 562 | $ | 699 | $ | 785 | $ | 874 | $ | 860 | |||||||||||||||||||
| Loans | |||||||||||||||||||||||||||||
| Consumer | |||||||||||||||||||||||||||||
| Residential real estate | $ | 38,939 | $ | 33,336 | $ | 34,043 | $ | 34,647 | $ | 35,197 | |||||||||||||||||||
| Home equity | 24,913 | 24,559 | 24,551 | 24,551 | 24,549 | ||||||||||||||||||||||||
| Automobile | 16,499 | 16,403 | 16,035 | 15,738 | 15,240 | ||||||||||||||||||||||||
| Credit card | 6,912 | 6,754 | 6,561 | 6,483 | 6,568 | ||||||||||||||||||||||||
| Other consumer | 3,257 | 3,320 | 3,334 | 3,342 | 3,391 | ||||||||||||||||||||||||
| Total consumer | 90,520 | 84,372 | 84,524 | 84,761 | 84,945 | ||||||||||||||||||||||||
| Commercial | 20,423 | 12,603 | 12,353 | 12,725 | 12,841 | ||||||||||||||||||||||||
| Total loans | $ | 110,943 | $ | 96,975 | $ | 96,877 | $ | 97,486 | $ | 97,786 | |||||||||||||||||||
| Total assets | $ | 130,616 | $ | 113,714 | $ | 114,146 | $ | 114,061 | $ | 115,176 | |||||||||||||||||||
| Deposits | |||||||||||||||||||||||||||||
| Noninterest-bearing | $ | 58,714 | $ | 52,125 | $ | 52,604 | $ | 52,353 | $ | 51,307 | |||||||||||||||||||
| Interest-bearing | 209,519 | 191,941 | 190,652 | 191,190 | 189,563 | ||||||||||||||||||||||||
| Total deposits | $ | 268,233 | $ | 244,066 | $ | 243,256 | $ | 243,543 | $ | 240,870 | |||||||||||||||||||
| Performance Ratios | |||||||||||||||||||||||||||||
| Return on average assets | 4.10 | % | 4.33 | % | 4.60 | % | 4.78 | % | 3.95 | % | |||||||||||||||||||
| Noninterest income to total revenue | 19 | % | 20 | % | 21 | % | 21 | % | 20 | % | |||||||||||||||||||
| Efficiency | 53 | % | 53 | % | 51 | % | 50 | % | 54 | % | |||||||||||||||||||
(continued on following page)
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 14 | |||||||
Retail Banking (Unaudited) (Continued)
| Three months ended | |||||||||||||||||||||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||
| Dollars in millions, except as noted | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Supplemental Noninterest Income Information | |||||||||||||||||||||||||||||
| Asset management and brokerage | $ | 161 | $ | 155 | $ | 154 | $ | 150 | $ | 152 | |||||||||||||||||||
| Card and cash management | $ | 322 | $ | 328 | $ | 334 | $ | 328 | $ | 296 | |||||||||||||||||||
| Lending and deposit services | $ | 200 | $ | 199 | $ | 199 | $ | 190 | $ | 184 | |||||||||||||||||||
| Residential and commercial mortgage | $ | 63 | $ | 78 | $ | 89 | $ | 61 | $ | 65 | |||||||||||||||||||
| Residential Mortgage Information | |||||||||||||||||||||||||||||
| Residential mortgage servicing statistics (d) | |||||||||||||||||||||||||||||
| Serviced portfolio balance (in billions) (e) | $ | 212 | $ | 198 | $ | 199 | $ | 189 | $ | 193 | |||||||||||||||||||
| MSR asset value (e) | $ | 2,786 | $ | 2,638 | $ | 2,622 | $ | 2,457 | $ | 2,523 | |||||||||||||||||||
| Servicing income: | |||||||||||||||||||||||||||||
| Servicing fees, net (f) | $ | 68 | $ | 63 | $ | 60 | $ | 60 | $ | 71 | |||||||||||||||||||
| Mortgage servicing rights valuation, net of economic hedge | $ | (27) | $ | (5) | $ | 18 | $ | 2 | $ | (4) | |||||||||||||||||||
| Residential mortgage loan statistics | |||||||||||||||||||||||||||||
| Loan origination volume (in billions) | $ | 1.5 | $ | 1.6 | $ | 1.5 | $ | 1.7 | $ | 1.0 | |||||||||||||||||||
| Loan sale margin percentage | 2.25 | % | 1.88 | % | 1.67 | % | 0.91 | % | 0.58 | % | |||||||||||||||||||
| Other Information | |||||||||||||||||||||||||||||
| Credit-related statistics | |||||||||||||||||||||||||||||
| Nonperforming assets (e) | $ | 932 | $ | 840 | $ | 827 | $ | 812 | $ | 804 | |||||||||||||||||||
| Net charge-offs - loans and leases | $ | 118 | $ | 116 | $ | 126 | $ | 120 | $ | 144 | |||||||||||||||||||
| Other statistics | |||||||||||||||||||||||||||||
| Branches (e)(g) | 2,315 | 2,224 | 2,219 | 2,218 | 2,217 | ||||||||||||||||||||||||
| Brokerage account client assets (in billions) (e)(h) | $ | 91 | $ | 91 | $ | 89 | $ | 87 | $ | 84 | |||||||||||||||||||
(a)See note (a) on page 12.
(b)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.
(c)Other is primarily comprised of other direct expenses including outside services and equipment expense.
(d)Represents mortgage loan servicing balances for third parties and the related income.
(e)Presented as of period end.
(f)Servicing fees net of impact of decrease in MSR value due to passage of time, which includes the impact from regularly scheduled loan principal payments, prepayments and loans paid off during the period.
(g)Reflects all branches excluding standalone mortgage offices and satellite offices (e.g., drive-ups, electronic branches and retirement centers) that provide limited products and/or services.
(h)Includes cash and money market balances.
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 15 | |||||||
Table 17: Corporate & Institutional Banking (Unaudited) (a)
| Three months ended | |||||||||||||||||||||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||
| Dollars in millions | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Income Statement | |||||||||||||||||||||||||||||
| Net interest income | $ | 1,838 | $ | 1,856 | $ | 1,777 | $ | 1,698 | $ | 1,652 | |||||||||||||||||||
| Noninterest income | 1,144 | 1,210 | 1,132 | 1,022 | 978 | ||||||||||||||||||||||||
| Total revenue | 2,982 | 3,066 | 2,909 | 2,720 | 2,630 | ||||||||||||||||||||||||
| Provision for credit losses | 77 | 14 | 44 | 184 | 49 | ||||||||||||||||||||||||
| Noninterest expense | |||||||||||||||||||||||||||||
| Personnel | 460 | 472 | 403 | 370 | 376 | ||||||||||||||||||||||||
| Segment allocations (b) | 424 | 422 | 387 | 381 | 383 | ||||||||||||||||||||||||
| Depreciation and amortization | 46 | 55 | 46 | 49 | 51 | ||||||||||||||||||||||||
| Other (c) | 146 | 158 | 140 | 150 | 146 | ||||||||||||||||||||||||
| Total noninterest expense | 1,076 | 1,107 | 976 | 950 | 956 | ||||||||||||||||||||||||
| Pre-tax earnings | 1,829 | 1,945 | 1,889 | 1,586 | 1,625 | ||||||||||||||||||||||||
| Income taxes | 424 | 425 | 425 | 352 | 377 | ||||||||||||||||||||||||
| Noncontrolling interests | 5 | 6 | 5 | 5 | 4 | ||||||||||||||||||||||||
| Earnings | $ | 1,400 | $ | 1,514 | $ | 1,459 | $ | 1,229 | $ | 1,244 | |||||||||||||||||||
| Average Balance Sheet | |||||||||||||||||||||||||||||
| Loans held for sale | $ | 665 | $ | 632 | $ | 691 | $ | 775 | $ | 255 | |||||||||||||||||||
| Loans | |||||||||||||||||||||||||||||
| Commercial | |||||||||||||||||||||||||||||
| Commercial and industrial | $ | 194,711 | $ | 185,195 | $ | 182,484 | $ | 177,630 | $ | 170,071 | |||||||||||||||||||
| Commercial real estate | 28,802 | 29,374 | 30,032 | 30,962 | 32,151 | ||||||||||||||||||||||||
| Total commercial | 223,513 | 214,569 | 212,516 | 208,592 | 202,222 | ||||||||||||||||||||||||
| Consumer | 3 | 2 | 2 | 4 | 3 | ||||||||||||||||||||||||
| Total loans | $ | 223,516 | $ | 214,571 | $ | 212,518 | $ | 208,596 | $ | 202,225 | |||||||||||||||||||
| Total assets | $ | 249,789 | $ | 241,169 | $ | 238,338 | $ | 234,391 | $ | 227,069 | |||||||||||||||||||
| Deposits | |||||||||||||||||||||||||||||
| Noninterest-bearing | $ | 38,959 | $ | 41,308 | $ | 38,732 | $ | 39,196 | $ | 39,501 | |||||||||||||||||||
| Interest-bearing | 122,219 | 122,457 | 116,460 | 107,275 | 108,503 | ||||||||||||||||||||||||
| Total deposits | $ | 161,178 | $ | 163,765 | $ | 155,192 | $ | 146,471 | $ | 148,004 | |||||||||||||||||||
| Performance Ratios | |||||||||||||||||||||||||||||
| Return on average assets | 2.27 | % | 2.49 | % | 2.43 | % | 2.10 | % | 2.22 | % | |||||||||||||||||||
| Noninterest income to total revenue | 38 | % | 39 | % | 39 | % | 38 | % | 37 | % | |||||||||||||||||||
| Efficiency | 36 | % | 36 | % | 34 | % | 35 | % | 36 | % | |||||||||||||||||||
(continued on following page)
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 16 | |||||||
Corporate & Institutional Banking (Unaudited) (Continued)
| Three months ended | |||||||||||||||||||||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||
| Dollars in millions | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Other Information | |||||||||||||||||||||||||||||
| Consolidated revenue from: | |||||||||||||||||||||||||||||
| Treasury Management (d) | $ | 1,169 | $ | 1,197 | $ | 1,120 | $ | 1,077 | $ | 1,049 | |||||||||||||||||||
| Commercial mortgage banking activities: | |||||||||||||||||||||||||||||
| Commercial mortgage loans held for sale (e) | $ | 14 | $ | 35 | $ | 22 | $ | 24 | $ | 26 | |||||||||||||||||||
| Commercial mortgage loan servicing income (f) | 108 | 115 | 121 | 116 | 94 | ||||||||||||||||||||||||
| Commercial mortgage servicing rights valuation, net of economic hedge | 28 | 37 | 47 | 36 | 39 | ||||||||||||||||||||||||
| Total | $ | 150 | $ | 187 | $ | 190 | $ | 176 | $ | 159 | |||||||||||||||||||
| Commercial mortgage servicing statistics | |||||||||||||||||||||||||||||
| Serviced portfolio balance (in billions) (g)(h) | $ | 296 | $ | 294 | $ | 293 | $ | 295 | $ | 294 | |||||||||||||||||||
| MSR asset value (g) | $ | 1,029 | $ | 1,021 | $ | 1,006 | $ | 1,010 | $ | 1,041 | |||||||||||||||||||
| Average loans by C&IB business | |||||||||||||||||||||||||||||
| Corporate Banking | $ | 137,550 | $ | 130,050 | $ | 126,994 | $ | 123,069 | $ | 117,659 | |||||||||||||||||||
| Real Estate | 41,074 | 40,836 | 41,863 | 42,533 | 43,283 | ||||||||||||||||||||||||
| Business Credit | 33,944 | 32,552 | 32,412 | 31,544 | 30,044 | ||||||||||||||||||||||||
| Commercial Banking | 7,113 | 7,007 | 7,158 | 7,281 | 7,343 | ||||||||||||||||||||||||
| Other | 3,835 | 4,126 | 4,091 | 4,169 | 3,896 | ||||||||||||||||||||||||
| Total average loans | $ | 223,516 | $ | 214,571 | $ | 212,518 | $ | 208,596 | $ | 202,225 | |||||||||||||||||||
| Credit-related statistics | |||||||||||||||||||||||||||||
| Nonperforming assets (g) | $ | 1,309 | $ | 1,375 | $ | 1,323 | $ | 1,160 | $ | 1,372 | |||||||||||||||||||
| Net charge-offs - loans and leases | $ | 92 | $ | 49 | $ | 53 | $ | 83 | $ | 64 | |||||||||||||||||||
(a)See note (a) on page 12.
(b)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.
(c)Other is primarily comprised of other direct expenses including outside services and equipment expense.
(d)Amounts are reported in net interest income and noninterest income.
(e)Represents commercial mortgage banking income for valuations on commercial mortgage loans held for sale and related commitments, derivative valuations, origination fees, gains on sale of loans held for sale and net interest income on loans held for sale.
(f)Represents net interest income and noninterest income from loan servicing, net of reduction in commercial mortgage servicing rights due to time and payoffs. Commercial mortgage servicing rights valuation, net of economic hedge is shown separately.
(g)Presented as of period end.
(h)Represents balances related to capitalized servicing.
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 17 | |||||||
Table 18: Asset Management Group (Unaudited) (a)
| Three months ended | |||||||||||||||||||||||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||
| Dollars in millions, except as noted | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Income Statement | |||||||||||||||||||||||||||||
| Net interest income | $ | 189 | $ | 180 | $ | 176 | $ | 179 | $ | 174 | |||||||||||||||||||
| Noninterest income | 262 | 260 | 254 | 244 | 243 | ||||||||||||||||||||||||
| Total revenue | 451 | 440 | 430 | 423 | 417 | ||||||||||||||||||||||||
| Provision for (recapture of) credit losses | 5 | (11) | 4 | (13) | 1 | ||||||||||||||||||||||||
| Noninterest expense | |||||||||||||||||||||||||||||
| Personnel | 125 | 120 | 115 | 115 | 121 | ||||||||||||||||||||||||
| Segment allocations (b) | 127 | 133 | 120 | 118 | 117 | ||||||||||||||||||||||||
| Depreciation and amortization | 10 | 11 | 9 | 10 | 8 | ||||||||||||||||||||||||
| Other (c) | 30 | 29 | 29 | 25 | 33 | ||||||||||||||||||||||||
| Total noninterest expense | 292 | 293 | 273 | 268 | 279 | ||||||||||||||||||||||||
| Pre-tax earnings | 154 | 158 | 153 | 168 | 137 | ||||||||||||||||||||||||
| Income taxes | 36 | 37 | 36 | 39 | 32 | ||||||||||||||||||||||||
| Earnings | $ | 118 | $ | 121 | $ | 117 | $ | 129 | $ | 105 | |||||||||||||||||||
| Average Balance Sheet | |||||||||||||||||||||||||||||
| Loans | |||||||||||||||||||||||||||||
| Consumer | |||||||||||||||||||||||||||||
| Residential real estate | $ | 9,826 | $ | 9,876 | $ | 9,937 | $ | 9,912 | $ | 9,907 | |||||||||||||||||||
| Other consumer | 3,735 | 3,673 | 3,574 | 3,543 | 3,472 | ||||||||||||||||||||||||
| Total consumer | 13,561 | 13,549 | 13,511 | 13,455 | 13,379 | ||||||||||||||||||||||||
| Commercial | 835 | 566 | 659 | 731 | 657 | ||||||||||||||||||||||||
| Total loans | $ | 14,396 | $ | 14,115 | $ | 14,170 | $ | 14,186 | $ | 14,036 | |||||||||||||||||||
| Total assets | $ | 14,804 | $ | 14,505 | $ | 14,575 | $ | 14,629 | $ | 14,482 | |||||||||||||||||||
| Deposits | |||||||||||||||||||||||||||||
| Noninterest-bearing | $ | 1,411 | $ | 1,387 | $ | 1,426 | $ | 1,585 | $ | 1,540 | |||||||||||||||||||
| Interest-bearing | 26,310 | 25,564 | 25,437 | 25,327 | 26,106 | ||||||||||||||||||||||||
| Total deposits | $ | 27,721 | $ | 26,951 | $ | 26,863 | $ | 26,912 | $ | 27,646 | |||||||||||||||||||
| Performance Ratios | |||||||||||||||||||||||||||||
| Return on average assets | 3.23 | % | 3.31 | % | 3.18 | % | 3.54 | % | 2.94 | % | |||||||||||||||||||
| Noninterest income to total revenue | 58 | % | 59 | % | 59 | % | 58 | % | 58 | % | |||||||||||||||||||
| Efficiency | 65 | % | 67 | % | 63 | % | 63 | % | 67 | % | |||||||||||||||||||
| Other Information | |||||||||||||||||||||||||||||
| Nonperforming assets (d) | $ | 45 | $ | 52 | $ | 58 | $ | 63 | $ | 36 | |||||||||||||||||||
| Net charge-offs (recoveries) - loans and leases | $ | — | $ | — | $ | 2 | $ | (1) | $ | — | |||||||||||||||||||
| Client Assets Under Administration (in billions) (d)(e) | |||||||||||||||||||||||||||||
| Discretionary client assets under management | |||||||||||||||||||||||||||||
| PNC Private Bank | $ | 136 | $ | 138 | $ | 137 | $ | 131 | $ | 127 | |||||||||||||||||||
| Institutional Asset Management | 94 | 96 | 91 | 86 | 83 | ||||||||||||||||||||||||
| Total discretionary clients assets under management | 230 | 234 | 228 | 217 | 210 | ||||||||||||||||||||||||
| Nondiscretionary client assets under administration | 233 | 238 | 212 | 204 | 201 | ||||||||||||||||||||||||
| Total | $ | 463 | $ | 472 | $ | 440 | $ | 421 | $ | 411 | |||||||||||||||||||
(a)See note (a) on page 12.
(b)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.
(c)Other is primarily comprised of other direct expenses including outside services and equipment expense.
(d)Presented as of period end.
(e)Excludes brokerage account client assets.
THE PNC FINANCIAL SERVICES GROUP, INC. | Page 18 | |||||||
Glossary of Terms
Allowance for credit losses (ACL) – A valuation account that is deducted from or added to the amortized cost basis of the related
financial assets to present the net carrying value at the amount expected to be collected on the financial asset.
Amortized cost basis – Amount at which a financial asset is originated or acquired, adjusted for applicable accretion or amortization of premiums, discounts and net deferred fees or costs, collection of cash, charge-offs, foreign exchange and fair value hedge accounting adjustments.
Basel III common equity tier 1 (CET1) capital (Tailoring Rules) – Common stock plus related surplus, net of treasury stock, plus retained earnings, less goodwill, net of associated deferred tax liabilities, less other disallowed intangibles, net of deferred tax liabilities and plus/less other adjustments. Investments in unconsolidated financial institutions, as well as mortgage servicing rights and deferred tax assets, must then be deducted to the extent such items (net of associated deferred tax liabilities) individually exceed 25% of our adjusted Basel III common equity tier 1 capital.
Basel III common equity tier 1 capital ratio – Common equity tier 1 capital divided by period-end risk-weighted assets (as applicable).
Basel III tier 1 capital – Common equity tier 1 capital, plus qualifying preferred stock, plus certain trust preferred capital securities, plus certain noncontrolling interests that are held by others and plus/less other adjustments.
Basel III tier 1 capital ratio – Tier 1 capital divided by period-end risk-weighted assets (as applicable).
Basel III Total capital – Tier 1 capital plus qualifying subordinated debt, plus certain trust preferred securities, plus, under the Basel III transitional rules and the standardized approach, the allowance for loan and lease losses included in tier 2 capital and other.
Basel III Total capital ratio – Basel III Total capital divided by period-end risk-weighted assets (as applicable).
Charge-off – Process of removing a loan or portion of a loan from our balance sheet because it is considered uncollectible. We also record a charge-off when a loan is transferred from portfolio holdings to held for sale by reducing the loan carrying amount to the fair value of the loan, if fair value is less than carrying amount.
Common shareholders’ equity – Total shareholders' equity less the liquidation value of preferred stock.
Credit valuation adjustment – Represents an adjustment to the fair value of our derivatives for our own and counterparties’ non-performance risk.
Criticized commercial loans – Loans with potential or identified weaknesses based upon internal risk ratings that comply with the regulatory classification definitions of “special mention,” “substandard” or “doubtful.”
Current Expected Credit Loss (CECL) – Methodology for estimating the allowance for credit losses on in-scope financial assets held at amortized cost and unfunded lending related commitments which uses a combination of expected losses over a reasonable and supportable forecast period, a reversion period and long run average credit losses for their estimated contractual term.
Discretionary client assets under management – Assets over which we have sole or shared investment authority for our customers/clients. We do not include these assets on our Consolidated Balance Sheet.
Earning assets – Assets that generate income, which include: interest-earning deposits with banks; loans held for sale; loans; investment securities; and certain other assets.
Effective duration – A measurement, expressed in years, that, when multiplied by a change in interest rates, would approximate the percentage change in value of on- and off- balance sheet positions.
Efficiency – Noninterest expense divided by total revenue.
Fair value – The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Fee income – Refers to the following categories within Noninterest income: Asset management and brokerage, Capital markets and advisory, Card and cash management, Lending and deposit services, and Residential and commercial mortgage.
GAAP – Accounting principles generally accepted in the United States of America.
Leverage ratio – Basel III tier 1 capital divided by average quarterly adjusted total assets.
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Nondiscretionary client assets under administration – Assets we hold for our customers/clients in a nondiscretionary, custodial capacity. We do not include these assets on our Consolidated Balance Sheet.
Nonperforming assets – Nonperforming assets include nonperforming loans, OREO, foreclosed and other assets. We do not accrue interest income on assets classified as nonperforming.
Nonperforming loans – Loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. Interest income is not recognized on nonperforming loans. Nonperforming loans exclude certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest, loans held for sale and loans accounted for under the fair value option.
Operating leverage – The period to period dollar or percentage change in total revenue less the dollar or percentage change in noninterest expense. A positive variance indicates that revenue growth exceeded expense growth (i.e., positive operating leverage) while a negative variance implies expense growth exceeded revenue growth (i.e., negative operating leverage).
Other real estate owned (OREO) and foreclosed assets – Assets taken in settlement of troubled loans primarily through deed-in-lieu of foreclosure or foreclosure. Foreclosed assets include real and personal property. Certain assets that have a government-guarantee which are classified as other receivables are excluded.
Purchased credit deteriorated assets (PCD) – Acquired loans or debt securities that, at acquisition, are determined to have experienced a more-than-insignificant deterioration in credit quality since origination or issuance.
Purchased seasoned loans (PSL) – Acquired loans that, at acquisition, have not experienced a more-than-insignificant credit deterioration since origination and are deemed "seasoned". A loan is seasoned if it was purchased more than 90 days after origination and PNC was not involved in the origination of the loan. All loans that are acquired without credit deterioration through a business combination are deemed "seasoned".
Risk-weighted assets – Computed by the assignment of specific risk-weights (as defined by the Board of Governors of the Federal Reserve System) to assets and off-balance sheet instruments.
Servicing rights – Intangible assets or liabilities created by an obligation to service assets for others. Typical servicing rights include the right to receive a fee for collecting and forwarding payments on loans and related taxes and insurance premiums held in escrow.
Supplementary leverage ratio – Basel III tier 1 capital divided by Supplementary leverage exposure.
Tailoring Rules – Rules adopted by the federal banking agencies to better tailor the application of their capital, liquidity, and enhanced prudential requirements for banking organizations to the asset size and risk profile (as measured by certain regulatory metrics) of the banking organization. Effective January 1, 2020, the agencies' capital and liquidity rules classify all BHCs with $100 billion or more in total assets into one of four categories (Category I, Category II, Category III, and Category IV).
Taxable-equivalent interest income – The interest income earned on certain assets that is completely or partially exempt from federal income tax. These tax-exempt instruments typically yield lower returns than taxable investments.
Unfunded lending related commitments – Standby letters of credit, financial guarantees, commitments to extend credit and similar unfunded obligations that are not unilaterally, unconditionally, cancelable at PNC’s option.
FAQ
How did PNC (PNC) perform financially in the first quarter of 2026?
PNC reported net income of $1.8 billion for the first quarter of 2026, with $6.2 billion in total revenue. Diluted EPS was $4.13, or $4.32 on an adjusted basis excluding FirstBank integration costs of $98 million pre-tax.
What impact did the FirstBank acquisition have on PNC’s Q1 2026 results?
PNC completed its acquisition of FirstBank on January 5, 2026, adding $26 billion of assets, $16 billion of loans and $23 billion of deposits at close. FirstBank’s operations boosted loan and deposit growth and drove $98 million of pre-tax integration costs during the quarter.
How strong were PNC’s loans and deposits in Q1 2026?
Average loans were $350.9 billion, up 7% from the prior quarter, while average deposits reached $458.4 billion, up 4%. Growth was driven by acquired FirstBank loans and deposits and strong legacy commercial and industrial lending activity across PNC’s footprint.
What were PNC’s credit quality metrics for the first quarter of 2026?
Provision for credit losses was $210 million and net loan charge-offs were $253 million, including $45 million of acquired FirstBank-related charge-offs. The allowance for credit losses stood at $5.5 billion, or 1.52% of total loans, with nonperforming loans at 0.62% of loans.
How did PNC’s net interest income and margin trend in Q1 2026?
Net interest income was $3.96 billion, up 6% from the fourth quarter of 2025 and 14% year over year. Net interest margin improved to 2.95%, an increase of 11 basis points quarter over quarter and 17 basis points compared with the first quarter of 2025.