PNCPNC Financial Services
- Headquarters
- Pittsburgh, PA
- CEO
- William S. Demchak
- Next results
- around Jan 15, 2027
2 paragraphs in Risk Factors of the 10-K filed Feb 20, 2026 with nothing like them in the 10-K filed Feb 21, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
not support the environmental goals of our customers, or increased losses due to the impact of climate change on the collateral that secures customer borrowings. Our risk management needs to continue to evolve, or it may not be effective in identifying, measuring, monitoring and controlling climate risk exposure, particularly given that the timing, nature and severity of the impacts of climate change may not be predictable.
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materially affect our financial statements. In some cases, PNC may be required to retrospectively apply a new or amended standard resulting in changes to previously reported financial results.
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New in the latest 10-Q
20 paragraphs in the 10-Q filed Nov 3, 2026 with nothing like them in the 10-Q filed Aug 5, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
- Our baseline forecast is for the Federal Reserve to raise rates twice more, at the December 2026 and March 2027 Federal Open Market Committee meetings, ultimately bringing the federal funds rate to a range of 4.25% to 4.50%.
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• Net interest margin decreased 2 basis points to 2.94% reflecting growth in lower-yielding loans and higher funding costs.
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• Our CET1 ratio was 9.8% at September 30, 2026 and 10.6% at December 31, 2025. The decrease was primarily due to higher risk-weighted assets, share repurchases and dividends, partially offset by the benefit of net income.
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Statements regarding our business outlook are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. See the Cautionary Statement Regarding Forward-Looking Information section preceding this Financial Review for additional details.
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During the third quarter of 2026, we transferred our $1.4 billion education loan portfolio to Loans held-for-sale.
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See Note 17 Subsequent Events for details on the November 1, 2026 redemption of $525 million of depository shares representing all of the interests in Series S preferred stock.
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(d) Yields and rates are calculated using the applicable annualized interest income or expense for each product, based on its contractual day-count convention (e.g., 30/360; actual/actual; actual/360), divided by the applicable average earning assets or interest-bearing liabilities. This approach accounts for differences in product conventions to reduce seasonal volatility in net interest margin.
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(b) 1Q26 results include negative $32 million of Visa derivative adjustments and $28 million of net securities gains that are not included in these adjustments as significant items because they are not meaningful for comparison purposes.
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(c) 3Q26 results include a $1 million loss on sale of securities that is not included in these adjustments as a significant item because it is immaterial and its inclusion would not alter the 3Q26 after-tax impact of integration costs and significant items of $0.12 per common share.
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(b) 1Q26 results include negative $32 million of Visa derivative adjustments and $28 million of net securities gains that are not included in these adjustments as significant items because they are not meaningful for comparison purposes.
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(c) 3Q26 results include a $1 million loss on sale of securities that is not included in these adjustments as a significant item because it is immaterial and its inclusion would not alter the 3Q26 after-tax impact of integration costs and significant items of $0.12 per common share.
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On September 30, 2026, the Federal Reserve issued two final rules: the Enhanced Transparency Rule, which is intended to enhance the transparency of its stress testing process, and the SCB Averaging Rule, which is intended to reduce volatility in the SCB requirement applicable to firms such as PNC based on their supervisory stress test results.
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Under the Enhanced Transparency Rule, the Federal Reserve will annually publish comprehensive documentation on its stress test models and seek public comment on stress test scenarios and any material model changes. The Federal Reserve also provided additional information regarding its scenario design framework and the macroeconomic variables that will be used in stress testing. The rule also revises the annual stress test calendar by moving the deadline for firms to submit their capital plans from April 5 to April 30 and the deadline for the Federal Reserve to provide final SCB requirements from August 31 to September 30. Firms will be required to comply with their new SCBs on January 1 of the following year, rather than October 1 of the year in which the stress test occurs. In addition, the Federal Reserve requested public comment on proposed revisions to its noninterest income model that, if adopted, would replace the current model beginning with the 2027 stress test.
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The SCB Averaging Rule amended the calculation of the SCB to reduce the volatility of the stress testing capital requirement. Effective January 1, 2029, the SCB will be calculated using the average of two consecutive supervisory stress test results. PNC will remain subject to its current 2.5% minimum SCB until a new SCB requirement takes effect on January 1, 2028.
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Financial statements and notes
During the third quarter of 2026, we transferred our $ 1.4 billion education loan portfolio to Loans held-for-sale at the lower of amortized cost or fair value (determined in the aggregate) and incurred $ 35 million in charge-offs upon transfer.
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September 30, 2026 1 Year or Less After 1 Year After 5 Years After 10 Years Total
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(d) Includes charge-offs of deposit overdrafts. September 30, 2026 amounts also include $35 million in charge-offs related to the third quarter transfer of our education loan portfolio to Loans held-for-sale.
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(b) See Note 17 Subsequent Events for details on the November 1, 2026 redemption of $ 525 million of depositary shares representing all of the interests in Series S preferred stock.
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result in significant reputational harm or other adverse consequences. Our practice is to cooperate fully with regulatory and governmental investigations, audits and other inquiries.
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On November 1, 2026, PNC redeemed $ 525 million of depositary shares representing interests in PNC’s fixed-to-floating rate non-cumulative perpetual preferred stock, Series S. Each depositary share represented a 1/100th interest in a share of the Series S preferred stock. The depositary shares were redeemed at a redemption price of $1,000 per depositary share. The redemption price did not include any declared but unpaid dividends. The semiannual dividend declared but not paid prior to the redemption date was paid on the redemption date to holders of record on a date prior to the redemption set by the Board of Directors of PNC. All 525,000 depositary shares outstanding were redeemed.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 3, 2026 against Item 1A of the 10-K filed Feb 20, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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There are no material changes from any of the risk factors previously disclosed in our 2025 Form 10-K in response to Part I, Item 1A.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on PNC in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
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