PNC Reports Third Quarter 2026 Net Income of $2.1 Billion,
Grew average loans and deposits; increased NII and reduced expenses; 57% efficiency ratio PITTSBURGH, Oct. 15, 2026 – The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:
“Our strategy continues to drive growth across our businesses, as we deepen our presence in key markets and expand our reach nationally. During the third quarter, we continued to build on the strong momentum we delivered in the first half of the year, and we generated an 18.3% return on average tangible common equity. We are well positioned, and remain confident in our long-term outlook.”
- more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 2
In the third quarter of 2026, PNC incurred integration costs related to the FirstBank acquisition of $36 million. Results also included significant items of negative $25 million related to net Visa activity, including an $11 million valuation gain on remaining Visa shares received in the second quarter exchange and negative $36 million of Visa Class B-3 derivative fair value adjustments, primarily related to litigation escrow funding. The combined after-tax impact of both integration costs and 3Q26 significant items resulted in a $48 million decline in net income, or a 12 cent reduction to EPS.
During the second quarter of 2026, PNC incurred integration costs of $127 million and significant items with a net benefit of $84 million, as outlined in the table below. The combined after-tax impact of both integration costs and 2Q26 significant items resulted in a $15 million decline in net income, or a 4 cent reduction to EPS.
Impact of Integration Costs and Significant Items In millions, except per share data Noninterest Income 3Q26 2Q26 ────────────────────────────────────────────────────────────────────────────── Gains related to Visa share $ 11 $ 448 exchange Visa Class B-3 derivative fair value -36 -85 adjustments 2Q26 loss on sale of securities -139 Significant items $ -25 $ 224 Integration costs -9 -6 Noninterest income impact of integration $ -34 $ 218 costs and significant items Noninterest Expense Significant item - contribution to PNC $ 140 Foundation Integration costs $ 27 121 Noninterest expense impact of integration costs and significant $ 27 $ 261 items Net Income and EPS Total significant items $ -25 $ 84 Total integration costs -36 -127 Pretax, pre-provision impact $ -61 $ -43 Income taxes (benefit) -13 -28 Net income decrease from integration $ -48 $ -15 costs and significant items EPS impact of integration costs and $ -0.12 $ -0.04 significant items Income taxes on integration costs and significant items are calculated at a statutory tax rate of 21% on pretax, pre-provision earnings. 2Q26 significant items tax impact also includes the benefit of shares donated to the PNC Foundation.
▪ Total revenue of $6.6 billion decreased $313 million, or 5%, as growth in net interest income was more than offset by lower noninterest income.
– Net interest income of $4.2 billion increased $99 million, or 2%, driven by commercial loan growth and higher yields on interest-earning assets, partially offset by increased funding costs.
– Fee income of $2.1 billion decreased $137 million, or 6%, primarily due to elevated second quarter capital markets and advisory revenue.
– Other noninterest income of $214 million included higher private equity revenue and significant items of negative $25 million related to net Visa activity. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 3
▪ Noninterest expense of $3.8 billion decreased $347 million, or 8%, and included $27 million of integration costs in the third quarter, compared to $261 million of both integration costs and significant items in the second quarter. Excluding these items from both quarters, noninterest expense, as adjusted, decreased 3%.
▪ Provision for credit losses was $189 million in the third quarter, stable from the second quarter.
▪ The effective tax rate was 20.0% for the third quarter and 20.5% for the second quarter.
Third quarter 2026 compared with second quarter 2026 or September 30, 2026 compared with June 30, 2026
▪ Average loans of $372.2 billion increased $9.0 billion, or 2%. Average commercial loans increased $10.4 billion, or 4%, driven by strong new production and increased utilization. Average consumer loans decreased $1.4 billion, or 1%, primarily due to lower residential mortgage loans and the student loan portfolio transfer.
– Loans at September 30, 2026 of $378.8 billion increased $10.8 billion, or 3%, from June 30, 2026, driven by commercial loan growth. This increase was partially offset by a decline in consumer loans, including the transfer of the $1.4 billion student loan portfolio to held-for-sale.
– Delinquencies of $1.3 billion decreased $135 million, or 9%, due to lower consumer loan delinquencies.
– Total nonperforming loans of $2.2 billion increased $167 million, or 8%, driven by higher commercial nonperforming loans.
– Net loan charge-offs were $257 million and included $35 million related to the transfer of student loans to held-for-sale.
– The allowance for credit losses was $5.4 billion, or 1.42% of total loans, at September 30, 2026 and $5.5 billion, or 1.48% of total loans, at June 30, 2026.
▪ Average investment securities of $151.4 billion increased $4.3 billion, or 3%, reflecting higher residential mortgage-backed securities.
▪ Average deposits of $461.2 billion increased $4.2 billion, or 1% , primarily due to seasonally higher commercial interest-bearing deposits .
– Deposits at September 30, 2026 of $466.4 billion increased $16.6 billion, or 4%, from June 30, 2026, driven by higher commercial interest-bearing deposits, reflecting seasonality as well as new and expanded client relationships.
– On October 2, 2026, the PNC board of directors declared a quarterly cash dividend on common stock of $2.00 per share to be paid on November 5, 2026 to shareholders of record at the close of business October 14, 2026.
– PNC returned $1.4 billion of capital to shareholders, reflecting $0.8 billion of dividends on common shares and $0.6 billion of common share repurchases.
– Share repurchase activity in the fourth quarter of 2026 is expected to approximate third quarter 2026 share repurchase levels.
– The Basel III common equity tier 1 capital ratio was an estimated 9.8% at September 30, 2026 and was 9.9% at June 30, 2026.
– PNC’s average LCR for the three months ended September 30, 2026 was 106%, exceeding the regulatory minimum requirement throughout the quarter. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 4
In millions, except per Earnings Summary share data 3Q26 2Q26 3Q25 ────────────────────────────────────────────────────────────────────────────── Net income $ 2,097 $ 2,055 $ 1,822 Net income attributable to $ 1,994 $ 1,941 $ 1,723 diluted common shareholders Net income attributable to diluted $ 2,042 $ 1,956 common shareholders - as adjusted(non-GAAP) Diluted earnings per $ 4.97 $ 4.81 $ 4.35 common share Diluted earnings per common share - as $ 5.09 $ 4.85 adjusted(non-GAAP) Average diluted common shares 401 403 396 outstanding Cash dividends declared per common $ 2.00 $ 1.70 $ 1.70 share 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.
Total revenue for the third quarter of 2026 decreased $313 million compared to the second quarter of 2026 as growth in net interest income was more than offset by lower noninterest income. Noninterest income in the third quarter of 2026 included integration costs and significant items of negative $34 million compared to a benefit of $218 million in the second quarter of 2026. Compared to the third quarter of 2025, total revenue increased $647 million due to both higher net interest income and noninterest income.
Net interest income of $4.2 billion increased $99 million from the second quarter of 2026 driven by commercial loan growth and higher yields on interest- earning assets, partially offset by increased funding costs. Compared to the third quarter of 2025, net interest income increased $558 million due to commercial loan growth, the benefit of FirstBank and lower funding costs.
Net interest margin was 2.94% in the third quarter of 2026, 2.96% in the second quarter of 2026 and 2.79% in the third quarter of 2025. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 5
Noninterest income for the third quarter of 2026 decreased $412 million from the second quarter of 2026 primarily due to the change in integration costs and significant items, as well as lower capital markets and advisory revenue. Asset management and brokerage fees increased $7 million as a result of higher average equity markets and increased client activity. Capital markets and advisory revenue decreased $144 million due to elevated second quarter activity. Card and cash management decreased $3 million as higher treasury management product revenue was more than offset by FirstBank integration related fee waivers. Lending and deposit services revenue increased $12 million primarily due to increased customer activity. Residential and commercial mortgage revenue decreased $9 million driven by lower residential mortgage revenue. Other noninterest income of $214 million included higher private equity revenue and negative $25 million of significant items related to net Visa activity. Second quarter of 2026 other noninterest income included the benefit of $218 million of both integration costs and significant items.
Compared to the third quarter of 2025, noninterest income increased $89 million. Asset management and brokerage fees increased $43 million as a result of higher average equity markets and growth in client relationships. Card and cash management increased $32 million driven by increased treasury management product revenue, as well as growth in customer relationships and activity. Lending and deposit related revenue increased $23 million due to increased customer activity and higher loan commitment fee revenue. Residential and commercial mortgage revenue decreased $26 million primarily driven by lower mortgage servicing rights valuation, net of economic hedge. Other noninterest income increased $16 million reflecting higher private equity revenue.
- more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 6
Noninterest expense for the third quarter of 2026 of $3.8 billion decreased $347 million from the second quarter of 2026. Noninterest expense, as adjusted for both quarters, decreased $113 million from the second quarter of 2026 driven by lower compensation expense and continued expense discipline. Compared to the third quarter of 2025, noninterest expense, as adjusted for the third quarter of 2026, increased $263 million reflecting continued investments to support business growth as well as the addition of FirstBank operating expenses.
The effective tax rate was 20.0% for the third quarter of 2026, 20.5% for the second quarter of 2026 and 20.3% for the third quarter of 2025.
Average loans for the third quarter of 2026 increased $9.0 billion compared to the second quarter of 2026 and $46.2 billion compared to the third quarter of 2025.
Average commercial loans increased $10.4 billion and $42.4 billion compared to the second quarter of 2026 and the third quarter of 2025, respectively. In each comparison, the growth was driven by strong new production and increased utilization. Compared to the third quarter of 2025, the increase was also attributable to acquired FirstBank loans.
Average consumer loans decreased $1.4 billion compared to the second quarter of 2026, primarily due to lower residential mortgage loans and the student loan portfolio transfer. Compared to the third quarter of 2025, average consumer loans increased $3.8 billion driven by the benefit of FirstBank loans.
Loans at September 30, 2026 increased $10.8 billion from June 30, 2026, driven by commercial loan growth partially offset by lower consumer loans. The decrease in consumer loans was primarily attributable to the transfer of the $1.4 billion student loan portfolio to held-for-sale, in addition to lower residential mortgage loans. Compared to September 30, 2025, loans increased $52.2 billion, as a result of commercial loan growth as well as the benefit from acquired FirstBank commercial and consumer loans. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 7
Average investment securities of $151.4 billion in the third quarter of 2026 increased $4.3 billion compared to the second quarter of 2026 and $6.9 billion compared to the third quarter of 2025. In both comparisons, the increase reflected higher residential mortgage-backed securities.
The duration of the investment securities portfolio was 4.1 years as of September 30, 2026, 3.6 years at June 30, 2026 and 3.4 years as of September 30, 2025. Net unrealized losses on available-for-sale securities were $4.0 billion at September 30, 2026 and $2.1 billion at both June 30, 2026 and September 30, 2025.
Third quarter 2026 average deposits of $461.2 billion increased $4.2 billion compared to the second quarter of 2026, driven by seasonally higher commercial interest-bearing deposits. C ompared to the third quarter of 2025, average deposits increased $29.4 billion, reflecting the addition of FirstBank and growth in commercial interest-bearing deposits.
Deposits at September 30, 2026 increased $16.6 billion and $33.6 billion from June 30, 2026 and September 30, 2025, respectively. In each comparison, the increase included higher commercial interest-bearing deposits, reflecting new and expanded client relationships. Compared to the third quarter of 2025, the increase was also attributable to acquired FirstBank deposits.
Average noninterest-bearing deposits as a percentage of total average deposits was 22% in the third quarter of 2026, 23% in the second quarter of 2026 and 21% in the third quarter of 2025. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 8
Average borrowed funds of $85.7 billion in the third quarter of 2026 increased $6.7 billion compared to the second quarter of 2026 and $19.4 billion compared to the third quarter of 2025. In both comparisons, the increase was primarily due to higher Federal Home Loan Bank advances added late in the second quarter of 2026.
Borrowed funds at September 30, 2026 decreased $6.0 billion from June 30, 2026, driven by a reduction in Federal Home Loan Bank advances.
PNC maintained a strong capital position. Common shareholders’ equity at September 30, 2026 decreased $1.6 billion from June 30, 2026 due to a decline in accumulated other comprehensive income, common dividends paid and share repurchases, partially offset by net income.
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 $6.5 billion at September 30, 2026 compared to negative $4.1 billion at both June 30, 2026 and September 30, 2025. The decline in each comparison reflected the impact of higher interest rates on securities and swaps, partially offset by the continued accretion of unrealized losses.
In the third quarter of 2026, PNC returned $1.4 billion of capital to shareholders, reflecting $0.8 billion of dividends on common shares and $0.6 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 27% of the 100 million common shares still available for repurchase at September 30, 2026 under the repurchase program previously approved by our board of directors.
Share repurchase activity in the fourth quarter of 2026 is expected to approximate third quarter of 2026 share repurchase levels. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. PNC’s SCB will be maintained at the regulatory minimum of 2.5% through December 31, 2027.
On October 2, 2026, the PNC board of directors declared a quarterly cash dividend on common stock of $2.00 per share to be paid on November 5, 2026 to shareholders of record at the close of business October 14, 2026. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 9
At September 30, 2026, PNC was considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements. F or additional information regarding PNC’s Basel III capital ratios, see Capital Ratios in the Consolidated Financial Highlights.
Provision for credit losses was $189 million in the third quarter of 2026, $191 million in the second quarter of 2026 and $167 million in the third quarter of 2025.
Net loan charge-offs were $257 million in the third quarter of 2026, increasing $31 million and $78 million compared to the second quarter of 2026 and the third quarter of 2025, respectively. In both comparisons, the increase included $35 million in net loan charge-offs related to the student loan portfolio transfer. Compared to the third quarter of 2025, net loan charge-offs also increased due to higher commercial loan net charge-offs.
The allowance for credit losses was $5.4 billion at September 30, 2026, $5.5 billion at June 30, 2026 and $5.3 billion at September 30, 2025. The allowance for credit losses as a percentage of total loans was 1.42% at September 30, 2026, 1.48% at June 30, 2026 and 1.61% at September 30, 2025.
Delinquencies at September 30, 2026 were $1.3 billion, decreasing $135 million from June 30, 2026 due to lower consumer loan delinquencies. Compared to September 30, 2025, delinquencies increased $68 million due to higher commercial loan delinquencies.
Nonperforming loans of $2.2 billion at September 30, 2026 increased $167 million compared to June 30, 2026 and $57 million compared to September 30, 2025. In both comparisons, the increase was driven by higher commercial nonperforming loans. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 10
▪ Earnings decreased 18%, reflecting lower noninterest income, primarily due to a $448 million gain related to the Visa share exchange recognized in the second quarter, as well as lower net interest income, partially offset by a lower provision for credit losses.
– Noninterest income decreased 31%, primarily reflecting impacts from the Visa exchange program that occurred in the second quarter of 2026.
▪ Average loans decreased 2% and included lower residential real estate loans as well as the student loan portfolio transfer.
▪ Average deposits decreased 2%, primarily due to lower consumer interest- bearing and noninterest-bearing deposit balances.
▪ Earnings increased 5%, 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 7%, due to increased customer activity and the addition of FirstBank. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 11
– Noninterest expense increased 8% and included FirstBank related expenses as well as continued investments to support business growth.
• Brokerage account client assets increased 9%, driven by higher spot equity markets.
▪ Average loans increased 11%, driven by higher commercial and residential real estate loans, primarily attributable to acquired FirstBank loans.
▪ Average deposits increased 10%, driven by growth in demand and savings deposits, as well as the addition of FirstBank deposits.
▪ Earnings decreased 2%, reflecting lower noninterest income, partially offset by higher net interest income and lower noninterest expense.
– Noninterest income decreased 10%, due to elevated second quarter capital markets and advisory revenue.
▪ Average loans increased 5%, driven by strong new production and increased utilization of loan commitments.
▪ Average deposits increased 3%, due to seasonal growth in interest-bearing deposits.
▪ Earnings increased modestly, driven by higher net interest income and noninterest income, partially offset by higher noninterest expense as well as a higher provision for credit losses.
– Noninterest income increased 3%, primarily due to increased merger and acquisition advisory fees and growth in treasury management product revenue.
– Noninterest expense increased 13%, reflecting continued investments to support business growth.
▪ Average loans increased 17%, driven by strong new production within the commercial and industrial portfolio.
▪ Average deposits increased 6%, due to growth in both interest-bearing and noninterest-bearing deposits. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 12
▪ Earnings decreased 5%, primarily due to higher noninterest expense and lower net interest income.
– Noninterest expense increased 2%, due to continued investments to support business growth.
▪ Average loans increased 1%, primarily due to growth in securities-based lending.
▪ Earnings increased 7%, due to higher noninterest income and net interest income as well as a provision recapture, partially offset by higher noninterest expense.
– Noninterest income increased 7%, reflecting higher average equity markets and positive net flows.
– Noninterest expense increased 8% and included continued investments to support business growth as well as higher variable compensation associated with increased business activity.
▪ Discretionary client AUM increased 10% and nondiscretionary client AUM increased 17%. In both instances, the increase was driven by higher spot equity markets and positive net flows.
▪ Average loans increased 4%, primarily due to growth in securities-based lending and higher commercial loan balances.
▪ Average deposits were stable. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 13
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.
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 third 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 four weeks at (877) 660-6853 and (201) 612-7415 (international), Access ID 13762272 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
- more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 14
(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 September 30, 2026, June 30, 2026 and September 30, 2025 were $26 million, $27 million and $30 million, respectively. The taxable-equivalent adjustments to net interest income for the nine months ended September 30, 2026 and 2025 were $82 million and $86 million, respectively.
(d) Calculated as noninterest expense divided by total revenue. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 15
(a) Amounts include assets and liabilities for which we have elected the fair value option. Our second quarter 2026 Form 10-Q included, and our third 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 19for 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 16for additional information. The ratios as of September 30, 2026 are estimated.
(d) Amounts include nonaccrual servicing advances primarily to single asset/single borrower trusts with commercial real estate as collateral totaling $86 million, $90 million and $127 million at September 30, 2026, June 30, 2026 and September 30, 2025, respectively.
(f) Total delinquencies represent accruing loans 30 days or more past due. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 16
The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)
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 June 30, 2026, September 30, 2025 and estimated September 30, 2026 capital balances and ratios.
Basel lll Common Equity September Tier 1 30 September Capital 2026 June 30 30 Ratios Basel III (estimate… 2026 2025 ────────────────────────────────────────────────────────────────────────────── Dollars in millions Common stock, related surplus and $ 62,943 $ 62,249 $ 57,312 retained earnings, net of treasury stock Less regulatory capital adjustmen… Goodwill and disallowed intangibl… net -13,714 -13,752 -10,920 of deferred tax liabiliti… All other -91 -84 -71 adjustmen… Basel III Common equity $ 49,138 $ 48,413 $ 46,321 tier 1 capital Basel III standardi… approach $ 500,804 $ 487,843 $ 434,712 risk-weig… assets (a) Basel III Common equity 9.8 % 9.9 % 10.7 % tier 1 capital ratio
(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. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 17
The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)
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 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. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 18
The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)
(a) 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.
(b) Income taxes on integration costs and significant items are calculated at a statutory tax rate of 21% on pretax, pre-provision earnings. 2Q26 significant items tax impact also includes the benefit of shares donated to the PNC Foundation.
Noninterest expense excluding integration costs and significant items is a non- GAAP measure and is based on adjusting noninterest expense to exclude integration costs related to the FirstBank acquisition and significant items during the period. The significant items are described in the Integration Costs and Significant Items section on page 2. 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 costs and significant items 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.
Noninterest income excluding integration costs and significant items is a non- GAAP measure and is based on adjusting noninterest income to exclude integration costs related to the FirstBank acquisition and significant items during the period. The significant items are described in the Integration Costs and Significant Items section on page 2. We believe this non-GAAP measure to be a useful tool for comparison of noninterest income earned during the normal course of business. The exclusion of integration costs and significant items increases comparability across periods, demonstrates the impact of significant items and provides a useful measure for determining PNC’s noninterest income generating activities that are core to our business operations and expected to recur over time. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 19
The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)
The adjusted diluted earnings per common share excluding integration costs and significant items is a non-GAAP measure and excludes integration costs related to the FirstBank acquisition and significant items during the period. It is calculated based on adjusting net income attributable to diluted common shareholders by removing post-tax effects of integration costs and significant items in the period. The significant items are described in the Integration Costs and Significant Items section on page 2. 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) Dollars in millions, except per share data 2026 September 30 2026 June 30 2025 September 30 ────────────────────────────────────────────────────────────────────────────── Book value per $ 142.17 $ 145.52 $ 135.67 common share Tangible book value per common share Common shareholders' $ 56,474 $ 58,131 $ 53,235 equity Goodwill and other -14,113 $ -14,161 -11,163 intangible assets Deferred tax liabilities on goodwill and 400 408 243 other intangible assets Tangible common shareholders' $ 42,761 $ 44,378 $ 42,315 equity Period-end common shares 397 399 392 outstanding(In millions) Tangible book value per $ 107.64 $ 111.09 $ 107.84 common share(non-GAAP)
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.
Return on average tangible common equity is a non-GAAP measure and is calculated based on annualized net income attributable to common shareholders divided by tangible common equity. We believe this non-GAAP measure serves as a useful tool to help measure and assess a company's use of common equity. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 20
The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)
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. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 21
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,
– 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 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 into 2027. Economic growth has remained solid despite the increase in oil prices, supported by very strong AI-related capex and resilient consumer spending. We expect real GDP growth above 2% in 2026, with continued modest job gains and the unemployment rate holding roughly steady. Inflation risks remain elevated, with trend core inflation staying above 3% through year-end. Risks to our growth and inflation outlook include a reversal in AI-related sentiment, which would have knock-on effects on both capex and wealth-driven consumer spending, as well as any further sharp rise in bond yields.
– Our baseline forecast is for the Federal Reserve to raise rates twice more, at the December 2026 and March 2027 FOMC meetings, ultimately bringing the federal funds rate to a range of 4.25% to 4.50%.
▪ 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.
▪ 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. - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 22
▪ 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. ###
Full text with the tables
Exhibit 99.1
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion,
$4.97 Diluted EPS or $5.09 as Adjusted
Grew average loans and deposits; increased NII and reduced expenses; 57%
efficiency ratio
PITTSBURGH, Oct. 15, 2026 – The PNC Financial Services Group, Inc. (NYSE: PNC)
today reported:
In
mil…
exc… Third
per Quar…
sha… High…
data ▪
and Comp…
as For refl…
not… the 3Q26
Fin… quar… vs.
Res… 3Q26 2Q26 3Q25 2Q26
──────────────────────────────────────────────────────────────────────────────
Inco…
Stat…
▪Adj…
dilu…
EPS
of
$5.09
incr…
$0.24
–Exc…
inte…
costs
and
sign…
items
from
both
peri…
▪PPNR
incr…
1%
▪Gen…
18.3%
ROTCE
▪NII
incr…
2%;
NIM
of
2.94%
▪Fee
inco…
decr…
6%
prim…
due
to
elev…
2Q26
capi…
mark…
acti…
▪Oth…
noni…
inco…
was
$214
mill…
decr…
$275
mill…
driv…
by
2Q26
sign…
items
▪Non…
expe…
decl…
8%,
or
3%,
as
adju…
–Eff…
ratio
impr…
to
57%
Bala…
Sheet
▪Ave…
loans
incr…
$9.0
Net bill…
int… $ 4,206 $ 4,107 $ 3,648 or
inc… 2%,
(NI… refl…
new
prod…
and
high…
util…
–Tra…
$1.4
bill…
stud…
loan
port…
to
held…
▪Ave…
depo…
incr…
1%;
spot
depo…
incr…
4%
▪Ave…
inve…
secu…
incr…
3%
▪Net
loan
char…
were
$257
mill…
incl…
$35
mill…
rela…
to
the
stud…
loan
port…
tran…
▪AOCI
of
nega…
$6.5
bill…
in
3Q26,
comp…
to
nega…
$4.1
bill…
in
2Q26
▪Mai…
stro…
capi…
posi…
–CET1
capi…
ratio
of
9.8%
–$0.8
bill…
of
comm…
divi…
–$0.6
bill…
of
share
repu…
Fee 2,142 2,279 2,069
inc…
Oth…
non… 214 489 198
inc…
Non… 2,356 2,768 2,267
inc…
Rev… 6,562 6,875 5,915
Non… 3,751 4,098 3,461
exp…
Int…
cos…
and 27 261 —
sig…
ite…
Non…
exp…
- as 3,724 3,837 3,461
adj…
(no…
Pre…
pre… 2,811 2,777 2,454
ear…
(PP…
Pro…
for 189 191 167
cre…
los…
Net 2,097 2,055 1,822
inc…
Per
Com…
Sha…
Dil…
ear…
per $ 4.97 $ 4.81 $ 4.35
sha…
(EP…
EPS
imp…
of
int… 0.12 0.04
cos…
and
sig…
ite…
Dil…
EPS 5.09 4.85
- as
adj…
Ave…
dil…
com… 401 403 396
sha…
out…
Book 142.… 145.… 135.…
val…
Tan…
book 107.… 111.… 107.…
val…
(TB…
Bal…
She…
&
Cre…
Qua…
Ave…
loa… $ 372.2 $ 363.2 $ 325.9
bil…
Ave…
sec… 151.4 147.1 144.4
bil…
Ave…
dep… 461.2 457.0 431.8
bil…
Acc…
oth…
com…
inc… -6.5 -4.1 -4.1
(lo…
(AO…
bil…
Net
loan 257 226 179
cha…
All…
for
cre…
los… 1.42 % 1.48 % 1.61 %
to
tot…
loa…
Sel…
Rat…
Ret…
on
ave… 13.89 % 13.61 % 13.24 %
com…
sha…
equ…
Ret…
on
avg. 18.28 17.88 16.77
tan…
com…
equ…
Ret…
on 1.32 1.34 1.27
ave…
ass…
Net
int… 2.94 2.96 2.79
mar…
(NI…
Non…
inc…
to 36 40 38
tot…
rev…
Eff… 57 60 59
Com…
equ…
tier
1 9.8 9.9 10.7
(CE…
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rel…
Tot…
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sum
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to
rou…
From Bill Demchak, PNC Chairman and Chief
Executive Officer:
“Our strategy continues to drive growth across our
businesses, as we deepen our presence in key
markets and expand our reach nationally. During
the third quarter, we continued to build on the
strong momentum we delivered in the first half of
the year, and we generated an 18.3% return on
average tangible common equity. We are well
positioned, and remain confident in our long-term
outlook.”
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 2
Integration Costs and Significant Items
In the third quarter of 2026, PNC incurred integration costs related to the
FirstBank acquisition of $36 million. Results also included significant items of
negative $25 million related to net Visa activity, including an $11 million
valuation gain on remaining Visa shares received in the second quarter exchange
and negative $36 million of Visa Class B-3 derivative fair value adjustments,
primarily related to litigation escrow funding. The combined after-tax impact of
both integration costs and 3Q26 significant items resulted in a $48 million
decline in net income, or a 12 cent reduction to EPS.
During the second quarter of 2026, PNC incurred integration costs of $127
million and significant items with a net benefit of $84 million, as outlined in
the table below. The combined after-tax impact of both integration costs and
2Q26 significant items resulted in a $15 million decline in net income, or a 4
cent reduction to EPS.
Impact of Integration Costs and
Significant Items
In millions, except per share data Noninterest Income 3Q26 2Q26
──────────────────────────────────────────────────────────────────────────────
Gains related to Visa share $ 11 $ 448
exchange
Visa Class B-3 derivative fair
value -36 -85
adjustments
2Q26 loss on sale of securities -139
Significant items $ -25 $ 224
Integration costs -9 -6
Noninterest income impact of
integration $ -34 $ 218
costs and significant items
Noninterest Expense
Significant item - contribution to
PNC $ 140
Foundation
Integration costs $ 27 121
Noninterest expense impact of
integration costs and significant $ 27 $ 261
items
Net Income and EPS
Total significant items $ -25 $ 84
Total integration costs -36 -127
Pretax, pre-provision impact $ -61 $ -43
Income taxes (benefit) -13 -28
Net income decrease from
integration $ -48 $ -15
costs and significant items
EPS impact of integration costs
and $ -0.12 $ -0.04
significant items
Income taxes on integration costs
and
significant items are calculated
at a
statutory tax rate of 21% on
pretax,
pre-provision earnings. 2Q26
significant
items tax impact also includes the
benefit of shares donated to the
PNC
Foundation.
Income Statement Highlights
Third quarter 2026 compared with second quarter 2026
▪ Total revenue of $6.6 billion decreased $313 million, or 5%, as growth in net
interest income was more than offset by lower noninterest income.
– Net interest income of $4.2 billion increased $99 million, or 2%, driven by
commercial loan growth and higher yields on interest-earning assets, partially
offset by increased funding costs.
• Net interest margin of 2.94% decreased 2 basis points.
– Fee income of $2.1 billion decreased $137 million, or 6%, primarily due to
elevated second quarter capital markets and advisory revenue.
– Other noninterest income of $214 million included higher private equity
revenue and significant items of negative $25 million related to net Visa
activity.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 3
▪ Noninterest expense of $3.8 billion decreased $347 million, or 8%, and
included $27 million of integration costs in the third quarter, compared to $261
million of both integration costs and significant items in the second quarter.
Excluding these items from both quarters, noninterest expense, as adjusted,
decreased 3%.
▪ Provision for credit losses was $189 million in the third quarter, stable from
the second quarter.
▪ The effective tax rate was 20.0% for the third quarter and 20.5% for the
second quarter.
Balance Sheet Highlights
Third quarter 2026 compared with second quarter 2026 or September 30, 2026
compared with June 30, 2026
▪ Average loans of $372.2 billion increased $9.0 billion, or 2%. Average
commercial loans increased $10.4 billion, or 4%, driven by strong new production
and increased utilization. Average consumer loans decreased $1.4 billion, or 1%,
primarily due to lower residential mortgage loans and the student loan portfolio
transfer.
– Loans at September 30, 2026 of $378.8 billion increased $10.8 billion, or 3%,
from June 30, 2026, driven by commercial loan growth. This increase was
partially offset by a decline in consumer loans, including the transfer of the
$1.4 billion student loan portfolio to held-for-sale.
▪ Credit quality performance:
– Delinquencies of $1.3 billion decreased $135 million, or 9%, due to lower
consumer loan delinquencies.
– Total nonperforming loans of $2.2 billion increased $167 million, or 8%,
driven by higher commercial nonperforming loans.
– Net loan charge-offs were $257 million and included $35 million related to the
transfer of student loans to held-for-sale.
– The allowance for credit losses was $5.4 billion, or 1.42% of total loans, at
September 30, 2026 and $5.5 billion, or 1.48% of total loans, at June 30, 2026.
▪ Average investment securities of $151.4 billion increased $4.3 billion, or 3%,
reflecting higher residential mortgage-backed securities.
▪ Average deposits of $461.2 billion increased $4.2 billion, or 1% , primarily
due to seasonally higher commercial interest-bearing deposits .
– Deposits at September 30, 2026 of $466.4 billion increased $16.6 billion, or
4%, from June 30, 2026, driven by higher commercial interest-bearing deposits,
reflecting seasonality as well as new and expanded client relationships.
▪ PNC maintained a strong capital and liquidity position:
– On October 2, 2026, the PNC board of directors declared a quarterly cash
dividend on common stock of $2.00 per share to be paid on November 5, 2026 to
shareholders of record at the close of business October 14, 2026.
– PNC returned $1.4 billion of capital to shareholders, reflecting $0.8 billion
of dividends on common shares and $0.6 billion of common share repurchases.
– Share repurchase activity in the fourth quarter of 2026 is expected to
approximate third quarter 2026 share repurchase levels.
– The Basel III common equity tier 1 capital ratio was an estimated 9.8% at
September 30, 2026 and was 9.9% at June 30, 2026.
– PNC’s average LCR for the three months ended September 30, 2026 was 106%,
exceeding the regulatory minimum requirement throughout the quarter.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 4
In millions, except
per
Earnings Summary share data 3Q26 2Q26 3Q25
──────────────────────────────────────────────────────────────────────────────
Net income $ 2,097 $ 2,055 $ 1,822
Net income
attributable to $ 1,994 $ 1,941 $ 1,723
diluted
common shareholders
Net income
attributable to
diluted $ 2,042 $ 1,956
common shareholders
- as
adjusted(non-GAAP)
Diluted earnings per $ 4.97 $ 4.81 $ 4.35
common share
Diluted earnings per
common share - as $ 5.09 $ 4.85
adjusted(non-GAAP)
Average diluted
common shares 401 403 396
outstanding
Cash dividends
declared per common $ 2.00 $ 1.70 $ 1.70
share
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.
CO…
RE…
RE… Cha… Ch…
Re… 3Q26 3Q…
In vs vs
mi… 3Q26 2Q… 3Q… 2Q26 3Q…
──────────────────────────────────────────────────────────────────────────────
Net
in… $ 4,2… $ 4,1… $ 3,6… 2 % 15 %
in…
No… 2,3… 2,7… 2,2… -15 % 4 %
in…
To… $ 6,5… $ 6,8… $ 5,9… -5 % 11 %
re…
Total revenue for the third quarter of 2026 decreased $313 million compared to
the second quarter of 2026 as growth in net interest income was more than offset
by lower noninterest income. Noninterest income in the third quarter of 2026
included integration costs and significant items of negative $34 million
compared to a benefit of $218 million in the second quarter of 2026. Compared to
the third quarter of 2025, total revenue increased $647 million due to both
higher net interest income and noninterest income.
Net interest income of $4.2 billion increased $99 million from the second
quarter of 2026 driven by commercial loan growth and higher yields on interest-
earning assets, partially offset by increased funding costs. Compared to the
third quarter of 2025, net interest income increased $558 million due to
commercial loan growth, the benefit of FirstBank and lower funding costs.
Net interest margin was 2.94% in the third quarter of 2026, 2.96% in the second
quarter of 2026 and 2.79% in the third quarter of 2025.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 5
No… Cha… Ch…
In… 3Q26 3Q…
In vs vs
mi… 3Q… 2Q… 3Q… 2Q26 3Q…
──────────────────────────────────────────────────────────────────────────────
As…
ma… $ 447 $ 440 $ 404 2 % 11 %
and
br…
Ca…
ma… 433 577 432 -25 % —
and
ad…
Ca…
and 769 772 737 — 4 %
ca…
ma…
Le…
and 358 346 335 3 % 7 %
de…
se…
Re…
and 135 144 161 -6 % -16 %
co…
mo…
Fee 2,1… 2,2… 2,0… -6 % 4 %
in…
Ot…
no… 214 489 198 -56 % 8 %
in…
To…
no… $ 2,3… $ 2,7… $ 2,2… -15 % 4 %
in…
See
no…
fi…
me…
in
the
Co…
Fi…
Hi…
ac…
th…
re…
Noninterest income for the third quarter of 2026 decreased $412 million from the
second quarter of 2026 primarily due to the change in integration costs and
significant items, as well as lower capital markets and advisory revenue. Asset
management and brokerage fees increased $7 million as a result of higher average
equity markets and increased client activity. Capital markets and advisory
revenue decreased $144 million due to elevated second quarter activity. Card and
cash management decreased $3 million as higher treasury management product
revenue was more than offset by FirstBank integration related fee waivers.
Lending and deposit services revenue increased $12 million primarily due to
increased customer activity. Residential and commercial mortgage revenue
decreased $9 million driven by lower residential mortgage revenue. Other
noninterest income of $214 million included higher private equity revenue and
negative $25 million of significant items related to net Visa activity. Second
quarter of 2026 other noninterest income included the benefit of $218 million of
both integration costs and significant items.
Compared to the third quarter of 2025, noninterest income increased $89 million.
Asset management and brokerage fees increased $43 million as a result of higher
average equity markets and growth in client relationships. Card and cash
management increased $32 million driven by increased treasury management product
revenue, as well as growth in customer relationships and activity. Lending and
deposit related revenue increased $23 million due to increased customer activity
and higher loan commitment fee revenue. Residential and commercial mortgage
revenue decreased $26 million primarily driven by lower mortgage servicing
rights valuation, net of economic hedge. Other noninterest income increased $16
million reflecting higher private equity revenue.
CO…
EX…
RE…
No… Cha… Ch…
Ex… 3Q26 3Q…
In vs vs
mi… 3Q26 2Q… 3Q… 2Q26 3Q…
──────────────────────────────────────────────────────────────────────────────
Pe… $ 2,0… $ 2,2… $ 1,9… -11 % 3 %
Oc… 262 252 235 4 % 11 %
Eq… 435 435 416 — 5 %
Ma… 106 110 93 -4 % 14 %
Ot… 917 1,0… 747 -11 % 23 %
To…
no… $ 3,7… $ 4,0… $ 3,4… -8 % 8 %
ex…
In…
co…
and 27 261 —
si…
it…
No…
ex…
- $ 3,7… $ 3,8… $ 3,4… -3 % 8 %
as
ad…
See
no…
fi…
me…
in
the
Co…
Fi…
Hi…
ac…
th…
re…
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 6
Noninterest expense for the third quarter of 2026 of $3.8 billion decreased $347
million from the second quarter of 2026. Noninterest expense, as adjusted for
both quarters, decreased $113 million from the second quarter of 2026 driven by
lower compensation expense and continued expense discipline. Compared to the
third quarter of 2025, noninterest expense, as adjusted for the third quarter of
2026, increased $263 million reflecting continued investments to support
business growth as well as the addition of FirstBank operating expenses.
The effective tax rate was 20.0% for the third quarter of 2026, 20.5% for the
second quarter of 2026 and 20.3% for the third quarter of 2025.
CONSOLIDATED BALANCE SHEET REVIEW
Lo… Cha… Ch…
In 3Q26 3Q…
bi… vs vs
Av… 3Q26 2Q26 3Q… 2Q26 3Q…
──────────────────────────────────────────────────────────────────────────────
Co…
and $ 232… $ 223… $ 195… 4 % 19 %
in…
Co…
re… 36.6 35.1 30.9 4 % 19 %
es…
Co… $ 269… $ 258… $ 226… 4 % 19 %
Co… 103… 104… 99.2 -1 % 4 %
Av… $ 372… $ 363… $ 325… 2 % 14 %
lo…
Qu…
end
Co…
and $ 240… $ 227… $ 197… 5 % 22 %
in…
Co…
re… 37.0 36.0 30.3 3 % 22 %
es…
Co… $ 277… $ 263… $ 227… 5 % 22 %
Co… 101… 104… 99.2 -2 % 3 %
To… $ 378… $ 368… $ 326… 3 % 16 %
lo…
To…
may
not
sum
due
to
ro…
Average loans for the third quarter of 2026 increased $9.0 billion compared to
the second quarter of 2026 and $46.2 billion compared to the third quarter of
2025.
Average commercial loans increased $10.4 billion and $42.4 billion compared to
the second quarter of 2026 and the third quarter of 2025, respectively. In each
comparison, the growth was driven by strong new production and increased
utilization. Compared to the third quarter of 2025, the increase was also
attributable to acquired FirstBank loans.
Average consumer loans decreased $1.4 billion compared to the second quarter of
2026, primarily due to lower residential mortgage loans and the student loan
portfolio transfer. Compared to the third quarter of 2025, average consumer
loans increased $3.8 billion driven by the benefit of FirstBank loans.
Loans at September 30, 2026 increased $10.8 billion from June 30, 2026, driven
by commercial loan growth partially offset by lower consumer loans. The decrease
in consumer loans was primarily attributable to the transfer of the $1.4 billion
student loan portfolio to held-for-sale, in addition to lower residential
mortgage loans. Compared to September 30, 2025, loans increased $52.2 billion,
as a result of commercial loan growth as well as the benefit from acquired
FirstBank commercial and consumer loans.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 7
Av…
In… Cha… Ch…
Se… 3Q26 3Q…
In vs vs
bi… 3Q26 2Q26 3Q25 2Q26 3Q…
──────────────────────────────────────────────────────────────────────────────
Av…
for $ 72.0 $ 73.7 $ 69.8 -2 % 3 %
sa…
He…
to 79.3 73.4 74.6 8 % 6 %
ma…
To… $ 151… $ 147… $ 144… 3 % 5 %
To…
may
not
sum
due
to
ro…
Average investment securities of $151.4 billion in the third quarter of 2026
increased $4.3 billion compared to the second quarter of 2026 and $6.9 billion
compared to the third quarter of 2025. In both comparisons, the increase
reflected higher residential mortgage-backed securities.
The duration of the investment securities portfolio was 4.1 years as of
September 30, 2026, 3.6 years at June 30, 2026 and 3.4 years as of September 30,
2025. Net unrealized losses on available-for-sale securities were $4.0 billion
at September 30, 2026 and $2.1 billion at both June 30, 2026 and September 30,
2025.
De… Cha… Ch…
In 3Q26 3Q…
bi… vs vs
Av… 3Q26 2Q26 3Q25 2Q26 3Q…
──────────────────────────────────────────────────────────────────────────────
In…
(I… $ 360… $ 353… $ 339… 2 % 6 %
de…
No…
(N… 101… 103… 92.8 -2 % 9 %
de…
Av… $ 461… $ 457… $ 431… 1 % 7 %
de…
Qu…
end
In… $ 366… $ 350… $ 341… 5 % 7 %
de…
No… 99.7 99.4 91.2 — 9 %
de…
To… $ 466… $ 449… $ 432… 4 % 8 %
de…
IB
%
of 78 % 77 % 79%
to…
av…
de…
NIB
%
of 22 % 23 % 21%
to…
av…
de…
To…
may
not
sum
due
to
ro…
Third quarter 2026 average deposits of $461.2 billion increased $4.2 billion
compared to the second quarter of 2026, driven by seasonally higher commercial
interest-bearing deposits. C ompared to the third quarter of 2025, average
deposits increased $29.4 billion, reflecting the addition of FirstBank and
growth in commercial interest-bearing deposits.
Deposits at September 30, 2026 increased $16.6 billion and $33.6 billion from
June 30, 2026 and September 30, 2025, respectively. In each comparison, the
increase included higher commercial interest-bearing deposits, reflecting new
and expanded client relationships. Compared to the third quarter of 2025, the
increase was also attributable to acquired FirstBank deposits.
Average noninterest-bearing deposits as a percentage of total average deposits
was 22% in the third quarter of 2026, 23% in the second quarter of 2026 and 21%
in the third quarter of 2025.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 8
Bor… Chan… Change
Fun… 3Q26 3Q26
In vs vs
bil… 3Q26 2Q26 3Q25 2Q26 3Q25
──────────────────────────────────────────────────────────────────────────────
Ave…
bor… $ 85.7 $ 78.9 $ 66.3 9 % 29 %
fun…
Qua…
end
Tot…
bor… $ 79.8 $ 85.7 $ 62.3 -7 % 28 %
fun…
Avg.
bor…
fun… 15 % 14 % 13 %
to
avg.
lia…
Tot…
may
not
sum
due
to
rou…
Average borrowed funds of $85.7 billion in the third quarter of 2026 increased
$6.7 billion compared to the second quarter of 2026 and $19.4 billion compared
to the third quarter of 2025. In both comparisons, the increase was primarily
due to higher Federal Home Loan Bank advances added late in the second quarter
of 2026.
Borrowed funds at September 30, 2026 decreased $6.0 billion from June 30, 2026,
driven by a reduction in Federal Home Loan Bank advances.
September June 30, September
Capital 30, 2026 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Common
sharehol… $ 56.5 $ 58.1 $ 53.2
equityIn
billions
Accumula…
other
comprehe…
income $ -6.5 $ -4.1 $ -4.1
(loss)
In
billions
Basel III
common
equity 9.8 % 9.9 % 10.7 %
tier 1
capital
ratio *
*Septemb…
30, 2026
ratio is
estimate…
PNC maintained a strong capital position. Common shareholders’ equity at
September 30, 2026 decreased $1.6 billion from June 30, 2026 due to a decline in
accumulated other comprehensive income, common dividends paid and share
repurchases, partially offset by net income.
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 $6.5 billion at September 30, 2026 compared to
negative $4.1 billion at both June 30, 2026 and September 30, 2025. The decline
in each comparison reflected the impact of higher interest rates on securities
and swaps, partially offset by the continued accretion of unrealized losses.
In the third quarter of 2026, PNC returned $1.4 billion of capital to
shareholders, reflecting $0.8 billion of dividends on common shares and $0.6
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 27% of the 100 million common shares
still available for repurchase at September 30, 2026 under the repurchase
program previously approved by our board of directors.
Share repurchase activity in the fourth quarter of 2026 is expected to
approximate third quarter of 2026 share repurchase levels. PNC may adjust share
repurchase activity depending on market and economic conditions, as well as
other factors. PNC’s SCB will be maintained at the regulatory minimum of 2.5%
through December 31, 2027.
On October 2, 2026, the PNC board of directors declared a quarterly cash
dividend on common stock of $2.00 per share to be paid on November 5, 2026 to
shareholders of record at the close of business October 14, 2026.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 9
At September 30, 2026, PNC was considered “well capitalized” based on applicable
U.S. regulatory capital ratio requirements. F or additional information
regarding PNC’s Basel III capital ratios, see Capital Ratios in the Consolidated
Financial Highlights.
C…
Q…
R…
C…
Q… Se… June Se… Ch… Cha…
In 30, 30, 30, 09… 09/…
m… 20… 06… 2026 09/… 20… vs vs
──────────────────────────────────────────────────────────────────────────────
P…
f…
c… $ 189 $ 191 $ 167 $ -2 $ 22
l…
(…
N…
l… $ 257 $ 226 $ 179 14 % 44 %
c…
(…
A…
f…
c… $ 5,3… $ 5,… $ 5,2… -1 % 3 %
l…
(…
T…
d… $ 1,3… $ 1,… $ 1,2… -9 % 6 %
(…
N… $ 2,1… $ 2,… $ 2,1… 8 % 3 %
l…
N…
c…
to 0.28 % 0.… % 0.22 %
a…
l…
(…
A…
f…
c…
l… 1.42 % 1.… % 1.61 %
to
t…
l…
N…
l…
to 0.58 % 0.… % 0.65 %
t…
l…
(…
R…
a…
f…
t…
t…
m…
e…
f…
e…
r…
p…
(…
E…
a…
f…
i…
s…
a…
o…
f…
a…
(…
T…
d…
r…
a…
l…
30
d…
or
m…
p…
d…
Provision for credit losses was $189 million in the third quarter of 2026, $191
million in the second quarter of 2026 and $167 million in the third quarter of
2025.
Net loan charge-offs were $257 million in the third quarter of 2026, increasing
$31 million and $78 million compared to the second quarter of 2026 and the third
quarter of 2025, respectively. In both comparisons, the increase included $35
million in net loan charge-offs related to the student loan portfolio transfer.
Compared to the third quarter of 2025, net loan charge-offs also increased due
to higher commercial loan net charge-offs.
The allowance for credit losses was $5.4 billion at September 30, 2026, $5.5
billion at June 30, 2026 and $5.3 billion at September 30, 2025. The allowance
for credit losses as a percentage of total loans was 1.42% at September 30,
2026, 1.48% at June 30, 2026 and 1.61% at September 30, 2025.
Delinquencies at September 30, 2026 were $1.3 billion, decreasing $135 million
from June 30, 2026 due to lower consumer loan delinquencies. Compared to
September 30, 2025, delinquencies increased $68 million due to higher commercial
loan delinquencies.
Nonperforming loans of $2.2 billion at September 30, 2026 increased $167 million
compared to June 30, 2026 and $57 million compared to September 30, 2025. In
both comparisons, the increase was driven by higher commercial nonperforming
loans.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 10
BUSINESS SEGMENT
RESULTS
Business Segment
Income (Loss)
In millions 3Q26 2Q26 3Q25
──────────────────────────────────────────────────────────────────────────────
Retail Banking $ 1,425 $ 1,747 $ 1,351
Corporate &
Institutional 1,552 1,588 1,545
Banking
Asset Management 128 135 120
Group
Other -1,024 -1,430 -1,208
Net income
excluding $ 2,081 $ 2,040 $ 1,808
noncontrolling
interests
R… Ch… Ch…
B… 3Q… 3Q…
In vs vs
m… 3Q… 2Q… 3Q… 2Q… 3Q…
──────────────────────────────────────────────────────────────────────────────
N…
i… $ 3,… $ 3,… $ 3,… $ -45 $ 1…
i…
N… $ 842 $ 1,… $ 790 $ -3… $ 52
i…
N… $ 2,… $ 2,… $ 1,… $ -7 $ 1…
e…
P…
f… $ 115 $ 120 $ 126 $ -5 $ -…
c…
l…
E… $ 1,… $ 1,… $ 1,… $ -3… $ 74
In
b…
B…
a… $ 97 $ 97 $ 89 — $ 8
c…
a…
In
b…
A… $ 10… $ 11… $ 96… $ -2… $ 1…
l…
A… $ 26… $ 27… $ 24… $ -4… $ 2…
d…
N…
l… $ 154 $ 123 $ 126 $ 31 $ 28
c…
m…
D…
t…
s…
q…
of
2…
P…
u…
i…
i…
f…
t…
p…
m…
T…
u…
r…
in
i…
to
n…
i…
i…
a…
a…
i…
s…
l…
i…
f…
a…
b…
s…
P…
p…
h…
b…
a…
to
c…
w…
t…
c…
p…
Retail Banking Highlights
Third quarter 2026 compared with second quarter 2026
▪ Earnings decreased 18%, reflecting lower noninterest income, primarily due to
a $448 million gain related to the Visa share exchange recognized in the second
quarter, as well as lower net interest income, partially offset by a lower
provision for credit losses.
– Noninterest income decreased 31%, primarily reflecting impacts from the Visa
exchange program that occurred in the second quarter of 2026.
– Noninterest expense was stable.
• Brokerage account client assets were stable.
▪ Average loans decreased 2% and included lower residential real estate loans as
well as the student loan portfolio transfer.
▪ Average deposits decreased 2%, primarily due to lower consumer interest-
bearing and noninterest-bearing deposit balances.
Third quarter 2026 compared with third quarter 2025
▪ Earnings increased 5%, 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 7%, due to increased customer activity and the
addition of FirstBank.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 11
– Noninterest expense increased 8% and included FirstBank related expenses as
well as continued investments to support business growth.
• Brokerage account client assets increased 9%, driven by higher spot equity
markets.
▪ Average loans increased 11%, driven by higher commercial and residential real
estate loans, primarily attributable to acquired FirstBank loans.
▪ Average deposits increased 10%, driven by growth in demand and savings
deposits, as well as the addition of FirstBank deposits.
C…
&
I… Ch… Ch…
B… 3Q… 3Q…
In vs vs
m… 3Q… 2Q… 3Q… 2Q… 3Q…
──────────────────────────────────────────────────────────────────────────────
N…
i… $ 2,… $ 1,… $ 1,… $ 53 $ 1…
i…
N… $ 1,… $ 1,… $ 1,… $ -1… $ 35
i…
N… $ 1,… $ 1,… $ 976 $ -25 $ 1…
e…
P…
f… $ 76 $ 76 $ 44 — $ 32
c…
l…
E… $ 1,… $ 1,… $ 1,… $ -36 $ 7
In
b…
A… $ 24… $ 23… $ 21… $ 11… $ 3…
l…
A… $ 16… $ 15… $ 15… $ 5.4 $ 8…
d…
N…
l… $ 106 $ 105 $ 53 $ 1 $ 53
c…
m…
D…
t…
s…
q…
of
2…
P…
u…
i…
i…
f…
t…
p…
m…
T…
u…
r…
in
i…
to
n…
i…
i…
a…
a…
i…
s…
l…
i…
f…
a…
b…
s…
P…
p…
h…
b…
a…
to
c…
w…
t…
c…
p…
Corporate & Institutional Banking Highlights
Third quarter 2026 compared with second quarter 2026
▪ Earnings decreased 2%, reflecting lower noninterest income, partially offset
by higher net interest income and lower noninterest expense.
– Noninterest income decreased 10%, due to elevated second quarter capital
markets and advisory revenue.
– Noninterest expense decreased 2% and included lower compensation expense.
▪ Average loans increased 5%, driven by strong new production and increased
utilization of loan commitments.
▪ Average deposits increased 3%, due to seasonal growth in interest-bearing
deposits.
Third quarter 2026 compared with third quarter 2025
▪ Earnings increased modestly, driven by higher net interest income and
noninterest income, partially offset by higher noninterest expense as well as a
higher provision for credit losses.
– Noninterest income increased 3%, primarily due to increased merger and
acquisition advisory fees and growth in treasury management product revenue.
– Noninterest expense increased 13%, reflecting continued investments to support
business growth.
▪ Average loans increased 17%, driven by strong new production within the
commercial and industrial portfolio.
▪ Average deposits increased 6%, due to growth in both interest-bearing and
noninterest-bearing deposits.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 12
A…
M… Ch… C…
G… 3Q… 3…
In vs vs
m… 3Q… 2Q… 3Q… 2Q… 3…
──────────────────────────────────────────────────────────────────────────────
N…
i… $ 188 $ 191 $ 179 $ -3 $ 9
i…
N… $ 271 $ 271 $ 254 — $ 17
i…
N… $ 296 $ 289 $ 273 $ 7 $ 23
e…
P…
f…
(… $ -4 $ -3 $ 4 $ -1 $ -8
o…
c…
l…
E… $ 128 $ 135 $ 120 $ -7 $ 8
In
b…
D…
c… $ 250 $ 247 $ 228 $ 3 $ 22
A…
N…
c… $ 249 $ 256 $ 212 $ -7 $ 37
A…
T…
c… $ 499 $ 503 $ 440 $ -4 $ 59
A…
In
b…
A… $ 14… $ 14… $ 14… $ 0.2 $ 0.6
l…
A… $ 26… $ 27… $ 26… $ -0… —
d…
N…
l…
c… $ -1 $ 1 $ 2 $ -2 $ -3
(…
m…
A…
-
A…
u…
m…
A…
-
A…
u…
a…
D…
t…
s…
q…
of
2…
P…
u…
i…
i…
f…
t…
p…
m…
T…
u…
r…
in
i…
to
n…
i…
i…
a…
a…
i…
s…
l…
i…
f…
a…
b…
s…
P…
p…
h…
b…
a…
to
c…
w…
t…
c…
p…
Asset Management Group Highlights
Third quarter 2026 compared with second quarter 2026
▪ Earnings decreased 5%, primarily due to higher noninterest expense and lower
net interest income.
– Noninterest income was stable.
– Noninterest expense increased 2%, due to continued investments to support
business growth.
▪ Discretionary client AUM increased 1%, driven by positive net flows.
▪ Nondiscretionary client AUA decreased 3%, driven by net outflows.
▪ Average loans increased 1%, primarily due to growth in securities-based
lending.
▪ Average deposits were stable.
Third quarter 2026 compared with third quarter 2025
▪ Earnings increased 7%, due to higher noninterest income and net interest
income as well as a provision recapture, partially offset by higher noninterest
expense.
– Noninterest income increased 7%, reflecting higher average equity markets and
positive net flows.
– Noninterest expense increased 8% and included continued investments to support
business growth as well as higher variable compensation associated with
increased business activity.
▪ Discretionary client AUM increased 10% and nondiscretionary client AUM
increased 17%. In both instances, the increase was driven by higher spot equity
markets and positive net flows.
▪ Average loans increased 4%, primarily due to growth in securities-based
lending and higher commercial loan balances.
▪ Average deposits were stable.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 13
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 third 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 four weeks at (877) 660-6853 and (201)
612-7415 (international), Access ID 13762272 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]
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 14
2
…
…
…
…
…
…
…
…
…
…
… T… Ni…
… m… mo…
… e… en…
… C… S… Ju… Se… Se… Se…
… F… 30 30 30 30 30
… H… 2… 20… 20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
…
… $ 4… $ 4… $ 3… $ 1… $ 1…
…
… 2… 2… 2… 7… 6…
…
… 6… 6… 5… 1… 1…
…
…
… 1… 1… 1… 5… 6…
…
…
… 3… 4… 3… 1… 1…
…
…
…
…
… $ 2… $ 2… $ 2… $ 7… $ 6…
…
…
…
… 5… 5… 4… 1… 1…
…
… $ 2… $ 2… $ 1… $ 5… $ 4…
…
…
…
…
… 16 15 14 43 48
…
…
…
…
… 73 85 71 2… 2…
…
…
…
…
… 2 2 2 5 6
…
…
…
…
…
… $ 2… $ 1… $ 1… $ 5… $ 4…
…
…
…
…
…
…
…
… 12 12 12 35 31
…
…
…
…
…
…
…
…
… $ 1… $ 1… $ 1… $ 5… $ 4…
…
…
…
…
…
…
… $ 4… $ 4… $ 4… $ 1… $ 1…
… $ 4… $ 4… $ 4… $ 1… $ 1…
…
…
… $ 2… $ 1… $ 1… $ 5… $ 4…
…
…
…
…
… 2… % 2… % 2… % 1… % 1… %
…
…
…
…
…
… 2… % 2… % 2… % 2… % 2… %
…
…
…
…
… 36 % 40 % 38 % 37 % 37 %
…
…
… 57 % 60 % 59 % 59 % 60 %
…
…
…
…
… 1… % 1… % 1… % 1… % 1… %
…
…
… 1… % 1… % 1… % 1… % 1… %
…
(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 September 30, 2026, June 30, 2026 and
September 30, 2025 were $26 million, $27 million and $30 million, respectively.
The taxable-equivalent adjustments to net interest income for the nine months
ended September 30, 2026 and 2025 were $82 million and $86 million,
respectively.
(d) Calculated as noninterest expense divided by total revenue.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 15
The
PNC
Finan…
Servi…
Group,
Inc.
BALAN…
SHEET
DATA
Dolla…
in
milli…
except Consoli…
per Financi…
share Highlig…
data Septemb… Septem…
and as 30 June 30 30
noted 2026 2026 2025
──────────────────────────────────────────────────────────────────────────────
Assets $ 627,816 $ 616,034 $ 568,767
Loans $ 378,792 $ 367,953 $ 326,616
(a)
Allow…
for
loan $ 4,536 $ 4,652 $ 4,478
and
lease
losses
Inter…
depos… $ 24,670 $ 22,794 $ 33,318
with
banks
Inves… $ 146,370 $ 149,506 $ 141,523
secur…
Total
depos… $ 466,362 $ 449,792 $ 432,749
(a)
Borro…
funds $ 79,757 $ 85,723 $ 62,344
(a)
Allow…
for
unfun… $ 850 $ 809 $ 775
lendi…
relat…
commi…
Total
share… $ 62,353 $ 64,008 $ 58,990
equity
Common
share… $ 56,474 $ 58,131 $ 53,235
equity
Accum…
other
compr… $ -6,472 $ -4,120 $ -4,077
income
(loss)
Book
value
per $ 142.17 $ 145.52 $ 135.67
common
share
Tangi…
book
value $ 107.64 $ 111.09 $ 107.84
per
common
share…
Period
end
common 397 399 392
shares
outst…
milli…
Loans
to 81 % 82 % 75 %
depos…
Common
share…
equity 9.0 % 9.4 % 9.4 %
to
total
assets
CLIENT
ASSETS
(In
billi…
Discr…
client
assets $ 250 $ 247 $ 228
under
manag…
Nondi…
client
assets 249 256 212
under
admin…
Total
client
assets 499 503 440
under
admin…
Broke…
accou… 99 99 92
client
assets
Total
client $ 598 $ 602 $ 532
assets
CAPIT…
RATIOS
Basel
III
(c)
Common
equity 9.8 % 9.9 % 10.7 %
tier 1
Tier 1 11.0 % 11.1 % 12.0 %
risk-…
Total
capit… 12.6 % 12.9 % 13.6 %
risk-…
Lever… 8.9 % 9.0 % 9.2 %
Suppl… 7.2 % 7.2 % 7.5 %
lever…
ASSET
QUALI…
Nonpe…
loans
to 0.58 % 0.55 % 0.65 %
total
loans
Nonpe…
assets
to
total
loans,
OREO, 0.61 % 0.58 % 0.70 %
forec…
and
other
assets
(d)
Nonpe…
assets
to 0.37 % 0.35 % 0.40 %
total
assets
Net
charg…
to
avera…
loans
(for 0.28 % 0.25 % 0.22 %
the
three
months
ended)
(annu…
Allow…
for
loan
and
lease 1.20 % 1.26 % 1.37 %
losses
to
total
loans
Allow…
for
credit
losses 1.42 % 1.48 % 1.61 %
to
total
loans
(e)
Allow…
for
loan
and
lease 207 % 230 % 210 %
losses
to
nonpe…
loans
Total
delin… $ 1,301 $ 1,436 $ 1,233
milli…
(a) Amounts include assets and liabilities for which we have elected the fair
value option. Our second quarter 2026 Form 10-Q included, and our third 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 19for 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 16for additional information.
The ratios as of September 30, 2026 are estimated.
(d) Amounts include nonaccrual servicing advances primarily to single
asset/single borrower trusts with commercial real estate as collateral totaling
$86 million, $90 million and $127 million at September 30, 2026, June 30, 2026
and September 30, 2025, respectively.
(e) Excludes allowances for investment securities and other financial assets.
(f) Total delinquencies represent accruing loans 30 days or more past due.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 16
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 June 30, 2026, September 30, 2025 and estimated September
30, 2026 capital balances and ratios.
Basel lll
Common
Equity September
Tier 1 30 September
Capital 2026 June 30 30
Ratios Basel III (estimate… 2026 2025
──────────────────────────────────────────────────────────────────────────────
Dollars in
millions
Common
stock,
related
surplus
and $ 62,943 $ 62,249 $ 57,312
retained
earnings,
net of
treasury
stock
Less
regulatory
capital
adjustmen…
Goodwill
and
disallowed
intangibl…
net -13,714 -13,752 -10,920
of
deferred
tax
liabiliti…
All other -91 -84 -71
adjustmen…
Basel III
Common
equity $ 49,138 $ 48,413 $ 46,321
tier 1
capital
Basel III
standardi…
approach $ 500,804 $ 487,843 $ 434,712
risk-weig…
assets (a)
Basel III
Common
equity 9.8 % 9.9 % 10.7 %
tier 1
capital
ratio
(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.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 17
The PNC Financial Services Group, Inc. Consolidated Financial Highlights
(Unaudited)
NON-GAAP MEASURES
Fee Income
(non-GAAP)
Dollars in Three months
millions ended
Noninterest September 30 June 30 September 30
income 2026 2026 2025
──────────────────────────────────────────────────────────────────────────────
Asset
management $ 447 $ 440 $ 404
and
brokerage
Capital
markets and 433 577 432
advisory
Card and
cash 769 772 737
management
Lending and
deposit 358 346 335
services
Residential
and 135 144 161
commercial
mortgage
Fee $ 2,142 $ 2,279 $ 2,069
income(non…
Other
noninterest 214 489 198
income
Total
noninterest $ 2,356 $ 2,768 $ 2,267
income
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-Provi…
Earnings Three
(non-GAAP) months
Dollars in ended September September
millions 2026 30 2026 June 30 2025 30
──────────────────────────────────────────────────────────────────────────────
Income
before
income $ 2,622 $ 2,586 $ 2,287
taxes and
noncontro…
interests
Provision
for credit 189 191 167
losses
Pretax
pre-provi… $ 2,811 $ 2,777 $ 2,454
earnings(…
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.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 18
The PNC Financial Services Group, Inc. Consolidated Financial Highlights
(Unaudited)
… T…
… … … m… S… S…
… … … … e… 30 30 …
──────────────────────────────────────────────────────────────────────────────
… … $ % … … $ %
$ … $ … $ … … % $ 3… $ 3… $ … 8 %
— … — —
… … -… —
$ … $ … $ … … % $ 3… $ 3… $ … 8 %
$ … $ …
… …
… …
— …
… …
$ … $ …
$ … $ …
… …
$ … $ …
(a) 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.
(b) Income taxes on integration costs and significant items are calculated at a
statutory tax rate of 21% on pretax, pre-provision earnings. 2Q26 significant
items tax impact also includes the benefit of shares donated to the PNC
Foundation.
Noninterest expense excluding integration costs and significant items is a non-
GAAP measure and is based on adjusting noninterest expense to exclude
integration costs related to the FirstBank acquisition and significant items
during the period. The significant items are described in the Integration Costs
and Significant Items section on page 2. 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 costs and significant items
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.
Noninterest income excluding integration costs and significant items is a non-
GAAP measure and is based on adjusting noninterest income to exclude integration
costs related to the FirstBank acquisition and significant items during the
period. The significant items are described in the Integration Costs and
Significant Items section on page 2. We believe this non-GAAP measure to be a
useful tool for comparison of noninterest income earned during the normal course
of business. The exclusion of integration costs and significant items increases
comparability across periods, demonstrates the impact of significant items and
provides a useful measure for determining PNC’s noninterest income generating
activities that are core to our business operations and expected to recur over
time.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 19
The PNC Financial Services Group, Inc. Consolidated Financial Highlights
(Unaudited)
Adj…
Dil…
Ear…
per
Com…
Sha…
Exc…
Int…
Cos…
and
Sig…
Ite…
(no…
Three
mont…
ended
Sept… Per June Per
30 Comm… 30 Comm…
Dol…
in
mil…
exc… 2026 Share 2026 Share
per
sha…
data
Net
inc…
att…
to $ 1,994 $ 4.97 $ 1,941 $ 4.81
dil…
com…
sha…
Aft…
tax
imp…
of
int… 48 0.12 15 0.04
cos…
and
sig…
ite…
Adj…
net
inc…
att…
to
dil…
com… $ 2,042 $ 5.09 $ 1,956 $ 4.85
sha…
exc…
int…
cos…
and
sig…
ite…
Ave…
dil…
com… 401 403
sha…
out…
mil…
The adjusted diluted earnings per common share excluding integration costs and
significant items is a non-GAAP measure and excludes integration costs related
to the FirstBank acquisition and significant items during the period. It is
calculated based on adjusting net income attributable to diluted common
shareholders by removing post-tax effects of integration costs and significant
items in the period. The significant items are described in the Integration
Costs and Significant Items section on page 2. 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)
Dollars in
millions,
except per
share data 2026 September 30 2026 June 30 2025 September 30
──────────────────────────────────────────────────────────────────────────────
Book value per $ 142.17 $ 145.52 $ 135.67
common share
Tangible book
value per
common share
Common
shareholders' $ 56,474 $ 58,131 $ 53,235
equity
Goodwill and
other -14,113 $ -14,161 -11,163
intangible
assets
Deferred tax
liabilities on
goodwill and 400 408 243
other
intangible
assets
Tangible common
shareholders' $ 42,761 $ 44,378 $ 42,315
equity
Period-end
common shares 397 399 392
outstanding(In
millions)
Tangible book
value per $ 107.64 $ 111.09 $ 107.84
common
share(non-GAAP)
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.
Return
on
Avera…
Tangi…
Common
Equity
(non-…
Dolla…
in
milli…
Return
on
avera…
common
share…
equity
Return Three
on months
avera… ended
tangi… Septemb… Septem…
common 30 June 30 30
equity 2026 13.89 % 2026 13.61 % 2025 13.24 %
──────────────────────────────────────────────────────────────────────────────
Avera…
common $ 57,278 $ 57,556 $ 51,969
share…
equity
Avera…
goodw…
and -14,138 -14,162 -11,157
other
intan…
assets
Avera…
defer…
tax
liabi…
on 404 412 241
goodw…
and
other
intan…
assets
Avera…
tangi…
common $ 43,544 $ 43,806 $ 41,053
share…
equity
Net
income
attri… $ 2,006 $ 1,953 $ 1,735
to
common
share…
Net
income
attri…
to $ 7,958 $ 7,833 $ 6,883
common
share…
annua…
Return
on
avera… 18.28 % 17.88 % 16.77 %
tangi…
common
equit…
Return on average tangible common equity is a non-GAAP measure and is calculated
based on annualized net income attributable to common shareholders divided by
tangible common equity. We believe this non-GAAP measure serves as a useful tool
to help measure and assess a company's use of common equity.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 20
The PNC Financial Services Group, Inc. Consolidated Financial Highlights
(Unaudited)
Taxable-E…
Net
Interest
Income Three
(non-GAAP) months
Dollars in ended September September
millions 2026 30 2026 June 30 2025 30
──────────────────────────────────────────────────────────────────────────────
Net
interest $ 4,206 $ 4,107 $ 3,648
income
Taxable-e… 26 27 30
adjustmen…
Net
interest
income(Fu… $ 4,232 $ 4,134 $ 3,678
Taxable-E…
- FTE)
(non-GAAP)
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.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 21
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 into 2027.
Economic growth has remained solid despite the increase in oil prices, supported
by very strong AI-related capex and resilient consumer spending. We expect real
GDP growth above 2% in 2026, with continued modest job gains and the
unemployment rate holding roughly steady. Inflation risks remain elevated, with
trend core inflation staying above 3% through year-end. Risks to our growth and
inflation outlook include a reversal in AI-related sentiment, which would have
knock-on effects on both capex and wealth-driven consumer spending, as well as
any further sharp rise in bond yields.
– Our baseline forecast is for the Federal Reserve to raise rates twice more, at
the December 2026 and March 2027 FOMC meetings, ultimately bringing the federal
funds rate to a range of 4.25% to 4.50%.
▪ 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.
▪ 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.
- more -
PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or
$5.09 As Adjusted – Page 22
Cautionary Statement Regarding Forward-Looking Information (Continued)
▪ 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.
###