PNC Financial Services Group (PNC)

PNC Financial Services Group reported third-quarter 2026 net income of $2.1 billion, or $4.97 per diluted share, on 15 October 2026 1. Revenue was $6,562 million, up from $5,915 million a year earlier 1. Retail Banking earnings fell to $1,425 million from $1,747 million, because the second quarter held a $448 million Visa gain 1.

Lending drove the quarter, as average loans rose $9.0 billion, or 2 percent, from the second quarter, helped by new production and customers drawing more on existing credit lines 1. Net interest income, the gap between what the bank earns on loans and pays on deposits, was $4.2 billion, up 2 percent 1.

The company gave guidance on the same day 2. It expects fourth-quarter net interest income up about 4 percent and adjusted expenses up about 5 percent from the third quarter 2. For the full year it expects total revenue up about 13.7 percent from last year's $23,099 million 2.

PNC acquired FirstBank, a Colorado bank, on 5 January 2026 and merged it into PNC Bank in June 4. The release said fourth-quarter share repurchases should approximate the third quarter's $0.6 billion 1.

PNC took its present form in 1983, when Pittsburgh National Corporation and Provident National Corporation were consolidated 3. Since then it has grown through organic growth, bank and non-bank acquisitions and equity investments, according to its annual report 3.

The largest step of the recent past came on 1 June 2021, when PNC completed its purchase of BBVA USA Bancshares 6. The company said it became the fifth largest U.S. commercial banking organization, with over $560 billion in assets 6. BBVA USA's bank was merged into PNC Bank in October 2021 3.

Revenue was nearly flat in 2023 and 2024, at $21,490 million and $21,555 million 3. A special FDIC assessment, set after the closures of Silicon Valley Bank and Signature Bank, cost PNC $515 million before tax in 2023 and $112 million in 2024 3. Net interest margin, the spread a bank earns on its assets, was 2.76 percent in 2023 and 2.66 percent in 2024 3.

In the second quarter of 2024, PNC exchanged Visa shares for a $754 million gain, and sold low-yielding securities at a $497 million loss to buy higher-yielding ones 3. Net income for 2024 was $5,953 million, up from $5,647 million in 2023 3.

In 2025 revenue grew 7.2 percent (computed) to $23,099 million, and net income rose to $6,997 million 3. Net interest income was $14,410 million, up from $13,499 million, and diluted earnings per share were $16.59 against $13.74 3. The efficiency ratio, the share of revenue spent on expenses, improved from 65 percent in 2023 to 63 percent and then 60 percent 3.

On 8 September 2025 PNC agreed to buy FirstBank Holding Company of Lakewood, Colorado, in a deal it put at $4.1 billion 5. FirstBank had $26.8 billion in assets at 30 June 2025 and 95 branches 5. The price was about 13.9 million PNC shares plus $1.2 billion in cash 5.

The deal closed on 5 January 2026 3. At close FirstBank had $26.4 billion of assets, $16.0 billion of loans and $23.1 billion of deposits 3. In June 2026 about 780,000 customers and 95 branches moved onto PNC Bank, and integration costs were $127 million in the second quarter 4.

The second quarter of 2026 also held a $448 million gain from another Visa share exchange and a $140 million contribution to the PNC Foundation 1. Those items explain why second-quarter noninterest expense of $4,098 million fell to $3,751 million in the third 1.

Retail Banking

Retail Banking serves consumers and small businesses through a coast-to-coast branch network, digital channels, ATMs and phone centers 3. It offers checking, savings, mortgages, home equity loans, auto loans, credit cards, education loans and small business loans 3.

Its third-quarter earnings were $1,425 million, with average deposits of $267.1 billion and average loans of $107.9 billion 1. PNC said it added about 215k net new checking accounts this year in its expansion markets, and average credit card balances grew 12 percent from a year earlier 2.

Corporate and Institutional Banking

This segment lends to mid-sized and large companies, governments and not-for-profits, and sells treasury management, which is cash and payments handling for businesses 3. It also runs capital markets and advisory work such as merger advice, loan syndication and securities underwriting 3.

Its third-quarter earnings were $1,552 million 1. Average loans of $247.7 billion were up 17 percent from a year earlier, and PNC said treasury management revenue grew 8 percent for the year to date 12.

Asset Management Group

The Asset Management Group offers private banking to wealthy families through PNC Private Bank, and outsourced investment, custody and retirement services to institutions 3. Its third-quarter earnings were $128 million, and discretionary client assets under management were $250 billion 1.

Where fee income comes from

Fees made up $2,142 million of third-quarter revenue 1. Card and cash management brought $769 million, asset management and brokerage $447 million, capital markets and advisory $433 million, lending and deposit services $358 million and mortgage $135 million 1.

Places and people

PNC's main offices are in the Tower at PNC Plaza in Pittsburgh, a 33-story building owned by PNC Bank 3. It had 55,333 employees at the end of 2025 3.

William Demchak is chairman and chief executive, and Robert Reilly has been chief financial officer since August 2013 3. Mark Wiedman became president in May 2025 after 21 years at BlackRock 3.

Rivals and current problems

The annual report names kinds of rivals, not firms: other commercial banks, credit unions, investment management firms, financial technology companies, brokerage firms and insurers 3. After FirstBank, PNC said it would hold 20 percent of Denver retail deposits 5.

Credit costs rose a little in the third quarter, as net loan charge-offs were $257 million, including $35 million from moving a student loan portfolio to held-for-sale, and nonperforming loans were $2.2 billion 1.

A patent dispute with USAA over mobile check deposit is still open 3. The Federal Circuit set aside a $4.3 million verdict against PNC on 12 June 2025 3. USAA petitioned the Supreme Court on 14 January 2026 3.

The umbrella, in words

PNC conducts its business mainly through PNC Bank, National Association, chartered in Wilmington, Delaware 3. At the end of 2025 the group had one domestic bank subsidiary and 52 active non-bank subsidiaries, listed in Exhibit 21 of the annual report 3.

The non-bank units do market-making, securities underwriting and advisory work 3. FirstBank, bought in January 2026, was merged into PNC Bank in June 2026 4.

PNC owns stakes through its private equity portfolio, which held $2.7 billion at fair value on 30 June 2026, of which $2.4 billion was invested directly in companies 4. It also owns Visa Class B-3 shares, carried at cost, and Visa Class C and Class A shares worth about $0.3 billion 4.

The 2026 proxy statement lists two holders of more than 5 percent: Vanguard with 9.2 percent and BlackRock with 7.2 percent 7. Both figures come from Schedule 13G/A filings reporting holdings as of 31 December 2023 7. BlackRock also manages PNC's pension plan under a contract 7.

PNC gave fourth-quarter guidance with its results on 15 October 2026 2. It expects average loans up about 2.5 percent, net interest income up about 4.0 percent and fee income up about 3.5 percent from the third quarter 2.

It also expects other noninterest income of about $250 million, adjusted expenses up about 5.0 percent and net charge-offs of about $250 million 2. The company expects a net interest margin of 3.0 percent or above in the fourth quarter 2.

For all of 2026 the company now expects average loans up about 13.5 percent, net interest income up about 15.5 percent and total revenue up about 13.7 percent 2. It raised its expense view to about 9.5 percent and expects an effective tax rate near 19.5 percent 2.

PNC's board declared a quarterly common dividend of $2.00 per share on 2 October 2026, payable on 5 November 2026 1. That compares with $1.70 a share in the second quarter 1.

PNC said about 27 percent of its 100 million share repurchase authorization was still available at 30 September 2026 1. It said its stress capital buffer will stay at the regulatory minimum of 2.5 percent through 31 December 2027 1.

PNC lists three strategic priorities: growing its client base nationally, using technology for client service and safety, and building its brand 2. Its slides point to the expansion markets as where it keeps adding clients 2.

The company expects about a third of its securities and swap portfolio to run off through 2028, starting with about $5 billion of fixed-rate securities yielding 2.65 percent 2. USAA's Supreme Court petition in the patent case is the main pending legal decision named in the annual report 3.