PITTSBURGH, Oct. 3, 2024 /PRNewswire/ -- The board of directors of The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend on the common stock of $1.60 per share. The dividend will be payable Nov. 5, 2024, to shareholders of record at the close of business Oct. 16, 2024.

The board also declared a cash dividend on the following series of preferred stocks:

Series B: a quarterly dividend of 45 cents per share will be payable Dec. 10, 2024, to shareholders of record at the close of business Nov. 15, 2024.Series R: a quarterly dividend of $2,102.43 per share ($21.0243 per each depositary share, 100 of which represent one share of Series R preferred stock) at a quarterly rate of 2.10243%, with a payment date of Dec. 1, 2024, will be payable the next business day to shareholders of record at the close of business Nov. 15, 2024.Series S: a semi-annual dividend of $2,500.00 per share ($25.00 per each depositary share, 100 of which represent one share of Series S preferred stock) will be payable Nov. 1, 2024, to shareholders of record at the close of business Oct.16, 2024.Series T: a quarterly dividend of $850.00 per share ($8.50 per each depositary share, 100 of which represent one share of Series T preferred stock) with a payment date of Dec.15, 2024, will be payable the next business day to shareholders of record at the close of business Nov. 29, 2024.Series U: a quarterly dividend of $1,500.00 per share ($15.00 per each depositary share, 100 of which represent one share of Series U preferred stock) will be payable Nov. 15, 2024, to shareholders of record at the close of business Oct. 31, 2024.Series V: a quarterly dividend of $1,550.00 per share ($15.50 per each depositary share, 100 of which represent one share of Series V preferred stock) with a payment date of Dec. 15, 2024, will be payable the next business day to shareholders of record at the close of business Nov. 29, 2024.Series W: a quarterly dividend of $1,562.50 per share ($15.6250 per each depositary share, 100 of which represent one share of Series W preferred stock) with a payment date of Dec. 15, 2024, will be payable the next business day to shareholders of record at the close of business Nov. 29, 2024.

PITTSBURGH, Oct. 3, 2024 /PRNewswire/ -- PNC Bank and Akoya today announced the expansion of their existing integration to support corporate data sharing through the Akoya data access network. This feature enhances the ability of corporate clients to securely share their financial data with third parties, including fintechs and data aggregators, that power platforms they use to run their businesses, enhancing security and reliability through API-based connections.

"By expanding our relationship with Akoya, we are advancing our commitment to secure, transparent, and controlled financial data sharing for the benefit of our corporate clients," said Emma Loftus, head of PNC Treasury Management. "Securely sharing sensitive financial information between platforms can streamline our clients' day-to-day operations, including critical business functions, such as reconciliation and cash forecasting."

Arrangement allows PNC customers to more safely, securely permission financial data to Plaid powered apps and services

PITTSBURGH, Sept. 20, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) and Plaid have entered into a bilateral data access agreement that will enable PNC customers nationwide to more safely and securely connect and share financial data to their chosen financial applications through Plaid. PNC uses Akoya as its API service provider to provide PNC customers' financial information to all data recipients.

PITTSBURGH, Sept. 18, 2024 /PRNewswire/ -- PNC Bank, N.A. announced a decrease in its prime lending rate. The new rate of 8.00% is effective tomorrow, Sept. 19, 2024.

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC 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.

56% of small and mid-sized business owners surveyed are optimistic about the national economy – up significantly from 34% a year ago.76% are highly optimistic about the prospects of their own business.64% of business owners expect an increase in demand in the next six months.

PITTSBURGH, Sept. 4, 2024 /PRNewswire/ -- PNC's latest semi-annual survey of small and mid-sized businesses, which concluded Aug. 6, indicates that business owner optimism remains high, lending support to PNC's forecast of a soft landing for the U.S. economy.

PITTSBURGH, Sept. 3, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) expects to issue financial results for the third quarter 2024 at approximately 6:30 a.m. (ET), Tuesday, Oct. 15, 2024, as previously announced. 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 the same day at 10 a.m. (ET).

Dial in numbers are (866) 604-1697 and (215) 268-9875 (international). The following will be accessible at www.pnc.com/investorevents: a link to the live audio webcast on the day of the conference call; presentation slides, earnings release and supplementary financial information; and a webcast replay available for 30 days. A telephone replay of the call will be available for 30 days at (877) 660-6853 and (201) 612-7415, Access ID 13748386.

Annual Financial Wellness in the Workplace Report Highlights Workplace Stressors, Benefits Needs and Financial Goals Across Generations

PITTSBURGH, Aug. 28, 2024 /PRNewswire/ -- PNC Bank today released findings from its second annual Financial Wellness in the Workplace Report entitled, "The Evolving Needs of the Multigenerational American Workforce," which summarizes survey data and in-depth interviews from more than 1,000 U.S. workers and more than 500 U.S. employers to better understand the financial health and wellness of today's workforce.

PITTSBURGH, Aug. 26, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will discuss business performance and strategy at 12:00 p.m. (ET) Monday, Sept. 9, at the Barclays Global Financial Services Conference in New York City.

The following will be accessible at www.pnc.com/investorevents: a link to the live webcast; related materials, including cautionary statements regarding forward-looking information, available prior to the start of the webcast; webcast replay available for 30 days.

Generated positive operating leverage; grew NII and NIM; maintained 2.5% SCB requirementIncreased quarterly common stock dividend 5 cents to $1.60 per share on July 2, 2024

PITTSBURGH, July 16, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

For the quarter

In millions, except per share data and as noted

2Q24

1Q24

2Q23

Second Quarter Highlights

Financial Results

Comparisons reflect 2Q24 vs. 1Q24

Net interest income (NII)

$    3,302

$    3,264

$    3,510

Income Statement

Noninterest income

2,109

1,881

1,783

▪   Generated positive operating leverage; PPNR increased 13%

Revenue

5,411

5,145

5,293

Noninterest expense

3,357

3,334

3,372

▪   Revenue increased 5%

Pretax, pre-provision earnings (PPNR) (non-GAAP)

2,054

1,811

1,921

–  NII and NIM increased

Provision for credit losses

235

155

146

▪   Noninterest expense increased 1%

Net income

1,477

1,344

1,500

▪   Gain on Visa share exchange of$754 million substantially offset by other significant items, resulting in a 9 cent benefit to EPS

Per Common Share

Diluted earnings per share (EPS)

$      3.39

$      3.10

$      3.36

Balance Sheet

Average diluted common shares outstanding

400

400

401

▪   Average loans and deposits were relatively stable

Book value

116.70

113.30

105.67

Tangible book value (TBV) (non-GAAP)

89.12

85.70

77.80

▪   Average securities increased 4%

▪   Net loan charge-offs were $262 million, or 0.33% annualized to average loans

Balance Sheet & Credit Quality

Average loans    In billions

$    319.9

$    320.6

$    324.5

▪   ACL to total loans stable at 1.7%

Average securities    In billions

141.3

135.4

141.0

▪   AOCI improved $0.6 billion, including securities repositioning impact

Average deposits    In billions

417.2

420.2

425.7

Accumulated other comprehensive income (loss) (AOCI)

In billions

(7.4)

(8.0)

(9.5)

▪   TBV per share increased 4%

Net loan charge-offs

262

243

194

▪   Maintained strong capital position

Allowance for credit losses (ACL) to total loans

1.67 %

1.68 %

1.68 %

–  CET1 capital ratio of 10.2%

–  Maintained regulatory minimum Stress Capital Buffer (SCB) of2.5%

Selected Ratios

Return on average common shareholders' equity

12.16 %

11.39 %

13.01 %

–  Increased quarterly common stockdividend 5 cents to $1.60 per share on July 2, 2024

Return on average assets

1.05

0.97

1.08

Net interest margin (NIM) (non-GAAP)

2.60

2.57

2.79

Noninterest income to total revenue

39

37

34

Efficiency

62

65

64

Common equity Tier 1 (CET1) capital ratio

10.2

10.1

9.5

See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release.

PITTSBURGH, July 3, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that it expects to issue 2025 quarterly earnings releases pre-market open and hold conference calls at the following times:

First Quarter – Tuesday, April 15, 2025 at 10 a.m. (ET)Second Quarter – Wednesday, July 16, 2025 at 10 a.m. (ET)Third Quarter – Wednesday, Oct. 15, 2025 at 11 a.m. (ET)Fourth Quarter – Friday, Jan. 16, 2026 at 9 a.m. (ET)

A link to the live audio webcast, presentation slides, earnings release and supplementary financial information will be made available at www.pnc.com/investorevents, and dial-in information will be provided at a later date.

PITTSBURGH, July 2, 2024 /PRNewswire/ -- The board of directors of The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend on the common stock of $1.60 per share, an increase of $0.05 cents per share, or 3%, from the second quarter dividend of $1.55 per share. The dividend will be payable Aug. 5, 2024, to shareholders of record at the close of business July 15, 2024.

"The increase in our dividend reflects our continued financial strength and our board's confidence in our strategy and outlook," said William S. Demchak, PNC chairman and chief executive officer.

PITTSBURGH, June 28, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today the results of its biennial company-run stress test conducted in accordance with regulations of the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. These company-run stress tests are designed to help assess whether banking organizations have sufficient capital to absorb losses and support operations during hypothetical severely adverse economic conditions over a nine-quarter projection period. The projection period for the 2024 test covers Jan. 1, 2024 to March 31, 2026.

PITTSBURGH, June 28, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) this week received the results of the Federal Reserve's 2024 Comprehensive Capital Analysis and Review (CCAR). The Federal Reserve's CCAR disclosure included its estimate of PNC's minimum capital ratios for the period from the first quarter of 2024 through the first quarter of 2026 under the hypothetical Supervisory Severely Adverse scenario. Based on PNC's strong results, PNC's calculated Stress Capital Buffer (SCB) for the four-quarter period beginning Oct. 1, 2024 is 2.2%, which is below the regulatory minimum SCB amount, resulting in an SCB of 2.5%. This is consistent with PNC's SCB in effect through Sept. 30, 2024. PNC's Common Equity Tier 1 (CET1) ratio of 10.1% as reported for March 31, 2024 significantly exceeds the regulatory minimum plus our SCB (7.0%), reflecting our strong capital levels. Furthermore, under the Federal Reserve's projections in the 2024 Supervisory Severely Adverse scenario, PNC's post-stress capital ratios are projected to remain well above regulatory minimums, with our minimum and ending CET1 ratios both projected to be 8.3%, compared to the regulatory minimum of 4.5%.

Current and future college students can apply now for one of 12 available scholarships

PITTSBURGH, June 5, 2024 /PRNewswire/ -- PNC Bank today introduced an enhanced program that will award $10,000 scholarships to 12 deserving students attending or planning to attend college across the country.

PNC's existing, decade-long scholarship program currently awards $2,000 scholarships to 12 students each year. This enhanced program will build on the successes of PNC's current program and provide students with additional resources to help make their dreams of higher education a reality.

PITTSBURGH, June 4, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) expects to issue financial results for the second quarter 2024 at approximately 6:30 a.m. (ET), Tuesday, July 16, 2024, as previously announced. 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 the same day at 10 a.m. (ET).

Dial in numbers are (866) 604-1697 and (215) 268-9875 (international). The following will be accessible at www.pnc.com/investorevents: a link to the live audio webcast on the day of the conference call; presentation slides, earnings release and supplementary financial information; and a webcast replay available for 30 days. A telephone replay of the call will be available for one week at (877) 660-6853 and (201) 612-7415, Access ID 13746966.

PITTSBURGH, June 3, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that Executive Vice President and Chief Financial Officer Robert Q. Reilly will discuss business performance and strategy at 1 p.m. (ET) Tuesday, June 11, at the Morgan Stanley US Financials Conference in New York City.

The following will be accessible at www.pnc.com/investorevents: a link to the live webcast; related materials, including cautionary statements regarding forward-looking information, also available prior to the start of the webcast; and a webcast replay available for 30 days.

PITTSBURGH, May 15, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will discuss business performance and strategy at 1:30 p.m. (ET) Wednesday, May 29, at the Bernstein Strategic Decisions Conference in New York City.

The following will be accessible at www.pnc.com/investorevents: a link to the live webcast; related materials, including cautionary statements regarding forward-looking information, available prior to the start of the webcast; and a webcast replay available for 30 days.

Embracing simplicity and competitive value, the new card delivers a suite of benefits that help meet today's consumer needs

PITTSBURGH, May 7, 2024 /PRNewswire/ -- PNC Bank announced today the launch of its newest credit card, the PNC Cash Unlimited® Visa Signature credit card. The bank's latest credit card is designed to provide straightforward, valuable rewards to its cardholders with an unlimited 2% cash back on all eligible purchases.

New Strategy Creates Opportunity for Significant Expansion in Middle Market Lending

PITTSBURGH and LOS ANGELES, May 6, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. ("PNC"), one of the largest diversified financial institutions in the U.S., and the TCW Group, Inc. ("TCW"), a leading global asset manager, today announced they are partnering to deliver private credit solutions to middle market companies.

The PNC and TCW partnership formalizes and expands more than 15 years of collaboration between PNC and TCW, combining both institutions' credit expertise: TCW's 23-year track record of successfully originating, underwriting and managing direct lending portfolios; and the strengths of PNC's national client relationships and its leading middle market lending franchise. The new joint strategy will focus primarily on directly originated, senior secured cash-flow and asset-based loans to both sponsored and non-sponsored middle market companies.

Grew liquidity and capital; reduced expenses; credit quality stable

PITTSBURGH, April 16, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

For the quarter

In millions, except per share data and as noted

1Q24

4Q23

1Q23

First Quarter Highlights

Financial Results

Comparisons reflect 1Q24 vs. 4Q23

Revenue

$    5,145

$    5,361

$    5,603

 

Income Statement

 

▪  Revenue decreased 4%

▪  Core noninterest expenses declined 6%

▪  Generated positive operating leverage; efficiency improved

▪  Provision for credit losses of $155 million

Balance Sheet

▪  Average loans decreased 1%

▪  Average deposits decreased 1%

–  Spot deposits increased 1%

▪  ACL to total loans stable at 1.7%

▪  Net loan charge-offs were $243 million, or 0.30% annualized to average loans

▪  AOCI was negative $8.0 billion, compared to negative $7.7 billion, reflecting higher interest rates

▪  TBV per share increased to $85.70

▪  Federal Reserve Bank balances averaged $47.8 billion, an increase of $5.6 billion

▪  Maintained strong capital position

–  CET1 capital ratio of 10.1%

–  Repurchased $0.1 billion of common shares

Noninterest expense (NIE)

3,334

4,074

3,321

Non-core NIE adjustments

130

665

—

Core NIE (non-GAAP)

3,204

3,409

3,321

Pretax, pre-provision earnings - as adjusted (non-GAAP)

1,941

1,952

2,282

Provision for credit losses

155

232

235

Net income

1,344

883

1,694

Per Common Share

Diluted earnings

$      3.10

$      1.85

$      3.98

Impact from non-core NIE adjustments

0.26

1.31

—

Diluted earnings - as adjusted (non-GAAP)

3.36

3.16

3.98

Average diluted common shares outstanding

400

401

402

Book value

113.30

112.72

104.76

Tangible book value (TBV) (non-GAAP)

85.70

85.08

76.90

Balance Sheet & Credit Quality

Average loans    In billions

$    320.6

$    324.6

$    325.5

Average deposits    In billions

420.2

423.9

436.2

Accumulated other comprehensive income (loss) (AOCI)    In billions

(8.0)

(7.7)

(9.1)

Net loan charge-offs

243

200

195

Allowance for credit losses (ACL) to total loans

1.68 %

1.70 %

1.66 %

Selected Ratios

Return on average common shareholders' equity

11.39 %

6.93 %

16.11 %

Return on average assets

0.97

0.62

1.22

Net interest margin (NIM) (non-GAAP)

2.57

2.66

2.84

Noninterest income to total revenue

37

37

36

Efficiency

65

76

59

Efficiency - as adjusted (non-GAAP)

62

64

59

Common equity Tier 1 (CET1) capital ratio

10.1

9.9

9.2

Core NIE is a non-GAAP measure calculated by excluding non-core NIE adjustments from noninterest expense. Non-core NIE adjustments include the pre-tax impact from the FDIC special assessment for the recovery of Silicon Valley Bank and Signature Bank ($130 million in 1Q24 and $515 million in 4Q23); 4Q23 also excludes charges related to the workforce reduction ($150 million). See this and other non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release.