PITTSBURGH, Jan. 3, 2025 /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 Feb. 5, 2025, to shareholders of record at the close of business Jan. 15, 2025.

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 March 10, 2025, to shareholders of record at the close of business Feb. 14, 2025.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 March 15, 2025, will be payable the next business day to shareholders of record at the close of business Feb. 28, 2025.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) with a payment date of Feb. 15, 2025, will be payable the next business day to shareholders of record at the close of business Jan. 31, 2025.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 March 15, 2025, will be payable the next business day to shareholders of record at the close of business Feb. 28, 2025.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 March 15, 2025, will be payable the next business day to shareholders of record at the close of business Feb. 28, 2025.

PITTSBURGH, Dec. 18, 2024 /PRNewswire/ -- PNC Bank, N.A. announced a decrease in its prime lending rate. The new rate of 7.50% is effective tomorrow, Dec. 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.

PITTSBURGH, Dec. 5, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) expects to issue financial results for the fourth quarter and full year 2024 at approximately 6:30 a.m. (ET), Thursday, Jan. 16, 2025, 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 13750472.

PITTSBURGH, Nov. 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 1:00 p.m. (ET), Tuesday, Dec. 10, at the Goldman Sachs 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; and a webcast replay available for 30 days.

PNC calculates the cost of Christmas from the holiday song "The Twelve Days of Christmas"Recent inflation trends are repeating, much like the verses of the song itselfFive of the 12 gifts had no increase compared to 2023

PITTSBURGH, Nov. 21, 2024 /PRNewswire/ -- National inflation levels may be on the decline, but when it comes to True Loves' gifts, the price of decking the halls keeps rising. Now in its 41st year, PNC Bank's annual Christmas Price Index® (PNC CPI) rose 5.4% — doubling last year's 2.7% increase and surpassing the Bureau of Labor Statistics' Consumer Price Index (BLS CPI) October year-over-year reading of 2.6%.

Company increases branch investment by $500 million with plans to build new locations in 12 cities

PITTSBURGH, Nov. 8, 2024 /PRNewswire/ -- PNC Bank announced today it is increasing its branch investment by $500 million to open more than 100 additional new branches and renovate 200 more existing locations across the country. These plans expand upon the 100 new locations and 1,200 branch renovations the company announced in February. Today's announcement brings the bank's total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.

PITTSBURGH, Nov. 7, 2024 /PRNewswire/ -- PNC Bank, N.A. announced a decrease in its prime lending rate. The new rate of 7.75% is effective tomorrow, Nov. 8, 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.

PITTSBURGH, Oct. 30, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Dec. 2, 2024, of $500,000,000 of Depositary Shares (CUSIP: 693475AM7) (the "Depositary Shares") representing interests in PNC's Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series R (the "Series R Preferred Stock"). Each Depositary Share represents a 1/100th interest in a share of the Series R Preferred Stock. All 500,000 Depositary Shares currently outstanding will be redeemed.

Top economists provide insights on U.S. recession risks, Arizona growth, and global uncertainties.

TEMPE, Ariz., Oct. 29, 2024 /PRNewswire/ -- The economic forecast for 2025 is uncertain, but experts are watching several key indicators closely. With inflation appearing to be under control, recent labor market data have raised concerns about a potential recession. Political uncertainties, a fluctuating technology sector, and ongoing global conflicts — such as the war in Ukraine and tensions in the Middle East — further complicate the economic outlook. In Arizona, however, significant growth is expected, driven by major technology investments.

PITTSBURGH, Oct. 25, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that President Michael P. Lyons and Executive Vice President and Chief Financial Officer Robert Q. Reilly will discuss business performance and strategy at 8:15 a.m. (ET), Friday, Nov. 8, at the BancAnalysts Association of Boston Conference in Boston.

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.

PITTSBURGH, Oct. 22, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption of, on Nov. 4, 2024, all outstanding Senior Floating Rate Bank Notes due Dec. 2, 2024 issued by PNC Bank, National Association in the amount of $200,000,000 (CUSIP 69353RFV5). The securities have an original scheduled maturity date of Dec. 2, 2024. The redemption price will be equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of Nov. 4, 2024. Interest on the Senior Floating Rate Bank Notes will cease to accrue on the redemption date.

Generated positive operating leverage; grew NII; substantially increased fee income and TBV 

PITTSBURGH, Oct. 15, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

For the quarter

In millions, except per share data and as noted

3Q24

2Q24

3Q23

Third Quarter Highlights

Financial Results

Comparisons reflect 3Q24 vs. 2Q24

Net interest income (NII)

$    3,410

$    3,302

$    3,418

          Income Statement

▪   Generated 1% positive operatingleverage

▪   Revenue stable; noninterest expense decreased 1%; PPNR increased 2%

•   NII grew 3%; NIM increased 4 bps

•   Fee income increased 10%, and included strong capital markets and advisory revenue

•   Other noninterest income of $69 million included negative Visa derivative fair value adjustments of $128 million; 2Q24 included the benefit of $141 million of significant items 

              Balance Sheet

▪   Average loans were stable

▪   Average deposits and securitiesincreased 1%

▪   Net loan charge-offs were $286 million, or 0.36% annualized to average loans

▪   ACL to total loans stable at 1.7%

▪   AOCI improved $2.4 billion or 32%

▪   TBV per share increased 9%

▪   Maintained strong capital position

–  CET1 capital ratio of 10.3%

–  Repurchased more than $0.1 billion of common shares

 

Fee income (non-GAAP)

1,953

1,777

1,721

Other noninterest income

69

332

94

Noninterest income

2,022

2,109

1,815

Revenue

5,432

5,411

5,233

Noninterest expense

3,327

3,357

3,245

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

2,105

2,054

1,988

Provision for credit losses

243

235

129

Net income

1,505

1,477

1,570

Per Common Share

Diluted earnings per share (EPS)

$      3.49

$      3.39

$      3.60

Average diluted common shares outstanding

400

400

400

Book value

124.56

116.70

105.98

Tangible book value (TBV) (non-GAAP)

96.98

89.12

78.16

Balance Sheet & Credit Quality

Average loans    In billions

$    319.6

$    319.9

$    319.5

Average securities    In billions

142.3

141.3

139.7

Average deposits    In billions

422.1

417.2

422.5

Accumulated other comprehensive income (loss) (AOCI)

In billions

(5.1)

(7.4)

(10.3)

Net loan charge-offs

286

262

121

Allowance for credit losses (ACL) to total loans

1.65 %

1.67 %

1.70 %

Selected Ratios

Return on average common shareholders' equity

11.72 %

12.16 %

13.65 %

Return on average assets

1.05

1.05

1.12

Net interest margin (NIM) (non-GAAP)

2.64

2.60

2.71

Noninterest income to total revenue

37

39

35

Efficiency

61

62

62

Common equity Tier 1 (CET1) capital ratio

10.3

10.2

9.8

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

 

 

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.