PITTSBURGH, Feb. 7, 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 8:50 a.m. (ET) Wednesday, Feb 21, at the Bank of America Financial Services Conference in Miami, FL.

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.

Fourth quarter 2023 net income was $0.9 billion, $1.85 diluted EPS or $3.16 as adjusted

Grew revenue; increased average loans and deposits

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

For the quarter

For the year

In millions, except per share data and as noted

4Q23

3Q23

2023

2022

Fourth Quarter Highlights

Financial Results

Comparisons reflect 4Q23 vs. 3Q23

Revenue

$    5,361

$    5,233

$  21,490

$ 21,120

 Income Statement

▪   Revenue increased 2% due to strong      noninterest income growth

▪   Core noninterest expense increased     5% primarily reflecting higher      business activity

–  Core noninterest expense excludes     $515 million related to the FDIC     special assessment and $150     million of workforce reduction     charges

▪   Provision for credit losses of $232     million

Balance Sheet

▪   Average loans increased 2%

▪   Average deposits grew modestly

▪   ACL to total loans of 1.7% was stable

▪   Net loan charge-offs were $200 million,     or 0.24% annualized to average loans

▪   AOCI improved $2.6 billion to negative     $7.7 billion, reflecting favorable interest      rate movements

▪   TBV increased to $85.08

▪   CET1 capital ratio of 9.9%

–  Repurchased $0.1 billion of common    shares

 

 

 

Noninterest expense (NIE)

4,074

3,245

14,012

13,170

Non-core NIE adjustments

665

—

665

—

Core NIE (non-GAAP)

3,409

3,245

13,347

13,170

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

1,952

1,988

8,143

7,950

Provision for credit losses

232

129

742

477

Net income

883

1,570

5,647

6,113

Per Common Share

Diluted earnings

$      1.85

$      3.60

$    12.79

$   13.85

Impact from non-core NIE adjustments

1.31

—

1.31

—

Diluted earnings - as adjusted (non-GAAP)

3.16

3.60

14.10

13.85

Average diluted common shares outstanding

401

400

401

412

Book value

112.72

105.98

112.72

99.93

Tangible book value (TBV) (non-GAAP)

85.08

78.16

85.08

72.12

Balance Sheet & Credit Quality

Average loans    In billions

$    324.6

$    319.5

$    323.5

$   307.7

Average deposits    In billions

423.9

422.5

427.1

443.4

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

(7.7)

(10.3)

(7.7)

(10.2)

Net loan charge-offs

200

121

710

563

Allowance for credit losses (ACL) to total loans

1.70 %

1.70 %

1.70 %

1.67 %

Selected Ratios

Return on average common shareholders' equity

6.93 %

13.65 %

12.35 %

13.52 %

Return on average assets

0.62

1.12

1.01

1.11

Net interest margin (NIM) (non-GAAP)

2.66

2.71

2.76

2.65

Noninterest income to total revenue

37

35

35

38

Efficiency

76

62

65

62

Efficiency - as adjusted (non-GAAP)

64

62

62

62

Common equity Tier 1 (CET1) capital ratio

9.9

9.8

9.9

9.1

Core NIE is a non-GAAP measure calculated by excluding non-core NIE adjustments from noninterest expense. Non-coreNIE adjustments include the pre-tax impact of the FDIC special assessment for the recovery of losses related to the closuresof Silicon Valley Bank (SVB) and Signature Bank as well as workforce reduction charges incurred in the fourth quarter of 2023. See this and other non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release.

PITTSBURGH, Jan. 4, 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 $1.55 per share. The dividend will be payable Feb. 5, 2024, to shareholders of record at the close of business Jan. 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, with a payment date of March 10, 2024, will be payable the next business day to shareholders of record at the close of business Feb. 16, 2024.Series R: a quarterly dividend of $2,193.78 per share ($21.9378 per each depositary share, 100 of which represent one share of Series R preferred stock) at a quarterly rate of 2.19378% will be payable March 1, 2024, to shareholders of record at the close of business Feb. 15, 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) will be payable March 15, 2024, to shareholders of record at the close of business Feb. 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 Feb. 15, 2024, to shareholders of record at the close of business Jan. 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) will be payable March 15, 2024, to shareholders of record at the close of business Feb. 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) will be payable March 15, 2024, to shareholders of record at the close of business Feb. 29, 2024.

PITTSBURGH, Dec. 5, 2023 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) expects to issue financial results for the fourth quarter and full year 2023 at approximately 6:30 a.m. (ET), Tuesday, Jan. 16, 2024, as previously announced. PNC Chairman, President 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 11 a.m. (ET).

Speakers from across the country and region share what's in store for the year ahead at the 60th annual ASU/PNC Bank Economic Forecast Luncheon

TEMPE, Ariz., Nov. 28, 2023 /PRNewswire/ -- A precise 2024 economic outlook would be invaluable, given such an evaluation is complex. While a recession is becoming less likely, many unanswered questions remain, and we are still concerned about inflation. The ongoing crisis in Ukraine, the war in the Middle East, and tensions with China contribute to the continuing instability in the world economy. The sustained popularity of remote work is affecting commercial real estate and office financing. Climate change led to billion-dollar productivity losses in the U.S. economy. But we can give thanks for substantial growth driven by technological investments in Phoenix's West Valley.

PITTSBURGH, Nov. 21, 2023 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that Chairman, President and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will discuss business performance, strategy and banking at 1:00 p.m. (ET) Tuesday, Dec. 5, at the Goldman Sachs US 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 12 Days of Christmas"Increases in the Index are largely driven by labor costs, mirroring the U.S. economyFive of 12 Gifts had no increase in price compared to 2022

PITTSBURGH, Nov. 16, 2023 /PRNewswire/ -- True Loves get a bit of a break this year as PNC Bank's 40th annual Christmas Price Index® (PNC CPI) edged up 2.7%, noticeably lower than last year's hefty 10.5% increase and slightly less than the Consumer Price Index topline, which is at 3.2% year over year. The PNC CPI is a light-hearted take on the Bureau of Labor Statistics' (BLS) CPI, which measures the change in prices consumers could expect to pay for True Love's gifts, outlined in the classic holiday carol, "The Twelve Days of Christmas."

PITTSBURGH, Oct. 19, 2023 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that Executive Vice President and Chief Financial Officer Robert Q. Reilly and Executive Vice President and Head of PNC Real Estate Michael Thomas will discuss business performance, strategy and banking at 12:45 p.m. (ET), Thursday, Nov. 2, 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.

Generated positive operating leverage; increased pretax, pre-provision earningsGrew capital and tangible book value

PITTSBURGH, Oct. 13, 2023 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

For the quarter

In millions, except per share data and as noted

3Q23

2Q23

3Q22

Third Quarter Highlights

Financial Results

Comparisons reflect 3Q23 vs. 2Q23

Revenue

$  5,233

$  5,293

$  5,549

Income Statement

 

▪   Generated positive operating      leverage of 3%

▪   Revenue declined 1%

▪   Expenses were well controlled,     decreasing 4%

▪   PPNR increased 3%

▪   Provision for credit losses of     $129 million

 

Balance Sheet

 

▪   Average loans decreased 2%

▪   Average deposits declined 1%

▪   Federal Reserve Bank balances     averaged $37.9 billion, an     increase of $7.3 billion

▪   ACL to total loans was stable

▪   Net loan charge-offs were $121     million, or 0.15% annualized to     average loans

▪   AOCI was a negative $10.3     billion, reflecting the     unfavorable impact of interest rate     movements

▪   TBV increased to $78.16

▪   CET1 capital ratio increased 30     basis points to 9.8%

Noninterest expense

3,245

3,372

3,280

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

1,988

1,921

2,269

Provision for credit losses

129

146

241

Net income

1,570

1,500

1,640

Per Common Share

Diluted earnings

$    3.60

$    3.36

$    3.78

Average diluted common shares outstanding

400

401

410

Book value

105.98

105.67

97.59

Tangible book value (TBV) (non-GAAP)

78.16

77.80

69.98

Balance Sheet & Credit Quality

Average loans    In billions

$  319.5

$  324.5

$  313.0

Average deposits    In billions

422.5

425.7

439.2

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

(10.3)

(9.5)

(10.5)

Net loan charge-offs

121

194

119

Allowance for credit losses (ACL) to total loans

1.70 %

1.68 %

1.67 %

Selected Ratios

Return on average common shareholders' equity

13.65 %

13.01 %

14.97 %

Return on average assets

1.12

1.08

1.19

Net interest margin (NIM) (non-GAAP)

2.71

2.79

2.82

Noninterest income to total revenue

35

34

37

Efficiency

62

64

59

Common equity Tier 1 (CET1) capital ratio

9.8

9.5

9.3

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

PITTSBURGH, Oct. 3, 2023 /PRNewswire/ -- PNC Bank ("PNC") today announced it has acquired a portfolio of capital commitments facilities from Signature Bridge Bank, N.A. through an agreement with the Federal Deposit Insurance Corporation ("FDIC") as Receiver. The transaction closed Oct. 2, 2023. The FDIC established Signature Bridge Bank, N.A., on March 12, 2023, after being appointed receiver of the former Signature Bank, New York by the New York State Department of Financial Services.

The acquired portfolio represents $16.6 billion in total commitments, including $9 billion of funded loans. The transaction, to be funded with cash on hand, is expected to be immediately accretive to PNC's earnings, and will represent approximately 10 cents per share in the fourth quarter of 2023. The transaction will not have a material impact to PNC's total assets, capital ratios or tangible book value per share. PNC purchased these commitments and loans without any funding, guarantees or loss-sharing agreements from the FDIC. Additional details on the acquired portfolio and the financial impact of the transaction will be provided on PNC's third quarter earnings call scheduled for Oct. 13, 2023. 

PITTSBURGH, Oct. 2, 2023 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Nov. 1, 2023, of $1,000,000,000 of Depositary Shares (CUSIP: 693475AK1) (the "Depositary Shares") representing interests in PNC's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series O (the "Series O Preferred Stock"). Each Depositary Share represents a 1/100th interest in a share of the Series O Preferred Stock. All 1,000,000 Depositary Shares currently outstanding will be redeemed. 

PITTSBURGH, Oct. 2, 2023 /PRNewswire/ -- The board of directors of The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend on the common stock of $1.55 per share. The dividend, with a payment date of Nov. 5, 2023, will be payable the next business day to shareholders of record at the close of business Oct. 17, 2023.

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

Series B: a quarterly dividend of 45 cents per share, with a payment date of Dec. 10, 2023, will be payable the next business day to shareholders of record at the close of business Nov. 17, 2023.Series O: a quarterly dividend of $2,379.61 per share ($23.7961 per each depositary share, 100 of which represent one share of Series O preferred stock) at a quarterly rate of 2.37961% will be payable Nov. 1, 2023, to shareholders of record at the close of business Oct. 17, 2023.Series R: a quarterly dividend of $2,202.00 per share ($22.0200 per each depositary share, 100 of which represent one share of Series R preferred stock) at a quarterly rate of 2.20200% will be payable Dec. 1, 2023, to shareholders of record at the close of business Nov. 16, 2023.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, 2023, to shareholders of record at the close of business Oct. 17, 2023.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) will be payable Dec. 15, 2023, to shareholders of record at the close of business Nov. 30, 2023.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, 2023, to shareholders of record at the close of business Oct. 31, 2023.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) will be payable Dec. 15, 2023, to shareholders of record at the close of business Nov. 30, 2023.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) will be payable Dec. 15, 2023, to shareholders of record at the close of business Nov. 30, 2023.

77% of surveyed small and mid-sized business owners optimistic about their businessDespite economist expectations for recession, elevated optimism for national economyAlmost half of respondents say there aren't enough applicants for open positions

PITTSBURGH, Sept. 7, 2023 /PRNewswire/ -- PNC's latest semi-annual survey of small and mid-sized businesses, which concluded Aug. 9, shows that business owner optimism about the outlook for their own business in the next six months has reached a 21-year high amid strong expectations for sales, profits and demand.

PITTSBURGH, Sept. 1, 2023 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) expects to issue financial results for the third quarter at approximately 6:30 a.m. (ET), Friday, Oct. 13, 2023, as previously announced. PNC Chairman, President 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 11 a.m. (ET).

Dial in numbers are (877) 272-3498 and (303) 223-4380 (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 (800) 633-8284 and (402) 977-9140 (international), Conference ID 22027858.

PITTSBURGH, Aug. 31, 2023 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that Chairman, President and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will discuss business performance, strategy and banking in a moderated discussion format at 10:30 a.m. (ET) Tuesday, Sept. 12, 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.

90% of employees surveyed say they are negatively affected by inflation87% of employees worry about personal finances on the job75% of employers surveyed say workers' financial stress negatively affects business96% of employers say financial wellness benefits contribute to employee retention

PITTSBURGH, Aug. 24, 2023 /PRNewswire/ -- PNC Bank today released findings from its inaugural Financial Wellness in the Workplace Report 2023: What Employees Want (and Need), which summarizes survey data and in-depth interviews from a field of approximately 1,000 full-time workers from companies with more than 100 employees, and 500 employers from companies with $5 million or more in annual revenue, as part of a broader study to better understand the financial health perspectives of today's workforce.

Exclusive online loan marketplace, powered by Community Capital, will expand client loan market access and liquidity management

PITTSBURGH, Aug. 16, 2023 /PRNewswire/ -- PNC FIG Advisory, part of PNC Capital Markets LLC, today announced an expansion to its client offerings through the introduction of PNC Asset Exchange, an online loan resource and marketplace for financial institutions. PNC Asset Exchange is powered by Community Capital Technology Inc.'s ("Community Capital") loan marketplace and business intelligence platform and will provide PNC's financial institution clients with a more efficient, effective way to optimize their loan portfolios.