PNC Financial Services : Financial Supplement Q1 2026

Published: 2026-04-15 06:34:09 ET PNC

Published on 04/15/2026 at 06:34 am EDT

Consolidated Results: Page

Balance Sheet 2

Income Statement 1

Details of Net Interest Margin 4

Average Balance Sheet 3

Allowance for Credit Losses 6-7

Loans 5

Accruing Loans Past Due 9-10

Nonperforming Assets 8

Period End Employees 11

Business Segment Results:

Descriptions 11

Retail Banking 13-14

Net Income and Revenue 12

Corporate & Institutional Banking 15-16

Asset Management Group 17

Glossary of Terms 18-19

The information contained in this Financial Supplement is preliminary, unaudited and based on data available on April 15, 2026. This information speaks only as of the particular date or dates included in the schedules. We do not undertake any obligation to, and disclaim any duty to, correct or update any of the information provided in this Financial Supplement. Our future financial performance is subject to risks and uncertainties as described in our United States Securities and Exchange Commission (SEC) filings.

PNC is one of the largest diversified financial services companies in the United States (U.S.) and is headquartered in Pittsburgh, Pennsylvania. PNC has businesses engaged in retail banking, corporate and institutional banking and asset management, providing many of its products and services nationally. PNC's retail branch network is located coast-to-coast. PNC also has strategic international offices in four countries outside the U.S.

On January 5, 2026, PNC completed its acquisition of FirstBank Holding Company, including its banking subsidiary FirstBank. At close, FirstBank had $26 billion of assets, $16 billion of loans and $23 billion of deposits. Effective January 5, 2026, FirstBank's financial results are included in PNC's consolidated operations. PNC's previously disclosed amounts do not include FirstBank amounts. PNC's first quarter 2026 Form 10-Q will include additional information on this acquisition.

Effective January 1, 2026, PNC updated its defined loan classes (classes of financing receivables) as follows: (i) equipment lease financing loans were reclassified to the Commercial and industrial loan class based on similarities in the manner in which credit risk is monitored and assessed within these portfolios, as well as materiality considerations, and (ii) education loans were reclassified to the Other consumer loan class based on materiality considerations. All impacted tables have been updated accordingly, and prior periods have been adjusted to conform with the current presentation.

Financial Supplement Table Reference

Consolidated Income Statement 1

Consolidated Balance Sheet 2

Average Consolidated Balance Sheet 3

Details of Net Interest Margin 4

Details of Loans 5

Change in Allowance for Loan and Lease Losses 6

Components of the Provision for Credit Losses 7

Allowance for Credit Losses by Loan Class 7

Nonperforming Assets by Type 8

Change in Nonperforming Assets 8

Accruing Loans Past Due 30 to 59 Days 9

Accruing Loans Past Due 60 to 89 Days 9

Accruing Loans Past Due 90 Days or More 10

Period End Employees 11

Summary of Business Segment Net Income and Revenue 12

Retail Banking 13-14

Corporate & Institutional Banking 15-16

Asset Management Group 17

‌Three months ended‌‌

March 31

December 31

September 30

June 30

March 31

In millions, except per share data

2026

2025

Interest Income

Loans

$ 4,792

$ 4,640

$ 4,751

$ 4,609

$ 4,472

Investment securities

1,202

1,188

1,211

1,151

1,124

Other

450

552

565

510

534

Total interest income

6,444

6,380

6,527

6,270

6,130

Interest Expense

Deposits

1,735

1,864

1,980

1,845

1,808

Borrowed funds

748

785

899

870

846

Total interest expense

2,483

2,649

2,879

2,715

2,654

Net interest income

3,961

3,731

3,648

3,555

3,476

Noninterest Income

Asset management and brokerage

420

411

404

391

Capital markets and advisory

463

489

432

321

306

Card and cash management

738

733

737

692

Lending and deposit services

340

342

335

317

316

Residential and commercial mortgage

118

148

161

128

134

Other (a) (b)

125

217

198

212

137

Total noninterest income

2,204

2,340

2,267

2,106

1,976

Total revenue

6,165

6,071

5,915

5,661

5,452

Provision For Credit Losses

210

139

167

254

219

Noninterest Expense

Personnel

2,106

2,033

1,970

1,889

1,890

Occupancy

262

247

235

245

Equipment

415

412

416

394

384

Marketing

101

Other

898

810

747

766

783

Total noninterest expense

3,768

3,603

3,461

3,383

3,387

Income before income taxes and noncontrolling interests

2,187

2,329

2,287

2,024

1,846

Income taxes

415

296

465

381

347

Net income

1,772

2,033

1,822

1,643

1,499

Less: Net income attributable to noncontrolling interests

Preferred stock dividends (c)

Preferred stock discount accretion and redemptions

Net income attributable to common shareholders

$ 1,686

$ 1,934

$ 1,735

$ 1,542

$ 1,408

Earnings Per Common Share

Basic

$ 4.13

$ 4.88

$ 4.36

$ 3.86

$ 3.52

Diluted

$ 4.13

$ 4.88

$ 4.35

$ 3.85

$ 3.51

Average Common Shares Outstanding

Basic

405

394

396

397

398

Diluted

405

394

396

397

398

Efficiency

61 %

59 %

60 %

62 %

Noninterest income to total revenue

36 %

39 %

38 %

37 %

36 %

Effective tax rate (d)

19.0 %

12.7 %

20.3 %

18.8 %

Includes net gains (losses) on sale of securities of $28 million, $(7) million, less than $1 million, less than $1 million and $(2) million for the quarters ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025.

Includes Visa derivative fair value adjustments of $(32) million, $(41) million, $(35) million, $2 million and $(40) million for the quarters ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025. These adjustments are primarily related to escrow funding and the extension of anticipated litigation resolution timing.

Dividends are payable quarterly, other than Series S preferred stock, which is payable semiannually.

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.

‌March 31‌

December 31

September 30

June 30

March 31

In millions, except par value

2026

2025

Assets

Cash and due from banks

$ 5,646

$ 6,777

$ 5,553

$ 5,939

$ 6,102

Interest-earning deposits with banks (a)

26,053

32,936

33,318

24,455

32,298

Loans held for sale (b)

1,332

1,939

1,104

1,837

1,236

Investment securities - available-for-sale

71,072

68,135

68,297

67,136

63,318

Investment securities - held-to-maturity

72,040

70,105

73,226

75,212

74,457

Loans (b)

360,923

331,481

326,616

326,340

318,850

Allowance for loan and lease losses

(4,663)

(4,410)

(4,478)

(4,523)

(4,544)

Net loans

356,260

327,071

322,138

321,817

314,306

Equity investments

10,512

10,790

9,972

9,755

9,448

Mortgage servicing rights

3,816

3,659

3,627

3,467

3,564

Goodwill

13,282

10,959

10,962

10,932

Other (b)

43,015

41,201

40,570

38,557

39,061

Total assets

$ 603,028

$ 573,572

$ 568,767

$ 559,107

$ 554,722

Liabilities

Deposits

Noninterest-bearing

$ 99,297

$ 91,748

$ 91,207

$ 93,253

$ 92,369

Interest-bearing (b)

358,351

349,118

341,542

333,443

330,546

Total deposits

457,648

440,866

432,749

426,696

422,915

Borrowed funds

Federal Home Loan Bank advances

21,417

13,000

16,100

18,000

Senior debt

38,021

38,642

38,695

35,750

34,987

Subordinated debt

4,502

3,016

3,512

3,490

4,163

Other (b)

2,726

2,443

4,037

3,184

3,572

Total borrowed funds

66,666

57,101

62,344

60,424

60,722

Allowance for unfunded lending related commitments

832

818

775

759

674

Accrued expenses and other liabilities (b)

14,206

14,151

13,861

13,573

13,960

Total liabilities

539,352

512,936

509,729

501,452

498,271

Equity

Preferred stock (c)

Common stock - $5 par value

Authorized 800,000,000 shares, issued 557,213,012; 543,497,966;

543,412,079; 543,412,101 and 543,310,646 shares

2,786

2,717

Capital surplus

21,926

18,922

18,859

18,809

18,731

Retained earnings

64,256

63,266

62,008

60,951

60,051

Accumulated other comprehensive income (loss)

(3,773)

(3,408)

(4,077)

(4,682)

(5,237)

Common stock held in treasury at cost: 155,167,491; 153,084,091; 151,030,533; 149,426,326 and 147,519,772 shares

(21,568)

(20,912)

(20,517)

(20,188)

(19,857)

Total shareholders' equity

63,627

60,585

58,990

57,607

56,405

Noncontrolling interests

Total equity

63,676

60,636

59,038

57,655

56,451

Total liabilities and equity

$ 603,028

$ 573,572

$ 568,767

$ 559,107

$ 554,722

Amounts include balances held with the Federal Reserve Bank of $25.3 billion, $32.0 billion, $32.7 billion, $23.9 billion and $31.9 billion as of March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.

Amounts include assets and liabilities for which PNC has elected the fair value option. Our 2025 Form 10-K included, and our first quarter 2026 Form 10-Q will include, additional information regarding these items.

Par value less than $0.5 million at each date.

‌Three months ended‌

March 31

December 31

September 30

June 30

March 31

In millions

2026

2025

Assets

Interest-earning assets:

Investment securities

Securities available-for-sale

Residential mortgage-backed

$ 34,652 $ 33,564

$ 34,752

$ 34,567

$ 33,793

U.S. Treasury and government agencies

28,491 28,119

26,799

25,372

24,382

Other

8,505 8,202

8,293

7,818

7,505

Total securities available-for-sale

71,648 69,885

69,844

67,757

65,680

Securities held-to-maturity

Residential mortgage-backed

45,078 42,925

42,667

40,440

40,045

U.S. Treasury and government agencies

20,683 23,426

25,540

26,900

28,931

Other

7,117 5,983

6,384

6,838

7,525

Total securities held-to-maturity

72,878 72,334

74,591

74,178

76,501

Total investment securities

144,526 142,219

144,435

141,935

142,181

Loans

Commercial and industrial

211,358 198,726

195,903

191,526

184,025

Commercial real estate

34,367 30,173

30,850

31,838

33,067

Consumer

55,483 54,884

54,238

53,851

53,421

Residential real estate

49,675 44,146

44,941

45,539

46,111

Total loans

350,883 327,929

325,932

322,754

316,624

Interest-earning deposits with banks (c)

32,612 32,009

35,003

31,570

34,614

Other interest-earning assets

12,457 18,618

12,759

11,348

10,147

Total interest-earning assets

540,478 520,775

518,129

507,607

503,566

Noninterest-earning assets

60,984 55,071

53,404

54,079

52,811

Total assets

$ 601,462 $ 575,846

$ 571,533

$ 561,686

$ 556,377

Liabilities and Equity

Interest-bearing liabilities:

Interest-bearing deposits

Money market

$ 85,196 $ 78,742

$ 75,890

$ 70,909

$ 73,063

Demand

137,558 132,591

128,962

126,222

125,046

Savings

100,940 97,188

96,627

97,028

97,409

Time deposits

35,579 36,180

37,593

35,674

32,763

Total interest-bearing deposits

359,273 344,701

339,072

329,833

328,281

Borrowed funds

Federal Home Loan Bank advances

16,616 14,671

17,615

18,319

19,703

Senior debt

37,383 38,623

38,012

36,142

34,933

Subordinated debt

4,200 3,299

3,616

3,686

4,320

Other

4,675 3,722

7,070

7,146

5,549

Total borrowed funds

62,874 60,315

66,313

65,293

64,505

Total interest-bearing liabilities

422,147 405,016

405,385

395,126

392,786

Noninterest-bearing liabilities and equity:

Noninterest-bearing deposits

99,081 94,834

92,756

93,142

92,367

Accrued expenses and other liabilities

16,944 16,646

15,624

16,942

16,214

Equity

63,290 59,350

57,768

56,476

55,010

Total liabilities and equity

$ 601,462 $ 575,846

$ 571,533

$ 561,686

$ 556,377

Calculated using average daily balances.

Nonaccrual loans are included in loans, net of unearned income. The impact of financial derivatives used in interest rate risk management is included in the interest income/ expense and average yields/rates of the related assets and liabilities. Fair value adjustments related to hedged items are included in noninterest-earning assets and noninterest-bearing liabilities. Average balances of securities are based on amortized historical cost (excluding adjustments to fair value, which are included in other assets).

Amounts include average balances held with the Federal Reserve Bank of $31.8 billion, $31.3 billion, $34.2 billion, $30.8 billion and $34.2 billion for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.

‌Table 4: Details of Net Interest Margin (Unaudited)‌

Three months ended

March 31

December 31

September 30

June 30

March 31

2026

2025

Average yields/rates (a)

Yield on interest-earning assets

Investment securities

Securities available-for-sale

Residential mortgage-backed

3.72 %

3.80 %

3.82 %

3.76 %

3.68 %

U.S. Treasury and government agencies

4.04 %

4.29 %

4.58 %

4.55 %

4.50 %

Other

4.00 %

3.97 %

3.91 %

3.69 %

3.65 %

Total securities available-for-sale

3.88 %

4.02 %

4.12 %

4.05 %

3.98 %

Securities held-to-maturity

Residential mortgage-backed

3.20 %

3.13 %

3.07 %

2.90 %

2.84 %

U.S. Treasury and government agencies

1.59 %

1.50 %

1.51 %

1.53 %

1.49 %

Other

4.23 %

4.28 %

4.35 %

4.34 %

4.39 %

Total securities held-to-maturity

2.84 %

2.70 %

2.65 %

2.54 %

2.48 %

Total investment securities

3.36 %

3.35 %

3.36 %

3.26 %

3.17 %

Loans

Commercial and industrial

5.43 %

5.55 %

5.78 %

5.72 %

5.71 %

Commercial real estate

5.79 %

5.92 %

6.06 %

6.01 %

5.94 %

Consumer

6.99 %

7.09 %

7.18 %

7.11 %

7.14 %

Residential real estate

3.97 %

3.74 %

3.75 %

3.76 %

3.78 %

Total loans

5.50 %

5.60 %

5.76 %

5.70 %

Interest-earning deposits with banks

3.64 %

3.92 %

4.34 %

4.38 %

4.42 %

Other interest-earning assets

4.95 %

5.51 %

5.66 %

6.02 %

Total yield on interest-earning assets

4.80 %

4.86 %

4.99 %

4.93 %

4.90 %

Rate on interest-bearing liabilities

Interest-bearing deposits

Money market

2.53 %

2.77 %

3.07 %

3.01 %

2.99 %

Demand

1.61 %

1.78 %

1.96 %

1.89 %

1.87 %

Savings

1.49 %

1.62 %

1.68 %

1.63 %

1.64 %

Time deposits

3.26 %

3.53 %

3.67 %

3.64 %

3.69 %

Total interest-bearing deposits

1.96 %

2.14 %

2.32 %

2.24 %

2.23 %

Borrowed funds

Federal Home Loan Bank advances

3.98 %

4.41 %

4.73 %

4.74 %

4.73 %

Senior debt

5.14 %

5.55 %

5.85 %

5.77 %

5.64 %

Subordinated debt

5.12 %

5.52 %

5.81 %

5.69 %

5.54 %

Other

4.14 %

4.02 %

4.19 %

4.24 %

4.38 %

Total borrowed funds

4.76 %

5.18 %

5.38 %

5.31 %

5.25 %

Total rate on interest-bearing liabilities

2.37 %

2.59 %

2.81 %

2.74 %

2.72 %

Interest rate spread

2.43 %

2.27 %

2.18 %

2.19 %

2.18 %

Benefit from use of noninterest-bearing sources (b)

0.52 %

0.57 %

0.61 %

0.60 %

Net interest margin

2.95 %

2.84 %

2.79 %

2.80 %

2.78 %

Yields and rates are calculated using the applicable annualized interest income or interest expense divided by the applicable average earning assets or interest-bearing liabilities. 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 GAAP in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025 were $29 million, $31 million, $30 million, $28 million and $28 million, respectively.

Represents the positive effects of investing noninterest-bearing sources in interest-earning assets.

‌March 31 December 31 September 30 June 30 March 31‌

In millions 2026 2025 2025 2025 2025

Commercial

Commercial and industrial

Financial services

42,224

37,592

33,939

32,378

29,815

Manufacturing

34,977

30,623

31,044

31,958

29,742

Service providers

27,303

25,552

25,159

24,373

24,206

Wholesale trade

21,146

19,843

19,917

20,045

19,758

Real estate related (a)

17,138

15,275

15,405

15,214

15,370

Technology, media and telecommunications

13,613

12,324

11,594

11,263

10,199

Retail trade

12,973

12,073

12,408

12,970

11,986

Transportation and warehousing

9,872

9,258

8,156

7,865

7,816

Health care

9,526

9,135

9,851

9,873

10,195

Rental and leasing

9,281

9,074

8,940

8,919

8,302

Other industries

23,137

22,149

20,681

20,900

19,880

Total commercial and industrial

221,190

202,898

197,094

195,758

187,269

Commercial real estate

34,770

29,565

30,281

31,250

32,307

Total commercial

255,960

232,463

227,375

227,008

219,576

Consumer

Residential real estate

49,567

43,760

44,637

45,257

45,890

Home equity

26,223

25,941

25,942

25,928

25,846

Automobile

16,325

16,591

16,272

15,892

15,324

Credit card

7,069

7,014

6,636

6,570

6,550

Other consumer

5,779

5,712

5,754

5,685

5,664

Total consumer

104,963

99,018

99,241

99,332

99,274

Total loans $ 360,923 $ 331,481 $ 326,616 $ 326,340 $ 318,850

Represents loans to customers in the real estate and construction industries.

‌Table 6: Change in Allowance for Loan and Lease Losses‌

Three months ended

March 31

December 31

September 30

June 30

March 31

Dollars in millions

2026

2025

Allowance for loan and lease losses

Beginning balance

$ 4,410

$ 4,478

$ 4,523

$ 4,544

$ 4,486

Acquisition PCD reserves

Acquisition PSL reserves (a)

229

Adjusted beginning balance

4,732

4,478

4,523

4,544

4,486

Gross charge-offs:

Commercial and industrial

(129)

(85)

(97)

(99)

(113)

Commercial real estate

(19)

(15)

(19)

(64)

(18)

Residential real estate

(1)

(6)

(2)

Home equity

(10)

(7)

(10)

(9)

Automobile

(31)

(33)

(32)

(30)

(35)

Credit card

(74)

(73)

(76)

(81)

(90)

Other consumer

(45)

(43)

(44)

(41)

(45)

Acquired loans (b)

(45)

Total gross charge-offs

(354)

(256)

(284)

(324)

(312)

Recoveries:

Commercial and industrial

Commercial real estate

Residential real estate

Home equity

Automobile

Credit card

Other consumer

Total recoveries

101

105

126

107

Net (charge-offs) / recoveries:

Commercial and industrial

(96)

(52)

(59)

(46)

(71)

Commercial real estate

(14)

(12)

(13)

(56)

(13)

Residential real estate

(3)

Home equity

(2)

(3)

(1)

Automobile

(11)

(7)

(6)

(12)

Credit card

(54)

(58)

(59)

(66)

(75)

Other consumer

(32)

(33)

(35)

(30)

(33)

Acquired loans

(45)

Total net (charge-offs)

(253)

(162)

(179)

(198)

(205)

Provision for credit losses (c)

188

136

171

260

Other

(4)

(2)

Ending balance $ 4,663 $ 4,410 $ 4,478 $ 4,523 $ 4,544

Supplemental Information

Net charge-offs

Commercial net charge-offs

$ (120)

$ (64)

$ (72)

$ (102)

$ (84)

Consumer net charge-offs

(133)

(98)

(107)

(96)

(121)

Total net charge-offs

(253)

(162)

(179)

(198)

(205)

Net charge-offs to average loans (annualized)

0.29 %

0.20 %

0.22 %

0.25 %

0.26 %

Commercial

0.18 %

0.11 %

0.13 %

0.18 %

0.16 %

Consumer

0.38 %

0.39 %

0.43 %

0.39 %

0.49 %

On January 1, 2026, we adopted ASU 2025-08 - Financial Instruments - Credit Losses (Topic 326): Purchased Loans, and established the initial ACL for purchased seasoned loans (PSLs). Our first quarter 2026 Form 10-Q will include additional information on the adoption of this ASU.

Primarily represents the charge-off of certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.

See Table 7 for the components of the Provision for credit losses being reported on the Consolidated Income Statement.

‌Allowance for Credit Losses (Unaudited) (Continued)‌

Table 7: Components of the Provision for Credit Losses

Three months ended

March 31

December 31

September 30

June 30

March 31

In millions 2026

2025

Provision for credit losses

Loans and leases $ 188

$ 93

$ 136

$ 171

$ 260

Unfunded lending related commitments 14

(46)

Investment securities -

(1)

Other financial assets 8

Total provision for credit losses

$ 210

$ 139

$ 167

$ 254 $ 219

March 31, 2026 December 31, 2025 March 31, 2025

Dollars in millions

Allowance Amount

Total Loans

% of Total Loans

Allowance Amount

Total Loans

% of Total Loans

Allowance Amount

Total Loans

% of Total Loans

Allowance for loan and lease losses

Commercial

Commercial and industrial

$ 2,149

$ 221,190

0.97 %

$ 2,032

$ 202,898

1.00 %

$ 1,772

$ 187,269

0.95 %

Commercial real estate

1,120

34,770

3.22 %

1,057

29,565

3.58 %

1,433

32,307

4.44 %

Total commercial

3,269

255,960

1.28 %

3,089

232,463

1.33 %

3,205

219,576

1.46 %

Consumer

Residential real estate

49,567

0.19 %

43,760

0.10 %

45,890

0.09 %

Home equity

275

26,223

1.05 %

271

25,941

1.04 %

286

25,846

1.11 %

Automobile

163

16,325

1.00 %

158

16,591

0.95 %

167

15,324

1.09 %

Credit card

647

7,069

9.15 %

632

7,014

9.01 %

621

6,550

9.48 %

Other consumer

217

5,779

3.75 %

216

5,712

3.78 %

222

5,664

3.92 %

Total consumer

1,394

104,963

1.33 %

1,321

99,018

1.33 %

1,339

99,274

1.35 %

Total

4,663

$ 360,923

1.29 %

4,410

$ 331,481

1.33 %

4,544

$ 318,850

1.43 %

Allowance for unfunded lending

related commitments

832

818

674

Allowance for credit losses

$ 5,495

$ 5,228

$ 5,218

Supplemental Information

Allowance for credit losses to total loans

1.52 %

1.58 %

1.64 %

Commercial

1.55 %

1.62 %

1.70 %

Consumer

1.46 %

1.47 %

1.50 %

Excludes allowances for investment securities and other financial assets, which together totaled $103 million, $99 million and $91 million at March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

‌Details of Nonperforming Assets (Unaudited)‌

Table 9: Nonperforming Assets by Type

March 31

December 31

September 30

June 30

March 31

Dollars in millions

2026

2025

Nonperforming loans

Commercial

Commercial and industrial

Manufacturing

$ 224

$ 98

$ 75

$ 73

$ 98

Service providers

136

116

119

126

143

Wholesale trade

161

Retail trade

194

121

Transportation and warehousing

Health care

Technology, media and telecommunications

Real estate related (a)

Rental and leasing

Other industries

Total commercial and industrial

750

784

619

498

616

Commercial real estate

630

574

663

753

851

Total commercial

1,380

1,358

1,282

1,251

1,467

Consumer (b)

Residential real estate

316

320

326

325

287

Home equity

447

439

431

436

437

Automobile

Credit card

Other consumer

Total consumer

863

860

855

857

825

Total nonperforming loans (c)

2,243

2,218

2,137

2,108

2,292

OREO, foreclosed and other assets (d)

139

143

162

Total nonperforming assets

2,382

2,361

2,299

2,141

2,324

Nonperforming loans to total loans

0.62 %

0.67 %

0.65 %

0.72 %

Nonperforming assets to total loans, OREO, foreclosed and other assets (d)

0.66 %

0.71 %

0.70 %

0.66 %

0.73 %

Nonperforming assets to total assets

0.40 %

0.41 %

0.40 %

0.38 %

0.42 %

Allowance for loan and lease losses to nonperforming loans

208 %

199 %

210 %

215 %

198 %

Represents loans related to customers in the real estate and construction industries.

Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.

Nonperforming loans exclude certain government insured or guaranteed loans, loans held for sale and loans accounted for under the fair value option.

Amounts include nonaccrual servicing advances primarily to single asset/single borrower trusts with commercial real estate as collateral totaling $103 million, $105 million and $127 million at March 31, 2026, December 31, 2025 and September 30, 2025, respectively.

‌Table 10: Change in Nonperforming Assets‌

Three months ended

March 31

December 31

September 30

June 30

March 31

Dollars in millions

2026

2025

Beginning balance

$ 2,361

$ 2,299

$ 2,141

$ 2,324

$ 2,357

New nonperforming assets

539

569

653

367

477

Charge-offs and valuation adjustments

(152)

(91)

(103)

(149)

(135)

Principal activity, including paydowns and payoffs

(343)

(248)

(299)

(312)

(156)

Asset sales and transfers to loans held for sale

(9)

(33)

(13)

(5)

(77)

Returned to performing status

(95)

(135)

(80)

(84)

(142)

Acquired nonperforming assets

Ending balance

$ 2,382

$ 2,361

$ 2,299

$ 2,141

$ 2,324

‌Accruing Loans Past Due (Unaudited)‌

Table 11: Accruing Loans Past Due 30 to 59 Days (a)

March 31

December 31

September 30

June 30

March 31

Dollars in millions

2026

2025

Commercial

Commercial and industrial

$ 283

$ 182

$ 161

$ 133

$ 257

Commercial real estate

Total commercial

373

196

170

176

263

Consumer

Residential real estate

Non government insured

221

170

166

169

208

Government insured

Home equity

Automobile

Credit card

Other consumer

Total consumer

490

464

465

459

511

Total

$ 863 $ 660 $ 635 $ 635

$ 774

Supplemental Information

Total accruing loans past due 30-59 days to total loans

0.24 %

0.20 %

0.19 %

0.24 %

Commercial

0.15 %

0.08 %

0.07 %

0.08 %

0.12 %

Consumer

0.47 %

0.46 %

0.51 %

(a) Excludes loans held for sale.

‌Table 12: Accruing Loans Past Due 60 to 89 Days (a)‌

March 31

December 31

September 30

June 30

March 31

Dollars in millions

2026

2025

Commercial

Commercial and industrial

$ 50

$ 103

$ 67

$ 101

$ 45

Commercial real estate

Total commercial

201

107

Consumer

Residential real estate

Non government insured

Government insured

Home equity

Automobile

Credit card

Other consumer

Total consumer

206

202

184

190

233

Total $ 273 $ 403 $ 251 $ 297 $ 278

Supplemental Information

Total accruing loans past due 60-89 days to total loans

0.08 %

0.12 %

0.08 %

0.09 %

Commercial

0.03 %

0.09 %

0.03 %

0.05 %

0.02 %

Consumer

0.20 %

0.19 %

0.23 %

Excludes loans held for sale.

‌Table 13: Accruing Loans Past Due 90 Days or More (a)‌

March 31

December 31

September 30

June 30

March 31

Dollars in millions

2026

2025

Commercial

Commercial and industrial

Commercial real estate

Total commercial

Consumer

Residential real estate

Non government insured

Government insured

195

163

126

129

130

Automobile

Credit card

Other consumer

Total consumer

353

323

275

292

304

Total

$ 422

$ 380

$ 347

$ 371

$ 379

Supplemental Information

Total accruing loans past due 90 days or more to total loans

0.12 %

0.11 %

0.12 %

Commercial

0.03 %

0.02 %

0.03 %

Consumer

0.34 %

0.33 %

0.28 %

0.29 %

0.31 %

Total accruing loans past due

$ 1,558

$ 1,443

$ 1,233

$ 1,303

$ 1,431

Commercial

$ 509

$ 454

$ 309

$ 362

$ 383

Consumer

$ 1,049

$ 989

$ 924

$ 941

$ 1,048

Total accruing loans past due to total loans

0.43 %

0.44 %

0.38 %

0.40 %

0.45 %

Commercial

0.20 %

0.14 %

0.16 %

0.17 %

Consumer

1.00 %

0.93 %

0.95 %

1.06 %

Excludes loans held for sale.

PNC Private Bank provides products and services to emerging affluent, high net worth and ultra high net worth individuals and their families, including investment and retirement planning, customized investment management, credit and cash management solutions, trust management and administration. In addition, multi-generational family planning services are also provided to ultra high net worth individuals and their families, which include estate, financial, tax, fiduciary and customized performance reporting.

Institutional Asset Management provides outsourced chief investment officer, custody, cash and fixed income client solutions and retirement plan fiduciary investment services to institutional clients, including corporations, healthcare systems, insurance companies, unions, municipalities and non-profits.

‌Table 14: Period End Employees‌

March 31

December 31

September 30

June 30

March 31

2026

2025

Full-time employees

Retail Banking

28,046

26,168

26,126

26,291

27,108

Other full-time employees

28,320

27,691

27,397

26,884

26,360

Total full-time employees

56,366

53,859

53,523

53,175

53,468

Part-time employees

Retail Banking

1,389

1,427

1,367

1,465

1,460

Other part-time employees

407

Total part-time employees

1,435

1,474

1,415

1,872

1,508

Total

57,801

55,333

54,938

55,047

54,976

‌March 31‌

December 31

September 30

June 30

March 31

In millions

2026

2025

Net Income

Retail Banking

$ 1,320

$ 1,241

$ 1,324

$ 1,359

$ 1,121

Corporate & Institutional Banking

1,400

1,514

1,459

1,229

1,244

Asset Management Group

118

121

117

129

105

Other

(1,078)

(856)

(1,092)

(1,090)

(989)

Net income excluding noncontrolling interests

$ 1,760

$ 2,020

$ 1,808

$ 1,627

$ 1,481

Revenue

Retail Banking

$ 3,968

$ 3,759

$ 3,806

$ 3,756

$ 3,542

Corporate & Institutional Banking

2,982

3,066

2,909

2,720

2,630

Asset Management Group

451

440

430

423

417

Other

(1,236)

(1,194)

(1,230)

(1,238)

(1,137)

Total revenue

$ 6,165

$ 6,071

$ 5,915

$ 5,661

$ 5,452

(a) Our business information is presented based on our internal management reporting practices. Net interest income in business segment results reflects PNC's internal funds transfer pricing methodology. Assets receive a funding charge and liabilities and capital receive a funding credit based on a transfer pricing methodology that incorporates product repricing characteristics, tenor and other factors.

‌March 31 December 31 September 30 June 30 March 31‌

Dollars in millions 2026 2025 2025 2025 2025

Income Statement

Net interest income

$ 3,198 $ 2,989 $ 3,016 $ 2,974

2,836

Noninterest income

770 770 790 782

706

Total revenue

3,968 3,759 3,806 3,756

3,542

Provision for credit losses

124 155 126 83

168

Noninterest expense

Personnel

571 535 529 539

538

Segment allocations (b)

1,088 1,020 979 978

967

Depreciation and amortization

132 95 97 87

Other (c)

324 327 336 286

311

Total noninterest expense

2,115 1,977 1,941 1,890

1,902

Pre-tax earnings

1,729 1,627 1,739 1,783

1,472

Income taxes

402 379 406 414

342

Noncontrolling interests

7 7 9 10

Earnings

$ 1,320 $ 1,241 $ 1,324 $ 1,359

1,121

Average Balance Sheet

Loans held for sale

$ 562 $ 699 $ 785 $ 874

860

Loans

Consumer

Residential real estate

$ 38,939 $ 33,336 $ 34,043 $ 34,647

35,197

Home equity

24,913 24,559 24,551 24,551

24,549

Automobile

16,499 16,403 16,035 15,738

15,240

Credit card

6,912 6,754 6,561 6,483

6,568

Other consumer

3,257 3,320 3,334 3,342

3,391

Total consumer

90,520 84,372 84,524 84,761

84,945

Commercial

20,423 12,603 12,353 12,725

12,841

Total loans

$ 110,943 $ 96,975 $ 96,877 $ 97,486

97,786

Total assets

$ 130,616 $ 113,714 $ 114,146 $ 114,061

115,176

Deposits

Noninterest-bearing

$ 58,714 $ 52,125 $ 52,604 $ 52,353

51,307

Interest-bearing

209,519 191,941 190,652 191,190

189,563

Total deposits

$ 268,233 $ 244,066 $ 243,256 $ 243,543

240,870

Performance Ratios

Return on average assets

4.10 % 4.33 % 4.60 % 4.78 %

3.95 %

Noninterest income to total revenue

19 % 20 % 21 % 21 %

20 %

Efficiency

53 % 53 % 51 % 50 %

54 %

(continued on following page)

March 31

December 31

September 30

June 30

March 31

Dollars in millions, except as noted

2026

2025

Supplemental Noninterest Income Information

Asset management and brokerage

$ 161

$ 155

$ 154

$ 150

$ 152

Card and cash management

$ 322

$ 328

$ 334

$ 328

$ 296

Lending and deposit services

$ 200

$ 199

$ 190

$ 184

Residential and commercial mortgage

$ 63

$ 78

$ 89

$ 61

$ 65

Residential Mortgage Information

Residential mortgage servicing statistics (d)

Serviced portfolio balance (in billions) (e)

$ 212

$ 198

$ 199

$ 189

$ 193

MSR asset value (e)

$ 2,786

$ 2,638

$ 2,622

$ 2,457

$ 2,523

Servicing income:

Servicing fees, net (f)

$ 68

$ 63

$ 60

$ 71

Mortgage servicing rights valuation, net of economic hedge

$ (27)

$ (5)

$ 18

$ 2

$ (4)

Residential mortgage loan statistics

Loan origination volume (in billions)

$ 1.5

$ 1.6

$ 1.5

$ 1.7

$ 1.0

Loan sale margin percentage

2.25 %

1.88 %

1.67 %

0.91 %

0.58 %

Other Information

Credit-related statistics

Nonperforming assets (e)

$ 932

$ 840

$ 827

$ 812

$ 804

Net charge-offs - loans and leases

$ 118

$ 116

$ 126

$ 120

$ 144

Other statistics

Branches (e)(g)

2,315

2,224

2,219

2,218

2,217

Brokerage account client assets (in billions) (e)(h)

$ 91

$ 89

$ 87

$ 84

See note (a) on page 12.

Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.

Other is primarily comprised of other direct expenses including outside services and equipment expense.

Represents mortgage loan servicing balances for third parties and the related income.

Presented as of period end.

Servicing fees net of impact of decrease in MSR value due to passage of time, which includes the impact from regularly scheduled loan principal payments, prepayments and loans paid off during the period.

Reflects all branches excluding standalone mortgage offices and satellite offices (e.g., drive-ups, electronic branches and retirement centers) that provide limited products and/or services.

Includes cash and money market balances.

‌March 31‌

December 31

September 30

June 30

March 31

Dollars in millions

2026

2025

Income Statement

Net interest income

$ 1,838

$ 1,856

$ 1,777

$ 1,698

$ 1,652

Noninterest income

1,144

1,210

1,132

1,022

978

Total revenue

2,982

3,066

2,909

2,720

2,630

Provision for credit losses

184

Noninterest expense

Personnel

460

472

403

370

376

Segment allocations (b)

424

422

387

381

383

Depreciation and amortization

Other (c)

146

158

140

150

146

Total noninterest expense

1,076

1,107

976

950

956

Pre-tax earnings

1,829

1,945

1,889

1,586

1,625

Income taxes

424

425

352

377

Noncontrolling interests

Earnings

$ 1,400 $ 1,514 $ 1,459 $ 1,229

1,244

Average Balance Sheet

Loans held for sale $ 665 $ 632 $ 691 $ 775 $ 255

Loans

Commercial

Commercial and industrial

$ 194,711

$ 185,195

$ 182,484

$ 177,630

$ 170,071

Commercial real estate

28,802

29,374

30,032

30,962

32,151

Total commercial

223,513

214,569

212,516

208,592

202,222

Consumer

Total loans

$ 223,516

$ 214,571

$ 212,518

$ 208,596

$ 202,225

Total assets

$ 249,789

$ 241,169

$ 238,338

$ 234,391

$ 227,069

Deposits

Noninterest-bearing

$ 38,959

$ 41,308

$ 38,732

$ 39,196

$ 39,501

Interest-bearing

122,219

122,457

116,460

107,275

108,503

Total deposits

$ 161,178 $ 163,765 $ 155,192 $ 146,471

148,004

Performance Ratios

Return on average assets

2.27 %

2.49 %

2.43 %

2.10 %

2.22 %

Noninterest income to total revenue

38 %

39 %

38 %

37 %

Efficiency

36 %

34 %

35 %

36 %

(continued on following page)

March 31

December 31

September 30

June 30

March 31

Dollars in millions

2026

2025

Other Information

Consolidated revenue from:

Treasury Management (d)

$ 1,169

$ 1,197

$ 1,120

$ 1,077

$ 1,049

Commercial mortgage banking activities:

Commercial mortgage loans held for sale (e)

$ 14

$ 35

$ 22

$ 24

$ 26

Commercial mortgage loan servicing income (f)

108

115

121

116

Commercial mortgage servicing rights valuation, net of economic hedge

Total

$ 150

$ 187

$ 190

$ 176

$ 159

Commercial mortgage servicing statistics

Serviced portfolio balance (in billions) (g)(h)

$ 296

$ 294

$ 293

$ 295

$ 294

MSR asset value (g)

$ 1,029

$ 1,021

$ 1,006

$ 1,010

$ 1,041

Average loans by C&IB business

Corporate Banking

$ 137,550

$ 130,050

$ 126,994

$ 123,069

$ 117,659

Real Estate

41,074

40,836

41,863

42,533

43,283

Business Credit

33,944

32,552

32,412

31,544

30,044

Commercial Banking

7,113

7,007

7,158

7,281

7,343

Other

3,835

4,126

4,091

4,169

3,896

Total average loans

$ 223,516

$ 214,571

$ 212,518

$ 208,596

$ 202,225

Credit-related statistics

Nonperforming assets (g)

$ 1,309

$ 1,375

$ 1,323

$ 1,160

$ 1,372

Net charge-offs - loans and leases

$ 92

$ 49

$ 53

$ 83

$ 64

See note (a) on page 12.

Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.

Other is primarily comprised of other direct expenses including outside services and equipment expense.

Amounts are reported in net interest income and noninterest income.

Represents commercial mortgage banking income for valuations on commercial mortgage loans held for sale and related commitments, derivative valuations, origination fees, gains on sale of loans held for sale and net interest income on loans held for sale.

Represents net interest income and noninterest income from loan servicing, net of reduction in commercial mortgage servicing rights due to time and payoffs. Commercial mortgage servicing rights valuation, net of economic hedge is shown separately.

Presented as of period end.

Represents balances related to capitalized servicing.

‌March 31‌

December 31

September 30

June 30

March 31

Dollars in millions, except as noted

2026

2025

Income Statement

Net interest income

$ 189 $ 180 $ 176 $ 179

$ 174

Noninterest income

262 260 254 244

243

Total revenue

451 440 430 423

417

Provision for (recapture of) credit losses

5 (11) 4 (13)

Noninterest expense

Personnel

125 120 115 115

121

Segment allocations (b)

127 133 120 118

117

Depreciation and amortization

10 11 9 10

Other (c)

30 29 29 25

Total noninterest expense

292 293 273 268

279

Pre-tax earnings

154 158 153 168

137

Income taxes

36 37 36 39

Earnings

$ 118 $ 121 $ 117 $ 129

$ 105

Average Balance Sheet

Loans

Consumer

Residential real estate

$ 9,826 $ 9,876 $ 9,937 $ 9,912

$ 9,907

Other consumer

3,735 3,673 3,574 3,543

3,472

Total consumer

13,561 13,549 13,511 13,455

13,379

Commercial

835 566 659 731

657

Total loans

$ 14,396 $ 14,115 $ 14,170 $ 14,186

$ 14,036

Total assets

$ 14,804 $ 14,505 $ 14,575 $ 14,629

$ 14,482

Deposits

Noninterest-bearing

$ 1,411 $ 1,387 $ 1,426 $ 1,585

$ 1,540

Interest-bearing

26,310 25,564 25,437 25,327

26,106

Total deposits

$ 27,721 $ 26,951 $ 26,863 $ 26,912

$ 27,646

Performance Ratios

Return on average assets

3.23 % 3.31 % 3.18 % 3.54 %

2.94 %

Noninterest income to total revenue

58 % 59 % 59 % 58 %

58 %

Efficiency

65 % 67 % 63 % 63 %

67 %

Other Information

Nonperforming assets (d)

$ 45 $ 52 $ 58 $ 63

$ 36

Net charge-offs (recoveries) - loans and leases

$ - $ - $ 2 $ (1)

$ -

Client Assets Under Administration (in billions) (d)(e)

Discretionary client assets under management

PNC Private Bank

$ 136 $ 138 $ 137 $ 131

$ 127

Institutional Asset Management

94 96 91 86

Total discretionary clients assets under management

230 234 228 217

210

Nondiscretionary client assets under administration

233 238 212 204

201

Total

$ 463 $ 472 $ 440 $ 421

$ 411

See note (a) on page 12.

Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.

Other is primarily comprised of other direct expenses including outside services and equipment expense.

Presented as of period end.

Excludes brokerage account client assets.

Allowance for credit losses (ACL) - A valuation account that is deducted from or added to the amortized cost basis of the related financial assets to present the net carrying value at the amount expected to be collected on the financial asset.

Amortized cost basis - Amount at which a financial asset is originated or acquired, adjusted for applicable accretion or amortization of premiums, discounts and net deferred fees or costs, collection of cash, charge-offs, foreign exchange and fair value hedge accounting adjustments.

Basel III common equity tier 1 (CET1) capital (Tailoring Rules) - Common stock plus related surplus, net of treasury stock, plus retained earnings, less goodwill, net of associated deferred tax liabilities, less other disallowed intangibles, net of deferred tax liabilities and plus/less other adjustments. Investments in unconsolidated financial institutions, as well as mortgage servicing rights and deferred tax assets, must then be deducted to the extent such items (net of associated deferred tax liabilities) individually exceed 25% of our adjusted Basel III common equity tier 1 capital.

Basel III common equity tier 1 capital ratio - Common equity tier 1 capital divided by period-end risk-weighted assets (as applicable).

Basel III tier 1 capital - Common equity tier 1 capital, plus qualifying preferred stock, plus certain trust preferred capital securities, plus certain noncontrolling interests that are held by others and plus/less other adjustments.

Basel III tier 1 capital ratio - Tier 1 capital divided by period-end risk-weighted assets (as applicable).

Basel III Total capital - Tier 1 capital plus qualifying subordinated debt, plus certain trust preferred securities, plus, under the Basel III transitional rules and the standardized approach, the allowance for loan and lease losses included in tier 2 capital and other.

Basel III Total capital ratio - Basel III Total capital divided by period-end risk-weighted assets (as applicable).

Charge-off - Process of removing a loan or portion of a loan from our balance sheet because it is considered uncollectible. We also record a charge-off when a loan is transferred from portfolio holdings to held for sale by reducing the loan carrying amount to the fair value of the loan, if fair value is less than carrying amount.

Common shareholders' equity - Total shareholders' equity less the liquidation value of preferred stock.

Credit valuation adjustment - Represents an adjustment to the fair value of our derivatives for our own and counterparties' non-performance risk.

Criticized commercial loans - Loans with potential or identified weaknesses based upon internal risk ratings that comply with the regulatory classification definitions of "special mention," "substandard" or "doubtful."

Current Expected Credit Loss (CECL) - Methodology for estimating the allowance for credit losses on in-scope financial assets held at amortized cost and unfunded lending related commitments which uses a combination of expected losses over a reasonable and supportable forecast period, a reversion period and long run average credit losses for their estimated contractual term.

Discretionary client assets under management - Assets over which we have sole or shared investment authority for our customers/clients. We do not include these assets on our Consolidated Balance Sheet.

Earning assets - Assets that generate income, which include: interest-earning deposits with banks; loans held for sale; loans; investment securities; and certain other assets.

Effective duration - A measurement, expressed in years, that, when multiplied by a change in interest rates, would approximate the percentage change in value of on- and off- balance sheet positions.

Efficiency - Noninterest expense divided by total revenue.

Fair value - The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fee income - Refers to the following categories within Noninterest income: Asset management and brokerage, Capital markets and advisory, Card and cash management, Lending and deposit services, and Residential and commercial mortgage.

GAAP - Accounting principles generally accepted in the United States of America. Leverage ratio - Basel III tier 1 capital divided by average quarterly adjusted total assets.

Nondiscretionary client assets under administration - Assets we hold for our customers/clients in a nondiscretionary, custodial capacity. We do not include these assets on our Consolidated Balance Sheet.

Nonperforming assets - Nonperforming assets include nonperforming loans, OREO, foreclosed and other assets. We do not accrue interest income on assets classified as nonperforming.

Nonperforming loans - Loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. Interest income is not recognized on nonperforming loans. Nonperforming loans exclude certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest, loans held for sale and loans accounted for under the fair value option.

Operating leverage - The period to period dollar or percentage change in total revenue less the dollar or percentage change in noninterest expense. A positive variance indicates that revenue growth exceeded expense growth (i.e., positive operating leverage) while a negative variance implies expense growth exceeded revenue growth (i.e., negative operating leverage).

Other real estate owned (OREO) and foreclosed assets - Assets taken in settlement of troubled loans primarily through deed-in-lieu of foreclosure or foreclosure. Foreclosed assets include real and personal property. Certain assets that have a government-guarantee which are classified as other receivables are excluded.

Purchased credit deteriorated assets (PCD) - Acquired loans or debt securities that, at acquisition, are determined to have experienced a more-than-insignificant deterioration in credit quality since origination or issuance.

Purchased seasoned loans (PSL) - Acquired loans that, at acquisition, have not experienced a more-than-insignificant credit deterioration since origination and are deemed "seasoned". A loan is seasoned if it was purchased more than 90 days after origination and PNC was not involved in the origination of the loan. All loans that are acquired without credit deterioration through a business combination are deemed "seasoned".

Risk-weighted assets - Computed by the assignment of specific risk-weights (as defined by the Board of Governors of the Federal Reserve System) to assets and off-balance sheet instruments.

Servicing rights - Intangible assets or liabilities created by an obligation to service assets for others. Typical servicing rights include the right to receive a fee for collecting and forwarding payments on loans and related taxes and insurance premiums held in escrow.

Supplementary leverage ratio - Basel III tier 1 capital divided by Supplementary leverage exposure.

Tailoring Rules - Rules adopted by the federal banking agencies to better tailor the application of their capital, liquidity, and enhanced prudential requirements for banking organizations to the asset size and risk profile (as measured by certain regulatory metrics) of the banking organization. Effective January 1, 2020, the agencies' capital and liquidity rules classify all BHCs with $100 billion or more in total assets into one of four categories (Category I, Category II, Category III, and Category IV).

Taxable-equivalent interest income - The interest income earned on certain assets that is completely or partially exempt from federal income tax. These tax-exempt instruments typically yield lower returns than taxable investments.

Unfunded lending related commitments - Standby letters of credit, financial guarantees, commitments to extend credit and similar unfunded obligations that are not unilaterally, unconditionally, cancelable at PNC's option.

Disclaimer

The PNC Financial Services Group Inc. published this content on April 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 15, 2026 at 10:33 UTC.