PNC Reports Second Quarter 2026 Net Income of $2.1 Billion, $4.81 Diluted EPS or $4.85 as Adjusted

For the quarter

In millions, except per share data and as noted

2Q26

1Q26

2Q25

Second Quarter Highlights

Financial Results

Comparisons reflect 2Q26 vs. 1Q26

Net interest income (NII)

$ 4,107

$ 3,961

$ 3,555

Income Statement

• Adjusted EPS was $4.85 which
  excludes the net impact of FirstBank
  integration costs and 2Q26
  significant items, resulting in a 4 cent
  reduction to EPS
  
  

• Generated 3% positive operating
  leverage; PPNR increased 16%;
  ROTCE of 17.9%
  
  

• NII increased 4%; NIM of 2.96%
  increased 1 bp
  
  

• Fee income increased 10%, driven
  by strong capital markets activity
  
  

• Noninterest expense of $4.1 billion
  included $140 million of PNC
  Foundation contribution expense,
  $121 million of integration expenses
  and the impact of increased
  business activity

Balance Sheet

• Average loans increased $12.3
  billion, or 4%
  
  

• Average deposits were stable
  
  

  • Average noninterest-bearing
    deposits grew 4%
    
    

  • Rate paid on interest-bearing
    deposits declined 5 basis points
    
    

• Net loan charge-offs were $226
  million, or 0.25% annualized to
  average loans
  
  

• Maintained strong capital position
  
  

  • CET1 capital ratio of 9.9%
    
    

  • Returned $1.3 billion to
    shareholders, including $0.6 billion
    of share repurchases
    
    

  • Increased quarterly common stock
    dividend 30 cents, or 18% to
    $2.00 per share
    
    

• Converted FirstBank customers,
  employees, systems and branches
  as of June 22, 2026

Fee income (non-GAAP)

2,279

2,079

1,894

Other noninterest income

489

125

212

Noninterest income

2,768

2,204

2,106

Revenue

6,875

6,165

5,661

Noninterest expense

4,098

3,768

3,383

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

2,777

2,397

2,278

Provision for credit losses

191

210

254

Net income

2,055

1,772

1,643

Per Common Share

Diluted earnings per share (EPS)

$ 4.81

$ 4.13

$ 3.85

EPS impact of integration costs and 2Q26 significant items

0.04

0.19

—

Diluted EPS - as adjusted (non-GAAP)

4.85

4.32

3.85

Average diluted common shares outstanding

403

405

397

Book value

145.52

143.65

131.61

Tangible book value (TBV) (non-GAAP)

111.09

109.42

103.96

Balance Sheet & Credit Quality

Average loans In billions

$ 363.2

$ 350.9

$ 322.8

Noninterest-bearing deposits In billions

103.5

99.1

93.1

Interest-bearing deposits In billions

353.5

359.3

329.8

Average deposits In billions

457.0

458.4

423.0

Accumulated other comprehensive income (loss) (AOCI)

In billions

(4.1)

(3.8)

(4.7)

Net loan charge-offs

226

253

198

Allowance for credit losses to total loans

1.48 %

1.52 %

1.62 %

Selected Ratios

Return on average common shareholders' equity

13.61 %

11.92 %

12.20 %

Return on avg. tangible common equity (ROTCE) (non-GAAP)

17.88

15.66

15.55

Return on average assets

1.34

1.19

1.17

Net interest margin (NIM) (non-GAAP)

2.96

2.95

2.80

Noninterest income to total revenue

40

36

37

Efficiency

60

61

60

Common equity tier 1 (CET1) capital ratio

9.9

10.1

10.5

See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release.
Totals may not sum due to rounding. 1Q26 Diluted EPS - as adjusted, excludes $98 million of integration costs
related to the FirstBank acquisition.