PNC.WS Filings — The Pnc Financial Services Group, Inc. - FilingSpy
PNC.WS
The Pnc Financial Services Group, Inc.
A major U.S. bank holding company offering retail banking, corporate and institutional banking, and asset management through PNC Bank, serving customers across the country. The name "PNC" comes from the 1983 merger of two Pennsylvania institutions—Pittsburgh National Corporation and Provident National Corporation—that happened to share the same initials, making it the largest bank merger in U.S. history at the time. PNC traces its roots to banking companies founded in the 1850s.
PNC Q2 2026 revenue rose 21% to $6.9B, lifted by a $448M Visa exchange gain and the FirstBank acquisition.
A one-time Visa exchange gain reshaped the quarter. rose 21% to $6.9 billion and climbed 25% to $4.81, but the result included a $448M non-recurring gain and $121M in FirstBank integration costs that together mask the underlying earnings run rate. The core business is growing, but the headline numbers overstate the pace.
Key takeaways
Total rose 21% to $6.9 billion, driven by a 26% increase in noninterest income that included a $448 million gain from the Visa exchange program and higher capital markets and advisory fees.
grew 4% to $4.1 billion, supported by commercial loan growth and higher noninterest-bearing deposits, while the edged up 1 to 2.96%.
Noninterest expense rose 9% to $4.1 billion, reflecting $121 million in FirstBank integration costs, a $140 million PNC Foundation contribution, and higher personnel costs tied to increased business activity.
Section summaries
Management's Discussion and Analysis
PNC Q2 2026 net income rose 16% to $2.1B on higher revenue and a $448M Visa exchange gain, partially offset by FirstBank integration costs.
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Total increased 12% sequentially to $6.9B, driven by a 26% surge in noninterest income that included a $448M gain from the Visa exchange program and higher capital markets and advisory fees.
Average total loans expanded 4% sequentially, with commercial loans up 14% due to strong new production, higher utilization, and the addition of FirstBank loans.
The declined to 9.9% from 10.6% at year-end 2025, as the FirstBank acquisition and $1.3 billion in shareholder returns during the quarter were partially offset by and stock issuances.
For Q3 2026, management guided for average loans up 1-2%, up 3-3.5%, and noninterest expense down 7-8%, excluding integration costs and significant items.
What changed
The FirstBank acquisition, flagged at year-end 2025, closed on January 5, 2026, and its balance sheet is now fully consolidated, adding $26.4 billion in assets and $16.0 billion in loans that drove the 14% commercial loan increase.
The fell to 9.9% from the 10.6% reported at year-end 2025, as capital deployed for the FirstBank acquisition and $1.3 billion in Q2 shareholder returns outpaced internal capital generation.
The Q1 2026 watch item on and margin trajectory with FirstBank consolidated is partially answered: net interest income rose 4% sequentially and the margin ticked up 1 to 2.96%, a modest start toward the guided ~14% full-year NII increase.
What to watch
Q3 2026 and margin against the guided 3-3.5% sequential NII increase, to gauge whether the FirstBank portfolio is contributing to the ~14% full-year target at the expected pace.
Q3 2026 noninterest expense, guided down 7-8% sequentially excluding integration costs, to confirm the $121M in Q2 FirstBank costs were one-time and the core expense base is stabilizing.
Q3 2026 trajectory after the decline to 9.9%, to assess how quickly capital rebuilds and whether the pace of share repurchases adjusts.
Q3 2026 and net charge-offs as the FirstBank loan book is integrated, particularly in commercial real estate and credit card portfolios.
grew 4% to $4.1B, benefiting from commercial loan growth and higher noninterest-bearing deposits, while the edged up 1 to 2.96%.
Noninterest expense rose 9% to $4.1B, reflecting $121M in FirstBank integration costs, a $140M contribution, and higher personnel costs tied to increased business activity.
Average total loans expanded 4% sequentially, with commercial loans up 14% due to strong new production, higher utilization, and the addition of FirstBank loans.
The declined to 9.9% from 10.6% at year-end 2025, as the FirstBank acquisition and shareholder returns of $1.3B in Q2 were partially offset by and stock issuances.
For Q3 2026, PNC guided for average loans to be up 1-2%, up 3-3.5%, and noninterest expense down 7-8%, excluding integration costs and significant items.
Quantitative and Qualitative Disclosures About Market Risk
This information is set forth in the Risk Management section of Part I, Item 2 and in Note 1 Accounting Policies, Note 12 Fair Value and Note 13 Financial Derivatives in the Notes to Consolidated Financial Statements in Part I, Item 1 of this Report.
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This information is set forth in the Risk Management section of Part I, Item 2 and in Note 1 Accounting Policies, Note 12 Fair Value and Note 13 Financial Derivatives in the Notes to Consolidated Financial Statements in Part I, Item 1 of this Report.