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PNC FINANCIAL SERVICES GROUP, INC. 8-K Report, Financial Results (Apr 15, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 15, 2026
Period End
April 15, 2026
Security
PNC
In the record · 2016–202610-K1110-Q328-K210

PNC filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 210 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Apr ’19Apr ’19
  2. Deal closed8-K · Jun ’21Jun ’21
  3. Leadership change8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed April 15, 2026. Cited figures are marked; the original filing is the authoritative source.

PNC Financial Services Group reported first quarter 2026 net income of $1.77 billiona, or $4.13 diluted EPS ($4.32 as adjusted excluding $98 million of pre-tax FirstBank integration costs), compared with $3.51 in 1Q25 and $4.88 in 4Q25.

The quarter was the first to include FirstBank Holding Company, acquired January 5, 2026 with roughly $26 billionb of assets, $16 billion of loans and $23 billion of deposits. Revenue rose 2% sequentially to $6.2 billion and 13% year over year, with net interest income up 6% sequentially to $3.96 billion and net interest margin expanding 11 basis points to 2.95%. Fee income fell 2% sequentially, mainly on a $31 million mortgage servicing rights valuation decline, and noninterest expense rose 5% (2% excluding integration costs).

Balance sheet growth was driven by FirstBank and legacy commercial lending. Average loans grew 7% sequentially to $350.9 billionc, and period-end loans rose 9% to $360.9 billion, including $15.5 billion acquired from FirstBank. Average deposits rose 4% to $458.4 billion.

Credit costs moved higher: net charge-offs were $253 milliond (0.29% annualized), including $45 million of acquired charge-offs, and the provision was $210 million versus $139 million in 4Q25. Excluding acquired charge-offs, net charge-offs rose $46 million on higher commercial losses. Nonperforming loans were stable at $2.2 billion, or 0.62% of total loans.

Capital remained solid but thinner after the deal. The estimated CET1 ratio fell to 10.1% from 10.6%, largely due to goodwill and intangibles from the acquisition, and PNC returned $1.4 billion to shareholders in the quarter. Management guided to $600 million to $700 million of share repurchases in 2Q26 and declared a $1.70 quarterly dividend payable May 5, 2026.

02—Key points

Key Highlights

  1. Adjusted diluted EPS of $4.32 (GAAP $4.13) versus $3.51 a year ago, with $98 million of pre-tax FirstBank integration costs excluded from the adjusted figure; total expected integration costs are $325 million.
  2. Net interest income rose 6% sequentially to $3.96 billion, and net interest margin expanded 11 bps to 2.95%, reflecting FirstBank, lower deposit funding costs and commercial loan growth.
  3. Fee income declined 2% sequentially to $2.08 billion, with a $31 million mortgage servicing rights valuation headwind and lower capital markets and M&A advisory fees; year-over-year fee income rose 13%.
  4. Average loans grew 7% sequentially to $350.9 billion, and period-end loans reached $360.9 billion, including $15.5 billion acquired from FirstBank.
  5. Credit costs increased: provision of $210 million (vs. $139 million in 4Q25) and net charge-offs of $253 million, with non-acquired charge-offs up $46 million on commercial losses.
  6. CET1 ratio declined to an estimated 10.1% from 10.6%, largely reflecting acquisition-related goodwill and intangibles; PNC returned $1.4 billion to shareholders in the quarter.
  7. Management expects $600 million to $700 million of share repurchases in 2Q26, and the board declared a $1.70 quarterly dividend payable May 5, 2026.

03—Questions

Frequently Asked Questions

  1. Why are adjusted and GAAP EPS different this quarter?

    GAAP diluted EPS was $4.13, while adjusted EPS was $4.32. The $0.19 difference reflects $77 million of after-tax FirstBank integration costs (about $98 million pre-tax), which PNC excludes from the adjusted figure to aid comparability. Integration costs are expected to total $325 million.

  2. How much did the FirstBank acquisition contribute to results?

    FirstBank has been consolidated since January 5, 2026. PNC cited it as a key driver of the sequential increases in net interest income, average loans, average deposits and noninterest expense. The company did not break out FirstBank's standalone earnings contribution in this release, and its 10-Q is expected to provide more detail.

  3. Is credit quality deteriorating?

    Metrics are mixed. Nonperforming loans were stable at $2.2 billion (0.62% of loans, down from 0.72% a year ago), and the allowance covers 208% of nonperforming loans. However, net charge-offs excluding acquired loans rose $46 million sequentially on higher commercial losses, and the provision rose to $210 million, so investors should watch commercial credit trends in coming quarters.

  4. What is the impact on capital and shareholder returns?

    The CET1 ratio fell to an estimated 10.1% from 10.6%, mainly from goodwill and intangibles added with FirstBank, though it remains well above regulatory minimums and PNC is categorized as well capitalized. Returns continue: $0.7 billion of dividends and $0.7 billion of buybacks in 1Q26, with $600 million to $700 million of repurchases guided for 2Q26.

  5. What drove the change in net interest margin?

    NIM rose 11 bps to 2.95%, with the rate paid on interest-bearing deposits down 18 bps sequentially, which more than offset the lower yields on earning assets. The FirstBank addition and commercial loan growth also contributed to higher net interest income.

04—Continue

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