PNC Financial Services reported first-quarter 2026 net income of $1.77 billion, down from $2.03 billion in the fourth quarter of 2025 but up from $1.50 billion a year earlier.
Diluted earnings per share fell to $4.13 from $4.88 in the prior quarter, while adjusted diluted EPS was $4.32. That compares with $3.51 in the first quarter of 2025.
Revenue rose to $6.17 billion from $6.07 billion in the fourth quarter, a gain of $94 million, or 2%. Versus the first quarter of 2025, revenue increased $713 million, or 13%.
Net interest income climbed to $3.96 billion from $3.73 billion in the prior quarter, up $230 million, or 6%, and from $3.48 billion a year ago, up $485 million, or 14%. Net interest margin widened to 2.95% from 2.84% in the fourth quarter and 2.78% in the year-earlier quarter.
Fee income slipped to $2.08 billion from $2.12 billion in the fourth quarter, but was above the $1.84 billion posted a year ago. Other noninterest income dropped to $125 million from $217 million in the prior quarter and $137 million a year earlier.
Noninterest expense increased to $3.77 billion from $3.60 billion in the fourth quarter and $3.39 billion in the first quarter of 2025. Excluding integration costs, expense was $3.67 billion, up from $3.60 billion in the prior quarter and $3.39 billion a year earlier.
The provision for credit losses was $210 million, up from $139 million in the fourth quarter and down from $219 million a year ago.
Average loans reached $350.9 billion, up $23.0 billion, or 7%, from the fourth quarter and up $34.3 billion, or 11%, from the first quarter of 2025. At quarter-end, total loans were $360.9 billion, up $29.4 billion, or 9%, from year-end 2025 and up $42.1 billion, or 13%, from a year earlier.
Average commercial loans rose to $245.7 billion from $228.9 billion in the fourth quarter and $217.1 billion a year earlier. Average consumer loans increased to $105.2 billion from $99.0 billion in the prior quarter and $99.5 billion a year earlier.
Average deposits climbed to $458.4 billion from $439.5 billion in the fourth quarter and $420.6 billion a year earlier.
Net loan charge-offs were $253 million, up from $162 million in the fourth quarter and $205 million in the first quarter of 2025. Excluding acquired charge-offs tied to FirstBank, charge-offs were $208 million.
The common equity tier 1 capital ratio was 10.1% at March 31, 2026, down from 10.6% at the end of 2025. Book value per share rose to $143.65 from $140.44 in the fourth quarter and $127.98 a year earlier. Tangible book value per share was $109.42, down from $112.51 in the prior quarter but up from $100.40 a year earlier.
PNC returned $1.4 billion to shareholders in the quarter, including $0.7 billion in share repurchases and $0.7 billion in common dividends. The market has reacted to these announcements by moving the company's shares -0.24% to a price of $205.46. For the full picture, make sure to review PNC FINANCIAL SERVICES GROUP, INC.'s 8-K report.
