PITTSBURGH, June 18, 2025 /PRNewswire/ -- PNC Bank, N.A., a tax credit syndication leader, today announced the closing of Low-Income Housing Tax Credit (LIHTC) Fund 98, which is investing more than $208 million in the development and rehabilitation of affordable rental housing across the U.S. The fund includes investments from PNC and seven other financial services and insurance companies, including two investors that are new to PNC's LIHTC funds.  

The investment will provide a positive impact nationwide by financing the construction or rehabilitation of more than 2,000 affordable homes in 15 multifamily properties across 11 states: Alabama, California, Hawaii, Illinois, Kentucky, Minnesota, Nevada, Ohio, Oregon, Pennsylvania and Texas. The properties are designed to serve families, seniors, people experiencing homelessness and those with special needs. A few notable projects include1:

New solution enables small businesses to securely accept card payments via the PNC Mobile Banking App

PITTSBURGH, June 11, 2025 /PRNewswire/ -- PNC Bank today announced the launch of PNC Mobile Accept®, a fully integrated payment solution that provides its micro business clients with the ability to accept in-person credit and debit card payments directly within the PNC Mobile app.

Designed for businesses processing less than $300,000 in credit and debit card transactions annually, PNC Mobile Accept is a self-service solution that gives business owners fast, secure access to accept funds directly from their phone or tablet with no monthly fee.

PITTSBURGH, June 4, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption of, on June 12, 2025, all outstanding 5.812% Fixed Rate/Floating Rate Senior Notes due June 12, 2026, issued by PNC in the amount of $1,000,000,000 (CUSIP 693475 BQ7). The securities have an original scheduled maturity date of June 12, 2026. The redemption price will be equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of June 12, 2025. Interest on the 5.812% Fixed Rate/Floating Rate Senior Notes will cease to accrue on the redemption date.

PITTSBURGH, June 3, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) expects to issue financial results for the second quarter 2025 at approximately 6:30 a.m. (ET), Wednesday, July 16, 2025, as previously announced. PNC Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors the same day at 10 a.m. (ET).

Dial in numbers are (866) 604-1697 and (215) 268-9875 (international). The following will be accessible at www.pnc.com/investorevents: a link to the live audio webcast on the day of the conference call; presentation slides, earnings release and supplementary financial information; and a webcast replay available for 30 days. A telephone replay of the call will be available for 30 days at (877) 660-6853 and (201) 612-7415 (international), Access ID 13753957.

PITTSBURGH, May 28, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will discuss business performance and strategy at 1:45 p.m. (ET) Wednesday, June 11, at the Morgan Stanley U.S. Financials Conference in New York City.

PITTSBURGH, May 22, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today it expects to issue 2026 quarterly earnings releases pre-market open and hold conference calls at 10 a.m. (ET) on the following dates:

A link to the live audio webcast, presentation slides, earnings release and supplementary financial information will be made available at www.pnc.com/investorevents, and dial-in information will be provided at a later date.

Transaction furthers collective value proposition in primary fund placement

PITTSBURGH, May 20, 2025 /PRNewswire/ -- PNC Bank today announced entry into a definitive agreement to acquire Aqueduct Capital Group, a placement agent focused on raising capital for private equity, private credit and real asset managers through its broad access to sophisticated, global pools of capital.

Founded in 2003, Aqueduct has built a strong reputation advising its clients on a variety of fundraising solutions.

"This acquisition is complementary to existing capital advisory capabilities provided through PNC's subsidiary Harris Williams and will enable us to expand our ability to serve the global capital needs of the private equity industry," said Michael D. Thomas, head of Corporate & Institutional Banking at PNC.

New card incentivizes good financial practice via a suite of competitive features

PITTSBURGH, May 12, 2025 /PRNewswire/ -- PNC Bank announced today the launch of its latest credit card, PNC Spend Wise℠ Visa®, designed to reward clients' responsible and healthy financial habits. This unique credit card is built to encourage responsible financial management through its associated purchase APR reduction program for eligible cardholders who meet timely payment and spend requirements.

Expanded NIM; increased capital and TBV; maintained solid credit quality metrics

PITTSBURGH, April 15, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

For the quarter

In millions, except per share data and as noted

1Q25

4Q24

1Q24

First Quarter Highlights

Financial Results

Comparisons reflect 1Q25 vs. 4Q24

Net interest income

$    3,476

$    3,523

$    3,264

          Income Statement

▪   Net interest income decreased 1%     driven by two fewer days in the     quarter, partially offset by the benefit     of lower funding costs and fixed rate     asset repricing

–  NIM expanded 3 bps to 2.78%

▪   Fee income decreased 2% due to a     slowdown in capital markets activity     and seasonality

▪   Other noninterest income of $137     million included negative $40 million     of Visa derivative adjustments

▪   Noninterest expense decreased 3%     as a result of 4Q24 asset     impairments and seasonality

              Balance Sheet

▪   Average loans decreased $2.4     billion, or 1%

–  Spot loans increased $2.4 billion,     reflecting $4.7 billion, or 3%,     growth in commercial and     industrial loans

▪   Average deposits decreased $4.6     billion, or 1%

▪   Net loan charge-offs were $205     million, or 0.26% annualized to     average loans

▪   AOCI improved $1.3 billion to     negative $5.2 billion reflecting the     movement of interest rates

▪   TBV per share increased 5% to     $100.40

▪   Maintained strong capital position

–  CET1 capital ratio of 10.6%

–  Repurchased approximately $200     million of common shares

Fee income (non-GAAP)

1,839

1,869

1,746

Other noninterest income

137

175

135

Noninterest income

1,976

2,044

1,881

Revenue

5,452

5,567

5,145

Noninterest expense

3,387

3,506

3,334

Pretax, pre-provision earnings (non-GAAP)

2,065

2,061

1,811

Provision for credit losses

219

156

155

Net income

1,499

1,627

1,344

Per Common Share

Diluted earnings per share (EPS)

$      3.51

$      3.77

$      3.10

Average diluted common shares outstanding

398

399

400

Book value

127.98

122.94

113.30

Tangible book value (TBV) (non-GAAP)

100.40

95.33

85.70

Balance Sheet & Credit Quality

Average loans    In billions

$    316.6

$    319.1

$    320.6

Average securities    In billions

142.2

143.9

135.4

Average deposits    In billions

420.6

425.3

420.2

Accumulated other comprehensive income (loss) (AOCI)

In billions

(5.2)

(6.6)

(8.0)

Net loan charge-offs

205

250

243

Allowance for credit losses to total loans

1.64 %

1.64 %

1.68 %

Selected Ratios

Return on average common shareholders' equity

11.60 %

12.38 %

11.39 %

Return on average assets

1.09

1.14

0.97

Net interest margin (NIM) (non-GAAP)

2.78

2.75

2.57

Noninterest income to total revenue

36

37

37

Efficiency

62

63

65

Effective tax rate

18.8

14.6

18.8

Common equity Tier 1 (CET1) capital ratio

10.6

10.5

10.1

See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release. Totals may not sum due to rounding.

Finance Executive to Accelerate Growth and Extend Strong Leadership Team

PITTSBURGH, April 7, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced that its Board of Directors has unanimously appointed Mark Wiedman as president of the corporation and its wholly owned banking subsidiary, PNC Bank, National Association, effective immediately.

Wiedman will report to PNC Chairman and Chief Executive Officer William S. Demchak. PNC's primary operating lines of business and the Regional Presidents Office will report to Wiedman.