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F500-2021-120-PNC Financial Services Group

Boasting nearly $470 billion in assets, the financial services group provides banking and wealth management to a diverse array of individuals and businesses. PNC received regulatory approval to acquire BBVA USA, which is expected to close in June 2021. Upon closing, the company will have a presence in 29 of the 30 largest markets in the U.S.

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F500-2020-151-PNC-Financial

The Pittsburgh-based diversified financial services company has retail and commercial banking, mortgage, lending, and wealth management businesses, and operates a retail bank branch network across the Mid-Atlantic, Midwest, and Southeast. In May, PNC made headlines by selling its roughly $17 billion stake in financial giant BlackRock.

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PNC Financial Services, which operates in the U.S., traces its origins as far back as 1852. Its retail banking segment provides consumers and small businesses with checking and savings accounts, residential mortgages, credit cards, and other services. PNC’s corporate and institutional banking segment serves midsize and large companies, as well as nonprofits and government entities. Its third segment, the asset management group, provides high- and ultrahigh-net-worth customers with investment management and other services.

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PNC Financial Services Group (PNC): Company Profile, Stock Price, News, Rankings

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PNC Financial Services Group

pnc financial services group

Greetings and welcome to the PNC Financial Services Group First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Brian Gill, Executive Vice President and Director of Investor Relations.

Well, good morning, and welcome to today's conference call for the PNC Financial Services Group. I am Brian Gill, the Director of Investor Relations for PNC, and participating on this call are PNC's Chairman and CEO, Bill Demchak and Rob Reilly, Executive Vice President and CFO. Today's presentation contains forward looking information. Cautionary statements about this information as well as reconciliations of non GAAP measures are included in today's earnings release materials as well as our SEC filings and other investor materials. These are all available on our corporate website, pnc.com, Investor Relations.

These statements speak only as of 04/15/2025, and PNC undertakes no obligation to update them. Now I'd like to turn the call over to Bill.

Thank you, Brian, and good morning, everyone. As you've seen, PNC had a strong first quarter of twenty twenty five. But before we go into the results, I want to spend a second just on the current environment. Obviously, there's been an increased level of volatility due to uncertainty regarding tariffs that has dominated the headlines over the past two weeks, roiling the markets and raising concerns of a potential recession. As you would expect, we continue to monitor and evaluate the situation, communicating with our clients to gauge their understanding of the potential impact on their businesses and daily lives.

However, it's still very early and the fluidity of the news coming out of Washington makes difficult to narrow the range of potential outcomes for the broader economy at this point. Irrespective of that outcome, we have demonstrated time and again that we will perform well in periods of uncertainty. The foundation success has been built upon the strength of our balance sheet, client selection, our interest rate risk positioning, our diversified business mix, leading technology and our people, and that has not changed. As always, we will continue to focus on the things we can control with an emphasis on providing superior products and services to meet the needs of our customers, while executing on the organic growth opportunities in front of us. And we saw that play out this quarter as we grew customers and deepened relationships across our coast to coast franchise.

We delivered another quarter of strong results, generating net income of $1,500,000,000 or $3.51 per share. While loan growth remained challenging for the industry, we were pleased to see 3% growth on our spot C and I loans as well as strong new commitments during the quarter. As expected, total revenue this quarter was primarily impacted by lower day count and seasonality, but expenses were well controlled and our net interest margin expanded. Importantly, we remain on track to deliver positive operating leverage and achieve record NII for the year. Credit quality is strong and we remain well reserved.

Rob is going to cover that in some more detail in a few minutes. Finally, we continue to build our capital levels during the quarter while also providing significant shareholder returns through dividends and share repurchases. In summary, we delivered strong results in the quarter and we remain well positioned to deliver on our strategic priorities. Before I turn it over to Rob for more detail on our financial results, I'd like to welcome Mark Wiedemann, who we appointed to the role of President last week. I'm thrilled Mark has joined us in this role.

Mark brings deep experience in financial services that will complement the strength of our existing team. I have known Mark for twenty years, and we are fortunate that the timing was right for him to join our team. I'd also like to thank our employees for everything they do for our company and our customers. And with that, I'll turn it over to Rob to take you through the quarter.

Thanks, Bill, and good morning, everyone. Our balance sheet is on Slide three and is presented on an average basis. For the linked quarter, loans of $317,000,000,000 declined $2,000,000,000 or 1%. Notably on a spot basis, loans increased $2,000,000,000 or 1% compared to December 31. Investment securities of $142,000,000,000 decreased by $2,000,000,000 and our cash balance at the Federal Reserve was $34,000,000,000 a decrease of $3,000,000,000 or 9%.

Deposit balances declined $5,000,000,000 or 1% and averaged $421,000,000,000 Borrowings of $65,000,000,000 were lower primarily due to a reduction in FHLB advances. And at quarter end, AOCI was negative 5,200,000,000 an improvement of $1,300,000,000 or 20% compared with December 31. Our tangible book value increased to $100.4 per common share, which was a 5% increase linked quarter and a 17% increase compared to the same period a year ago. We remain well capitalized with an estimated CET1 ratio of 10.6% as of March 31. We estimate our CET1 ratio inclusive of AOCI to be 9.4% at quarter end.

And during the first quarter, we returned approximately 800,000,000 of capital to shareholders through both common dividends and share repurchases. Slide four shows our loans in more detail. Average loan balances of $317,000,000,000 declined $2,000,000,000 or 1% driven by lower commercial real estate and consumer loans. Importantly, on a period end basis, total loans grew more than $2,000,000,000 or 1% as strong growth in C and I loans was partially offset by continued runoff in the CRE office portfolio and lower consumer balances. C and I loans were $181,000,000,000 on March 31, an increase of $5,000,000,000 or 3% reflecting broad growth across loan categories.

This represented the largest increase in C and I balances since the fourth quarter of twenty twenty two and was driven by higher utilization rates and new loan production. Regarding utilization, we saw positive trends in the first quarter with increases in each consecutive month and ending the quarter at 50.3% or 80 basis points higher than year end. Slide five details our investment securities and swap portfolios. Average investment securities decreased $2,000,000,000 to $142,000,000,000 as prepayments and maturities outpaced purchases. During the first quarter, our securities yield was stable at 3.17%.

And as of March 31, approximately 20% of the portfolio was floating rate and our duration was estimated to be three point four years. Our active received fixed rate swaps totaled $39,000,000,000 on March 31, and the weighted average received rate increased 27 basis points linked quarter to 3.49% and up from 2.2% this time last year. Our forward starting swaps now total $20,000,000,000 including $9,000,000,000 that were added during the first quarter, which will roll on through 2026. With the addition of these swaps, we've reduced our interest rate and further locked in a portion of our fixed rate asset repricing. Slide six covers our deposit balances in more detail.

Average deposits decreased $5,000,000,000 or 1% to $421,000,000,000 Consumer and commercial deposits followed seasonal trends. Consumer deposits of $210,000,000,000 increased $4,000,000,000 or 2% and commercial deposits of $2.00 $6,000,000,000 declined $5,000,000,000 or 2%. Lastly, we have a small amount of brokered CDs totaling $5,000,000,000 which declined $3,000,000,000 as part of our funding plan. Our rate paid on interest bearing deposits declined 20 basis points during the first quarter to 2.23 and our cumulative deposit beta through March was 51%. Turning to Slide seven, we highlight our income statement trends this quarter.

First quarter net income was $1,500,000,000 or $3.51 per share. Compared to the same period a year ago, we've demonstrated strong momentum across our franchise. Total revenue increased $3.00 $7,000,000 or 6% driven by higher net interest income and fee growth. Non interest expense increased $53,000,000 or 2% reflecting increased business activity, technology investments and higher marketing spend. And net income grew $155,000,000 resulting in EPS growth of 13% year over year.

Comparing the first quarter to the fourth quarter, total revenue of $5,500,000,000 decreased $115,000,000 or 2% in large part due to seasonality. Non interest expense of $3,400,000,000 declined $119,000,000 or

3%. Provision was $219,000,000 reflecting changes in macroeconomic factors and portfolio activity. And our effective tax rate was 18.8%.

Turning to Slide eight, we detail our revenue trends. First quarter revenue of $5,500,000,000 declined $115,000,000 or 2% linked quarter. Net interest income of $3,500,000,000 decreased $47,000,000 or 1%. The decline was driven by two fewer days in the quarter, partially offset by the benefit of lower funding costs and fixed rate asset repricing. And our net interest margin was 2.78%, an increase of three basis points.

Fee income of $1,800,000,000 decreased $30,000,000 or 2% linked quarter. Looking at the details, asset management and brokerage income increased $17,000,000 or 5% driven by higher brokerage client activity and positive net flows. Capital markets and advisory fees decreased $42,000,000 or 12% reflecting lower M and A advisory and trading revenue. Card and cash management was stable as higher treasury management revenue was offset by seasonally lower consumer spending. Lending and deposit services revenue decreased $14,000,000 or 4% in part due to seasonality.

Mortgage revenue increased $12,000,000 or 10% reflecting higher MSR hedging activity. And our other non interest income of $137,000,000 decreased $38,000,000 and included $40,000,000 of negative Visa derivative adjustments, primarily related to litigation escrow funding. As a reminder, PNC owns 1,800,000.0 Visa Class B shares with an unrecognized gain of approximately $950,000,000 as of March 31. Turning to Slide nine, we detail our non interest expense trends. On a linked quarter basis, non interest expense declined $119,000,000 or 3% as a result of fourth quarter asset impairments as well as seasonality.

We remain focused on expense management and as we've previously stated, we have a goal to reduce costs by $350,000,000 in 2025 through our continuous improvement program. As you know, this program funds a significant portion of our ongoing business and technology investments and we're confident we will achieve our full year target. Our credit metrics are presented on Slide 10. Non performing loans of $2,300,000,000 were stable quarter over quarter with a small decrease in consumer. Total delinquencies of $1,400,000,000 were up $49,000,000 or 4% compared with December 31, which included approximately $55,000,000 of California wildfire forbearance activity.

Net loan charge offs were $2.00 $5,000,000 down $45,000,000 representing a net charge off ratio of 26 basis points. The decline was largely driven by lower CRE office charge offs related to the timing of resolution on certain office properties, and we expect the level to vary quarter to quarter as we work through these loans. Importantly, our overall credit quality remains strong across and our allowance for credit losses totaled 5,200,000,000 or 1.64% of total loans at the end of the first quarter. This level of reserves includes an increase in the downside weightings of our CECL economic scenarios along with some considerations for tariffs. As you know, the proposed tariffs on April 2 were more severe than anticipated.

If these tariffs are implemented as proposed and remain in effect for an extended period, it's quite possible the probability of a recession will go up. We're actively assessing our portfolios and analyzing a wide range of factors, both positive and negative, that could impact our commercial and consumer exposures. However, we view the current environment is too fluid to reasonably change our estimates at this time. In summary, PNC reported a solid first quarter and we're well positioned for the remainder of 2025. Our full year guidance is unchanged.

However, given the uncertainty of the proposed tariffs and the potential for disruption in client activity, our non interest income could be pressured throughout the balance of the year and we'll obviously closely monitor this as these factors continue to develop. For the full year 2025 compared to the full year 2024, we expect average loans to be stable, which equates to spot loan growth of 2% to 3%. We expect full year net interest income to be up 6% to 7%. We expect non interest income to be up approximately 5%. Taking the component pieces of revenue together, we expect total revenue to be up approximately 6%.

We expect non interest expenses to be up approximately 1% and we expect our effective tax rate to be approximately 19%. For the second quarter of twenty twenty five compared to the first quarter of twenty twenty five, we expect average loans to be up approximately 1%. Net interest income to be up 1% to 2%, fee income to be up 1% to 3%, other non interest income to be in the range of 150,000,000 and $200,000,000 Taking the component pieces of revenue together, we expect total revenue to be up 1% to 3%. We expect non interest expense to be stable and we expect second quarter net charge offs to be approximately $300,000,000 And with that, Bill and I are ready to take your questions.

Thank you. At this time, we'll be conducting a question and answer session. Our first question comes from John Pancari with Evercore. Please proceed with your question.

of period loan growth in C and I as you cited. I know you cited higher line utilization and improved loan production. Can you just give us a little more color around the drivers and what specific areas in C and I are you seeing that? And is there any of that transient in terms of potential line draws just to fund some inventory buildup ahead of tariffs and therefore more of a pull forward or anything like that? And is any of it maybe precautionary line draws given the recessionary backdrop?

want me I'm sorry, Bill is going answer. Hey, John. Good morning, it's Rob. Yes, so we were encouraged by the increase in the outstandings through the quarter.

And when you look in our financial supplement, you'll see it was pretty broad based across most of our loan categories. We have been calling for this for some time in terms of increased utilization, which we saw in the quarter. So that tracks to what we thought at the beginning of the year. As far as some of this defensive or these tariff driven, it's hard to say, it's not all of it for sure. Maybe there's a little bit of it in there.

But generally speaking, we didn't see we saw growth, we didn't see massive growth or a massive shift. So 80 basis points, or I'm sorry, 80 on the utilization isn't huge, but it was in line with gradual normalization.

It's interesting. In all the dialogue that I've kind of had with clients, nobody is saying they're purposely building inventory in advance of the tariffs. Having said that, most of our lines finance working capital. So, definitionally, there's some inventory built going on.

Got it. Okay. No, that's helpful. And then separately on the capital markets front, understandably, trends there are pressured given the backdrop, and you saw that pressure this quarter. Can you talk maybe perhaps about pipelines you expect?

Are you seeing any erosion in any of the pipelines out there on the M and A side or capital markets side, just given the uncertainty, any deals getting pulled or the pipelines remaining robust and it's just a matter of getting the pig through the python?

Yes, sure. Sure. The capital markets was a little lighter than what we expected, although still pretty good. For us, 40% of our capital markets categories, Harris Williams, our M and A advisory and they actually had a very good quarter in line with expectations, where expectations, whereas a little softer was in some of our foreign exchange and just some of our client activity. So when we look forward, Harris Williams in particular, their pipeline right now is close to 20% higher than it was this time last year.

And they had a very good year last year. So we're encouraged by that.

Our next question comes from Bill Carcache with Wolfe Research. Please proceed with your question.

Thank you. Good morning, Bill and Rob. I appreciate your commentary around uncertain environment leading you to keep your reserve rate relatively flat. If we were to go down the mild recession path and unemployment rose, say, slightly above 5%. Can you speak to how you're thinking about the level of expense leverage that you have?

And what are the areas where you would look to achieve efficiencies should you need to?

I can answer that. I mean, in terms of our expenses, we feel really great about the way that we've lined up the year. We've got positive operating leverage, expenses up 1% off the 24 print. Naturally, if we get into a scenario where there's lower activity, some of that self correcting in terms of expenses associated with revenue that you wouldn't have. But we are disciplined.

We won't back off the investments, Bill, that we've lined up. But there could be some opportunities if we get there, which we're not expecting to.

The other offset under some presumption that we actually went into a mild recession and the forward curve is correct and there's four cuts this year. We actually have it with more cuts mild up an amount of upside in our NII just at the margin side. I don't know that a mild recession dramatically changes our outcome here.

That's helpful. Thank you. And it's interesting in light of all the commentary around how companies are putting investments on hold given the uncertain environment to see your spot utilization has been increasing since the beginning of the year. Could you speak to perhaps the potential for increased opportunities in loan growth if credit spreads were to continue to widen as capital markets become a less attractive option for some of your clients?

Yes. I'm going to go back and say this for a year. It's not clear to me what caused the utilization to go down. It's not entirely clear to me as to why it's going up. If there is sort of some offset where capital markets new issuance slows down, then talking to in the loan book.

But I think one of the reasons we leave it largely out of our forecast in terms of being a main driver, it's been a bit confusing for the last year or so.

Thank you for taking my questions, Bill and Rob.

next question comes from Betsy Graseck with Morgan Stanley. Please proceed with your question.

Bill, I did want to just ask a few questions regarding the President role. And I wanted to understand a little bit more about what you are expecting Mark to be doing for PNC. And I know there's many of us on the call who know Mark well with what he's been doing over BlackRock for many years, but there might be others who are a little bit less familiar with him. So maybe you could help us understand why Mark is the right person for this role? And does this have well, and how you anticipate he will be growing the business as President?

No, thank you for the question, Betsy. I've known Mark for a lot of years going back being

the Board of BlackRock and we actually had he and his financial advisory team come in here at one point during or shortly after the crisis just to double check everything we were doing on the balance sheet. Mark is going to come in and be the President and he's going to run our businesses. He comes in with a broad based skill set. He's managed through crises. He's advised on balance sheets.

He's a student of the markets. He's tech forward. He's been with a fast growing company. And he's a great talent. And it was kind of serendipity that he was available.

We have a super strong team here, but when you see talent like that available, you add it. And I don't know it's any more complicated than that.

Okay. Just I'm also wondering about the opportunities for doing more with private credit. I don't know if that's part of the equation here as well given what you're doing already with private credit side and what Mark brings to the table there.

No. It's Mark is a well rounded student of finance and markets and management and leadership. It was interesting we were talking to the press about this. We got questions on how does this mean we're going to go big into asset management or private credit or private equity or something else? And the answer to that is no.

We're going to do exactly what we're doing and he's adding skill sets to what we're doing today. There's no change in our strategy. There's no change in what we want to be or how we're going to execute. He's just going to help us with our game plan.

next question comes from Scott Syphers with Piper Sandler. Please proceed with your question.

Good morning, Thanks for taking the question. Rob, I think in the past you've talked about a 3% margin by the end of the year. Kind of feels to me like based on the first quarter results maybe you got out of the gates a bit quicker than you would have thought which is helpful. But just sort of given all the moving parts these days, maybe if you could sort of refresh your thoughts on that number and anticipated path to get there. I can put together a couple of the pieces with what Bill had said about the forward curve, more rate cuts, etcetera, but would be curious to hear your thoughts.

Yes, sure, Scott. We talked about this on every earnings call that we don't give official NIM guidance, but then I give NIM guidance. That means is,

Thanks, Bill. So, yes, so we got out of the gate pretty good there at the $2.78 that you saw in the first quarter. We said at the beginning of the year, we still feel that we can approach 3%. So I think the two ninety range is reasonable in the fourth quarter.

Okay. Perfect. Okay. Thank you. And then maybe just a little bit of a ticky tack one, the slightly higher net charge off expectation into the second quarter.

I mean, it's not huge by any means, but it's a little higher than you've run recently. Anything particular driving that or is that just kind of standard normalization?

No, no, there is something particular to that, Scott. So thanks for that question. It's really the lumpiness of the CRE office charge offs. So when you look at our information, they were down pretty good in the first quarter. But that's a situation where it's a handful of deals that can either sort of fall timing wise into one quarter or another quarter.

So we'd expect those charge offs to go back to the levels that we were experiencing in the third and fourth quarter. And that's part of the 300 guidance.

Yes. Okay. Perfect. All right. Thank you very much.

Our next question comes from Ebrahim Poonawala with Bank of America. Please proceed with your question.

Good morning. I guess maybe so you talked about loan growth and sort of client sentiment there. Just talk to us around the fragility across the customer base, be it consumer or commercial, given concerns maybe we are in a recession, we could fall into a recession. I'm just wondering how you look at the balance sheets for your customers and like how bad do things need to go where the credit outlook deteriorates in a meaningful way?

The easiest way to think about this maybe is between today and three weeks ago, nothing's changed. What's happened though, is everyone's trying to figure out what the steady state will be with tariffs and how they need to, if at all, the business model to succeed inside of a world with tariffs. So it is without question slowed down activity in the near term as people try to figure this out, but it hasn't yet turned into any sort of credit deterioration nor just given the quality of our book nor do I think it's a dramatic outcome for clients unless those very tariffs drive us into a steep recession and then we're going to have a standard credit cycle.

Got it. And I guess maybe Rob for you, you mentioned the maybe NIM may exit I guess '25. Just think talk to us about how you're thinking about balance sheet management from an ALCO perspective. You took some actions, I guess, middle or late last year to lock in the NII or the record NII for '25. I'm just wondering how are you thinking about like from a cash or the bond book, are things that you're doing as you think about just the forward outlook beyond 25%?

Yes, sure. So as we've said, '25 pretty locked in and that's why we're confident in terms of our guidance. I will remind everybody that our NII guidance for the full year doesn't have a whole lot of loan growth. So if that happens, that'll be on top of that. So you're right, where our eyes are now is sort of the outer years into 2026 and beyond.

And we have taken some actions to lock in that, which is the continuation of the fixed rate asset repricing that we're on. So that's where our heads are and that's where the focus is.

next question comes from Mike Mayo with Wells Fargo. Please proceed with your question.

Hi. Had a follow-up on the question about the new President, Mark Weidman. You described, Bill, I think you said exactly what you are doing currently at PNC is what you'll still be doing. So my question to you is, how did you get them? I mean, there's so many people leaving the bank industry for private equity and non banks and fintech and sometimes anywhere they can get to.

And so why is he coming to such a heavily regulated industry with so much oversight, with so much skepticism, with so much cynicism, with so much questioning? It's some you know, it's it's a smog being in the banking industry, and he's choosing to come. So what in the world was your sales pitch to him to get him to come to keep PNC doing exactly what it's doing?

I mean, you'll get to ask him that question at some point, Mike. But I think it's as simple as saying that what's going on in banking today is fascinating, right? It's not my dad's bank. It's driven by technology. There's scale matters.

We have new entrants coming in all sides of what we do, which could be exciting or dangerous depending on how you look at it. You think through crypto and private credit and payment engines and all the other things that are happening. It's a very dynamic place, notwithstanding all the oversight we get. And I'm sure Mark is listening to this call and now wondering what he got himself.

PNC Financial Services Group (PNC) Q1 2025 Earnings Call Transcript

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