PNC reported second-quarter 2026 net income of $2.055 billion and diluted EPS of $4.81 ($4.85 as adjusted), with total revenue of $6.875 billion. Results reflected record fee income, higher net interest income of $4.107 billion and integration activity from the FirstBank acquisition. The board raised the quarterly common dividend 30 cents to $2.00 per share and returned $1.3 billion of capital to shareholders in the quarter.

Financial Highlights

  • Total revenue: $6,875 million for 2Q26 (up 12% vs 1Q26).
  • Net interest income: $4,107 million for 2Q26 (increase of $146 million vs 1Q26); net interest margin 2.96%.
  • Noninterest income: $2,768 million for 2Q26 (included $218 million of integration costs and significant items); fee income (non-GAAP) $2,279 million.
  • Noninterest expense: $4,098 million for 2Q26 (included $261 million of integration costs and significant items); noninterest expense excluding those items $3,837 million.
  • Net income: $2,055 million for 2Q26; diluted EPS $4.81 and diluted EPS as adjusted (excl. integration & significant items) $4.85.

Business Highlights

  • Acquisition and conversion: Successfully converted approximately 780,000 FirstBank customers, ~1,620 employees and 95 branches (conversion completed June 22, 2026); 2Q26 includes full-quarter benefit of FirstBank.
  • Revenue drivers: Fee income growth driven by record capital markets and advisory activity; capital markets and advisory fees were $577 million in 2Q26 (up 25% vs 1Q26).
  • Loan and deposit activity: Average loans rose $12.3 billion to $363.2 billion (commercial loans strong); average deposits stable at $457.0 billion with noninterest-bearing deposits up 4% sequentially.
  • Balance sheet repositioning: Sold ~$4 billion of available-for-sale securities and redeployed proceeds into higher-yielding securities; investment securities average $147.1 billion.
  • Capital and shareholder returns: CET1 ratio estimated at 9.9% at June 30, 2026; returned $1.3 billion to shareholders (including $0.6 billion share repurchases) and increased quarterly dividend to $2.00 per share.

Original SEC Filing:

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