PNC Financial Services runs one of the largest banks in America, serving households and businesses of every size through branches, apps, and corporate bankers. Acquisitions turned it from a regional lender into a coast-to-coast bank, notably its purchases of National City during the 2008 financial crisis and BBVA USA in 2021. Consumers keep checking and savings accounts, such as Virtual Wallet with its built-in budgeting tools, and take out mortgages and credit cards, while companies borrow and manage cash through PNC. It earns most of its money on the gap between loan interest and deposit costs, and the rest from fees. PNC traces its roots to a savings bank founded in 1845 and is based in Pittsburgh, Pennsylvania.
Company Size
10,001+
Company Stage
IPO
Headquarters
Pittsburgh, Pennsylvania
Founded
1845
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Health Insurance
Dental Insurance
Vision Insurance
Life Insurance
Disability Insurance
401(k) Retirement Plan
401(k) Company Match
Company Equity
Paid Vacation
Paid Sick Leave
Wellness Program
Professional Development Budget
PNC Financial Services Group reported third-quarter revenue of $6.56 billion, just short of the $6.58 billion analysts expected. Costs came in lower than forecast, with non-interest expenses of $3.75 billion against an estimate of $3.77 billion. Net interest income rose 2.4% from the second quarter to $4.21 billion, below the $4.23 billion consensus. Commercial loans grew at the Pittsburgh-based bank, helped by its January acquisition of FirstBank Holding Co. Higher yields on assets were partly offset by higher funding costs. Larger rivals have been more upbeat. JPMorgan Chase expects net interest income to rise 10% next year, and Bank of America forecasts an 8% gain. PNC took a one-time $139 million charge in the second quarter to sell some securities at a loss. Its average investment securities rose 3% to $151.4 billion in the third quarter.
PNC Financial Services Group reported third quarter 2026 net income of $2.1 billion, or $4.97 per diluted share ($5.09 as adjusted). That compares with $2,055 million, or $4.81 per share, in the second quarter. Revenue fell 5% from the second quarter to $6.6 billion, as lower fee income outweighed a 2% rise in net interest income to $4.2 billion. Noninterest expense fell 8% to $3.8 billion. Average loans rose 2% to $372.2 billion, driven by commercial lending. Average deposits grew 1% to $461.2 billion. The board declared a quarterly dividend of $2.00 per share, payable November 5, 2026. PNC returned $1.4 billion to shareholders in the quarter. Chief executive officer Bill Demchak said the bank is "well positioned" and confident in its long-term outlook.
Accelevation Holdings Corp. (Nasdaq: ACCV) has signed a new $650 million senior secured credit agreement. It replaces the credit facilities the company set up before its initial public offering. The deal includes a $400 million revolving credit facility and a $250 million Term Loan A, both maturing in 2031. Pricing is Term Secured Overnight Financing Rate (SOFR) plus 1.50% to 2.50%, down from SOFR plus 4.50% to 5.25%. "The new facilities extend our maturity profile, reduce our borrowing costs, and provide flexibility to continue investing in our business," said chief financial officer Ken Krause. Bank of America, N.A. acted as administrative agent and collateral agent. The Miamisburg, Ohio-based company designs, manufactures, and installs systems for mission-critical infrastructure.
NETSTREIT Corp. announced the closing of $550.0 million in additional financing commitments and amendments to its existing credit facilities agented by PNC Bank, National Association , Wells Fargo...
CTO Realty Growth has closed a $1.0 billion unsecured credit facility, extending its debt maturity profile and increasing total commitments by $250 million. The Winter Park, Florida-based owner and operator of open-air shopping centres will use proceeds to repay outstanding borrowings under its previous $300 million revolving credit facility and two term loans. The new facility comprises a $400 million revolving credit facility due September 2030 and four term loans ranging from $150 million each, maturing between September 2029 and March 2032. The refinancing increases the company's weighted average debt maturity to 4.3 years from 1.6 years. Initial fixed interest rates on the term loans range from 3.4% to 5.3%, based on applied SOFR swaps. The facility was provided by a syndicate led by KeyBank National Association.