$PNC · PNC FINANCIAL SERVICES GROUP, INC.

PNC filed its Q3 2026 Financial Supplement (8-K Exhibit 99.2), reporting net income of $2.097B and diluted EPS of $4.97 on total revenue of $6.562B. Net interest income grew to $4.206B with NIM expanding to 2.94% from 2.79% a year ago. The provision for credit losses was $189M, and net charge-offs rose to $257M (0.28% of average loans) from $179M (0.22%) in Q3 2025.

Extended-hours trading shows PNC at $212.49, down 1.53% from the regular close of $215.80. The modest decline may reflect the uptick in net charge-offs and the education loan portfolio transfer, offsetting otherwise solid NIM expansion and YoY earnings growth.

PNC's NIM expansion and double-digit EPS growth show a super-regional bank successfully navigating the rate environment, but rising net charge-offs and the education loan exit warrant scrutiny.

PNC's NIM expansion to 2.94% reflects the broader regional bank trend of stabilizing deposit costs as the rate cycle matures. The FirstBank acquisition (closed January 2026) continues to inflate YoY loan and deposit comparisons across the balance sheet.

Net charge-offs rose to 0.28% of average loans (annualized) from 0.22% YoY, with commercial net charge-offs more than doubling to $128M from $72M. The $1.4B education loan portfolio transfer to held-for-sale signals potential further credit deterioration in that segment.