PNC FINANCIAL SERVICES GROUP (PNC) Company Report

FirstBank reported $216.4 million net income for Q3 2025, a 37% increase year-over-year from $157.65 million in Q3 2024.
As of September 30, 2025, FirstBank’s total deposits were $23.2 billion, net loans $16 billion, and total assets $26.7 billion.
PNC agreed to acquire FirstBank in a deal expected to close in early 2026, pending regulatory approvals and customary closing conditions.
Post-acquisition, FirstBank CEO Kevin Classen will serve as PNC’s Colorado Regional President and Mountain Territory Executive.

Nov 12, 2025, 6:00 PM

Press Release

PNC plans $2B branch expansion across US markets by 2030

PNC

New Projects/Investments

Hiring

M&A

PNC will invest $2 billion to open over 300 new branches in nearly 20 U.S. markets by 2030, targeting denser local share and accelerated growth.
Expansion focuses on existing high-growth regions, including 35 new branches in Nashville, 25 in Chicago, plus additional sites in Florida and North Carolina, and builds on its $4.1 billion FirstBank acquisition in Denver and Phoenix.
The bank plans to hire 2,000 employees and renovate its entire branch network by 2029 to modernize customer environments and enhance engagement.
PNC emphasizes that physical branches remain critical for regulatory compliance, customer confidence, and deposit growth, aiming for about 7% local market share.

Nov 8, 2025, 2:58 AM

Bloomberg

PNC outlines retail banking growth strategy at BAB conference

PNC

New Projects/Investments

Product Launch

M&A

Large retail franchise: $243 B low-cost deposits, $97 B loans, generating $15 B net revenue L12 M; 14 % net revenue CAGR over three years and ~$300 M reduction in direct expenses to improve efficiency.
Network expansion: branch count increasing to 300 by 2030 (from 200), targeting scale in 18 of the top 30 U.S. markets (vs. six today); organic builds expected to drive $20 B+ deposit growth; pending First Bank acquisition to become #1 in Denver and a leading player in Phoenix.
Digital and client experience: 77 % of customers digitally active; consumer DDA sales up 30 % YoY; branch net promoter scores up 10 points over three years; rolling out a new mobile app in H1 2026.
M&A discipline: strong IRRs on the First Bank deal; PNC trading at a PE discount despite top-quartile NII, fee revenue, and 12 % PPNR growth YTD; will prioritize organic growth if valuations remain unattractive.

Nov 7, 2025, 3:35 PM

Transcript

PNC outlines retail expansion and growth strategy at BAB conference

PNC

New Projects/Investments

M&A

Share Buyback

PNC plans to expand branch builds to 300 by 2030 (up from 200), and pending regulatory approval, will acquire FirstBank—becoming the #1 retail bank in Denver and a leading player in Phoenix.
Its retail franchise comprises $243 B of low-cost deposits, $97 B of loans, and generated $15 B of net revenue over the last 12 months, achieving 14 % net revenue CAGR and cutting direct expenses by ~$300 M to deliver a flat expense base over three years.
Digital and in-branch channels drove record DDA sales, with 30 % YoY growth in digital consumer DDA sales, 77 % of clients digitally active, completion of online platform migration, and a new mobile app slated for H1 2026.
PNC is scaling its affluent and card businesses by adding dedicated advisors, launching securities-based lending and rewards, and upgrading its credit card suite; card balances have begun to inflect following recent strategic hires.
For 2026, PNC projects ~$1 B in net interest income growth from repricing $65 B of assets, an early-2026 inflection in CRE loan runoff, a deposit beta moving into the mid-40 % range, and $300 M–$400 M in Q4 share repurchases.

Nov 7, 2025, 3:35 PM

Transcript

PNC presents retail banking growth and strategy

PNC

Product Launch

New Projects/Investments

PNC’s Retail Banking segment: YTD average deposits of $243 billion (56% of total), YTD average loans of $97 billion (30%), and LTM revenue of $15 billion (54% of segment revenue) serving ~15 million customers.
Strong financial performance with total revenue of $11.1 billion YTD 2025 (vs $7.4 billion YTD 2022) and PPNR of $5.4 billion YTD 2025 (vs $1.8 billion).
Scaling branch network with 26 new builds forecast in 2025 and a plan to increase builds to >300 by 2030 in key markets.
Accelerating digital capabilities: new online banking launched in 2025, new mobile banking in 2026, with +7% YoY active mobile users.
Wealth Management momentum: client assets grew to $89 billion as of 9/30/25, with revenue reaching $0.8 billion in FY 2025.

Nov 7, 2025, 3:35 PM

Presentation

PNC details branch expansion, NII growth, and capital strategy at BAB conference

PNC

Guidance Update

Share Buyback

M&A

PNC plans to expand its retail network to 300 branches by 2030 (up from 200), targeting a 7% local market share in key metros to drive $20 billion+ deposit growth with returns above its cost of capital.
PNC expects $1 billion net interest income increase in 2026, led by repricing of $65 billion in fixed-rate assets and an inflection in CRE loan runoff.
Deposit beta to Fed rate cuts is projected to settle in the mid-40% range (currently ~37%), with further rate paid reductions following the December cut.
With a 10.7% CET1 ratio, PNC plans $300–400 million of share repurchases in Q4 (aiming for the upper end) and anticipates higher buybacks in 2026.
The planned First Bank acquisition, set to close in early 2026, strengthens PNC’s presence in Denver and Phoenix; the bank remains disciplined on future M&A despite a valuation discount.

Nov 7, 2025, 3:35 PM

Transcript

PNC expands branch network with 300 new openings by 2030

PNC

New Projects/Investments

Hiring

PNC will open 300+ new branches by 2030—adding 100 to last year’s plan—with a total branch investment of $2 billion to deepen its retail footprint nationwide.
Market-specific builds include ~35 branches in Nashville, ~40 across six Southeast cities, and ~25 additional locations in Chicago on top of its existing 113 branches.
The bank reaffirms renovation of 100% of its branch network by 2029 and plans to hire 2,000+ employees by 2030 to support its expansion.
Beyond this rollout, PNC remains committed to adding 200+ branches in strategic markets (e.g., Atlanta, Dallas) and will enter Denver and Phoenix via its pending FirstBank acquisition; it currently operates 2,200+ branches and 58,000 ATMs nationwide.

Nov 7, 2025, 1:00 PM

Press Release

PNC reports diversified business revenue growth in 3Q25

PNC

Revenue Acceleration/Inflection

Corporate & Institutional Banking revenue rose 10% YoY to a record, noninterest income was up 11% LQ, with loan commitments up 5% YoY (including 14% growth in expansion markets) and deposits up 6% YoY (double-digit in expansion markets)
Retail Banking revenue increased 9% YoY, consumer checking accounts grew 2% YoY (including 6% in the Southwest), and the segment delivered record brokerage assets, debit transactions and credit-card spend
Asset Management Group revenue climbed 9% YoY to a record, asset management fees were up 5% YoY, AUM hit record levels driven by new clients and market yield, with expansion-market AUM up 25% YoY, three times faster than legacy markets

Oct 15, 2025, 6:02 PM

8-K

PNC reports Q3 2025 results

PNC

Earnings

Guidance Update

M&A

PNC delivered net income of $1.8 billion ($4.35 per share), with record revenue of $5.9 billion and record PPNR of $2.5 billion.
Net interest income rose to $3.6 billion (+3% QoQ) and NIM was 2.79%; the bank still expects NIM to exceed 3% in 2026.
Balance sheet growth: average loans were $326 billion (+1% QoQ) and average deposits $432 billion (+2% QoQ); commercial loans up 2% while CRE declined 3%.
Credit metrics remain strong with a net charge-off ratio of 22 bps, allowance for credit losses at 1.61% of loans, and Q4 net charge-offs guided to $200–225 million.
Capital and run‐rate initiatives: CET1 ratio of 10.6%, returned $1 billion in capital (including $331 million in buybacks), plans for $300–400 million of Q4 repurchases, and announced acquisition of FirstBank to expand in Colorado and Arizona.

Oct 15, 2025, 3:00 PM

Transcript

PNC reports Q3 2025 results

PNC

Earnings

Guidance Update

M&A

Net income of $1.822 billion and diluted EPS of $4.35 in Q3 2025.
Total revenue of $5.915 billion, up 4% sequentially and 9% year-over-year, driven by net interest income of $3.648 billion and noninterest income of $2.267 billion.
Average loans increased to $325.9 billion (+1% LQ) and average deposits to $431.8 billion (+2% LQ).
Announced an agreement to acquire FirstBank, positioning PNC for accelerated growth in key strategic markets.
Q4 2025 guidance: net interest income expected to rise ~1.5%, total revenue stable to down 1%, and noninterest expense up 1–2%.

Oct 15, 2025, 3:00 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for PNC FINANCIAL SERVICES GROUP.

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