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PITTSBURGH, Oct. 12, 2018 /PRNewswire/ — The PNC Cyberbanking Casework Group, Inc. (NYSE: PNC) today reported:

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For the quarter

3Q18

2Q18

3Q17

Net income   $ millions

$1,400

$1,356

$1,126

Diluted antithesis per accustomed share

$2.82

$2.72

$2.16

“PNC delivered accession good, constant quarter. We grew boilerplate loans and deposits and connected to add new clients. Net absorption assets and our allowance and fee assets increased. We’re experiencing success with our civic action to aggrandize our boilerplate bazaar capabilities in faster growing markets, and we launched our civic retail agenda action with a aerial crop accumulation action to be accurate by an ultra-thin retail network. Looking ahead, we’re positioned to drive advance and adeptness over the connected term.”

    Bill Demchak, PNC Chairman, President and Chief Executive Officer

Income Annual HighlightsThird division 2018 compared with added division 2018

Balance Area Highlights

Earnings Summary

In millions, except per allotment data

3Q18

2Q18

3Q17

Net income

$

1,400

$

1,356

$

1,126

Net assets attributable to adulterated accustomed shares

$

1,317

$

1,282

$

1,042

Diluted antithesis per accustomed share

$

2.82

$

2.72

$

2.16

Average adulterated accustomed shares outstanding

467

472

483

Return on boilerplate assets

1.47

%

1.45

%

1.20

%

Return on boilerplate accustomed equity

12.32

%

12.13

%

9.89

%

Book amount per accustomed share

Quarter end

$

93.22

$

92.26

$

89.05

Tangible book amount per accustomed allotment (non-GAAP)

Quarter end

$

73.11

$

72.25

$

69.72

Cash assets declared per accustomed share

$

.95

$

.75

$

.75

The Consolidated Cyberbanking Highlights accompanying this annual absolution accommodate added advice apropos reconciliations of non-GAAP cyberbanking measures to appear amounts. Fee income, a non-GAAP cyberbanking measure, refers to noninterest assets in the afterward categories: asset management, chump services, accumulated services, residential mortgage and annual accuse on deposits. Advice in this annual absolution including the cyberbanking tables is unaudited.

CONSOLIDATED REVENUE REVIEW

Revenue

Change

Change

3Q18 vs

3Q18 vs

In millions

3Q18

2Q18

3Q17

2Q18

3Q17

Net absorption income

$

2,466

$

2,413

$

2,345

2

%

5

%

Noninterest income

1,891

1,911

1,780

(1)

%

6

%

Total revenue

$

4,357

$

4,324

$

4,125

1

%

6

%

Total acquirement for the third division of 2018 added $33 actor compared with the added division and $232 actor compared with the third division of 2017. Net absorption assets grew in both comparisons and noninterest assets added over third division 2017.

Net absorption assets for the third division of 2018 added $53 actor compared with the added division and $121 actor compared with the third division of 2017. College accommodation and antithesis yields and balances were partially annual by college drop and borrowing costs in both comparisons absorption the appulse of absorption amount increases. Third division 2018 additionally benefited from an added day compared with the added quarter. The net absorption allowance added to 2.99 percent for the third division of 2018 compared with 2.96 percent for the added division and 2.91 percent for the third division of 2017.

Noninterest Income

Change

Change

3Q18 vs

3Q18 vs

In millions

3Q18

2Q18

3Q17

2Q18

3Q17

Asset management

$

486

$

456

$

421

7

%

15

%

Consumer services

377

381

357

(1)

%

6

%

Corporate services

465

487

404

(5)

%

15

%

Residential mortgage

76

84

104

(10)

%

(27)

%

Service accuse on deposits

186

169

181

10

%

3

%

Other

301

334

313

(10)

%

(4)

%

$

1,891

$

1,911

$

1,780

(1)

%

6

%

Noninterest assets for the third division of 2018 beneath $20 actor compared with the added division as fee assets advance was added than annual by a abatement in added noninterest income. Asset administering revenue, including antithesis from PNC’s disinterestedness advance in BlackRock, grew $30 actor and reflected college boilerplate disinterestedness markets. Accumulated annual fees beneath $22 actor primarily due to a lower annual from bartering mortgage application rights valuation, net of bread-and-er hedge, and lower accommodation alliance fees partially annual by college alliance and accession advising fees. Residential mortgage acquirement decreased $8 actor attributable to a lower annual from mortgage application rights valuation, net of bread-and-er hedge. Annual accuse on deposits grew $17 actor absorption a melancholia admission in chump spending.

Other noninterest assets for the third division of 2018 decreased $33 actor primarily due to abrogating acquired fair amount adjustments of $32 actor accompanying to Visa Class B accustomed shares in the third division compared with a annual of $27 actor in the added division partially annual by college acquirement from clandestine disinterestedness investments.

Noninterest assets for the third division of 2018 added $111 actor compared with the third division of 2017. Asset administering acquirement added $65 actor and included the annual of the lower federal approved assets tax amount on BlackRock antithesis and college disinterestedness markets. Chump annual fees grew $20 actor apprenticed by added chump action reflected in debit card, allowance and acclaim agenda fees. Accumulated annual fees grew $61 actor primarily due to college alliance and accession advising fees and treasury administering revenue. Residential mortgage acquirement decreased $28 actor as a aftereffect of lower accommodation sales and application acquirement and a lower annual from mortgage application rights valuation, net of bread-and-er hedge.

CONSOLIDATED EXPENSE REVIEW

Noninterest Expense

Change

Change

3Q18 vs

3Q18 vs

In millions

3Q18

2Q18

3Q17

2Q18

3Q17

Personnel

$

1,413

$

1,356

$

1,286

4

%

10

%

Occupancy

195

203

204

(4)

%

(4)

%

Equipment

264

281

259

(6)

%

2

%

Marketing

71

75

62

(5)

%

15

%

Other

665

669

645

(1)

%

3

%

$

2,608

$

2,584

$

2,456

1

%

6

%

Noninterest amount for the third division of 2018 added $24 actor compared with the added quarter. Cadre amount added $57 actor primarily due to college capricious advantage associated with added business action and an added day in the third quarter. This admission was partially annual by declines in all added amount categories.

Noninterest amount for the third division of 2018 added $152 actor compared with the third division of 2017. Advancing business investments were primarily reflected in cadre expense, which added $127 actor and included college capricious advantage accompanying to acquirement growth, added staffing levels and added retail cyberbanking compensation, as able-bodied as college business amount acknowledging business growth.

The able tax amount was 15.7 percent for the third division of 2018 compared with 18.3 percent for the added division due to the timing of deductions accompanying to tax planning activities. The federal approved tax amount was bargain to 21.0 percent able January 1, 2018. The able tax amount was 26.8 percent for the third division of 2017.

CONSOLIDATED BALANCE SHEET REVIEWAverage absolute assets were $377.9 billion in the third division of 2018 and added 1 percent compared with $375.6 billion in the added division and $373.4 billion in the third division of 2017. College advance antithesis and loans were partially annual by lower interest-earning deposits with banks in both comparisons. Absolute assets were $380.1 billion at September 30, 2018, $380.7 billion at June 30, 2018 and $375.2 billion at September 30, 2017.

Loans

Change

Change

3Q18 vs

3Q18 vs

In billions

Fractions - 1 3 divided by 2 5 in fraction form
Fractions – 1 3 divided by 2 5 in fraction form | 1 3 divided by 2 5 in fraction form

3Q18

2Q18

3Q17

2Q18

3Q17

Average

Commercial lending

$

149.9

$

149.7

$

146.9

2

%

Consumer lending

73.4

72.9

72.3

1

%

2

%

Average loans

$

223.3

$

222.6

$

219.2

2

%

Quarter end

Commercial lending

$

149.4

$

149.6

$

148.5

1

%

Consumer lending

73.7

73.3

72.6

1

%

2

%

Total loans

$

223.1

$

222.9

$

221.1

1

%

Average loans for the third division of 2018 added $.7 billion compared with the added quarter. Boilerplate bartering lending balances grew $.2 billion primarily in PNC’s accessories accounts and business acclaim businesses. Accommodation advance was chastened by abundant acclimation volumes. Boilerplate chump lending balances added $.5 billion due to advance in auto, residential mortgage, acclaim agenda and apart chapter loans partially annual by lower home disinterestedness and apprenticeship loans. Absolute loans at September 30, 2018 grew $.2 billion compared with June 30, 2018. Chump lending balances added $.4 billion and bartering lending balances decreased $.2 billion.

Third division 2018 boilerplate and aeon end loans added $4.1 billion and $2.0 billion, respectively, compared with third division 2017 as a aftereffect of college bartering loans and advance in chump lending balances.

Investment Securities

Change

Change

3Q18 vs

3Q18 vs

In billions

3Q18

2Q18

3Q17

2Q18

3Q17

Average

$

80.8

$

77.5

$

74.4

4

%

9

%

Quarter end

$

80.8

$

80.1

$

75.0

1

%

8

%

Investment antithesis boilerplate balances for the third division of 2018 added $3.3 billion and aeon end balances added $.7 billion compared with the added division due to net acquirement activity, primarily in bureau residential mortgage-backed and US Treasury securities. Third division 2018 boilerplate and aeon end advance antithesis added $6.4 billion and $5.8 billion, respectively, compared with the third division of 2017. Net abeyant losses on attainable for auction antithesis were $.7 billion at September 30, 2018, absorption the appulse of college absorption rates, compared with net abeyant losses of $.4 billion at June 30, 2018 and net abeyant assets of $.7 billion at September 30, 2017.

Average balances captivated with the Federal Reserve Coffer decreased to $18.8 billion for the third division of 2018 from $20.7 billion in the added division and $23.4 billion in the third division of 2017 as advance of clamminess continued.

Deposits

Change

Change

3Q18 vs

3Q18 vs

In billions

3Q18

2Q18

3Q17

2Q18

3Q17

Average

Noninterest-bearing

$

76.2

$

76.7

$

79.0

(1)

%

(4)

%

Interest-bearing

186.3

184.3

180.5

1

%

3

%

Average deposits

$

262.5

$

261.0

$

259.5

1

%

1

%

Quarter end

Noninterest-bearing

$

74.8

$

79.1

$

80.0

(5)

%

(7)

%

Interest-bearing

190.1

185.8

180.7

2

%

5

%

Total deposits

$

264.9

$

264.9

$

260.7

2

%

Average deposits for the third division of 2018 added $1.5 billion compared with the added division as melancholia advance in bartering deposits was partially annual by lower chump appeal deposits attributable in allotment to melancholia chump spending. Drop advance was in interest-bearing balances, including certificates of deposit, and reflected ascent drop rates. Deposits at September 30, 2018 were abiding with June 30, 2018 and reflected a about-face of bartering deposits to interest-bearing from noninterest-bearing. Third division 2018 boilerplate and aeon end deposits added $3.0 billion and $4.2 billion, respectively, compared with third division 2017 apprenticed by all-embracing drop and chump growth.

Borrowed Funds

Change

Change

3Q18 vs

3Q18 vs

In billions

3Q18

2Q18

3Q17

2Q18

3Q17

Average

$

59.8

$

58.9

$

57.0

2

%

5

%

Quarter end

$

58.0

$

59.3

$

57.6

(2)

%

1

%

Average adopted funds for the third division of 2018 added $.9 billion compared with the  added division due to college repurchase agreements, Federal Home Accommodation Coffer borrowings and subordinated debt partially annual by a abatement in coffer addendum and chief debt. Adopted funds at September 30, 2018 decreased $1.3 billion compared with June 30, 2018 apprenticed by lower Federal Home Accommodation Coffer borrowings absorption the adeptness of concise added division issuances. Third division 2018 boilerplate and aeon end adopted funds added $2.8 billion and $.4 billion, respectively, compared with third division 2017.

Capital

9/30/2018

*

6/30/2018

9/30/2017

Common shareholders’ equity    In billions

$

43.1

$

42.9

$

42.4

Basel III accustomed disinterestedness Tier 1 basic ratio

9.3

%

9.5

%

9.8

%

* Arrangement estimated

PNC maintained a able basic position. Accustomed shareholders’ disinterestedness at September 30, 2018 added compared with June 30, 2018 due to third division net assets partially annual by allotment repurchases, assets and lower accumulated added absolute assets absorption the appulse of college ante on net abeyant antithesis losses.

PNC alternate $.9 billion of basic to shareholders in the third division of 2018 through repurchases of 3.3 actor accustomed shares for $.5 billion and assets on accustomed shares of $.4 billion. Repurchases were fabricated beneath allotment repurchase programs of up to $2.0 billion for the four-quarter aeon alpha in the third division of 2018. These programs accommodate repurchases of up to $.3 billion accompanying to banal issuances beneath agent annual plans.

On October 4, 2018, the PNC lath of admiral declared a annual banknote allotment on accustomed banal of 95 cents per allotment able with the November 5, 2018 allotment acquittal date.

The Basel III accustomed disinterestedness Tier 1 basic ratio, which includes the abounding phase-in of all Basel III adjustments, became able for PNC as of January 1, 2018. The arrangement for September 30, 2017 was afflicted on the aforementioned basis. These ratios were afflicted based on the connected admission for the risk-weighting of assets. See Basic Ratios in the Consolidated Cyberbanking Highlights.

CREDIT QUALITY REVIEW

Credit Quality

Change

Change

At or for the division ended

9/30/18 vs

9/30/18 vs

In millions

9/30/2018

6/30/2018

9/30/2017

6/30/18

9/30/17

Nonperforming loans

$

1,694

$

1,719

$

1,873

(1)

%

(10)

%

Nonperforming assets

$

1,825

$

1,854

$

2,067

(2)

%

(12)

%

Accruing loans accomplished due 90 days or more

$

619

$

586

$

678

6

%

(9)

%

Net charge-offs

Convert Percent to Fraction - 1 3 divided by 2 5 in fraction form
Convert Percent to Fraction – 1 3 divided by 2 5 in fraction form | 1 3 divided by 2 5 in fraction form

$

91

$

109

$

106

(17)

%

(14)

%

Provision for acclaim losses

$

88

$

80

$

130

10

%

(32)

%

Allowance for accommodation and charter losses

$

2,584

$

2,581

$

2,605

(1)

%

Overall acclaim affection for the third division of 2018 remained strong. Accouterment for acclaim losses for the third division added $8 actor compared with the added quarter. The accouterment for chump loans added primarily attributable to acclaim agenda and auto loans while the accouterment for bartering loans was a net annual in the third division absorption lower specific accommodation reserves.

Nonperforming assets at September 30, 2018 decreased $29 actor compared with June 30, 2018 due to lower nonperforming bartering loans and residential mortgage loans partially annual by college nonperforming auto and home disinterestedness loans. Nonperforming assets decreased $242 actor compared with September 30, 2017 as a aftereffect of lower nonperforming bartering loans, lower added absolute acreage endemic and bankrupt and added assets, and lower nonperforming bartering absolute acreage and residential mortgage loans partially annual by college nonperforming auto and home disinterestedness loans. Nonperforming assets to absolute assets were .48 percent at September 30, 2018, .49 percent at June 30, 2018, and .55 percent at September 30, 2017.

Overall delinquencies at September 30, 2018 added $67 million, or 5 percent, compared with June 30, 2018. Accruing loans accomplished due 90 canicule or added added $33 actor primarily in government insured apprenticeship loans and bartering loans. Accruing loans 30 to 59 canicule accomplished due added $32 actor and included college auto accommodation delinquencies accompanying to Hurricane Florence.

Net charge-offs for the third division of 2018 decreased $18 actor compared with the second quarter with bisected of the abatement attributable to lower home disinterestedness accommodation net charge-offs, and decreased $15 actor compared with the third division of 2017 due to lower bartering accommodation net charge-offs. Net charge-offs for the third division of 2018 were .16 percent of boilerplate loans on an annualized base compared with .20 percent for the added division and .19 percent for the third division of 2017.

The allowance for accommodation and charter losses to absolute loans was 1.16 percent at both September 30, 2018 and June 30, 2018 and 1.18 percent at September 30, 2017. The allowance to nonperforming loans was 153 percent at September 30, 2018, 150 percent at June 30, 2018 and 139 percent at September 30, 2017.

BUSINESS SEGMENT RESULTS

Business Articulation Income

In millions

3Q18

2Q18

3Q17

Retail Banking

$

283

$

330

$

232

Corporate & Institutional Banking

665

675

525

Asset Administering Group

61

49

47

Other, including BlackRock

391

302

322

Net income

$

1,400

$

1,356

$

1,126

See accompanying addendum in Consolidated Cyberbanking Highlights

 

Retail Banking

Change

Change

3Q18 vs

3Q18 vs

In millions

3Q18

2Q18

3Q17

2Q18

3Q17

Net absorption income

$

1,305

$

1,277

$

1,176

$

28

$

129

Noninterest income

$

622

$

678

$

643

$

(56)

$

(21)

Provision for acclaim losses

$

113

$

72

$

77

$

41

$

36

Noninterest expense

$

1,442

$

1,450

$

1,375

$

(8)

$

67

Earnings

$

283

$

330

$

232

$

(47)

$

51

In billions

Average loans

$

74.1

$

73.7

$

72.5

$

.4

$

1.6

Average deposits

$

161.8

$

162.6

$

159.5

$

(.8)

$

2.3

Retail Cyberbanking antithesis for the third division of 2018 decreased compared with the added division and added compared with the third division of 2017. Antithesis benefited from the lower federal approved assets tax amount compared with third division 2017. Noninterest assets decreased in both comparisons as a aftereffect of abrogating acquired fair amount adjustments accompanying to Visa Class B accustomed shares and a lower annual from residential mortgage application rights valuation, net of bread-and-er barrier partially annual by college annual accuse on deposits. Additionally, chump annual fees grew in the allegory to third division 2017, including debit card, allowance and acclaim agenda fees. Accouterment for acclaim losses added in both comparisons due to acclaim agenda accommodation portfolio advance and, in the added division comparison, auto accommodation portfolio growth. Noninterest amount decreased compared with the added division absorption lower control costs and added in the allegory to third division 2017 as a aftereffect of college cadre costs, business action and connected investments in technology.

Corporate & Institutional Banking

Change

Change

3Q18 vs

3Q18 vs

In millions

3Q18

2Q18

3Q17

2Q18

3Q17

Net absorption income

$

925

$

900

$

924

$

25

$

1

Noninterest income

$

592

$

635

$

555

$

(43)

$

37

Provision for acclaim losses (benefit)

$

(13)

$

15

$

62

$

(28)

$

(75)

Noninterest expense

$

669

$

639

$

599

$

30

$

70

Earnings

$

665

$

675

$

525

$

(10)

$

140

In billions

Average loans

$

137.4

$

137.0

$

134.3

$

.4

$

3.1

Average deposits

$

88.1

$

85.8

$

87.5

$

2.3

$

.6

Corporate & Institutional Cyberbanking antithesis for the third division of 2018 decreased compared with the added division of 2018 and added compared with the third division of 2017. Antithesis benefited from the lower federal approved assets tax amount compared with third division 2017. Noninterest assets beneath from the added division primarily due to lower acquirement from bartering mortgage cyberbanking activities, including a lower annual from bartering mortgage application rights valuation, net of bread-and-er hedge, and lower net assets on bartering mortgage loans captivated for sale. Basic markets-related acquirement additionally beneath from the added division apprenticed by lower customer-related acquired sales and lower accommodation alliance fees partially annual by college alliance and accession advising fees. Noninterest assets added compared with the third division of 2017 primarily due to college alliance and accession advising fees and advance in treasury administering artefact acquirement partially annual by lower assets on asset sales. Accouterment for acclaim losses was a annual in the third division of 2018 absorption lower specific accommodation affluence accumulated with all-embracing able portfolio acclaim quality. Noninterest amount added in both comparisons due to connected investments in cardinal initiatives and capricious costs associated with added business activity.

Asset Administering Group

Change

Change

3Q18 vs

3Q18 vs

In millions

3Q18

2Q18

3Q17

2Q18

3Q17

Net absorption income

$

71

$

72

$

72

$

(1)

$

(1)

Noninterest income

$

228

$

222

$

How to Divide Fractions by a Whole Number: 10 Steps (with Pictures) - 1 3 divided by 2 5 in fraction form
How to Divide Fractions by a Whole Number: 10 Steps (with Pictures) – 1 3 divided by 2 5 in fraction form | 1 3 divided by 2 5 in fraction form

220

$

6

$

8

Provision for acclaim losses

$

2

$

7

$

3

$

(5)

$

(1)

Noninterest expense

$

217

$

223

$

214

$

(6)

$

3

Earnings

$

61

$

49

$

47

$

12

$

14

In billions

Client assets beneath administering at quarter end

$

293

$

279

$

275

$

14

$

18

Average loans

$

7.0

$

7.0

$

7.0

Average deposits

$

12.3

$

12.3

$

12.2

$

.1

Asset Administering Group antithesis for the third division of 2018 added in both comparisons. Antithesis benefited from the lower federal approved assets tax amount compared with third division 2017. Noninterest assets added in both comparisons primarily due to increases in the boilerplate disinterestedness markets. Accouterment for acclaim losses beneath from the added division absorption college added division affluence on home disinterestedness loans. Noninterest amount decreased compared with the added division primarily due to lower acknowledged affluence and added over third division 2017 apprenticed by college cadre accompanying expenses.

Other, including BlackRockThe “Other, including BlackRock” category, for the purposes of this release, includes antithesis and assets or losses accompanying to PNC’s disinterestedness advance in BlackRock, and antithesis activities that do not accommodated the belief for acknowledgment as a abstracted reportable business, such as asset and accountability administering activities including net antithesis assets or losses, other-than-temporary crime of advance antithesis and assertive trading activities, discontinued chump accommodation portfolios, clandestine disinterestedness investments, intercompany eliminations, best accumulated overhead, tax adjustments that are not allocated to business segments, exited businesses, affiliation costs, and differences amid business articulation achievement advertisement and cyberbanking annual advertisement beneath about accustomed accounting principles.

CONFERENCE CALL AND SUPPLEMENTAL FINANCIAL INFORMATIONPNC Chairman, President and Chief Executive Officer William S. Demchak and Chief Cyberbanking Officer Robert Q. Reilly will authority a appointment alarm for investors today at 9:30 a.m. Eastern Time apropos the capacity addressed in this annual absolution and the accompanying cyberbanking supplement. Dial-in numbers for the appointment alarm are (877) 402-9103 and (312) 281-1206 (international) and Internet admission to the alive audio listen-only webcast of the alarm is attainable at www.pnc.com/investorevents. PNC’s third division 2018 antithesis release, accompanying cyberbanking supplement, and presentation slides to accompany the appointment alarm animadversion will be attainable at www.pnc.com/investorevents above-mentioned to the alpha of the call. A blast epitomize of the alarm will be attainable for one anniversary at (800) 633-8284 and (402) 977-9140 (international), appointment ID 21894303 and a epitomize of the audio webcast will be attainable on PNC’s website for 30 days.

The PNC Cyberbanking Casework Group, Inc. is one of the better adapted cyberbanking casework institutions in the United States, organized about its barter and communities for able relationships and bounded commitment of retail and business cyberbanking including a abounding ambit of lending products; specialized casework for corporations and government entities, including accumulated banking, absolute acreage accounts and asset-based lending; abundance administering and asset management. For advice about PNC, appointment www.pnc.com.

[TABULAR MATERIAL FOLLOWS]

The PNC Cyberbanking Casework Group, Inc.

Consolidated Cyberbanking Highlights (Unaudited)

FINANCIAL RESULTS

Three months ended

Nine months ended

Dollars in millions, except per allotment data

September 30

June 30

September 30

September 30

September 30

2018

2018

2017

2018

2017

Revenue

Net absorption income

$

2,466

$

2,413

$

2,345

$

7,240

$

6,763

Noninterest income

1,891

1,911

1,780

5,552

5,306

Total revenue

4,357

4,324

4,125

12,792

12,069

Provision for acclaim losses

88

80

130

260

316

Noninterest expense

2,608

2,584

2,456

7,719

7,337

Income afore assets taxes (benefit) and noncontrolling interests

$

1,661

$

1,660

$

1,539

$

4,813

$

4,416

Net income

$

1,400

$

1,356

$

1,126

$

3,995

$

3,297

Less:

Net assets attributable to noncontrolling interests

11

10

12

31

39

Preferred banal assets (a)

63

55

63

181

181

Preferred banal abatement accession and redemptions

1

1

1

3

24

Net assets attributable to accustomed shareholders

$

1,325

$

1,290

$

1,050

$

3,780

$

3,053

Less:

Dividends and undistributed antithesis allocated to nonvested belted shares

6

5

5

16

15

Impact of BlackRock antithesis per allotment dilution

2

3

3

7

8

Net assets attributable to adulterated accustomed shares

$

1,317

$

1,282

$

1,042

$

3,757

$

3,030

Diluted antithesis per accustomed share

$

2.82

$

2.72

$

2.16

$

7.96

$

6.21

Cash assets declared per accustomed share

$

.95

$

.75

$

.75

$

2.45

$

1.85

Effective tax amount (b)

15.7

%

18.3

%

26.8

%

17.0

%

25.3

%

(a)

Dividends are payable annual added than the Series O, Series R and Series S adopted stock, which are payable semiannually, with the Series O payable in altered abode than the Series R and Series S adopted stock.

(b)  

The able assets tax ante are about lower than the approved amount due to the accord of pretax assets to tax credits and antithesis that are not accountable to tax. The 2018 after-effects reflected the change in the approved federal assets tax amount from 35% to 21%, able as of January 1, 2018, as a aftereffect of the new federal tax legislation.

 

The PNC Cyberbanking Casework Group, Inc.

Consolidated Cyberbanking Highlights (Unaudited)

Three months ended

Nine months ended

September 30

June 30

September 30

September 30

September 30

2018

2018

2017

2018

2017

PERFORMANCE RATIOS

Net absorption allowance (a)

2.99

%

2.96

%

2.91

%

2.95

%

2.84

%

Noninterest assets to absolute revenue

43

%

44

%

43

%

43

%

44

%

Efficiency (b)

100 divided by 100 in fraction form divide 10 necessary add divide ..
100 divided by 100 in fraction form divide 10 necessary add divide .. | 1 3 divided by 2 5 in fraction form

60

%

60

%

60

%

60

%

61

%

Return on:

Average accustomed shareholders’ disinterestedness (c)

12.32

%

12.13

%

9.89

%

11.83

%

9.76

%

Average assets (c)

1.47

%

1.45

%

1.20

%

1.42

%

1.19

%

BUSINESS SEGMENT NET INCOME (LOSS) (c) (d)

In millions

Retail Banking

$

283

$

330

$

232

$

909

$

675

Corporate & Institutional Banking

665

675

525

1,924

1,527

Asset Administering Group

61

49

47

178

146

Other, including BlackRock (e)

391

302

322

984

949

Total net income

$

1,400

$

1,356

$

1,126

$

3,995

$

3,297

(a) 

Calculated as annualized taxable-equivalent net absorption assets disconnected by boilerplate earning assets. To accommodate added allusive comparisons of net absorption margins, we use net absorption assets on a taxable-equivalent base in artful net absorption allowance by accretion the absorption assets becoming on tax-exempt assets to accomplish it absolutely agnate to absorption assets becoming on taxable investments. This acclimation is not acceptable beneath about accustomed accounting attempt (GAAP) in the Consolidated Assets Statement. The taxable-equivalent adjustments to net absorption assets for the three months concluded September 30, 2018, June 30, 2018 and September 30, 2017 were $29 million, $29 actor and $55 million, respectively. The taxable agnate adjustments to net absorption assets for the nine months concluded September 30, 2018 and September 30, 2017 were $87 actor and $161 million, respectively. Taxable agnate amounts for the 2018 periods were afflicted application a approved federal assets tax amount of 21%, absorption the achievement of the new federal tax legislation able January 1, 2018. Amounts for the 2017 periods were afflicted application the ahead applicative approved federal assets tax amount of 35%.

(b)

Calculated as noninterest amount disconnected by absolute revenue. 

(c)

The 2018 after-effects reflected the change in the approved federal assets tax amount from 35% to 21%, able as of January 1, 2018, as a aftereffect of the new federal tax legislation.

(d)

Our business advice is presented based on our centralized administering advertisement practices. Net absorption assets in business articulation after-effects reflect PNC’s centralized funds alteration appraisement methodology. Assets accept a allotment allegation and liabilities and basic accept a allotment acclaim based on a alteration appraisement alignment that incorporates artefact repricing characteristics, tenor and added factors.

(e) 

Includes antithesis and assets or losses accompanying to PNC’s disinterestedness absorption in BlackRock and antithesis activities that do not accommodated the belief for acknowledgment as a abstracted reportable business. We accommodate added advice on these activities in our Form 10-K and Form 10-Q filings with the SEC.

 

The PNC Cyberbanking Casework Group, Inc.

Consolidated Cyberbanking Highlights (Unaudited)

September 30

June 30

September 30

2018

2018

2017

BALANCE SHEET DATA

Dollars in millions, except per allotment data

Assets

$

380,080

$

380,711

$

375,191

Loans (a)

$

223,053

$

222,855

$

221,109

Allowance for accommodation and charter losses

$

2,584

$

2,581

$

2,605

Interest-earning deposits with banks

$

19,800

$

21,972

$

24,713

Investment securities

$

80,804

$

80,125

$

74,994

Loans captivated for auction (a)

$

1,108

$

1,325

$

1,764

Equity investments (b)

$

12,446

$

12,430

$

11,009

Mortgage application rights

$

2,136

$

2,045

$

1,854

Goodwill

$

9,218

$

9,218

$

9,163

Other assets (a)

$

28,851

$

27,897

$

28,454

Noninterest-bearing deposits

$

74,736

$

79,047

$

79,967

Interest-bearing deposits

$

190,148

$

185,838

$

180,768

Total deposits

$

264,884

$

264,885

$

260,735

Borrowed funds (a)

$

57,955

$

59,222

$

57,564

Shareholders’ equity

$

47,058

$

46,904

$

46,388

Common shareholders’ equity

$

43,076

$

42,917

$

42,406

Accumulated added absolute assets (loss)

$

(1,260)

$

(940)

$

(22)

Book amount per accustomed share

$

93.22

$

92.26

$

89.05

Tangible book amount per accustomed allotment (Non-GAAP) (c)

$

73.11

$

72.25

$

69.72

Period end accustomed shares outstanding (millions)

462

465

476

Loans to deposits

84

%

84

%

85

%

CLIENT ASSETS (billions)

Discretionary applicant assets beneath management

$

159

$

149

$

146

Nondiscretionary applicant assets beneath administration

134

130

129

Total applicant assets beneath administration

293

279

275

Brokerage annual applicant assets

51

49

48

Total applicant assets

$

344

$

328

$

323

CAPITAL RATIOS

Basel III (d) (e) (f)

Common disinterestedness Tier 1

9.3

%

9.5

%

N/A

Tier 1 risk-based

10.5

%

fractions simplest form - Nuruf.comunicaasl
fractions simplest form – Nuruf.comunicaasl | 1 3 divided by 2 5 in fraction form

10.7

%

N/A

Total basic risk-based

12.7

%

12.6

%

N/A

Leverage

9.2

%

9.4

%

N/A

   Supplementary leverage

7.6

%

7.8

%

N/A

Fully Phased-In Basel III (Non-GAAP)

Common disinterestedness Tier 1

N/A

N/A

9.8

%

Transitional Basel III (e)

Common disinterestedness Tier 1

N/A

N/A

10.3

%

Tier 1 risk-based

N/A

N/A

11.6

%

Total basic risk-based

N/A

N/A

13.7

%

Leverage

N/A

N/A

9.9

%

Common shareholders’ disinterestedness to absolute assets

11.3

%

11.3

%

11.3

%

ASSET QUALITY

Nonperforming loans to absolute loans

.76

%

.77

%

.85

%

Nonperforming assets to absolute loans, OREO, bankrupt and added assets

.82

%

.83

%

.93

%

Nonperforming assets to absolute assets

.48

%

.49

%

.55

%

Net charge-offs to boilerplate loans (for the three months ended) (annualized)

.16

%

.20

%

.19

%

Allowance for accommodation and charter losses to absolute loans

1.16

%

1.16

%

1.18

%

Allowance for accommodation and charter losses to nonperforming loans

153

%

150

%

139

%

Accruing loans accomplished due 90 canicule or added (in millions)

$

619

$

586

$

678

(a)

Amounts accommodate assets and liabilities for which we accept adopted the fair amount option. Our added division 2018 Form 10-Q included, and our third division 2018 Form 10-Q will include, added advice apropos these Consolidated Antithesis Area band items.

(b)

Amounts accommodate our disinterestedness absorption in BlackRock. Amounts for the 2018 periods reflected $.6 billion of trading and attainable for auction securities, primarily money bazaar funds, that were reclassified to Disinterestedness investments on January 1, 2018 in accordance with the accepting of Accounting Standards Amend 2016-01, Cyberbanking Instruments – Overall: Recognition and Measurement of Cyberbanking Assets and Cyberbanking Liabilities.

(c)

See the Absolute Book Amount per Accustomed Allotment table on folio 17 for added information.

(d)

The ratios as of September 30, 2018 are estimated.

(e)

All ratios are afflicted application the authoritative basic alignment applicative to PNC during anniversary aeon presented and afflicted based on the connected approach. See Basic Ratios on folio 16 for added information.

(f)

The 2018 Basel III ratios for Accustomed disinterestedness Tier 1 capital, Tier 1 risk-based capital, Advantage and Supplementary advantage reflect the abounding phase-in of all Basel III adjustments to these metrics applicative to PNC. The 2018 Basel III Absolute risk-based basic ratios accommodate $80 actor of nonqualifying assurance adopted basic antithesis that are accountable to a phase-out aeon that runs through 2021.

 

The PNC Cyberbanking Casework Group, Inc.

Consolidated Cyberbanking Highlights (Unaudited)

CAPITAL RATIOS

Because PNC charcoal in the alongside run accomplishment appearance for the avant-garde approaches, PNC’s authoritative risk-based basic ratios in 2018 and 2017 are afflicted application the connected admission for free risk-weighted assets. Beneath the connected admission for free acclaim risk-weighted assets, exposures are about assigned a pre-defined accident weight. Exposures to aerial animation bartering absolute estate, accomplished due exposures and disinterestedness exposures are about accountable to college accident weights than added types of exposures. With the barring of assertive nonqualifying assurance adopted basic antithesis included in PNC’s Absolute risk-based capital, the transitions and multi-year phase-in of the analogue of basic beneath the Basel III rules were completed as of January 1, 2018. Accordingly, we accredit to the basic ratios afflicted application the analogue of basic in aftereffect as of January 1, 2018 and, for the risk-based ratios, connected risk-weighted assets, as the Basel III ratios. We accredit to the basic ratios afflicted application the phased-in Basel III accoutrement in aftereffect for 2017 and, for the risk-based ratios, connected admission risk-weighted assets, as the 2017 Transitional Basel III ratios.

We accommodate advice beneath apropos PNC’s estimated Basel III September 30, 2018, absolute Basel III June 30, 2018, pro forma Absolutely Phased-In Basel III September 30, 2017 and absolute September 30, 2017 Transitional Basel III Accustomed disinterestedness Tier 1 ratios. Beneath the Basel III rules applicative to PNC, cogent accustomed banal investments in unconsolidated cyberbanking institutions (for PNC, primarily BlackRock), mortgage application rights and deferred tax assets charge be deducted from basic (subject to a phase-in agenda that concluded December 31, 2017 and net of associated deferred tax liabilities) to the admeasurement they alone beat 10%, or in the accumulated beat 15%, of the institution’s adapted accustomed disinterestedness Tier 1 capital. Also, Basel III authoritative basic includes (subject to a phase-in agenda that concluded December 31, 2017) accumulated added absolute assets (loss) accompanying to antithesis currently and those transferred from attainable for sale, as able-bodied as alimony and added postretirement plans.

Basel III Accustomed Disinterestedness Tier 1 Basic Ratios

Basel III (a)

Fully Phased-In Basel III (Non-GAAP) (b)

2017 Transitional Basel III

September 30

June 30

September 30

September 30

Dollars in millions

2018  (estimated)

2018

2017

2017

Common stock, accompanying surplus and retained earnings, net of treasury stock

$

44,336

$

43,857

$

42,426

$

42,426

Less authoritative basic adjustments:

Goodwill and disallowed intangibles, net of deferred tax liabilities

(9,299)

(9,319)

(9,202)

(9,137)

Basel III absolute beginning deductions

(4,034)

(3,408)

(1,731)

(1,166)

Accumulated added absolute assets (loss)

(1,007)

(757)

(117)

(94)

All added adjustments

(322)

(167)

(163)

(161)

Basel III Accustomed disinterestedness Tier 1 capital

$

29,674

$

30,206

$

31,213

$

31,868

Basel III connected admission risk-weighted assets (c)

$

318,321

$

319,112

$

317,393

$

309,292

Basel III avant-garde approaches risk-weighted assets (d)

$

274,072

$

280,883

$

285,517

N/A

Basel III Accustomed disinterestedness Tier 1 basic ratio

9.3

%

9.5

%

9.8

%

10.3

%

Risk weight and associated rules utilized

Standardized

Standardized

Standardized (with 2017 alteration adjustments)

(a)

2018 after-effects are afflicted application the authoritative basic alignment applicative to us during 2018 and reflects the abounding phase-in of all Basel III adjustments to this metric applicative to PNC.

(b)

2017 Absolutely Phased-In Basel III after-effects are presented as pro forma estimates.

(c)

Basel III connected admission risk-weighted assets are based on the Basel III connected admission rules and accommodate acclaim and bazaar risk-weighted assets.

(d)

Basel III avant-garde approaches risk-weighted assets are based on the Basel III avant-garde approaches rules, and accommodate credit, bazaar and operational risk-weighted assets. During the alongside run accomplishment phase, PNC has aesthetic the data, models and centralized processes acclimated as allotment of the avant-garde approaches for free risk-weighted assets. We ahead added refinements through the alongside run accomplishment phase.

Our Basel III basic ratios may be impacted by added authoritative advice or analysis, and, in the case of those ratios afflicted application the avant-garde approaches, may be accountable to airheadedness based on the advancing evolution, validation and authoritative approval of PNC’s models that are basic to the adding of avant-garde approaches risk-weighted assets as PNC moves through the alongside run approval process.

The PNC Cyberbanking Casework Group, Inc.

Consolidated Cyberbanking Highlights (Unaudited)

Tangible book amount per accustomed allotment is a non-GAAP admeasurement and is afflicted based on absolute accustomed shareholders’ disinterestedness disconnected by period-end accustomed shares outstanding. We accept this non-GAAP admeasurement serves as a advantageous apparatus to advice appraise the backbone and conduct of a company’s basic administering strategies and as an additional, bourgeois admeasurement of absolute aggregation value.

Tangible Book Amount per Accustomed Allotment (Non-GAAP)

September 30

June 30

September 30

Dollars in millions, except per allotment data

2018

2018

2017

Book amount per accustomed share

$

93.22

$

92.26

$

89.05

Tangible book amount per accustomed share

Common shareholders’ equity

$

43,076

$

42,917

$

42,406

Goodwill and Added Intangible Assets

(9,489)

(9,511)

(9,503)

Deferred tax liabilities on Goodwill and Added Intangible Assets

192

192

301

Tangible accustomed shareholders’ equity

$

33,779

$

33,598

$

33,204

Period-end accustomed shares outstanding (millions)

462

465

476

Tangible book amount per accustomed allotment (Non-GAAP)

$

73.11

$

72.25

$

69.72

Cautionary Annual Apropos Forward-Looking Information

We accomplish statements in this annual absolution and accompanying appointment call, and we may from time to time accomplish added statements, apropos our angle for earnings, revenues, expenses, tax rates, basic and clamminess levels and ratios, asset levels, asset quality, cyberbanking position, and added affairs apropos or affecting PNC and its approaching business and operations that are advanced statements aural the acceptation of the Clandestine Antithesis Litigation Reform Act.  Advanced statements are about articular by words such as “believe,” “plan,” “expect,” “anticipate,” “see,” “look,” “intend,” “outlook,” “project,” “forecast,” “estimate,” “goal,” “will,” “should” and added agnate words and expressions.

Forward-looking statements are accountable to abundant assumptions, risks and uncertainties, which change over time.  Advanced statements allege alone as of the date made.  We do not accept any assignment and do not undertake to amend advanced statements.  Absolute after-effects or approaching contest could differ, possibly materially, from those advancing in advanced statements, as able-bodied as from absolute performance.

Our advanced statements are accountable to the afterward arch risks and uncertainties.

Cautionary Annual Apropos Forward-Looking Advice (Continued)

We accommodate greater detail apropos these as able-bodied as added factors in our 2017 Form 10-K and our 2018 Form 10-Qs, including in the Accident Factors and Accident Administering sections and the Acknowledged Affairs and Commitments Addendum of the Addendum To Consolidated Cyberbanking Statements in those reports, and in our consecutive SEC filings.  Our advanced statements may additionally be accountable to added risks and uncertainties, including those we may altercate abroad in this annual absolution or in our SEC filings, attainable on the SEC’s website at www.sec.gov and on our accumulated website at www.pnc.com/secfilings.  We accept included these web addresses as abeyant textual references only.  Advice on these websites is not allotment of this document.

MEDIA:  PNC Media Relations  (412) [email protected]

INVESTORS:Bryan Gill(412) [email protected]

 

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SOURCE PNC Cyberbanking Casework Group, Inc.

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