PNC Financial Services Group (NYSE:PNC) reported first-quarter results on Wednesday that beat profit expectations, although revenue came in slightly below forecasts as the bank continued integrating its recent FirstBank acquisition.
The company’s shares were little changed in premarket trading following the announcement.
PNC posted adjusted earnings per share of $4.32 for the quarter, excluding $98 million in pre-tax integration expenses tied to the FirstBank deal.
On a GAAP basis, diluted EPS was $4.13, exceeding the analyst consensus of $3.91 by $0.22. Revenue totaled $6.17 billion, falling short of the $6.24 billion estimate, but still representing a 13% increase from $5.45 billion in the same quarter of 2025.
Net interest income rose 14% year-on-year to $3.96 billion, supported by the FirstBank acquisition, lower funding costs and growth in commercial lending.
The net interest margin widened to 2.95%, up 17 basis points from 2.78% a year earlier. Average loans increased 11% to $350.9 billion, while average deposits climbed 9% to $458.4 billion.
“2026 is off to a great start for PNC,” said Chairman and CEO Bill Demchak. “During the first quarter we successfully closed the FirstBank acquisition, and in addition, generated strong legacy loan growth.”
PNC finalized its acquisition of FirstBank on January 5, 2026, adding $26 billion in assets, $16 billion in loans and $23 billion in deposits.
The bank recorded $98 million in integration-related costs during the quarter, out of an expected total of $325 million.
Net loan charge-offs came in at $253 million, including $45 million tied to acquired FirstBank loans. Excluding those, charge-offs were $208 million, or 0.24% on an annualized basis.
The provision for credit losses totaled $210 million, reflecting loan growth and the addition of FirstBank.
PNC returned $1.4 billion to shareholders during the quarter, including $700 million in share repurchases and $700 million in common dividends. The bank expects to buy back between $600 million and $700 million in shares during the second quarter.