PNC Financial Services Group (NYSE:PNC) reported a net income of $1.8 billion for the first quarter of 2026, delivering diluted earnings per share of $4.13.
On an adjusted basis, earnings per share reached $4.32, reflecting the bank’s ability to generate significant capital despite the headwinds of a major integration.
A primary driver of the quarter’s performance was the growth in net interest income, which rose 6% to $3.96 billion, while the net interest margin (NIM) expanded by 11 basis points to reach 2.95%.
The quarter was defined by the completion of the FirstBank acquisition on January 5, 2026, a move that bolstered the bank's scale and regional footprint.
While the transaction resulted in $98 million in pre-tax integration costs during the period, it contributed to a significant expansion of the balance sheet.
Average loans grew 7% year-over-year to $350.9 billion, while average deposits remained stable at $458.4 billion.
This growth underscores PNC’s successful absorption of the FirstBank portfolio and its continued competitiveness in the commercial and retail lending markets.
Despite the capital outlays associated with the acquisition, PNC maintained a robust capital position with an estimated Common Equity Tier 1 (CET1) ratio of 10.1%.
The bank also continued its aggressive shareholder return program, returning $1.4 billion of capital through dividends and share repurchases.