Form 8-K PNC FINANCIAL SERVICES For: Mar 31

March 31, 2022 4:36 PM EDT

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Exhibit 99.1
CONSOLIDATED INCOME STATEMENT (a)
THE PNC FINANCIAL SERVICES GROUP, INC.
Three months ended
In millions, except per share dataDecember 31 2021September 30 2021June 30 2021March 31 2021
Interest Income
Loans$2,414 $2,437 $2,160 $1,996 
Investment securities484 460 469 421 
Other77 78 72 66 
Total interest income2,975 2,975 2,701 2,483 
Interest Expense
Deposits27 29 30 40 
Borrowed funds86 90 90 95 
Total interest expense113 119 120 135 
Net interest income2,862 2,856 2,581 2,348 
Noninterest Income
Asset management and brokerage 385 375 350 328 
Capital markets related 460 482 324 311 
Card and cash management (b)646 663 597 492 
Lending and deposit related (c)273 305 270 254 
Residential and commercial mortgage 209 248 206 187 
Other (d)(e)292 268 339 300 
Total noninterest income2,265 2,341 2,086 1,872 
Total revenue5,127 5,197 4,667 4,220 
Provision For (Recapture of) Credit Losses(327)(203)302 (551)
Noninterest Expense
Personnel2,038 1,986 1,640 1,477 
Occupancy260 248 217 215 
Equipment437 355 326 293 
Marketing97 103 74 45 
Other959 895 793 544 
Total noninterest expense3,791 3,587 3,050 2,574 
Income before income taxes and noncontrolling interests1,663 1,813 1,315 2,197 
Income taxes357 323 212 371 
Net income1,306 1,490 1,103 1,826 
Less: Net income attributable to noncontrolling interests13 16 12 10 
Preferred stock dividends71 57 48 57 
Preferred stock discount accretion and redemptions
Net income attributable to common shareholders$1,220 $1,416 $1,042 $1,758 
Earnings Per Common Share
Basic$2.87$3.31$2.43$4.11
Diluted$2.86$3.30$2.43$4.10
Average Common Shares Outstanding
Basic424426427426
Diluted424 426 427 426 
(a)Results reflect the BBVA acquisition beginning on June 1, 2021.
(b)Card and cash management includes integration costs (contra revenue) of ($17) million included in fourth quarter 2021.
(c)Lending and deposit related includes integration costs (contra revenue) of ($11) million in fourth quarter 2021.
(d)Other noninterest income includes integration costs (contra revenue) of ($19) million in fourth quarter 2021, ($8) million in third quarter 2021 and ($10) million in second quarter 2021.
(e)Other noninterest income is composed of private equity revenue, net securities gains and losses, activity related to our equity investment in Visa and gains and losses on asset sales. In addition to these components, the prior presentation of Other noninterest income included credit valuation adjustments related to the derivatives portfolio and customer-related trading, net gains on originations and sales of loans held for sale and portfolio underwriting.









CONSOLIDATED INCOME STATEMENT
THE PNC FINANCIAL SERVICES GROUP, INC.
Three months ended
In millions, except per share dataDecember 31 2020September 30 2020June 30 2020March 31 2020
Interest Income
Loans$2,074 $2,116 $2,257 $2,480 
Investment securities442 490 527 582 
Other60 70 71 138 
Total interest income2,576 2,676 2,855 3,200 
Interest Expense
Deposits53 74 141 375 
Borrowed funds99 118 187 314 
Total interest expense152 192 328 689 
Net interest income2,424 2,484 2,527 2,511 
Noninterest Income
Asset management and brokerage 315 309 285 294 
Capital markets related 440 250 319 250 
Card and cash management 498 497 437 481 
Lending and deposit related 274 250 204 298 
Residential and commercial mortgage 191 231 225 299 
Other (a)66 260 79 203 
Total noninterest income1,784 1,797 1,549 1,825 
Total revenue4,208 4,281 4,076 4,336 
Provision For (Recapture of) Credit Losses(254)52 2,463 914 
Noninterest Expense
Personnel1,521 1,410 1,373 1,369 
Occupancy215 205 199 207 
Equipment296 292 301 287 
Marketing64 67 47 58 
Other612 557 595 622 
Total noninterest expense2,708 2,531 2,515 2,543 
Income from continuing operations before income taxes and noncontrolling interests1,754 1,698 (902)879 
Income taxes from continuing operations298 166 (158)120 
Net income from continuing operations1,456 1,532 (744)759 
Income from discontinued operations before taxes5,596 181 
Income taxes from discontinued operations1,197 25 
Net income from discontinued operations4,399 156 
Net income1,456 1,532 3,655 915 
Less: Net income attributable to noncontrolling interests14 13 
Preferred stock dividends48 63 55 63 
Preferred stock discount accretion and redemptions
Net income attributable to common shareholders$1,393 $1,455 $3,592 $844 
Earnings Per Common Share
Basic earnings from continuing operations$3.26$3.40$(1.90)$1.59
Basic earnings from discontinued operations10.280.37
Total basic earnings$3.26 $3.40 $8.40 $1.96 
Diluted earnings from continuing operations$3.26$3.39$(1.90)$1.59
Diluted earnings from discontinued operations10.280.36
Total diluted earnings$3.26 $3.39 $8.40 $1.95 
Average Common Shares Outstanding
Basic425 426 426 429 
Diluted426 426 426 430 
(a)Other noninterest income is composed of private equity revenue, net securities gains and losses, activity related to our equity investment in Visa and gains and losses on asset sales. In addition to these components, the prior presentation of Other noninterest income included credit valuation adjustments related to the derivatives portfolio and customer-related trading, net gains on originations and sales of loans held for sale and portfolio underwriting.





RECONCILIATION OF FEE INCOME (NON-GAAP) (a)

Three months ended

In millions
December 31 2021September 30 2021June 30 2021March 31 2021
Noninterest income
Asset management and brokerage $385 $375 $350 $328 
Capital markets related 460 482 324 311
Card and cash management (b)646 663 597 492
Lending and deposit related (c)273 305 270 254
Residential and commercial mortgage 209 248 206 187
Total fee income1,973 2,073 1,747 1,572 
Other (d)(e)292 268 339 300
Total noninterest income$2,265 $2,341 $2,086 $1,872 

Three months ended

In millions
December 31 2020September 30 2020June 30 2020March 31 2020
Noninterest income
Asset management and brokerage $315 $309 $285 $294 
Capital markets related 440 250 319 250
Card and cash management 498 497 437 481
Lending and deposit related 274 250 204 298
Residential and commercial mortgage 191 231 225 299
Total fee income1,718 1,537 1,470 1,622 
Other (e)66 260 79 203
Total noninterest income$1,784 $1,797 $1,549 $1,825 
(a)Results reflect the BBVA acquisition beginning on June 1, 2021.
(b)Card and cash management includes integration costs (contra revenue) of ($17) million included in fourth quarter 2021.
(c)Lending and deposit related includes integration costs (contra revenue) of ($11) million in fourth quarter 2021.
(d)Other noninterest income includes integration costs (contra revenue) of ($19) million in fourth quarter 2021, ($8) million in third quarter 2021 and ($10) million in second quarter 2021.
(e)Other noninterest income is composed of private equity revenue, net securities gains and losses, activity related to our equity investment in Visa and gains and losses on asset sales. In addition to these components, the prior presentation of Other noninterest income included credit valuation adjustments related to the derivatives portfolio and customer-related trading, net gains on originations and sales of loans held for sale and portfolio underwriting.




































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