PNC Financial Services (NYSE: PNC) reported Q1 EPS of $1.68, $0.02 worse than the analyst estimate of $1.70. Revenue for the quarter came in at $3.67 billion versus the consensus estimate of $3.75 billion.

Balance Sheet Highlights

• Loans grew $.8 billion to $207.5 billion at March 31, 2016 compared with December 31, 2015.
  • Total commercial lending grew $1.6 billion, or 1 percent, primarily in PNC's corporate banking and real estate businesses.
  • Total consumer lending decreased $.8 billion due to lower home equity and education loans as well as runoff in the non-strategic portfolio.
• Overall credit quality in the first quarter remained relatively stable with the fourth quarter, except for certain energy related loans.
  • Nonperforming assets of $2.6 billion at March 31, 2016 increased $.1 billion, or 5 percent, compared with December 31, 2015.
  • Net charge-offs increased to $149 million for the first quarter compared with $120 million for the fourth quarter.
• Deposits of $250.4 billion at March 31, 2016 increased $1.4 billion, or 1 percent, over December 31, 2015 due to growth in consumer deposits partially offset by lower commercial deposits.
  • Average deposits decreased $.8 billion from the fourth quarter reflecting seasonal declines in commercial deposits.
• Investment securities increased $2.0 billion, or 3 percent, in the first quarter to $72.6 billion at March 31, 2016 compared with December 31, 2015.
• PNC maintained a strong liquidity position.
  • The estimated Liquidity Coverage Ratio at March 31, 2016 exceeded 100 percent for both PNC and PNC Bank, N.A., above the minimum phased-in requirement of 90 percent in 2016.
• PNC returned capital to shareholders in the first quarter through repurchases of 5.9 million common shares for $.5 billion and dividends on common shares of $.3 billion.
• PNC maintained a strong capital position.
  • Transitional Basel III common equity Tier 1 capital ratio was an estimated 10.6 percent at March 31, 2016 and December 31, 2015, calculated using the regulatory capital methodologies applicable to PNC during 2016 and 2015, respectively.
  • Pro forma fully phased-in Basel III common equity Tier 1 capital ratio was an estimated 10.1 percent at March 31, 2016 and 10.0 percent at December 31, 2015 based on the standardized approach rules.

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