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PNC NEWS RELEASE MEDIA : Marcey Zwiebel ( 412 ) 762-4550 media.relations@pnc.com INVESTORS : Bryan Gill ( 412 ) 768-4143 investor.relations@pnc.com PNC REPORTS FIRST QUARTER 2021 NET INCOME OF $ 1.8 BILLION , $ 4.10 DILUTED EPS Generated linked quarter positive operating leverage ; significant provision recapture ; record capital and liquidity PITTSBURGH , April 16 , 2021 - The PNC Financial Services Group , Inc. ( NYSE : PNC ) today reported : For the quarter In millions , except per share data and as noted 1Q21 Financial Results 4Q20 1Q20 First Quarter Highlights Revenue $ 4,220 $ 4,208 $ 4,336 Noninterest expense 2,574 2,708 2,543 Pretax , pre - provision earnings ( non - GAAP ) Provision for ( recapture of ) credit losses Net income from continuing operations 1,646 1,500 1,793 ( 551 ) ( 254 ) 914 1,826 1,456 759 Per Common Share Diluted EPS from continuing operations Book value $ 4.10 Tangible book value ( non - GAAP ) 118.47 96.57 $ 3.26 $ 1.59 119.11 106.70 97.43 84.93 Balance Sheet & Credit Quality Average loans ( in billions ) $ 238.1 Average deposits ( in billions ) 365.4 Net loan charge - offs 146 Allowance for credit losses to total loans 2.20 % $ 245.8 359.4 229 2.46 % $ 243.6 289.7 212 Selected Ratios Return on average common equity 14.31 % 11.16 % Return on average assets 1.58 1.24 7.51 % 0.89 Net interest margin ( non - GAAP ) 2.27 2.32 2.84 Noninterest income to total revenue Efficiency 44 42 42 61 64 59 Common Equity Tier 1 capital ratio 12.6 12.2 9.4 1.66 % See non - GAAP financial measures included in the consolidated financial highlights accompanying this news release . 5 % linked quarter positive operating leverage , driven by modest revenue growth and lower expenses Significant provision recapture reflecting improved macroeconomic expectations NIM contracted 5 basis points linked quarter , reflecting the impact of higher balances held at the Federal Reserve Average loans declined 3 % linked quarter primarily due to lower utilization and originations Average deposits grew 2 % on a linked quarter basis -Loan to deposit ratio of 63 % Record capital and liquidity ■ Improving credit performance ; net charge - offs to average loans of 0.25 % ■ BBVA USA acquisition planning on track . Continue to expect a mid - 2021 close From Bill Demchak , PNC Chairman , President and Chief Executive Officer : " PNC had a solid start to 2021. We grew revenue , managed expenses and achieved positive operating leverage . We recorded a substantial provision recapture , saw improvement in our credit metrics and capital and liquidity are at record levels . Considerable progress was made in planning for our pending BBVA USA acquisition , and we launched Low Cash ModeSM , an innovative digital offering that helps Virtual WalletⓇ customers avoid overdraft fees and over time is expected to drive significant growth in new and existing customer relationships through the continued execution of our national expansion strategy . Looking ahead we see significant growth opportunities as the economy recovers and rates improve . " - more -