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PNC MEDIA : Marcey Zwiebel ( 412 ) 762-4550 media.relations@pnc.com PNC REPORTS THIRD QUARTER 2021 NET INCOME OF $ 1.5 BILLION , $ 3.30 DILUTED EPS OR $ 3.75 AS ADJUSTED In millions , except per share data and as noted Financial Results Revenue Noninterest expense Converted BBVA USA ; delivered record revenue ; continued strong credit quality performance PITTSBURGH , Oct. 15 , 2021 - The PNC Financial Services Group , Inc. ( NYSE : PNC ) today reported : For the quarter 3Q21 2Q21 3Q20 Pretax , pre - provision earnings ( non - GAAP ) Integration costs Pretax , pre - provision earnings excluding integration costs ( non - GAAP ) Provision for ( recapture of ) credit losses Net income Per Common Share Diluted earnings - as reported Impact from integration costs ( non - GAAP ) Diluted earnings - as adjusted ( non - GAAP ) Book value Tangible book value ( non - GAAP ) Balance Sheet & Credit Quality Average loans ( in billions ) Average deposits ( in billions ) Net loan charge - offs Allowance for credit losses to total loans Selected Ratios Return on average common equity Return on average assets Net interest margin ( non - GAAP ) Noninterest income to total revenue Efficiency Efficiency excluding integration costs ( non - GAAP ) Common Equity Tier 1 capital ratio $ 5,197 3,587 1,610 243 1,853 ( 203 ) 1,490 $ 291.3 454.4 81 2.07 % INVESTORS : Bryan Gill ( 412 ) 768-4143 investor.relations@pnc.com 10.95 % 1.06 2.27 45 69 64 10.2 $ 4,667 3,050 1,617 111 1,728 $ 3.30 $ 2.43 $ 3.39 ( 0.45 ) 3.75 121.16 94.82 ( 0.21 ) 2.64 302 1,103 $ 255.6 401.7 306 2.16 % 120.25 117.44 93.83 95.71 8.32 % 0.88 2.29 $ 4,281 2,531 1,750 - more - 52 1,532 45 65 63 10.1 $ 253.1 350.5 155 2.58 % NEWS RELEASE 11.76 % 1.32 2.39 42 59 11.7 Diluted earnings as adjusted is a non - GAAP measure calculated by excluding post - tax integration costs for BBVA USA . See this and other non - GAAP financial measures in the consolidated financial highlights accompanying this release . ■ I Third Quarter Highlights Converted BBVA USA customers , employees , systems and branches as of October 12 , 2021 - Third quarter results reflect full quarter benefit from BBVA USA - Second quarter results include one month impact of BBVA USA which closed on June 1 , 2021 Diluted EPS as adjusted was $ 3.75 , excluding $ 243 million of pre - tax integration costs related to BBVA USA Revenue increased 11 % linked quarter driven by the full quarter benefit of BBVA USA and strong fee income growth Expenses increased 18 % linked quarter . PNC legacy expenses increased 3 % linked quarter , reflecting increased business activity Provision recapture of $ 203 million , reflecting improved credit quality and changes in portfolio composition Average loans and deposits increased 14 % and 13 % , respectively , linked quarter due to the full quarter benefit of BBVA USA Strong credit performance ; net loan charge - offs of $ 81 million , decreased $ 225 million linked quarter From Bill Demchak , PNC Chairman , President and Chief Executive Officer : " In the third quarter PNC delivered solid financial results reflecting revenue growth and strong credit quality performance . While average loans increased due to the full quarter benefit of BBVA USA , period end loans decreased modestly due to Paycheck Protection Program loan forgiveness activity . Importantly , we have completed the conversion of BBVA USA , providing all existing and new PNC customers with access to our coast - to - coast franchise . With the significant expansion of our footprint and the continued execution of our strategic priorities , we see substantial opportunities to leverage our best - in - class products and services , and deliver enhanced shareholder value for years to come . "