Pnc reports first quarter 2022 net income of $1.4 billion, $3.23 diluted eps or $3.29 as adjusted

Grew loans; controlled expenses; maintained strong credit quality raised quarterly common stock dividend 20% to $1.50 per share on april 1, 2022 pittsburgh , april 14, 2022 /prnewswire/ -- the pnc financial services group, inc. (nyse: pnc) today reported: for the quarter in millions, except per share data and as noted 1q22 4q21 1q21 first quarter highlights ▪  diluted eps as adjusted was $3.29, excluding $31 million of pre-tax integration costs related to bbva usa   ▪  revenue decreased 8% linked quarter, primarily driven by lower noninterest income reflecting lower capital markets related revenue and lower business activity   ▪  expenses decreased 16% linked quarter, and 7% excluding integration expenses, reflecting lower personnel costs   ▪  provision recapture of $208 million   ▪  average loans increased 1% linked quarter driven by commercial loan growth, partially offset by $2.2 billion of ppp loan forgiveness   ▪  average deposits increased modestly   ▪  book value and tangible book value decreased 12% and 15%, respectively, linked quarter due to a decrease in accumulated other comprehensive income   ▪  net loan charge-offs were $137 million or 0.19% of annualized average loans financial results revenue $    4,692 $    5,127 $    4,220 noninterest expense 3,172 3,791 2,574 pretax, pre-provision earnings (non-gaap) 1,520 1,336 1,646 integration costs 31 438 6 pretax, pre-provision earnings excluding integration costs (non-gaap) 1,551 1,774 1,652 provision for (recapture of) credit losses (208) (327) (551) net income 1,429 1,306 1,826 per common share diluted earnings - as reported $      3.23 $      2.86 $      4.10 impact from integration costs (non-gaap) 0.06 0.82 0.01 diluted earnings - as adjusted (non-gaap) 3.29 3.68 4.11 average diluted common shares outstanding 420 424 426 book value 106.47 120.61 118.47 tangible book value (non-gaap) 79.68 94.11 96.57 balance sheet & credit quality average loans (in billions) $    290.7 $    288.9 $    238.1 average deposits (in billions) 453.3 452.8 365.4 net loan charge-offs 137 124 146 allowance for credit losses to total loans 1.76% 1.92% 2.20% selected ratios return on average common shareholders' equity 11.64% 9.61% 14.31% return on average assets 1.05 0.93 1.58 net interest margin (non-gaap) 2.28 2.27 2.27 noninterest income to total revenue 40 44 44 efficiency 68 74 61 efficiency excluding integration costs (non-gaap) 67 66 61 common equity tier 1 capital ratio 9.9 10.3 12.6 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.
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