PNC Bank profits $4.2 billion in 2014

Staff report

YOUNGSTOWN

PNC Bank reported a net income of $1.06 billion, or $1.84 per common share, compared with $1.07 billion, or $1.87 per common share, for the fourth quarter of 2013.

“PNC had a successful year in 2014,” William S. Demchak, chairman, president and chief executive officer, said in a statement.

The bank reported net income of $4.21 billion, or $7.30 per common share, for 2014 compared with 2013 net income of $4.2 billion, or $7.36 per common share.

Total revenue for the fourth quarter of 2014 decreased $126 million, or 3 percent, compared with the fourth quarter of 2013. On the other hand, noninterest income increased by 2 percent. Net interest income declined by 7 percent reflecting lower purchase accounting accretion.

Loans grew by 5 percent from the fourth quarter of 2013 to $204.8 billion. Although consumer lending decreased by 3 percent, commercial lending increased by 10 percent due to loan growth in commercial and commercial real estate that was offset by lower consumer and residential real estate loans.

Nonperforming assets and charge-offs, or loans that can’t be collected, decreased from the fourth quarter of 2013.

“While the near-term revenue environment remains challenging, I like how we are positioned heading into 2015,” Demchak said.

Based in Pittsburgh, PNC Bank is the second-largest bank in Youngstown.