Saturday, April 16, 2016
Staff report
YOUNGSTOWN
Pittsburgh-based PNC Bank reported a slight decline in net income for the first quarter of 2016.
PNC’s net income was $943 million, or $1.68 per diluted common share, for the first quarter of 2016 compared with net income of $1 billion, or $1.87 per diluted common share, for the fourth quarter of 2015 and net income of $1 billion, or $1.75 per diluted common share, for the first quarter of 2015.
“PNC had solid first-quarter earnings that were impacted by weaker equity markets and related fees, and continued deterioration in energy-related credits,” said William S. Demchak, chairman, president and chief executive officer, in a statement. “We lowered expenses, maintained a strong balance sheet and continued to return capital to shareholders. We also saw good underlying trends in our businesses to start the year, and we expect that momentum to continue in 2016.”
The first-quarter 2016 period end and average loans increased $2.8 billion and $2 billion, respectively, compared with the first quarter of 2015, reflecting commercial real-estate and commercial loan growth offset in part by a decrease in consumer loans, including runoff in the non-strategic portfolio.
Loans grew $800 million to $207.5 billion at March 31, compared with Dec. 31, 2015.
Total revenue for the first quarter of 2016 decreased $188 million compared with the fourth quarter of 2015, and $66 million compared with the first quarter of 2015.
Residential Mortgage Banking reported losses for the first quarter of 2016 and fourth quarter of 2015, compared with earnings for the first quarter of 2015.
For more earnings results, go to pnc.com.