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PNC Financial Services

PNC is based in Pittsburgh, Pennsylvania and ranked 8th among US banks with a market cap of $66.9 bn at September 6, 2018. At 2Q18, PNC ranked 8th by asset size, with total assets of $380.7 bn and total equity of $47.0 bn. PNC ranks 6th in terms of U.S. deposits with approximately $264.9 bn in deposits as of 2Q18 and 2,470 branches in 2017 (SNL). PNC's footprint includes Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, North Carolina, and Florida. PNC is a retail bank which also has several fee businesses including middle market investment banking, treasury services, corporate trust, and brokerage. PNC also has a minority stake in the investment manager BlackRock. (15 Oct 2018)

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U.S. Regional Banks: Fed Guidance on 2019 CCAR

Worth Watching: 14 Nov 2018, 10:27 PM ET - U.S. Regional Banks: In a recent speech, the Fed's Vice Chairman of Bank Supervision Randal Quarles commented on plans for the upcoming CCAR cycle. The Fed is in the process of deciding  how to implement a number of changes that have been proposed ..
Focused

PNC: Increasing Share Repurchases $900 mn

Worth Watching: 13 Nov 2018, 8:43 PM ET - PNC (A3/A-) announced that it received approval from the Fed to repurchase an additional $900 mn in common shares through the end of 2Q19. This adds to the $2.0 bn in share repurchases approved as part of PNC's 2018 capital plan approved in the CC ..
Focused

US Banks Conf. Notes: Big Data + Digital Divide

Sector Analysis: 13 Nov 2018, 4:14 AM ET - We attended BancAnalysts Association of Boston (BAAB) conference in Boston, where 10 banks in our coverage presented. One of the main takeaways was the capabilities that the big money centers have built around data analytics.
Focused

US Banks: Fed Proposes Reg. Overhaul for Non-GSIBs

Sector Analysis: 01 Nov 2018, 5:30 AM ET - The Federal Reserve released two Notices of Proposed Rulemaking (NPRs) to revise capital and liquidity requirements for banks $100 - 700 bn in assets. Certain requirements for the 8 GSIBs were addressed in a separate NPR.
Focused

PNC 3Q18: Joining Regulatory Relief Party?

Earnings Note: 12 Oct 2018, 2:04 PM ET - PNC reported 3Q18 results that beat expectations.  However, much of the beat was driven by asset management and a lower tax rate, and slow loan growth, higher deposit costs, and higher expenses partially offset benefits from higher rates.  

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Banks: 3Q18 Preview - Reg. Oversight & Funding

Sector Analysis: 10 Oct 2018, 9:08 PM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off U.S. bank earnings on Friday. We will be paying close attention to funding costs as well as commentary on lending standards reflecting the possible easing of regulatory oversight.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

US Banks 2Q18: Earnings Rise, Supervision Slides

Sector Analysis: 25 Jul 2018, 4:22 AM ET - Seventeen of the 22 banks in our coverage beat expectations in 2Q18 as earnings improved due to higher rates and a benign credit environment. However, post-crisis regulatory safeguards are been chipped away at.
Focused

Regional Banks: PNC 10Y Sub. Issuance, FITB Senior

IG Note: 23 Jul 2018, 11:14 AM ET - PNC and Fifth Third are in the market with new bank-level debt offerings after reporting 2Q18 earnings. Fifth Third is in the market with 3 and 7 year senior notes, while PNC is in the market with 10-year subordinated notes. 
Focused

PNC 2Q18: Digital + Branch Strategy in New Markets

Earnings Note: 13 Jul 2018, 2:41 PM ET - PNC reported 2Q18 results that beat Street consensus as earnings increased QoQ. Net interest income benefited from higher short-term rates and C&I loan growth. The 2018 capital plan reduces repurchases but increases dividends. 

US Banks: 2Q18 Preview - Loan Demand Picking Up?

Sector Analysis: 11 Jul 2018, 5:05 AM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off 2Q18 US bank earnings on Friday, July 13, 2018. We expect underlying results to benefit from a pickup in loan growth and higher rates, but capital markets results should be down from 1Q18.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

US Banks: 2018 CCAR - It's OK to Breach Limits?

Sector Analysis: 29 Jun 2018, 5:15 AM ET - The Fed released the 2018 CCAR results. It did not object to the capital plans of 34 of the 35 banks, the exception being DB USA, Deutsche Bank's IHC. The Fed did not force a number of banks that fell below the minimums to raise capital.
Focused

US Banks: Post-DFAST Stress Capital Buffers

Sector Analysis: 27 Jun 2018, 4:39 AM ET - We update our Stress Capital Buffer (SCB) estimates for the large U.S. banks using 2018 DFAST results. Nearly all the banks face higher spot capital requirements due to the increased severity of the 2018 DFAST.
Focused

US Banks: 2018 DFAST Results - SCB Shocker Looming

Sector Analysis: 22 Jun 2018, 4:56 AM ET - Although all banks over $100 bn in assets received a clean bill of health in the 2018 DFAST, our main concern is that this year’s test could lead to a substantial increase in capital requirements under the proposed Stress Capital Buffer.
Focused

PNC: In the Market with Bank-Level 5Ys

IG Note: 05 Jun 2018, 10:27 AM ET - PNC is issuing a benchmark offering of 5-year senior unsecured notes from its OpCo, PNC Bank NA. We expect tightening from IPT of T+90, and would be buyers at T+75 or wider. PNC will remain more tightly regulated than most regional banks. 

US Banks: Crapo De-reg. Bill Heads to White House

Sector Analysis: 23 May 2018, 10:27 PM ET - The House approved the Senate bill on financial (de)regulation, which is now headed to the White House to be signed into law. While the bill provides regulatory relief for regional/community banks, it has minimal impact on the big-6 banks.
Focused

PNC: 1Q18, Loan Growth Weaker Than Expected

Earnings Note: 13 Apr 2018, 4:18 PM ET - PNC reported 1Q18 EPS of $2.43, meeting the Street consensus. NII benefited from higher short-term rates, although deposit beta showed signs of accelerating. 

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