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$PNC's non-performing assets for 1Q16 decreased by $202MM from the previous year quarter. This reflects improvements in the consumer lending and commercial real estate nonperforming loan portfolios partially offset by higher commercial nonperforming loans reflecting energy related credits.
Excluding the impact of tax legislation, net interest income just rose 1% to $2.3Bil in 4Q17 for $PNC, due to higher loan balances and higher loan and securities yields partially offset by higher deposit and borrowing costs. Net interest margin was 2.88%. Noninterest income rose 8% to $1.9Bil.
Financial services company $PNC said it has redeemed all of the outstanding senior notes due February 23, 2018, issued by PNC Bank National Association in the amount of $1,000Bil. The redemption price will be equal to $1,000 per $1,000 in principal amount, plus any accrued and unpaid distributions to the redemption date of January 24, 2018.
Financial services provider $PNC said Linda Medler and Martin Pfinsgraff have joined its board of directors, effective immediately. Medler serves as CEO of IT company LA Medler and Associates. Pfinsgraff had held the post of Senior Deputy Comptroller for Large Bank Supervision at the Office of the Comptroller of Currency, from 2013 until 2017.
$PNC appointed Brendan McGuire regional president of its Dallas-Ft. Worth (DFW) region following the retirement of Randy Wilhoit. McGuire will also continue to serve as head of PNC’s DFW Corporate Banking team, a role he has had for the last year.
With net interest income jumping 12% to $2.35Bil for $PNC in 3Q17, total revenue rose 8% to $4.13Bil. Noninterest income inched 3% up to $1.78Bil. Net income rose to $1.13Bil from last year's $1.01Bil, while diluted EPS of the financial giant surged 17% to $2.16 in the quarter.
$PNC's BoD declared a quarterly cash dividend on the common stock of 75 cents per share. The dividend, with a payment date of Nov. 5, 2017, will be payable the next business day to shareholders of record at the close of business as on Oct. 17, 2017.