PNC FINANCIAL SERVICES GROUP, INC.

Table 2: Balance Sheet Highlights and Other Selected Ratios

4 The PNC Financial Services Group, Inc. –Form 10-Q

Income Statement Highlights

Net income of $2.1 billion, or $4.97 per diluted common share, for the third quarter of 2026 increased $42 million, or 2%, compared to $2.1 billion, or $4.81 per diluted common share, for the second quarter of 2026, primarily due to lower noninterest expense and higher net interest income, partially offset by lower noninterest income.

•For the three months ended September 30, 2026 compared to the three months ended June 30, 2026:

•Total revenue of $6.6 billion decreased $313 million, or 5%.

•Net interest income of $4.2 billion increased $99 million, or 2%, driven by commercial loan growth and higher yields on interest-earning assets, partially offset by increased funding costs.

•Net interest margin decreased 2 basis points to 2.94% reflecting growth in lower-yielding loans and higher funding costs.

•Noninterest income of $2.4 billion decreased $412 million, or 15%, reflecting negative $25 million of net Visa activity compared with $363 million of net Visa activity in the second quarter of 2026, as well as lower capital markets advisory revenue. The second quarter also included $139 million of securities losses.

•Provision for credit losses was $189 million in the third quarter of 2026 and was driven by portfolio activity as well as updates to macroeconomic factors.

•Noninterest expense decreased $347 million, or 8%, and included lower personnel costs as well as integration expenses related to the FirstBank acquisition of $27 million. The second quarter of 2026 included integration expenses related to the FirstBank acquisition of $121 million and a PNC Foundation contribution expense of $140 million pre-tax.

Net income of $5.9 billion or $13.91 per diluted common share, for the first nine months of 2026 increased $960 million, or 19%, compared to $5.0 billion, or $11.72 per diluted common share, for the same period in 2025, due to higher net interest income and noninterest income and lower provision for credit losses, partially offset by increased noninterest expense.

•For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025:

•Total revenue increased $2.6 billion, or 15%.

•Net interest income increased $1.6 billion, or 15%, and reflected the benefit of FirstBank, loan growth and lower funding costs.

•Net interest margin increased 16 basis points and included the continued benefit of fixed rate asset repricing.

•Noninterest income increased $979 million, or 15%, primarily due to the $448 million gain recorded in the second quarter of 2026 resulting from PNC’s participation in the Visa exchange program, as well as higher capital markets and advisory revenue.

•Provision for credit losses was $590 million for the first nine months of 2026 and was driven by portfolio activity as well as updates to macroeconomic factors. The first nine months of 2025 included a provision for credit losses of $640 million.

•Noninterest expense increased $1.4 billion, or 14%, compared to the first nine months of 2025, reflecting FirstBank operating expenses, higher personnel costs as a result of increased business activity, $245 million of integration expenses related to the FirstBank acquisition and a $140 million pre-tax expense related to a PNC Foundation contribution.

For additional detail, see the Consolidated Income Statement Review section of this Financial Review.

Balance Sheet Highlights

Our balance sheet was well positioned at September 30, 2026. In comparison to December 31, 2025:

•Total assets of $627.8 billion increased $54.2 billion, or 9%, reflecting higher loans and securities balances, including the impact of the FirstBank acquisition, partially offset by lower balances held with the FRB.

•Total loans of $378.8 billion increased $47.3 billion, or 14%.

•Total commercial loans increased $44.5 billion, or 19%, to $277.0 billion, reflecting strong new production and higher utilization of loan commitments as well as the addition of FirstBank loans.

•Total consumer loans increased $2.8 billion, or 3%, to $101.8 billion, primarily due to the benefit of acquired FirstBank residential mortgage loans, partially offset by declines in the automobile portfolio, as paydowns outpaced originations, and the transfer of the education loan portfolio to held-for-sale.

•Investment securities increased $8.1 billion, or 6%, to $146.4 billion, and included the acquisition of FirstBank investment securities and net purchase activity of agency residential mortgage-backed securities in both the available-for-sale and held-to-maturity portfolios.

•Total deposits increased $25.5 billion, or 6%, driven by higher interest-bearing and noninterest-bearing deposits, and included the addition of FirstBank deposits.

•Borrowed funds increased $22.7 billion, or 40%, to $79.8 billion, primarily due to higher FHLB advances.

The PNC Financial Services Group, Inc. –Form 10-Q 5

For additional detail, see the Consolidated Balance Sheet Review section of this Financial Review.

Credit Quality Highlights

In the third quarter of 2026, PNC maintained strong credit quality performance.

•At September 30, 2026 compared to December 31, 2025:

•Nonperforming assets of $2.3 billion decreased $36 million, or 2%, driven by lower commercial nonperforming loans, partially offset by higher consumer nonperforming loans.

•Overall loan delinquencies of $1.3 billion decreased $142 million, or 10%, due to lower commercial and consumer delinquencies.

•The ACL related to loans, which consists of the ALLL and the allowance for unfunded lending related commitments, totaled $5.4 billion at September 30, 2026, compared to $5.2 billion at December 31, 2025. The increase was primarily driven by portfolio activity, including loan growth and the addition of FirstBank loans, as well as updates to macroeconomic factors. ACL to total loans was 1.42% at September 30, 2026, compared to 1.58% at December 31, 2025.

•Net loan charge-offs of $257 million, or 0.28% of average loans, increased $31 million compared to the second quarter of 2026, and included $35 million in net loan charge-offs related to the education loan portfolio transfer.

For additional detail see the Credit Risk Management portion of the Risk Management section of this Financial Review.

Capital and Liquidity Highlights

We maintained our strong capital and liquidity positions.

•Common shareholders’ equity of $56.5 billion at September 30, 2026, increased $1.6 billion, or 3%, compared to December 31, 2025, primarily due to the benefit of net income and common stock issuances related to the FirstBank acquisition, partially offset by a decline in AOCI, common dividends paid and common share repurchases.

•In the third quarter of 2026, PNC returned $1.4 billion of capital to shareholders, reflecting $0.8 billion of dividends on common shares and $0.6 billion of common share repurchases.

•On October 2, 2026, the PNC Board of Directors declared a quarterly cash dividend on common stock of $2.00 per share to be paid on November 5, 2026 to shareholders of record at the close of business October 14, 2026.

•Our CET1 ratio was 9.8% at September 30, 2026 and 10.6% at December 31, 2025. The decrease was primarily due to higher risk-weighted assets, share repurchases and dividends, partially offset by the benefit of net income.

For additional information on our liquidity and capital actions as well as our capital ratios, see Capital Management in the Risk Management section in this Financial Review, the Recent Regulatory Developments section in this Financial Review and in our prior period 2026 Form 10-Qs and the Supervision and Regulation section in our 2025 Form 10-K.

Business Outlook

Statements regarding our business outlook are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. See the Cautionary Statement Regarding Forward-Looking Information section preceding this Financial Review for additional details.

Consistent with the forward guidance we provided on October 15, 2026, for the fourth quarter of 2026, compared to the third quarter of 2026, we expect:

•Average loans to be up approximately 2.5%,

•Net interest income to be up approximately 4.0%,

•Fee income to be up approximately 3.5%,

•Other noninterest income to be approximately $250 million,

•Noninterest expense to be up approximately 5.0%,

◦Noninterest expense, excluding integration costs and significant items, to be up approximately 5.0%, and

•Net loan charge-offs to be approximately $250 million.

Consistent with the forward guidance we provided on October 15, 2026, for the full year of 2026, compared to the full year of 2025, we expect:

•Average loans to be up approximately 13.5%,

•Net interest income to be up approximately 15.5%,

•Noninterest income to be up approximately 12.6%

◦Noninterest income, excluding integration costs and significant items, to be up approximately 10.5%,

•Total revenue to be up approximately 14.5%,

◦Total revenue, excluding integration costs and significant items, to be up approximately 13.7%,

6 The PNC Financial Services Group, Inc. –Form 10-Q

•Noninterest expense to be up approximately 12.3%,

◦Noninterest expense, excluding integration costs and significant items, to be up approximately 9.5%, and

•Effective tax rate to be approximately 19.5%.

The guidance for noninterest expense, excluding integration costs and significant items, excludes our expectation for non-recurring merger and integration expenses of approximately $300 million in total, of which $261 million was recognized in the first nine months of 2026 ($245 million of noninterest expense and $16 million of noninterest income) and approximately $20 million is expected to be incurred in the fourth quarter of 2026. It also excludes the pre-tax impacts of the $140 million expense in the second quarter of 2026 related to a contribution to the PNC Foundation. See the Reconciliation of Noninterest expense guidance, excluding integration costs and significant items (non-GAAP) section of this Report.

The 2026 guidance for noninterest income and total revenue excludes integration costs, $16 million of which was recognized in the first nine months of 2026, as well as negative $25 million of third quarter significant items ($11 million valuation gain on remaining Visa shares received in the second quarter exchange and a negative $36 million Visa Class B-3 derivative adjustment), and $224 million of second quarter significant items ($448 million gain on Visa exchange, negative $85 million Visa Class B-3 derivative adjustment, and $139 million of securities losses). See the Reconciliation of Noninterest income guidance, excluding integration costs and significant items (non-GAAP) and the Reconciliation of Revenue guidance, excluding integration costs and significant items (non-GAAP) sections of this Report. Other noninterest income, noninterest income and revenue guidance does not forecast net securities gains or losses and other Visa activity.

We are unable to provide a meaningful or accurate reconciliation of forward-looking non-GAAP measures, without unreasonable effort, to their most directly comparable GAAP financial measures, except for full year Noninterest income, Noninterest expense and Revenue guidance, excluding integration costs and significant items. This is due to the inherent difficulty of forecasting the timing and amounts necessary for the reconciliation, when such amounts are subject to events that cannot be reasonably predicted, as noted in our Cautionary Statement. Accordingly, we cannot address the probable significance of unavailable information.