PNC Financial — bank health check

PNC

Super regionalAssets $627.8B4-quarter TTMmerger closed Jan 5, 2026 — earlier quarters not like for like

Close · Oct 26, 2026225.84P/E 12.0 · yield 3.3%

P/TBV2.01×TBVPS 112.19

Line · r 10%2.08×range 1.82–2.43×

−3% discountP/TBV ÷ line − 1

Fed funds · last FOMC3.75–4.00%Sep 16, 2026 · +25bp

UST 3m · 2y · 10y · Oct 26, 20264.22 · 4.68 · 5.0010y−2y +0.32 · 10y−3m +0.78

KBE · YTD+8.9%1D +0.4% · 1Y +14.4% · 5Y +17%

KRE · YTD+12.2%1D +0.4% · 1Y +18.8% · 5Y +0%

SPY · YTD+12.3%1D +0.8% · 1Y +13.1% · 5Y +68%

Prices as ofOct 26, 2026Financials TTM through Sep 30, 2026

Valuation range

the line at three costs of equity

r 11% · 1.82×r 9% · 2.43×now 2.01×

0.0×1.0×2.0×3.0×4.0×

At r = 10% the line gives 2.08× for a 17.6% ROTCE; the market pays 2.01×, a 3% discount to the line.

Where it has traded

quarter-end P/TBV · 20 quarters · Dec 31, 2021 → Sep 30, 2026

Five-year median 1.82×, middle half 1.69–1.98×, range 1.43–2.15×. Now 2.01×: +11% above its own median, higher than 80% of those quarters.Each quarter priced at its own TBVPS · the band is the 25th–75th percentile

Where the money goes

TTM through Sep 30, 2026 · $B

assets $627.8B ÷ TCE $45.0B = 14.0× leverage · ROA 1.26% × 14.0 = ROTCE 17.6%

Revenue mix

NII vs. non-interest income · Super regional peers (4)

PNC63 / 37

Tier average67 / 33

Efficiency 58.6% vs. tier 63.5% · ROTCE 17.6% vs. 15.6% · credit cost 2.9% vs. 5.2% · AOCI/TCE −14.4% vs. −21.5%.

Quarter by quarter

8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter

NII, $B4.2

Provision, $B0.19

Efficiency57.2%

AOCI / TCE−14.4%

Risk lights

on / off, no score

Rateoff

Off. AOCI/TCE −14.4% (light needs below -15%) and NII share 63% (needs at least 65%).

Creditoff

Off. Provision 2.9% of net revenue (light at 8%); not up more than 20% two quarters in a row.

Capitaloff

Off. CET1 9.9% is 290bp above the 7.0% requirement.

The eight numbers

colour = threshold

ROTCE: 17.6%
P/TBV · line r 10%: 2.01× · 2.08×
Efficiency: 58.6%
CET1 · requirement: 9.9% · 7.0%
NII / assets (≈ NIM): 2.55%
Credit cost: 2.9%
NII share · rate sensitivity: 63% · medium
AOCI / TCE: −14.4%
P/E · yield · payout: 12.0 · 3.3% · 39%
ROA · leverage: 1.26% · 14.0×
Assets · TCE: $627.8B · $45.0B

Thresholds: ROTCE ≥18% · efficiency ≤55% · credit cost ≤5% · AOCI/TCE ≥-5% are green. Full method → · How to value a bank →

Hand-maintained fields

as of Jun 30, 2026

CET1: 9.9%
CET1 requirement (incl. SCB): 7.0%
Net charge-off rate: not available
Non-interest-bearing deposits: not available
Uninsured deposits: not available

Source

Data quality this run

4-quarter TTM

Four usable quarters; nothing dropped or annualized.

Prices Oct 26, 2026 · financials TTM through Sep 30, 2026.