Valuation range the line at three costs of equity r 11% · 1.82× r 9% · 2.43× now 1.94×
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 1.94×, a 7% discount to the line .
Where it has traded quarter-end P/TBV · 20 quarters · Dec 31, 2021 → Sep 30, 2026 1.00× 1.38× 1.75× 2.13× 2.50× 2021 2022 2023 2024 2025 2026 2021-12-31 · 1.98× (close 200.52 · TBVPS 101.32) 2022-03-31 · 2.15× (close 184.45 · TBVPS 85.85) 2022-06-30 · 1.91× (close 157.77 · TBVPS 82.43) 2022-09-30 · 1.89× (close 149.42 · TBVPS 79.26) 2022-12-31 · 2.03× (close 157.94 · TBVPS 77.63) 2023-03-31 · 1.47× (close 127.10 · TBVPS 86.48) 2023-06-30 · 1.45× (close 125.95 · TBVPS 86.98) 2023-09-30 · 1.43× (close 122.77 · TBVPS 86.15) 2023-12-31 · 1.70× (close 154.85 · TBVPS 90.99) 2024-03-31 · 1.76× (close 161.60 · TBVPS 91.61) 2024-06-30 · 1.64× (close 155.48 · TBVPS 94.93) 2024-09-30 · 1.79× (close 184.85 · TBVPS 103.14) 2024-12-31 · 1.93× (close 192.85 · TBVPS 99.70) 2025-03-31 · 1.67× (close 175.77 · TBVPS 105.30) 2025-06-30 · 1.71× (close 186.42 · TBVPS 108.84) 2025-09-30 · 2.06× (close 200.93 · TBVPS 97.59) 2025-12-31 · 1.79× (close 208.73 · TBVPS 116.67) 2026-03-31 · 1.84× (close 208.09 · TBVPS 113.17) 2026-06-30 · 2.12× (close 246.22 · TBVPS 116.08) 2026-09-30 · 1.98× (close 222.26 · TBVPS 112.19) p75 1.98× med 1.82× p25 1.69× now 1.94× Five-year median 1.82×, middle half 1.69–1.98×, range 1.43–2.15×. Now 1.94×: +7% above its own median, higher than 70% 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 0 5 10 15 20 25 Interest income: 26.5 $B 26.5 Interest income Interest expense: −10.5 $B −10.5 Interest expense NII: 16.0 $B 16.0 NII Non-interest income: 9.2 $B 9.2 Non-interest income Net revenue: 25.2 $B 25.2 Net revenue Operating expenses: −14.8 $B −14.8 Operating expenses Provision: −0.7 $B −0.7 Provision Pre-tax: 9.7 $B 9.7 Pre-tax Tax: −1.8 $B −1.8 Tax Net income: 7.9 $B 7.9 Net income
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) PNC 63 / 37
Tier average 67 / 33
Efficiency 58.6% vs. tier 62.7% · ROTCE 17.6% vs. 14.7% · credit cost 2.9% vs. 5.7% · AOCI/TCE −14.4% vs. −16.9%.
Quarter by quarter 8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter