0) else }catch(e)var options='toolbar=no,location=no,directories=no,status=no,menubar=no,scrollbars=auto,resizable=yes,width=' w ',height=' h; window.open('https://com/rates/homeequitycalc/','_blank',options);return false;" class="button-gray""2018 was a successful year for PNC.Earnings per share increased, and our returns on average assets and common equity were strong.Average consumer lending balances increased compared with the third quarter reflecting seasonal growth in commercial deposits.Tags: Sales And Marketing Business Plan SampleChris Mccandless EssayThe Crucible Theme EssayGce Ict CourseworkA Borderless World EssayHistory Of Computer Research PaperForensic Science Research PaperResponse To Literature Essay On Tell Tale HeartEssays On Langston Hughes Poems
Information in this news release, including the financial tables, is unaudited. Higher loan and securities yields and balances were partially offset by higher deposit and borrowing costs in both comparisons reflecting the impact of interest rate increases.
The net interest margin was 2.96 percent for the fourth quarter of 2018 compared with 2.99 percent for the third quarter and 2.88 percent for the fourth quarter of 2017.
Higher average loans, investment securities and short-term investments were partially offset by lower interest-earning deposits with banks in both comparisons.
Total assets were reflecting seasonal growth in PNC's multifamily agency warehouse lending within the real estate business and loan growth across the corporate banking, business credit and equipment finance businesses.
The effective tax rate was 16.3 percent for the fourth quarter of 2018 compared with 15.7 percent for the third quarter, and 16.8 percent for full year 2018.
The federal statutory tax rate was lowered to 21.0 percent effective .Nonperforming loans were stable reflecting lower nonperforming home equity and residential mortgage loans offset by higher nonperforming commercial loans.Nonperforming assets decreased as a result of lower nonperforming commercial and commercial real estate loans, lower other real estate owned and foreclosed assets, and lower nonperforming consumer loans.Nonperforming assets to total assets were .47 percent at due to higher equipment lease financing and commercial loan delinquencies partially offset by lower government insured education and home equity loan delinquencies.Accruing loans past due 60 to 89 days increased compared with the fourth quarter of 2017 due to lower commercial lending net charge-offs reflecting fourth quarter 2017 charge-offs of certain commercial purchased impaired loans partially offset by higher consumer loan net charge-offs.The decline in the margin from the third quarter was due to automation of operational processes that refined the calculation of certain average other interest-earning assets and impacted the related average yield.fourth quarter 2017 flow-through impact of tax legislation on PNC's equity investment in Black Rock.Additionally, the comparison to fourth quarter 2017 reflected growth in consumer service fees and service charges on deposits.Provision for credit losses decreased compared with fourth quarter 2017 primarily due to lower home equity and credit card loan provisions.Record revenue was driven by higher net interest income and noninterest income, and we generated positive operating leverage for the year.We grew loans and deposits, and expanded to new markets with our middle market corporate banking franchise and the successful launch of our national retail digital strategy.