The PNC Financial Services Group reported 2015 net income of $4.1 billion, or $7.39 per diluted common share.
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This compares with 2014 net income of $4.2 billion, or $7.30 per diluted common share.
Fourth quarter 2015 net income was $1 billion, or $1.87 per diluted common share, compared with $1.1 billion, or $1.90 per diluted common share, for the third quarter of 2015 and $1.1 billion, or $1.84 per diluted common share, for the fourth quarter of 2014.
Total revenue for the fourth quarter of 2015 increased $78 million compared with the third quarter driven by growth in both net interest income and noninterest income, which reflected strong fee income.
Total revenue declined $94 million compared with the fourth quarter of 2014 primarily attributable to higher fourth quarter 2014 gains on asset dispositions.
Net interest income for the fourth quarter of 2015 increased $30 million compared with the third quarter from growth in core net interest income.
Net interest income decreased $5 million compared with the fourth quarter of 2014 due to lower purchase accounting accretion substantially offset by higher core net interest income. The increase in core net interest income in both periods reflected higher securities balances and loan growth partially offset by lower securities and loan yields.
The net interest margin of 2.70 percent for the fourth quarter of 2015 increased over the third quarter margin of 2.67 percent driven by the impact of a reduction in low-yielding balances on deposit with the Federal Reserve Bank partially offset by lower securities yields.
The margin declined from 2.89 percent in the fourth quarter of 2014 primarily as a result of lower interest-earning asset yields and lower benefit from purchase accounting accretion.
Total assets were $358.5 billion at December 31, 2015 compared with $362.1 billion at September 30, 2015 and $345.1 billion at December 31, 2014. Assets declined 1 percent compared with third quarter end.
Higher investment securities and loan balances were more than offset by a decrease in other assets and lower deposit balances maintained with the Federal Reserve Bank. Assets grew 4 percent compared with December 31, 2014 primarily due to an increase in investment securities. ■