The PNC Financial Services Group reported net income of $1.1 billion, or $1.90 per diluted common share, for the third quarter of 2015.
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This compares with net income of $1.0 billion, or $1.88 per diluted common share, for the second quarter of 2015 and net income of $1.0 billion, or $1.79 per diluted common share, for the third quarter of 2014.
otal revenue for the third quarter of 2015 decreased $91 million compared with the second quarter driven by lower noninterest income reflecting the impact of higher second quarter gains on asset sales and lower asset management revenue related to a second quarter trust settlement and equity market declines.
The decrease in noninterest income was partially offset by higher net interest income. Total revenue declined $66 million compared with third quarter 2014 due to lower net interest income and noninterest income.
Net interest income for the third quarter of 2015 increased $10 million compared with the second quarter and decreased $42 million compared with the third quarter of 2014. The increase over second quarter was attributable to higher core net interest income largely driven by an additional day in the quarter partially offset by lower purchase accounting accretion.
In the comparison with third quarter 2014, growth in core net interest income was more than offset by lower purchase accounting accretion. The increase in core net interest income reflected higher securities balances and loan growth partially offset by lower securities and loan yields.
The net interest margin was 2.67 percent for the third quarter of 2015 compared with 2.73 percent for the second quarter of 2015 and 2.98 percent for the third quarter of 2014.
The decrease in the margin compared with the second quarter was primarily due to lower benefit from purchase accounting accretion. In the third quarter 2014 comparison, the margin declined as a result of increasing the company's liquidity position, lower benefit from purchase accounting accretion, and lower loan and securities yields. ■