PNC Financial Services increased the number of directors on its board to 14 and appointed three new members: Joseph Alvarado, Richard Harshman and Toni Townes-Whitley.
PNC Financial Services and PNC Bank appointed Linda R. Medler and Martin Pfinsgraff to both respective boards of directors, effective immediately.
Trade Finance Solutions appointed Rebecca Mackenzie as senior credit director at its European headquarters in London. She joins from PNC Financial Services UK.
PNC reported Q1/16 net income of $943 million was down from $1.0 billion a year earlier. The bank noted a higher provision for credit losses attributable to “certain energy related loans.”
PNC Financial reported net income of $1.0 billion or $1.75 per share, which topped expectations of $1.72 EPS. PNC noted its Q1/15 net interest margin of 2.82% was down from 3.26% for the same quarter a year earlier.
PNC Financial Services reported Q2/14 net income of $1.1 billion, or $1.85 per diluted share, compared with net income of $1.1 billion in Q2/13. Analysts polled by Thomson Reuters expected Q2 EPS of $1.78.
PNC Financial reported record full-year 2013 net income of $4.2 billion was 40 % higher compared with net income of $3 billion in 2012.
PNC Financial Services said it has initiated the process to wind down Market Street Funding, a multi-seller, asset-backed commercial paper conduit. PNC said the move comes amid concerns about “regulatory developments.”