> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # PNC Targets A 3.0% Or Higher Net Interest Margin In The Fourth Quarter And Lifts 2026 Loan Outlook To About 13.5% - URL: https://www.bullished.co/pnc-targets-a-3-0-or-higher-net-interest-margin-in-the-fourth-quarter-and-lifts-2026-loan-df359214/ - Published: 2026-10-15T20:22:13.000Z - Updated: 2026-10-28T21:08:04.000Z - Description: PNC's third-quarter slides show a 57% efficiency ratio and raised full-year ranges for loans, revenue and expenses. - Author: Matteo Parrino - Tags: Earnings, PNC, Industry: Financials [PNC](https://www.bullished.co/tag/pnc/) told investors it expects a net interest margin of [3.0% or above](https://www.sec.gov/Archives/edgar/data/0000713676/000162828026065997/a3q26earningsslides%5Fvfx2.htm?ref=bullished.co) in the fourth quarter, up from 2.94% in the third. The target sits in the earnings slides the bank furnished in an [8-K](https://www.bullished.co/learn/8-k-items-explained/) on Thursday, alongside a higher 2026 outlook for loans, revenue and expenses. ## The finding: a margin target and a higher full-year outlook For the fourth quarter, PNC guided net interest income up about 4.0% from the third quarter's $4,206 million. It guided average loans up about 2.5% from $372.2 billion. The slides say these figures support the 3.0% or higher margin expectation. For 2026, PNC now sees average loans up about 13.5%, against about 12.5% in its previous guidance. Noninterest expense, excluding integration costs and significant items, is now up about 9.5%, versus about 8.5% before. Other ranges moved too. Total revenue is now guided up about 13.7%, from about 13%. Noninterest income is up about 10.5%, from about 9%. Net interest income is up about 15.5%, versus a prior 15% to 15.5%. The effective tax rate stays at about 19.5%. The earlier ranges were set in the [July deck](https://www.sec.gov/Archives/edgar/data/0000713676/000162828026048308/a2q26earningsslides%5Fvf.htm?ref=bullished.co). The quarter itself: net income was $2,097 million and diluted earnings per share $4.97, or $5.09 adjusted. The efficiency ratio was 57%, against 60% in the second quarter. Return on average tangible common equity, a non-GAAP measure, was 18.28%. Noninterest expense fell 8% from the second quarter while total revenue fell 5%, which the bank described as positive operating leverage. ## The catch: comparisons are distorted and credit costs ticked up The second quarter carried a [$139 million securities loss](https://finance.yahoo.com/markets/stocks/articles/pnc-third-quarter-lending-revenue-104327832.html?ref=bullished.co) and a $140 million PNC Foundation contribution, which flatter the third-quarter comparison on expenses. Noninterest income fell 15% from the second quarter, and capital markets and advisory fees fell 25%. Net charge-offs rose to $257 million, or $222 million excluding $35 million tied to a student loan transfer, from $226 million in the second quarter. The company guides about $250 million for the fourth quarter. The allowance for credit losses fell to 1.42% of loans from 1.48%. Capital moved the other way: the CET1 ratio was 9.8%, down from 9.9% in June, and tangible book value per share fell to $107.64 from $111.09\. The bank returned $1.4 billion to shareholders, including $0.8 billion of dividends and $0.6 billion of buybacks. ## Who it touches: holders and the rate assumption The net interest outlook leans on balance-sheet repricing. The slides project 33% of the securities and receive-fixed swap portfolio to run off through 2028\. About $5 billion of fixed-rate securities, yielding 2.65%, runs off in the fourth quarter. PNC's baseline forecast assumes the Federal Reserve raises rates twice more, at its December 2026 and March 2027 meetings, to a range of 4.25% to 4.50%. It expects real GDP growth above 2% in 2026. PNC shares closed at $214.94 on Thursday, down 0.4% on the session. [Yahoo Finance](https://finance.yahoo.com/markets/stocks/articles/pnc-third-quarter-lending-revenue-104327832.html?ref=bullished.co) headlined its coverage that third-quarter lending revenue missed estimates while costs beat. The fourth-quarter report will show whether PNC reaches the 3.0% margin it put in writing on Thursday. Learn - [Item 7.01: Regulation FD disclosure →](https://www.bullished.co/learn/8-k-items-explained/#item-701-regulation-fd-disclosure) From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples ### Sources - [8-K Filing — PNC FINANCIAL SERVICES GROUP, INC. (PNC)](https://www.sec.gov/Archives/edgar/data/0000713676/000162828026065997/pnc-20261015.htm?ref=bullished.co) — SEC EDGAR - [Exhibit a3q26earningsslides\_vfx2.htm — PNC FINANCIAL SERVICES GROUP, INC. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000713676/000162828026065997/a3q26earningsslides%5Fvfx2.htm?ref=bullished.co) — SEC EDGAR - [PNC Third-Quarter Lending Revenue Misses Estimates as Costs Beat](https://finance.yahoo.com/markets/stocks/articles/pnc-third-quarter-lending-revenue-104327832.html?ref=bullished.co) — Yahoo Finance - [8-K filed 2026-07-15 — PNC FINANCIAL SERVICES GROUP, INC. (earlier disclosure)](https://www.sec.gov/Archives/edgar/data/0000713676/000162828026048308/a2q26earningsslides%5Fvf.htm?ref=bullished.co) — SEC EDGAR ### More on PNC Financial Services - [PNC's Demchak Says A Big Deal Could 'Destroy Massive Value' By Slowing Its AI Build](https://www.bullished.co/pncs-demchak-says-a-big-deal-could-destroy-massive-value-by-slowing-its-ai-build-9bc642fa/) - [PNC's Efficiency Ratio Improves To 57% From 60% As Expenses Fall 8% And Loans Grow](https://www.bullished.co/pncs-efficiency-ratio-improves-to-57-from-60-as-expenses-fall-8-and-loans-grow-844110b3/) [All PNC Financial Services (PNC) coverage →](https://www.bullished.co/tag/pnc/)