
The iconic Ratio Eight coffee maker just got a major upgrade
With its timeless combination of Chemex and pour-over, the OG has ben around since 2014, and while it's still a classic choice, Ratio has announced the new Series 2: "a new chapter for a modern classic".
Shipping from September, the Series 2 is sure to be a hit. It takes the much-loved features of its predecessor to create something standout.
Price-wise, it's $799, though at time of writing it was discounted to $639 for pre-orders. Plus, an extra $100 for a thermal carafe.
The Ratio Eight Series 2 is an upgrade on the original, boasting dual recipe brew programs, a stainless steel and handblown glass pairing with a solid walnut trim, a flat bottom filter basket and added heat shield. This stylish update takes from the previous Eight Series and makes it, well, better. If you'd like the thermal carafe, it's an additional $100 on top of this price.
The Ratio Eight coffee maker is a unique mix of pour-over and Chemex brewing. A complicated process if you're tackling it alone, but with Ratio's intricately designed smart technology, it's a whole lot simpler.
And while the technique it emulates is complex, the design of this coffee maker is simplicity at its finest. A mixture of premium materials, it's eye-catching and chic – blending matte and glass with a wood trim.
With all this in mind, it's a huge hit with coffee pros for both what it offers to simplifying the pour-over process and the beauty of its design.
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As the original Ratio Eight has been on the market for a decade now, there's a lot that's been learnt, and the Series 2 incorporates these tweaks into a new coffee maker that is sure to impress.
So, with the Ratio Eight Series 2 model, the team has made some awesome upgrades. These include a flat brewer basket for a more even extraction, a heat shield for hotter coffee (though you can add the thermal carafe for $100, too), a better glass carafe for easier pouring, and the inclusion of a half batch and full batch button activated by long touch.
These days, a coffee maker will typically lean towards a more modern design, like the Fellow Aiden for example. It's incredibly sleek, but the Ratio Eight series is focused on a different design – creating a midcentury look.
With a combination of glass, matte premium materials and a sophisticated wood trim, it's a stylish and nostalgic option when compared to the best coffee makers currently on the market.
Crafted in Portland, a city that you'll often hear married with the words "hip" and "trendy", it should come as no surprise that the Ratio Eight is made in Oregon.
Plus, it's backed by a 5-year warranty, meaning Ratio is pretty confident you'll be getting wonderfully brewed pour-over coffee for years to come with little hassle.
But while it won't be available for a couple of months yet, we'll be first in line to get our hands on this impressive Series 2 upgrade, and we'll follow it up with a review of our own.

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PNC Reports Second Quarter 2025 Net Income of $1.6 Billion, $3.85 Diluted EPS
Strong loan growth; 4% positive operating leverage; stable credit quality Quarterly common stock dividend increased 10 cents to $1.70 per share on July 3, 2025 PITTSBURGH, July 16, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:For the quarter In millions, except per share data and as noted 2Q25 1Q25 2Q24Second Quarter Highlights Financial Results Comparisons reflect 2Q25 vs. 1Q25 Net interest income (NII) $ 3,555 $ 3,476 $ 3,302 Income Statement ▪ Generated 4% positive operating leverage; PPNR increased 10% ▪ Revenue increased 4% – NII increased 2%; NIM expanded 2 bps to 2.80% – Fee income increased 3% – Other noninterest income of $212 million ▪ Noninterest expense was stable – Efficiency ratio improved to 60% Balance Sheet ▪ Average loans increased $6.1 billion, or 2%, driven by 4% growth in commercial and industrial loans ▪ Average deposits grew $2.3 billion ▪ Net loan charge-offs were $198 million, or 0.25% annualized to average loans ▪ AOCI improved $0.6 billion to negative $4.7 billion ▪ TBV per share increased 4% to $103.96 ▪ Maintained strong capital position – CET1 capital ratio of 10.5% – Returned $1 billion of capital through common dividends and share repurchases – Strong Federal Reserve stress test results; Stress capital buffer will remain at the regulatory minimum of 2.5% Fee income (non-GAAP) 1,894 1,839 1,777Other noninterest income 212 137 332Noninterest income 2,106 1,976 2,109Revenue 5,661 5,452 5,411Noninterest expense 3,383 3,387 3,357Pretax, pre-provision earnings (PPNR) (non-GAAP) 2,278 2,065 2,054Provision for credit losses 254 219 235Net income 1,643 1,499 1,477Per Common Share Diluted earnings per share (EPS) $ 3.85 $ 3.51 $ 3.39Average diluted common shares outstanding 397 398 400Book value 131.61 127.98 116.70Tangible book value (TBV) (non-GAAP) 103.96 100.40 89.12Balance Sheet & Credit Quality Average loans In billions $ 322.8 $ 316.6 $ 319.9Average securities In billions 141.9 142.2 141.3Average deposits In billions 423.0 420.6 417.2Accumulated other comprehensive income (loss) (AOCI) In billions (4.7) (5.2) (7.4)Net loan charge-offs 198 205 262Allowance for credit losses to total loans 1.62 % 1.64 % 1.67 %Selected Ratios Return on average common shareholders' equity 12.20 % 11.60 % 12.16 %Return on average assets 1.17 1.09 1.05Net interest margin (NIM) (non-GAAP) 2.80 2.78 2.60Noninterest income to total revenue 37 36 39Efficiency 60 62 62Effective tax rate 18.8 18.8 18.8Common equity Tier 1 (CET1) capital ratio 10.5 10.6 10.2See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release. Totals may not sum due to rounding. From Bill Demchak, PNC Chairman and Chief Executive Officer:"Our national growth strategy continues to deliver results. New customer acquisition is accelerating, while we continue to deepen relationships with our existing customers across businesses. The strength of our franchise resulted in strong loan and revenue growth even through an uncertain macro environment, while expenses remained well controlled. Overall, we had a great quarter." Income Statement Highlights Second quarter 2025 compared with first quarter 2025 Total revenue of $5.7 billion increased $209 million, or 4%, driven by growth in both noninterest income and net interest income. Net interest income of $3.6 billion increased $79 million, or 2%, driven by loan growth, the continued benefit of fixed rate asset repricing and one additional day in the quarter. Net interest margin of 2.80% increased 2 basis points. Fee income of $1.9 billion increased $55 million, or 3%, primarily due to higher card and cash management revenue and an increase in capital markets and advisory fees. Other noninterest income of $212 million increased $75 million reflecting Visa related activity and other positive valuation adjustments, partially offset by lower private equity revenue. Noninterest expense of $3.4 billion was stable. Provision for credit losses was $254 million in the second quarter and reflected changes in macroeconomic scenarios, tariff related considerations and portfolio activity, including loan growth. The effective tax rate was 18.8% for both the second quarter and first quarter. Balance Sheet Highlights Second quarter 2025 compared with first quarter 2025 or June 30, 2025 compared with March 31, 2025 Average loans of $322.8 billion increased $6.1 billion, or 2%, driven by growth in the commercial and industrial portfolio of $7.4 billion, or 4%, reflecting strong new production and increased utilization of loan commitments, partially offset by a decline in commercial real estate loans of $1.2 billion, or 4%. Consumer loan balances were stable. Credit quality performance: Delinquencies of $1.3 billion decreased $128 million, or 9%, as a result of lower consumer and commercial loan delinquencies. Total nonperforming loans of $2.1 billion decreased $184 million, or 8%, driven by lower commercial nonperforming loans, including lower commercial real estate nonperforming loans. Net loan charge-offs of $198 million decreased $7 million due to lower consumer net loan charge-offs, partially offset by higher commercial net loan charge-offs, primarily related to the commercial real estate portfolio. The allowance for credit losses increased $0.1 billion to $5.3 billion. The allowance for credit losses to total loans was 1.62% at June 30, 2025 and 1.64% at March 31, 2025. Average investment securities of $141.9 billion were stable. Investment securities at June 30, 2025 of $142.3 billion increased $4.6 billion, or 3%, reflecting net purchase activity, primarily of agency residential mortgage-backed securities. Average deposits of $423.0 billion increased $2.3 billion due to higher brokered and consumer deposits, partially offset by seasonally lower commercial deposits. Noninterest-bearing deposits were $93.1 billion, increasing $0.8 billion. Average borrowed funds of $65.3 billion were stable. PNC maintained a strong capital and liquidity position: Based on the results of the Federal Reserve's 2025 annual stress test, PNC's SCB for the four-quarter period beginning October 1, 2025 will remain at the regulatory minimum of 2.5%. On July 3, 2025, the PNC board of directors raised the quarterly cash dividend on common stock to $1.70 per share, an increase of 10 cents per share. The dividend is payable on August 5, 2025 to shareholders of record at the close of business July 15, 2025. PNC returned $1.0 billion of capital to shareholders, reflecting more than $0.6 billion of dividends on common shares and more than $0.3 billion of common share repurchases. The Basel III common equity Tier 1 capital ratio was an estimated 10.5% at June 30, 2025 and was 10.6% at March 31, 2025. PNC's average LCR for the three months ended June 30, 2025 was 107%, exceeding the regulatory minimum requirement throughout the quarter. Earnings Summary In millions, except per share data2Q251Q252Q24 Net income$ 1,643$ 1,499$ 1,477 Net income attributable to diluted common shareholders$ 1,532$ 1,399$ 1,355 Diluted earnings per common share$ 3.85$ 3.51$ 3.39 Average diluted common shares outstanding397398400 Cash dividends declared per common share$ 1.60$ 1.60$ 1.55 The Consolidated Financial Highlights accompanying this news release include additional information regarding reconciliations of non-GAAP financial measures to reported (GAAP) amounts. This information supplements results as reported in accordance with GAAP and should not be viewed in isolation from, or as a substitute for, GAAP results. Information in this news release, including the financial tables, is unaudited. CONSOLIDATED REVENUE REVIEW RevenueChange Change 2Q25 vs 2Q25 vs In millions 2Q251Q252Q24 1Q25 2Q24 Net interest income $ 3,555$ 3,476$ 3,302 2 % 8 % Noninterest income 2,1061,9762,109 7 % — Total revenue $ 5,661$ 5,452$ 5,411 4 % 5 % Total revenue for the second quarter of 2025 increased $209 million compared to the first quarter of 2025 driven by growth in both noninterest income and net interest income. In comparison to the second quarter of 2024, total revenue increased $250 million reflecting the benefit of fixed rate asset repricing and broad-based fee income growth, partially offset by $141 million of significant items recognized in the second quarter of 2024. Net interest income of $3.6 billion increased $79 million from the first quarter of 2025, driven by loan growth, the continued benefit of fixed rate asset repricing and one additional day in the quarter. Compared to the second quarter of 2024, net interest income increased $253 million primarily due to lower funding costs and the benefit of fixed rate asset repricing. Net interest margin was 2.80% in the second quarter of 2025, increasing 2 basis points from the first quarter of 2025, and 20 basis points from the second quarter of 2024. Noninterest IncomeChange Change 2Q25 vs 2Q25 vs In millions 2Q251Q252Q24 1Q25 2Q24 Asset management and brokerage $ 391$ 391$ 364 — 7 % Capital markets and advisory 321306272 5 % 18 % Card and cash management 737692706 7 % 4 % Lending and deposit services 317316304 — 4 % Residential and commercial mortgage 128134131 (4) % (2) % Fee income (non-GAAP) 1,8941,8391,777 3 % 7 % Other 212137332 55 % (36) % Total noninterest income $ 2,106$ 1,976$ 2,109 7 % —Noninterest income for the second quarter of 2025 increased $130 million, or 7%, compared with the first quarter of 2025. Capital markets and advisory revenue increased $15 million reflecting an increase in capital markets activity late in the quarter. Card and cash management increased $45 million as a result of seasonally higher consumer transaction volumes and growth in treasury management product revenue. Residential and commercial mortgage revenue decreased $6 million primarily due to lower residential mortgage servicing revenue. Other noninterest income increased $75 million reflecting Visa related activity and other positive valuation adjustments, partially offset by lower private equity revenue. Visa derivative adjustments were positive $2 million in the second quarter of 2025 and negative $40 million in the first quarter of 2025. Noninterest income for the second quarter of 2025 was stable from the second quarter of 2024, as broad-based fee income growth was offset by lower other noninterest income, reflecting $141 million of significant items recognized in the second quarter of 2024. CONSOLIDATED EXPENSE REVIEW Noninterest ExpenseChange Change 2Q25 vs 2Q25 vs In millions 2Q251Q252Q24 1Q25 2Q24 Personnel $ 1,889$ 1,890$ 1,782 — 6 % Occupancy 235245236 (4) % — Equipment 394384356 3 % 11 % Marketing 998593 16 % 6 % Other 766783890 (2) % (14) % Total noninterest expense $ 3,383$ 3,387$ 3,357 — 1 %Noninterest expense for the second quarter of 2025 was stable compared to the first quarter of 2025, reflecting a continued focus on expense management, partially offset by seasonally higher marketing spend and continued technology investments. Noninterest expense for the second quarter of 2025 increased $26 million compared with the second quarter of 2024 as a result of increased business activity, technology investments and annual employee merit and benefits increases, partially offset by $120 million of significant items recognized in the second quarter of 2024. The effective tax rate was 18.8% for all periods presented. CONSOLIDATED BALANCE SHEET REVIEWLoans Change Change 2Q25 vs 2Q25 vs In billions 2Q251Q252Q24 1Q25 2Q24 AverageCommercial $ 223.4$ 217.1$ 219.1 3 % 2 % Consumer 99.499.5100.8 — (1) % Average loans $ 322.8$ 316.6$ 319.9 2 % 1 % Quarter endCommercial $ 227.0$ 219.6$ 220.8 3 % 3 % Consumer 99.399.3100.6 — (1) % Total loans $ 326.3$ 318.9$ 321.4 2 % 2 %Totals may not sum due to rounding Average loans increased $6.1 billion compared to the first quarter of 2025. Average commercial loans increased $6.3 billion, driven by growth in the commercial and industrial portfolio of $7.4 billion, or 4%, reflecting strong new production and increased utilization of loan commitments, partially offset by a decline in commercial real estate loans of $1.2 billion, or 4%. Average consumer loans were stable as growth in the auto loan portfolio was offset by lower residential mortgage loans. In comparison to the second quarter of 2024, average loans increased $2.8 billion. Average commercial loans increased $4.2 billion primarily due to strong growth in commercial and industrial loans, partially offset by lower commercial real estate loans. Average consumer loans decreased $1.4 billion primarily due to lower residential mortgage loans, partially offset by growth in the auto loan portfolio. Loans at June 30, 2025 increased $7.5 billion and $4.9 billion from March 31, 2025 and June 30, 2024, respectively. In both comparisons the increase was the result of commercial loan growth. Investment Securities Change Change 2Q25 vs 2Q25 vs In billions 2Q251Q252Q24 1Q25 2Q24 AverageAvailable for sale $ 67.8$ 65.7$ 53.4 3 % 27 % Held to maturity 74.276.587.9 (3) % (16) % Average investment securities $ 141.9$ 142.2$ 141.3 — — Quarter endAvailable for sale $ 67.1$ 63.3$ 51.2 6 % 31 % Held to maturity 75.274.587.5 1 % (14) % Total investment securities $ 142.3$ 137.8$ 138.6 3 % 3 %Totals may not sum due to rounding Average investment securities of $141.9 billion in the second quarter of 2025 were stable compared to the first quarter of 2025 and second quarter of 2024. Both comparisons include net purchase activity of available-for-sale securities. Total investment securities of $142.3 billion at June 30, 2025 increased $4.6 billion from March 31, 2025 and $3.7 billion from June 30, 2024, reflecting net purchase activity, primarily of agency residential mortgage-backed securities. The duration of the investment securities portfolio was estimated at 3.4 years as of June 30, 2025 and March 31, 2025 and 3.6 years as of June 30, 2024. Net unrealized losses on available-for-sale securities were $2.6 billion at June 30, 2025, $2.7 billion at March 31, 2025 and $3.7 billion at June 30, 2024. Average Federal Reserve Bank balances for the second quarter of 2025 were $30.8 billion, decreasing $3.4 billion from the first quarter of 2025 and $9.9 billion from the second quarter of 2024. In comparison to the first quarter of 2025, the decrease was primarily driven by loan growth. Compared to the second quarter of 2024, the decline included lower borrowed funds outstanding. Average Deposits Change Change 2Q25 vs 2Q25 vs In billions 2Q251Q252Q24 1Q25 2Q24 Commercial $ 205.8$ 206.5$ 199.7 — 3 % Consumer 210.5209.5208.5 — 1 % Brokered time deposits 6.74.79.1 43 % (26) % Total $ 423.0$ 420.6$ 417.2 1 % 1 % IB % of total avg. deposits 78 %78 %77 % NIB % of total avg. deposits 22 %22 %23 % IB - Interest-bearing NIB - Noninterest-bearingTotals may not sum due to rounding Second quarter 2025 average deposits of $423.0 billion increased $2.3 billion compared to the first quarter of 2025 due to higher brokered time and consumer deposits, partially offset by seasonally lower commercial deposits. Compared to the second quarter of 2024, average deposits increased $5.7 billion reflecting growth in both commercial and consumer deposits, partially offset by lower brokered time deposits. Noninterest-bearing deposits were $93.1 billion in the second quarter of 2025, increasing $0.8 billion from the first quarter of 2025 and decreasing $3.1 billion from the second quarter of 2024. Noninterest-bearing deposits as a percentage of total average deposits were 22% for both the second quarter and first quarter of 2025 and 23% in the second quarter of 2024. Average Borrowed Funds Change Change 2Q25 vs 2Q25 vs In billions 2Q251Q252Q24 1Q25 2Q24 Total $ 65.3$ 64.5$ 77.5 1 % (16) % Avg. borrowed funds to avg. liabilities 13 %13 %15 % Average borrowed funds of $65.3 billion in the second quarter of 2025 increased $0.8 billion compared to the first quarter of 2025 and decreased $12.2 billion compared to the second quarter of 2024. In comparison to the second quarter of 2024, the decrease was primarily driven by lower Federal Home Loan Bank advances, partially offset by higher parent company senior debt outstanding. Capital June 30, 2025March 31, 2025June 30, 2024Common shareholders' equity In billions $ 51.9$ 50.7$ 46.4 Accumulated other comprehensive income (loss) In billions $ (4.7)$ (5.2)$ (7.4) Basel III common equity Tier 1 capital ratio * 10.5 %10.6 %10.2 %*June 30, 2025 ratio is estimated. June 30, 2024 ratio reflects PNC's election to adopt the optional five-year CECL transition provision. PNC maintained a strong capital position. Common shareholders' equity at June 30, 2025 increased $1.2 billion from March 31, 2025 due to net income and an improvement in accumulated other comprehensive income, partially offset by dividends paid and share repurchases. As a Category III institution, PNC has elected to exclude accumulated other comprehensive income related to both available-for-sale securities and pension and other post-retirement plans from CET1 capital. Accumulated other comprehensive income of negative $4.7 billion at June 30, 2025 improved from negative $5.2 billion at March 31, 2025 and negative $7.4 billion at June 30, 2024. In both comparisons, the change reflected the favorable impact of interest rate movements on securities and swaps and the continued accretion of unrealized losses. In the second quarter of 2025, PNC returned $1.0 billion of capital to shareholders, including more than $0.6 billion of dividends on common shares and more than $0.3 billion of common share repurchases. Consistent with the Stress Capital Buffer (SCB) framework, which allows for capital return in amounts in excess of the SCB minimum levels, our board of directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 39% were still available for repurchase at June 30, 2025. Share repurchase activity in the third quarter of 2025 is expected to be generally consistent with our second quarter of 2025 share repurchase levels and approximate $300 million to $400 million. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. Based on the results of the Federal Reserve's 2025 annual stress test, PNC's SCB for the four-quarter period beginning October 1, 2025 will remain at the regulatory minimum of 2.5%. On July 3, 2025, the PNC board of directors raised the quarterly cash dividend on common stock to $1.70 per share, an increase of 10 cents per share. The dividend is payable on August 5, 2025 to shareholders of record at the close of business July 15, 2025. At June 30, 2025, PNC was considered "well capitalized" based on applicable U.S. regulatory capital ratio requirements. For additional information regarding PNC's Basel III capital ratios, see Capital Ratios in the Consolidated Financial Highlights. CREDIT QUALITY REVIEWCredit QualityChange ChangeJune 30, 2025 March 31, 2025 June 30, 2024 06/30/25 vs 06/30/25 vs In millions 03/31/25 06/30/24 Provision for credit losses (a) $ 254 $ 219 $ 235 $ 35 $ 19 Net loan charge-offs (a) $ 198 $ 205 $ 262 (3) % (24) % Allowance for credit losses (b) $ 5,282 $ 5,218 $ 5,353 1 % (1) % Total delinquencies (c) $ 1,303 $ 1,431 $ 1,272 (9) % 2 % Nonperforming loans $ 2,108 $ 2,292 $ 2,503 (8) % (16) % Net charge-offs to average loans (annualized) 0.25 % 0.26 % 0.33 % Allowance for credit losses to total loans 1.62 % 1.64 % 1.67 % Nonperforming loans to total loans 0.65 % 0.72 % 0.78 %(a) Represents amounts for the three months ended for each respective period (b) Excludes allowances for investment securities and other financial assets (c) Total delinquencies represent accruing loans 30 days or more past due Provision for credit losses was $254 million in the second quarter of 2025 and reflected changes in macroeconomic scenarios, tariff related considerations and portfolio activity, including loan growth. The first quarter of 2025 provision for credit losses was $219 million. Net loan charge-offs were $198 million in the second quarter of 2025, decreasing $7 million compared to the first quarter of 2025 due to lower consumer net loan charge-offs, partially offset by higher commercial net loan charge-offs, primarily related to the commercial real estate portfolio. Compared to the second quarter of 2024, net loan charge-offs decreased $64 million primarily due to lower commercial real estate net loan charge-offs. The allowance for credit losses was $5.3 billion at June 30, 2025, $5.2 billion at March 31, 2025 and $5.4 billion at June 30, 2024. The allowance for credit losses as a percentage of total loans was 1.62% at June 30, 2025, 1.64% at March 31, 2025 and 1.67% at June 30, 2024. Delinquencies at June 30, 2025 were $1.3 billion, decreasing $128 million from March 31, 2025, as a result of lower consumer and commercial loan delinquencies. Compared to June 30, 2024, delinquencies increased $31 million reflecting higher commercial loan delinquencies, partially offset by lower consumer loan delinquencies. Nonperforming loans at June 30, 2025 were $2.1 billion, decreasing $184 million from March 31, 2025 and $395 million from June 30, 2024. In both comparisons, the decrease was driven by lower commercial nonperforming loans, including lower commercial real estate nonperforming loans. BUSINESS SEGMENT RESULTSBusiness Segment Income (Loss)In millions 2Q251Q252Q24 Retail Banking $ 1,359$ 1,121$ 1,719 Corporate & Institutional Banking 1,2291,2441,046 Asset Management Group 12910595 Other (1,090)(989)(1,401) Net income excluding noncontrolling interests $ 1,627$ 1,481$ 1,459 Retail Banking ChangeChange2Q25 vs2Q25 vs In millions 2Q251Q252Q241Q252Q24 Net interest income $ 2,974$ 2,836$ 2,715$ 138$ 259 Noninterest income $ 782$ 706$ 1,409$ 76$ (627) Noninterest expense $ 1,890$ 1,902$ 1,841$ (12)$ 49 Provision for credit losses $ 83$ 168$ 27$ (85)$ 56 Earnings $ 1,359$ 1,121$ 1,719$ 238$ (360) In billionsAverage loans $ 97.5$ 97.8$ 98.7$ (0.3)$ (1.2) Average deposits $ 243.5$ 240.9$ 241.2$ 2.6$ 2.3 Net loan charge-offs In millions $ 120$ 144$ 138$ (24)$ (18) During the second quarter of 2025, certain operations were transferred into and out of the Retail Banking segment to better align products, services and operations with the appropriate business segment. Prior period results have been adjusted to conform with the current presentation. See a description of each change in the footnotes to table 16 in the Financial Supplement. Retail Banking Highlights Second quarter 2025 compared with first quarter 2025 Earnings increased 21%, driven by higher revenue, a lower provision for credit losses and lower noninterest expense. Noninterest income increased 11%, primarily reflecting Visa related activity and seasonally higher card and cash management revenue. Noninterest expense decreased 1%. Provision for credit losses of $83 million in the second quarter of 2025 included the impact of changes in macroeconomic factors and portfolio activity. Average loans were stable. Average deposits increased 1%, primarily due to higher noninterest-bearing and consumer time deposits. Second quarter 2025 compared with second quarter 2024 Earnings decreased 21%, driven by lower noninterest income, a higher provision for credit losses and higher noninterest expense, partially offset by increased net interest income. Noninterest income decreased 44%, primarily reflecting a gain of $754 million from the Visa exchange program that occurred in the second quarter of 2024. Noninterest expense increased 3%, due to technology investments, increased personnel costs and higher marketing spend. Average loans decreased 1%, primarily due to lower residential mortgage loans. Average deposits increased 1%, due to higher consumer time deposits. Corporate & Institutional Banking ChangeChange2Q25 vs2Q25 vs In millions 2Q251Q252Q241Q252Q24 Net interest income $ 1,698$ 1,652$ 1,560$ 46$ 138 Noninterest income $ 1,022$ 978$ 942$ 44$ 80 ...Noninterest expense $ 950$ 956$ 911$ (6)$ 39 Provision for credit losses $ 184$ 49$ 228$ 135$ (44) Earnings $ 1,229$ 1,244$ 1,046$ (15)$ 183 In billionsAverage loans $ 208.6$ 202.2$ 204.0$ 6.4$ 4.6 Average deposits $ 146.5$ 148.0$ 139.9$ (1.5)$ 6.6 Net loan charge-offs In millions $ 83$ 64$ 129$ 19$ (46) Corporate & Institutional Banking Highlights Second quarter 2025 compared with first quarter 2025 Earnings decreased 1%, driven by a higher provision for credit losses, partially offset by higher net interest income and noninterest income. Noninterest income increased 4%, reflecting higher other income and higher treasury management product revenue. Noninterest expense decreased 1%, and included a decline in personnel costs, reflecting seasonally lower incentive compensation. Provision for credit losses of $184 million in the second quarter of 2025 reflected changes in macroeconomic scenarios, tariff related considerations and portfolio activity, including loan growth. Average loans increased 3%, driven by strong new production and increased utilization of loan commitments in PNC's corporate banking and business credit businesses. Average deposits decreased 1%, reflecting seasonal declines in corporate deposits. Second quarter 2025 compared with second quarter 2024 Earnings increased 17%, reflecting higher net interest income and noninterest income as well as a lower provision for credit losses, partially offset by higher noninterest expense. Noninterest income increased 8%, reflecting broad-based growth. Noninterest expense increased 4%, due to continued investments to support business growth and higher variable compensation associated with increased business activity. Average loans increased 2%, driven by growth in PNC's corporate banking and business credit businesses, partially offset by a decline in the PNC real estate business. Average deposits increased 5%, due to growth in interest-bearing deposits. Asset Management Group ChangeChange2Q25 vs2Q25 vs In millions 2Q251Q252Q241Q252Q24 Net interest income $ 179$ 174$ 153$ 5$ 26 Noninterest income $ 244$ 243$ 235$ 1$ 9 Noninterest expense $ 268$ 279$ 261$ (11)$ 7 Provision for (recapture of) credit losses $ (13)$ 1$ 2$ (14)$ (15) Earnings $ 129$ 105$ 95$ 24$ 34 In billions Discretionary client assets under management $ 217$ 210$ 196$ 7$ 21 Nondiscretionary client assets under administration $ 204$ 201$ 208$ 3$ (4) Client assets under administration at quarter end $ 421$ 411$ 404$ 10$ 17 In billionsAverage loans $ 14.2$ 14.0$ 14.3$ 0.2$ (0.1) Average deposits $ 26.9$ 27.6$ 27.4$ (0.7)$ (0.5) Net loan charge-offs In millions $ (1)——$ (1)$ (1) During the second quarter of 2025, certain loans and deposits, and the associated income statement impact, were transferred from the Asset Management Group to Retail Banking to better align products and services with the appropriate business segment. Prior periods have been adjusted to conform with the current presentation. Asset Management Group Highlights Second quarter 2025 compared with first quarter 2025 Earnings increased 23%, due to a provision recapture, lower noninterest expense and higher net interest income. Noninterest income was stable. Noninterest expense decreased 4%, primarily driven by lower personnel expense, reflecting seasonally lower incentive compensation. Discretionary client assets under management increased 3% and included the impact from higher spot equity markets and positive net flows. Average loans increased 1%. Average deposits decreased 3%, driven by the timing of annual client income tax payments. Second quarter 2025 compared with second quarter 2024 Earnings increased 36%, due to higher revenue and a provision recapture, partially offset by higher noninterest expense. Noninterest income increased 4%, reflecting higher average equity markets. Noninterest expense increased 3%, due to continued investments to support business growth. Discretionary client assets under management increased 11% and included the impact from higher spot equity markets and positive net flows. Average loans decreased 1%, primarily reflecting declines in residential mortgage and commercial loans. Average deposits decreased 2%, driven by lower interest-bearing deposits. Other The "Other" category, for the purposes of this release, includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities, including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, corporate overhead net of allocations, tax adjustments that are not allocated to business segments, exited businesses and the residual impact from funds transfer pricing operations. CONFERENCE CALL AND SUPPLEMENTAL FINANCIAL INFORMATION PNC Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors today at 10:00 a.m. Eastern Time regarding the topics addressed in this news release and the related earnings materials. Dial-in numbers for the conference call are (866) 604-1697 and (215) 268-9875 (international) and Internet access to the live audio listen-only webcast of the call is available at PNC's second quarter 2025 earnings materials to accompany the conference call remarks will be available at prior to the beginning of the call. A telephone replay of the call will be available for 30 days at (877) 660-6853 and (201) 612-7415 (international), Access ID 13753957 and a replay of the audio webcast will be available on PNC's website for 30 days. The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit CONTACTSMEDIA:INVESTORS:Kristen PillitteriBryan Gill(412) 762-4550(412) [TABULAR MATERIAL FOLLOWS] The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)FINANCIAL RESULTSThree months endedSix months ended Dollars in millions, except per share data June 30March 31June 30June 30June 30 20252025202420252024 Revenue Net interest income$ 3,555$ 3,476$ 3,302$ 7,031$ 6,566 Noninterest income2,1061,9762,1094,0823,990 Total revenue5,6615,4525,41111,11310,556 Provision for credit losses254219235473390 Noninterest expense3,3833,3873,3576,7706,691 Income before income taxes and noncontrolling interests$ 2,024$ 1,846$ 1,819$ 3,870$ 3,475 Income taxes381347342728654 Net income$ 1,643$ 1,499$ 1,477$ 3,142$ 2,821 Less: Net income attributable to noncontrolling interests1618183432 Preferred stock dividends (a)837195154176 Preferred stock discount accretion and redemptions22244 Net income attributable to common shareholders$ 1,542$ 1,408$ 1,362$ 2,950$ 2,609 Less: Dividends and undistributed earnings allocated to nonvested restricted shares10971914 Net income attributable to diluted common shareholders$ 1,532$ 1,399$ 1,355$ 2,931$ 2,595 Per Common Share Basic$ 3.86$ 3.52$ 3.39$ 7.37$ 6.49 Diluted$ 3.85$ 3.51$ 3.39$ 7.37$ 6.48 Cash dividends declared per common share$ 1.60$ 1.60$ 1.55$ 3.20$ 3.10 Effective tax rate (b)18.8 %18.8 %18.8 %18.8 %18.8 % PERFORMANCE RATIOS Net interest margin (c)2.80 %2.78 %2.60 %2.79 %2.58 % Noninterest income to total revenue37 %36 %39 %37 %38 % Efficiency (d)60 %62 %62 %61 %63 % Return on: Average common shareholders' equity12.20 %11.60 %12.16 %11.91 %11.78 % Average assets1.17 %1.09 %1.05 %1.13 %1.01 % (a) Dividends are payable quarterly, other than Series S preferred stock, which is payable semiannually. (b) The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax. (c) Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources. To provide more meaningful comparisons of net interest margins, we use net interest income on a taxable-equivalent basis in calculating average yields used in the calculation of net interest margin by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under generally accepted accounting principles (GAAP) in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024 were $28 million, $28 million and $34 million, respectively. The taxable-equivalent adjustments to net interest income for the six months ended June 30, 2025 and June 30, 2024 were $56 million and $68 million, respectively. (d) Calculated as noninterest expense divided by total revenue. The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)June 30March 31June 30202520252024 BALANCE SHEET DATADollars in millions, except per share data and as notedAssets $ 559,107$ 554,722$ 556,519 Loans (a) $ 326,340$ 318,850$ 321,429 Allowance for loan and lease losses $ 4,523$ 4,544$ 4,636 Interest-earning deposits with banks $ 24,455$ 32,298$ 33,039 Investment securities $ 142,348$ 137,775$ 138,645 Total deposits (a) $ 426,696$ 422,915$ 416,391 Borrowed funds (a) $ 60,424$ 60,722$ 71,391 Allowance for unfunded lending related commitments $ 759$ 674$ 717 Total shareholders' equity $ 57,607$ 56,405$ 52,642 Common shareholders' equity $ 51,854$ 50,654$ 46,397 Accumulated other comprehensive income (loss) $ (4,682)$ (5,237)$ (7,446) Book value per common share $ 131.61$ 127.98$ 116.70 Tangible book value per common share (non-GAAP) (b) $ 103.96$ 100.40$ 89.12 Period end common shares outstanding (In millions) 394396398 Loans to deposits 76 %75 %77 % Common shareholders' equity to total assets 9.3 %9.1 %8.3 % CLIENT ASSETS (In billions)Discretionary client assets under management $ 217$ 210$ 196 Nondiscretionary client assets under administration 204201208 Total client assets under administration 421411404 Brokerage account client assets 898683 Total client assets $ 510$ 497$ 487 CAPITAL RATIOSBasel III (c) (d) Common equity Tier 1 10.5 %10.6 %10.2 % Tier 1 risk-based 11.9 %11.9 %11.6 % Total capital risk-based 13.6 %13.7 %13.5 % Leverage 9.3 %9.2 %8.8 % Supplementary leverage 7.6 %7.6 %7.4 % ASSET QUALITYNonperforming loans to total loans 0.65 %0.72 %0.78 % Nonperforming assets to total loans, OREO and foreclosed assets 0.66 %0.73 %0.79 % Nonperforming assets to total assets 0.38 %0.42 %0.46 % Net charge-offs to average loans (for the three months ended) (annualized) 0.25 %0.26 %0.33 % Allowance for loan and lease losses to total loans 1.39 %1.43 %1.44 % Allowance for credit losses to total loans (e) 1.62 %1.64 %1.67 % Allowance for loan and lease losses to nonperforming loans 215 %198 %185 % Total delinquencies (In millions) (f) $ 1,303$ 1,431$ 1,272 (a) Amounts include assets and liabilities for which we have elected the fair value option. Our first quarter 2025 Form 10-Q included, and our second quarter 2025 Form 10-Q will include, additional information regarding these Consolidated Balance Sheet line items. (b) See the Tangible Book Value per Common Share table on page 17 for additional information. (c) All ratios are calculated using the regulatory capital methodology applicable to PNC during each period presented and calculated based on the standardized approach. See Capital Ratios on page 16 for additional information. The ratios as of June 30, 2025 are estimated. (d) The June 30, 2025 and March 31, 2025 ratios are calculated to reflect the full impact of CECL. The June 30, 2024 ratios are calculated to reflect PNC's election to adopt the CECL optional five-year transition provisions. The impact of the provisions was phased-in to regulatory capital through December 31, 2024. (e) Excludes allowances for investment securities and other financial assets. (f) Total delinquencies represent accruing loans 30 days or more past due. The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited) CAPITAL RATIOS PNC's regulatory risk-based capital ratios in 2025 are calculated using the standardized approach for determining risk-weighted assets. Under the standardized approach for determining credit risk-weighted assets, exposures are generally assigned a pre-defined risk weight. Exposures to high volatility commercial real estate, past due exposures and equity exposures are generally subject to higher risk weights than other types of exposures. PNC elected a five-year transition provision effective March 31, 2020 to delay until December 31, 2021 the full impact of the CECL standard on regulatory capital, followed by a three-year transition period. Effective for the first quarter of 2022, PNC entered a three-year transition period, and the full impact of the CECL standard was phased-in to regulatory capital through December 31, 2024. Beginning in the first quarter of 2025, CECL is fully reflected in regulatory capital. See the table below for the March 31, 2025, June 30, 2024 and estimated June 30, 2025 ratios. Our Basel III capital ratios may be impacted by changes to the regulatory capital rules and additional regulatory guidance or analysis. Basel lll Common Equity Tier 1 Capital Ratios (a)Basel IIIJune 30 2025 (estimated) (b)March 31 2025 (b)June 30 2024 (c)Dollars in millions Common stock, related surplus and retained earnings, net of treasury stock $ 56,536$ 55,891$ 54,084 Less regulatory capital adjustments:Goodwill and disallowed intangibles, net of deferred tax liabilities (10,896)(10,914)(10,965) All other adjustments (81)(84)(102) Basel III Common equity Tier 1 capital $ 45,559$ 44,893$ 43,017 Basel III standardized approach risk-weighted assets (d) $ 432,904$ 423,931$ 423,503 Basel III Common equity Tier 1 capital ratio 10.5 %10.6 %10.2 % (a) All ratios are calculated using the regulatory capital methodology applicable to PNC during each period presented. (b) The June 30, 2025 and March 31, 2025 ratios are calculated to reflect the full impact of CECL. (c) The June 30, 2024 ratio is calculated to reflect PNC's election to adopt the CECL optional five-year transition provisions. The impact of the provisions was phased-in to regulatory capital through December 31, 2024. (d) Basel III standardized approach risk-weighted assets are based on the Basel III standardized approach rules and include credit and market risk-weighted assets. The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited) NON-GAAP MEASURESFee Income (non-GAAP) Three months endedJune 30March 31June 30 Dollars in millions 202520252024 Noninterest incomeAsset management and brokerage $ 391$ 391$ 364 Capital markets and advisory 321306272 Card and cash management 737692706 Lending and deposit services 317316304 Residential and commercial mortgage 128134131 Fee income (non-GAAP) $ 1,894$ 1,839$ 1,777 Other income 212137332 Total noninterest income $ 2,106$ 1,976$ 2,109 Fee income is a non-GAAP measure and is comprised of noninterest income in the following categories: asset management and brokerage, capital markets and advisory, card and cash management, lending and deposit services, and residential and commercial mortgage. We believe this non-GAAP measure serves as a useful tool for comparison of noninterest income related to fees. Pretax Pre-Provision Earnings (non-GAAP) Three months endedJune 30March 31June 30 Dollars in millions 202520252024 Income before income taxes and noncontrolling interests $ 2,024$ 1,846$ 1,819 Provision for credit losses 254219235 Pretax pre-provision earnings (non-GAAP) $ 2,278$ 2,065$ 2,054 Pretax pre-provision earnings is a non-GAAP measure and is based on adjusting income before income taxes and noncontrolling interests to exclude provision for credit losses. We believe that pretax, pre-provision earnings is a useful tool to help evaluate the ability to provide for credit costs through operations and provides an additional basis to compare results between periods by isolating the impact of provision for credit losses, which can vary significantly between periods. Tangible Book Value per Common Share (non-GAAP) June 30March 31June 30 Dollars in millions, except per share data 202520252024 Book value per common share $ 131.61$ 127.98$ 116.70 Tangible book value per common shareCommon shareholders' equity $ 51,854$ 50,654$ 46,397 Goodwill and other intangible assets (11,137)(11,154)(11,206) Deferred tax liabilities on goodwill and other intangible assets 242239241 Tangible common shareholders' equity $ 40,959$ 39,739$ 35,432 Period-end common shares outstanding (In millions) 394396398 Tangible book value per common share (non-GAAP) $ 103.96$ 100.40$ 89.12 Tangible book value per common share is a non-GAAP measure and is calculated based on tangible common shareholders' equity divided by period-end common shares outstanding. We believe this non-GAAP measure serves as a useful tool to help evaluate the strength and discipline of a company's capital management strategies and as an additional, conservative measure of total company value. The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited) Taxable-Equivalent Net Interest Income (non-GAAP) Three months endedJune 30March 31June 30 Dollars in millions 202520252024 Net interest income $ 3,555$ 3,476$ 3,302 Taxable-equivalent adjustments 282834 Net interest income (Fully Taxable-Equivalent - FTE) (non-GAAP) $ 3,583$ 3,504$ 3,336 The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP. Taxable-equivalent net interest income is only used for calculating net interest margin. Net interest income shown elsewhere in this presentation is GAAP net interest income. Cautionary Statement Regarding Forward-Looking Information We make statements in this news release and related conference call, and we may from time to time make other statements, regarding our outlook for financial performance, such as earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting us and our future business and operations, including our sustainability strategy, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as "believe," "plan," "expect," "anticipate," "see," "look," "intend," "outlook," "project," "forecast," "estimate," "goal," "will," "should" and other similar words and expressions. Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. Forward-looking statements speak only as of the date made. We do not assume any duty and do not undertake any obligation to update forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. As a result, we caution against placing undue reliance on any forward-looking statements. Our forward-looking statements are subject to the following principal risks and uncertainties. Our businesses, financial results and balance sheet values are affected by business and economic conditions, including: Changes in interest rates and valuations in debt, equity and other financial markets, Disruptions in the U.S. and global financial markets, Actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply, market interest rates and inflation, Changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives, Changes in customers', suppliers' and other counterparties' performance and creditworthiness, Impacts of sanctions, tariffs and other trade policies of the U.S. and its global trading partners, Impacts of changes in federal, state and local governmental policy, including on the regulatory landscape, capital markets, taxes, infrastructure spending and social programs, Our ability to attract, recruit and retain skilled employees, and Commodity price volatility. Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting and do not take into account potential legal and regulatory contingencies. These statements are based on our views that: The economic fundamentals remain solid in mid-2025. The labor market has eased but job growth continues, and job and income gains have supported consumer spending growth in the first half of 2025. However, downside risks have materially increased with recent substantial changes to U.S. tariffs and corresponding policy changes by U.S. trading partners. PNC's baseline forecast remains for continued expansion, but slower economic growth in 2025 than in 2024. Tariffs and the uncertainty surrounding them will weigh on consumer spending and business investment. High interest rates remain a drag on the economy, consumer spending growth will slow to a pace more consistent with household income growth, and government's contribution to economic growth will be smaller. The baseline forecast is for real GDP growth of around 1.5% in 2025 and 2026, respectively, with the unemployment rate increasing to around 4.5% over the next year. However, the recent turbulence in trade policy indicates that growth may be significantly weaker than in this forecast and the unemployment rate higher. The higher tariffs are, the longer they remain in place, and the more uncertainty around them, the weaker growth will be and the higher the unemployment rate. The longer trade disputes persist, the greater the likelihood of near-term recession. The baseline forecast is for one federal funds rate cut of 25 basis points this year, at the last Federal Open Market Committee (FOMC) meeting of 2025, with additional rate cuts of 25 basis points at each of the first two FOMC meetings of 2026. This would put the federal funds rate in a range of 3.50% to 3.75% by the spring of next year. High inflation could mean less monetary easing than in the forecast, but if the economy enters recession the Federal Reserve could cut the federal funds rate more aggressively this year. PNC's ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding minimum capital levels, including a stress capital buffer established by the Federal Reserve Board in connection with the Federal Reserve Board's Comprehensive Capital Analysis and Review (CCAR) process. PNC's regulatory capital ratios in the future will depend on, among other things, PNC's financial performance, the scope and terms of final capital regulations then in effect and management actions affecting the composition of PNC's balance sheet. In addition, PNC's ability to determine, evaluate and forecast regulatory capital ratios, and to take actions (such as capital distributions) based on actual or forecasted capital ratios, will be dependent at least in part on the development, validation and regulatory review of related models and the reliability of and risks resulting from extensive use of such models. Legal and regulatory developments could have an impact on our ability to operate our businesses, financial condition, results of operations, competitive position, reputation, or pursuit of attractive acquisition opportunities. Reputational impacts could affect matters such as business generation and retention, liquidity, funding, and ability to attract and retain employees. These developments could include: Changes to laws and regulations, including changes affecting oversight of the financial services industry, changes in the enforcement and interpretation of such laws and regulations, and changes in accounting and reporting standards. Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries resulting in monetary losses, costs, or alterations in our business practices, and potentially causing reputational harm to PNC. Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies. Costs associated with obtaining rights in intellectual property claimed by others and of adequacy of our intellectual property protection in general. Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques, and to meet evolving regulatory capital and liquidity standards. Our reputation and business and operating results may be affected by our ability to appropriately meet or address environmental, social or governance targets, goals, commitments or concerns that may arise. We grow our business in part through acquisitions and new strategic initiatives. Risks and uncertainties include those presented by the nature of the business acquired and strategic initiative, including in some cases those associated with our entry into new businesses or new geographic or other markets and risks resulting from our inexperience in those new areas, as well as risks and uncertainties related to the acquisition transactions themselves, regulatory issues, the integration of the acquired businesses into PNC after closing or any failure to execute strategic or operational plans. Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands. Business and operating results can also be affected by widespread manmade, natural and other disasters (including severe weather events), health emergencies, dislocations, geopolitical instabilities or events, terrorist activities, system failures or disruptions, security breaches, cyberattacks, international hostilities, or other extraordinary events beyond PNC's control through impacts on the economy and financial markets generally or on us or our counterparties, customers or third-party vendors and service providers specifically. We provide greater detail regarding these as well as other factors in our most recent Form 10-K and in any subsequent Form 10-Qs, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes of the Notes To Consolidated Financial Statements in those reports, and in our other subsequent SEC filings. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss elsewhere in this news release or in our SEC filings, accessible on the SEC's website at and on our corporate website at We have included these web addresses as inactive textual references only. Information on these websites is not part of this document. View original content to download multimedia: SOURCE The PNC Financial Services Group, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


Forbes
5 days ago
- Forbes
Will US Exchanges Follow The Tokyo Stock Exchange (TSE)'s Lead In Nudging Chronic Underperformers?
Senso-Ji ancient buddhist temple illuminated at night in Asakusa. Senso-Ji is Tokyo's oldest and ... More most significant temple The TSE asks firms with price to book (P/B) of less than 1 to publish turnaround plans. Around 23% of US firms have a P/B less than 1. In March 2023, the Tokyo Stock Exchange (TSE) put out an interesting rule/nudge or guidance: companies on the TSE, whose P/B ratio was less than one, over multiple years, are encouraged to disclose, on an annual basis, information on specific initiatives to improve profitability and market valuation, as well as the schedule for their implementation. Companies risk delisting if these directives are not followed. This is an intriguing nudge to get under-performers to publicly discuss plans for turning themselves around or for cash hoarders to buy back stock and/or payout dividends. The rule is especially pertinent to a market like Japan where shareholder activism is still at a nascent stage which in turn makes it becomes difficult for shareholder activists such an Elliott or a Trian to target such under-performers. What is so special about P/B struggling at less than one for a while? No one ratio or metric is ever definitive. But, P/B < 1 is a quick and easy heuristic symptomatic of problems that deserve the CEO's and board's attention: (i) the company's future earnings stream does not even pay for the cost of equity held in the firm; (ii) the firm is sitting on assets over-valued in its books and the market is asking the firm to take a write down (a topic I had covered a while ago); (iii) the firm has negative debt (or cash in excess of debt) suggesting that is either under-levered or is better off returning cash to shareholders who can earn a higher rate of return than the firm can generate on cash, either held in marketable securities or invested in the business; or (iv) the firm is doing fine but the stock market has somehow not acknowledged its long term prospects. The US, to some extent, has the same problem. I found 1,547 firms, out of 6,829 firms listed on major US exchanges (including mutual funds and class A and B shares and ADRs), that report a P/B ratio of less than one as of 6/30/2025. Of these, 756 are listed on the NYSE and the remaining 791 are on NASDAQ. Of the 1,547 firms, 1,007 trade at a price above $5 a share, suggesting that many of these firms are not trivially small. Thus, 23% of US firms (1,547/6,829) or nearly a fourth of the sample have P/B ratio of less than one, despite the historical heights that US markets have scaled, of late. When I ran the same screen for the Tokyo Stock Exchange, I ended up with 1,668 firms out of a total of 4,333 firms (38%) with a P/B less than one. Yes, the proportion is higher for the TSE but a 23% number for US exchanges still sounds quite high to me. Surprisingly, many prominent US listed firms report a P/B of less than one: Citibank, Baidu, Rogers Corporation, KB Home, General Motors, Molson Coors, United Bancshares, Arcelor Mittal, Fresh Del Monte Produce, Ziff Davis, Echostar, Honda Motor Company, Deutsche Bank, Harley Davidson, Foot Locker, Murphy Oil, Sirius XM, Barclays, Paramount, Ford Motor Company, Liberty Energy, several Invesco, Nuveen and Blackrock funds, Biovie, Kohl's, Clarivate, and Lloyds Banking Corporation. Nearly a fourth of the market is simply too long a list for activists to go after, even in the US, setting aside any considerations of a financial return to activism. I have highlighted how many of these firms potentially have an agency problem in that the board or the CEO is stuck and somehow unable to break the rut and the usual checks and balance such as relatively passive institutional holders, proxy advisors or even index makers such as S&P have not pressured them to turn things around. When the usual checks and balances fail, can and should the exchange step in? Will US exchanges be willing to follow TSE's lead and announce a similar rule asking managers to share concrete plans for a turnaround? Has the TSE's plan worked in Japan? It might be too early to tell for sure but companies have started sharing concrete initiatives. For instance, A lot of this looks and sounds like Financial Management 101 but it is not a bad idea to force CEOs and boards to acknowledge their laggard status and ask for concrete steps they plan on taking to improve return on shareholder capital. What about enforcement? Aside from the threat of delisting, short-listing the P/B laggards could potentially spotlight these firms and on the margin, goad institutional investors, index providers, proxy advisors, sell side analysts and rating agencies to hold management's feet to the fire in making sure that the announced plans are followed through. Will the NYSE and NASDAQ consider TSE's out-of-the-box idea to pull up chronic under-performers?


Buzz Feed
7 days ago
- Buzz Feed
The Kindle Scribe Is 'A Perfect Union Of E-Reader And E-Notepad' — And $140 Off For Prime Day
It's likely you're already familiar with the Kindle, Amazon's featherweight reading device that's practically synonymous with the word 'e-reader.' But have you heard of its note-taking big brother, the Kindle Scribe? Well, if you haven't, and you're in the market for an e-reader tablet with a little more pizzazz than the tried-and-true OG, consider this: The Scribe has a literal horde of fans who swear it's Amazon's greatest invention, and right now, you can grab it bundled with other goodies for a whopping 35% off, which translates to a $140 discount!Seriously, don't miss this. Reviewers have sung its praises to the heavens, deeming it 'the absolute best Kindle Amazon has ever produced,' a 'perfect union of an e-reader and e-notepad,' 'a joy' to use, and 'utterly perfect.' This current sale knocks its $399.99 bundled value down to $259.99 — a wild, wild deal for Amazon Prime on-sale New Kindle Scribe combines a 16GB e-reader and e-notebook device with a 3-month subscription of Kindle Unlimited, built-in AI summarization capabilities, and a lightweight smart stylus for the ultimate productivity starter like the basic Kindle, the Kindle Scribe can load hundreds and hundreds of e-books into its internal storage, so you can take your library to go and reduce eye strain with its friendly, backlit e-ink display. It has a larger 10.2-inch screen than the Kindle Paperwhite (which measures 7 inches) for easier reading. (One reviewer calls the ability to change that text size 'a godsend' for aging eyes.) It's designed for reading, whether you're indoors or outside. And for those listeners out there: Yes, it also supports display aside, what the Scribe has that the Paperwhite doesn't is the ability to take notes using its smart stylus. Using the stylus as you would a pen to paper, you can scribble notes down to an e-ink document and refer to them later, or, if you're like me, you can doodle and draw away. You can also use the stylus to highlight, underline, and mark up documents, .pdf files, and even the very books you're reading!Coolest of all, it uses AI to summarize your pages of notes, so you can keep things tidy without having to flip through your thoughts and references to find what you can use the Scribe to take meeting notes at work or jot to-do and grocery lists. You can journal and store your recordings all in one place. You could even convert your handwritten notes to text and email them to yourself or your friends whenever you need!Several reviewers say writing with the stylus feels like using a real pencil and paper, plus with the stylus' eraser, you can immediately delete any mistakes you might've made, all without having to waste desk Kindle Scribe bundle is the lowest price it's been all year. Grab it for 35% off today and check out some promising reviews below to see why users are going bonkers over this awesome productivity tool and e-reader. Promising reviews: 'OH. MY. GOD. 🤩🥳 I have found the holy grail of e-reading. I upgraded by trading in my 10th-gen Paperwhite. When I received this bad boy (named $crim the Scribe lol), setup was a breeze bc I linked my Amazon account to the purchase. I've had it for a week now and it's life changing in the best way 😍 **yes I'm aware you can see my folders and titles of my notebooks, idc lol** […] I love writing on it, and I think my handwriting is so much prettier on it vs on actual paper 💀 […]The screen is HUGE and my blind self loves that 🤣 I didn't realize the pen is magnetic and sticks to the side, I was like a cavewoman discovering fire when I found that feature lmaooo. Response time is lightyears faster than my Paperwhite, and having 64GB of memory is a dream compared to the 8GB I had. The battery life is impressive. I have mine set to sleep after 5 minutes of inactivity. […]✨I know the price is pricey (at least to me it is lmfao), but if you love reading, love to journal, or want to get into the habit of journaling, BUY A KINDLE SCRIBE!!!!!! This was a purchase I know was worth it as soon as I got to play around with it ✨' —Nicole (This review has been edited for length. Read the full review.)'I used to constantly remember to carry around both my bullet journal (Bujo) and my Paperwhite around. Now, I no longer need to worry about it... just keep up with one item. I get the best of both worlds in terms of the flexibility of digital and the power of analog writing in one package. Plus, I can play my audiobooks to boot! (not while I'm taking notes, of course). I'm still doing the bullet journal style of notetaking, but I'm having to adjust to a slightly different workflow. The beauty is that I feel like this is even more flexible than a regular bullet journal because now I can take certain notes that I want to keep from year to year without having to transfer between journals every year. I just keep them in a different category or folder, and I organize things better this way, which works for me. […]' —Jack_and_Angel (This review has been edited for length. Read the full review.)'I had a Paperwhite for seven years, and I started having issues with it. There were lines on the screen and little specs of stuff, and they would come off after rebooting, but the screen was really small, which is a 7-inch, so I decided to go for a scribe. On Amazon, you get the best deal I got with a trade-in $60 off, plus a $20 gift card, so it ended up being $225, which is a fantastic deal when I got it. I was kind of apprehensive at first, thinking it was gonna be too big before I got it. I was wrong. It is amazing that the print can be made bigger, especially for us who have aging eyes. It is a godsend. It can be turned left or right whichever way you want, and if you get a case, you can get one of those that have a strap in the bag so you can strap it to your hand. The visibility is so much better, I'm able to establish my collection so much easier and in so much cleaner. It is way more responsive than the paper white and I wish I would've but purchased one sooner. I highly recommend. Don't worry about the weight, it is just fine. It is not a big deal. I absolutely love it. Do not hesitate, run and get one now.' —Nicole robello'I received my Amazon Kindle Scribe 64GB two weeks ago, and I simply LOVE IT! I wasn't sure I would like writing on it before I practiced with it, but when I discovered the 'fountain pen' writing option, I was THRILLED. It is fun to take notes now, and although I am not as excited with the edit part of the interface before emailing it to myself as a PDF, it is early days. It is long past time to stop wasting paper and going digital — and as I enjoy the process of writing notes as a part of encoding and learning, it really is working for me.' —Xela'This is, by far, the best Kindle Amazon has ever produced in my experience. I had the Paperwhite before with the drawing capabilities. This one has far superior drawing. The underlining feature is amazing. The processor keeps up with the drawing, so you can just seamlessly underline multiple lines without the weird action of the previous versions. The note-taking is incredible. It puts the notes inline with the text of the book, and the feel of the note-taking is very much like taking notes on paper. The color of the display is so much more pleasing to look at than any previous version of Kindle I've ever purchased, and I have purchased several before this one. If you want an excellent product for reading, get this Kindle. I cannot recommend this product enough.' —monsterpixel Get it from Amazon for $259.99+ (originally $399.99; available in three sizes).