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Company Description

Contact Info

The Tower at PNC Plaza

300 Fifth Avenue

Pittsburgh, PA 15222

United States

Phone: 412-762-2000

Fax:

n-profits, foundations and endowments, primarily located in the company’s geographic footprint. Asset Management Group is focused on being one of the premier bank-held individual and institutional asset managers in each of the markets it serves. Residential Mortgage Banking This segment directly originates first lien residential mortgage loans on a nationwide basis with a major presence within the retail banking footprint. Mortgage loans represent loans collateralized by one-to-four-family residential real estate. These loans are typically underwritten to government agency and/or third-party standards, and either sold, servicing retained, or held on the company’s balance sheet. Loan sales are primarily to secondary mortgage conduits of Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Home Loan Banks and third-party investors, or are securitized and issued under the Government National Mortgage Association program. The mortgage servicing operation performs all functions related to servicing mortgage loans, primarily those in first lien position, for various investors and for loans owned by the company. This segment is focused on adding value to the company’s franchise by building customer relationships, providing quality investment loans and mortgage servicing opportunities, and delivering acceptable returns consistent with its desired risk appetite. Strategy: A strategic priority for the company is to build a stronger residential mortgage business offering seamless delivery to customers while improving efficiencies. BlackRock This segment, in which the company holds an equity investment, is a major publicly traded investment management firm providing a range of investment and risk management services to institutional and retail clients worldwide. Using a platform of active and index investment strategies across asset classes, BlackRock develops investment outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments. BlackRock also offers an investment and risk management technology platform, risk analytics and advisory services and solutions to a base of institutional investors. The company’s equity investment in BlackRock provides it with an additional source of noninterest income and increases the company’s overall revenue diversification. BlackRock is a publicly traded company, and additional information regarding its business is available in its filings with the Securities and Exchange Commission (SEC). Non-Strategic Assets Portfolio This segment includes a consumer portfolio of mainly residential mortgage and brokered home equity loans and lines of credit and a small commercial/commercial real estate loan and lease portfolio. The company obtained a major portion of these non-strategic assets through acquisitions of other companies. Supervision and Regulation The company is a bank holding company registered under the Bank Holding Company Act of 1956 and a financial holding company under the Gramm-Leach-Bliley Act. The company is subject to supervision and periodic examination by, among other regulatory bodies, the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC). The Consumer Financial Protection Bureau is responsible for examining PNC Bank and its affiliates (including the company) for compliance with most federal consumer financial protection laws, including the laws relating to fair lending and prohibiting unfair, deceptive or abusive acts or practices in connection with the offer, sale or provision of consumer financial products or services, and for enforcing such laws with respect to PNC Bank and its affiliates. The company is also subject to regulation by the SEC by virtue of its status as a public company and by the SEC and the Commodity Futures Trading Commission due to the nature of some of the company’s businesses. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Federal Reserve to establis

 

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PNC

Industry Average

Valuation PNC Industry Range
Price/Earnings 12.1x
Price/Sales 3.0x
Price/Book 1.0x
Price/Cash Flow 10.9x
TEV/Sales NM Not Meaningful
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