Noninterest expense decreased in the comparison with the third quarter reflecting timing of technology costs and the fourth quarter elimination of the quarterly FDIC deposit insurance surcharge assessment partially offset by increased marketing related to the national retail digital strategy.
Noninterest expense decreased in the comparison with the third quarter reflecting timing of technology costs and the fourth quarter elimination of the quarterly FDIC deposit insurance surcharge assessment partially offset by increased marketing related to the national retail digital strategy.Noninterest expense declined compared with fourth quarter 2017 due to lower personnel and branch occupancy costs, lower legal expense and the reduced FDIC assessment partially offset by higher noncredit losses, equipment expense and marketing.The provision for consumer loans increased modestly compared with the third quarter as a higher provision for auto loans was partially offset by lower home equity and credit card loan provisions.Tags: Deductive Essay ThesisWrite An Annotated BibliographyImportance Of Writing A Research PaperPrejudice In Merchant Of Venice EssaysHelp Me To Do My HomeworkVasant Panchami Festival Essay In EnglishProblem Solving Quadratic EquationsDo My College PaperRelated Literature Of Inventory System Thesis
These increases were partially offset by a negative adjustment for residential mortgage servicing rights valuation, net of economic hedge, driven by a decline in long-term interest rates at quarter end.
Noninterest income increased compared with fourth quarter 2017 due to negative valuation adjustment in the fourth quarter of 2018.
Fourth quarter 2017 net income tax benefits were reclassified within that period.
Noninterest expense reclassifications were retrospectively applied to prior periods presented.
Fourth quarter 2017 included an income tax benefit recognized as a result of federal tax legislation and was primarily attributable to revaluation of net deferred tax liabilities at the lower statutory tax rate.
CONSOLIDATED BALANCE SHEET REVIEW Average total assets were in the fourth quarter of 2017.The decline in the margin from the third quarter was due to automation of operational processes that refined the calculation of certain average other interest-earning assets and impacted the related average yield.fourth quarter 2017 flow-through impact of tax legislation on PNC's equity investment in Black Rock.The effective tax rate was 16.3 percent for the fourth quarter of 2018 compared with 15.7 percent for the third quarter, and 16.8 percent for full year 2018.The federal statutory tax rate was lowered to 21.0 percent effective .Information in this news release, including the financial tables, is unaudited. Higher loan and securities yields and balances were partially offset by higher deposit and borrowing costs in both comparisons reflecting the impact of interest rate increases.The net interest margin was 2.96 percent for the fourth quarter of 2018 compared with 2.99 percent for the third quarter and 2.88 percent for the fourth quarter of 2017.Additionally, the comparison to fourth quarter 2017 reflected growth in consumer service fees and service charges on deposits.Provision for credit losses decreased compared with fourth quarter 2017 primarily due to lower home equity and credit card loan provisions.Net charge-offs for the fourth quarter of 2018 were .19 percent of average loans on an annualized basis compared with .16 percent for the third quarter and .22 percent for the fourth quarter of 2017.The allowance for loan and lease losses to total loans was 1.16 percent at both In the fourth quarter of 2018, as a result of updating internal management reporting processes relating to segment reporting disclosures, certain noninterest expenses and fourth quarter 2017 net income tax benefits that were previously recorded within "Other, including Black Rock" were reclassified to reportable segments.