PNC Bank made a $1.3 billion profit in the first quarter, a 6% decrease.
The Pittsburgh-based bank, which has branches in Munster, Schererville, East Chicago, Hobart and across the south suburbs, pulled in $80 million less in profit after total revenue fell by 1% to $4.3 billion in the first quarter.
"PNC delivered a very good first quarter," Chairman and CEO Bill Demchak said. "Year over year, we grew net income, and compared with fourth quarter 2018, net interest income was stable despite two fewer days, our net interest margin expanded and we kept expenses flat."
In the first quarter, as compared to the previous quarter, the bank saw a 3% decrease in noninterest income to $1.8 billion and a 2% decline in fee income to $31 million. Other noninterest income dropped 5% percent quarter-over-quarter to $308 million.
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PNC's average loans grew by 1% to $2.6 billion in the first quarter, as compared to the four quarter of 2018. Nonperforming assets declined by 1% or $23 million.
Deposits at the bank grew by $700 million to $267.2 billion in the first quarter. The company returned $1.2 billion in capital to shareholders through dividends and stock repurchases during the first quarter of the year.
"Additionally, we grew capital, providing us with flexibility into the future," Demchak said. "As 2019 unfolds, we remain confident about the strength of the economy and the opportunities to drive growth, efficiency and value over the long term as we continue to focus on doing what is best for our shareholders, customers, employees and communities."