PNC’s Lending Income Tops Estimates After FirstBank Takeover

PNC Financial Services Group Inc.’s $4.1 billion acquisition of FirstBank Holding Co. helped drive its revenue higher in the first quarter while impacting credit quality.

The Pittsburgh-based bank reported $3.96 billion of net interest income — what it makes from lending minus what it pays for deposits — beating analysts’ estimates of $3.92 billion. The FirstBank deal, which was completed in early January, lifted PNC’s average loans by about 11% and deposits by roughly 9% from a year earlier.