Up Two Billion Dollars: PNC’s Home Equity Assets in 2022

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Up Two Billion Dollars: PNC’s Home Equity Assets in 2022

Jan 29, 2023 | News | 0 comments

In 2022, PNC Financial Services Group Inc.’s holdings of home equity increased by nearly $2 billion. In addition, the financial institution’s earnings increased.

Home-equity assets of the Pittsburgh-based organization’s investment portfolio ended last year at $25.983 billion, according to the firm’s fourth-quarter earnings released Wednesday.

There was an increase in home equity holdings from the second quarter when they were at $25.36 billion. In addition, as of Dec. 31, 2021, they exceeded the $24.061 billion in home equity assets on the balance sheet.

From $5.7 billion one year earlier, PNC’s net income rose to $6.1 billion in 2022.

In a statement, PNC Chairman, President and CEO Bill Demchak said last year’s “strong results” were due to their focus on serving customers and communities.

Demchak said they were able to return $6 billion of capital to shareholders this year due to strong credit quality metrics and a solid capital position.

Over 12 million PNC customers benefit from PNC Bank’s personal and commercial banking services for more than 160 years. The sixth-largest bank in the US, PNC is based in Pittsburgh, Pennsylvania. In addition to in-person banking, ATMs and online and mobile banking, it offers retail banking services through its 2,500 branches.

Alaska, Hawaii, Louisiana, Mississippi, Nevada, and South Dakota are the only states in which PNC does not offer home equity line of credit (HELOC).

One HELOC is offered by PNC, the Choice Home Equity Line of Credit, or CHELOC, but it comes in two rate options: fixed and variable. According to PNC, during the draw period, you can lock in a fixed rate on all, or part, of your variable-rate balance, with the fixed-rate option.

A major diversified financial services firm in the United States, PNC Financial Services Group is one of the largest in the country. Its retail and business banking services are based on strong relationships with customers and communities.