PNC Financial Services (NYSE:PNC) shares fell more than 8% since the company’s reported Q4 results on Wednesday, with EPS of $3.49 coming in worse than the Street estimate of $3.95. Revenue was $5.76 billion, better than the Street estimate of $5.7 billion.

The analysts at Oppenheimer believe that the EPS shortfall was primarily due to cosmetic and one-time factors. On the cosmetic side, there were $184 million of net CECL reserve builds which penalized EPS by $0.37. The real impact was probably even more than there was a charge-off on a specifically reserved for loan and so the CECL build was probably higher.

On the “one-timish” side, the analysts mentioned that the core expenses were $176 million higher than modeled. Management didn't precisely specify but suggested a number of minor factors like writing of anything related to crypto and seasonally higher medical expenses.