Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 2, 2022

Documents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
______________________________________
FORM 10-Q
______________________________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to         
    
Commission file number 001-09718
The PNC Financial Services Group, Inc.
(Exact name of registrant as specified in its charter)
___________________________________________________________
Pennsylvania   25-1435979
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)
The Tower at PNC Plaza, 300 Fifth Avenue, Pittsburgh, Pennsylvania 15222-2401
(Address of principal executive offices, including zip code)

(888) 762-2265
(Registrant’s telephone number including area code)

(Former name, former address and former fiscal year, if changed since last report)
___________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s)
 Name of Each Exchange
    on Which Registered    
Common Stock, par value $5.00 PNC New York Stock Exchange
Depositary Shares Each Representing a 1/4,000 Interest in a Share of Fixed-to-
    Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P		 PNC P New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   ☒    Accelerated filer   ☐
Non-accelerated filer   ☐    Smaller reporting company   ☐
     Emerging growth company   ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
    Yes  ☐  No  ☒
As of July 13, 2022, there were 410,124,004 shares of the registrant’s common stock ($5 par value) outstanding.

THE PNC FINANCIAL SERVICES GROUP, INC.
Cross-Reference Index to Second Quarter 2022 Form 10-Q

  Pages
PART I – FINANCIAL INFORMATION
Item 1.   Financial Statements (Unaudited).
Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A).
Item 3. Quantitative and Qualitative Disclosures about Market Risk. 21-38, 48-49 and 82-88
Item 4. Controls and Procedures.


MD&A TABLE REFERENCE
Table Description Page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS TABLE REFERENCE
Table Description Page
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79



FINANCIAL REVIEW
THE PNC FINANCIAL SERVICES GROUP, INC.

This Financial Review, including the Consolidated Financial Highlights, should be read together with our unaudited Consolidated Financial Statements and unaudited Statistical Information included elsewhere in this Quarterly Report on Form 10-Q (the Report or Form 10-Q) and with Items 6, 7, 8 and 9A of our 2021 Annual Report on Form 10-K (2021 Form 10-K). We have reclassified certain prior period amounts to conform with the current period presentation, which we believe is more meaningful to readers of our consolidated financial statements. For information regarding certain business, regulatory and legal risks, see the following: the Risk Management section of this Financial Review and of Item 7 in our 2021 Form 10-K; Item 1A Risk Factors included in our 2021 Form 10-K; and the Commitments and Legal Proceedings Notes of the Notes To Consolidated Financial Statements included in Item 1 of this Report and our first quarter 2022 Form 10-Q and Item 8 of our 2021 Form 10-K. Also, see the Cautionary Statement Regarding Forward-Looking Information section in this Financial Review and the Critical Accounting Estimates and Judgments section in this Financial Review and in our 2021 Form 10-K for certain other factors that could cause actual results or future events to differ, perhaps materially, from historical performance and from those anticipated in the forward-looking statements included in this Report. See Note 13 Segment Reporting in the Notes To Consolidated Financial Statements included in this Report for a reconciliation of total business segment earnings to total PNC consolidated net income as reported on a GAAP basis. In this Report, “PNC”, “we” or “us” refers to The PNC Financial Services Group, Inc. and its subsidiaries on a consolidated basis (except when referring to PNC as a public company, its common stock or other securities issued by PNC, which just refer to The PNC Financial Services Group, Inc.). References to The PNC Financial Services Group, Inc. or to any of its subsidiaries are specifically made where applicable.

See page 98 for a glossary of certain terms and acronyms used in this Report.
Table 1: Consolidated Financial Highlights
Dollars in millions, except per share data
Unaudited		 Three months ended Six months ended
June 30 March 31 June 30 June 30 June 30
2022 2022 2021 2022 2021
Financial Results (a)
Net interest income $ 3,051  $ 2,804  $ 2,581  $ 5,855  $ 4,929 
Noninterest income 2,065  1,888  2,086  3,953  3,958 
Total revenue 5,116  4,692  4,667  9,808  8,887 
Provision for (recapture of) credit losses 36  (208) 302  (172) (249)
Noninterest expense 3,244  3,172  3,050  6,416  5,624 
Income before income taxes and noncontrolling interests
 $ 1,836  $ 1,728  $ 1,315  $ 3,564  $ 3,512 
Income taxes
 340  299  212  639  583 
Net income $ 1,496  $ 1,429  $ 1,103  $ 2,925  $ 2,929 
Net income attributable to common shareholders $ 1,409  $ 1,361  $ 1,042  $ 2,770  $ 2,800 
Per Common Share
Basic $ 3.39  $ 3.23  $ 2.43  $ 6.62  $ 6.54 
Diluted $ 3.39  $ 3.23  $ 2.43  $ 6.61  $ 6.53 
Book value per common share $ 101.39  $ 106.47  $ 120.25 
Performance Ratios
Net interest margin (b) 2.50  % 2.28  % 2.29  % 2.39  % 2.28  %
Noninterest income to total revenue 40  % 40  % 45  % 40  % 45  %
Efficiency 63  % 68  % 65  % 65  % 63  %
Return on:
Average common shareholders’ equity 13.52  % 11.64  % 8.32  % 12.53  % 11.29  %
Average assets 1.10  % 1.05  % 0.88  % 1.07  % 1.21  %
(a)The Executive Summary and Consolidated Income Statement Review portions of this Financial Review section provide information regarding items impacting the comparability of the periods presented.
(b)See explanation and reconciliation of this non-GAAP measure in Average Consolidated Balance Sheet and Net Interest Analysis and Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP) in the Statistical Information (Unaudited) section in Item 1 of this Report.















The PNC Financial Services Group, Inc. – Form 10-Q 1  

Table 1: Consolidated Financial Highlights (Continued) (a)
Dollars in millions, except as noted
Unaudited		 June 30
2022		 December 31
2021		 June 30
2021
Balance Sheet Data
Assets $ 540,786  $ 557,191  $ 554,212 
Loans $ 310,800  $ 288,372  $ 294,704 
Allowance for loan and lease losses


 		$ 4,462  $ 4,868  $ 5,730 
Interest-earning deposits with banks $ 28,404  $ 74,250  $ 72,447 
Investment securities $ 132,732  $ 132,962  $ 126,543 
Total deposits $ 440,811  $ 457,278  $ 452,883 
Borrowed funds $ 35,984  $ 30,784  $ 34,813 
Total shareholders’ equity $ 47,652  $ 55,695  $ 54,627 
Common shareholders’ equity $ 41,648  $ 50,685  $ 51,107 
Other Selected Ratios
Common equity Tier 1 9.6  % 10.3  % 10.1  %
Loans to deposits 71  % 63  % 65  %
Common shareholders’ equity to total assets 7.7  % 9.1  % 9.2  %
(a)The Executive Summary and Consolidated Balance Sheet Review portions of this Financial Review provide information regarding items impacting the comparability of the periods presented.

EXECUTIVE SUMMARY
Headquartered in Pittsburgh, Pennsylvania, we are one of the largest diversified financial institutions in the U.S. We have businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing many of our products and services nationally. Our retail branch network is located coast-to-coast. We also have strategic international offices in four countries outside the U.S.

Key Strategic Goals
At PNC we manage our company for the long term. We are focused on the fundamentals of growing customers, loans, deposits and revenue and improving profitability, while investing for the future and managing risk, expenses and capital. We continue to invest in our products, markets and brand, and embrace our commitments to our customers, shareholders, employees and the communities where we do business.

We strive to serve our customers and expand and deepen relationships by offering a broad range of deposit, credit and fee-based products and services. We are focused on delivering those products and services to our customers with the goal of addressing their financial objectives and needs. Our business model is built on customer loyalty and engagement, understanding our customers’ financial goals and offering our diverse products and services to help them achieve financial well-being. Our approach is concentrated on organically growing and deepening client relationships across our businesses that meet our risk/return measures.

We are focused on our strategic priorities, which are designed to enhance value over the long term, and consist of:
•Expanding our leading banking franchise to new markets and digital platforms,
•Deepening customer relationships by delivering a superior banking experience and financial solutions, and
•Leveraging technology to innovate and enhance products, services, security and processes.

Our capital and liquidity priorities are to support customers, fund business investments and return excess capital to shareholders, while maintaining appropriate capital in light of economic conditions, the Basel III framework and other regulatory expectations. For more detail, see the Capital Highlights portion of this Executive Summary, the Liquidity and Capital Management portion of the Risk Management section of this Financial Review and the Supervision and Regulation section in Item 1 Business of our 2021 Form 10-K.

Presentation of Noninterest Income

Effective for the first quarter of 2022, PNC updated the presentation of its noninterest income categorization to be based on product and service type, and accordingly, has changed the basis of presentation of its noninterest income revenue streams to: (i) Asset management and brokerage, (ii) Capital markets related, (iii) Card and cash management, (iv) Lending and deposit services, (v) Residential and commercial mortgage and (vi) Other noninterest income. For a description of each updated noninterest income revenue stream, see Note 1 Accounting Policies in the Notes To Consolidated Financial Statements included in Item 1 of this Report.



2    The PNC Financial Services Group, Inc. – Form 10-Q


Acquisition of BBVA USA Bancshares, Inc.
On June 1, 2021, PNC acquired BBVA USA Bancshares, Inc. (BBVA), a U.S. financial holding company conducting its business operations primarily through its U.S. banking subsidiary, BBVA USA. PNC paid $11.5 billion in cash as consideration for the acquisition.

On October 8, 2021, BBVA USA merged into PNC Bank. On October 12, 2021, PNC converted approximately 2.6 million customers, 9,000 employees and over 600 branches across seven states. Our results of operations and balance sheets for all periods presented in this Report reflect the benefit of BBVA's acquired businesses for the period since the acquisition closed on June 1, 2021.

For additional information on the acquisition of BBVA, see Note 2 Acquisition Activity in the Notes To Consolidated Financial Statements included in Item 1 of this Report and Note 2 Acquisition and Divestiture Activity in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 Form 10-K.

Income Statement Highlights

Net income of $1.5 billion, or $3.39 per diluted common share for the second quarter of 2022 increased $67 million, or 5%, compared to $1.4 billion, or $3.23 per diluted common share for the first quarter of 2022, driven by higher net interest and noninterest income, partially offset by a higher provision for credit losses and higher expenses.
•For the three months ended June 30, 2022 compared to the three months ended March 31, 2022:
•Total revenue increased $424 million, or 9%, to $5.1 billion.
•Net interest income of $3.1 billion increased $247 million, or 9%, driven by higher yields on interest-earning assets and increased loan balances, partially offset by higher funding costs.
•Net interest margin increased 22 basis points to 2.50% due to higher yields on interest-earning assets.
•Noninterest income increased $177 million, or 9%, to $2.1 billion, primarily due to increases in capital markets related fees.
•The second quarter of 2022 included a provision for credit losses of $36 million. The first quarter of 2022 included a provision recapture of $208 million.
•Noninterest expense increased $72 million, or 2%, to $3.2 billion, driven by increased business activity, annual employee merit increases and higher marketing spend.
•We generated positive operating leverage of 7% in the second quarter of 2022 compared to the first quarter of 2022.

Net income of $2.9 billion, or $6.61 per diluted common share for the first six months of 2022 decreased $4 million, compared to $2.9 billion, or $6.53 per diluted common share for the six months ended 2021, as higher net interest income was largely offset by higher expenses and a lower provision recapture.
•For the six months ended June 30, 2022 compared to the six months ended June 30, 2021:
•Total revenue increased $921 million, or 10%, to $9.8 billion.
•Net interest income increased $926 million, or 19%, as a result of higher interest-earning asset balances, reflecting the benefit of BBVA, and higher yields, partially offset by higher funding costs.
•Net interest margin increased 11 basis points, due to higher yields on interest-earning assets.
•Noninterest income decreased $5 million.
•Noninterest expense increased $792 million, or 14%, driven by the addition of BBVA operating expenses and increased business activity, partially offset by lower integration expenses.

For additional detail, see the Consolidated Income Statement Review section of this Financial Review.

The PNC Financial Services Group, Inc. – Form 10-Q 3  

Balance Sheet Highlights
Our balance sheet was well positioned at June 30, 2022. In comparison to December 31, 2021:
•Total assets decreased $16.4 billion, or 3%, to $540.8 billion.
•Total loans increased $22.4 billion, or 8%, to $310.8 billion.
•Total commercial loans increased $19.4 billion, or 10%, to $212.5 billion, driven by new production, and higher utilization of loan commitments, partially offset by PPP loan forgiveness.
•PPP loans outstanding were $1.0 billion and $3.4 billion at June 30, 2022 and December 31, 2021, respectively.
•Total consumer loans increased $3.0 billion to $98.3 billion, primarily due to increases in residential mortgages and home equity, partially offset by declines in the remaining portfolios as paydowns outpaced new originations.
•Investment securities decreased $0.2 billion to $132.7 billion, resulting from net unrealized losses, which reflected the impact of higher interest rates, partially offset by net purchase activity.
•Interest-earning deposits with banks, primarily with the Federal Reserve Bank, decreased $45.8 billion, or 62%, to $28.4 billion, reflecting higher loans outstanding and lower deposits, partially offset by an increase in borrowed funds.
•Total deposits decreased $16.5 billion, to $440.8 billion reflecting deposit outflows and seasonal declines.
•Borrowed funds increased $5.2 billion, or 17%, to $36.0 billion, primarily due to increased FHLB borrowings, partially offset by lower bank notes and senior debt.

For additional detail, see the Consolidated Balance Sheet Review section of this Financial Review.

Credit Quality Highlights
The second quarter of 2022 reflected strong credit quality performance.
•At June 30, 2022 compared to December 31, 2021:
•Nonperforming assets of $2.1 billion decreased $431 million, or 17%, primarily driven by lower nonperforming commercial loans.
•Overall loan delinquencies of $1.5 billion decreased $474 million, or 24%, driven by lower consumer and commercial delinquencies, which included the resolution of BBVA USA conversion-related administrative and operational delays.
•The ACL related to loans, which consists of the ALLL and the allowance for unfunded lending related commitments, decreased to $5.1 billion, or 1.65% of total loans, at June 30, 2022, compared to $5.5 billion, or 1.92% of total loans at December 31, 2021. The decrease was primarily driven by the impacts from portfolio changes and improved COVID-19 related economic conditions.
•Net charge-offs of $83 million, or 0.11% of average loans in the second quarter of 2022 decreased $54 million, or 39%, compared to $137 million, or 0.19% of average loans, for the first quarter of 2022, driven by lower consumer net charge-offs, primarily within auto.

For additional detail see the Credit Risk Management portion of the Risk Management section of this Financial Review.

Capital Highlights

We maintained our strong capital position.
•Common shareholders’ equity of $41.6 billion at June 30, 2022, decreased $9.1 billion, or 18%, compared to December 31, 2021 as net income was more than offset by a decrease in AOCI, reflecting the impact of higher interest rates on net unrealized losses on securities and swaps. The decline was also attributable to common share repurchases and dividends paid.
•In the second quarter, we returned $1.4 billion of capital to shareholders through common share repurchases of $737 million, representing 4.3 million shares, and dividends on common shares of $627 million.
•The SCB framework allows for capital returns in amounts up to the level of capital in excess of the firm's SCB plus the regulatory minimum level of capital (e.g., CET1 of 4.5%). Consistent with the flexibility provided under the SCB framework, our Board of Directors has recently authorized a new share repurchase structure, under the already approved authorization for repurchases of up to 100 million common shares, of which approximately 59% were still available at June 30, 2022. This framework and our capital flexibility allow for the continuation of our recent quarterly average share repurchase levels in dollars as well as the ability to increase those levels should conditions warrant. PNC's SCB for the four-quarter period beginning October 1, 2022 is 2.9%.
•On July 1, 2022, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.50 per share payable on August 5, 2022.
•Our CET1 ratio decreased to 9.6% at June 30, 2022 from 10.3% at December 31, 2021.
•Capital was impacted by our election to delay the estimated impact of CECL on CET1 capital through December 31, 2021, followed by a three-year transition period. CECL’s estimated impact on CET1 capital is defined as the change in retained earnings at adoption plus or minus 25% of the change in CECL ACL at the balance sheet date, excluding
4    The PNC Financial Services Group, Inc. – Form 10-Q


the initial allowance for PCD loans from BBVA, compared to CECL ACL at adoption. Effective for the first quarter of 2022, PNC is now in the three-year transition period, and the full impact of the CECL standard is being phased-in to regulatory capital through December 31, 2024.

See the Liquidity and Capital Management portion of the Risk Management section of this Financial Review for more detail on our 2022 liquidity and capital actions as well as our capital ratios.

PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding an SCB established by the Federal Reserve Board in connection with the Federal Reserve Board’s CCAR process. For additional information, see Capital Management in the Risk Management section in this Financial Review and the Supervision and Regulation section in Item 1 Business and Item 1A Risk Factors of our 2021 Form 10-K.

Business Outlook
Statements regarding our business outlook are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting and do not take into account potential legal and regulatory contingencies. These statements are based on our views that:
•The U.S. economy continues to recover from the pandemic-caused recession in the first half of 2020. Growth is likely to be lower than the economy’s long-run average throughout this year. Consumer spending growth will remain solid in 2022 due to good underlying fundamentals.
•Supply-chain difficulties will gradually ease over the course of 2022. Labor shortages will remain a constraint this year, although strong wage growth will support consumer spending.
•Inflation accelerated in the second half of 2021 to its fastest pace in decades. Inflation will slow in the second half of 2022 as pandemic-related supply and demand imbalances recede and energy prices stabilize. However, inflation will also broaden throughout the economy due to wage growth. The annual inflation rate will end 2022 above the Federal Reserve’s long-run objective of 2%.
•The FOMC raised the federal funds rate by 0.75% in July, to a range of 2.25% to 2.50%. PNC expects further increases in the federal funds rate through the rest of this year, to a range of 3.25% to 3.50% at the end of 2022. The federal funds rate is expected to peak between 3.50% and 3.75% in mid-early 2023, before falling in the second half of next year as inflation ebbs and economic growth slows.
•Uncertainty about the outlook has increased with the Russian invasion of Ukraine. It has created additional risk to higher inflation this year, which could lead the FOMC to tighten more aggressively than currently anticipated. In addition, risks to growth and the likelihood of a recession in late 2022 or 2023 have increased.

For the third quarter of 2022, compared to the second quarter of 2022, we expect:
•Average loans to be up 1% to 2%,
•Net interest income to be up 10% to 12%,
•Noninterest income, excluding net securities gains and Visa activity, to be down 3% to 5%,
•Revenue to be up 4% to 6%,
•Noninterest expense to be stable to up 1%, and
•Net loan charge-offs to be between $125 million and $175 million.

For the full year 2022, compared to full year 2021, we expect:
•Average loans to be up approximately 13%,
•Period-end loans to be up approximately 8%,
•Revenue to be up 9% to 11%,
•Noninterest expense, excluding integration expense, to be up 4% to 6%, and
•The effective tax rate to be approximately 19%.

See the Cautionary Statement Regarding Forward-Looking Information section in this Financial Review and Item 1A Risk Factors in our 2021 Form 10-K for other factors that could cause future events to differ, perhaps materially, from those anticipated in these forward-looking statements.
CONSOLIDATED INCOME STATEMENT REVIEW

Our Consolidated Income Statement is presented in Part I, Item 1 of this Report.

Net income of $1.5 billion, or $3.39 per diluted common share for the second quarter of 2022 increased $67 million, or 5%, compared to $1.4 billion, or $3.23 per diluted common share for the first quarter of 2022, driven by higher net interest and noninterest income,
The PNC Financial Services Group, Inc. – Form 10-Q 5  

partially offset by a higher provision for credit losses and higher expenses. Net income of $2.9 billion, or $6.61 per diluted common share for the first six months of 2022 decreased $4 million, compared to $2.9 billion, or $6.53 per diluted common share, for the same period in 2021, as higher net interest income was largely offset by higher expenses and a lower provision recapture.
Net Interest Income
Table 2: Summarized Average Balances and Net Interest Income (a)
  June 30, 2022 March 31, 2022
Three months ended
Dollars in millions		 Average
Balances		 Average
Yields/
Rates		 Interest
Income/
Expense		 Average
Balances		 Average
Yields/
Rates		 Interest
Income/
Expense
Assets
Interest-earning assets
Investment securities $ 134,724  1.89  % $ 636  $ 133,897  1.64  % $ 548 
Loans 304,790  3.29  % 2,524  290,701  3.19  % 2,311 
Interest-earning deposits with banks 39,689  0.79  % 78  62,540  0.19  % 29 
Other 9,935  2.76  % 68  9,417  2.07  % 48 
Total interest-earning assets/interest income $ 489,138  2.69  % 3,306  $ 496,555  2.37  % 2,936 
Liabilities
Interest-bearing liabilities
Interest-bearing deposits $ 297,096  0.12  % 88  $ 299,543  0.04  % 27 
Borrowed funds 35,656  1.58  % 142  30,312  1.10  % 83 
Total interest-bearing liabilities/interest expense $ 332,752  0.27  % 230  $ 329,855  0.13  % 110 
Net interest margin/income (non-GAAP) 2.50  % 3,076  2.28  % 2,826 
Taxable-equivalent adjustments (25) (22)
Net interest income (GAAP) $ 3,051      $ 2,804 
  June 30, 2022 June 30, 2021
Six months ended
Dollars in millions		 Average
Balances		 Average
Yields/
Rates		 Interest
Income/
Expense		 Average
Balances		 Average
Yields/
Rates		 Interest
Income/
Expense
Assets
Interest-earning assets
Investment securities $ 134,313  1.76  % $ 1,184  $ 97,511  1.85  % $ 901 
Loans 297,785  3.24  % 4,835  246,919  3.38  % 4,175 
Interest-earning deposits with banks 51,120  0.42  % 107  81,947  0.10  % 43 
Other 9,677  2.42  % 116  7,955  2.40  % 95 
Total interest-earning assets/interest income $ 492,895  2.53  % 6,242  $ 434,332  2.40  % 5,214 
Liabilities
Interest-bearing liabilities
Interest-bearing deposits $ 298,313  0.08  % 115  $ 260,804  0.05  % 70 
Borrowed funds 32,998  1.36  % 225  34,670  1.06  % 185 
Total interest-bearing liabilities/interest expense $ 331,311  0.20  % 340  $ 295,474  0.17  % 255 
Net interest margin/income (non-GAAP) 2.39  % 5,902  2.28  % 4,959 
Taxable-equivalent adjustments (47) (30)
Net interest income (GAAP)     $ 5,855      $ 4,929 
(a)Interest income calculated as taxable-equivalent interest income. To provide more meaningful comparisons of interest income and yields for all interest-earning assets, as well as net interest margins, we use interest income on a taxable-equivalent basis in calculating average yields and net interest margins by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP on the Consolidated Income Statement. For more information, see Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP) in the Statistical Information (Unaudited) section in Item 1 of this Report.
Changes in net interest income and margin result from the interaction of the volume and composition of interest-earning assets and related yields, interest-bearing liabilities and related rates paid, and noninterest-bearing sources of funding. See the Statistical Information (Unaudited) – Average Consolidated Balance Sheet And Net Interest Analysis section of this Report for additional information.

Net interest income increased $247 million, or 9%, for the second quarter of 2022 compared to the first quarter of 2022, driven by higher yields on interest-earning assets and increased loan balances, partially offset by higher funding costs. Net interest income increased $926 million, or 19%, for the first six months of 2022 compared to the same period in 2021, as a result of higher interest-earning asset balances, reflecting the benefit of BBVA, and higher yields, partially offset by higher funding costs.

6    The PNC Financial Services Group, Inc. – Form 10-Q


Net interest margin in the quarterly and year-to-date comparisons increased 22 basis points and 11 basis points, respectively. In both comparisons, the increase was primarily due to higher yields on interest-earning assets.

Average investment securities for the second quarter of 2022 increased $827 million, or 1% compared to the first quarter of 2022 reflecting net purchases, primarily of agency residential mortgage-backed securities. Average investment securities increased $36.8 million, or 38% in the year-to-date comparison, due to net securities purchases, primarily of U.S. Treasury and government agency securities purchases and the addition of BBVA. Average investment securities represented 28% of average interest-earning assets for the second quarter of 2022 compared to 27% for the first quarter of 2022, and 27% for the first six months of 2022 compared to 22% for the first six months of 2021.

In the quarterly and year-to-date comparisons, average loans increased $14.1 billion, or 5%, and $50.9 billion, or 21%, respectively. In both comparisons, the increase was due to growth in commercial and consumer loans, partially offset by PPP loan forgiveness. The increase in the year-to-date comparison also reflects the impact of the BBVA acquisition. Average loans represented 62% of average interest-earning assets for the second quarter of 2022 compared to 59% for the first quarter of 2022, and 60% for the first six months of 2022 compared to 57% for the first six months of 2021.

Average interest-earning deposits with banks for the second quarter of 2022 decreased $22.9 billion, or 37%, compared to the first quarter of 2022, primarily due to higher loans outstanding and lower deposits. In the year-to-date comparison, average interest-earning deposits with banks decreased $30.8 billion, or 38%, reflecting higher loan and securities balances, partially offset by higher deposits.

Average interest-bearing deposits for the second quarter of 2022 decreased $2.4 billion, or 1%, compared to the first quarter of 2022. The decrease was driven by lower commercial deposits reflecting deposit outflows and seasonal declines. Average interest-bearing deposits increased $37.5 billion, or 14% in the year-to-date comparison, primarily attributable to the BBVA acquisition. In total, average interest-bearing deposits represented 89% of average interest-bearing liabilities for the second quarter of 2022 compared to 91% for the first quarter of 2022, and 90% for the first six months of 2022 compared to 88% for the first six months of 2021.

Average borrowed funds for the second quarter of 2022 increased $5.3 billion, or 18%, compared to the first quarter of 2022 due to increased FHLB borrowings. Average borrowed funds for the first six months of 2022 decreased $1.7 billion, or 5%, compared to the first six months of 2021, reflecting lower bank notes and senior debt, partially offset by higher FHLB borrowings.

Further details regarding average loans and deposits are included in the Business Segments Review section of this Financial Review.
Noninterest Income
Table 3: Noninterest Income
  Three months ended Six months ended
  June 30 March 31 Change June 30 June 30 Change
Dollars in millions 2022 2022 $ % 2022 2021 $ %
Noninterest income
Asset management and brokerage $ 365  $ 377  $ (12) (3) % $ 742  $ 678  $ 64  9  %
Capital markets related 409  252  157  62  % 661  635  26  4  %
Card and cash management 671  620  51  8  % 1,291  1,089  202  19  %
Lending and deposit services 282  269  13  5  % 551  524  27  5  %
Residential and commercial mortgage 161  159  2  1  % 320  393  (73) (19) %
Other 177  211  (34) (16) % 388  639  (251) (39) %
Total noninterest income
 $ 2,065  $ 1,888  $ 177  9  % $ 3,953  $ 3,958  $ (5) — 
 
Noninterest income as a percentage of total revenue was 40% for the second and first quarters of 2022, and 40% for the first six months of 2022 compared to 45% for the same period in 2021.

Asset management and brokerage fees decreased compared to the first quarter of 2022, primarily as a result of lower average equity markets. The increase in the year-to-date comparison was due to higher average equity markets and the benefit of BBVA. PNC's discretionary client assets under management of $167 billion at June 30, 2022 decreased from $182 billion at March 31, 2022 and $183 billion at June 30, 2021, primarily driven by lower spot equity markets.

Capital markets related revenue increased in the quarterly and year-to-date comparisons, and included higher merger and acquisition advisory fees.

The PNC Financial Services Group, Inc. – Form 10-Q 7  

Card and cash management revenue increased compared to the first quarter of 2022, due to higher consumer spending and increased treasury management product revenue. The increase compared to the first six months of 2021 also reflected the addition of BBVA customers.

Lending and deposit services increased compared to the first quarter of 2022 and included lower integration related fee waivers. The increase in the year-to-date comparison was due to the benefit of BBVA, partially offset by the impact of Low Cash Mode® on overdraft fees and integration related fee waivers.

Residential and commercial mortgage increased compared to the first quarter of 2022 as higher revenue from commercial mortgage banking activities was largely offset by lower residential mortgage loan sales revenue. The decrease in the year-to-date comparison was due to lower residential and commercial mortgage banking activities.

Other noninterest income decreased compared to the first quarter of 2022, and included $16 million of negative Visa Class B derivative fair value adjustments related to litigation escrow funding and other valuation changes. The first quarter of 2022 included $4 million of positive Visa Class B fair value adjustments. The decrease in the year-to-date comparison included the impact of lower private equity revenue.

Noninterest Expense

Table 4: Noninterest Expense
  Three months ended Six months ended
  June 30 March 31 Change June 30 June 30 Change
Dollars in millions 2022 2022 $ % 2022 2021 $ %
Noninterest expense
Personnel $ 1,779  $ 1,717  $ 62  4  % $ 3,496  $ 3,117  $ 379  12  %
Occupancy 246  258  (12) (5) % 504  432  72  17  %
Equipment 351  331  20  6  % 682  619  63  10  %
Marketing 95  61  34  56  % 156  119  37  31  %
Other 773  805  (32) (4) % 1,578  1,337  241  18  %
Total noninterest expense
 $ 3,244  $ 3,172  $ 72  2  % $ 6,416  $ 5,624  $ 792  14  %
 
Noninterest expense increased compared to the first quarter of 2022, driven by increased business activity, annual employee merit increases and higher marketing spend. These increases were partially offset by seasonally lower occupancy expenses and lower other expenses as we continued our focus on expense management. The increase in the first six months of 2022 compared to the same period of 2021 was driven by the addition of BBVA operating expenses and increased business activity, partially offset by lower integration expenses.

Effective Income Tax Rate

The effective income tax rate was 18.5% in the second quarter of 2022, compared to 17.3% in the first quarter of 2022, and 17.9% in the first six months of 2022 compared to 16.6% for the same period in 2021.

Provision For (Recapture of) Credit Losses
Table 5: Provision for (Recapture of) Credit Losses
  Three months ended Six months ended
June 30 March 31 Change June 30 June 30 Change
Dollars in millions 2022 2022 $ 2022 2021 $
Provision for (recapture of) credit losses
Loans and leases $ (10) $ (172) $ 162  $ (182) $ (296) $ 114 
Unfunded lending related commitments 42  (23) 65  19  15  4 
Investment securities 3  1  2  4  26  (22)
Other financial assets 1  (14) 15  (13) 6  (19)
Total provision for (recapture of) credit losses $ 36  $ (208) $ 244  $ (172) $ (249) $ 77 

The second quarter of 2022 included a provision for credit losses of $36 million. The first quarter of 2022 included a provision recapture of $208 million.
8    The PNC Financial Services Group, Inc. – Form 10-Q


CONSOLIDATED BALANCE SHEET REVIEW
The summarized balance sheet data in Table 6 is based upon our Consolidated Balance Sheet in Part I, Item 1 of this Report.
Table 6: Summarized Balance Sheet Data
  June 30 December 31 Change
Dollars in millions 2022 2021 $ %
Assets        
Interest-earning deposits with banks $ 28,404  $ 74,250  $ (45,846) (62) %
Loans held for sale 1,191  2,231  (1,040) (47) %
Investment securities 132,732  132,962  (230) — 
Loans 310,800  288,372  22,428  8  %
Allowance for loan and lease losses (4,462) (4,868) 406  8  %
Mortgage servicing rights 2,608  1,818  790  43  %
Goodwill 10,916  10,916  — 
Other 58,597  51,510  7,087  14  %
Total assets $ 540,786  $ 557,191  $ (16,405) (3) %
Liabilities
Deposits $ 440,811  $ 457,278  $ (16,467) (4) %
Borrowed funds 35,984  30,784  5,200  17  %
Allowance for unfunded lending related commitments 681  662  19  3  %
Other 15,622  12,741  2,881  23  %
Total liabilities 493,098  501,465  (8,367) (2) %
Equity
Total shareholders’ equity 47,652  55,695  (8,043) (14) %
Noncontrolling interests 36  31  5  16  %
Total equity 47,688  55,726  (8,038) (14) %
Total liabilities and equity $ 540,786  $ 557,191  $ (16,405) (3) %

Our balance sheet was well-positioned at June 30, 2022 and December 31, 2021.
•Total assets decreased primarily due to lower balances held with the Federal Reserve Bank, partially offset by higher loans.
•Total liabilities decreased driven by lower commercial and consumer deposits, partially offset by higher borrowed funds.
•Total equity decreased as net income and the issuance of preferred stock were more than offset by a decrease in AOCI, reflecting the impact of higher interest rates on net unrealized losses on securities and swaps. The decline was also attributable to common share repurchases and dividends paid.

The ACL related to loans totaled $5.1 billion at June 30, 2022, a decrease of $0.4 billion since December 31, 2021, primarily driven by the impacts from portfolio changes and improved COVID-19 related economic conditions. See the following for additional information regarding our ACL related to loans:
•Allowance for Credit Losses in the Credit Risk Management section of this Financial Review,
•Critical Accounting Estimates and Judgments section of this Financial Review, and
•Note 4 Loans and Related Allowance for Credit Losses in the Notes To Consolidated Financial Statements included in this Report.

The following discussion provides additional information about the major components of our balance sheet. Information regarding our capital and regulatory compliance is included in the Liquidity and Capital Management portion of the Risk Management section in this Financial Review and in Note 20 Regulatory Matters in the Notes To Consolidated Financial Statements included in our 2021 Form 10-K.
The PNC Financial Services Group, Inc. – Form 10-Q 9  

Loans
Table 7: Loans
  June 30 December 31 Change
Dollars in millions 2022 2021 $ %
Commercial        
Commercial and industrial $ 171,831  $ 152,933  $ 18,898  12  %
Commercial real estate 34,452  34,015 437  1  %
Equipment lease financing 6,240  6,130 110  2  %
Total commercial 212,523  193,078  19,445  10  %
Consumer
Residential real estate 43,717  39,712  4,005  10  %
Home equity 24,693  24,061  632  3  %
Automobile 15,323  16,635  (1,312) (8) %
Credit card 6,650  6,626  24  — 
Education 2,332  2,533  (201) (8) %
Other consumer 5,562  5,727  (165) (3) %
Total consumer 98,277  95,294  2,983  3  %
Total loans $ 310,800  $ 288,372  $ 22,428  8  %

Commercial loans increased driven by new production and higher utilization of loan commitments, partially offset by PPP loan forgiveness. PPP loans outstanding were $1.0 billion and $3.4 billion at June 30, 2022 and December 31, 2021, respectively.

For commercial and industrial loans by industry and commercial real estate loans by geography and property type, see Loan Portfolio Characteristics and Analysis in the Credit Risk Management portion of the Risk Management section of this Financial Review.

Consumer loans increased primarily due to increases in residential mortgages and home equity, partially offset by declines in the remaining portfolios as paydowns outpaced new originations.

For information on our residential real estate and home equity portfolios, including loans by geography, and our auto loan portfolio, see Loan Portfolio Characteristics and Analysis in the Credit Risk Management portion of the Risk Management section in this Financial Review.

For additional information regarding our loan portfolio see the Credit Risk Management portion of the Risk Management section in this Item 1 and Note 4 Loans and Related Allowance for Credit Losses in the Notes To Consolidated Financial Statements included in this Report.

Investment Securities

Investment securities of $132.7 billion at June 30, 2022 decreased $0.2 billion compared to December 31, 2021, resulting from net unrealized losses, which reflected the impact of higher interest rates, partially offset by net purchase activity.

The level and composition of the investment securities portfolio fluctuates over time based on many factors including market conditions, loan and deposit growth and balance sheet management activities. We manage our investment securities portfolio to optimize returns, while providing a reliable source of liquidity for our banking and other activities, considering the LCR, NSFR and other internal and external guidelines and constraints.

10    The PNC Financial Services Group, Inc. – Form 10-Q


Table 8: Investment Securities
  June 30, 2022 December 31, 2021 Ratings as of June 30, 2022 (a)
Dollars in millions Amortized
Cost (b)		 Fair
Value		 Amortized
Cost (b)		 Fair
Value		 AAA/
AA		 A BBB BB and Lower No
Rating
U.S. Treasury and government agencies $ 45,459  $ 44,231  $ 47,024  $ 47,054  100  %
Agency residential mortgage-backed 71,120  68,227  67,326  67,632  100  %
Non-agency residential mortgage-backed 1,050  1,207  927  1,158  8  % 1  % 38  % 53  %
Agency commercial mortgage-backed 2,126  2,032  1,740  1,773  100  %
Non-agency commercial mortgage-backed (c) 3,238  3,175  3,423  3,436  85  % 1  % 2  % 12  %
Asset-backed (d) 6,802  6,764  6,380  6,409  95  % 1  % 3  % 1  %
Other (e) 5,928  5,762  5,404  5,596  49  % 31  % 17  % 3  %
Total investment securities (f) $ 135,723  $ 131,398  $ 132,224  $ 133,058  97  % 1  % 1  % 1  %
(a)Ratings percentages allocated based on amortized cost, net of allowance for investment securities.
(b)Amortized cost is presented net of the allowance for investment securities, which totaled $137 million at June 30, 2022 and primarily related to non-agency commercial mortgage-backed securities. The comparable amount at December 31, 2021 was $133 million.
(c)Collateralized primarily by office buildings, multifamily housing, retail properties, lodging properties and industrial properties.
(d)Collateralized primarily by corporate debt, government guaranteed education loans and other consumer credit products.
(e)Includes state and municipal securities.
(f)Includes available for sale and held to maturity securities, which are recorded on our balance sheet at fair value and amortized cost, respectively.

Table 8 presents the distribution of our investment securities portfolio by amortized cost and fair value, as well as by credit rating. The relationship of fair value to amortized cost at June 30, 2022 compared to December 31, 2021 primarily reflected the impact of higher interest rates on the valuation of fixed rate securities. We have included credit ratings information because we believe that the information is an indicator of the degree of credit risk to which we are exposed. Changes in credit ratings classifications could indicate increased or decreased credit risk and could be accompanied by a reduction or increase in the fair value of our investment securities portfolio. We continually monitor the credit risk in our portfolio and maintain the allowance for investment securities at an appropriate level to absorb expected credit losses on our investment securities portfolio for the remaining contractual term of the securities adjusted for expected prepayments. See Note 3 Investment Securities in the Notes To Consolidated Financial Statements included in Item 1 of this Report for additional details regarding the allowance for investment securities.

In the first and second quarters of 2022, we transferred securities with a fair value of $18.7 billion and $59.1 billion, respectively, from available for sale to held to maturity. We changed our intent and committed to hold these high-quality securities to maturity in order to reduce the impact of price volatility on AOCI and tangible capital. See Note 3 Investment Securities in the Notes To Consolidated Financial Statements included in Item 1 of this Report for additional details regarding this transfer.

On July 28, 2022, we transferred an additional $5.0 billion of available for sale securities to held to maturity. See Note 17 Subsequent Events in the Notes To Consolidated Financial Statements in this Report for additional details on this transfer.

The duration of investment securities was 4.5 years at June 30, 2022. We estimate that at June 30, 2022 the effective duration of investment securities was 4.5 years for an immediate 50 basis points parallel increase in interest rates and 4.5 years for an immediate 50 basis points parallel decrease in interest rates. Comparable amounts at December 31, 2021 for the effective duration of investment securities were 3.8 years and 3.5 years, respectively.

Based on expected prepayment speeds, the weighted-average expected maturity of the investment securities portfolio was 5.4 years at June 30, 2022 compared to 4.4 years at December 31, 2021.

Table 9: Weighted-Average Expected Maturities of Mortgage and Asset-Backed Debt Securities
June 30, 2022 Years
Agency residential mortgage-backed 6.6 
Non-agency residential mortgage-backed 9.1 
Agency commercial mortgage-backed 4.9 
Non-agency commercial mortgage-backed 1.7 
Asset-backed 2.7 

Additional information regarding our investment securities portfolio is included in Note 3 Investment Securities and Note 12 Fair Value in the Notes To Consolidated Financial Statements included in Item 1 of this Report.

The PNC Financial Services Group, Inc. – Form 10-Q 11  

Funding Sources
Table 10: Details of Funding Sources
June 30 December 31 Change
Dollars in millions 2022 2021 $ %
Deposits        
Noninterest-bearing $ 146,438  $ 155,175  $ (8,737) (6) %
Interest-bearing
Money market 59,425  61,229  (1,804) (3) %
Demand 116,359  115,910  449  — 
Savings 108,471  107,598  873  1  %
Time deposits 10,118  17,366  (7,248) (42) %
Total interest-bearing deposits 294,373  302,103  (7,730) (3) %
Total deposits 440,811  457,278  (16,467) (4) %
Borrowed funds
Federal Home Loan Bank borrowings 10,000  10,000  — 
Bank notes and senior debt 14,358  20,661  (6,303) (31) %
Subordinated debt 7,487  6,996  491  7  %
Other 4,139  3,127  1,012  32  %
Total borrowed funds 35,984  30,784  5,200  17  %
Total funding sources $ 476,795  $ 488,062  $ (11,267) (2) %

Total deposits decreased as a result of lower commercial and consumer deposits, reflecting deposit outflows and seasonal declines.

Borrowed funds increased primarily due to increased FHLB borrowings, partially offset by lower bank notes and senior debt.

The level and composition of borrowed funds fluctuates over time based on many factors including market conditions, loan, investment securities and deposit growth, and capital considerations. We manage our borrowed funds to provide a reliable source of liquidity for our banking and other activities, considering our LCR and NSFR requirements and other internal and external guidelines and constraints.

See the Liquidity and Capital Management portion of the Risk Management section of this Financial Review for additional information regarding our 2022 liquidity and capital activities. See Note 8 Borrowed Funds in the Notes To Consolidated Financial Statements in this Report and Note 10 Borrowed Funds in the Notes To Consolidated Financial Statements in Item 8 of our 2021 Form 10-K for additional information related to our borrowings.
Shareholders’ Equity

Total shareholders’ equity was $47.7 billion at June 30, 2022, a decrease of $8.0 billion compared to December 31, 2021 as increases related to net income of $2.9 billion and a preferred stock issuance of $1.0 billion were more than offset by a decrease in AOCI of $8.8 billion, reflecting the impact of higher interest rates on net unrealized losses on securities and swaps. The decline was also attributable to common share repurchases of $1.9 billion and preferred stock dividends of $1.2 billion.
12    The PNC Financial Services Group, Inc. – Form 10-Q


BUSINESS SEGMENTS REVIEW

We have three reportable business segments:
•Retail Banking
•Corporate & Institutional Banking
•Asset Management Group

Business segment results and a description of each business are included in Note 15 Segment Reporting in the Notes To Consolidated Financial Statements included in Item 1 of this Report. Certain amounts included in this Business Segments Review differ from those +amounts shown in Note 15, primarily due to the presentation in this Financial Review of business net interest income on a taxable-equivalent basis.

Net interest income in business segment results reflects our internal funds transfer pricing methodology. Assets receive a funding charge and liabilities and capital receive a funding credit based on a transfer pricing methodology that incorporates product repricing characteristics, tenor and other factors.
Total business segment financial results differ from total consolidated net income. The impact of these differences is reflected in the “Other” category as shown in Table 78 in Note 15 Segment Reporting in the Notes To Consolidated Financial Statements included in Item 1 of this Report. “Other” includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities, including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, certain corporate overhead, tax adjustments that are not allocated to business segments, exited businesses and differences between business segment performance reporting and financial statement reporting (GAAP).



































The PNC Financial Services Group, Inc. – Form 10-Q 13  

Retail Banking

Retail Banking's core strategy is to help all of our consumer and small business customers move forward financially. We aim to grow our primary checking and transaction relationships through strong customer acquisition and retention. We seek to deepen relationships by meeting the broad range of our customers’ financial needs with savings, liquidity, lending, payments, investment and retirement solutions. A strategic priority for us is to differentiate the customer experience, leveraging technology to make banking easier for our customers. A key element of our strategy is to expand the use of lower-cost alternative distribution channels, with an emphasis on digital capabilities and ATM access, while continuing to optimize the traditional branch network. In addition, we are focused on consistently engaging both our employees and customers, which is a strong driver of customer growth, retention and relationship expansion.

Table 11: Retail Banking Table
(Unaudited)
Six months ended June 30       Change
Dollars in millions, except as noted 2022 2021 $ %
Income Statement
Net interest income $ 3,193  $ 2,859  $ 334  12  %
Noninterest income 1,493  1,360  133  10  %
Total revenue 4,686  4,219  467  11  %
Provision for (recapture of) credit losses (26) (43) 17  40  %
Noninterest expense 3,805  3,153  652  21  %
Pretax earnings 907  1,109  (202) (18) %
Income taxes 214  256  (42) (16) %
Noncontrolling interests 31  14  17  121  %
Earnings $ 662  $ 839  $ (177) (21) %
Average Balance Sheet
Loans held for sale $ 1,070  $ 1,150  $ (80) (7) %
Loans
Consumer
Residential real estate $ 32,389  $ 19,573  $ 12,816  65  %
Home equity 22,673  21,957  716  3  %
Automobile 15,918  14,392  1,526  11  %
Credit card 6,455  5,860  595  10  %
Education 2,470  2,875  (405) (14) %
Other consumer 2,261  2,036  225  11  %
Total consumer 82,166  66,693  15,473  23  %
Commercial 11,325  14,272  (2,947) (21) %
Total loans $ 93,491  $ 80,965  $ 12,526  15  %
Total assets $ 112,415  $ 96,942  $ 15,473  16  %
Deposits
Noninterest-bearing $ 64,833  $ 49,578  $ 15,255  31  %
Interest-bearing 201,916  171,211  30,705  18  %
Total deposits $ 266,749  $ 220,789  $ 45,960  21  %
Performance Ratios
Return on average assets 1.19  % 1.75  %
Noninterest income to total revenue 32  % 32  %
Efficiency 81  % 75  %    
14    The PNC Financial Services Group, Inc. – Form 10-Q


At or for six months ended June 30
       Change
Dollars in millions, except as noted 2022 2021 $ %
Supplemental Noninterest Income Information
Asset management and brokerage $ 269  $ 212  $ 57  27  %
Card and cash management $ 659  $ 588  $ 71  12  %
Lending and deposit services $ 331  $ 282  $ 49  17  %
Residential and commercial mortgage $ 170  $ 208  $ (38) (18) %
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (a)
Serviced portfolio balance (b) $ 145  $ 145  — 
Serviced portfolio acquisitions $ 21  $ 40  $ (19) (48) %
MSR asset value (b) $ 1.6  $ 1.1  $ 0.5  45  %
MSR capitalization value (in basis points) (b) 112  77  35  45  %
Servicing income: (in millions)
Servicing fees, net (c) $ 69  $ 2  $ 67  *
Mortgage servicing rights valuation, net of economic hedge $ 15  $ 38  $ (23) (61) %
Residential mortgage loan statistics
Loan origination volume (in billions) $ 9.9  $ 10.8  $ (0.9) (8) %
Loan sale margin percentage 2.18  % 2.92  %
Percentage of originations represented by:
Purchase volume (d) 57  % 43  %
Refinance volume 43  % 57  %    
Other Information (b)
Customer-related statistics (average)
Non-teller deposit transactions (e) 64  % 66  %
Digital consumer customers (f) 78  % 80  %
Credit-related statistics
Nonperforming assets $ 1,088  $ 1,245  $ (157) (13) %
Net charge-offs - loans and leases $ 229  $ 187  $ 42  22  %
Other statistics
ATMs 9,301  9,636  (335) (3) %
Branches (g) 2,535  2,724  (189) (7) %
Brokerage account client assets (in billions) (h) $ 68  $ 83  $ (15) (18) %
*- Not Meaningful
(a) Represents mortgage loan servicing balances for third parties and the related income.
(b)Presented as of period end, except for average customer-related statistics and net charge-offs, which are both shown for the six months ended.
(c)Servicing fees net of impact of decrease in MSR value due to passage of time, including the impact from both regularly scheduled loan payments, prepayments and loans that were paid down or paid off during the period.
(d)Mortgages with borrowers as part of residential real estate purchase transactions.
(e)Percentage of total consumer and business banking deposit transactions processed at an ATM or through our mobile banking application.
(f)Represents consumer checking relationships that process the majority of their transactions through non-teller channels.
(g)Excludes stand-alone mortgage offices and satellite offices (e.g., drive-ups, electronic branches and retirement centers) that provide limited products and/or services.
(h)Includes cash and money market balances.

Retail Banking earnings for the first six months of 2022 decreased $177 million compared with the same period in 2021 primarily due to increased noninterest expense, partially offset by higher net interest and noninterest income.

Net interest income increased primarily due to growth in average deposit and loan balances, reflecting the BBVA acquisition, along with wider interest rate spreads on the value of loans, partially offset by narrower interest rate spreads on the value of deposits.

Noninterest income increased due to higher card and cash management revenue, increased asset management and brokerage fees and higher lending and deposit related fees. All of these categories benefited from the addition of BBVA customers and increased business activity.

Noninterest expense increased primarily due to the impact of BBVA operating expenses, increased business activity and continued investments in strategic initiatives.

The deposit strategy of Retail Banking is to remain disciplined on pricing and focused on growing and retaining relationship-based balances, executing on market-specific deposit growth strategies and providing a source of low-cost funding and liquidity to PNC. In
The PNC Financial Services Group, Inc. – Form 10-Q 15  

the first six months of 2022, average total deposits increased compared to the same period in 2021 primarily driven by growth in demand and savings deposits which included the impact of the BBVA acquisition.

Retail Banking average total loans increased in the first six months of 2022 compared with the same period in 2021. Average consumer loans increased 23% due to the impact of the BBVA acquisition on all loan classes except education loans, which BBVA did not have in their loan portfolio. In addition, average residential real estate loans increased due to continued strength in portfolio originations. Average commercial loans decreased primarily due to forgiveness of PPP loans.

As part of our strategic focus on growing customers and meeting their financial needs, we have established a coast-to-coast network of retail branches and ATMs that operate alongside PNC’s suite of digital capabilities. Over time, we plan to continue to convert a portion of these branches to solution centers, which have a distinctive layout and the capability to support transactions, sales and advice using a combination of technology and personalized banker assistance. PNC began to deploy solution centers in 2018.

Retail Banking continues to enhance the customer experience with refinements to product and service offerings that drive value for consumers and small businesses. We are focused on meeting the financial needs of customers by providing a broad range of liquidity, banking, payments and investment products. In 2021, we successfully rolled out Low Cash Mode® to all Virtual Wallet® customers providing them with the ability to avoid unnecessary overdraft fees through real-time intelligent alerts, extra time to prevent or address overdrafts and controls to choose whether to return certain debits rather than the bank making the decision.

Retail Banking continued to execute on its strategy of transforming the customer experience through transaction channel migration, branch network and home lending process transformations and multi-channel engagement and service strategies. We are also continually assessing our current branch network for optimization opportunities as usage of alternative channels has increased and as a result, have closed 96 branches in the first six months of 2022, consistent with our plan.
16    The PNC Financial Services Group, Inc. – Form 10-Q


Corporate & Institutional Banking
Corporate & Institutional Banking’s strategy is to be the leading relationship-based provider of traditional banking products and services to its customers through the economic cycles. We aim to grow our market share and drive higher returns by delivering value-added solutions that help our clients better run their organizations, all while maintaining prudent risk and expense management. We continue to focus on building client relationships where the risk-return profile is attractive.

Table 12: Corporate & Institutional Banking Table
(Unaudited)
Six months ended June 30       Change
Dollars in millions 2022 2021 $ %
Income Statement
Net interest income $ 2,413  $ 2,093  $ 320  15  %
Noninterest income 1,772  1,674  98  6  %
Total revenue 4,185  3,767  418  11  %
Provision for (recapture of) credit losses (135) (178) 43  24  %
Noninterest expense 1,771  1,524  247  16  %
Pretax earnings 2,549  2,421  128  5  %
Income taxes 583  547  36  7  %
Noncontrolling interests 7  7  — 
Earnings $ 1,959  $ 1,867  $ 92  5  %
Average Balance Sheet
Loans held for sale $ 559  $ 627  $ (68) (11) %
Loans
Commercial
Commercial and industrial $ 147,819  $ 118,106  $ 29,713  25  %
Commercial real estate 32,640  28,658  3,982  14  %
Equipment lease financing 6,150  6,332  (182) (3) %
Total commercial 186,609  153,096  33,513  22  %
Consumer 11  10  1  10  %
Total loans $ 186,620  $ 153,106  $ 33,514  22  %
Total assets $ 210,171  $ 176,182  $ 33,989  19  %
Deposits
Noninterest-bearing $ 83,589  $ 71,142  $ 12,447  17  %
Interest-bearing 66,780  69,555  (2,775) (4) %
Total deposits $ 150,369  $ 140,697  $ 9,672  7  %
Performance Ratios
Return on average assets 1.88  % 2.14  %
Noninterest income to total revenue 42  % 44  %
Efficiency 42  % 40  %    
Other Information
Consolidated revenue from: (a)
Treasury Management (b) $ 1,205  $ 1,017  $ 188  18  %
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (c) $ 36  $ 59  $ (23) (39) %
Commercial mortgage loan servicing income (d) 138  156  (18) (12) %
Commercial mortgage servicing rights valuation, net of economic hedge 46  50  (4) (8) %
Total $ 220  $ 265  $ (45) (17) %
MSR asset value (e) $ 988  $ 682  $ 306  45  %
Average loans by C&IB business
Corporate Banking $ 98,079  $ 75,806  $ 22,273  29  %
Real Estate 43,710  39,799  3,911  10  %
Business Credit 27,395  22,263  5,132  23  %
Commercial Banking 9,751  11,919  (2,168) (18) %
Other 7,685  3,319  4,366  132  %
Total average loans $ 186,620  $ 153,106  $ 33,514  22  %
Credit-related statistics
Nonperforming assets (e) $ 674  $ 1,274  $ (600) (47) %
Net charge-offs - loans and leases $ 10  $ 277  $ (267) (96) %
(a)See the additional revenue discussion regarding treasury management and commercial mortgage banking activities in the Product Revenue section of this Corporate & Institutional Banking section.
(b)Amounts are reported in net interest income and noninterest income.
(c)Represents commercial mortgage banking income for valuations on commercial mortgage loans held for sale and related commitments, derivative valuations, origination fees, gains on sale of loans held for sale and net interest income on loans held for sale.
The PNC Financial Services Group, Inc. – Form 10-Q 17  

(d)Represents net interest income and noninterest income from loan servicing, net of reduction in commercial mortgage servicing rights due to amortization expense and payoffs. Commercial mortgage servicing rights valuation, net of economic hedge is shown separately.
(e)As of June 30.

Corporate & Institutional Banking earnings in the first six months of 2022 increased $92 million compared with the same period in 2021 driven by higher net interest income and noninterest income, partially offset by higher noninterest expense and a lower provision recapture.

Net interest income increased in the comparison primarily due to higher average loan and deposit balances, reflecting the addition of BBVA, as well as wider interest rate spreads on the value of deposits, partially offset by narrower interest rate spreads on the value of loans.

Noninterest income increased in the comparison primarily driven by higher treasury management product revenue and capital markets related fees, partially offset by lower commercial mortgage banking activities.

Provision recapture in the first six months of 2022 was primarily driven by the impacts from improvements in credit quality and COVID-19 related economic conditions, partially offset by loan growth.

Noninterest expense increased in the comparison largely due to the addition of BBVA operating expenses, higher variable costs associated with increased business activity and continued investments in strategic initiatives.

Average loans increased compared with the six months ended June 30, 2021 due to increases in Corporate Banking, Business Credit and Real Estate, partially offset by a decrease in Commercial Banking:
•Corporate Banking provides lending, equipment finance, treasury management and capital markets related products and services to mid-sized and large corporations, and government and not-for-profit entities. Average loans for this business increased reflecting loans from BBVA, strong new production and higher average utilization of loan commitments.
•Business Credit provides asset-based lending and equipment financing solutions. The loan and lease portfolio is relatively high yielding, with acceptable risk as the loans are mainly secured by business assets. Average loans for this business increased primarily driven by loans from BBVA, higher utilization of loan commitments and new production.
•Real Estate provides banking, financing and servicing solutions for commercial real estate clients across the country. Average loans for this business increased reflecting loans from BBVA, partially offset by lower commercial mortgage lending.
•Commercial Banking provides lending, treasury management and capital markets related products and services to smaller corporations and businesses. Average loans for this business declined primarily driven by PPP loan forgiveness, partially offset by loans from BBVA.

The deposit strategy of Corporate & Institutional Banking is to remain disciplined on pricing and focused on growing and retaining relationship-based balances over time, executing on customer and segment-specific deposit growth strategies and continuing to provide funding and liquidity to PNC. Average total deposits increased in the comparison reflecting deposits from BBVA. We continue to actively monitor the interest rate environment and make adjustments to evolving market conditions, bank funding needs and client relationship dynamics.

In 2021, the BBVA acquisition accelerated Corporate & Institutional Banking’s geographic expansion. Following the BBVA acquisition and our de novo expansion efforts, we are now a coast-to-coast franchise and have a presence in the largest 30 U.S. metropolitan statistical areas. These expanded locations complement Corporate & Institutional Banking’s national businesses with a significant presence in these cities and our full suite of commercial products and services is now offered nationally.

Product Revenue
In addition to credit and deposit products for commercial customers, Corporate & Institutional Banking offers other services, including treasury management, capital markets related products and services and commercial mortgage banking activities, for customers of all business segments. On a consolidated basis, the revenue from these other services is included in net interest income and noninterest income. From a business perspective, the majority of the revenue and expense related to these services is reflected in the Corporate & Institutional Banking segment results and the remainder is reflected in the results of other businesses. The Other Information section in Table 12 includes the consolidated revenue to PNC for treasury management and commercial mortgage banking services. A discussion of the consolidated revenue from these services follows.
The Treasury Management business provides corporations with cash and investment management services, receivables and disbursement management services, funds transfer services, international payment services and access to online/mobile information management and reporting services. Within Treasury Management, PNC Global Transfers provides wholesale money transfer processing capabilities between the U.S. and Mexico and other countries primarily in Central and South America. Treasury management revenue is reported in noninterest income and net interest income. Noninterest income includes treasury management product revenue less earnings credits provided to customers on compensating deposit balances used to pay for products and services.
18    The PNC Financial Services Group, Inc. – Form 10-Q


Net interest income primarily includes revenue from all treasury management customer deposit balances. Compared with the first six months of 2021, treasury management revenue increased due to higher noninterest income and higher deposit balances, including the impact of the BBVA acquisition and wider interest rate spreads on the value of deposits.

Commercial mortgage banking activities include revenue derived from commercial mortgage servicing (both net interest income and noninterest income), revenue derived from commercial mortgage loans held for sale and hedges related to those activities. Total revenue from commercial mortgage banking activities decreased in the comparison primarily due to lower revenue from commercial mortgage loans held for sale and lower commercial mortgage servicing income.

Capital markets related products and services include foreign exchange, derivatives, fixed income, securities underwriting, loan syndications, mergers and acquisitions advisory and equity capital markets advisory related services. The noninterest income generated from these revenue streams is reflected in the capital markets related category on the Consolidated Income Statement. Compared with the first six months of 2021, capital markets related noninterest income increased due to higher merger and acquisition fees, higher fees on customer-related derivatives activities and higher loan syndication fees. These increases were partially offset by lower equity capital markets advisory fees, lower underwriting fees and lower credit valuation on customer-related derivatives activities.
The PNC Financial Services Group, Inc. – Form 10-Q 19  

Asset Management Group

The Asset Management Group strives to be the leading relationship-based provider of investment, planning, credit and cash management solutions and fiduciary services to affluent individuals and institutions by endeavoring to proactively deliver value-added ideas, solutions and exceptional service. Asset Management Group’s priorities are to serve our clients' financial objectives, grow and deepen customer relationships and deliver solid financial performance with prudent risk and expense management.

Table 13: Asset Management Group Table
(Unaudited)
Six months ended June 30       Change
Dollars in millions, except as noted 2022 2021 $ %
Income Statement
Net interest income $ 291  $ 205  $ 86  42  %
Noninterest income 482  473  9  2  %
Total revenue 773  678  95  14  %
Provision for credit losses 7  14  (7) (50) %
Noninterest expense 521  421  100  24  %
Pretax earnings 245  243  2  1  %
Income taxes 57  57  — 
Earnings $ 188  $ 186  $ 2  1  %
Average Balance Sheet
Loans
Consumer
Residential real estate $ 7,414  $ 4,040  $ 3,374  84  %
Other consumer 4,587  4,099  488  12  %
Total consumer 12,001  8,139  3,862  47  %
Commercial 1,704  1,087  617  57  %
Total loans $ 13,705  $ 9,226  $ 4,479  49  %
Total assets $ 14,126  $ 9,761  $ 4,365  45  %
Deposits
Noninterest-bearing $ 3,140  $ 2,148  $ 992  46  %
Interest-bearing 29,331  19,865  9,466  48  %
Total deposits $ 32,471  $ 22,013  $ 10,458  48  %
Performance Ratios
Return on average assets 2.68  % 3.84  %
Noninterest income to total revenue 62  % 70  %
Efficiency 67  % 62  %    
Supplemental Noninterest Income Information
Asset management fees $ 469  $ 465  $ 4  1  %
Brokerage fees 4  2  2  100  %
Total $ 473  $ 467  $ 6  1  %
Other Information
Nonperforming assets (a) $ 114  $ 85  $ 29  34  %
Net charge-offs - loans and leases $ 1  $ 2  $ (1) (50) %
Brokerage account client assets (in billions) (a) $ 4  $ 5  $ (1) (20) %
Client Assets Under Administration (in billions) (a) (b)
Discretionary client assets under management $ 167  $ 183  $ (16) (9) %
Nondiscretionary client assets under administration 153  172  (19) (11) %
Total $ 320  $ 355  $ (35) (10) %
Discretionary client assets under management
PNC Private Bank $ 103  $ 119  $ (16) (13) %
Institutional Asset Management 64  64  — 
Total $ 167  $ 183  $ (16) (9) %
(a)As of June 30.
(b)Excludes brokerage account client assets. 

The Asset Management Group consists of two primary businesses: PNC Private Bank and Institutional Asset Management.

The PNC Private Bank is focused on being a premier private bank in each of the markets it serves. The business seeks to deliver high quality banking, trust, and investment management services to our emerging affluent, high net worth and ultra-high net worth clients through a broad array of products and services.

20    The PNC Financial Services Group, Inc. – Form 10-Q


Institutional Asset Management provides outsourced chief investment officer, custody, private real estate, cash and fixed income client solutions, and retirement plan fiduciary investment services to institutional clients including corporations, healthcare systems, insurance companies, unions, municipalities and non-profits.

With the inclusion of BBVA, PNC Private Bank has approximately 100 offices operating in nine out of the ten most affluent states in the U.S. with a majority co-located with retail banking branches.

Asset Management Group earnings in the first six months of 2022 increased $2 million compared with the same period in 2021 driven by higher net interest income, higher noninterest income and lower provision for credit losses, partially offset by increases in noninterest expense.

Net interest income increased in the comparison due to growth in average deposit and loan balances, reflecting the BBVA acquisition and organic growth.

Noninterest income increased in the comparison primarily attributable to increases in the average equity markets and the benefit of BBVA.

Noninterest expense increased in the comparison due to the impact of BBVA operations and higher personnel expense.

Discretionary client assets under management decreased in comparison to the prior year, primarily due to lower equity markets as of June 30, 2022.

RISK MANAGEMENT

The Risk Management section included in Item 7 of our 2021 Form 10-K describes our enterprise risk management framework including risk culture, enterprise strategy, risk governance and oversight framework, risk identification, risk assessments, risk controls and monitoring, and risk aggregation and reporting. Additionally, our 2021 Form 10-K provides an analysis of the firm's Capital Management and our key areas of risk, which include but are not limited to Credit, Market, Liquidity and Operational (including Compliance and Information Security).

Credit Risk Management
Credit risk, including our credit risk management processes, is described in further detail in the Credit Risk Management section of our 2021 Form 10-K. The following provides additional information around our loan portfolio, which is our most significant concentration of credit risk.

Loan Portfolio Characteristics and Analysis
Table 14: Details of Loans
In billions
pnc-20220630_g1.jpg
We use several credit quality indicators, as further detailed in Note 4 Loans and Related Allowance for Credit Losses in the Notes To Consolidated Financial Statements included in Item 1 of this Report, to monitor and measure our exposure to credit risk within our
The PNC Financial Services Group, Inc. – Form 10-Q 21  

loan portfolio. The following provides additional information about the significant loan classes that comprise our Commercial and Consumer portfolio segments.

Commercial

Commercial and Industrial
Commercial and industrial loans comprised 55% and 53% of our total loan portfolio at June 30, 2022 and December 31, 2021, respectively. The majority of our commercial and industrial loans are secured by collateral that provides a secondary source of repayment for the loan should the borrower experience cash generation difficulties. Examples of this collateral include short-term assets, such as accounts receivable, inventory and securities, and long-lived assets, such as equipment, owner-occupied real estate and other business assets.

We actively manage our commercial and industrial loans to assess any changes (both positive and negative) in the level of credit risk at both the borrower and portfolio level. To evaluate the level of credit risk, we assign internal risk ratings reflecting our estimates of the borrower’s PD and LGD for each related credit facility. This two-dimensional credit risk rating methodology provides granularity in the risk monitoring process and is updated on an ongoing basis through our credit risk management processes. In addition to monitoring the level of credit risk, we also monitor concentrations of credit risk pertaining to both specific industries and geographies that may exist in our portfolio. Our commercial and industrial portfolio is well-diversified as shown in the following table which provides a breakout by industry classification (classified based on the North American Industry Classification System).

Table 15: Commercial and Industrial Loans by Industry
June 30, 2022 December 31, 2021
Dollars in millions Amount % of Total Amount % of Total
Commercial and industrial
Manufacturing $ 27,179  16  % $ 22,597  15  %
Retail/wholesale trade 26,475  15  22,803  15 
Service providers 21,184  12  20,750  14 
Financial services 19,594  11  17,950  12 
Technology, media & telecommunications 16,249  10  10,070  7 
Real estate related (a) 16,179  10  15,123  10 
Health care 10,153  6  9,944  7 
Transportation and warehousing 7,604  4  7,136  5 
Other industries 27,214  16  26,560  15 
Total commercial and industrial loans $ 171,831  100  % $ 152,933  100  %
(a)    Represents loans to customers in the real estate and construction industries.

Commercial and industrial loan growth from December 31, 2021 was driven by new production and higher utilization of loan commitments, partially offset by PPP loan forgiveness. PPP loans outstanding totaled $1.0 billion and $3.4 billion at June 30, 2022 and December 31, 2021, respectively.

Commercial Real Estate
Commercial real estate loans comprised $20.2 billion related to commercial mortgages on income-producing properties, $6.7 billion of real estate construction project loans and $7.6 billion of intermediate-term financing loans as of June 30, 2022. Comparable amounts as of December 31, 2021 were $18.6 billion, $7.3 billion and $8.1 billion, respectively.
We monitor credit risk associated with our commercial real estate loans similar to commercial and industrial loans by analyzing PD and LGD. Additionally, risks associated with these types of credit activities tend to be correlated to the loan structure, collateral location and quality, project progress and business environment. These attributes are also monitored and utilized in assessing credit risk. The portfolio is geographically diverse due to the nature of our business involving clients throughout the U.S.










22    The PNC Financial Services Group, Inc. – Form 10-Q


The following table presents our commercial real estate loans by geography and property type:
Table 16: Commercial Real Estate Loans by Geography and Property Type
June 30, 2022 December 31, 2021
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
California $ 5,925  17  % $ 5,561  16  %
Texas 3,708  11  3,458  10 
Florida 2,920  8  2,987  9 
Virginia 1,653  5  1,720  5 
Maryland 1,590  5  1,557  5 
Pennsylvania 1,550  4  1,482  4 
Illinois 1,360  4  970  3 
Ohio 1,168  3  1,219  4 
Colorado 1,142  3  1,126  3 
New Jersey 986  3  982  3 
Other 12,450  37  12,953  38 
Total commercial real estate loans $ 34,452  100  % $ 34,015  100  %
Property Type (a)
Multifamily $ 11,744  34  % $ 10,581  31  %
Office 9,406  27  9,547  28 
Industrial/warehouse 3,265  9  2,413  7 
Retail 3,071  9  3,570  10 
Seniors housing 2,298  7  2,602  8 
Hotel/motel 1,976  6  2,008  6 
Mixed use 723  2  724  2 
Other 1,969  6  2,570  8 
Total commercial real estate loans $ 34,452  100  % $ 34,015  100  %
(a)    Presented in descending order based on loan balances at June 30, 2022.

As remote work continues to be a feasible alternative and notable portions of leased space remain unoccupied, real estate related to the office sector is an area of growing uncertainty. Evolving conditions suggest a structural change for office demand moving forward; however, the change is anticipated to develop over time. PNC continues to closely monitor our exposure in the office sector as these concerns develop, and while internal risk assessments have moved moderately higher, we have not seen a notable change in performance at this time.

Consumer

Residential Real Estate
Residential real estate loans primarily consisted of residential mortgage loans at both June 30, 2022 and December 31, 2021.

We obtain loan attributes at origination, including FICO scores and LTVs, and we update these and other credit metrics at least quarterly. We track borrower performance monthly. We also segment the mortgage portfolio into pools based on product type (e.g., nonconforming, conforming). This information is used for internal reporting and risk management. As part of our overall risk analysis and monitoring, we also segment the portfolio based upon loan delinquency, nonperforming status, modification and bankruptcy status, FICO scores, LTV and geographic concentrations. Loan performance is evaluated by source originators and loan servicers.

The PNC Financial Services Group, Inc. – Form 10-Q 23  

The following table presents certain key statistics related to our residential real estate portfolio:

Table 17: Residential Real Estate Loan Statistics
June 30, 2022 December 31, 2021
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
California $ 17,245  39  % $ 15,041  38  %
Texas 4,223  10  4,397  11 
Florida 3,263  7  3,124  8 
Washington 2,564  6  1,909  5 
New Jersey 1,805  4  1,660  4 
New York 1,446  3  1,279  3 
Arizona 1,398  3  1,435  4 
Colorado 1,147  3  1,145  3 
Pennsylvania 1,131  3  1,069  3 
Illinois 936  2  957  2 
Other 8,559  20  7,696  19 
Total residential real estate loans
 $ 43,717  100  % $ 39,712  100  %
June 30, 2022 December 31, 2021
Weighted-average loan origination statistics (b)
Loan origination FICO score 772 775
LTV of loan originations 68  % 67  %
(a)Presented in descending order based on loan balances at June 30, 2022.
(b)Weighted-averages calculated for the twelve months ended June 30, 2022 and December 31, 2021, respectively.

We originate residential mortgage loans nationwide through our national mortgage business as well as within our branch network. Residential mortgage loans underwritten to agency standards, including conforming loan amount limits, are typically sold with servicing retained by us. We also originate nonconforming residential mortgage loans that do not meet agency standards, which we retain on our balance sheet. Our portfolio of originated nonconforming residential mortgage loans totaled $38.4 billion at June 30, 2022 with 44% located in California. Comparable amounts at December 31, 2021 were $34.9 billion and 42%, respectively.

Home Equity
Home equity loans comprised $17.6 billion of primarily variable-rate home equity lines of credit and $7.1 billion of closed-end home equity installment loans at June 30, 2022. Comparable amounts were $15.8 billion and $8.3 billion as of December 31, 2021, respectively.

We track borrower performance of this portfolio monthly similarly to residential real estate loans. We also segment the population into pools based on product type (e.g., home equity loans, brokered home equity loans, home equity lines of credit, brokered home equity lines of credit) and track the historical performance of any related mortgage loans regardless of whether we hold the lien. This information is used for internal reporting and risk management. As part of our overall risk analysis and monitoring, we also segment the portfolio based upon the loan delinquency, nonperforming status, modification and bankruptcy status, FICO scores, LTV, lien position and geographic concentration.

The credit performance of the majority of the home equity portfolio where we hold the first lien position is superior to the portion of the portfolio where we hold the second lien position, but do not hold the first lien. Lien position information is generally determined at the time of origination and monitored on an ongoing basis for risk management purposes. We use a third-party service provider to obtain updated loan information, including lien and collateral data that is aggregated from public and private sources.

24    The PNC Financial Services Group, Inc. – Form 10-Q


The following table presents certain key statistics related to our home equity portfolio:

Table 18: Home Equity Loan Statistics
June 30, 2022 December 31, 2021
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
Pennsylvania $ 5,105  21  % $ 5,108  21  %
New Jersey 3,188  13  3,117  13 
Ohio 2,364  10  2,398  10 
Florida 1,854  8  1,701  7 
Michigan 1,262  5  1,246  5 
Maryland 1,220  5  1,206  5 
Illinois 1,125  5  1,154  5 
Texas 999  4  978  4 
North Carolina 941  4  918  4 
California 881  4  705  3 
Other 5,754  21  5,530  23 
Total home equity loans $ 24,693  100  % $ 24,061  100  %
Lien type
1st lien 62  % 62  %
2nd lien 38  38 
Total 100  % 100  %
Weighted-average loan origination statistics (b) June 30, 2022 December 31, 2021
Loan origination FICO score 777 782
LTV of loan originations 67  % 66  %
(a)Presented in descending order based on loan balances at June 30, 2022.
(b)Weighted-averages calculated for the twelve months ended June 30, 2022 and December 31, 2021, respectively.

Automobile
Auto loans comprised $14.2 billion in the indirect auto portfolio and $1.1 billion in the direct auto portfolio as of June 30, 2022. Comparable amounts as of December 31, 2021 were $15.4 billion and $1.2 billion, respectively. The indirect auto portfolio consists of loans originated primarily through franchised dealers, including from expansion into new markets. This business is strategically aligned with our core retail banking business.

The following table presents certain key statistics related to our indirect and direct auto portfolios:

Table 19: Auto Loan Statistics (a)
June 30, 2022 December 31, 2021
Weighted-average loan origination FICO score (b)
Indirect auto 786 791
Direct auto 777 775
Weighted-average term of loan originations - in months
Indirect auto 73 72
Direct auto 62 62
(a)Weighted-averages calculated for the twelve months ended June 30, 2022 and December 31, 2021, respectively.
(b)Calculated using the auto enhanced FICO scale.

We continue to focus on borrowers with strong credit profiles as evidenced by the weighted-average loan origination FICO scores noted in Table 19. We offer both new and used auto financing to customers through our various channels. At June 30, 2022, the portfolio balance was composed of 52% new vehicle loans and 48% used vehicle loans. Comparable amounts at December 31, 2021 were 53% and 47%, respectively.

The auto loan portfolio’s performance is measured monthly, including updated collateral values that are obtained monthly and updated FICO scores that are obtained at least quarterly. For internal reporting and risk management, we analyze the portfolio by product channel and product type and regularly evaluate default and delinquency experience. As part of our overall risk analysis and monitoring, we segment the portfolio by geography, channel, collateral attributes and credit metrics which include FICO score, LTV and term.


The PNC Financial Services Group, Inc. – Form 10-Q 25  

Nonperforming Assets and Loan Delinquencies
Nonperforming Assets
Nonperforming assets include nonperforming loans and leases for which ultimate collectability of the full amount of contractual principal and interest is not probable and include nonperforming TDRs and PCD loans, OREO and foreclosed assets. Loans held for sale, certain government insured or guaranteed loans and loans accounted for under the fair value option are excluded from nonperforming loans. See Note 1 Accounting Policies in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 Form 10-K for details on our nonaccrual policies.

The following table presents a summary of nonperforming assets by major category:

Table 20: Nonperforming Assets by Type
  June 30, 2022 December 31, 2021 Change
Dollars in millions $ %
Nonperforming loans        
Commercial $ 815  $ 1,168  $ (353) (30) %
Consumer (a) 1,231  1,312  (81) (6) %
Total nonperforming loans 2,046  2,480  (434) (18) %
OREO and foreclosed assets 29  26  3  12  %
Total nonperforming assets $ 2,075  $ 2,506  $ (431) (17) %
TDRs included in nonperforming loans $ 715  $ 988  $ (273) (28) %
Percentage of total nonperforming loans 35  % 40  %    
Nonperforming loans to total loans 0.66  % 0.86  %
Nonperforming assets to total loans, OREO and foreclosed assets 0.67  % 0.87  %
Nonperforming assets to total assets 0.38  % 0.45  %
Allowance for loan and lease losses to nonperforming loans 218  % 196  %    
Allowance for credit losses to nonperforming loans (b) 251  % 223  %
(a)Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.
(b)Calculated excluding allowances for investment securities and other financial assets.

The following table provides details on the change in nonperforming assets for the six months ended June 30, 2022 and 2021:

Table 21: Change in Nonperforming Assets
In millions 2022 2021
January 1 $ 2,506  $ 2,337 
Acquired nonperforming assets (a) 880 
New nonperforming assets 739  456 
Charge-offs and valuation adjustments (117) (131)
Principal activity, including paydowns and payoffs (547) (450)
Asset sales and transfers to loans held for sale (27) (101)
Returned to performing status (479) (173)
June 30 $ 2,075  $ 2,818 
(a)Represents the June 30, 2021 balance of nonperforming assets attributable to BBVA.

As of June 30, 2022, approximately 98% of total nonperforming loans were secured by collateral which lessened reserve requirements and is expected to reduce credit losses.

Within consumer nonperforming loans, residential real estate TDRs comprised 46% of total residential real estate nonperforming loans while home equity TDRs comprised 32% of home equity nonperforming loans at June 30, 2022. Comparable amounts at December 31, 2021 were 42% and 36%, respectively. TDRs generally remain in nonperforming status until a borrower has made at least six consecutive months of both principal and interest payments under the modified terms or ultimate resolution occurs. Loans where borrowers have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to us and loans to borrowers not currently obligated to make both principal and interest payments under the restructured terms are not returned to accrual status. See Troubled Debt Restructurings and Loan Modifications within this Credit Risk
26    The PNC Financial Services Group, Inc. – Form 10-Q


Management section for more information on how certain loans to borrowers experiencing COVID-19 related difficulties were treated prior to the expiration of CARES Act TDR relief.

Loan Delinquencies
We regularly monitor the level of loan delinquencies and believe these levels may be a key indicator of credit quality in our loan portfolio. Measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due in terms of payment are considered delinquent. Loan delinquencies include government insured or guaranteed loans, loans accounted for under the fair value option and PCD loans. Amounts exclude loans held for sale.

We manage credit risk based on the risk profile of the borrower, repayment sources, underlying collateral, and other support given current events, economic conditions and expectations. We refine our practices to meet the changing environment resulting from rising inflation levels, supply chain disruptions, higher rates, and secular changes fostered by the COVID-19 pandemic. To mitigate losses and enhance customer support, we have customer assistance, loan modification and collection programs that align with the CARES Act and subsequent interagency guidance. As a result, under the CARES Act credit reporting rules, certain loans modified due to COVID-19 related hardships are not being reported as past due as of June 30, 2022 and December 31, 2021 based on the contractual terms of the loan, even where borrowers may not be making payments on their loans during the modification period.
The following table presents a summary of accruing loans past due by delinquency status:
Table 22: Accruing Loans Past Due (a)
  Amount
  
% of Total Loans Outstanding
  June 30
2022		 December 31
2021		 Change June 30
2022		 December 31
2021
Dollars in millions $ %
Early stage loan delinquencies            
Accruing loans past due 30 to 59 days $ 696  $ 1,011  $ (315) (31) % 0.22  % 0.35  %
Accruing loans past due 60 to 89 days 345  355  (10) (3) % 0.11  % 0.12  %
Total early stage loan delinquencies 1,041  1,366  (325) (24) % 0.33  % 0.47  %
Late stage loan delinquencies
Accruing loans past due 90 days or more 470  619  (149) (24) % 0.15  % 0.21  %
Total accruing loans past due $ 1,511  $ 1,985  $ (474) (24) % 0.49  % 0.69  %
(a)Past due loan amounts include government insured or guaranteed loans of $0.4 billion and $0.5 billion at June 30, 2022 and December 31, 2021, respectively.

The decline in accruing loans past due from December 31, 2021 was due to reductions in both consumer and commercial delinquencies, driven by the resolution of BBVA conversion-related administrative and operational delays.

Accruing loans past due 90 days or more continue to accrue interest because they are (i) well secured by collateral and are in the process of collection, (ii) managed in homogeneous portfolios with specified charge-off timeframes adhering to regulatory guidelines, or (iii) certain government insured or guaranteed loans. As such, they are excluded from nonperforming loans.

Troubled Debt Restructurings and Loan Modifications
Troubled Debt Restructurings
A TDR is a loan whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties. TDRs result from our loss mitigation activities and include rate reductions, principal forgiveness, postponement/reduction of scheduled amortization and extensions, which are intended to minimize economic loss and to avoid foreclosure or repossession of collateral. Additionally, TDRs also result from court-imposed concessions (e.g., a Chapter 7 bankruptcy where the debtor is discharged from personal liability to us and a court approved Chapter 13 bankruptcy repayment plan). Loans to borrowers experiencing COVID-19 related hardships that met certain criteria under the CARES Act were not categorized as TDRs during the relief period, which expired on January 1, 2022. Consistent with the expiration of the CARES Act TDR relief (and as amended by the Consolidated Appropriations Act), loans that experience a COVID-19 related hardship and are restructured after January 1, 2022 are subject to existing GAAP guidance related to TDRs.

The PNC Financial Services Group, Inc. – Form 10-Q 27  

The following table provides a summary of troubled debt restructurings at June 30, 2022 and December 31, 2021, respectively:
Table 23: Summary of Troubled Debt Restructurings (a)
  June 30
2022		 December 31
2021		 Change
Dollars in millions $ %
Commercial $ 517  $ 672  $ (155) (23) %
Consumer 867  919  (52) (6) %
Total TDRs $ 1,384  $ 1,591  $ (207) (13) %
Nonperforming $ 715  $ 988  $ (273) (28) %
Accruing (b) 669  603  66  11  %
Total TDRs $ 1,384  $ 1,591  $ (207) (13) %
(a)Amounts in table do not include associated valuation allowances.
(b)Accruing loans include consumer credit card loans and certain loans that have demonstrated a period of at least six months of performance under the restructured terms and are excluded from nonperforming loans.

Nonperforming TDRs represented approximately 35% of total nonperforming loans and 52% of total TDRs at June 30, 2022. Comparable amounts at December 31, 2021 were 40% and 62%, respectively. The remaining portion of TDRs represents TDRs that have been returned to accrual status after performing under the restructured terms for at least six consecutive months.

See Note 4 Loans and Related Allowance for Credit Losses in the Notes To Consolidated Financial Statements included in Item 1 of this Report for additional information on TDRs.

Loan Modifications
PNC provides relief to our customers through a variety of solutions. Commercial loan and lease modifications are based on each individual borrower’s situation and may involve reduction of the interest rate, extension of the loan term and/or forgiveness of principal. Consumer loan modifications are evaluated under our hardship relief programs, including COVID-19 related hardships that extended beyond the initial relief period.

See Troubled Debt Restructurings within this Credit Risk Management section for more information on how certain loans to borrowers experiencing COVID-19 related difficulties were treated prior to the expiration of CARES Act TDR relief.

For additional information related to loan modifications granted in response to the economic impacts of COVID-19, see the Credit Risk Management portion of the Risk Management section of our 2021 Form 10-K.

Allowance for Credit Losses
Our determination of the ACL is based on historical loss and performance experience, current economic conditions, reasonable and supportable forecasts of future conditions and other relevant factors, including current borrower and/or transaction characteristics. We maintain the ACL at an appropriate level for expected losses on our existing investment securities, loans, equipment finance leases, trade receivables and other financial assets and off-balance sheet credit exposures and determine this allowance based on quarterly assessments of the remaining estimated contractual term of the assets or exposures as of the balance sheet date.

See Note 1 Accounting Policies in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 Form 10-K and the Credit Risk Management section within Item 7 of our 2021 Form 10-K for additional discussion of our ACL, including details of our methodologies. See also the Critical Accounting Estimates and Judgments section of this Financial Review for further discussion of the assumptions used in the determination of the ACL as of June 30, 2022.

28    The PNC Financial Services Group, Inc. – Form 10-Q


The following table summarizes our ACL related to loans:

Table 24: Allowance for Credit Losses by Loan Class (a)
June 30, 2022 December 31, 2021

Dollars in millions 		Allowance Amount Total Loans % of Total Loans Allowance Amount Total Loans % of Total Loans
Allowance for loans and lease losses
Commercial
Commercial and industrial $ 1,853  $ 171,831  1.08  % $ 1,879  $ 152,933  1.23  %
Commercial real estate 993  34,452  2.88  % 1,216  34,015  3.57  %
Equipment lease financing 91  6,240  1.46  % 90  6,130  1.47  %
Total commercial 2,937  212,523  1.38  % 3,185  193,078  1.65  %
Consumer
Residential real estate 36  43,717  0.08  % 21  39,712  0.05  %
Home equity 190  24,693  0.77  % 149  24,061  0.62  %
Automobile 254  15,323  1.66  % 372  16,635  2.24  %
Credit card 715  6,650  10.75  % 712  6,626  10.75  %
Education 63  2,332  2.70  % 71  2,533  2.80  %
Other consumer 267  5,562  4.80  % 358  5,727  6.25  %
Total consumer 1,525  98,277  1.55  % 1,683  95,294  1.77  %
Total 4,462  $ 310,800  1.44  % 4,868  $ 288,372  1.69  %
Allowance for unfunded lending related commitments
 681  662 
Allowance for credit losses
 $ 5,143  $ 5,530 
Allowance for credit losses to total loans 1.65  % 1.92  %
Commercial 1.68  % 1.94  %
Consumer 1.60  % 1.87  %
(a)    Excludes allowances for investment securities and other financial assets, which together totaled $163 million and $171 million at June 30, 2022 and December 31, 2021, respectively.

The PNC Financial Services Group, Inc. – Form 10-Q 29  

The following table summarizes our loan charge-offs and recoveries:
Table 25: Loan Charge-Offs and Recoveries
Six months ended June 30 Gross
Charge-offs		 Recoveries Net Charge-offs /
(Recoveries)		 % of Average
Loans (Annualized)
Dollars in millions
2022
Commercial
Commercial and industrial $ 71  $ 45  $ 26  0.03  %
Commercial real estate 15  2  13  0.08  %
Equipment lease financing 3  6  (3) (0.10) %
Total commercial 89  53  36  0.04  %
Consumer
Residential real estate 7  11  (4) (0.02) %
Home equity 6  39  (33) (0.27) %
Automobile 86  70  16  0.20  %
Credit card 135  31  104  3.24  %
Education 8  3  5  0.41  %
Other consumer 115  19  96  3.45  %
Total consumer 357  173  184  0.39  %
  Total $ 446  $ 226  $ 220  0.15  %
2021
Commercial
Commercial and industrial $ 304  $ 43  $ 261  0.39  %
Commercial real estate 33  3  30  0.20  %
Equipment lease financing 6  6 
Total commercial 343  52  291  0.34  %
Consumer
Residential real estate 7  11  (4) (0.03) %
Home equity 14  38  (24) (0.20) %
Automobile 87  79  8  0.11  %
Credit card 134  23  111  3.81  %
Education 8  4  4  0.28  %
Other consumer 78  12  66  2.75  %
Total consumer 328  167  161  0.42  %
  Total $ 671  $ 219  $ 452  0.37  %

Total net charge-offs decreased $232 million, or 51%, for the first six months of 2022 compared to the same period in 2021. Commercial net charge-offs in the comparative period included $248 million attributable to BBVA, which were largely the result of required purchase accounting treatment for the acquisition.

See Note 1 Accounting Policies in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 Form 10-K and Note 4 Loans and Related Allowance for Credit Losses in the Notes To Consolidated Financial Statements included in this Report for additional information.
Liquidity and Capital Management
Liquidity risk, including our liquidity monitoring measures and tools, is described in further detail in the Liquidity and Capital Management section of our 2021 Form 10-K.

One of the ways we monitor our liquidity is by reference to the LCR, a regulatory minimum liquidity requirement designed to ensure that covered banking organizations maintain an adequate level of liquidity to meet net liquidity needs over the course of a hypothetical 30-day stress scenario. PNC and PNC Bank calculate the LCR daily, and as of June 30, 2022, the LCR for PNC and PNC Bank exceeded the minimum requirement of 100%.

The NSFR is designed to measure the stability of the maturity structure of assets and liabilities of banking organizations over a one-year time horizon. PNC and PNC Bank are required to calculate the NSFR on an ongoing basis, and as of June 30, 2022, the NSFR for PNC and PNC Bank exceeded the minimum requirement of 100%.

30    The PNC Financial Services Group, Inc. – Form 10-Q


We provide additional information regarding regulatory liquidity requirements and their potential impact on us in the Supervision and Regulation section of Item 1 Business and Item 1A Risk Factors of our 2021 Form 10-K.

Sources of Liquidity
Our largest source of liquidity on a consolidated basis is the customer deposit base generated by our banking businesses. These deposits provide relatively stable and low-cost funding. Total deposits decreased to $440.8 billion at June 30, 2022 from $457.3 billion at December 31, 2021, driven by decreases in both noninterest-bearing and interest-bearing deposits. See the Funding Sources portion of the Consolidated Balance Sheet Review section of this Financial Review for additional information related to our deposits. Additionally, certain assets determined by us to be liquid as well as unused borrowing capacity from a number of sources are also available to manage our liquidity position.
At June 30, 2022, our liquid assets consisted of cash and due from banks and short-term investments (federal funds sold, resale agreements, trading securities and interest-earning deposits with banks) totaling $40.8 billion and securities available for sale totaling $53.0 billion. The level of liquid assets fluctuates over time based on many factors, including market conditions, loan and deposit growth and balance sheet management activities. Our liquid assets included an insignificant amount of securities available for sale and trading securities pledged as collateral to secure public and trust deposits, repurchase agreements and for other purposes. In addition, $21.2 billion of securities held to maturity were also pledged as collateral.

We also obtain liquidity through various forms of funding, including long-term debt (senior notes, subordinated debt and FHLB borrowings) and short-term borrowings (securities sold under repurchase agreements, commercial paper and other short-term borrowings). See the Funding Sources section of the Consolidated Balance Sheet Review in this Financial Review, Note 8 Borrowed Funds in the Notes To Consolidated Financial Statements included in this Report and Note 10 Borrowed Funds in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 Form 10-K for additional information related to our borrowings.
Total senior and subordinated debt, on a consolidated basis, decreased due to the following activity:
Table 26: Senior and Subordinated Debt
In billions 2022
January 1 $ 27.7 
Issuances 0.9 
Calls and maturities (5.3)
Other (1.5)
June 30 $ 21.8 
Bank Liquidity
Under PNC Bank’s 2014 bank note program, as amended, PNC Bank may from time to time offer up to $40.0 billion aggregate principal amount outstanding at any one time of its unsecured senior and subordinated notes with maturity dates more than nine months (in the case of senior notes) and five years or more (in the case of subordinated notes) from their date of issue. At June 30, 2022, PNC Bank had $10.2 billion of notes outstanding under this program of which $5.2 billion were senior bank notes and $5.0 billion were subordinated bank notes.
The following table details PNC Bank note redemptions in the second quarter of 2022:

Table 27: PNC Bank Notes Redeemed
Redemption Date Amount Description of Redemption
May 31, 2022 $750 million All outstanding senior bank notes with an original scheduled maturity date of June 29, 2022. The securities had a distribution rate of 2.875%. The redemption price was equal to $1,000 per $1,000 in principal amount, plus any accrued and unpaid distributions to the redemption date of May 31, 2022.
June 28, 2022 $750 million All outstanding senior bank notes with an original scheduled maturity date of July 28, 2022. The securities had a distribution rate of 2.450%. The redemption price was equal to $1,000 per $1,000 in principal amount, plus any accrued and unpaid distributions to the redemption date of June 28, 2022.

PNC Bank maintains additional secured borrowing capacity with the FHLB-Pittsburgh and through the Federal Reserve Bank discount window. The Federal Reserve Bank, however, is not viewed as a primary means of funding our routine business activities, but rather as a potential source of liquidity in a stressed environment or during a market disruption. At June 30, 2022, our unused secured borrowing capacity at the FHLB-Pittsburgh and the Federal Reserve Bank totaled $79.5 billion.

The PNC Financial Services Group, Inc. – Form 10-Q 31  

PNC Bank has the ability to offer up to $10.0 billion of its commercial paper to provide additional liquidity. At June 30, 2022, there were no issuances outstanding under this program.

Additionally, PNC Bank may also access funding from the parent company through deposits placed at the bank, or through issuing its senior unsecured notes.

Parent Company Liquidity
In addition to managing liquidity risk at the bank level, we monitor the parent company’s liquidity. The parent company’s contractual obligations consist primarily of debt service related to parent company borrowings and funding non-bank affiliates. Additionally, the parent company maintains liquidity to fund discretionary activities such as paying dividends to our shareholders, share repurchases and acquisitions.

At June 30, 2022, available parent company liquidity totaled $8.2 billion. Parent company liquidity is held in intercompany cash and investments. For investments with longer durations, the related maturities are aligned with scheduled cash needs, such as the maturity of parent company debt obligations.

The principal source of parent company liquidity is the dividends or other capital distributions it receives from PNC Bank, which may be impacted by the following:
•Bank-level capital needs,
•Laws, regulations and the results of supervisory activities,
•Corporate policies,
•Contractual restrictions, and
•Other factors.

There are statutory and regulatory limitations on the ability of a national bank to pay dividends or make other capital distributions or to extend credit to the parent company or its non-bank subsidiaries. The amount available for dividend payments by PNC Bank to the parent company without prior regulatory approval was $2.1 billion at June 30, 2022. See Note 20 Regulatory Matters in the Notes To Consolidated Financial Statements included in Item 8 of our 2021 Form 10-K for further discussion of these limitations.

In addition to dividends from PNC Bank, other sources of parent company liquidity include cash and investments, as well as dividends and loan repayments from other subsidiaries and dividends or distributions from equity investments. We can also generate liquidity for the parent company and PNC’s non-bank subsidiaries through the issuance of debt and equity securities, including certain capital instruments, in public or private markets and commercial paper. Authorized by the Board of Directors, the parent company has the ability to offer up to $5.0 billion of commercial paper to provide additional liquidity. At June 30, 2022, there were no commercial paper issuances outstanding.
The following table details Parent Company note issuances in the second quarter of 2022:

Table 28: Parent Company Notes Issued
Issuance Date Amount Description of Issuance
June 6, 2022 $850 million $850 million of subordinated fixed-to-floating rate notes with a maturity date of June 6, 2033. Interest is payable semi-annually in arrears at a fixed rate of 4.626% per annum, on June 6 and December 9 of each year, beginning on December 6, 2022. Beginning on June 6, 2032, interest is payable quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index), plus 1.850%, on September 6, 2032, December 6, 2032, March 6, 2033 and at the maturity date.

Parent company senior and subordinated debt outstanding totaled $10.4 billion and $11.4 billion at June 30, 2022 and December 31, 2021, respectively.

Contractual Obligations and Commitments
We have contractual obligations representing required future payments on borrowed funds, time deposits, leases, pension and postretirement benefits and purchase obligations. See the Liquidity and Capital Management portion of the Risk Management section of our 2021 Form 10-K for more information on these future cash outflows. Additionally, in the normal course of business we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. We provide information on our commitments in Note 9 Commitments in the Notes To Consolidated Financial Statements of this Report.

Credit Ratings
PNC’s credit ratings affect the cost and availability of short and long-term funding, collateral requirements for certain derivative instruments and the ability to offer certain products.

32    The PNC Financial Services Group, Inc. – Form 10-Q


In general, rating agencies base their ratings on many quantitative and qualitative factors, including capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current legislative and regulatory environment, including implied government support. A decrease, or potential decrease, in credit ratings could impact access to the capital markets and/or increase the cost of debt, and thereby adversely affect liquidity and financial condition.
The following table presents credit ratings for PNC and PNC Bank as of June 30, 2022:
Table 29: Credit Ratings for PNC and PNC Bank
June 30, 2022
  
Moody’s Standard & Poor’s Fitch
PNC
Senior debt A3 A- A
Subordinated debt A3 BBB+ A-
Preferred stock Baa2 BBB- BBB
PNC Bank
Senior debt A2 A A+
Subordinated debt A3 A- A
Long-term deposits Aa3 A AA-
Short-term deposits P-1 A-1 F1+
Short-term notes P-1 A-1 F1

Capital Management
Detailed information on our capital management processes and activities is included in the Supervision and Regulation section of Item 1 of our 2021 Form 10-K.

We manage our funding and capital positions by making adjustments to our balance sheet size and composition, issuing or redeeming debt, issuing equity or other capital instruments, executing treasury stock transactions and capital redemptions or repurchases, and managing dividend policies and retaining earnings.

On April 26, 2022, PNC issued 1,000,000 depositary shares each representing 1/100th ownership in a share of 6.000% fixed-rate reset non-cumulative perpetual preferred stock, Series U, with a par value of $1 per share.

In the second quarter of 2022, PNC returned $1.4 billion of capital to shareholders through $737 million of common share repurchases, representing 4.3 million shares, and $627 million of dividends on common shares. Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors recently authorized a new repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 59% were still available for repurchase at June 30, 2022. This framework and our capital flexibility allow for the continuation of our recent quarterly average share repurchase levels in dollars as well as the ability to increase those levels should conditions warrant. PNC's SCB for the four-quarter period beginning October 1, 2022 is 2.9%.

On July 1, 2022, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.50 per share payable on August 5, 2022.



The PNC Financial Services Group, Inc. – Form 10-Q 33  

Table 30: Basel III Capital
June 30, 2022
Dollars in millions Basel III (a)  Fully Implemented
(estimated) (b)
Common equity Tier 1 capital
Common stock plus related surplus, net of treasury stock (1,834) (1,834)
Retained earnings 52,564  51,841 
Goodwill, net of associated deferred tax liabilities (10,699) (10,699)
Other disallowed intangibles, net of deferred tax liabilities (395) (395)
Other adjustments/(deductions) (99) (107)
Common equity Tier 1 capital (c) 39,537  38,806 
Additional Tier 1 capital
Preferred stock plus related surplus 6,004  6,004 
Tier 1 capital 45,541  44,810 
Additional Tier 2 capital
Qualifying subordinated debt 3,793  3,793 
Eligible credit reserves includable in Tier 2 capital 4,070  4,785 
Total Basel III capital $ 53,404  $ 53,388 
Risk-weighted assets
Basel III standardized approach risk-weighted assets (d) $ 413,432  $ 413,706 
Average quarterly adjusted total assets $ 539,996  $ 539,265 
Supplementary leverage exposure (e) $ 637,236  $ 637,229 
Basel III risk-based capital and leverage ratios (f)
Common equity Tier 1 9.6  % 9.4  %
Tier 1 11.0  % 10.8  %
Total 12.9  % 12.9  %
Leverage (g) 8.4  % 8.3  %
Supplementary leverage ratio (e) 7.1  % 7.0  %
(a)The ratios are calculated to reflect PNC’s election to adopt the CECL five-year transition provisions. Effective for the first quarter 2022, PNC is now in the three-year transition period and the full impact of the CECL standard is being phased-in to regulatory capital through December 31, 2024.
(b)The ratios are calculated to reflect the full impact of CECL and excludes the benefits of the optional five-year transition.
(c)As permitted, PNC and PNC Bank have elected to exclude AOCI related to both available for sale securities and pension and other post-retirement plans from CET1 capital.
(d)Basel III standardized approach risk-weighted assets are based on the Basel III standardized approach rules and include credit and market risk-weighted assets.
(e)The Supplementary leverage ratio is calculated based on Tier 1 capital divided by Supplementary leverage exposure, which takes into account the quarterly average of both on balance sheet assets as well as certain off-balance sheet items, including loan commitments and potential future exposure under derivative contracts.
(f)All ratios are calculated using the regulatory capital methodology applicable to PNC and calculated based on the standardized approach.
(g)Leverage ratio is calculated based on Tier 1 capital divided by Average quarterly adjusted total assets.

PNC’s regulatory risk-based capital ratios are calculated using the standardized approach for determining risk-weighted assets. Under the standardized approach for determining credit risk-weighted assets, exposures are generally assigned a pre-defined risk weight. Exposures to high volatility commercial real estate, nonaccruals, TDRs, past due exposures and equity exposures are generally subject to higher risk weights than other types of exposures.
The regulatory agencies have adopted a rule permitting banks to delay the estimated impact on regulatory capital stemming from implementing CECL. CECL’s estimated impact on CET1 capital, as defined by the rule, is the change in retained earnings at adoption plus or minus 25% of the change in CECL ACL at the balance sheet date, excluding the initial allowance for PCD loans from BBVA, compared to CECL ACL at adoption. Effective for the first quarter of 2022, PNC is now in the three-year transition period, and the full impact of the CECL standard is being phased-in to regulatory capital through December 31, 2024. See additional discussion of this rule in the Supervision and Regulation section of Item 1 Business and Item 1A Risk Factors of our 2021 Form 10-K.
At June 30, 2022, PNC and PNC Bank were considered “well capitalized,” based on applicable U.S. regulatory capital ratio requirements. To qualify as “well capitalized”, PNC must have Basel III capital ratios of at least 6% for Tier 1 risk-based capital and 10% for Total risk-based capital, and PNC Bank must have Basel III capital ratios of at least 6.5% for Common equity Tier 1 risk-based capital, 8% for Tier 1 risk-based capital, 10% for Total risk-based capital and a Leverage ratio of at least 5%.

Federal banking regulators have stated that they expect the largest U.S. BHCs, including PNC, to have a level of regulatory capital well in excess of the regulatory minimum and have required the largest U.S. BHCs, including PNC, to have a capital buffer sufficient
34    The PNC Financial Services Group, Inc. – Form 10-Q


to withstand losses and allow them to meet the credit needs of their customers through estimated stress scenarios. We seek to manage our capital consistent with these regulatory principles, and believe that our June 30, 2022 capital levels were aligned with them.

We provide additional information regarding regulatory capital requirements and some of their potential impacts on us in the Supervision and Regulation section of Item 1 Business, Item 1A Risk Factors and Note 20 Regulatory Matters in the Notes To Consolidated Financial Statements in Item 8 of our 2021 Form 10-K.

Market Risk Management
See the Market Risk Management portion of the Risk Management Section in our 2021 Form 10-K for additional discussion regarding market risk.

Market Risk Management – Interest Rate Risk
Interest rate risk results primarily from our traditional banking activities of gathering deposits and extending loans. Many factors, including economic and financial conditions, movements in interest rates and consumer preferences, affect the difference between the interest that we earn on assets and the interest that we pay on liabilities and the level of our noninterest-bearing funding sources. Due to the repricing term mismatches and embedded options inherent in certain of these products, changes in market interest rates not only affect expected near-term earnings, but also the economic values of these assets and liabilities.

Our Asset and Liability Management group centrally manages interest rate risk as prescribed in our risk management policies, which are approved by management’s Asset and Liability Committee and the Risk Committee of the Board of Directors.
Sensitivity results and market interest rate benchmarks for the second quarters of 2022 and 2021 follow:

Table 31: Interest Sensitivity Analysis
Second Quarter 2022 Second Quarter 2021
Net Interest Income Sensitivity Simulation
Effect on net interest income in first year from gradual interest rate change over the
   following 12 months of:
100 basis point increase 3.2  % 5.2  %
100 basis point decrease (a) (3.4) % N/A
Effect on net interest income in second year from gradual interest rate change over the
    preceding 12 months of:
100 basis point increase 5.6  % 13.1  %
100 basis point decrease (a) (6.4) % N/A
(a)Due to the prevailing low interest rate environment post pandemic, the reporting of Net interest income sensitivities for the 100 basis point decrease scenario was suspended from the first quarter of 2020 to the first quarter of 2022.
In addition to measuring the effect on net interest income assuming parallel changes in current interest rates, we routinely simulate the effects of a number of nonparallel interest rate environments. Table 32 reflects the percentage change in net interest income over the next two 12-month periods, assuming (i) the PNC Economist’s most likely rate forecast, (ii) implied market forward rates and (iii) yield curve slope flattening (a 100 basis point yield curve slope flattening between one-month and ten-year rates superimposed on current base rates) scenario.

All changes in forecasted net interest income are relative to results in a base rate scenario where current market rates are assumed to remain unchanged over the forecast horizon.
Table 32: Net Interest Income Sensitivity to Alternative Rate Scenarios
June 30, 2022
PNC
Economist		 Market
Forward		 Slope
Flattening
First year sensitivity 5.8  % 6.5  % (0.8) %
Second year sensitivity (0.5) % (1.2) % (3.1) %

When forecasting net interest income, we make assumptions about interest rates and the shape of the yield curve, the volume and characteristics of new business and the behavior of existing on- and off-balance sheet positions. These assumptions determine the future level of simulated net interest income in the base interest rate scenario and the other interest rate scenarios presented in Tables 31 and 32. These simulations assume that as assets and liabilities mature, they are replaced or repriced at then current market rates.

The PNC Financial Services Group, Inc. – Form 10-Q 35  

The following graph presents the SOFR curves for the base rate scenario and each of the alternate scenarios one year forward.
Table 33: Alternate Interest Rate Scenarios: One Year Forward
pnc-20220630_g2.gif

The second quarter 2022 interest sensitivity analyses indicate that our Consolidated Balance Sheet is positioned to benefit from an increase in interest rates and an upward sloping interest rate yield curve. We believe that we have the deposit funding base and balance sheet flexibility to adjust, where appropriate and permissible, to changing interest rates and market conditions.

LIBOR Transition
The scheduled discontinuance of the requirement that banks submit rates for the calculation of LIBOR after June 30, 2023 presents risks to the financial instruments originated, held or serviced by PNC that use LIBOR as a reference rate. For more discussion regarding the transition from LIBOR, see the Risk Management section in Item 7 of our 2021 Form 10-K.

Key efforts related to our transition plan to date have included:
•Enhancing fallback language in new contracts and reviewing existing legal contracts/agreements to assess fallback language impacts,
•Making preparations for internal operational readiness,
•Making necessary enhancements to PNC's infrastructure, including systems, models, valuation tools and processes,
•Developing and delivering on internal and external LIBOR cessation communication plans,
•Engaging with PNC clients, industry working groups and regulators,
•Monitoring developments associated with LIBOR alternatives and industry practices related to LIBOR-indexed instruments,
•Incorporating BBVA into PNC’s LIBOR transition effort, and
•Initiating the offering of instruments referencing alternative rates in order to align with regulatory guidance encouraging the transition away from the use of USD LIBOR in new contracts after December 31, 2021.

PNC began offering conforming adjustable rate mortgages using SOFR instead of USD LIBOR, in line with Fannie Mae and Freddie Mac requirements, and nonconforming adjustable rate residential mortgages using SOFR and private education loans using Prime. Alternative rates including, but not limited to, the Bloomberg Short Term Bank Yield Index and SOFR are currently being offered to our corporate and commercial customers. The focus for 2022 is planning for the cessation event in 2023 for all lines of business. Corporate & Institutional Banking has initiated amending contracts with inadequate fallback language, working on systems enhancements and continuing with client outreach and education. PNC has provided regular updates to Federal Reserve, OCC and FDIC examination staff regarding its LIBOR cessation and transition plans.

Market Risk Management – Customer-Related Trading Risk
We engage in fixed income securities, derivatives and foreign exchange transactions to support our customers’ investing and hedging activities. These transactions, related hedges and the credit valuation adjustment related to our customer derivatives portfolio are marked-to-market daily and reported as customer-related trading activities.We do not engage in proprietary trading of these products.
36    The PNC Financial Services Group, Inc. – Form 10-Q


We use VaR as the primary means to measure and monitor market risk in customer-related trading activities. VaR is used to estimate the probability of portfolio losses based on the statistical analysis of historical market risk factors. VaR is calculated for each of the portfolios that comprise our customer-related trading activities of which the majority are covered positions as defined by the Market Risk Rule. VaR is computed with positions and market risk factors updated daily to ensure each portfolio is operating within its acceptable limits.
See the Market Risk Management – Customer-Related Trading Risk section of our 2021 Form 10-K for more information on our models used to calculate VaR and our backtesting process.
Customer-related trading revenue was $198 million for the six months ended June 30, 2022, compared to $179 million for the six months ended June 30, 2021. The increase was primarily due to improved interest rate derivative and foreign exchange client sales revenues, partially offset by the impact of changes in credit valuations for customer-related derivative activities.
Market Risk Management – Equity And Other Investment Risk
Equity investment risk is the risk of potential losses associated with investing in both private and public equity markets. In addition to extending credit, taking deposits, underwriting securities and trading financial instruments, we make and manage direct investments in a variety of transactions, including management buyouts, recapitalizations and growth financings in a variety of industries. We also have investments in affiliated and non-affiliated funds that make similar investments in private equity, consistent with regulatory limitations. The economic and/or book value of these investments and other assets are directly affected by changes in market factors.
Various PNC business units manage our equity and other investment activities. Our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines.
A summary of our equity investments follows:
Table 34: Equity Investments Summary
  June 30
2022		 December 31
2021		 Change
Dollars in millions $ %
Tax credit investments $ 4,081  $ 3,954  $ 127  3  %
Private equity and other 4,360  4,226  134  3  %
Total $ 8,441  $ 8,180  $ 261  3  %

Tax Credit Investments
Included in our equity investments are direct tax credit investments and equity investments held by consolidated entities. These tax credit investment balances included unfunded commitments totaling $2.3 billion and $2.2 billion at June 30, 2022 and December 31, 2021, respectively. These unfunded commitments are included in Other liabilities on our Consolidated Balance Sheet.

Note 5 Loan Sale and Servicing Activities and Variable Interest Entities in the Notes To Consolidated Financial Statements in Item 8 of our 2021 Form 10-K has further information on tax credit investments.

Private Equity and Other
The largest component of our other equity investments is our private equity portfolio. The private equity portfolio is an illiquid portfolio consisting of mezzanine and equity investments that vary by industry, stage and type of investment. Private equity investments carried at estimated fair value totaled $2.0 billion and $1.8 billion at June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022, $1.9 billion was invested directly in a variety of companies and $0.1 billion was invested indirectly through various private equity funds.

Included in our other equity investments are Visa Class B common shares, which are recorded at cost. Visa Class B common shares that we own are transferable only under limited circumstances until they can be converted into shares of the publicly-traded Class A common shares, which cannot happen until the resolution of the pending interchange litigation. Based upon the June 30, 2022 per share closing price of $196.89 for a Visa Class A common share, the estimated value of our total investment in the Class B common shares was approximately $1.1 billion at the current conversion rate of Visa B shares to Visa A shares, while our cost basis was insignificant. See Note 15 Fair Value and Note 21 Legal Proceedings in the Notes To Consolidated Financial Statements in Item 8 of our 2021 Form 10-K for additional information regarding our Visa agreements. The estimated value does not represent fair value of the Visa B common shares given the shares' limited transferability and the lack of observable transactions in the marketplace.

We also have certain other equity investments, the majority of which represent investments in affiliated and non-affiliated funds with both traditional and alternative investment strategies. Net gains related to these investments were $23 million for the six months ended June 30, 2022 and $42 million for the six months ended June 30, 2021.


The PNC Financial Services Group, Inc. – Form 10-Q 37  

Financial Derivatives
We use a variety of financial derivatives as part of the overall asset and liability risk management process to help manage exposure to market (primarily interest rate) and credit risk inherent in our business activities. We also enter into derivatives with customers to facilitate their risk management activities.

Financial derivatives involve, to varying degrees, market and credit risk. Derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based on a notional and an underlying as specified in the contract. Therefore, cash requirements and exposure to credit risk are significantly less than the notional amount on these instruments.

Further information on our financial derivatives is presented in Note 1 Accounting Policies, Note 15 Fair Value and Note 16 Financial Derivatives in our Notes To Consolidated Financial Statements in Item 8 of our 2021 Form 10-K and in Note 12 Fair Value and Note 13 Financial Derivatives in the Notes To Consolidated Financial Statements in Item 1 of this Report.

Not all elements of market and credit risk are addressed through the use of financial derivatives, and such instruments may be ineffective for their intended purposes due to unanticipated market changes, among other reasons.

RECENT REGULATORY DEVELOPMENTS

Capital, Capital Planning, and Liquidity
In June 2022, the Federal Reserve announced the results of its supervisory stress tests conducted as part of the 2022 CCAR process. PNC remained well above its risk-based minimum capital requirements in the supervisory stress tests, and PNC’s SCB for the four-quarter period beginning October 1, 2022, is 2.9%. See the Liquidity and Capital Management portion of the Risk Management section in this Financial Review for a discussion of PNC’s capital actions.

Other Developments
In May 2022, the federal banking agencies issued a notice of proposed rulemaking to amend the regulations implementing the Community Reinvestment Act (CRA), which requires the agencies to assess a bank’s record of meeting the credit needs of the communities in which they do business, including low- and moderate-income neighborhoods. The proposal would significantly expand the number of areas in which a bank is evaluated, materially change the tests used to evaluate the bank in those areas, and expand the data a bank must collect and report. The proposal, if finalized, could increase PNC Bank’s obligations and compliance costs necessary to achieve a “Satisfactory” or “Outstanding” rating under the CRA framework, which factor into the ability of banks to expand and engage in new activities.

In June 2022, the FDIC issued a notice of proposed rulemaking to increase the assessment rates on deposit insurance by two basis points for all insured depository institutions like PNC Bank. Under the proposal, the new assessment rate schedule would begin with the first assessment period of 2023 and continue until the Deposit Insurance Fund reaches a reserve ratio of two percent.

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

Note 1 Accounting Policies in our 2021 Form 10-K describes the most significant accounting policies that we use to prepare our consolidated financial statements. Certain of these policies require us to make estimates or economic assumptions that may vary under different assumptions or conditions, and such variations may significantly affect our reported results and financial position for the period or in future periods. The policies and judgments related to residential and commercial MSRs and level 3 fair value measurements are described in Critical Accounting Estimates and Judgments in Item 7 of our 2021 Form 10-K. The following details the critical estimates and judgments around the ACL.

Allowance for Credit Losses

We maintain the ACL at levels that we believe to be appropriate as of the balance sheet date to absorb expected credit losses on our existing investment securities, loans, equipment finance leases, other financial assets and unfunded lending related commitments, for the remaining contractual term of the assets or exposures, taking into consideration expected prepayments. Our determination of the ACL is based on historical loss and performance experience, as well as current borrower and transaction characteristics including collateral type and quality, current economic conditions, reasonable and supportable forecasts of future conditions and other relevant factors. We use methods sensitive to changes in economic conditions to interpret these factors and to estimate expected credit losses. We evaluate and, when appropriate, enhance the quality of our data and models and other methods used to estimate the ACL on an ongoing basis. We apply qualitative factors to reflect in the ACL our best estimate of amounts that we do not expect to collect because of, among other things, idiosyncratic risk factors, changes in economic conditions that may not be reflected in forecasted results, or other potential methodology limitations. The major drivers of ACL estimates include, but are not limited to:
38    The PNC Financial Services Group, Inc. – Form 10-Q


•Current economic conditions: Our forecast of expected losses depends on economic conditions as of the estimation date. As          current economic conditions evolve, forecasted losses could be materially affected.         
•Scenario weights and design: Our loss estimates are sensitive to the shape, direction and rate of change of macroeconomic forecasts and thus vary significantly between upside and downside scenarios. Changes to probability weights assigned to these scenarios and timing of peak business cycles reflected by the scenarios could materially affect our loss estimates.
•Current borrower quality: Our forecast of expected losses depends on current borrower and transaction characteristics, including credit metrics and collateral type/quality. As borrower quality evolves, forecasted losses could be materially affected.
•Portfolio volume and mix: Changes to portfolio volume and mix could materially affect our estimates, as CECL reserves
would be recognized upon origination or acquisition.

For all assets and unfunded lending related commitments within the scope of the CECL standard, the applicable ACL is composed of one or a combination of the following components: (i) collectively assessed or pooled reserves, (ii) individually assessed reserves, and
(iii) qualitative (judgmental) reserves. Our methodologies and key assumptions for each of these components are discussed in Note 1
Accounting Policies in our 2021 Form 10-K.

Reasonable and Supportable Economic Forecast
Under CECL, we are required to consider reasonable and supportable forecasts in estimating expected credit losses. For this purpose,
we have established a framework which includes a three year forecast period and the use of four economic scenarios with associated probability weights, which in combination create a forecast of expected economic outcomes over our reasonable and supportable forecast period. Credit losses estimated in our reasonable and supportable forecast period are sensitive to the shape and severity of the scenarios used and weights assigned to them.

To generate the four economic forecast scenarios we use a combination of quantitative macroeconomic models, other measures of economic activity and forward-looking expert judgment to forecast the distribution of economic outcomes over the reasonable and supportable forecast period. Each scenario is then given an associated probability (weight) in order to represent our current expectation within that distribution over the forecast period. This process is informed by current economic conditions, expected business cycle evolution and the expert judgment of PNC’s RAC. This approach seeks to provide a reasonable representation of the forecast of expected economic outcomes and is used to estimate expected credit losses across a variety of loans and securities. Each quarter the scenarios are presented for approval to PNC’s RAC, and the committee also determines and approves CECL scenarios' weights for use for the current reporting period.

The scenarios used for the period ended June 30, 2022 reflect an increase in downside risk compared to December 31, 2021. The current outlook considers the inflationary pressures that have broadened and intensified in recent months, along with our expectation that the FOMC will raise interest rates more aggressively than what was expected at December 31, 2021, increasing the risk of a broader-ranged economic slowdown. Though the most-likely expectation continues to be that the U.S. economy avoids recession, growth is expected to slow noticeably from current levels, and the primary downside risk to the outlook has shifted from the pandemic to monetary policy tightening and inflation.

We used a number of economic variables in our scenarios, with the most significant drivers being Real GDP and the U.S. unemployment rate. The following table presents a comparison of these two economic variables based on the weighted-average scenario forecasts used in determining our ACL at June 30, 2022 and December 31, 2021.

Table 35: Key Macroeconomic Variables in CECL Weighted-Average Scenarios
Assumptions as of June 30, 2022
2022 2023 2024
U.S. Real GDP (a) 1.6% 0.5% 1.2%
U.S. Unemployment Rate (b) 3.6% 4.5% 4.5%
Assumptions as of December 31, 2021
2022 2023 2024
U.S. Real GDP (a) 2.8% 1.4% 1.3%
U.S. Unemployment Rate (b) 4.4% 4.1% 3.9%
(a)Represents year-over-year growth rates.
(b)Represents quarterly average rate at December 31, 2022, 2023 and 2024, respectively.

Real GDP growth is expected to end 2022 at 1.6% on a weighted average basis, down from the 2.8% assumed at December 31, 2021 due primarily to weaker expected growth in the second half of 2022, along with the unexpected contraction of GDP in the first quarter of 2022. Growth continues to slow to 0.5% and 1.2% in 2023 and 2024. In line with the slowing in overall economic activity, the weighted average unemployment rate is expected to increase modestly to 4.5% in 2023, remaining at that level through 2024.

The PNC Financial Services Group, Inc. – Form 10-Q 39  

The economy has seen significant improvement from the onset of the pandemic, as containment of the virus has permitted recovery in many industries. However, the pandemic fostered structural/secular changes that persist in certain subsegments of the economy. Additionally, recent challenges related to inflation, increased pressure on supply chain and rising interest rates have emerged. The current state of the economy has created considerable uncertainty around losses for certain portions of our commercial and consumer portfolios. For commercial borrowers, supply chain, inflation, rising rates and advancing secular changes are the primary drivers of uncertainty. For consumer borrowers, higher inflation risk, rising interest rates and the fading effects of government stimulus could reduce consumer liquidity and change payment hierarchy. As such, for both our commercial and consumer loan portfolios, PNC identified and performed significant analysis around these segments to ensure our reserves are adequate in the current economic environment.

We believe the economic scenarios effectively reflect the distribution of potential economic outcomes. Additionally, through in-depth and granular analysis we have addressed reserve requirements for the specific populations most affected in the current environment. Through this approach, we believe the reserve levels appropriately reflect the expected credit losses in the portfolio as of the balance sheet date.

See the following for additional details on the components of our ACL:
•Allowance For Credit Losses in the Credit Risk Management section of this Financial Review, and
•Note 3 Investment Securities and Note 4 Loans and Related Allowance for Credit Losses in the Notes To Consolidated Financial Statements included in this Report.

Recently Issued Accounting Standards

Accounting Standards Update Description Financial Statement Impact
Troubled Debt Restructurings and Vintage Disclosures - ASU 2022-02

Issued March 2022
• Required effective date of January 1, 2023; early adoption is permitted.
• Eliminates the accounting guidance for TDRs and requires an entity to apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan.
• Enhances disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty.
• Requires disclosure of current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of CECL.
• Requires a prospective transition approach to all amendments except those related to the recognition and measurement of TDRs (which allow a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings in the period of adoption).
• We do not expect the adoption of this standard to materially impact our consolidated results of operations or our consolidated financial position. The amendments will require changes to disclosures on information related to loan modifications and current-period gross write-offs.

Recently Adopted Accounting Pronouncements

See Note 1 Accounting Policies in the Notes To Consolidated Financial Statements included in this Report regarding the impact of new accounting pronouncements which we have adopted.
INTERNAL CONTROLS AND DISCLOSURE CONTROLS AND PROCEDURES

As of June 30, 2022, we performed an evaluation under the supervision of and with the participation of our management, including the Chairman, President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures and of changes in our internal control over financial reporting.

Based on that evaluation, our Chairman, President and Chief Executive Officer and our Executive Vice President and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) were effective as of June 30, 2022, and that there has been no change in PNC’s internal control over financial reporting that occurred during the second quarter of 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

40    The PNC Financial Services Group, Inc. – Form 10-Q


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

We make statements in this Report, and we may from time to time make other statements, regarding our outlook for financial performance, such as earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting us and our future business and operations that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as “believe,” “plan,” “expect,” “anticipate,” “see,” “look,” “intend,” “outlook,” “project,” “forecast,” “estimate,” “goal,” “will,” “should” and other similar words and expressions.
Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. Forward-looking statements speak only as of the date made. We do not assume any duty and do not undertake any obligation to update forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. As a result, we caution against placing undue reliance on any forward-looking statements.
Our forward-looking statements are subject to the following principal risks and uncertainties. 
•Our businesses, financial results and balance sheet values are affected by business and economic conditions, including:
–Changes in interest rates and valuations in debt, equity and other financial markets,
–Disruptions in the U.S. and global financial markets,
–Actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply, market interest rates and inflation,
–Changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives,
–Changes in customers’, suppliers’ and other counterparties’ performance and creditworthiness,
–Impacts of tariffs and other trade policies of the U.S. and its global trading partners,
–The impact of the Russia-Ukraine conflict, and associated sanctions, on the global and U.S. economy,
–The length and extent of the economic impacts of the COVID-19 pandemic,
–Impacts of changes in federal, state and local governmental policy, including on the regulatory landscape, capital markets, taxes, infrastructure spending and social programs, and
–Commodity price volatility.
•Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting and do not take into account potential legal and regulatory contingencies. These statements are based on our views that:
–The U.S. economy continues to recover from the pandemic-caused recession in the first half of 2020. Growth is likely to be lower than the economy’s long-run average throughout this year. Consumer spending growth will remain solid in 2022 due to good underlying fundamentals.
–Supply-chain difficulties will gradually ease over the course of 2022. Labor shortages will remain a constraint this year, although strong wage growth will support consumer spending.
–Inflation accelerated in the second half of 2021 to its fastest pace in decades. Inflation will slow in the second half of 2022 as pandemic-related supply and demand imbalances recede and energy prices stabilize. However, inflation will also broaden throughout the economy due to wage growth. The annual inflation rate will end 2022 above the Federal Reserve's long-run objective of 2%.
–The FOMC raised the federal funds rate by 0.75% in July, to a range of 2.25% to 2.50%. PNC expects further increases in the federal funds rate through the rest of this year, to a range of 3.25% to 3.50% at the end of 2022. The federal funds rate is expected to peak between 3.50% and 3.75% in mid-early 2023, before falling in the second half of next year as inflation ebbs and economic growth slows.
–Uncertainty about the outlook has increased with the Russian invasion of Ukraine. It has created additional risk to higher inflation this year, which could lead the FOMC to tighten more aggressively than currently anticipated. In addition, risks to growth and the likelihood of a recession in late 2022 or 2023 have increased.
•PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding an SCB established by the Federal Reserve Board in connection with the Federal Reserve Board's CCAR process.
•PNC’s regulatory capital ratios in the future will depend on, among other things, the company’s financial performance, the scope and terms of final capital regulations then in effect and management actions affecting the composition of PNC’s balance sheet. In addition, PNC’s ability to determine, evaluate and forecast regulatory capital ratios, and to take actions (such as capital distributions) based on actual or forecasted capital ratios, will be dependent at least in part on the development, validation and regulatory review of related models.
•Legal and regulatory developments could have an impact on our ability to operate our businesses, financial condition, results of operations, competitive position, reputation, or pursuit of attractive acquisition opportunities. Reputational impacts could
The PNC Financial Services Group, Inc. – Form 10-Q 41  

affect matters such as business generation and retention, liquidity, funding, and ability to attract and retain management. These developments could include:
–Changes to laws and regulations, including changes affecting oversight of the financial services industry, consumer protection, bank capital and liquidity standards, pension, bankruptcy and other industry aspects, and changes in accounting policies and principles.
–Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries. These matters may result in monetary judgments or settlements or other remedies, including fines, penalties, restitution or alterations in our business practices, and in additional expenses and collateral costs, and may cause reputational harm to PNC.
–Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies.
–Impact on business and operating results of any costs associated with obtaining rights in intellectual property claimed by others and of adequacy of our intellectual property protection in general.
•Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques, and to meet evolving regulatory capital and liquidity standards.
•We grow our business in part through acquisitions and new strategic initiatives. Risks and uncertainties include those presented by the nature of the business acquired and strategic initiative, including in some cases those associated with our entry into new businesses or new geographic or other markets and risks resulting from our inexperience in those new areas, as well as risks and uncertainties related to the acquisition transactions themselves, regulatory issues, and the integration of the acquired businesses into PNC after closing. Many of these risks and uncertainties are present in our acquisition and integration of BBVA, including its U.S. banking subsidiary, BBVA USA.
•Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands.
•Business and operating results can also be affected by widespread natural and other disasters, pandemics, dislocations, terrorist activities, system failures, security breaches, cyberattacks or international hostilities through impacts on the economy and financial markets generally or on us or our counterparties specifically.
We provide greater detail regarding these as well as other factors in our 2021 Form 10-K, first quarter 2022 Form 10-Q and elsewhere in this Report, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes of the Notes To Consolidated Financial Statements in these reports. Our forward-looking statements may also be subject to other risks and uncertainties, including those discussed elsewhere in this Report or in our other filings with the SEC.



42    The PNC Financial Services Group, Inc. – Form 10-Q


CONSOLIDATED INCOME STATEMENT
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited Three months ended
June 30		 Six months ended
June 30
In millions, except per share data 2022 2021 2022 2021
Interest Income
Loans $ 2,504  $ 2,160  $ 4,797  $ 4,156 
Investment securities 631  469  1,175  890 
Other 146  72  223  138 
Total interest income 3,281  2,701  6,195  5,184 
Interest Expense
Deposits 88  30  115  70 
Borrowed funds 142  90  225  185 
Total interest expense 230  120  340  255 
Net interest income 3,051  2,581  5,855  4,929 
Noninterest Income
Asset management and brokerage 365  350  742  678 
Capital markets related 409  324  661  635 
Card and cash management 671  597  1,291  1,089 
Lending and deposit services 282  270  551  524 
Residential and commercial mortgage 161  206  320  393 
Other 177  339  388  639 
Total noninterest income 2,065  2,086  3,953  3,958 
Total revenue 5,116  4,667  9,808  8,887 
Provision For (Recapture of) Credit Losses 36  302  (172) (249)
Noninterest Expense
Personnel 1,779  1,640  3,496  3,117 
Occupancy 246  217  504  432 
Equipment 351  326  682  619 
Marketing 95  74  156  119 
Other 773  793  1,578  1,337 
Total noninterest expense 3,244  3,050  6,416  5,624 
Income before income taxes and noncontrolling interests 1,836  1,315  3,564  3,512 
Income taxes 340  212  639  583 
Net income 1,496  1,103  2,925  2,929 
Less: Net income attributable to noncontrolling interests 15  12  36  22 
Preferred stock dividends 71  48  116  105 
Preferred stock discount accretion and redemptions 1  1  3  2 
Net income attributable to common shareholders $ 1,409  $ 1,042  $ 2,770  $ 2,800 
Earnings Per Common Share
Basic $ 3.39  $ 2.43  $ 6.62  $ 6.54 
Diluted $ 3.39  $ 2.43  $ 6.61  $ 6.53 
Average Common Shares Outstanding
Basic 414  427  417  426 
Diluted 414  427  417  427 
See accompanying Notes To Consolidated Financial Statements.
The PNC Financial Services Group, Inc. – Form 10-Q 43  

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
THE PNC FINANCIAL SERVICES GROUP, INC.
 
Unaudited
In millions		 Three months ended
June 30		 Six months ended
June 30
2022 2021 2022 2021
Net income $ 1,496  $ 1,103  $ 2,925  $ 2,929 
Other comprehensive income (loss), before tax and net of reclassifications into Net income
Net change in debt securities (2,715) 46  (9,030) (1,148)
Net change in cash flow hedge derivatives (701) 222  (2,459) (553)
Pension and other postretirement benefit plan adjustments 8  (43) 62  (13)
Net change in Other (4) (7) 1 
Other comprehensive income (loss), before tax and net of reclassifications into Net income (3,412) 225  (11,434) (1,713)
Income tax benefit (expense) related to items of other comprehensive income 785  (52) 2,667  406 
Other comprehensive income (loss), after tax and net of reclassifications into Net income (2,627) 173  (8,767) (1,307)
Comprehensive income (loss) (1,131) 1,276  (5,842) 1,622 
Less: Comprehensive income attributable to noncontrolling interests 15 12 36  22 
Comprehensive income (loss) attributable to PNC $ (1,146) $ 1,264  $ (5,878) $ 1,600 
See accompanying Notes To Consolidated Financial Statements.
44    The PNC Financial Services Group, Inc. – Form 10-Q


CONSOLIDATED BALANCE SHEET
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited June 30
2022		 December 31
2021
In millions, except par value
Assets
Cash and due from banks $ 8,582  $ 8,004 
Interest-earning deposits with banks 28,404  74,250 
Loans held for sale (a) 1,191  2,231 
Investment securities – available for sale 52,984  131,536 
Investment securities – held to maturity 79,748  1,426 
Loans (a) 310,800  288,372 
Allowance for loan and lease losses (4,462) (4,868)
Net loans 306,338  283,504 
Equity investments 8,441  8,180 
Mortgage servicing rights 2,608  1,818 
Goodwill 10,916  10,916 
Other (a) 41,574  35,326 
Total assets $ 540,786  $ 557,191 
Liabilities
Deposits
Noninterest-bearing $ 146,438  $ 155,175 
Interest-bearing 294,373  302,103 
Total deposits 440,811  457,278 
Borrowed funds
Federal Home Loan Bank borrowings 10,000 
Bank notes and senior debt 14,358  20,661 
Subordinated debt 7,487  6,996 
Other (b) 4,139  3,127 
Total borrowed funds 35,984  30,784 
Allowance for unfunded lending related commitments 681  662 
Accrued expenses and other liabilities 15,622  12,741 
Total liabilities 493,098  501,465 
Equity
Preferred stock (c)
Common stock ($5 par value, Authorized 800 shares, issued 543 shares)
 2,714  2,713 
Capital surplus 18,531  17,457 
Retained earnings 51,841  50,228 
Accumulated other comprehensive income (loss) (8,358) 409 
Common stock held in treasury at cost: 132 and 123 shares
 (17,076) (15,112)
Total shareholders’ equity 47,652  55,695 
Noncontrolling interests 36  31 
Total equity 47,688  55,726 
Total liabilities and equity $ 540,786  $ 557,191 
(a)Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.0 billion, Loans held for investment of $1.3 billion and Other assets of $0.1 billion at June 30, 2022. Comparable amounts at December 31, 2021 were $1.9 billion, $1.5 billion and $0.1 billion, respectively.
(b)Our consolidated liabilities included the following for which we have elected the fair value option: Other borrowed funds of less than $0.1 billion and Other liabilities of $0.1 billion at June 30, 2022. Comparable amounts at December 31, 2021 were less than $0.1 billion and zero.
(c)Par value less than $0.5 million at each date.

See accompanying Notes To Consolidated Financial Statements.
The PNC Financial Services Group, Inc. – Form 10-Q 45  

CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
 
Unaudited
In millions		 Six months ended June 30
2022 2021
Operating Activities
Net income $ 2,925  $ 2,929 
Adjustments to reconcile net income to net cash provided (used) by operating activities
Provision for (recapture of) credit losses (172) (249)
Depreciation and amortization 529  794 
Deferred income taxes (benefit) 203  165 
Net losses (gains) on sales of securities 4  (35)
Changes in fair value of mortgage servicing rights (435) (47)
Net change in
Trading securities and other short-term investments (1,325) 776 
Loans held for sale and related securitization activity 997  (439)
Other assets (2,989) (784)
Accrued expenses and other liabilities 1,491  (782)
Other 415  (133)
Net cash provided (used) by operating activities $ 1,643  $ 2,195 
Investing Activities
Sales
Securities available for sale $ 2,575  $ 7,495 
Loans 525  1,011 
Repayments/maturities
Securities available for sale 9,403  15,970 
Securities held to maturity 1,395  46 
Purchases
Securities available for sale (22,145) (44,380)
Securities held to maturity (1,289) (75)
Loans (1,298) (1,291)
Net change in
Federal funds sold and resale agreements (919) (75)
Interest-earning deposits with banks 45,846  26,039 
Loans (21,929) 9,739 
Net cash paid for acquisition (10,511)
Other (1,147) (1,018)
Net cash provided (used) by investing activities $ 11,017  $ 2,950 
(continued on following page)
46    The PNC Financial Services Group, Inc. – Form 10-Q


CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
(continued from previous page)
 
Unaudited
In millions		 Six months ended June 30
2022 2021
Financing Activities
Net change in
Noninterest-bearing deposits $ (8,717) $ 5,771 
Interest-bearing deposits (7,730) (3,730)
Federal funds purchased and repurchase agreements (5) 75 
Other borrowed funds 1,098  94 
Sales/issuances
Federal Home Loan Bank borrowings 10,000 
Bank notes and senior debt 996 
Subordinated debt 847 
Other borrowed funds 435  353 
Preferred stock 990 
Common and treasury stock 34  36 
Repayments/maturities
Federal Home Loan Bank borrowings (3,680)
Bank notes and senior debt (5,250) (1,850)
Other borrowed funds (435) (346)
Acquisition of treasury stock (2,076) (67)
Preferred stock cash dividends paid (116) (105)
Common stock cash dividends paid (1,157) (985)
Net cash provided (used) by financing activities $ (12,082) $ (3,438)
Net Increase (Decrease) In Cash And Due From Banks And Restricted Cash $ 578  $ 1,707 
Cash and due from banks and restricted cash at beginning of period 8,004  7,017 
Cash and due from banks and restricted cash at end of period $ 8,582  $ 8,724 
Cash and due from banks and restricted cash
Cash and due from banks at end of period (unrestricted cash) $ 7,950  $ 8,128 
Restricted cash 632 596
Cash and due from banks and restricted cash at end of period $ 8,582  $ 8,724 
Supplemental Disclosures
Interest paid $ 420  $ 336 
Income taxes paid $ 62  $ 384 
Income taxes refunded $ 8  $ 65 
Leased assets obtained in exchange for new operating lease liabilities $ 103  $ 248 
Non-cash Investing and Financing Items
Transfer from securities available for sale to securities held to maturity (a) $ 83,419 
Transfer from loans to loans held for sale, net $ 330  $ 489 
Transfer from loans to foreclosed assets $ 25  $ 15 
(a)During the first six months of 2022, we transferred securities from available for sale to held to maturity in non-cash transactions. The amount of $83.4 billion includes the aggregate fair value of the securities of $77.8 billion and aggregate net pretax unrealized losses of $5.6 billion included in AOCI at transfer. See Note 3 Investment Securities for more detailed information on the transfers.

See accompanying Notes To Consolidated Financial Statements.








The PNC Financial Services Group, Inc. – Form 10-Q 47  

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited

See page 98 for a glossary of certain terms and acronyms used in this Report.

BUSINESS

PNC is one of the largest diversified financial services companies in the U.S. and is headquartered in Pittsburgh, Pennsylvania.

We have businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing many of our products and services nationally. Our retail branch network is located coast-to-coast. We also have strategic international offices in four countries outside the U.S.
NOTE 1 ACCOUNTING POLICIES

Basis of Financial Statement Presentation

Our consolidated financial statements include the accounts of the parent company and its subsidiaries, most of which are wholly-owned, certain partnership interests and VIEs.

On June 1, 2021, we acquired BBVA, a U.S. financial holding company conducting its business operations primarily through its U.S. banking subsidiary, BBVA USA. Our results of operations and balance sheets for all periods presented in this Report reflect the benefit of BBVA's acquired businesses for the period since the acquisition closed on June 1, 2021. See Note 2 Acquisition Activity for additional information related to this acquisition.

We prepared these consolidated financial statements in accordance with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation, which did not have a material impact on our consolidated financial condition or results of operations.

In our opinion, the unaudited interim consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.

We have also considered the impact of subsequent events on these consolidated financial statements.

When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2021 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2021 Form 10-K for a detailed description of significant accounting policies. These interim consolidated financial statements serve to update our 2021 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements. There have been no significant changes to our accounting policies as disclosed in our 2021 Form 10-K.

Noninterest Income Presentation

Effective for the first quarter of 2022, PNC updated the presentation of its noninterest income categorization to be based on product and service type, and accordingly, has changed the basis of presentation of its noninterest income revenue streams to: (i) Asset management and brokerage, (ii) Capital markets related, (iii) Card and cash management, (iv) Lending and deposit services, (v) Residential and commercial mortgage and (vi) Other noninterest income. A description of each revenue stream follows:

Asset management and brokerage includes revenue from our asset management and retail brokerage businesses. Asset management services include investment management, custody, retirement planning, family planning, trust management and retirement administration. Brokerage services offer retail customers a wide range of investment options, including mutual funds, annuities, stock, bonds and managed accounts.

Capital markets related includes revenue from services and activities primarily related to merger and acquisition advisory, equity capital markets advisory, asset-backed financing, loan syndication, securities underwriting, credit valuation adjustments related to the derivatives portfolio and customer-related trading.

Card and cash management includes revenue primarily from debit and credit card activities, inclusive of credit card points and rewards, treasury management services and ATM fees. Debit and credit card activities include interchange revenue and merchant
48    The PNC Financial Services Group, Inc. – Form 10-Q


service fees. Treasury management services include cash and investment management, receivables and disbursement management, funds transfer, international payment and access to online/mobile information management and reporting.

Lending and deposit services includes revenue primarily related to service charges on deposits, loan commitment and usage fees, the issuance of standby letters of credit, operating lease income and long-term care and insurance products.

Residential and commercial mortgage includes the gain and loss on sale of mortgages, revenue related to our mortgage servicing responsibilities, mortgage servicing rights valuation adjustments and net gains on originations and sales of loans held for sale.

Other noninterest income is primarily composed of private equity revenue, net securities gains and losses, activity related to our equity investment in Visa and gains and losses on asset sales.

See Note 16 Fee-based Revenue from Contracts with Customers for additional details related to these revenue streams within the scope of ASC 606 - Revenue from Contracts with Customers.

Use of Estimates

We prepared these consolidated financial statements using financial information available at the time of preparation, which requires us to make estimates and assumptions that affect the amounts reported. Our most significant estimates pertain to the ACL and our fair value measurements, including for the BBVA acquisition. Actual results may differ from the estimates and the differences may be material to the consolidated financial statements.

Recently Adopted Accounting Standards

Accounting Standards Update Description Financial Statement Impact
Reference Rate Reform - ASU 2020-04

Issued March 2020

Reference Rate Reform Scope - ASU 2021-01

Issued January 2021
• Provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform (codified in ASC 848).
• Includes optional expedients related to contract modifications that allow an entity to account for modifications (if certain criteria are met) as if the modifications were only minor (assets within the scope of ASC 310, Receivables), were not substantial (assets within the scope of ASC 470, Debt) and/or did not result in remeasurements or reclassifications (assets within the scope of ASC 842, Leases, and other Topics) of the existing contract.
• Includes optional expedients related to hedging relationships within the scope of ASC 815, Derivatives & Hedging, whereby changes to the critical terms of a hedging relationship do not require dedesignation if certain criteria are met. In addition, potential sources of ineffectiveness as a result of reference rate reform may be disregarded when performing some effectiveness assessments.
• Includes optional expedients and exceptions for contract modifications and hedge accounting that apply to derivative instruments impacted by the market-wide discounting transition.
• Guidance in these ASUs are effective as of March 12, 2020 through December 31, 2022.
 • ASU 2020-04 was adopted March 12, 2020. ASU 2021-01 was retrospectively adopted October 1, 2020.
 • Refer to Note 1 Accounting Policies in the 2021 Form 10-K for more information on elections of optional expedients that occurred in 2020 and 2021.
 • We did not make any additional elections for the second quarter of 2022. We expect to continue to elect various optional expedients for contract modifications and hedge relationships affected by reference rate reform through the effective date of this guidance.

The PNC Financial Services Group, Inc. – Form 10-Q 49  

NOTE 2 ACQUISITION ACTIVITY

Acquisition of BBVA USA Bancshares, Inc.
On June 1, 2021, PNC acquired BBVA including its U.S. banking subsidiary, BBVA USA, for $11.5 billion in cash. PNC did not acquire the following entities as part of the acquisition: BBVA Securities, Inc., Propel Venture Partners Fund I, L.P. and BBVA Processing Services, Inc. This transaction has been accounted for as a business combination. Accordingly, the assets and liabilities from BBVA were recorded at fair value as of the acquisition date. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. Fair value estimates related to the assets and liabilities from BBVA are subject to adjustment for up to one year after the closing date of the acquisition as additional information becomes available. Valuations subject to adjustment include, but are not limited to, loans, certain deposits, certain other assets, customer relationships and the core deposit intangibles.
On October 12, 2021, PNC converted approximately 2.6 million customers, 9,000 employees and over 600 branches across seven states, merging BBVA USA into PNC Bank.
PNC incurred merger and integration costs of $14 million and $45 million for the three and six months ended June 30, 2022, in connection with the transaction. These costs are recorded as contra-revenue and expense on the Consolidated Income Statement. The integration expenses are primarily related to retail services and realty expenses. Cumulative costs through June 30, 2022 were $850 million.
The following table includes the fair value of the identifiable tangible and intangible assets and liabilities from BBVA:
Table 36: Acquisition Consideration
June 1, 2021
In millions Fair Value
Fair value of acquisition consideration $ 11,480 
Assets
Cash and due from banks $ 969 
Interest-earning deposits with banks 13,313 
Loans held for sale 463 
Investment securities – available for sale 18,358 
Net loans 61,423 
Equity investments 723 
Mortgage servicing rights 35 
Core deposit intangibles and other intangible assets 378 
Other 3,527 
Total assets $ 99,189 
Liabilities
Deposits $ 85,562 
Borrowed funds 2,449 
Accrued expenses and other liabilities 1,275 
Total liabilities $ 89,286 
Noncontrolling interests 22 
Less: Net assets $ 9,881 
Goodwill $ 1,599 

Goodwill of $1.6 billion recorded in connection with the transaction resulted from the reputation, operating model and expertise of BBVA. The amount of goodwill recorded reflects the increased market share and related synergies that are expected to result from the acquisition, and represents the excess purchase price over the estimated fair value of the net assets from BBVA. The goodwill was allocated to each of our three business segments and is not deductible for income tax purposes. See Note 6 Goodwill and Mortgage Servicing Rights in Item 8 of our 2021 Form 10-K for additional information on the allocation of goodwill to the segments.

For a description of the fair value and unpaid principal balance of loans from the BBVA acquisition, as well as the methods used to determine the fair values of significant assets and liabilities, see Note 2 Acquisition and Divestiture Activity in Item 8 of our 2021 Form 10-K.
50    The PNC Financial Services Group, Inc. – Form 10-Q


NOTE 3 INVESTMENT SECURITIES

The following table summarizes our available for sale and held to maturity portfolios by major security type:
Table 37: Investment Securities Summary (a)
June 30, 2022 December 31, 2021
In millions Amortized
Cost (b)		 Unrealized Fair
Value		 Amortized
Cost (b)		 Unrealized Fair
Value
Gains Losses Gains Losses
Securities Available for Sale
U.S. Treasury and government agencies $ 13,877  $ 15  $ (849) $ 13,043  $ 46,210  $ 324  $ (370) $ 46,164 
Residential mortgage-backed
Agency 34,240  13  (2,074) 32,179  67,326  695  (389) 67,632 
Non-agency 762  167  (4) 925  927  231  1,158 
Commercial mortgage-backed
Agency 2,040  1  (94) 1,947  1,740  39  (6) 1,773 
Non-agency 1,396  (46) 1,350  3,423  31  (18) 3,436 
Asset-backed 112  32  (1) 143  6,380  60  (31) 6,409 
Other 3,548  48  (199) 3,397  4,792  186  (14) 4,964 
Total securities available for sale $ 55,975  $ 276  $ (3,267) $ 52,984  $ 130,798  $ 1,566  $ (828) $ 131,536 
Securities Held to Maturity
U.S. Treasury and government agencies $ 31,582  $ 13  $ (407) $ 31,188  $ 814  $ 76  $ 890 
Residential mortgage-backed
Agency 36,880  8  (840) 36,048 
Non-agency 288  (6) 282 
Commercial mortgage-backed
Agency 86  (1) 85 
Non-agency 1,842  3  (20) 1,825 
Asset-backed 6,690  3  (72) 6,621 
Other 2,380  11  (26) 2,365  612  27  $ (7) 632 
Total securities held to maturity (c) (d) $ 79,748  $ 38  $ (1,372) $ 78,414  $ 1,426  $ 103  $ (7) $ 1,522 
(a) At June 30, 2022, the accrued interest associated with our held to maturity and available for sale portfolios totaled $191 million and $162 million, respectively. The comparable amounts at December 31, 2021 were $5 million and $322 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.
(b) Amortized cost is presented net of allowance of $133 million for securities available for sale and $4 million for securities held to maturity at June 30, 2022. The comparable amounts at December 31, 2021 are $130 million and $3 million, respectively.
(c) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. 99% and 86% of our securities held to maturity were rated AAA/AA at June 30, 2022 and December 31, 2021, respectively.
(d) Held to maturity securities transferred from available for sale are included in held to maturity at fair value at the time of the transfer. The amortized cost of held to maturity securities included net unrealized losses of $5.4 billion, at June 30, 2022, related to securities transferred, which are offset in AOCI, net of tax.

The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Securities available for sale are carried at fair value with net unrealized gains and losses included in Total shareholders’ equity as AOCI, unless credit related. Net unrealized gains and losses are determined by taking the difference between the fair value of a security and its amortized cost, net of any allowance. Securities held to maturity are carried at amortized cost less any allowance. Investment securities at June 30, 2022 included $0.4 billion of net unsettled purchases which represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. The comparable amount for June 30, 2021 was $0.3 billion.

In the first quarter of 2022, we transferred securities with a fair value of $18.7 billion from available for sale to held to maturity. The securities transferred included $9.2 billion of U.S. Treasury and government agency securities and $9.5 billion of agency residential mortgage-backed securities. During the second quarter of 2022, we transferred securities with a fair value of $59.1 billion from available for sale to held to maturity. The securities transferred included $21.5 billion of U.S. Treasury and government agency securities, $27.9 billion of agency residential mortgage-backed securities, $6.3 billion of asset-backed securities and $3.4 billion of other securities. We changed our intent and committed to hold these high-quality securities to maturity in order to reduce the impact of price volatility on AOCI and tangible capital. The securities were reclassified at fair value at the time of the transfer and the transfers represented non-cash transactions. AOCI at June 30, 2022 included pretax unrealized losses of $5.4 billion related to the transfers. These unrealized losses will be amortized, consistent with the amortization of the discount on these securities, over the remaining life as an adjustment of yield, resulting in no impact to net interest income or net income.

We maintain the allowance for investment securities at levels that we believe to be appropriate as of the balance sheet date to absorb expected credit losses on our portfolio. At June 30, 2022, the allowance for investment securities was $137 million and primarily
The PNC Financial Services Group, Inc. – Form 10-Q 51  

related to non-agency commercial mortgage-backed securities in the available for sale portfolio. The comparable amount at December 31, 2021 was $133 million. See Note 1 Accounting Policies included in Item 8 of our 2021 Form 10-K for a discussion of the methodologies used to determine the allowance for investment securities.

At June 30, 2022, AOCI included pretax losses of $141 million from derivatives that hedged the purchase of investment securities classified as held to maturity. The losses will be accreted to interest income as an adjustment of yield on the securities.

Table 38 presents the gross unrealized losses and fair value of securities available for sale that do not have an associated allowance for investment securities at June 30, 2022 and December 31, 2021. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities included in the table have been evaluated to determine if a credit loss exists. As part of that assessment, as of June 30, 2022, we concluded that we do not intend to sell and believe we will not be required to sell these securities prior to recovery of the amortized cost basis.
 
Table 38: Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses
Unrealized loss position
less than 12 months		 Unrealized loss position
12 months or more		 Total
In millions Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value
June 30, 2022
U.S. Treasury and government agencies $ (729) $ 10,450  $ (120) $ 1,239  $ (849) $ 11,689 
Residential mortgage-backed
Agency (1,811) 28,806  (263) 2,135  (2,074) 30,941 
Non-agency (2) 101  (2) 19  (4) 120 
Commercial mortgage-backed
Agency (88) 1,720  (6) 136  (94) 1,856 
Non-agency (31) 1,078  (3) 140  (34) 1,218 
Asset-backed
Other (153) 2,311  (5) 36 (158) 2,347 
Total securities available for sale $ (2,814) $ 44,466  $ (399) $ 3,705  $ (3,213) $ 48,171 
December 31, 2021
U.S. Treasury and government agencies $ (370) $ 32,600  $ (370) $ 32,600 
Agency residential mortgage-backed (369) 41,521  $ (20) $ 1,489  (389) 43,010 
Commercial mortgage-backed
Agency (5) 451  (1) 60  (6) 511 
Non-agency (4) 1,453  (3) 474  (7) 1,927 
Asset-backed (29) 3,465  (2) 188  (31) 3,653 
Other (13) 1,405  (13) 1,405 
Total securities available for sale $ (790) $ 80,895  $ (26) $ 2,211  $ (816) $ 83,106 

Information relating to gross realized securities gains and losses from the sales of securities is set forth in the following table:

Table 39: Gains (Losses) on Sales of Securities Available for Sale
Six months ended June 30
In millions		 Gross Gains Gross Losses Net Gains (Losses) Tax Expense (Benefit)
2022 $ 11  $ (15) $ (4) $ (1)
2021 $ 201  $ (166) $ 35  $ 7 












52    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at June 30, 2022:
Table 40: Contractual Maturity of Debt Securities
June 30, 2022
Dollars in millions		 1 Year or Less After 1 Year
through 5 Years		 After 5 Years
through 10 Years		 After 10
Years		 Total
Securities Available for Sale
U.S. Treasury and government agencies $ 2,783  $ 5,835  $ 3,124  $ 2,135  $ 13,877 
Residential mortgage-backed
Agency 2  83  3,046  31,109  34,240 
Non-agency 2  760  762 
Commercial mortgage-backed
Agency 62  243  1,363  372  2,040 
Non-agency 7  224  1,165  1,396 
Asset-backed 11  101  112 
Other 148  2,243  971  186  3,548 
Total securities available for sale at amortized cost $ 2,995  $ 8,411  $ 8,741  $ 35,828  $ 55,975 
Fair value $ 2,988  $ 8,056  $ 8,209  $ 33,731  $ 52,984 
Weighted-average yield, GAAP basis (a) 2.01  % 1.58  % 2.16  % 2.68  % 2.40  %
Securities Held to Maturity
U.S. Treasury and government agencies $ 474  $ 23,231  $ 7,484  $ 393  $ 31,582 
Residential mortgage-backed
Agency 12  34  36,834  36,880 
Non-agency 288  288 
Commercial mortgage-backed
Agency 86  86 
Non-agency 137  8  1,697  1,842 
Asset-backed 16  1,872  1,609  3,193  6,690 
Other 182  906  561  731  2,380 
Total securities held to maturity at amortized cost $ 672  $ 26,158  $ 9,782  $ 43,136  $ 79,748 
Fair value $ 671  $ 25,964  $ 9,603  $ 42,176  $ 78,414 
Weighted-average yield, GAAP basis (a) 1.08  % 1.10  % 1.76  % 2.38  % 1.87  %
(a)Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. Actual maturities and yields may differ as certain securities may be prepaid.
At June 30, 2022, there were no securities of a single issuer, other than FNMA and FHLMC, that exceeded 10% of Total shareholders’ equity. The FNMA and FHLMC investments had a total amortized cost of $36.5 billion and $28.5 billion and fair value of $35.0 billion and $27.4 billion, respectively.
The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings:
Table 41: Fair Value of Securities Pledged and Accepted as Collateral
In millions June 30
2022		 December 31
2021
Pledged to others $ 20,603  $ 27,349 
Accepted from others:
Permitted by contract or custom to sell or repledge $ 1,588  $ 707 
Permitted amount repledged to others $ 1,588  $ 707 

The securities pledged to others include positions held in our portfolio of investment securities, trading securities and securities accepted as collateral from others that we are permitted by contract or custom to sell or repledge, and were used to secure public and trust deposits, repurchase agreements and for other purposes. See Note 13 Financial Derivatives in the Notes To Consolidated Financial Statements in Item 1 of this Report for information related to securities pledged and accepted as collateral for derivatives.





The PNC Financial Services Group, Inc. – Form 10-Q 53  

NOTE 4 LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES

Loan Portfolio
Our loan portfolio consists of two portfolio segments – Commercial and Consumer. Each of these segments comprises multiple loan classes. Classes are characterized by similarities in risk attributes and the manner in which we monitor and assess credit risk.
Commercial Consumer
• Commercial and industrial
• Residential real estate
• Commercial real estate
• Home equity
• Equipment lease financing
• Automobile
• Credit card
• Education
• Other consumer
See Note 1 Accounting Policies included in Item 8 of our 2021 Form 10-K for additional information on our loan related policies.

Credit Quality
We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk within the loan portfolio based on our defined loan classes. In doing so, we use several credit quality indicators, including trends in delinquency rates, nonperforming status, analysis of PD and LGD ratings, updated credit scores and originated and updated LTV ratios.

The measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due in terms of payment are considered delinquent. Loan delinquencies include government insured or guaranteed loans, loans accounted for under the fair value option and PCD loans.

Table 42 presents the composition and delinquency status of our loan portfolio at June 30, 2022 and December 31, 2021. We manage credit risk based on the risk profile of the borrower, repayment sources, underlying collateral and other support given current events, economic conditions and expectations. We refine our practices to meet the changing environment resulting from rising inflation levels, supply chain disruptions, higher rates, and secular changes fostered by the COVID-19 pandemic. To mitigate losses and enhance customer support, we have customer assistance, loan modification and collection programs that align with the CARES Act and subsequent interagency guidance. As a result, under the CARES Act credit reporting rules, certain loans modified due to COVID-19 related hardships are not being reported as past due as of June 30, 2022 and December 31, 2021 based on the contractual terms of the loan, even where borrowers may not be making payments on their loans during the modification period.



54    The PNC Financial Services Group, Inc. – Form 10-Q

Table 42: Analysis of Loan Portfolio (a) (b)
  Accruing        
Dollars in millions Current or Less
Than 30 Days
Past Due		 30-59
Days
Past Due		 60-89
Days
Past Due		 90 Days
Or More
Past Due		 Total
Past
Due (c) 		  Nonperforming
Loans		 Fair Value
Option
Nonaccrual
Loans (d)		 Total Loans
(e)(f)
June 30, 2022  
Commercial  
Commercial and industrial $ 170,817  $ 99  $ 128  $ 138  $ 365     $ 649  $ 171,831 
Commercial real estate 34,252  28  11  39     161  34,452 
Equipment lease financing 6,224  7  4  11     5  6,240 
Total commercial 211,293  134  143  138  415     815  212,523 
Consumer  
Residential real estate 42,067  298  95  202  595  (c) 457  $ 598  43,717 
Home equity 23,994  43  14  57  556  86  24,693 
Automobile
 15,016  102  24  6  132     175  15,323 
Credit card 6,528  37  25  54  116     6  6,650 
Education
 2,207  44  23  58  125  (c) 2,332 
Other consumer
 5,454  38  21  12  71  37  5,562 
Total consumer 95,266  562  202  332  1,096     1,231  684  98,277 
Total $ 306,559  $ 696  $ 345  $ 470  $ 1,511     $ 2,046  $ 684  $ 310,800 
Percentage of total loans 98.63  % 0.22  % 0.11  % 0.15  % 0.49  % 0.66  % 0.22  % 100.00  %
December 31, 2021
Commercial
Commercial and industrial $ 151,698  $ 235  $ 72  $ 132  $ 439  $ 796  $ 152,933 
Commercial real estate 33,580  46  24  1  71  364  34,015 
Equipment lease financing 6,095  25  2  27  8  6,130 
Total commercial 191,373  306  98  133  537  1,168  193,078 
Consumer
Residential real estate 37,706  379  119  328  826  (c) 517  $ 663  39,712 
Home equity 23,305  53  18  71  596  89  24,061 
Automobile
 16,252  146  40  14  200  183  16,635 
Credit card 6,475  49  33  62  144  7  6,626 
Education
 2,400  43  25  65  133  (c) 2,533 
Other consumer
 5,644  35  22  17  74  9  5,727 
Total consumer 91,782  705  257  486  1,448  1,312  752  95,294 
Total $ 283,155  $ 1,011  $ 355  $ 619  $ 1,985  $ 2,480  $ 752  $ 288,372 
Percentage of total loans 98.19  % 0.35  % 0.12  % 0.21  % 0.69  % 0.86  % 0.26  % 100.00  %
(a)Amounts in table represent loans held for investment and do not include any associated ALLL.
(b)The accrued interest associated with our loan portfolio totaled $0.8 billion and $0.7 billion at June 30, 2022 and December 31, 2021, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.
(c)Past due loan amounts include government insured or guaranteed Residential real estate loans and Education loans totaling $0.3 billion and $0.1 billion at June 30, 2022. Comparable amounts at December 31, 2021 were $0.4 billion and $0.1 billion.
(d)Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policies. Given that these loans are not accounted for at amortized cost, these loans have been excluded from the nonperforming loan population.
(e)Includes unearned income, unamortized deferred fees and costs on originated loans and premiums or discounts on purchased loans totaling $0.7 billion at both June 30, 2022 and December 31, 2021.
(f)Collateral dependent loans totaled $1.2 billion and $1.7 billion at June 30, 2022 and December 31, 2021, respectively.
At June 30, 2022, we pledged $24.9 billion of commercial and other loans to the Federal Reserve Bank and $85.9 billion of residential real estate and other loans to the FHLB as collateral for the ability to borrow, if necessary. The comparable amounts at December 31, 2021 were $25.7 billion and $66.2 billion, respectively. Amounts pledged reflect the unpaid principal balances.

Nonperforming Assets
Nonperforming assets include nonperforming loans and leases, OREO and foreclosed assets. Nonperforming loans are those loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable and include nonperforming TDRs and PCD loans. Interest income is not recognized on these loans. Loans accounted for under the fair value option are reported as performing loans; however, when nonaccrual criteria is met, interest income is not recognized on these loans. Additionally, certain government insured or guaranteed loans for which we expect to collect
The PNC Financial Services Group, Inc. – Form 10-Q 55  

substantially all principal and interest are not reported as nonperforming loans and continue to accrue interest. See Note 1 Accounting Policies included in Item 8 of our 2021 Form 10-K for additional information on our nonperforming loan and lease policies.
The following table presents our nonperforming assets as of June 30, 2022 and December 31, 2021, respectively:
Table 43: Nonperforming Assets
Dollars in millions June 30
2022		 December 31
2021
Nonperforming loans
Commercial $ 815  $ 1,168 
Consumer (a) 1,231  1,312 
Total nonperforming loans (b) 2,046  2,480 
OREO and foreclosed assets 29  26 
Total nonperforming assets $ 2,075  $ 2,506 
Nonperforming loans to total loans 0.66  % 0.86  %
Nonperforming assets to total loans, OREO and foreclosed assets 0.67  % 0.87  %
Nonperforming assets to total assets 0.38  % 0.45  %
(a)Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.
(b)Nonperforming loans for which there is no related ALLL totaled $0.8 billion at June 30, 2022 and primarily include loans with a fair value of collateral that exceeds the amortized cost basis. The comparable amount at December 31, 2021 was $1.0 billion.

Nonperforming loans include certain loans whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties. In accordance with applicable accounting guidance, these loans are considered TDRs. See Note 1 Accounting Policies included in Item 8 of our 2021 Form 10-K and the Troubled Debt Restructurings section of this Note 4 for additional information on TDRs.

Total nonperforming loans in Table 43 include TDRs of $0.7 billion and $1.0 billion at June 30, 2022 and December 31, 2021, respectively. TDRs that are performing, including consumer credit card TDR loans, are excluded from nonperforming loans and totaled $0.7 billion and $0.6 billion at June 30, 2022 and December 31, 2021, respectively.
Additional Credit Quality Indicators by Loan Class

Commercial Loan Classes
See Note 4 Loans and Related Allowance for Credit Losses included in Item 8 of our 2021 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class.
56    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents credit quality indicators for the commercial loan classes:
Table 44: Commercial Credit Quality Indicators (a)
  Term Loans by Origination Year  
June 30, 2022
In millions
 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total
Loans
Commercial and industrial
Pass Rated $ 20,359  $ 16,777  $ 10,272  $ 9,215  $ 5,342  $ 16,371  $ 86,988  $ 74  $ 165,398 
Criticized 315  398  325  649  460  863  3,397  26  6,433 
Total commercial and industrial 20,674  17,175  10,597  9,864  5,802  17,234  90,385  100  171,831 
Commercial real estate
Pass Rated 4,241  3,869  3,793  6,134  3,359  8,553  260  30,209 
Criticized 240  158  260  748  883  1,905  49  4,243 
Total commercial real estate 4,481  4,027  4,053  6,882  4,242  10,458  309  34,452 
Equipment lease financing
Pass Rated 817  1,078  1,065  788  556  1,730  6,034 
Criticized 15  51  56  43  25  16  206 
Total equipment lease financing 832  1,129  1,121  831  581  1,746  6,240 
Total commercial $ 25,987  $ 22,331  $ 15,771  $ 17,577  $ 10,625  $ 29,438  $ 90,694  $ 100  $ 212,523 
  Term Loans by Origination Year  
December 31, 2021
In millions
 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total
Loans
Commercial and industrial
Pass Rated $ 27,104  $ 12,053  $ 10,731  $ 6,698  $ 6,355  $ 11,759  $ 71,230  $ 90  $ 146,020 
Criticized 283  368  815  649  496  824  3,448  30  6,913 
Total commercial and industrial 27,387  12,421  11,546  7,347  6,851  12,583  74,678  120  152,933 
Commercial real estate
Pass Rated 4,110  4,109  6,355  4,234  2,634  7,562  436  29,440 
Criticized 294  298  999  820  566  1,552  46  4,575 
Total commercial real estate
 4,404  4,407  7,354  5,054  3,200  9,114  482  34,015 
Equipment lease financing
Pass Rated 1,212  1,190  942  682  507  1,410  5,943 
Criticized 37  54  41  29  19  7  187 
Total equipment lease financing
 1,249  1,244  983  711  526  1,417  6,130 
Total commercial
 $ 33,040  $ 18,072  $ 19,883  $ 13,112  $ 10,577  $ 23,114  $ 75,160  $ 120  $ 193,078 
(a)Loans in our commercial portfolio are classified as Pass Rated or Criticized based on the regulatory definitions, which are driven by the PD and LGD ratings that we assign. The Criticized classification includes loans that were rated special mention, substandard or doubtful as of June 30, 2022 and December 31, 2021.

Consumer Loan Classes
See Note 4 Loans and Related Allowance for Credit Losses included in Item 8 of our 2021 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk
associated with each loan class.










The PNC Financial Services Group, Inc. – Form 10-Q 57  

Residential Real Estate and Home Equity
The following table presents credit quality indicators for the residential real estate and home equity loan classes:
Table 45: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes
Term Loans by Origination Year
June 30, 2022
In millions
 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total Loans
Residential real estate
Current estimated LTV ratios
Greater than 100% $ 65  $ 43  $ 15  $ 6  $ 46  $ 175 
Greater than or equal to 80% to 100% $ 1,083  682  323  112  47  135  2,382 
Less than 80% 5,893  16,007  7,312  2,471  877  7,896  40,456 
No LTV available 48  1  9  58 
Government insured or guaranteed loans 1  6  37  32  24  546  646 
Total residential real estate $ 6,977  $ 16,808  $ 7,716  $ 2,630  $ 954  $ 8,632  $ 43,717 
Updated FICO scores
Greater than or equal to 780 $ 3,782  $ 12,363  $ 5,486  $ 1,721  $ 508  $ 4,469  $ 28,329 
720 to 779 2,839  3,473  1,498  503  204  1,609  10,126 
660 to 719 317  699  380  218  113  825  2,552 
Less than 660 35  113  111  88  65  834  1,246 
No FICO score available 3  154  204  68  40  349  818 
Government insured or guaranteed loans 1  6  37  32  24  546  646 
Total residential real estate $ 6,977  $ 16,808  $ 7,716  $ 2,630  $ 954  $ 8,632  $ 43,717 
Home equity
Current estimated LTV ratios
Greater than 100% $ 1  $ 15  $ 10  $ 2  $ 19  $ 246  $ 87  $ 380 
Greater than or equal to 80% to 100% 5  65  38  6  43  795  945  1,897 
Less than 80% 184  2,213  1,040  315  3,200  7,701  7,763  22,416 
Total home equity $ 190  $ 2,293  $ 1,088  $ 323  $ 3,262  $ 8,742  $ 8,795  $ 24,693 
Updated FICO scores
Greater than or equal to 780 $ 115  $ 1,457  $ 608  $ 172  $ 2,020  $ 5,177  $ 4,694  $ 14,243 
720 to 779 51  570  280  73  638  2,234  2,323  6,169 
660 to 719 20  212  144  46  324  1,013  1,098  2,857 
Less than 660 4  51  55  31  270  298  608  1,317 
No FICO score available 3  1  1  10  20  72  107 
Total home equity $ 190  $ 2,293  $ 1,088  $ 323  $ 3,262  $ 8,742  $ 8,795  $ 24,693 
58    The PNC Financial Services Group, Inc. – Form 10-Q

(Continued from previous page) Term Loans by Origination Year
December 31, 2021
In millions
 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Loans
Residential real estate
Current estimated LTV ratios
Greater than 100% $ 10  $ 52  $ 21  $ 12  $ 13  $ 77  $ 185 
Greater than or equal to 80% to 100% 1,460  560  221  86  66  190  2,583 
Less than 80% 15,213  7,822  2,834  1,004  1,570  7,385  35,828 
No LTV available 275  6  1  1  22  305 
Government insured or guaranteed loans 3  33  37  30  39  669  811 
Total residential real estate $ 16,961  $ 8,473  $ 3,114  $ 1,133  $ 1,688  $ 8,343  $ 39,712 
Updated FICO scores
Greater than or equal to 780 $ 11,110  $ 5,898  $ 1,996  $ 596  $ 1,029  $ 4,052  $ 24,681 
720 to 779 4,921  1,735  643  247  345  1,619  9,510 
660 to 719 717  463  255  136  133  796  2,500 
Less than 660 83  103  96  75  94  848  1,299 
No FICO score available 127  241  87  49  48  359  911 
Government insured or guaranteed loans 3  33  37  30  39  669  811 
Total residential real estate $ 16,961  $ 8,473  $ 3,114  $ 1,133  $ 1,688  $ 8,343  $ 39,712 
Home equity
Current estimated LTV ratios
Greater than 100% $ 1  $ 16  $ 14  $ 3  $ 2  $ 25  $ 329  $ 90  $ 480 
Greater than or equal to 80% to 100% 7  85  62  13  11  66  990  674  1,908 
Less than 80% 204  2,487  1,189  370  549  3,200  7,868  5,806  21,673 
Total home equity $ 212  $ 2,588  $ 1,265  $ 386  $ 562  $ 3,291  $ 9,187  $ 6,570  $ 24,061 
Updated FICO scores
Greater than or equal to 780 $ 124  $ 1,619  $ 692  $ 201  $ 364  $ 2,035  $ 5,490  $ 3,320  $ 13,845 
720 to 779 61  666  348  96  116  642  2,283  1,679  5,891 
660 to 719 23  248  167  56  53  327  1,071  872  2,817 
Less than 660 4  53  57  32  28  277  325  615  1,391 
No FICO score available 2  1  1  1  10  18  84  117 
Total home equity $ 212  $ 2,588  $ 1,265  $ 386  $ 562  $ 3,291  $ 9,187  $ 6,570  $ 24,061 































The PNC Financial Services Group, Inc. – Form 10-Q 59  

Automobile, Credit Card, Education and Other Consumer
The following table presents credit quality indicators for the automobile, credit card, education and other consumer loan classes:

Table 46: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes
Term Loans by Origination Year
June 30, 2022
In millions
 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total Loans
Updated FICO Scores
Automobile
FICO score greater than or equal to 780 $ 1,391  $ 2,543  $ 1,186  $ 1,032  $ 371  $ 161  $ 6,684 
720 to 779 868  1,702  738  745  340  139  4,532 
660 to 719 392  817  446  552  278  109  2,594 
Less than 660 51  291  267  459  313  132  1,513 
Total automobile $ 2,702  $ 5,353  $ 2,637  $ 2,788  $ 1,302  $ 541  $ 15,323 
Credit card
FICO score greater than or equal to 780 $ 1,864  $ 2  $ 1,866 
720 to 779 1,912  8  1,920 
660 to 719 1,807  16  1,823 
Less than 660 897  33  930 
No FICO score available or required (a) 108  3  111 
Total credit card $ 6,588  $ 62  $ 6,650 
Education
FICO score greater than or equal to 780 $ 10  $ 58  $ 54  $ 67  $ 55  $ 391  $ 635 
720 to 779 8  28  26  32  26  159  279 
660 to 719 3  7  8  10  9  68  105 
Less than 660 1  2  2  2  2  25  34 
No FICO score available or required (a) 3  8  9  6  1  1  28 
Education loans using FICO credit metric 25  103  99  117  93  644  1,081 
Other internal credit metrics 1,251  1,251 
Total education $ 25  $ 103  $ 99  $ 117  $ 93  $ 1,895  $ 2,332 
Other consumer
FICO score greater than or equal to 780 $ 116  $ 144  $ 86  $ 76  $ 28  $ 28  $ 58  $ 2  $ 538 
720 to 779 151  179  107  102  38  21  99  3  700 
660 to 719 124  138  98  106  49  15  99  2  631 
Less than 660 6  51  49  57  33  9  44  1  250 
Other consumer loans using FICO credit metric 397  512  340  341  148  73  300  8  2,119 
Other internal credit metrics 60  46  35  58  15  44  3,158  27  3,443 
Total other consumer $ 457  $ 558  $ 375  $ 399  $ 163  $ 117  $ 3,458  $ 35  $ 5,562 

60    The PNC Financial Services Group, Inc. – Form 10-Q

(Continued from previous page) Term Loans by Origination Year
December 31, 2021
In millions
 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Loans
Updated FICO Scores
Automobile
FICO score greater than or equal to 780 $ 3,247  $ 1,496  $ 1,380  $ 533  $ 226  $ 79  $ 6,961 
720 to 779 2,119  983  1,030  499  195  62  4,888 
660 to 719 969  609  772  413  155  44  2,962 
Less than 660 277  315  583  429  162  58  1,824 
Total automobile $ 6,612  $ 3,403  $ 3,765  $ 1,874  $ 738  $ 243  $ 16,635 
Credit card
FICO score greater than or equal to 780 $ 1,815  $ 2  $ 1,817 
720 to 779 1,836  9  1,845 
660 to 719 1,856  19  1,875 
Less than 660 943  29  972 
No FICO score available or required (a) 114  3  117 
Total credit card $ 6,564  $ 62  $ 6,626 
Education
FICO score greater than or equal to 780 $ 37  $ 60  $ 77  $ 62  $ 48  $ 392  $ 676 
720 to 779 20  29  37  30  21  160  297 
660 to 719 7  9  11  11  7  73  118 
Less than 660 1  1  2  2  2  25  33 
No FICO score available or required (a) 11  10  7  2  1  31 
Education loans using FICO credit metric 76  109  134  107  78  651  1,155 
Other internal credit metrics 1,378  1,378 
Total education $ 76  $ 109  $ 134  $ 107  $ 78  $ 2,029  $ 2,533 
Other consumer
FICO score greater than or equal to 780 $ 199  $ 131  $ 123  $ 47  $ 12  $ 32  $ 95  $ 1  $ 640 
720 to 779 250  172  167  68  15  19  125  816 
660 to 719 190  145  165  82  16  11  122  731 
Less than 660 50  62  85  54  10  6  50  1  318 
Other consumer loans using FICO credit metric 689  510  540  251  53  68  392  2  2,505 
Other internal credit metrics 87  31  35  23  22  48  2,955  21  3,222 
Total other consumer $ 776  $ 541  $ 575  $ 274  $ 75  $ 116  $ 3,347  $ 23  $ 5,727 
(a)Loans with no FICO score available or required generally refers to new accounts issued to borrowers with limited credit history, accounts for which we cannot obtain an updated FICO score (e.g., recent profile changes), cards issued with a business name and/or cards secured by collateral. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.






















The PNC Financial Services Group, Inc. – Form 10-Q 61  

Troubled Debt Restructurings
Table 47 quantifies the number of loans that were classified as TDRs as well as the change in the loans’ balance as a result of becoming a TDR during the three and six months ended June 30, 2022 and June 30, 2021. Additionally, the table provides information about the types of TDR concessions. See Note 1 Accounting Policies and Note 4 Loans and Related Allowance for Credit Losses included in Item 8 of our 2021 Form 10-K for additional discussion of TDRs.
Table 47: Financial Impact and TDRs by Concession Type (a)
  Pre-TDR
Amortized Cost Basis (b)		 Post-TDR Amortized Cost Basis (c)
During the three months ended June 30, 2022
Dollars in millions
 Number
of Loans		 Principal
Forgiveness		 Rate
Reduction		 Other Total
Commercial 15  $ 35  $ 9  $ 22  $ 31 
Consumer 3,025  50  $ 40  5  45 
Total TDRs 3,040  $ 85  $ 9  $ 40  $ 27  $ 76 
During the six months ended June 30, 2022
Dollars in millions
Commercial 27  $ 88  $ 9  $ 68  $ 77 
Consumer 5,920  86  $ 66  12  78 
Total TDRs 5,947  $ 174  $ 9  $ 66  $ 80  $ 155 
Pre-TDR
Amortized Cost Basis (b)		 Post-TDR Amortized Cost Basis (c)
During the three months ended June 30, 2021
Dollars in millions
 Number
of Loans		 Principal
Forgiveness		 Rate
Reduction		 Other Total
Commercial 11  $ 104  $ 82  $ 82 
Consumer 1,386  23  $ 12  9  21 
Total TDRs 1,397  $ 127  $ 12  $ 91  $ 103 
During the six months ended June 30, 2021
Dollars in millions
Commercial 30  $ 197  $ 176  $ 176 
Consumer 3,482  55  $ 28  21  49 
Total TDRs 3,512  $ 252  $ 28  $ 197  $ 225 
(a) Impact of partial charge-offs at TDR date is included in this table.
(b) Represents the amortized cost basis of the loans as of the quarter end prior to TDR designation.
(c) Represents the amortized cost basis of the TDRs as of the end of the quarter in which the TDR occurs.
After a loan is determined to be a TDR, we continue to track its performance under its most recent restructured terms. We consider a TDR to have subsequently defaulted when it becomes 60 days past due after the most recent date the loan was restructured. The following table provides a summary of TDRs that subsequently defaulted during the periods presented and were classified as TDRs during the applicable 12-month period preceding June 30, 2022 and June 30, 2021.
Table 48: Subsequently Defaulted TDRs

In millions 2022 2021
Three months ended June 30 $ 20  $ 14 
Six months ended June 30 $ 27  $ 26 

Allowance for Credit Losses
We maintain the ACL related to loans at levels that we believe to be appropriate to absorb expected credit losses in the portfolios as of the balance sheet date. See Note 1 Accounting Policies included in Item 8 of our 2021 Form 10-K for a discussion of the methodologies used to determine this allowance. A rollforward of the ACL related to loans follows:
62    The PNC Financial Services Group, Inc. – Form 10-Q

Table 49: Rollforward of Allowance for Credit Losses
Three months ended June 30 Six months ended June 30
2022 2021 2022 2021
In millions Commercial Consumer Total Commercial Consumer Total Commercial Consumer Total Commercial Consumer Total
Allowance for loan and lease losses
Beginning balance $ 3,003  $ 1,555  $ 4,558  $ 3,083  $ 1,631  $ 4,714  $ 3,185  $ 1,683  $ 4,868  $ 3,337  $ 2,024  $ 5,361 
Acquisition PCD reserves 828  287  1,115  828  287  1,115 
Charge-offs (37) (158) (195) (274) (154) (428) (89) (357) (446) (343) (328) (671)
Recoveries 19  93  112  34  88  122  53  173  226  52  167  219 
Net (charge-offs) (18) (65) (83) (240) (66) (306) (36) (184) (220) (291) (161) (452)
Provision for (recapture of) credit losses (45) 35  (10) 140  66  206  (208) 26  (182) (64) (232) (296)
Other (3) (3) 1  1  (4) (4) 2  2 
Ending balance $ 2,937  $ 1,525  $ 4,462  $ 3,812  $ 1,918  $ 5,730  $ 2,937  $ 1,525  $ 4,462  $ 3,812  $ 1,918  $ 5,730 
Allowance for unfunded lending related commitments (a)
 Beginning balance $ 587  $ 52  $ 639  $ 403  $ 104  $ 507  $ 564  $ 98  $ 662  $ 485  $ 99  $ 584 
Acquisition PCD reserves 43  3  46  43  3  46 
Provision for (recapture of) credit losses 43  (1) 42  87  5  92  66  (47) 19  5  10  15 
Ending balance $ 630  $ 51  $ 681  $ 533  $ 112  $ 645  $ 630  $ 51  $ 681  $ 533  $ 112  $ 645 
Allowance for credit losses at June 30 (b)
 $ 3,567  $ 1,576  $ 5,143  $ 4,345  $ 2,030  $ 6,375  $ 3,567  $ 1,576  $ 5,143  $ 4,345  $ 2,030  $ 6,375 
(a)     See Note 8 Commitments for additional information about the underlying commitments related to this allowance.
(b)    Represents the ALLL plus allowance for unfunded lending related commitments and excludes allowances for investment securities and other financial assets, which together totaled $163 million and $138 million at June 30, 2022 and 2021, respectively.

The ACL related to loans at June 30, 2022 totaled $5.1 billion, a decrease of $0.4 billion since December 31, 2021. This decline was primarily driven by the impacts from portfolio changes and improved COVID-19 related economic conditions. The following summarizes the changes in these factors that influenced the ACL during the six months ended June 30, 2022:
•Portfolio changes that drove reserve declines at June 30, 2022 reflected improvements in credit quality, partially offset by the impact from loan growth in the commercial and industrial portfolio.
•The improved COVID-19 related economic conditions reduced reserves at June 30, 2022 for specific high-risk segments of our commercial and consumer portfolios impacted by the pandemic. This decline was partially offset by increased reserves to account for the elevated risks associated with inflation and supply chain disruptions.

NOTE 5 LOAN SALE AND SERVICING ACTIVITIES AND VARIABLE INTEREST ENTITIES

Loan Sale and Servicing Activities

As more fully described in Note 5 Loan Sale and Servicing Activities and Variable Interest Entities in Item 8 of our 2021 Form 10-K, we have transferred residential and commercial mortgage loans in securitization or sales transactions in which we have continuing involvement. Our continuing involvement in the FNMA, FHLMC and GNMA securitizations, Non-agency securitizations and loan sale transactions generally consists of servicing, repurchasing previously transferred loans under certain conditions and loss share arrangements, and, in limited circumstances, holding of mortgage-backed securities issued by the securitization SPEs.

We earn servicing and other ancillary fees for our role as servicer and, depending on the contractual terms of the servicing arrangement, we can be terminated as servicer with or without cause. At the consummation date of each type of loan transfer where we retain the servicing, we recognize a servicing right at fair value. See Note 9 Commitments and Note 12 Fair Value for information on our servicing rights, including the carrying value of servicing assets.

The PNC Financial Services Group, Inc. – Form 10-Q 63  

The following table provides cash flows associated with our loan sale and servicing activities:
Table 50: Cash Flows Associated with Loan Sale and Servicing Activities
In millions Residential
Mortgages		 Commercial
Mortgages (a)
Cash Flows - Three months ended June 30, 2022
Sales of loans and related securitization activity (b) $ 1,454  $ 929 
Repurchases of previously transferred loans (c) $ 57 
Servicing fees (d) $ 91  $ 47 
Servicing advances recovered/(funded), net $ 1  $ (17)
Cash flows on mortgage-backed securities held (e) $ 1,029  $ 14 
Cash Flows - Three months ended June 30, 2021
Sales of loans and related securitization activity (b) $ 2,283  $ 735 
Repurchases of previously transferred loans (c) $ 51  $ 9 
Servicing fees (d) $ 83  $ 38 
Servicing advances recovered/(funded), net $ (5) $ (26)
Cash flows on mortgage-backed securities held (e) $ 2,660  $ 19 
Cash Flows - Six months ended June 30, 2022
Sales of loans and related securitization activity (b) $ 3,348  $ 1,839 
Repurchases of previously transferred loans (c) $ 105  $ 27 
Servicing fees (d) $ 184  $ 89 
Servicing advances recovered/(funded), net $ 33  $ 4 
Cash flows on mortgage-backed securities held (e) $ 2,325  $ 28 
Cash Flows - Six months ended June 30, 2021
Sales of loans and related securitization activity (b) $ 3,522  $ 1,723 
Repurchases of previously transferred loans (c) $ 144  $ 42 
Servicing fees (d) $