Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 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 September 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

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 October 17, 2022, there were 403,319,033 shares of the registrant’s common stock ($5 par value) outstanding.

THE PNC FINANCIAL SERVICES GROUP, INC.
Cross-Reference Index to Third 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, 49-50,
83-89
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


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS TABLE REFERENCE
Table Description Page
34
35
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



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 and second quarter 2022 Form 10-Qs 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 15 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 99 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 Nine months ended
September 30 June 30 September 30 September 30 September 30
2022 2022 2021 2022 2021
Financial Results (a)
Net interest income $ 3,475  $ 3,051  $ 2,856  $ 9,330  $ 7,785 
Noninterest income 2,074  2,065  2,341  6,027  6,299 
Total revenue 5,549  5,116  5,197  15,357  14,084 
Provision for (recapture of) credit losses 241  36  (203) 69  (452)
Noninterest expense 3,280  3,244  3,587  9,696  9,211 
Income before income taxes and noncontrolling interests
 $ 2,028  $ 1,836  $ 1,813  $ 5,592  $ 5,325 
Income taxes
 388  340  323  1,027  906 
Net income $ 1,640  $ 1,496  $ 1,490  $ 4,565  $ 4,419 
Net income attributable to common shareholders $ 1,558  $ 1,409  $ 1,416  $ 4,328  $ 4,216 
Per Common Share
Basic $ 3.78  $ 3.39  $ 3.31  $ 10.39  $ 9.84 
Diluted $ 3.78  $ 3.39  $ 3.30  $ 10.39  $ 9.83 
Book value per common share $ 97.59  $ 101.39  $ 121.16 
Performance Ratios
Net interest margin (b) 2.82  % 2.50  % 2.27  % 2.54  % 2.28  %
Noninterest income to total revenue 37  % 40  % 45  % 39  % 45  %
Efficiency 59  % 63  % 69  % 63  % 65  %
Return on:
Average common shareholders’ equity 14.97  % 13.52  % 10.95  % 13.31  % 11.17  %
Average assets 1.19  % 1.10  % 1.06  % 1.11  % 1.16  %
(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		 September 30
2022		 December 31
2021		 September 30
2021
Balance Sheet Data
Assets $ 559,477  $ 557,191  $ 553,515 
Loans $ 315,400  $ 288,372  $ 290,230 
Allowance for loan and lease losses


 		$ 4,581  $ 4,868  $ 5,355 
Interest-earning deposits with banks $ 40,278  $ 74,250  $ 75,478 
Investment securities $ 136,451  $ 132,962  $ 125,606 
Total deposits $ 438,194  $ 457,278  $ 448,902 
Borrowed funds $ 54,633  $ 30,784  $ 33,471 
Total shareholders’ equity $ 46,688  $ 55,695  $ 56,259 
Common shareholders’ equity $ 39,444  $ 50,685  $ 51,250 
Other Selected Ratios
Common equity Tier 1 9.3  % 10.3  % 10.3  %
Loans to deposits 72  % 63  % 65  %
Common shareholders’ equity to total assets 7.1  % 9.1  % 9.3  %
(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.

Hurricane Ian

During the last week of September 2022, Hurricane Ian caused widespread damage in central and southwest Florida, a key market area for us. The storm resulted in significant property damage to our customers, the closing or disruption of many businesses, including some of PNC’s branches and facilities, and damage to the community infrastructure. We continue to evaluate the impact to our businesses, and, based on our assessment to date, we do not expect Hurricane Ian to have a material impact on our operating results, including credit losses.






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


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.

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 $1.6 billion, or $3.78 per diluted common share, for the third quarter of 2022 increased $144 million, or 10%, compared to $1.5 billion, or $3.39 per diluted common share, for the second quarter of 2022, primarily driven by higher net interest income, partially offset by a higher provision for credit losses.
•For the three months ended September 30, 2022 compared to the three months ended June 30, 2022:
•Total revenue increased $433 million, or 8%, to $5.5 billion.
•Net interest income of $3.5 billion increased $424 million, or 14%, driven by higher yields on interest-earning assets and loan growth, partially offset by higher funding costs.
•Net interest margin increased 32 basis points to 2.82% primarily due to higher yields on interest-earning assets.
•Noninterest income increased $9 million.
•The third quarter of 2022 included a provision for credit losses of $241 million, reflecting slightly weaker economic expectations which impacted our macroeconomic scenarios and weightings. The second quarter of 2022 included a provision for credit losses of $36 million.
•Noninterest expense increased $36 million to $3.3 billion, reflecting increased personnel expense to support business growth as well as one additional day in the quarter.
•We generated positive operating leverage of 7%.

Net income of $4.6 billion, or $10.39 per diluted common share, for the first nine months of 2022 increased $146 million, or 3%, compared to $4.4 billion, or $9.83 per diluted common share, for the first nine months of 2021, driven by higher net interest income, partially offset by an increased provision for credit losses, higher expenses and lower noninterest income.
•For the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021:
•Total revenue increased $1.3 billion, or 9%, to $15.4 billion.
•Net interest income increased $1.5 billion, or 20%, due to higher interest-earning asset balances, which included the benefit of BBVA, and higher yields, partially offset by higher funding costs.
•Net interest margin increased 26 basis points, primarily due to higher yields on interest-earning assets.
•Noninterest income decreased $272 million, or 4%, primarily due to lower private equity, residential and commercial mortgage and capital markets related fees, partially offset by an increase in card and cash management revenue and $1 million of positive Visa Class B fair value adjustments compared to $165 million of negative adjustments for the same period in 2021.
•Noninterest expense increased $485 million, or 5%, driven by the addition of BBVA operating expenses and continued business investment, partially offset by lower integration expenses and a decline in variable compensation related to lower business activity.

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 September 30, 2022. In comparison to December 31, 2021:
•Total assets increased modestly, to $559.5 billion.
•Total loans increased $27.0 billion, or 9%, to $315.4 billion.
•Total commercial loans increased $22.5 billion, or 12%, to $215.6 billion, driven by new production and higher utilization of loan commitments, partially offset by PPP loan forgiveness.
•PPP loans outstanding were $0.6 billion and $3.4 billion at September 30, 2022 and December 31, 2021, respectively.
•Total consumer loans increased $4.5 billion, or 5%, to $99.8 billion, primarily due to increases in residential mortgages, home equity and credit card, partially offset by declines in the remaining portfolios as paydowns outpaced new originations.
•Investment securities increased $3.5 billion to $136.5 billion, as a result of net purchase activity, partially offset by net unrealized losses.
•Interest-earning deposits with banks, primarily with the Federal Reserve Bank, decreased $34.0 billion, or 46%, to $40.3 billion, reflecting higher loans outstanding and lower deposits, partially offset by an increase in borrowed funds.
•Total deposits decreased $19.1 billion, or 4%, to $438.2 billion due to lower commercial and consumer deposits, reflecting deposit outflows, higher consumer spending and the impact of inflationary pressures.
•Borrowed funds increased $23.8 billion, or 77%, to $54.6 billion, driven by 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 third quarter of 2022 reflected strong credit quality performance.
•At September 30, 2022 compared to December 31, 2021:
•Nonperforming assets of $2.1 billion decreased $405 million, or 16%, due to lower commercial and consumer nonperforming loans.
•Overall loan delinquencies of $1.6 billion decreased $359 million, or 18%, driven by lower consumer 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 $5.3 billion, or 1.67% of total loans, at September 30, 2022, compared to $5.5 billion, or 1.92% of total loans at December 31, 2021. The decrease was primarily driven by the reassessment of pandemic-related risks and the impacts of portfolio changes, partially offset by weaker economic expectations.
•Net charge-offs of $119 million, or 0.15% of average loans, in the third quarter of 2022 increased $36 million, or 43%, compared to $83 million, or 0.11% of average loans, for the second quarter of 2022, primarily driven by higher commercial loan net charge-offs.

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 $39.4 billion at September 30, 2022, decreased $11.3 billion, or 22%, compared to December 31, 2021 as the benefit of net income was more than offset by a decrease in AOCI, reflecting the negative impact of higher interest rates on net unrealized securities and swap losses. The decline was also attributable to share repurchases and common dividends paid.
•In the third quarter, we returned $1.7 billion of capital to shareholders through common share repurchases of $1.1 billion, representing 6.7 million shares, and dividends on common shares of $0.6 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. Consistent with the flexibility provided under the SCB framework, our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 53% were still available for repurchase at September 30, 2022. Under this framework, PNC expects its quarterly repurchases to approximate $700 million to $750 million with the ability to adjust those levels as conditions warrant. PNC's SCB for the four-quarter period beginning October 1, 2022 is 2.9%.
•On October 3, 2022, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.50 per share payable on November 5, 2022.
•Our CET1 ratio decreased to 9.3% at September 30, 2022 from 10.3% at December 31, 2021.



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


•PNC elected 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 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. The CET1 fully implemented ratio, which reflects the full impact of CECL and excludes the benefits of the optional five-year transition, was 9.1% at September 30, 2022 compared to 10.0% at December 31, 2021.

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:
•Although real GDP contracted in the first and second quarters of 2022, the U.S. economy is not in recession. In particular, the labor market remains extremely strong, with average monthly job growth well above the pre-pandemic pace, and the unemployment rate at a 50-year low. Supply-chain difficulties will continue to ease into 2023. Labor shortages will remain a constraint into 2023, although strong wage growth and high levels of household saving will support consumer spending.
•PNC expects economic growth will be below its long-term trend in the near term as the Federal Reserve continues to tighten monetary policy in an attempt to reduce inflationary pressures, but does not expect a near-term recession. Recession risks over the next few years are elevated, however, because of tighter monetary policy.
•Inflation has started to slow, but remains near the strongest pace in decades. Inflation should slow further due to softer economic growth and a continued easing in supply-chain difficulties and will return to the Federal Reserve’s 2% long-run objective in 2024.
•The FOMC raised the federal funds rate by 0.75% in September, to a range of 3.00% to 3.25%. PNC expects further increases in the federal funds rate through the rest of this year, to a range of 4.25% to 4.50% at the end of 2022. PNC expects the federal funds rate to peak between 4.50% and 4.75% in early 2023, before falling in early 2024 as inflation ebbs and economic growth slows.

For the fourth quarter of 2022, compared to the third quarter of 2022, we expect:
•Average loans to be up approximately 1%,
•Net interest income to be up 6% to 8%,
•Fee income to be stable to down 1%,
•Other noninterest income, excluding net securities gains and Visa activity, to be $200 million to $250 million,
•Revenue to be up approximately 2%,
•Noninterest expense to be stable to up 1%,
•Net loan charge-offs to be $125 million to $175 million, and
•Effective tax rate to be approximately 18.5%.

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 Item 1 of this Report.

Net income of $1.6 billion, or $3.78 per diluted common share for the third quarter of 2022 increased $144 million, or 10%, compared to $1.5 billion, or $3.39 per diluted common share for the second quarter of 2022, primarily driven by higher net interest income, partially offset by a higher provision for credit losses. Net income of $4.6 billion, or $10.39 per diluted common share for the first nine months of 2022 increased $146 million, or 3%, compared to $4.4 billion, or $9.83 per diluted common share, for the same period in
The PNC Financial Services Group, Inc. – Form 10-Q 5  

2021. The increase was driven by higher net interest income, partially offset by an increased provision for credit losses, higher expenses and lower noninterest income.
Net Interest Income
Table 2: Summarized Average Balances and Net Interest Income (a)
  September 30, 2022 June 30, 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 $ 136,990  2.10  % $ 720  $ 134,724  1.89  % $ 636 
Loans 313,026  3.98  % 3,162  304,790  3.29  % 2,524 
Interest-earning deposits with banks 31,892  2.32  % 185  39,689  0.79  % 78 
Other 9,560  3.94  % 94  9,935  2.76  % 68 
Total interest-earning assets/interest income $ 491,468  3.35  % 4,161  $ 489,138  2.69  % 3,306 
Liabilities
Interest-bearing liabilities
Interest-bearing deposits $ 298,073  0.45  % 340  $ 297,096  0.12  % 88 
Borrowed funds 44,261  2.81  % 317  35,656  1.58  % 142 
Total interest-bearing liabilities/interest expense $ 342,334  0.75  % 657  $ 332,752  0.27  % 230 
Net interest margin/income (non-GAAP) 2.82  % 3,504  2.50  % 3,076 
Taxable-equivalent adjustments (29) (25)
Net interest income (GAAP) $ 3,475      $ 3,051 
  September 30, 2022 September 30, 2021
Nine 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 $ 135,215  1.88  % $ 1,904  $ 105,287  1.73  % $ 1,366 
Loans 302,921  3.50  % 7,997  261,884  3.36  % 6,629 
Interest-earning deposits with banks 44,641  0.87  % 292  81,383  0.12  % 74 
Other 9,637  2.92  % 210  8,345  2.27  % 142 
Total interest-earning assets/interest income $ 492,414  2.80  % 10,403  $ 456,899  2.38  % 8,211 
Liabilities
Interest-bearing liabilities
Interest-bearing deposits $ 298,232  0.20  % 455  $ 273,498  0.05  % 99 
Borrowed funds 36,794  1.95  % 542  34,562  1.05  % 275 
Total interest-bearing liabilities/interest expense $ 335,026  0.39  % 997  $ 308,060  0.16  % 374 
Net interest margin/income (non-GAAP) 2.54  % 9,406  2.28  % 7,837 
Taxable-equivalent adjustments (76) (52)
Net interest income (GAAP)     $ 9,330      $ 7,785 
(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 $424 million, or 14%, for the third quarter of 2022 compared to the second quarter of 2022, driven by higher yields on interest-earning assets and loan growth, partially offset by higher funding costs. Net interest income increased $1.5 billion, or 20%, for the first nine months of 2022 compared to the same period in 2021, due to higher interest-earning asset balances, which included 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 32 basis points and 26 basis points, respectively. In both comparisons the increase was primarily due to higher yields on interest-earning assets.

Average investment securities for the third quarter of 2022 increased $2.3 billion, or 2% compared to the second quarter of 2022 reflecting net purchases, primarily of agency residential mortgage-backed securities within the held-to-maturity portfolio. Average investment securities increased $29.9 billion, or 28% in the year-to-date comparison, due to net securities purchases, primarily of U.S. Treasury and government agency securities, agency residential mortgage-backed securities and the addition of BBVA. Average investment securities represented 28% of average interest-earning assets for both the third and second quarter of 2022, and 27% for the first nine months of 2022 compared to 23% for the first nine months of 2021.

In the quarterly and year-to-date comparisons, average loans increased $8.2 billion, or 3%, and $41.0 billion, or 16%, 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 64% of average interest-earning assets for the third quarter of 2022 compared to 62% for the second quarter of 2022, and 62% for the first nine months of 2022 compared to 57% for the first nine months of 2021.

Average interest-earning deposits with banks for the third quarter of 2022 decreased $7.8 billion, or 20%, compared to the second quarter of 2022, driven by increased loans outstanding and lower deposits, partially offset by higher borrowed funds. In the year-to-date comparison, average interest-earning deposits with banks decreased $36.7 billion, or 45%, reflecting higher loan balances and net securities purchases, partially offset by higher deposits.

Average interest-bearing deposits for the third quarter of 2022 were largely stable compared to the second quarter of 2022. Average interest-bearing deposits increased $24.7 billion, or 9%, in the year-to-date comparison, reflecting the BBVA acquisition and the shift in commercial deposits from noninterest-bearing to interest bearing as deposit rates have risen. In total, average interest-bearing deposits represented 87% of average interest-bearing liabilities for the third quarter of 2022 compared to 89% for the second quarter of 2022, and the first nine months of both 2022 and 2021.

Average borrowed funds for the third quarter of 2022 increased $8.6 billion, or 24%, compared to the second quarter of 2022, primarily due to increased FHLB borrowings. Average borrowed funds for the first nine months of 2022 increased $2.2 billion, or 6%, compared to the first nine months of 2021, reflecting higher FHLB borrowings, partially offset by lower bank notes and senior debt.

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 Nine months ended
  September 30 June 30 Change September 30 September 30 Change
Dollars in millions 2022 2022 $ % 2022 2021 $ %
Noninterest income
Asset management and brokerage $ 357  $ 365  $ (8) (2) % $ 1,099  $ 1,053  $ 46  4  %
Capital markets related 299  409  (110) (27) % 960  1,117  (157) (14) %
Card and cash management 671  671    —  1,962  1,752  210  12  %
Lending and deposit services 287  282  5  2  % 838  829  9  1  %
Residential and commercial mortgage 143  161  (18) (11) % 463  641  (178) (28) %
Other 317  177  140  79  % 705  907  (202) (22) %
Total noninterest income
 $ 2,074  $ 2,065  $ 9  —  $ 6,027  $ 6,299  $ (272) (4) %
 
Noninterest income as a percentage of total revenue was 37% for the third quarter of 2022 compared to 40% for second quarter of 2022, and 39% for the first nine months of 2022 compared to 45% for the same period in 2021.

Asset management and brokerage fees decreased compared to the second quarter of 2022, and included the impact of lower average equity markets. The increase in the year-to-date comparison reflected the benefit of BBVA and increased product sales, partially offset by lower average equity markets. PNC's discretionary client assets under management of $166 billion at September 30, 2022 decreased from $167 billion at June 30, 2022 and $183 billion at September 30, 2021, primarily as a result of lower spot equity markets.

Capital markets related revenue decreased compared to the second quarter of 2022 driven by lower merger and acquisition advisory fees, reflecting the impact of elevated second quarter activity. In the year-to-date comparison the decrease was primarily due to a decline in equity capital markets advisory, underwriting and merger and acquisition advisory fees.
The PNC Financial Services Group, Inc. – Form 10-Q 7  

Card and cash management revenue was stable compared to the second quarter of 2022. The increase in the year-to-date comparison was primarily due to increased treasury management product revenue, the addition of BBVA and higher consumer spending.

Lending and deposit services increased compared to the second quarter of 2022, driven by higher loan commitment fees. The increase in the year-to-date comparison included the benefit of BBVA.

Residential and commercial mortgage decreased in both the quarterly and year-to-date comparisons, primarily due to lower residential mortgage banking activities.

Other noninterest income increased compared to the second quarter of 2022, and included higher private equity revenue and positive Visa Class B derivative fair value adjustments of $13 million. The second quarter of 2022 included $16 million of negative Visa Class B fair value adjustments. The decrease in the year-to-date comparison was primarily due to lower private equity revenue, partially offset by positive Visa Class B derivative fair value adjustments. The first nine months of 2022 included $1 million of positive Visa Class B fair value adjustments compared to $165 million of negative adjustments for the same period in 2021.

Noninterest Expense

Table 4: Noninterest Expense
  Three months ended Nine months ended
  September 30 June 30 Change September 30 September 30 Change
Dollars in millions 2022 2022 $ % 2022 2021 $ %
Noninterest expense
Personnel $ 1,805  $ 1,779  $ 26  1  % $ 5,301  $ 5,103  $ 198  4  %
Occupancy 241  246  (5) (2) % 745  680  65  10  %
Equipment 344  351  (7) (2) % 1,026  974  52  5  %
Marketing 93  95  (2) (2) % 249  222  27  12  %
Other 797  773  24  3  % 2,375  2,232  143  6  %
Total noninterest expense
 $ 3,280  $ 3,244  $ 36  1  % $ 9,696  $ 9,211  $ 485  5  %
 
Noninterest expense increased compared to the second quarter of 2022, reflecting increased personnel expense to support business growth as well as one additional day in the quarter. The increase in the first nine months of 2022 compared to the same period in 2021 was driven by the addition of BBVA operating expenses and continued business investment, partially offset by lower integration expenses and a decline in variable compensation related to lower business activity.

Effective Income Tax Rate

The effective income tax rate was 19.1% in the third quarter of 2022, compared to 18.5% in the second quarter of 2022, and 18.4% in the first nine months of 2022 compared to 17.0% for the same period in 2021.

Provision For (Recapture of) Credit Losses
Table 5: Provision for (Recapture of) Credit Losses
  Three months ended Nine months ended
September 30 June 30 Change September 30 September 30 Change
Dollars in millions 2022 2022 $ 2022 2021 $
Provision for (recapture of) credit losses
Loans and leases $ 241  $ (10) $ 251  $ 59  $ (525) $ 584 
Unfunded lending related commitments 1  42  (41) 20  16  4 
Investment securities 3  3    7  51  (44)
Other financial assets (4) 1  (5) (17) 6  (23)
Total provision for (recapture of) credit losses $ 241  $ 36  $ 205  $ 69  $ (452) $ 521 

The third quarter of 2022 included a provision for credit losses of $241 million, reflecting slightly weaker economic expectations which impacted our macroeconomic scenarios and weightings. The second quarter of 2022 included a provision for credit losses of $36 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 Item 1 of this Report.
Table 6: Summarized Balance Sheet Data
  September 30 December 31 Change
Dollars in millions 2022 2021 $ %
Assets        
Interest-earning deposits with banks $ 40,278  $ 74,250  $ (33,972) (46) %
Loans held for sale 1,126  2,231  (1,105) (50) %
Investment securities 136,451  132,962  3,489  3  %
Loans 315,400  288,372  27,028  9  %
Allowance for loan and lease losses (4,581) (4,868) 287  6  %
Mortgage servicing rights 3,206  1,818  1,388  76  %
Goodwill 10,987  10,916  71  1  %
Other 56,610  51,510  5,100  10  %
Total assets $ 559,477  $ 557,191  $ 2,286  — 
Liabilities
Deposits $ 438,194  $ 457,278  $ (19,084) (4) %
Borrowed funds 54,633  30,784  23,849  77  %
Allowance for unfunded lending related commitments 682  662  20  3  %
Other 19,245  12,741  6,504  51  %
Total liabilities 512,754  501,465  11,289  2  %
Equity
Total shareholders’ equity 46,688  55,695  (9,007) (16) %
Noncontrolling interests 35  31  4  13  %
Total equity 46,723  55,726  (9,003) (16) %
Total liabilities and equity $ 559,477  $ 557,191  $ 2,286  — 

Our balance sheet was well positioned at September 30, 2022. In comparison to December 31, 2021:
•Total assets increased modestly, reflecting higher loans, securities and MSRs, partially offset by lower balances held with the Federal Reserve Bank.
•Total liabilities increased primarily due to higher borrowed funds, partially offset by lower deposits.
•Total equity decreased as the benefit of net income and preferred stock issuances was more than offset by a decrease in AOCI, reflecting the negative impact of higher interest rates on net unrealized securities and swap losses. The decline was also attributable to common share repurchases and dividends paid.

The ACL related to loans totaled $5.3 billion at September 30, 2022, a decrease of $0.2 billion since December 31, 2021, driven by the reassessment of pandemic-related risks and the impacts of portfolio changes, partially offset by weaker economic expectations. 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
  September 30 December 31 Change
Dollars in millions 2022 2021 $ %
Commercial        
Commercial and industrial $ 173,813  $ 152,933  $ 20,880  14  %
Commercial real estate 35,592  34,015 1,577  5  %
Equipment lease financing 6,192  6,130 62  1  %
Total commercial 215,597  193,078  22,519  12  %
Consumer
Residential real estate 45,057  39,712  5,345  13  %
Home equity 25,367  24,061  1,306  5  %
Automobile 15,025  16,635  (1,610) (10) %
Credit card 6,774  6,626  148  2  %
Education 2,287  2,533  (246) (10) %
Other consumer 5,293  5,727  (434) (8) %
Total consumer 99,803  95,294  4,509  5  %
Total loans $ 315,400  $ 288,372  $ 27,028  9  %

Commercial loans increased driven by new production and higher utilization of loan commitments, partially offset by PPP loan forgiveness. PPP loans outstanding were $0.6 billion and $3.4 billion at September 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, home equity and credit card, 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.



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


Investment Securities

Investment securities of $136.5 billion at September 30, 2022 increased $3.5 billion, or 3%, compared to December 31, 2021, from net purchase activity, partially offset by net unrealized losses.

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.
Table 8: Investment Securities
  September 30, 2022 December 31, 2021 Ratings as of September 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 $ 47,213  $ 44,622  $ 47,024  $ 47,054  100  %
Agency residential mortgage-backed 74,145  67,149  67,326  67,632  100  %
Non-agency residential mortgage-backed 1,006  1,129  927  1,158  8  % 1  % 37  % 54  %
Agency commercial mortgage-backed 2,593  2,391  1,740  1,773  100  %
Non-agency commercial mortgage-backed (c) 3,109  3,026  3,423  3,436  85  % 1  % 2  % 12  %
Asset-backed (d) 6,671  6,536  6,380  6,409  96  % 1  % 2  % 1  %
Other (e) 6,505  6,133  5,404  5,596  50  % 29  % 18  % 3  %
Total investment securities (f) $ 141,242  $ 130,986  $ 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 $140 million at September 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 September 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.

During the first nine months of 2022, we transferred securities with a fair value of $82.7 billion, 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 these transfers.

The duration of investment securities was 4.5 years at September 30, 2022. We estimate that at September 30, 2022 the effective duration of investment securities was 4.4 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 5.8 years at September 30, 2022 compared to 4.4 years at December 31, 2021.

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

Table 9: Weighted-Average Expected Maturities of Mortgage and Asset-Backed Debt Securities
September 30, 2022 Years
Agency residential mortgage-backed 7.4 
Non-agency residential mortgage-backed 9.6 
Agency commercial mortgage-backed 5.3 
Non-agency commercial mortgage-backed 1.5 
Asset-backed 2.6 

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.

Funding Sources
Table 10: Details of Funding Sources
September 30 December 31 Change
Dollars in millions 2022 2021 $ %
Deposits        
Noninterest-bearing $ 138,423  $ 155,175  $ (16,752) (11) %
Interest-bearing
Money market 61,366  61,229  137  — 
Demand 124,167  115,910  8,257  7  %
Savings 104,204  107,598  (3,394) (3) %
Time deposits 10,034  17,366  (7,332) (42) %
Total interest-bearing deposits 299,771  302,103  (2,332) (1) %
Total deposits 438,194  457,278  (19,084) (4) %
Borrowed funds
Federal Home Loan Bank borrowings 30,075  30,075  — 
Bank notes and senior debt 13,357  20,661  (7,304) (35) %
Subordinated debt 7,286  6,996  290  4  %
Other 3,915  3,127  788  25  %
Total borrowed funds 54,633  30,784  23,849  77  %
Total funding sources $ 492,827  $ 488,062  $ 4,765  1  %

Total deposits decreased due to lower commercial and consumer deposits, reflecting deposit outflows, higher consumer spending and the impact of inflationary pressures.

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 $46.7 billion at September 30, 2022, a decrease of $9.0 billion compared to December 31, 2021, as increases related to net income of $4.6 billion and preferred stock issuances of $2.2 billion were more than offset by a decrease in AOCI of $10.9 billion, reflecting the negative impact of higher interest rates on net unrealized securities and swap losses. The decline was also attributable to common share repurchases of $3.0 billion and dividends paid of $1.9 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 76 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)
Nine months ended September 30       Change
Dollars in millions, except as noted 2022 2021 $ %
Income Statement
Net interest income $ 5,210  $ 4,572  $ 638  14  %
Noninterest income 2,218  2,022  196  10  %
Total revenue 7,428  6,594  834  13  %
Provision for (recapture of) credit losses 66  (156) 222  *
Noninterest expense 5,706  5,042  664  13  %
Pretax earnings 1,656  1,708  (52) (3) %
Income taxes 389  396  (7) (2) %
Noncontrolling interests 45  26  19  73  %
Earnings $ 1,222  $ 1,286  $ (64) (5) %
Average Balance Sheet
Loans held for sale $ 991  $ 1,296  $ (305) (24) %
Loans
Consumer
Residential real estate $ 33,088  $ 23,323  $ 9,765  42  %
Home equity 22,916  22,324  592  3  %
Automobile 15,638  15,398  240  2  %
Credit card 6,532  6,070  462  8  %
Education 2,422  2,820  (398) (14) %
Other consumer 2,204  2,326  (122) (5) %
Total consumer 82,800  72,261  10,539  15  %
Commercial 11,176  14,819  (3,643) (25) %
Total loans $ 93,976  $ 87,080  $ 6,896  8  %
Total assets $ 113,157  $ 103,820  $ 9,337  9  %
Deposits
Noninterest-bearing $ 65,026  $ 55,107  $ 9,919  18  %
Interest-bearing 200,918  179,567  21,351  12  %
Total deposits $ 265,944  $ 234,674  $ 31,270  13  %
Performance Ratios
Return on average assets 1.44  % 1.66  %
Noninterest income to total revenue 30  % 31  %
Efficiency 77  % 76  %    
14    The PNC Financial Services Group, Inc. – Form 10-Q


At or for nine months ended September 30
       Change
Dollars in millions, except as noted 2022 2021 $ %
Supplemental Noninterest Income Information
Asset management and brokerage $ 400  $ 334  $ 66  20  %
Card and cash management $ 1,003  $ 934  $ 69  7  %
Lending and deposit services $ 498  $ 462  $ 36  8  %
Residential and commercial mortgage $ 208  $ 355  $ (147) (41) %
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (a)
Serviced portfolio balance (b) $ 170  $ 139  $ 31  22  %
Serviced portfolio acquisitions $ 50  $ 42  $ 8  19  %
MSR asset value (b) $ 2.1  $ 1.1  $ 1.0  91  %
MSR capitalization value (in basis points) (b) 122  81  41  51  %
Servicing income: (in millions)
Servicing fees, net (c) $ 119  $ 20  $ 99  *
Mortgage servicing rights valuation, net of economic hedge $ (15) $ 62  $ (77) (124) %
Residential mortgage loan statistics
Loan origination volume (in billions) $ 13.0  $ 18.2  $ (5.2) (29) %
Loan sale margin percentage 2.13  % 2.95  %
Percentage of originations represented by:
Purchase volume (d) 64  % 45  %
Refinance volume 36  % 55  %    
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 $ 1,027  $ 1,220  $ (193) (16) %
Net charge-offs - loans and leases $ 327  $ 269  $ 58  22  %
Other statistics
ATMs 9,169  9,572  (403) (4) %
Branches (g) 2,527  2,712  (185) (7) %
Brokerage account client assets (in billions) (h) $ 67  $ 76  $ (9) (12) %
*- 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 nine 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)Reflects all branches and solution centers excluding 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 nine months of 2022 decreased $64 million compared to the same period in 2021 primarily due to increased noninterest expense and a higher provision for credit losses, 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 deposits, partially offset by narrower interest rate spreads on the value of loans.

Noninterest income increased due to the favorable impact of Visa Class B fair value adjustments compared to a negative adjustment in 2021 related to expected litigation timing. The increase was also driven by higher card and cash management revenue, increased asset management and brokerage fees and higher lending and deposit related fees, which included the addition of BBVA customers.

Noninterest expense increased 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 nine 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 nine months of 2022 compared to the same period in 2021. Average consumer loans increased 15% 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, as new originations outpaced the runoff. The increase was partially offset by a decline in other consumer loans as paydowns outpaced new 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. In August, we eliminated non-sufficient fund fees for all consumer checking account customers. Virtual Wallet® customers had previously received this benefit with the launch of Low Cash Mode®.

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 105 branches in the first nine 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)
Nine months ended September 30       Change
Dollars in millions 2022 2021 $ %
Income Statement
Net interest income $ 3,781  $ 3,343  $ 438  13  %
Noninterest income 2,659  2,730  (71) (3) %
Total revenue 6,440  6,073  367  6  %
Provision for (recapture of) credit losses 15  (277) 292  *
Noninterest expense 2,661  2,504  157  6  %
Pretax earnings 3,764  3,846  (82) (2) %
Income taxes 864  846  18  2  %
Noncontrolling interests 12  10  2  20  %
Earnings $ 2,888  $ 2,990  $ (102) (3) %
Average Balance Sheet
Loans held for sale $ 522  $ 598  $ (76) (13) %
Loans
Commercial
Commercial and industrial $ 151,971  $ 123,505  $ 28,466  23  %
Commercial real estate 32,938  30,919  2,019  7  %
Equipment lease financing 6,168  6,321  (153) (2) %
Total commercial 191,077  160,745  30,332  19  %
Consumer 9  14  (5) (36) %
Total loans $ 191,086  $ 160,759  $ 30,327  19  %
Total assets $ 215,163  $ 184,964  $ 30,199  16  %
Deposits
Noninterest-bearing $ 80,197  $ 76,105  $ 4,092  5  %
Interest-bearing 68,514  72,147  (3,633) (5) %
Total deposits $ 148,711  $ 148,252  $ 459  — 
Performance Ratios
Return on average assets 1.79  % 2.16  %
Noninterest income to total revenue 41  % 45  %
Efficiency 41  % 41  %    
Other Information
Consolidated revenue from: (a)
Treasury Management (b) $ 1,958  $ 1,609  $ 349  22  %
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (c) $ 62  $ 103  $ (41) (40) %
Commercial mortgage loan servicing income (d) 204  244  (40) (16) %
Commercial mortgage servicing rights valuation, net of economic hedge 99  64  35  55  %
Total $ 365  $ 411  $ (46) (11) %
MSR asset value (e) $ 1,132  $ 703  $ 429  61  %
Average loans by C&IB business
Corporate Banking $ 101,826  $ 78,975  $ 22,851  29  %
Real Estate 44,427  42,313  2,114  5  %
Business Credit 27,913  23,367  4,546  19  %
Commercial Banking 9,500  12,435  (2,935) (24) %
Other 7,420  3,669  3,751  102  %
Total average loans $ 191,086  $ 160,759  $ 30,327  19  %
Credit-related statistics
Nonperforming assets (e) $ 779  $ 1,061  $ (282) (27) %
Net charge-offs - loans and leases $ 43  $ 290  $ (247) (85) %
*- Not Meaningful
(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 September 30.

Corporate & Institutional Banking earnings in the first nine months of 2022 decreased $102 million compared to the same period in 2021 driven by a higher provision for credit losses, higher noninterest expense and lower noninterest income, substantially offset by higher net interest income.

Net interest income increased in the comparison primarily due to higher average loan balances, reflecting the addition of BBVA and organic growth, 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 decreased in the comparison driven by lower capital markets related fees and commercial mortgage banking activities, partially offset by higher treasury management product revenue.

Noninterest expense increased in the comparison largely due to the addition of BBVA operating expenses and continued investments in strategic initiatives.

Average loans increased compared to the nine months ended September 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, driven by strong new production and higher average utilization of loan commitments as well as the addition of loans from BBVA.
•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 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 and new production, partially offset by lower average utilization of loan commitments.
•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 slightly compared to the nine months ended September 30, 2021. 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 30 largest U.S. metropolitan statistical areas. These expanded locations complement Corporate & Institutional Banking’s existing 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, as appropriate. 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 where the customer relationship exists. 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. Net interest income includes revenue from all treasury management customer deposit balances. Compared to the first nine months of 2021, treasury management revenue increased due to wider interest rate spreads on the value of deposits and higher noninterest income, including the impact of the BBVA acquisition.
18    The PNC Financial Services Group, Inc. – Form 10-Q


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, partially offset by a higher benefit from commercial mortgage servicing rights valuation, net of economic hedge.

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 to the first nine months of 2021, capital markets related noninterest income decreased due to lower equity capital markets advisory fees, lower underwriting fees and lower merger and acquisition fees. These decreases were partially offset by higher fees on customer-related derivatives activities and higher loan syndication fees.
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)
Nine months ended September 30       Change
Dollars in millions, except as noted 2022 2021 $ %
Income Statement
Net interest income $ 456  $ 346  $ 110  32  %
Noninterest income 713  729  (16) (2) %
Total revenue 1,169  1,075  94  9  %
Provision for credit losses 11  8  3  38  %
Noninterest expense 795  676  119  18  %
Pretax earnings 363  391  (28) (7) %
Income taxes 85  91  (6) (7) %
Earnings $ 278  $ 300  $ (22) (7) %
Average Balance Sheet
Loans
Consumer
Residential real estate $ 7,756  $ 4,608  $ 3,148  68  %
Other consumer 4,605  4,249  356  8  %
Total consumer 12,361  8,857  3,504  40  %
Commercial 1,577  1,629  (52) (3) %
Total loans $ 13,938  $ 10,486  $ 3,452  33  %
Total assets $ 14,360  $ 11,124  $ 3,236  29  %
Deposits
Noninterest-bearing $ 2,852  $ 2,884  $ (32) (1) %
Interest-bearing 28,564  21,590  6,974  32  %
Total deposits $ 31,416  $ 24,474  $ 6,942  28  %
Performance Ratios
Return on average assets 2.59  % 3.61  %
Noninterest income to total revenue 61  % 68  %
Efficiency 68  % 63  %    
Supplemental Noninterest Income Information
Asset management fees $ 693  $ 713  $ (20) (3) %
Brokerage fees 6  6  — 
Total $ 699  $ 719  $ (20) (3) %
Other Information
Nonperforming assets (a) $ 95  $ 80  $ 15  19  %
Net charge-offs (recoveries) - loans and leases $ (1) $ 1  $ (2) (200) %
Brokerage account client assets (in billions) (a) $ 4  $ 5  $ (1) (20) %
Client Assets Under Administration (in billions) (a) (b)
Discretionary client assets under management $ 166  $ 183  $ (17) (9) %
Nondiscretionary client assets under administration 148  170  (22) (13) %
Total $ 314  $ 353  $ (39) (11) %
Discretionary client assets under management
PNC Private Bank $ 99  $ 117  $ (18) (15) %
Institutional Asset Management 67  66  1  2  %
Total $ 166  $ 183  $ (17) (9) %
(a)As of September 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 of the ten most affluent states in the U.S. with a majority co-located within retail banking branches.

Asset Management Group earnings in the first nine months of 2022 decreased $22 million compared to the same period in 2021 driven by higher noninterest expense and lower noninterest income, partially offset by higher net interest income.

Net interest income increased in the comparison due to growth in average deposit and loan balances, reflecting the BBVA acquisition and organic growth, as well as wider interest rate spreads on the value of deposits.

Noninterest income decreased in the comparison primarily attributable to the asset management fee impact from net client outflows.    

Noninterest expense increased in the comparison due to the impact of BBVA operations and strategic investments to support business growth.

Discretionary client assets under management decreased in comparison to the prior year, primarily due to lower equity markets as of September 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-20220930_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 loan portfolio. The following provides additional information about the significant loan classes that comprise our Commercial and Consumer portfolio segments.
The PNC Financial Services Group, Inc. – Form 10-Q 21  

Commercial

Commercial and Industrial
Commercial and industrial loans comprised 55% and 53% of our total loan portfolio at September 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
September 30, 2022 December 31, 2021
Dollars in millions Amount % of Total Amount % of Total
Commercial and industrial
Manufacturing $ 28,629  16  % $ 22,597  15  %
Retail/wholesale trade 27,532  16  22,803  15 
Service providers 22,043  13  20,750  14 
Financial services 21,590  12  17,950  12 
Real estate related (a) 17,513  10  15,123  10 
Technology, media & telecommunications 11,366  7  10,070  7 
Health care 10,420  6  9,944  7 
Transportation and warehousing 7,977  5  7,136  5 
Other industries 26,743  15  26,560  15 
Total commercial and industrial loans $ 173,813  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 $0.6 billion and $3.4 billion at September 30, 2022 and December 31, 2021, respectively.

Commercial Real Estate
Commercial real estate loans comprised $21.6 billion related to commercial mortgages on income-producing properties, $6.2 billion of real estate construction project loans and $7.8 billion of intermediate-term financing loans as of September 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
September 30, 2022 December 31, 2021
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
California $ 5,908  17  % $ 5,561  16  %
Texas 3,761  11  3,458  10 
Florida 3,085  9  2,987  9 
Virginia 1,733  5  1,720  5 
Pennsylvania 1,594  4  1,482  4 
Maryland 1,527  4  1,557  5 
Illinois 1,413  4  970  3 
Colorado 1,239  3  1,126  3 
Ohio 1,212  3  1,219  4 
Arizona 1,114  3  855  3 
Other 13,006  37  13,080  38 
Total commercial real estate loans $ 35,592  100  % $ 34,015  100  %
Property Type (a)
Multifamily $ 13,272  37  % $ 10,581  31  %
Office 9,268  26  9,547  28 
Industrial/warehouse 3,509  10  2,413  7 
Retail 2,857  8  3,570  10 
Seniors housing 2,289  6  2,602  8 
Hotel/motel 1,950  5  2,008  6 
Mixed use 704  2  724  2 
Other 1,743  6  2,570  8 
Total commercial real estate loans $ 35,592  100  % $ 34,015  100  %
(a)    Presented in descending order based on loan balances at September 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 continuing 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 and regulatory classification assessments have moved higher, we have not seen a notable change in loan performance at this time.

Consumer

Residential Real Estate
Residential real estate loans primarily consisted of residential mortgage loans at both September 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
September 30, 2022 December 31, 2021
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
California $ 18,121  40  % $ 15,041  38  %
Texas 4,224  9  4,397  11 
Florida 3,337  7  3,124  8 
Washington 2,842  6  1,909  5 
New Jersey 1,893  4  1,660  4 
New York 1,514  3  1,279  3 
Arizona 1,431  3  1,435  4 
Colorado 1,174  3  1,145  3 
Pennsylvania 1,173  3  1,069  3 
Illinois 959  2  957  2 
Other 8,389  20  7,696  19 
Total residential real estate loans
 $ 45,057  100  % $ 39,712  100  %
September 30, 2022 December 31, 2021
Weighted-average loan origination statistics (b)
Loan origination FICO score 771 775
LTV of loan originations 69  % 67  %
(a)Presented in descending order based on loan balances at September 30, 2022.
(b)Weighted-averages calculated for the twelve months ended September 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 $39.8 billion at September 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 $18.6 billion of primarily variable-rate home equity lines of credit and $6.8 billion of closed-end home equity installment loans at September 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
September 30, 2022 December 31, 2021
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
Pennsylvania $ 5,093  20  % $ 5,108  21  %
New Jersey 3,230  13  3,117  13 
Ohio 2,370  9  2,398  10 
Florida 1,972  8  1,701  7 
Michigan 1,263  5  1,246  5 
Maryland 1,239  5  1,206  5 
Illinois 1,130  4  1,154  5 
Texas 1,061  4  978  4 
California 1,054  4  705  3 
North Carolina 965  4  918  4 
Other 5,990  24  5,530  23 
Total home equity loans $ 25,367  100  % $ 24,061  100  %
Lien type
1st lien 60  % 62  %
2nd lien 40  38 
Total 100  % 100  %
Weighted-average loan origination statistics (b) September 30, 2022 December 31, 2021
Loan origination FICO score 775 782
LTV of loan originations 67  % 66  %
(a)Presented in descending order based on loan balances at September 30, 2022.
(b)Weighted-averages calculated for the twelve months ended September 30, 2022 and December 31, 2021, respectively.

Automobile
Auto loans comprised $13.9 billion in the indirect auto portfolio and $1.1 billion in the direct auto portfolio as of September 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)
September 30, 2022 December 31, 2021
Weighted-average loan origination FICO score (b)
Indirect auto 787 791
Direct auto 777 775
Weighted-average term of loan originations - in months
Indirect auto 73 72
Direct auto 63 62
(a)Weighted-averages calculated for the twelve months ended September 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 September 30, 2022, the portfolio balance was composed of 51% new vehicle loans and 49% 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
  September 30, 2022 December 31, 2021 Change
Dollars in millions $ %
Nonperforming loans        
Commercial $ 903  $ 1,168  $ (265) (23) %
Consumer (a) 1,165  1,312  (147) (11) %
Total nonperforming loans 2,068  2,480  (412) (17) %
OREO and foreclosed assets 33  26  7  27  %
Total nonperforming assets $ 2,101  $ 2,506  $ (405) (16) %
TDRs included in nonperforming loans $ 676  $ 988  $ (312) (32) %
Percentage of total nonperforming loans 33  % 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 222  % 196  %    
Allowance for credit losses to nonperforming loans (b) 254  % 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 nine months ended September 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 1,177  821 
Charge-offs and valuation adjustments (196) (202)
Principal activity, including paydowns and payoffs (729) (783)
Asset sales and transfers to loans held for sale (30) (131)
Returned to performing status (627) (363)
September 30 $ 2,101  $ 2,559 
(a)Represents the June 30, 2021 balance of nonperforming assets attributable to BBVA.

As of September 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 50% of total residential real estate nonperforming loans while home equity TDRs comprised 32% of home equity nonperforming loans at September 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 September 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
  September 30
2022		 December 31
2021		 Change September 30
2022		 December 31
2021
Dollars in millions $ %
Early stage loan delinquencies            
Accruing loans past due 30 to 59 days $ 879  $ 1,011  $ (132) (13) % 0.28  % 0.35  %
Accruing loans past due 60 to 89 days 268  355  (87) (25) % 0.08  % 0.12  %
Total early stage loan delinquencies 1,147  1,366  (219) (16) % 0.36  % 0.47  %
Late stage loan delinquencies
Accruing loans past due 90 days or more 479  619  (140) (23) % 0.15  % 0.21  %
Total accruing loans past due $ 1,626  $ 1,985  $ (359) (18) % 0.52  % 0.69  %
(a)Past due loan amounts include government insured or guaranteed loans of $0.4 billion and $0.5 billion at September 30, 2022 and December 31, 2021, respectively.

The decline in accruing loans past due from December 31, 2021 was driven by lower consumer delinquencies, which included the resolution of BBVA USA 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 September 30, 2022 and December 31, 2021, respectively:
Table 23: Summary of Troubled Debt Restructurings (a)
  September 30
2022		 December 31
2021		 Change
Dollars in millions $ %
Commercial $ 533  $ 672  $ (139) (21) %
Consumer 854  919  (65) (7) %
Total TDRs $ 1,387  $ 1,591  $ (204) (13) %
Nonperforming $ 676  $ 988  $ (312) (32) %
Accruing (b) 711  603  108  18  %
Total TDRs $ 1,387  $ 1,591  $ (204) (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 33% of total nonperforming loans and 49% of total TDRs at September 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 September 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)
September 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 $ 1,974  $ 173,813  1.14  % $ 1,879  $ 152,933  1.23  %
Commercial real estate 994  35,592  2.79  % 1,216  34,015  3.57  %
Equipment lease financing 93  6,192  1.50  % 90  6,130  1.47  %
Total commercial 3,061  215,597  1.42  % 3,185  193,078  1.65  %
Consumer
Residential real estate 50  45,057  0.11  % 21  39,712  0.05  %
Home equity 215  25,367  0.85  % 149  24,061  0.62  %
Automobile 214  15,025  1.42  % 372  16,635  2.24  %
Credit card 732  6,774  10.81  % 712  6,626  10.75  %
Education 64  2,287  2.80  % 71  2,533  2.80  %
Other consumer 245  5,293  4.63  % 358  5,727  6.25  %
Total consumer 1,520  99,803  1.52  % 1,683  95,294  1.77  %
Total 4,581  $ 315,400  1.45  % 4,868  $ 288,372  1.69  %
Allowance for unfunded lending related commitments
 682  662 
Allowance for credit losses
 $ 5,263  $ 5,530 
Allowance for credit losses to total loans 1.67  % 1.92  %
Commercial 1.70  % 1.94  %
Consumer 1.60  % 1.87  %
(a)    Excludes allowances for investment securities and other financial assets, which together totaled $162 million and $171 million at September 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
Nine months ended September 30 Gross
Charge-offs		 Recoveries Net Charge-offs /
(Recoveries)		 % of Average
Loans (Annualized)
Dollars in millions
2022
Commercial
Commercial and industrial $ 136  $ 68  $ 68  0.06  %
Commercial real estate 22  3  19  0.07  %
Equipment lease financing 4  7  (3) (0.07) %
Total commercial 162  78  84  0.05  %
Consumer
Residential real estate 9  15  (6) (0.02) %
Home equity 9  58  (49) (0.27) %
Automobile 118  100  18  0.15  %
Credit card 194  43  151  3.09  %
Education 12  4  8  0.44  %
Other consumer 164  31  133  3.20  %
Total consumer 506  251  255  0.35  %
  Total $ 668  $ 329  $ 339  0.15  %
2021
Commercial
Commercial and industrial $ 350  $ 68  $ 282  0.27  %
Commercial real estate 34  5  29  0.12  %
Equipment lease financing 9  8  1  0.02  %
Total commercial 393  81  312  0.23  %
Consumer
Residential real estate 11  20  (9) (0.04) %
Home equity 16  63  (47) (0.26) %
Automobile 120  117  3  0.03  %
Credit card 196  36  160  3.52  %
Education 11  6  5  0.24  %
Other consumer 130  21  109  2.77  %
Total consumer 484  263  221  0.36  %
  Total $ 877  $ 344  $ 533  0.27  %

Total net charge-offs decreased $194 million, or 36%, for the first nine months of 2022 compared to the same period in 2021. Declines were driven by fewer commercial net charge-offs, which in the comparative period included charge-offs attributable to BBVA that 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 September 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 September 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 $438.2 billion at September 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 September 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 $51.0 billion and securities available for sale totaling $45.8 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. PNC pledges securities as collateral to secure public and trust deposits, repurchase agreements and for other purposes. Pledged securities included $20.0 billion of securities held to maturity and an immaterial amount of available for sale and trading securities.

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 (5.8)
Other (2.2)
September 30 $ 20.6 
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 September 30, 2022, PNC Bank had $9.3 billion of notes outstanding under this program of which $4.5 billion were senior bank notes and $4.8 billion were subordinated bank notes.
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 September 30, 2022, our unused secured borrowing capacity at the FHLB-Pittsburgh and the Federal Reserve Bank totaled $63.9 billion.

PNC Bank has the ability to offer up to $10.0 billion of its commercial paper to provide additional liquidity. At September 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.

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

At September 30, 2022, available parent company liquidity totaled $8.8 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 $2.4 billion at September 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 September 30, 2022, there were no commercial paper issuances outstanding.

Parent company senior and subordinated debt outstanding totaled $10.0 billion and $11.4 billion at September 30, 2022 and December 31, 2021, respectively.

See Note 17 Subsequent Events in the Notes To Consolidated Financial Statements of this Report for details on the parent company's issuance of $1.0 billion of its 5.671% senior fixed-to-floating rate notes that mature on October 28, 2025, and $1.5 billion of its 6.037% senior fixed-to-floating rate notes that mature on October 28, 2033.

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.

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


The following table presents credit ratings for PNC and PNC Bank as of September 30, 2022:
Table 27: Credit Ratings for PNC and PNC Bank
September 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 August 19, 2022, PNC issued 1,250,000 depositary shares each representing 1/100th ownership in a share of 6.200% fixed-rate reset non-cumulative perpetual preferred stock, Series V, with a par value of $1 per share.

See Note 17 Subsequent Events in the Notes To Consolidated Financial Statements of this Report for details on the redemption of $1.5 billion Series P preferred stock on November 1, 2022.

In the third quarter of 2022, PNC returned $1.7 billion of capital to shareholders, an increase of $0.3 billion from the second quarter of 2022, due to higher share repurchases. Capital return in the third quarter of 2022 was comprised of $1.1 billion of common share repurchases, representing 6.7 million shares, and $0.6 billion 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 has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 53% were still available for repurchase at September 30, 2022. Under this framework, PNC expects its quarterly repurchases to approximate $700 million to $750 million with the ability to adjust those levels as conditions warrant. PNC's SCB for the four-quarter period beginning October 1, 2022 is 2.9%.

On October 3, 2022, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.50 per share payable on November 5, 2022.



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

Table 28: Basel III Capital
September 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 (2,847) (2,847)
Retained earnings 53,501  52,777 
Goodwill, net of associated deferred tax liabilities (10,761) (10,761)
Other disallowed intangibles, net of deferred tax liabilities (398) (398)
Other adjustments/(deductions) (123) (127)
Common equity Tier 1 capital (c) 39,372  38,644 
Additional Tier 1 capital
Preferred stock plus related surplus 7,245  7,245 
Tier 1 capital 46,617  45,889 
Additional Tier 2 capital
Qualifying subordinated debt 3,646  3,646 
Eligible credit reserves includable in Tier 2 capital 4,252  4,968 
Total Basel III capital $ 54,515  $ 54,503 
Risk-weighted assets
Basel III standardized approach risk-weighted assets (d) $ 423,446  $ 423,593 
Average quarterly adjusted total assets $ 539,869  $ 539,141 
Supplementary leverage exposure (e) $ 639,250  $ 639,246 
Basel III risk-based capital and leverage ratios (f)
Common equity Tier 1 9.3  % 9.1  %
Tier 1 11.0  % 10.8  %
Total 12.9  % 12.9  %
Leverage (g) 8.6  % 8.5  %
Supplementary leverage ratio (e) 7.3  % 7.2  %
(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 certain banks, including PNC, 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 September 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 September 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 third quarters of 2022 and 2021 follow:

Table 29: Interest Sensitivity Analysis
Third Quarter 2022 Third 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 2.5  % 4.5  %
100 basis point decrease (a) (2.5) % 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 4.5  % 11.3  %
100 basis point decrease (a) (4.8) % 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 30 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 30: Net Interest Income Sensitivity to Alternative Rate Scenarios
September 30, 2022
PNC
Economist		 Market
Forward		 Slope
Flattening
First year sensitivity 3.5  % 4.2  % (0.5) %
Second year sensitivity (4.3) % (3.0) % (2.7) %

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 29 and 30. 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 31: Alternate Interest Rate Scenarios: One Year Forward
pnc-20220930_g2.gif

The third 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.

As of December 31, 2021, PNC Bank ceased entering into new contracts with a LIBOR reference rate, except on a limited basis, as permissible. PNC is 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, primarily SOFR, are currently 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.




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


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.
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 $291 million for the nine months ended September 30, 2022, compared to $278 million for the nine months ended September 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 32: Equity Investments Summary
  September 30
2022		 December 31
2021		 Change
Dollars in millions $ %
Tax credit investments $ 3,993  $ 3,954  $ 39  1  %
Private equity and other 4,137  4,226  (89) (2) %
Total $ 8,130  $ 8,180  $ (50) (1) %

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 September 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 September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, $1.8 billion was invested directly in a variety of companies and $0.2 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 September 30, 2022 per share closing price of $177.65 for a Visa Class A common share, the estimated value of our total investment in the Class B common shares was approximately $1.0 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.

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

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 $26 million for the nine months ended September 30, 2022 and $44 million for the nine months ended September 30, 2021.


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

In August 2022, the President signed into law the Inflation Reduction Act of 2022 (the “Act”). Among other things, including the allocation of $369.0 billion for climate-related spending such as clean energy tax credits and investments, the Act imposes a 15% minimum tax on the adjusted financial statement income of taxpayers like PNC with more than $1.0 billion of such income. The Act also imposes a 1% excise tax on corporate stock repurchases. The minimum tax and excise tax requirements, as written, could impact PNC's cash tax liability.

In October 2022, the Federal Reserve and FDIC jointly issued an advance notice of proposed rulemaking to solicit input on potential changes to the resolution-related requirements applicable to large banking organizations like PNC that are not GSIBs. The advance notice of proposed rulemaking solicits comments and poses specific questions on whether to impose GSIB-like resolution requirements on large banking organizations that are not GSIBs, including a requirement to maintain loss-absorbing capacity at the insured depository institution or holding company in the form of long-term debt, a “clean holding company” requirement that would prohibit top-tier holding companies from entering certain financial arrangements (such as short-term borrowing or derivative contracts), the Federal Reserve’s supervisory guidance on recovery planning, separability requirements and certain disclosure requirements currently applicable to GSIBs. Such requirements could, among other things, increase PNC’s borrowing costs, require the implementation of new operational capabilities, and require changes to PNC’s resolution strategies at the holding company and bank level.

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


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:
•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 changes, 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, which also determines and approves CECL scenarios' weights for use for the current reporting period.

The scenarios used for the period ended September 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 since the start of the year, along with the fact that the FOMC raised 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 narrowly avoids recession, growth is expected to slow 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 two of 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 September 30, 2022 and December 31, 2021.

Table 33: Key Macroeconomic Variables in CECL Weighted-Average Scenarios
Assumptions as of September 30, 2022
2022 2023 2024
U.S. Real GDP (a) 0.2% 0.1% 1.5%
U.S. Unemployment Rate (b) 3.8% 4.8% 4.7%
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 0.2% 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 and second quarter of 2022. Growth drops to 0.1% in 2023, before growing to 1.5% in 2024. In line with the slowing in overall economic
The PNC Financial Services Group, Inc. – Form 10-Q 39  

activity, the weighted average unemployment rate is expected to increase modestly to 4.8% in 2023, with unemployment narrowly improving to 4.7% in 2024.

The current state of the economy reflects an environment with receding COVID-19 related risks but heightened uncertainty remains in terms of losses due to structural and secular changes fostered by the pandemic for certain sectors of the economy combined with inflation, rising interest rates and ongoing supply chain pressures. As such, for both our commercial and consumer loan portfolios, PNC identified and performed significant analysis around segments impacted by such uncertainties to ensure our reserves are adequate, given our current macroeconomic expectations.

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.

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


Recently Issued Accounting Standards

Accounting Standards Update Description Financial Statement Impact
Portfolio Layer Hedging -
ASU 2022-01

Issued March 2022
• Required effective date of January 1, 2023; early adoption is permitted.
• Permits entities to expand their use of the portfolio layer method (previously the last-of-layer method) for fair value hedges of interest rate risk.
• Expands the scope to allow nonprepayable financial assets to be included in a closed portfolio hedge using the portfolio layer method.
• Allows multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments.
• Provides additional guidance on accounting for fair value hedge basis adjustments associated with portfolio layer hedges, generally requiring these adjustments to be maintained at the closed portfolio level and clarifying how these amounts should be disclosed.
• Requires a prospective transition approach for designation of multiple hedged layers of a single closed portfolio, a modified retrospective transition approach for hedge basis adjustments under the portfolio layer method, and the option of a prospective or retrospective transition approach for disclosures.
• Allows for an election to transfer debt securities classified as held to maturity to available for sale if the portfolio layer hedging method is applied to those securities; the election must be made within 30 days of adoption.
 • We are currently evaluating when to adopt the amendments in ASU 2022-01 and the impact of the ASU on our consolidated results of operations and our consolidated financial position.
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.
• Eliminates the requirement to use a discounted cash flow approach to measure the allowance for credit losses for TDRs.
• Enhances disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty.
• Requires disclosure of current-period gross charge-offs 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 plan to early adopt ASU 2022-02.
• 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 to borrowers experiencing financial difficulty and current-period gross charge-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.


The PNC Financial Services Group, Inc. – Form 10-Q 41  

INTERNAL CONTROLS AND DISCLOSURE CONTROLS AND PROCEDURES

As of September 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 September 30, 2022, and that there has been no change in PNC’s internal control over financial reporting that occurred during the third quarter of 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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, including our sustainability strategy, 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 or other actions in response, 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,
–PNC’s ability to attract, recruit and retain skilled employees, 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:
–Although real GDP contracted in the first and second quarters of 2022, the U.S. economy is not in a recession. In particular, the labor market remains extremely strong, with average monthly job growth well above the pre-pandemic pace, and the unemployment rate at a 50-year low. Supply-chain difficulties will continue to ease into 2023. Labor shortages will remain a constraint into 2023, although strong wage growth and high levels of household saving will support consumer spending.
–PNC expects economic growth will be below its long-term trend in the near term as the Federal Reserve continues to tighten monetary policy in an attempt to reduce inflationary pressures, but does not expect a near-term recession. Recession risks over the next few years are elevated, however, because of tighter monetary policy.
–Inflation has started to slow, but remains near the strongest pace in decades. Inflation should slow further due to softer economic growth and a continued easing in supply-chain difficulties and will return to the Federal Reserve's 2% long-run objective in 2024.
42    The PNC Financial Services Group, Inc. – Form 10-Q


–The FOMC raised the federal funds rate by 0.75% in September, to a range of 3.00% to 3.25%. PNC expects further increases in the federal funds rate through the rest of this year, to a range of 4.25% to 4.50% at the end of 2022. PNC expects the federal funds rate to peak between 4.50% and 4.75% in early 2023, before falling in early 2024 as inflation ebbs and economic growth slows.
•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 and the reliability of and risks resulting from extensive use of such 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 affect matters such as business generation and retention, liquidity, funding, and ability to attract and retain employees. These developments could include:
–Changes to laws and regulations, including changes affecting oversight of the financial services industry, changes in the enforcement and interpretation of such laws and regulations, and changes in accounting and reporting standards.
–Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries resulting in monetary losses, costs, or alterations in our business practices and potentially causing reputational harm to PNC.
–Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies.
–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.
•Our reputation and business and operating results may be affected by our ability to appropriately meet or address environmental, social or governance targets, goals, commitments or concerns that may arise.
•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, the integration of the acquired businesses into PNC after closing or any failure to execute strategic or operational plans.
•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 manmade, natural and other disasters (including severe weather events), health emergencies, dislocations, geopolitical instabilities or events, terrorist activities, system failures or disruptions, security breaches, cyberattacks, international hostilities, or other extraordinary events beyond PNC's control through impacts on the economy and financial markets generally or on us or our counterparties, customers or third-party vendors and service providers specifically.
We provide greater detail regarding these as well as other factors in our 2021 Form 10-K and subsequent Form 10-Qs 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.



The PNC Financial Services Group, Inc. – Form 10-Q 43  

CONSOLIDATED INCOME STATEMENT
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited Three months ended
September 30		 Nine months ended
September 30
In millions, except per share data 2022 2021 2022 2021
Interest Income
Loans $ 3,138  $ 2,437  $ 7,935  $ 6,593 
Investment securities 715  460  1,890  1,350 
Other 279  78  502  216 
Total interest income 4,132  2,975  10,327  8,159 
Interest Expense
Deposits 340  29  455  99 
Borrowed funds 317  90  542  275 
Total interest expense 657  119  997  374 
Net interest income 3,475  2,856  9,330  7,785 
Noninterest Income
Asset management and brokerage 357  375  1,099  1,053 
Capital markets related 299  482  960  1,117 
Card and cash management 671  663  1,962  1,752 
Lending and deposit services 287  305  838  829 
Residential and commercial mortgage 143  248  463  641 
Other 317  268  705  907 
Total noninterest income 2,074  2,341  6,027  6,299 
Total revenue 5,549  5,197  15,357  14,084 
Provision For (Recapture of) Credit Losses 241  (203) 69  (452)
Noninterest Expense
Personnel 1,805  1,986  5,301  5,103 
Occupancy 241  248  745  680 
Equipment 344  355  1,026  974 
Marketing 93  103  249  222 
Other 797  895  2,375  2,232 
Total noninterest expense 3,280  3,587  9,696  9,211 
Income before income taxes and noncontrolling interests 2,028  1,813  5,592  5,325 
Income taxes 388  323  1,027  906 
Net income 1,640  1,490  4,565  4,419 
Less: Net income attributable to noncontrolling interests 16  16  52  38 
Preferred stock dividends 65  57  181  162 
Preferred stock discount accretion and redemptions 1  1  4  3 
Net income attributable to common shareholders $ 1,558  $ 1,416  $ 4,328  $ 4,216 
Earnings Per Common Share
Basic $ 3.78  $ 3.31  $ 10.39  $ 9.84 
Diluted $ 3.78  $ 3.30  $ 10.39  $ 9.83 
Average Common Shares Outstanding
Basic 410  426  414  426 
Diluted 410  426  415  427 
See accompanying Notes To Consolidated Financial Statements.
44    The PNC Financial Services Group, Inc. – Form 10-Q


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
THE PNC FINANCIAL SERVICES GROUP, INC.
 
Unaudited
In millions		 Three months ended
September 30		 Nine months ended
September 30
2022 2021 2022 2021
Net income $ 1,640  $ 1,490  $ 4,565  $ 4,419 
Other comprehensive income (loss), before tax and net of reclassifications into Net income
Net change in debt securities (1,738) (323) (10,768) (1,471)
Net change in cash flow hedge derivatives (1,025) (174) (3,484) (727)
Pension and other postretirement benefit plan adjustments 2  2  64  (11)
Net change in Other 4  1  (3) 2 
Other comprehensive income (loss), before tax and net of reclassifications into Net income (2,757) (494) (14,191) (2,207)
Income tax benefit (expense) related to items of other comprehensive income 629  110  3,296  516 
Other comprehensive income (loss), after tax and net of reclassifications into Net income (2,128) (384) (10,895) (1,691)
Comprehensive income (loss) (488) 1,106  (6,330) 2,728 
Less: Comprehensive income attributable to noncontrolling interests 16 16 52  38 
Comprehensive income (loss) attributable to PNC $ (504) $ 1,090  $ (6,382) $ 2,690 
See accompanying Notes To Consolidated Financial Statements.
The PNC Financial Services Group, Inc. – Form 10-Q 45  

CONSOLIDATED BALANCE SHEET
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited September 30
2022		 December 31
2021
In millions, except par value
Assets
Cash and due from banks $ 6,548  $ 8,004 
Interest-earning deposits with banks 40,278  74,250 
Loans held for sale (a) 1,126  2,231 
Investment securities – available for sale 45,798  131,536 
Investment securities – held to maturity 90,653  1,426 
Loans (a) 315,400  288,372 
Allowance for loan and lease losses (4,581) (4,868)
Net loans 310,819  283,504 
Equity investments 8,130  8,180 
Mortgage servicing rights 3,206  1,818 
Goodwill 10,987  10,916 
Other (a) 41,932  35,326 
Total assets $ 559,477  $ 557,191 
Liabilities
Deposits
Noninterest-bearing $ 138,423  $ 155,175 
Interest-bearing 299,771  302,103 
Total deposits 438,194  457,278 
Borrowed funds
Federal Home Loan Bank borrowings 30,075 
Bank notes and senior debt 13,357  20,661 
Subordinated debt 7,286  6,996 
Other (b) 3,915  3,127 
Total borrowed funds 54,633  30,784 
Allowance for unfunded lending related commitments 682  662 
Accrued expenses and other liabilities 19,245  12,741 
Total liabilities 512,754  501,465 
Equity
Preferred stock (c)
Common stock ($5 par value, Authorized 800 shares, issued 543 shares)
 2,714  2,713 
Capital surplus 19,810  17,457 
Retained earnings 52,777  50,228 
Accumulated other comprehensive income (loss) (10,486) 409 
Common stock held in treasury at cost: 139 and 123 shares
 (18,127) (15,112)
Total shareholders’ equity 46,688  55,695 
Noncontrolling interests 35  31 
Total equity 46,723  55,726 
Total liabilities and equity $ 559,477  $ 557,191 
(a)Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.1 billion, Loans held for investment of $1.3 billion and Other assets of $0.1 billion at September 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 $0.2 billion at September 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.
46    The PNC Financial Services Group, Inc. – Form 10-Q


CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
 
Unaudited
In millions		 Nine months ended September 30
2022 2021
Operating Activities
Net income $ 4,565  $ 4,419 
Adjustments to reconcile net income to net cash provided (used) by operating activities
Provision for (recapture of) credit losses 69  (452)
Depreciation and amortization 587  1,215 
Deferred income taxes (benefit) 401  (74)
Net losses (gains) on sales of securities 4  (50)
Changes in fair value of mortgage servicing rights (635) (8)
Net change in
Trading securities and other short-term investments (573) 388 
Loans held for sale and related securitization activity 962  (390)
Other assets (3,512) (1,504)
Accrued expenses and other liabilities 2,586  341 
Other 583  (165)
Net cash provided (used) by operating activities $ 5,037  $ 3,720 
Investing Activities
Sales
Securities available for sale $ 2,765  $ 15,674 
Loans 5,353  1,409 
Repayments/maturities
Securities available for sale 11,473  23,829 
Securities held to maturity 3,206  67 
Purchases
Securities available for sale (23,591) (57,911)
Securities held to maturity (7,961) (83)
Loans (1,681) (1,564)
Net change in
Federal funds sold and resale agreements (905) (119)
Interest-earning deposits with banks 33,972  23,008 
Loans (31,029) 14,001 
Net cash paid for acquisition (10,511)
Other (2,275) (1,538)
Net cash provided (used) by investing activities $ (10,673) $ 6,262 
The PNC Financial Services Group, Inc. – Form 10-Q 47  

CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
(Continued from previous page)
 
Unaudited
In millions		 Nine months ended September 30
2022 2021
Financing Activities
Net change in
Noninterest-bearing deposits $ (16,748) $ 7,832 
Interest-bearing deposits (2,332) (9,826)
Federal funds purchased and repurchase agreements (1) 91 
Other borrowed funds 862  164 
Sales/issuances
Federal Home Loan Bank borrowings 30,075 
Bank notes and senior debt 1,692 
Subordinated debt 847 
Other borrowed funds 573  551 
Preferred stock 2,225  1,485 
Common and treasury stock 58  58 
Repayments/maturities
Federal Home Loan Bank borrowings (3,680)
Bank notes and senior debt (5,750) (3,850)
Other borrowed funds (591) (547)
Acquisition of treasury stock (3,078) (441)
Preferred stock cash dividends paid (181) (162)
Common stock cash dividends paid (1,779) (1,523)
Net cash provided (used) by financing activities $ 4,180  $ (8,156)
Net Increase (Decrease) In Cash And Due From Banks And Restricted Cash $ (1,456) $ 1,826 
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 $ 6,548  $ 8,843 
Cash and due from banks and restricted cash
Cash and due from banks at end of period (unrestricted cash) $ 5,974  $ 8,201 
Restricted cash 574 642
Cash and due from banks and restricted cash at end of period $ 6,548  $ 8,843 
Supplemental Disclosures
Interest paid $ 895  $ 395 
Income taxes paid $ 80  $ 402 
Income taxes refunded $ 15  $ 68 
Leased assets obtained in exchange for new operating lease liabilities $ 149  $ 289 
Non-cash Investing and Financing Items
Transfer from securities available for sale to securities held to maturity (a) $ 88,605 
Transfer from loans to loans held for sale, net $ 341  $ 677 
Transfer from loans to foreclosed assets $ 38  $ 22 
(a)During the first nine months of 2022, we transferred securities from available for sale to held to maturity in non-cash transactions. The amount of $88.6 billion includes the aggregate fair value of the securities of $82.7 billion and aggregate net pretax unrealized losses of $5.9 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.








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


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

See page 99 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 state 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
The PNC Financial Services Group, Inc. – Form 10-Q 49  

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 currently effective as of March 12, 2020 through December 31, 2022. We expect the FASB to extend the relief to December 31, 2024 in a future ASU.
 • 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 third 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.

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


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 were subject to adjustment for up to one year after the closing date of the acquisition as additional information became available. Valuations subject to adjustment included, but were 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 an insignificant amount of merger and integration costs for the three month ended September 30, 2022 and $46 million for the nine months ended September 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 September 30, 2022 were $851 million.
The following table includes the fair value of the identifiable tangible and intangible assets and liabilities from BBVA:
Table 34: 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 reflected the increased market share and related synergies that resulted 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.
The PNC Financial Services Group, Inc. – Form 10-Q 51  

NOTE 3 INVESTMENT SECURITIES

The following table summarizes our available for sale and held to maturity portfolios by major security type:
Table 35: Investment Securities Summary (a)
September 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 $ 11,093  $ 9  $ (884) $ 10,218  $ 46,210  $ 324  $ (370) $ 46,164 
Residential mortgage-backed
Agency 31,993  4  (3,609) 28,388  67,326  695  (389) 67,632 
Non-agency 725  151  (5) 871  927  231  1,158 
Commercial mortgage-backed
Agency 1,930  1  (176) 1,755  1,740  39  (6) 1,773 
Non-agency 1,363  1  (61) 1,303  3,423  31  (18) 3,436 
Asset-backed 106  27  (1) 132  6,380  60  (31) 6,409 
Other 3,379  43  (291) 3,131  4,792  186  (14) 4,964 
Total securities available for sale $ 50,589  $ 236  $ (5,027) $ 45,798  $ 130,798  $ 1,566  $ (828) $ 131,536 
Securities Held to Maturity
U.S. Treasury and government agencies $ 36,120  $ 1  $ (1,717) $ 34,404  $ 814  $ 76  $ 890 
Residential mortgage-backed
Agency 42,152    (3,391) 38,761 
Non-agency 281  (23) 258 
Commercial mortgage-backed
Agency 663  (27) 636 
Non-agency 1,746  2  (25) 1,723 
Asset-backed 6,565    (161) 6,404 
Other 3,126    (124) 3,002  612  27  $ (7) 632 
Total securities held to maturity (c) (d) $ 90,653  $ 3  $ (5,468) $ 85,188  $ 1,426  $ 103  $ (7) $ 1,522 
(a) At September 30, 2022, the accrued interest associated with our held to maturity and available for sale portfolios totaled $211 million and $140 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 $7 million for securities held to maturity at September 30, 2022. The comparable amounts at December 31, 2021 were $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 September 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 September 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 September 30, 2022 included $2.0 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 September 30, 2021 was $2.4 billion.

In the third quarter of 2022, we transferred an additional $4.9 billion of securities, at fair value, from available for sale to held to maturity. The securities transferred included $3.3 billion of U.S. Treasury and government agency securities and $1.6 billion of agency residential mortgage-backed securities. During the first nine months of 2022, we transferred securities with a fair value of $82.7 billion from available for sale to held to maturity. The securities transferred included $34.0 billion of U.S. Treasury and government agency securities, $39.0 billion of agency residential mortgage-backed securities, $6.3 billion of asset-backed securities and $3.4 billion of other securities. The securities were reclassified at fair value at the time of the transfer and the transfers represented non-cash transactions. AOCI at September 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 September 30, 2022, the allowance for investment securities was $140 million and primarily related to non-agency commercial mortgage-backed securities in the available for sale portfolio. The comparable amount at
52    The PNC Financial Services Group, Inc. – Form 10-Q

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 September 30, 2022, AOCI included pretax losses of $132 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 36 presents the gross unrealized losses and fair value of securities available for sale that do not have an associated allowance for investment securities at September 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 September 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 36: 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
September 30, 2022
U.S. Treasury and government agencies $ (817) $ 9,462  $ (67) $ 404  $ (884) $ 9,866 
Residential mortgage-backed
Agency (2,874) 24,373  (735) 3,602  (3,609) 27,975 
Non-agency (3) 71  (1) 17  (4) 88 
Commercial mortgage-backed
Agency (166) 1,588  (10) 144  (176) 1,732 
Non-agency (42) 945  (7) 236  (49) 1,181 
Asset-backed (1) 10  (1) 10 
Other (195) 2,266  (52) 314 (247) 2,580 
Total securities available for sale $ (4,098) $ 38,715  $ (872) $ 4,717  $ (4,970) $ 43,432 
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 37: Gains (Losses) on Sales of Securities Available for Sale
Nine months ended September 30
In millions		 Gross Gains Gross Losses Net Gains (Losses) Tax Expense (Benefit)
2022 $ 11  $ (15) $ (4) $ (1)
2021 $ 275  $ (225) $ 50  $ 11 












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

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at September 30, 2022:
Table 38: Contractual Maturity of Debt Securities
September 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 $ 3,686  $ 3,265  $ 2,100  $ 2,042  $ 11,093 
Residential mortgage-backed
Agency 2  79  2,985  28,927  31,993 
Non-agency 7  718  725 
Commercial mortgage-backed
Agency 59  454  1,095  322  1,930 
Non-agency 6  388  969  1,363 
Asset-backed 10  96  106 
Other 134  2,228  859  158  3,379 
Total securities available for sale at amortized cost $ 3,881  $ 6,032  $ 7,444  $ 33,232  $ 50,589 
Fair value $ 3,861  $ 5,645  $ 6,681  $ 29,611  $ 45,798 
Weighted-average yield, GAAP basis (a) 2.38  % 1.67  % 2.30  % 2.75  % 2.52  %
Securities Held to Maturity
U.S. Treasury and government agencies $ 1,212  $ 25,882  $ 8,515  $ 511  $ 36,120 
Residential mortgage-backed
Agency 9  264  41,879  42,152 
Non-agency 281  281 
Commercial mortgage-backed
Agency 448  215  663 
Non-agency 115  5  1,626  1,746 
Asset-backed 99  1,908  1,765  2,793  6,565 
Other 230  1,057  592  1,247  3,126 
Total securities held to maturity at amortized cost $ 1,541  $ 28,971  $ 11,589  $ 48,552  $ 90,653 
Fair value $ 1,527  $ 27,909  $ 10,879  $ 44,873  $ 85,188 
Weighted-average yield, GAAP basis (a) 1.25  % 1.26  % 2.01  % 2.66  % 2.11  %
(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 September 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 $38.3 billion and $30.7 billion and fair value of $34.6 billion and $27.9 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 39: Fair Value of Securities Pledged and Accepted as Collateral
In millions September 30
2022		 December 31
2021
Pledged to others $ 19,408  $ 27,349 
Accepted from others:
Permitted by contract or custom to sell or repledge $ 1,507  $ 707 
Permitted amount repledged to others $ 1,507  $ 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 for information related to securities pledged and accepted as collateral for derivatives.





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

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 40 presents the composition and delinquency status of our loan portfolio at September 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 September 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 PNC Financial Services Group, Inc. – Form 10-Q 55  

Table 40: 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)
September 30, 2022  
Commercial  
Commercial and industrial $ 172,550  $ 321  $ 55  $ 139  $ 515     $ 748  $ 173,813 
Commercial real estate 35,424  11  4  5  20     148  35,592 
Equipment lease financing 6,173  6  6  12     7  6,192 
Total commercial 214,147  338  65  144  547     903  215,597 
Consumer  
Residential real estate 43,467  298  95  196  589  (c) 429  $ 572  45,057 
Home equity 24,693  46  16  62  530  82  25,367 
Automobile
 14,735  96  21  6  123     167  15,025 
Credit card 6,636  44  30  58  132     6  6,774 
Education
 2,162  36  26  63  125  (c) 2,287 
Other consumer
 5,212  21  15  12  48  33  5,293 
Total consumer 96,905  541  203  335  1,079     1,165  654  99,803 
Total $ 311,052  $ 879  $ 268  $ 479  $ 1,626     $ 2,068  $ 654  $ 315,400 
Percentage of total loans 98.61  % 0.28  % 0.08  % 0.15  % 0.52  % 0.66  % 0.21  % 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 $1.0 billion and $0.7 billion at September 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 September 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 September 30, 2022 and December 31, 2021.
(f)Collateral dependent loans totaled $1.3 billion and $1.7 billion at September 30, 2022 and December 31, 2021, respectively.
At September 30, 2022, we pledged $26.0 billion of commercial and other loans to the Federal Reserve Bank and $90.7 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
56    The PNC Financial Services Group, Inc. – Form 10-Q

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 September 30, 2022 and December 31, 2021, respectively:
Table 41: Nonperforming Assets
Dollars in millions September 30
2022		 December 31
2021
Nonperforming loans
Commercial $ 903  $ 1,168 
Consumer (a) 1,165  1,312 
Total nonperforming loans (b) 2,068  2,480 
OREO and foreclosed assets 33  26 
Total nonperforming assets $ 2,101  $ 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 $0.9 billion at September 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 41 include TDRs of $0.7 billion and $1.0 billion at September 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 September 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.
The PNC Financial Services Group, Inc. – Form 10-Q 57  

The following table presents credit quality indicators for the commercial loan classes:
Table 42: Commercial Credit Quality Indicators (a)
  Term Loans by Origination Year  
September 30, 2022
In millions
 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total
Loans
Commercial and industrial
Pass Rated $ 31,271  $ 14,475  $ 9,018  $ 7,607  $ 4,858  $ 14,602  $ 85,101  $ 69  $ 167,001 
Criticized 802  439  360  429  334  643  3,777  28  6,812 
Total commercial and industrial 32,073  14,914  9,378  8,036  5,192  15,245  88,878  97  173,813 
Commercial real estate
Pass Rated 6,789  4,114  3,684  5,975  3,198  7,957  266  31,983 
Criticized 332  39  235  583  833  1,584  3  3,609 
Total commercial real estate 7,121  4,153  3,919  6,558  4,031  9,541  269  35,592 
Equipment lease financing
Pass Rated 1,168  1,010  1,000  718  454  1,599  5,949 
Criticized 45  59  61  42  21  15  243 
Total equipment lease financing 1,213  1,069  1,061  760  475  1,614  6,192 
Total commercial $ 40,407  $ 20,136  $ 14,358  $ 15,354  $ 9,698  $ 26,400  $ 89,147  $ 97  $ 215,597 
  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 September 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.










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

Residential Real Estate and Home Equity
The following table presents credit quality indicators for the residential real estate and home equity loan classes:
Table 43: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes
Term Loans by Origination Year
September 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% $ 46  $ 24  $ 6  $ 6  $ 40  $ 122 
Greater than or equal to 80% to 100% $ 979  529  173  67  19  95  1,862 
Less than 80% 8,168  16,197  7,240  2,409  852  7,493  42,359 
No LTV available 53  1  8  62 
Government insured or guaranteed loans 3  9  50  35  24  531  652 
Total residential real estate $ 9,150  $ 16,834  $ 7,488  $ 2,517  $ 901  $ 8,167  $ 45,057 
Updated FICO scores
Greater than or equal to 780 $ 5,416  $ 12,138  $ 5,267  $ 1,644  $ 465  $ 4,113  $ 29,043 
720 to 779 3,152  3,294  1,457  499  212  1,610  10,224 
660 to 719 442  752  403  190  91  806  2,684 
Less than 660 42  109  112  83  71  775  1,192 
No FICO score available 95  532  199  66  38  332  1,262 
Government insured or guaranteed loans 3  9  50  35  24  531  652 
Total residential real estate $ 9,150  $ 16,834  $ 7,488  $ 2,517  $ 901  $ 8,167  $ 45,057 
Home equity
Current estimated LTV ratios
Greater than 100% $ 2  $ 12  $ 7  $ 1  $ 14  $ 220  $ 95  $ 351 
Greater than or equal to 80% to 100% 4  52  27  4  30  748  1,058  1,923 
Less than 80% 179  2,143  1,004  300  3,021  7,861  8,585  23,093 
Total home equity $ 185  $ 2,207  $ 1,038  $ 305  $ 3,065  $ 8,829  $ 9,738  $ 25,367 
Updated FICO scores
Greater than or equal to 780 $ 109  $ 1,400  $ 577  $ 162  $ 1,895  $ 5,154  $ 5,123  $ 14,420 
720 to 779 51  537  269  69  602  2,274  2,582  6,384 
660 to 719 21  212  138  44  307  1,059  1,331  3,112 
Less than 660 4  55  53  29  251  324  633  1,349 
No FICO score available 3  1  1  10  18  69  102 
Total home equity $ 185  $ 2,207  $ 1,038  $ 305  $ 3,065  $ 8,829  $ 9,738  $ 25,367 
The PNC Financial Services Group, Inc. – Form 10-Q 59  

(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 































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

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 44: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes
Term Loans by Origination Year
September 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 $ 1,984  $ 2,327  $ 1,041  $ 887  $ 301  $ 111  $ 6,651 
720 to 779 1,277  1,503  649  635  277  100  4,441 
660 to 719 622  728  388  470  229  79  2,516 
Less than 660 117  289  242  404  266  99  1,417 
Total automobile $ 4,000  $ 4,847  $ 2,320  $ 2,396  $ 1,073  $ 389  $ 15,025 
Credit card
FICO score greater than or equal to 780 $ 1,835  $ 2  $ 1,837 
720 to 779 1,945  7  1,952 
660 to 719 1,876  15  1,891 
Less than 660 952  32  984 
No FICO score available or required (a) 107  3  110 
Total credit card $ 6,715  $ 59  $ 6,774 
Education
FICO score greater than or equal to 780 $ 18  $ 55  $ 51  $ 63  $ 52  $ 373  $ 612 
720 to 779 20  28  25  31  25  151  280 
660 to 719 12  8  8  10  9  64  111 
Less than 660 2  1  1  2  2  22  30 
No FICO score available or required (a) 16  8  9  6  2  1  42 
Education loans using FICO credit metric 68  100  94  112  90  611  1,075 
Other internal credit metrics 1,212  1,212 
Total education $ 68  $ 100  $ 94  $ 112  $ 90  $ 1,823  $ 2,287 
Other consumer
FICO score greater than or equal to 780 $ 176  $ 118  $ 68  $ 59  $ 20  $ 22  $ 51  $ 2  $ 516 
720 to 779 240  149  84  80  28  16  93  2  692 
660 to 719 182  122  83  83  37  11  96  3  617 
Less than 660 15  49  42  48  26  7  45  2  234 
Other consumer loans using FICO credit metric 613  438  277  270  111  56  285  9  2,059 
Other internal credit metrics 78  44  39  59  8  31  2,950  25  3,234 
Total other consumer $ 691  $ 482  $ 316  $ 329  $ 119  $ 87  $ 3,235  $ 34  $ 5,293 

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

(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.






















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

Troubled Debt Restructurings
Table 45 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 nine months ended September 30, 2022 and September 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 45: 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 September 30, 2022
Dollars in millions
 Number
of Loans		 Principal
Forgiveness		 Rate
Reduction		 Other Total
Commercial 15  $ 96  $ 10  $ 67  $ 77 
Consumer 2,232  40  29  6  35 
Total TDRs 2,247  $ 136  $ 39  $ 73  $ 112 
During the nine months ended September 30, 2022
Dollars in millions
Commercial 42  $ 184  $ 9  $ 10  $ 135  $ 154 
Consumer 8,152  126  95  18  113 
Total TDRs 8,194  $ 310  $ 9  $ 105  $ 153  $ 267 
Pre-TDR
Amortized Cost Basis (b)		 Post-TDR Amortized Cost Basis (c)
During the three months ended September 30, 2021
Dollars in millions
 Number
of Loans		 Principal
Forgiveness		 Rate
Reduction		 Other Total
Commercial 13  $ 123  $ 139  $ 139 
Consumer 1,340  31  $ 21  7  28 
Total TDRs 1,353  $ 154  $ 21  $ 146  $ 167 
During the nine months ended September 30, 2021
Dollars in millions
Commercial 43  $ 320  $ 315  $ 315 
Consumer 4,822  86  $ 49  28  77 
Total TDRs 4,865  $ 406  $ 49  $ 343  $ 392 
(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 September 30, 2022 and September 30, 2021.
Table 46: Subsequently Defaulted TDRs

In millions 2022 2021
Three months ended September 30 $ 23  $ 6 
Nine months ended September 30 $ 45  $ 25 

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

Table 47: Rollforward of Allowance for Credit Losses
Three months ended September 30 Nine months ended September 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 $ 2,937  $ 1,525  $ 4,462  $ 3,812  $ 1,918  $ 5,730  $ 3,185  $ 1,683  $ 4,868  $ 3,337  $ 2,024  $ 5,361 
Acquisition PCD reserves (54) (5) (59) 774  282  1,056 
Charge-offs (73) (149) (222) (50) (156) (206) (162) (506) (668) (393) (484) (877)
Recoveries 25  78  103  29  96  125  78  251  329  81  263  344 
Net (charge-offs) (48) (71) (119) (21) (60) (81) (84) (255) (339) (312) (221) (533)
Provision for (recapture of) credit losses 174  67  241  (129) (100) (229) (34) 93  59  (193) (332) (525)
Other (2) (1) (3) (5) (1) (6) (6) $ (1) (7) (3) (1) (4)
Ending balance $ 3,061  $ 1,520  $ 4,581  $ 3,603  $ 1,752  $ 5,355  $ 3,061  $ 1,520  $ 4,581  $ 3,603  $ 1,752  $ 5,355 
Allowance for unfunded lending related commitments (a)
 Beginning balance $ 630  $ 51  $ 681  $ 533  $ 112  $ 645  $ 564  $ 98  $ 662  $ 485  $ 99  $ 584 
Acquisition PCD reserves 43  3  46 
Provision for (recapture of) credit losses (22) 23  1  2  (1) 1  44  (24) 20  7  9  16 
Ending balance $ 608  $ 74  $ 682  $ 535  $ 111  $ 646  $ 608  $ 74  $ 682  $ 535  $ 111  $ 646 
Allowance for credit losses at
      September 30 (b)
 $ 3,669  $ 1,594  $ 5,263  $ 4,138  $ 1,863  $ 6,001  $ 3,669  $ 1,594  $ 5,263  $ 4,138  $ 1,863  $ 6,001 
(a)     See Note 9 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 $162 million at both September 30, 2022 and 2021.

The ACL related to loans at September 30, 2022 totaled $5.3 billion, a decrease of $0.2 billion since December 31, 2021. The following summarizes the changes in factors that influenced the ACL decline during the nine months ended September 30, 2022.

•The reassessment of pandemic-related risks drove reduced reserves at September 30, 2022, partially offset by the heightened economic stress which impacted our macroeconomic scenarios and related weightings.
•Portfolio changes also drove reserve declines at September 30, 2022 reflecting improvements in credit quality and changes in portfolio composition, partially offset by the impact from loan growth primarily in the commercial and industrial portfolio.



























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


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 following table provides our loan sale and servicing activities:
Table 48: Loan Sale and Servicing Activities
In millions Residential
Mortgages		 Commercial
Mortgages (a)
Cash Flows - Three months ended September 30, 2022
Sales of loans and related securitization activity (b) $ 1,019  $ 863 
Repurchases of previously transferred loans (c) $ 49 
Servicing fees (d) $ 99  $ 51 
Servicing advances recovered/(funded), net $ 11  $ 11 
Cash flows on mortgage-backed securities held (e) $ 797  $ 15 
Cash Flows - Three months ended September 30, 2021
Sales of loans and related securitization activity (b) $ 2,475  $ 881 
Repurchases of previously transferred loans (c) $ 45  $ 103 
Servicing fees (d) $ 105  $ 43 
Servicing advances recovered/(funded), net $ (4) $ 28 
Cash flows on mortgage-backed securities held (e) $ 2,041  $