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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 March 31, 2023

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 April 18, 2023, there were 399,108,019 shares of the registrant’s common stock ($5 par value) outstanding.

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THE PNC FINANCIAL SERVICES GROUP, INC.

Cross-Reference Index to First Quarter 2023 Form 10-Q

			Pages
PART I – FINANCIAL INFORMATION
Item 1.   Financial Statements (Unaudited).
Consolidated Income Statement			43
Consolidated Statement of Comprehensive Income			44
Consolidated Balance Sheet			45
Consolidated Statement of Cash Flows			46
Notes To Consolidated Financial Statements (Unaudited)
Note 1 Accounting Policies			48
Note 2  Investment Securities			57
Note 3  Loans and Related Allowance for Credit Losses			60
Note 4   Loan Sale and Servicing Activities and Variable Interest Entities			71
Note 5  Goodwill and Mortgage Servicing Rights			72
Note 6 Leases			74
Note 7 Borrowed Funds			75
Note 8 Commitments			76
Note 9 Total Equity and Other Comprehensive Income			77
Note 10 Earnings Per Share			80
Note 11 Fair Value			81
Note 12 Financial Derivatives			88
Note 13 Legal Proceedings			94
Note 14 Segment Reporting			96
Note 15 Fee-based Revenue from Contracts with Customers			98
Statistical Information (Unaudited)
Average Consolidated Balance Sheet And Net Interest Analysis			101
Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP)			103
Glossary			103
Defined Terms			103
Acronyms			103
Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A).
Financial Review			1
Executive Summary			1
Consolidated Income Statement Review			5
Consolidated Balance Sheet Review			9
Business Segments Review			13
Risk Management			21
Recent Regulatory Developments			37
Critical Accounting Estimates and Judgments			38
Internal Controls and Disclosure Controls and Procedures			40
Cautionary Statement Regarding Forward-Looking Information			40
Item 3. Quantitative and Qualitative Disclosures about Market Risk.			21-38, 49-50, 83-89
Item 4. Controls and Procedures.			40
PART II – OTHER INFORMATION
Item 1.    Legal Proceedings.			103
Item 1A.   Risk Factors.			104
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds.			104
Item 6.      Exhibits.			105
Exhibit Index			105
Corporate Information			105
Signature			107

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MD&A TABLE REFERENCE
Table			Description			Page
1			Summary of Operations, Per Common Share Data and Performance Ratios			2
2			Balance Sheet Highlights and Other Selected Ratios			2
3			Summarized Average Balances and Net Interest Income			6
4			Noninterest Income			7
5			Noninterest Expense			8
6			Provision for (Recapture of) Credit Losses			8
7			Summarized Balance Sheet Data			9
8			Loans			10
9			Investment Securities			11
10			Weighted-Average Expected Maturities of Mortgage and Asset-Backed Debt Securities			11
11			Details of Funding Sources			12
12			Retail Banking Table			14
13			Corporate & Institutional Banking Table			17
14			Asset Management Group Table			20
15			Details of Loans			21
16			Commercial and Industrial Loans by Industry			22
17			Commercial Real Estate Loans by Geography and Property Type			23
18			Residential Real Estate Loan Statistics			24
19			Home Equity Loan Statistics			25
20			Auto Loan Statistics			25
21			Nonperforming Assets by Type			26
22			Change in Nonperforming Assets			26
23			Accruing Loans Past Due			27
24			Allowance for Credit Losses by Loan Class			28
25			Loan Charge-Offs and Recoveries			29
26			Senior and Subordinated Debt			30
27			Parent Company Notes Issued			31
28			Credit Ratings for PNC and PNC Bank			32
29			Basel III Capital			33
30			Interest Sensitivity Analysis			34
31			Net Interest Income Sensitivity to Alternative Rate Scenarios			34
32			Alternate Interest Rate Scenarios: One Year Forward			35
33			Equity Investments Summary			36
34			Key Macroeconomic Variables in CECL Weighted-Average Scenarios			39

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS TABLE REFERENCE
Table			Description			Page
35			Investment Securities Summary			57
36			Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses			58
37			Gains (Losses) on Sales of Securities Available for Sale			58
38			Contractual Maturity of Debt Securities			59
39			Fair Value of Securities Pledged and Accepted as Collateral			59
40			Analysis of Loan Portfolio			61
41			Nonperforming Assets			62
42			Commercial Credit Quality Indicators			63
43			Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes			64
44			Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes			66
45			Loan Modifications Granted to Borrowers Experiencing Financial Difficulty			68
46			Financial Effect of Modifications to Borrowers Experiencing Financial Difficulty			69
47			Delinquency Status of Loans Modified to Borrowers Experiencing Financial Difficulty			69
48			Financial Impact and TDRs by Concession Type			70
49			Rollforward of Allowance for Credit Losses			70
50			Loan Sale and Servicing Activities			71
51			Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others			71
52			Non-Consolidated VIEs			72
53			Mortgage Servicing Rights			72
54			Commercial Mortgage Servicing Rights – Key Valuation Assumptions			73
55			Residential Mortgage Servicing Rights – Key Valuation Assumptions			74
56			Lessor Income			74
57			Borrowed Funds			75
58			FHLB Borrowings, Senior Debt and Subordinated Debt			75
59			Commitments to Extend Credit and Other Commitments			76
60			Rollforward of Total Equity			77
61			Other Comprehensive Income (Loss)			78
62			Accumulated Other Comprehensive Income (Loss) Components			78
63			Dividends Per Share			79
64			Basic and Diluted Earnings Per Common Share			80
65			Fair Value Measurements – Recurring Basis Summary			81
66			Reconciliation of Level 3 Assets and Liabilities			82
67			Fair Value Measurements – Recurring Quantitative Information			84
68			Fair Value Measurements – Nonrecurring			86
69			Fair Value Option – Fair Value and Principal Balances			86
70			Fair Value Option – Changes in Fair Value			87
71			Additional Fair Value Information Related to Other Financial Instruments			87
72			Total Gross Derivatives			89
73			Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement			91
74			Hedged Items - Fair Value Hedges			91
75			Gains (Losses) on Derivatives Not Designated for Hedging			92
76			Derivative Assets and Liabilities Offsetting			93
77			Credit-Risk Contingent Features			94
78			Results of Businesses			97
79			Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income			99

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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 2022 Annual Report on Form 10-K (our “2022 Form 10-K”). 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 2022 Form 10-K; Item 1A Risk Factors included in this Report and our 2022 Form 10-K; and the Commitments and Legal Proceedings Notes included in this Report and Item 8 of our 2022 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 2022 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 14 Segment Reporting 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 103 for a glossary of certain terms and acronyms used in this Report.

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 create efficiencies that help us better serve customers.

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 2022 Form 10-K.

Presentation of Noninterest Income

In the fourth quarter of 2022, PNC updated the name of the noninterest income line item “Capital markets related” to “Capital markets and advisory.” This update did not impact the components of the category. All periods presented herein reflect these changes. For a description of each updated noninterest income revenue stream, see Note 1 Accounting Policies in our 2022 Form 10-K.

Selected Financial Data

The following tables include selected financial data, which should be reviewed in conjunction with the Consolidated Financial Statements and Notes included in Item 1 of this Report as well as the other disclosures in this Report concerning our historical financial performance, our future prospects and the risks associated with our business and financial performance.

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

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Table 1: Summary of Operations, Per Common Share Data and Performance Ratios

Dollars in millions, except per share data Unaudited			Three months ended
			March 31			December 31			March 31
			2023			2022			2022
Summary of Operations (a)
Net interest income			$	3,585		$	3,684		$	2,804
Noninterest income			2,018			2,079			1,888
Total revenue			5,603			5,763			4,692
Provision for (recapture of) credit losses			235			408			(208)
Noninterest expense			3,321			3,474			3,172
Income before income taxes and noncontrolling interests			$	2,047		$	1,881		$	1,728
Income taxes			353			333			299
Net income			$	1,694		$	1,548		$	1,429
Net income attributable to common shareholders			$	1,607		$	1,407		$	1,361
Per Common Share
Basic			$	3.98		$	3.47		$	3.23
Diluted			$	3.98		$	3.47		$	3.23
Book value per common share			$	104.76		$	99.93		$	106.47
Performance Ratios
Net interest margin (b)			2.84		%	2.92		%	2.28		%
Noninterest income to total revenue			36		%	36		%	40		%
Efficiency			59		%	60		%	68		%
Return on:
Average common shareholders’ equity			16.11		%	14.19		%	11.64		%
Average assets			1.22		%	1.10		%	1.05		%

(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.

Table 2: Balance Sheet Highlights and Other Selected Ratios

Dollars in millions, except as noted Unaudited			March 31 2023			December 31 2022			March 31 2022
Balance Sheet Highlights (a)
Assets			$	561,777		$	557,263		$	541,246
Loans			$	326,475		$	326,025		$	294,457
Allowance for loan and lease losses			$	4,741		$	4,741		$	4,558
Interest-earning deposits with banks			$	33,865		$	27,320		$	48,776
Investment securities			$	138,239		$	139,334		$	132,411