Exhibit 99.2

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THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT
THIRD QUARTER 2023
(Unaudited)



THE PNC FINANCIAL SERVICES GROUP, INC.
FINANCIAL SUPPLEMENT
THIRD QUARTER 2023
(UNAUDITED)
Consolidated Results:
Page
6-7
9-11
Business Segment Results:
14-15
18-19

The information contained in this Financial Supplement is preliminary, unaudited and based on data available on October 13, 2023. This information speaks only as of the particular date or dates included in the schedules. We do not undertake any obligation to, and disclaim any duty to, correct or update any of the information provided in this Financial Supplement. Our future financial performance is subject to risks and uncertainties as described in our United States Securities and Exchange Commission (SEC) filings.

BUSINESS
PNC is one of the largest diversified financial services companies in the United States (U.S.) and is headquartered in Pittsburgh, Pennsylvania. PNC has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing many of its products and services nationally. PNC's retail branch network is located coast-to-coast. PNC also has strategic international offices in four countries outside the U.S.

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.



THE PNC FINANCIAL SERVICES GROUP, INC.
Cross Reference Index to Third Quarter 2023 Financial Supplement (Unaudited)
Financial Supplement Table Reference
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THE PNC FINANCIAL SERVICES GROUP, INC.

Page 1

Table 1: Consolidated Income Statement (Unaudited)
Three months endedNine months ended
September 30June 30March 31December 31September 30September 30September 30
In millions, except per share data2023202320232022202220232022
Interest Income
Loans$4,643 $4,523 $4,258 $3,860 $3,138 $13,424 $7,935 
Investment securities892 883 885 836 715 2,660 1,890 
Other668 538 516 413 279 1,722 502 
Total interest income6,203 5,944 5,659 5,109 4,132 17,806 10,327 
Interest Expense
Deposits1,792 1,531 1,291 812 340 4,614 455 
Borrowed funds993 903 783 613 317 2,679 542 
Total interest expense2,785 2,434 2,074 1,425 657 7,293 997 
Net interest income3,418 3,510 3,585 3,684 3,475 10,513 9,330 
Noninterest Income
Asset management and brokerage348 348 356 345 357 1,052 1,099 
Capital markets and advisory168 213 262 336 299 643 960 
Card and cash management689 697 659 671 671 2,045 1,962 
Lending and deposit services315 298 306 296 287 919 838 
Residential and commercial mortgage201 98 177 184 143 476 463 
Other (a) (b)94 129 258 247 317 481 705 
Total noninterest income1,815 1,783 2,018 2,079 2,074 5,616 6,027 
Total revenue5,233 5,293 5,603 5,763 5,549 16,129 15,357 
Provision For Credit Losses129 146 235 408 241 510 69 
Noninterest Expense
Personnel1,773 1,846 1,826 1,943 1,805 5,445 5,301 
Occupancy244 244 251 247 241 739 745 
Equipment347 349 350 369 344 1,046 1,026 
Marketing93 109 74 106 93 276 249 
Other788 824 820 809 797 2,432 2,375 
Total noninterest expense3,245 3,372 3,321 3,474 3,280 9,938 9,696 
Income before income taxes and noncontrolling interests1,859 1,775 2,047 1,881 2,028 5,681 5,592 
Income taxes289 275 353 333 388 917 1,027 
Net income1,570 1,500 1,694 1,548 1,640 4,764 4,565 
Less: Net income attributable to noncontrolling interests16 17 17 20 16 50 52 
Preferred stock dividends (c)104 127 68 120 65 299 181 
Preferred stock discount accretion and
    redemptions		2 2 2 1 1 6 4 
Net income attributable to common shareholders$1,448 $1,354 $1,607 $1,407 $1,558 $4,409 $4,328 
Earnings Per Common Share
Basic$3.60 $3.36 $3.98 $3.47 $3.78 $10.95 $10.39 
Diluted$3.60 $3.36 $3.98 $3.47 $3.78 $10.94 $10.39 
Average Common Shares Outstanding
Basic400 401 401 404 410 401 414 
Diluted400 401 402 404 410 401 415 
Efficiency62 %64 %59 %60 %59 %62 %63 %
Noninterest income to total revenue35 %34 %36 %36 %37 %35 %39 %
Effective tax rate (d)15.5 %15.5 %17.2 %17.7 %19.1 %16.1 %18.4 %
(a)Includes net gains (losses) on sale of securities of less than $1 million, $(2) million, less than $1 million, $(3) million and less than $1 million for the quarters ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $(2) million and $(4) million for the nine months ended September 30, 2023 and September 30, 2022, respectively.
(b)Includes Visa Class B derivative fair value adjustments of $(51) million, $(83) million, $(45) million, $(41) million and $13 million for the quarters ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $(179) million and $1 million for the nine months ended September 30, 2023 and September 30, 2022, respectively.
(c)Dividends are payable quarterly other than Series R and Series S preferred stock, which are payable semiannually.
(d)The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax.







THE PNC FINANCIAL SERVICES GROUP, INC.

Page 2


Table 2: Consolidated Balance Sheet (Unaudited)
September 30June 30March 31December 31September 30
In millions, except par value20232023202320222022
Assets
Cash and due from banks$5,300 $6,191 $5,940 $7,043 $6,548 
Interest-earning deposits with banks (a)41,484 38,259 33,865 27,320 40,278 
Loans held for sale (b)923 835 998 1,010 1,126 
Investment securities – available for sale 40,590 41,787 43,220 44,159 45,798 
Investment securities – held to maturity91,797 93,874 95,019 95,175 90,653 
Loans (b)318,416 321,761 326,475 326,025 315,400 
Allowance for loan and lease losses (4,767)(4,737)(4,741)(4,741)(4,581)
Net loans313,649 317,024 321,734 321,284 310,819 
Equity investments8,046 8,015 8,323 8,437 8,130 
Mortgage servicing rights4,006 3,455 3,293 3,423 3,206 
Goodwill10,987 10,987 10,987 10,987 10,987 
Other (b) 40,552 37,780 38,398 38,425 41,932 
Total assets$557,334 $558,207 $561,777 $557,263 $559,477 
Liabilities
Deposits
Noninterest-bearing$105,672 $110,527 $118,014 $124,486 $138,423 
Interest-bearing317,937 316,962 318,819 311,796 299,771 
Total deposits423,609 427,489 436,833 436,282 438,194 
Borrowed funds
Federal Home Loan Bank borrowings36,000 34,000 32,020 32,075 30,075 
Senior debt22,407 22,005 19,622 16,657 13,357 
Subordinated debt4,728 5,548 5,630 6,307 7,286 
Other (b)3,032 3,831 3,550 3,674 3,915 
Total borrowed funds66,167 65,384 60,822 58,713 54,633 
Allowance for unfunded lending related commitments 640 663 672 694 682 
Accrued expenses and other liabilities (b)17,437 15,325 14,376 15,762 19,245 
Total liabilities507,853 508,861 512,703 511,451 512,754 
Equity
Preferred stock (c)
Common stock - $5 par value
Authorized 800,000,000 shares, issued 543,012,047, 543,012,047, 542,874,855, 542,874,829 and 542,768,817 shares2,715 2,715 2,714 2,714 2,714 
Capital surplus19,971 19,934 19,864 18,376 19,810 
Retained earnings56,170 55,346 54,598 53,572 52,777 
Accumulated other comprehensive income (loss)(10,261)(9,525)(9,108)(10,172)(10,486)
Common stock held in treasury at cost: 144,671,252, 144,763,739, 143,781,812, 142,298,689 and 138,582,781 shares(19,141)(19,150)(19,024)(18,716)(18,127)
Total shareholders’ equity49,454 49,320 49,044 45,774 46,688 
Noncontrolling interests27 26 30 38 35 
Total equity49,481 49,346 49,074 45,812 46,723 
Total liabilities and equity$557,334 $558,207 $561,777 $557,263 $559,477 
(a)Amounts include balances held with the Federal Reserve Bank of $41.1 billion, $37.8 billion, $32.5 billion, $26.9 billion and $39.8 billion as of September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.
(b)Amounts include assets and liabilities for which PNC has elected the fair value option. Our second quarter 2023 Form 10-Q included, and our third quarter 2023 Form 10-Q will include, additional information regarding these items.
(c)Par value less than $0.5 million at each date.




THE PNC FINANCIAL SERVICES GROUP, INC.

Page 3
Table 3: Average Consolidated Balance Sheet (Unaudited) (a) (b)
Three months endedNine months ended
September 30June 30March 31December 31September 30September 30September 30
In millions2023202320232022202220232022
Assets
Interest-earning assets:
Investment securities
Securities available for sale
Residential mortgage-backed
Agency$31,020 $31,180 $31,850 $31,818 $32,500 $31,347 $45,633 
Non-agency627 663689714748659885 
Commercial mortgage-backed2,880 2,9483,1023,3773,4892,9764,354 
Asset-backed9895752181051105972,885 
U.S. Treasury and government agencies7,9968,2319,08810,34511,7898,43425,448 
Other2,9312,9973,2633,3703,5063,0624,189 
Total securities available for sale46,44346,59448,21049,72952,14247,07583,394
Securities held to maturity
Residential mortgage-backed44,112 45,033 45,616 44,184 39,329 44,914 24,317 
Commercial mortgage-backed2,346 2,396 2,453 2,323 2,069 2,398 1,089 
Asset-backed6,463 6,712 7,026 6,995 6,5716,7323,587 
U.S. Treasury and government agencies37,04336,912 36,74836,441 34,27936,90221,243 
Other3,2563,3913,3383,2182,6003,3291,585 
Total securities held to maturity93,22094,44495,18193,16184,84894,27551,821
Total investment securities139,663141,038143,391142,890136,990141,350135,215
Loans
Commercial and industrial175,206180,878182,017179,111172,788179,342165,142 
Commercial real estate36,03235,93836,11036,18135,14036,02634,541 
Equipment lease financing6,4416,3646,4526,2756,2026,4196,168 
Consumer54,74455,07055,02054,80954,56354,94454,692 
Residential real estate47,08146,28445,92745,49944,33346,43542,378 
Total loans319,504324,534325,526321,875313,026323,166302,921
Interest-earning deposits with banks (c)38,35231,43334,05430,39531,89234,62944,641 
Other interest-earning assets8,7779,2158,8069,6909,5608,9339,637 
Total interest-earning assets506,296506,220511,777504,850491,468508,078492,414
Noninterest-earning assets48,66749,28750,55552,35655,62949,49656,029 
Total assets$554,963 $555,507 $562,332 $557,206 $547,097 $557,574 $548,443 
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market$64,310 $63,691 $65,753 $63,944 $60,934 $64,579 $60,510 
Demand123,730124,111124,376122,501120,358124,070117,485 
Savings100,643102,415104,408102,020106,761102,475108,112 
Time deposits25,87222,34220,51912,98210,02022,93112,125 
Total interest-bearing deposits314,555312,559315,056301,447298,073314,055298,232
Borrowed funds
Federal Home Loan Bank borrowings34,10933,75232,056 30,64016,70833,3137,957 
Senior debt23,47920,91019,67916,31214,59721,37016,249 
Subordinated debt5,2935,8506,1006,9337,6145,7457,131 
Other4,5845,1805,1335,3465,3424,9645,457 
Total borrowed funds67,46565,69262,96859,23144,26165,39236,794
Total interest-bearing liabilities382,020378,251378,024360,678342,334379,447335,026
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits107,981113,178121,176133,461141,167114,063148,062 
Accrued expenses and other liabilities15,62915,06316,01417,46115,69915,56716,061 
Equity49,33349,01547,11845,60647,89748,49749,294 
Total liabilities and equity$554,963 $555,507 $562,332 $557,206 $547,097 $557,574 $548,443 
(a)Calculated using average daily balances.
(b)Nonaccrual loans are included in loans, net of unearned income. The impact of financial derivatives used in interest rate risk management is included in the interest income/expense and average yields/rates of the related assets and liabilities. Basis adjustments related to hedged items are included in noninterest-earning assets and noninterest-bearing liabilities. Average balances of securities are based on amortized historical cost (excluding adjustments to fair value, which are included in other assets). Average balances for certain loans and borrowed funds accounted for at fair value are included in noninterest-earning assets and noninterest-bearing liabilities, with changes in fair value recorded in Noninterest income.
(c)Amounts include average balances held with the Federal Reserve Bank of $37.9 billion, $30.6 billion, $33.5 billion, $30.0 billion and $31.5 billion for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 and $34.0 billion and $44.2 billion for the nine months ended September 30, 2023 and September 30,2022, respectively.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 4
Table 4: Details of Net Interest Margin (Unaudited)
Three months endedNine months ended
September 30June 30March 31December 31September 30September 30September 30
2023202320232022202220232022
Average yields/rates (a)
Yield on interest-earning assets
Investment securities
Securities available for sale
Residential mortgage-backed
Agency2.73 %2.67 %2.67 %2.54 %2.36 %2.69 %2.01 %
Non-agency10.42 %9.39 %8.53 %7.85 %7.62 %9.42 %7.57 %
Commercial mortgage-backed3.41 %2.84 %2.62 %2.75 %2.70 %2.95 %2.49 %
Asset-backed6.30 %6.56 %7.04 %11.98 %6.31 %6.44 %1.56 %
U.S. Treasury and government agencies2.28 %2.20 %2.05 %1.96 %1.73 %2.17 %1.36 %
Other2.58 %2.55 %2.47 %2.39 %2.47 %2.53 %2.61 %
Total securities available for sale2.87 %2.73 %2.64 %2.52 %2.33 %2.75 %1.91 %
Securities held to maturity
Residential mortgage-backed2.72 %2.72 %2.74 %2.60 %2.30 %2.73 %2.14 %
Commercial mortgage-backed5.55 %5.35 %4.95 %4.57 %3.50 %5.28 %3.04 %
Asset-backed4.36 %4.10 %3.97 %3.44 %2.58 %4.14 %2.31 %
U.S. Treasury and government agencies1.34 %1.34 %1.33 %1.30 %1.19 %1.34 %1.14 %
Other4.57 %4.65 %4.62 %4.47 %4.10 %4.61 %4.12 %
Total securities held to maturity2.42 %2.41 %2.41 %2.27 %1.96 %2.41 %1.82 %
Total investment securities2.57 %2.52 %2.49 %2.36 %2.10 %2.52 %1.88 %
Loans
Commercial and industrial5.86 %5.70 %5.34 %4.70 %3.69 %5.64 %3.14 %
Commercial real estate6.59 %6.37 %6.02 %5.28 %4.27 %6.33 %3.44 %
Equipment lease financing4.72 %4.51 %4.28 %4.18 %3.85 %4.51 %3.73 %
Consumer6.89 %6.57 %6.34 %5.88 %5.32 %6.60 %4.89 %
Residential real estate3.52 %3.41 %3.35 %3.28 %3.21 %3.43 %3.12 %
Total loans5.75 %5.57 %5.29 %4.75 %3.98 %5.54 %3.50 %
Interest-earning deposits with banks5.44 %5.10 %4.58 %3.76 %2.32 %5.05 %0.87 %
Other interest-earning assets6.66 %5.96 %5.75 %5.20 %3.94 %6.12 %2.92 %
Total yield on interest-earning assets4.87 %4.70 %4.46 %4.02 %3.35 %4.68 %2.80 %
Rate on interest-bearing liabilities
Interest-bearing deposits
Money market3.10 %2.79 %2.40 %1.75 %0.85 %2.76 %0.36 %
Demand2.15 %1.89 %1.58 %1.14 %0.59 %1.87 %0.26 %
Savings1.49 %1.26 %1.03 %0.50 %0.09 %1.26 %0.06 %
Time deposits3.67 %3.26 %3.00 %1.45 %0.26 %3.34 %0.18 %
Total interest-bearing deposits2.26 %1.96 %1.66 %1.07 %0.45 %1.96 %0.20 %
Borrowed funds
Federal Home Loan Bank borrowings5.55 %5.28 %4.80 %3.92 %2.60 %5.22 %2.20 %
Senior debt6.17 %5.91 %5.39 %4.30 %2.96 %5.85 %1.80 %
Subordinated debt6.52 %6.19 %5.69 %4.79 %3.43 %6.12 %2.30 %
Other
4.49 %3.79 %3.70 %3.24 %2.20 %3.98 %1.54 %
Total borrowed funds5.77 %5.44 %4.98 %4.07 %2.81 %5.41 %1.95 %
Total rate on interest-bearing liabilities2.86 %2.56 %2.20 %1.55 %0.75 %2.54 %0.39 %
Interest rate spread2.01 %2.14 %2.26 %2.47 %2.60 %2.14 %2.41 %
Benefit from use of noninterest-bearing sources (b)0.70 %0.65 %0.58 %0.45 %0.22 %0.64 %0.13 %
Net interest margin2.71 %2.79 %2.84 %2.92 %2.82 %2.78 %2.54 %
(a)Yields and rates are calculated using the applicable annualized interest income or interest expense divided by the applicable average earning assets or interest-bearing liabilities. Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources. To provide more meaningful comparisons of net interest margins, we use net interest income on a taxable-equivalent basis in calculating average yields used in the calculation of net interest margin 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 in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 were $36 million, $37 million, $38 million, $36 million and $29 million, respectively. The taxable-equivalent adjustments to net interest income for the nine months ended September 30, 2023 and September 30, 2022 were $111 million and $76 million, respectively.
(b)Represents the positive effects of investing noninterest-bearing sources in interest-earning assets.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 5
Table 5: Details of Loans (Unaudited)
September 30June 30March 31December 31September 30
In millions20232023202320222022
Commercial
Commercial and industrial
Manufacturing$29,163 $30,586 $32,132 $30,845 $28,629 
Retail/wholesale trade28,28428,75129,17229,17627,532
Financial services22,77021,82322,53421,32021,590
Service providers21,68022,27723,18623,54822,043
Real estate related (a)16,18217,20017,54817,78017,513
Technology, media & telecommunications10,98911,15811,33811,84511,366
Health care10,09210,18610,53710,64910,420
Transportation and warehousing7,8918,0487,8247,8587,977
Other industries27,11227,60028,72629,19826,743
Total commercial and industrial174,163 177,629 182,997 182,219 173,813 
Commercial real estate35,776 35,928 35,991 36,316 35,592 
Equipment lease financing6,493 6,400 6,424 6,514 6,192 
Total commercial216,432219,957225,412225,049215,597
Consumer
Residential real estate47,359 46,834 46,067 45,889 45,057 
Home equity26,159 26,200 26,203 25,983 25,367 
Automobile14,940 15,065 14,923 14,836 15,025 
Credit card7,060 7,092 6,961 7,069 6,774 
Education2,020 2,058 2,131 2,173 2,287 
Other consumer4,446 4,555 4,778 5,026 5,293 
Total consumer101,984 101,804 101,063 100,976 99,803 
Total loans$318,416 $321,761 $326,475 $326,025 $315,400 
(a)Represents loans to customers in the real estate and construction industries.


THE PNC FINANCIAL SERVICES GROUP, INC.

Page 6
Allowance for Credit Losses (Unaudited)

Table 6: Change in Allowance for Loan and Lease Losses
Three months endedNine months ended
September 30June 30March 31December 31September 30September 30September 30
Dollars in millions2023202320232022202220232022
Allowance for loan and lease losses
Beginning balance$4,737 $4,741 $4,741 $4,581 $4,462 $4,741 $4,868 
Adoption of ASU 2022-02 (a)  (35)(35)
Beginning balance, adjusted4,737 4,741 4,706 4,581 4,462 4,706 4,868 
Gross charge-offs:
Commercial and industrial(43)(45)(104)(121)(65)(192)(136)
Commercial real estate(25)(87)(12)(22)(7)(124)(22)
Equipment lease financing(4)(3)(4)(2)(1)(11)(4)
Residential real estate(1)(2)(3)(2)(2)(6)(9)
Home equity(4)(5)(6)(6)(3)(15)(9)
Automobile(30)(28)(33)(34)(32)(91)(118)
Credit card(78)(80)(74)(62)(59)(232)(194)
Education(4)(5)(4)(4)(4)(13)(12)
Other consumer(44)(38)(42)(64)(49)(124)(164)
Total gross charge-offs(233)(293)(282)(317)(222)(808)(668)
Recoveries:
Commercial and industrial45 33 20 33 23 98 68 
Commercial real estate2  2 2 1 4 3 
Equipment lease financing2 3 3 1 1 8 7 
Residential real estate3 4 3 2 4 10 15 
Home equity12 13 11 13 19 36 58 
Automobile26 27 24 24 30 77 100 
Credit card10 11 11 8 12 32 43 
Education1 2 2 1 1 5 4 
Other consumer11 6 11 9 12 28 31 
Total recoveries112 99 87 93 103 298 329 
Net (charge-offs) / recoveries:
Commercial and industrial2 (12)(84)(88)(42)(94)(68)
Commercial real estate(23)(87)(10)(20)(6)(120)(19)
Equipment lease financing(2)(1)(1) (3)3 
Residential real estate2 2 2 4 6 
Home equity8 8 5 7 16 21 49 
Automobile(4)(1)(9)(10)(2)(14)(18)
Credit card(68)(69)(63)(54)(47)(200)(151)
Education(3)(3)(2)(3)(3)(8)(8)
Other consumer(33)(32)(31)(55)(37)(96)(133)
Total net (charge-offs) (121)(194)(195)(224)(119)(510)(339)
Provision for credit losses (b)153 189 229 380 241 571 59 
Other(2)1 1 4 (3) (7)
Ending balance$4,767 $4,737 $4,741 $4,741 $4,581 $4,767 $4,581 
Supplemental Information
Net charge-offs
Commercial net charge-offs$(23)$(99)$(95)$(109)$(48)$(217)$(84)
Consumer net charge-offs(98)(95)(100)(115)(71)(293)(255)
Total net charge-offs $(121)$(194)$(195)$(224)$(119)$(510)$(339)
Net charge-offs to average loans (annualized)0.15 %0.24 %0.24 %0.28 %0.15 %0.21 %0.15 %
Commercial0.04 %0.18 %0.17 %0.20 %0.09 %0.13 %0.05 %
Consumer0.38 %0.38 %0.40 %0.45 %0.28 %0.39 %0.35 %
(a)Represents the impact of adopting ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures on January 1, 2023. Our second quarter 2023 Form 10-Q included, and our third quarter 2023 Form 10-Q will include additional information related to our adoption of this ASU.
(b)See Table 7 for the components of the Provision for credit losses being reported on the Consolidated Income Statement.


THE PNC FINANCIAL SERVICES GROUP, INC.

Page 7
Allowance for Credit Losses (Unaudited) (Continued)

Table 7: Components of the Provision for Credit Losses
Three months endedNine months ended
September 30June 30March 31December 31September 30September 30September 30
In millions2023202320232022202220232022
Provision for credit losses
Loans and leases$153 $189 $229 $380 $241 $571 $59 
Unfunded lending related commitments(23)(9)(22)12 1 (54)20 
Investment securities (10) (1)10 3 (11)7 
Other financial assets9 (34)29 6 (4)4 (17)
Total provision for credit losses$129 $146 $235 $408 $241 $510 $69 


Table 8: Allowance for Credit Losses by Loan Class (a)
September 30, 2023June 30, 2023September 30, 2022

Dollars in millions		Allowance AmountTotal Loans% of Total LoansAllowance AmountTotal Loans% of Total LoansAllowance AmountTotal Loans% of Total Loans
Allowance for loan and lease losses
Commercial
Commercial and industrial$1,843 $174,163 1.06 %$1,836 $177,629 1.03 %$1,974 $173,813 1.14 %
Commercial real estate1,270 35,776 3.55 %1,206 35,928 3.36 %994 35,592 2.79 %
Equipment lease financing109 6,493 1.68 %100 6,400 1.56 %93 6,192 1.50 %
Total commercial3,222 216,432 1.49 %3,142 219,957 1.43 %3,061 215,597 1.42 %
Consumer
Residential real estate62 47,359 0.13 %72 46,834 0.15 %50 45,057 0.11 %
Home equity288 26,159 1.10 %294 26,200 1.12 %215 25,367 0.85 %
Automobile169 14,940 1.13 %188 15,065 1.25 %214 15,025 1.42 %
Credit card762 7,060 10.79 %765 7,092 10.79 %732 6,774 10.81 %
Education56 2,020 2.77 %61 2,058 2.96 %64 2,287 2.80 %
Other consumer208 4,446 4.68 %215 4,555 4.72 %245 5,293 4.63 %
Total consumer1,545 101,984 1.51 %1,595 101,804 1.57 %1,520 99,803 1.52 %
Total
4,767 $318,416 1.50 %4,737 $321,761 1.47 %4,581 $315,400 1.45 %
Allowance for unfunded lending related commitments
640 663 682 
Allowance for credit losses
$5,407 $5,400 $5,263 
Supplemental Information
Allowance for credit losses to total loans
1.70 %1.68 %1.67 %
Commercial1.73 %1.68 %1.70 %
Consumer1.62 %1.67 %1.60 %
(a)    Excludes allowances for investment securities and other financial assets, which together totaled $131 million, $171 million and $162 million at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 8
Details of Nonperforming Assets (Unaudited)

Table 9: Nonperforming Assets by Type
September 30June 30March 31December 31September 30
Dollars in millions20232023202320222022
Nonperforming loans (a)
Commercial
Commercial and industrial
Service providers$162 $114 $128 $174 $223 
Technology, media & telecommunications51 55 22 20 20 
Transportation and warehousing44 33 24 27 29 
Retail/wholesale trade41 41 82 151 158 
Health care37 60 57 50 45 
Manufacturing34 50 105 85 88 
Real estate related (b)31 42 43 50 47 
Other industries58 75 87 106 138 
Total commercial and industrial458 470 548 663 748 
Commercial real estate723 350 337 189 148 
Equipment lease financing30 7 6 6 7 
Total commercial1,211 827 891 858 903 
Consumer (c)
Residential real estate 330 429 432 424 429 
Home equity446 506 523 526 530 
Automobile114 133 145 155 167 
Credit card11 10 9 8 6 
Other consumer11 8 10 14 33 
Total consumer912 1,086 1,119 1,127 1,165 
Total nonperforming loans (d)2,123 1,913 2,010 1,985 2,068 
OREO and foreclosed assets35 36 38 34 33 
Total nonperforming assets$2,158 $1,949 $2,048 $2,019 $2,101 
Nonperforming loans to total loans0.67 %0.59 %0.62 %0.61 %0.66 %
Nonperforming assets to total loans, OREO and foreclosed assets0.68 %0.61 %0.63 %0.62 %0.67 %
Nonperforming assets to total assets0.39 %0.35 %0.36 %0.36 %0.38 %
Allowance for loan and lease losses to nonperforming loans 225 %248 %236 %239 %222 %
(a)In connection with the adoption of ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, nonperforming loan amounts after January 1, 2023 include certain loans whose terms were modified as a result of a borrower’s financial difficulty. Prior year amounts included nonperforming TDRs, for which accounting guidance was eliminated effective January 1, 2023. Our second quarter 2023 Form 10-Q included, and our third quarter 2023 Form 10-Q will include additional information related to our adoption of this ASU.
(b)Represents loans related to customers in the real estate and construction industries.
(c)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.
(d)Nonperforming loans exclude certain government insured or guaranteed loans, loans held for sale and loans accounted for under the fair value option.


Table 10: Change in Nonperforming Assets
July 1, 2023 -April 1, 2023 -January 1, 2023 -October 1, 2022 -July 1, 2022 -
In millionsSeptember 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
Beginning balance$1,949 $2,048 $2,019 $2,101 $2,075 
New nonperforming assets641 410 452 346 438 
Charge-offs and valuation adjustments(91)(135)(122)(174)(79)
Principal activity, including paydowns and payoffs(112)(297)(172)(139)(182)
Asset sales and transfers to loans held for sale(7)(12)(46)(22)(3)
Returned to performing status (a)(222)(65)(83)(93)(148)
Ending balance$2,158 $1,949 $2,048 $2,019 $2,101 
(a)Amounts for the three months ended September 30, 2023 include updates to our return to accrual guidelines to bring consistency across consumer loan classes as to how and when loans become eligible to return to performing status.



THE PNC FINANCIAL SERVICES GROUP, INC.

Page 9
Accruing Loans Past Due (Unaudited)                  

The CARES Act Credit reporting rules expired in the third quarter of 2023 and as such, delinquency status at September 30, 2023 is being reported for all loans based on the contractual terms of the loan. Prior period amounts continue to be presented in accordance with the credit reporting rules under the CARES Act, which required certain loans modified due to pandemic related hardships to not be reported as past due based on the contractual terms of the loan, even when borrowers may not have made payments on their loans during the modification period.

Table 11: Accruing Loans Past Due 30 to 59 Days (a)
September 30June 30March 31December 31September 30
Dollars in millions20232023202320222022
Commercial
Commercial and industrial$84$64$119$169$321
Commercial real estate210251911
Equipment lease financing251433206
Total commercial11188177208338
Consumer
Residential real estate
Non government insured 179151167190223
Government insured7877789175
Home equity5956485346
Automobile83847910696
Credit card5049485044
Education
Non government insured 65656
Government insured
2628292930
Other consumer1517131521
Total consumer496467468539541
Total$607$555$645$747$879
Supplemental Information
Total accruing loans past due 30-59 days to total loans0.19 %0.17 %0.20 %0.23 %0.28 %
Commercial0.05 %0.04 %0.08 %0.09 %0.16 %
Consumer0.49 %0.46 %0.46 %0.53 %0.54 %
(a)Excludes loans held for sale.



THE PNC FINANCIAL SERVICES GROUP, INC.

Page 10
Accruing Loans Past Due (Unaudited) (Continued)

Table 12: Accruing Loans Past Due 60 to 89 Days (a)
September 30June 30March 31December 31September 30
Dollars in millions20232023202320222022
Commercial
Commercial and industrial$32$47$21$27$55
Commercial real estate2144
Equipment lease financing65546
Total commercial4052273565
Consumer
Residential real estate
Non government insured 5236435449
Government insured5150555846
Home equity2218182016
Automobile1920182521
Credit card3836353530
Education
Non government insured
32424
Government insured
1915172022
Other consumer9981215
Total consumer213186198226203
Total$253$238$225$261$268
Supplemental Information
Total accruing loans past due 60-89 days to total loans0.08 %0.07 %0.07 %0.08 %0.08 %
Commercial0.02 %0.02 %0.01 %0.02 %0.03 %
Consumer0.21 %0.18 %0.20 %0.22 %0.20 %
(a)Excludes loans held for sale.




THE PNC FINANCIAL SERVICES GROUP, INC.

Page 11
Accruing Loans Past Due (Unaudited) (Continued)

Table 13: Accruing Loans Past Due 90 Days or More (a)
September 30June 30March 31December 31September 30
Dollars in millions20232023202320222022
Commercial
Commercial and industrial$102$112$134$137$139
Commercial real estate5
Total commercial102112134137144
Consumer
Residential real estate
Non government insured 3630263230
Government insured146144152167166
Automobile65576
Credit card8071747058
Education
Non government insured 22222
Government insured
4646545761
Other consumer9991012
Total consumer325307322345335
Total$427$419$456$482$479
Supplemental Information
Total accruing loans past due 90 days or more to total loans0.13 %0.13 %0.14 %0.15 %0.15 %
Commercial0.05 %0.05 %0.06 %0.06 %0.07 %
Consumer0.32 %0.30 %0.32 %0.34 %0.34 %
Total accruing loans past due$1,287$1,212$1,326$1,490$1,626
Commercial$253$252$338$380$547
Consumer$1,034$960$988$1,110$1,079
Total accruing loans past due to total loans0.40 %0.38 %0.41 %0.46 %0.52 %
Commercial0.12 %0.11 %0.15 %0.17 %0.25 %
Consumer1.01 %0.94 %0.98 %1.10 %1.08 %
(a)Excludes loans held for sale.





































THE PNC FINANCIAL SERVICES GROUP, INC.

Page 12
Business Segment Descriptions (Unaudited)

Retail Banking provides deposit, lending, brokerage, insurance services, investment management and cash management products and services to consumer and small business customers who are serviced through our coast-to-coast branch network, digital channels, ATMs, or through our phone-based customer contact centers. Deposit products include checking, savings and money market accounts and time deposits. Lending products include residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans and personal and small business loans and lines of credit. The residential mortgage loans are directly originated within our branch network and nationwide, and are typically underwritten to agency and/or third-party standards, and either sold, servicing retained or held on our balance sheet. Brokerage, investment management and cash management products and services include managed, education, retirement and trust accounts.

Corporate & Institutional Banking provides lending, treasury management, capital markets and advisory products and services to mid-sized and large corporations and government and not-for-profit entities. Lending products include secured and unsecured loans, letters of credit and equipment leases. 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. Capital markets and advisory includes services and activities primarily related to merger and acquisitions advisory, equity capital markets advisory, asset-backed financing, loan syndication, securities underwriting and customer-related trading. We also provide commercial loan servicing and technology solutions for the commercial real estate finance industry. Products and services are provided nationally.

Asset Management Group provides private banking for high net worth and ultra high net worth clients and institutional asset management. The Asset Management group is composed of two operating units:
•PNC Private Bank provides products and services to emerging affluent, high net worth and ultra high net worth individuals and their families, including investment and retirement planning, customized investment management, credit and cash management solutions, trust management and administration. In addition, multi-generational family planning services are also provided to ultra high net worth individuals and their families, which include estate, financial, tax, fiduciary and customized performance reporting through PNC Private Bank Hawthorn.
•Institutional Asset Management provides outsourced chief investment officer, custody, private real estate, cash and fixed income client solutions, retirement plan fiduciary investment services to institutional clients, including corporations, healthcare systems, insurance companies, unions, municipalities and non-profits.

Table 14: Period End Employees
September 30June 30March 31December 31September 30
20232023202320222022
Full-time employees
Retail Banking29,692 30,446 31,583 32,467 33,288 
Other full-time employees27,725 27,785 27,874 27,427 26,328 
Total full-time employees57,417 58,231 59,457 59,894 59,616 
Part-time employees
Retail Banking1,480 1,567 1,537 1,577 1,520 
Other part-time employees70 503 79 74 77 
Total part-time employees1,550 2,070 1,616 1,651 1,597 
Total58,967 60,301 61,073 61,545 61,213 


THE PNC FINANCIAL SERVICES GROUP, INC.

Page 13
Table 15: Summary of Business Segment Net Income and Revenue (Unaudited) (a)
Three months endedNine months ended
September 30June 30March 31December 31September 30September 30September 30
In millions2023202320232022202220232022
Net Income
Retail Banking$1,094 $954 $647 $752 $560 $2,695 $1,222 
Corporate & Institutional Banking960 817 1,059 982 929 2,836 2,888 
Asset Management Group73 63 52 52 90 188 278 
Other(573)(351)(81)(258)45 (1,005)125 
Net income excluding noncontrolling
  interests		$1,554 $1,483 $1,677 $1,528 $1,624 $4,714 $4,513 
  
Revenue
Retail Banking$3,360 $3,150 $3,024 $3,079 $2,742 $9,534 $7,428 
Corporate & Institutional Banking2,254 2,202 2,300 2,451 2,255 6,756 6,440 
Asset Management Group362 353 357 375 396 1,072 1,169 
Other(743)(412)(78)(142)156 (1,233)320 
Total revenue$5,233 $5,293 $5,603 $5,763 $5,549 $16,129 $15,357 
(a)Our business information is presented based on our internal management reporting practices. Net interest income in business segment results reflects PNC’s 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.


THE PNC FINANCIAL SERVICES GROUP, INC.

Page 14
Table 16: Retail Banking (Unaudited) (a)
Three months endedNine months ended
September 30June 30March 31December 31September 30September 30September 30
Dollars in millions2023202320232022202220232022
Income Statement
Net interest income$2,576 $2,448 $2,281 $2,330 $2,017 $7,305 $5,210 
Noninterest income784 702 743 749 725 2,229 2,218 
Total revenue3,360 3,150 3,024 3,079 2,742 9,534 7,428 
Provision for (recapture of) credit losses42 (14)238 193 92 266 66 
Noninterest expense1,876 1,904 1,927 1,892 1,901 5,707 5,706 
Pretax earnings 1,442 1,260 859 994 749 3,561 1,656 
Income taxes337 295 202 232 175 834 389 
Noncontrolling interests11 11 10 10 14 32 45 
Earnings $1,094 $954 752 $647 322 $752 $560 $2,695 $1,222 
Average Balance Sheet
Loans held for sale$633 $614 $542 $737 $837 $597 $991 
Loans
Consumer
Residential real estate$35,107 $35,150 $35,421 $35,286 $34,465 $35,225 $33,088 
Home equity24,591 24,663 24,571 24,126 23,393 24,608 22,916 
Automobile14,976 15,005 14,918 14,793 15,088 14,966 15,638 
Credit card7,075 7,015 6,904 6,882 6,684 6,999 6,532 
Education2,057 2,115 2,188 2,257 2,327 2,119 2,422 
Other consumer1,882 1,929 1,990 2,049 2,092 1,934 2,204 
Total consumer 85,688 85,877 85,992 85,393 84,049 85,851 82,800 
Commercial 11,733 11,708 11,438 11,181 10,881 11,628 11,176 
Total loans$97,421 $97,585 $97,430 $96,574 $94,930 $97,479 $93,976 
Total assets$114,724 $114,826 $115,384 $115,827 $114,619 $114,975 $113,157 
Deposits
Noninterest-bearing $58,110 $59,464 $60,801 $64,031 $65,405 $59,448 $65,026 
Interest-bearing 195,560 197,854 201,720 195,743 198,956 198,356 200,918 
Total deposits$253,670 $257,318 $262,521 $259,774 $264,361 $257,804 $265,944 
Performance Ratios
Return on average assets3.78 %3.33 %2.27 %2.58 %1.94 %3.13 %1.44 %
Noninterest income to total revenue23 %22 %25 %24 %26 %23 %30 %
Efficiency56 %60 %64 %61 %69 %60 %77 %
(a)See note (a) on page 13.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 15
Retail Banking (Unaudited) (Continued)
Three months endedNine months ended
September 30June 30March 31December 31September 30September 30September 30
Dollars in millions, except as noted2023202320232022202220232022
Supplemental Noninterest Income Information
Asset management and brokerage $130 $123 $131 $128 $131 $384 $400 
Card and cash management$329 $344 $324 $335 $344 $997 $1,003 
Lending and deposit services $193 $176 $181 $172 $167 $550 $498 
Residential and commercial mortgage $128 $75 $104 $111 $38 $307 $208 
Residential Mortgage Information
Residential mortgage servicing statistics
 (in billions, except as noted) (a)
Serviced portfolio balance (b)$213 $191 $188 $190 $170 
Serviced portfolio acquisitions$25 $7 $2 $24 $29 $34 $50 
MSR asset value (b)$2.8 $2.3 $2.2 $2.3 $2.1 
MSR capitalization value (in basis points) (b)133 123 119 122 122 
Servicing income: (in millions)
Servicing fees, net (c)$67 $67 $78 $73 $50 $212 $119 
Mortgage servicing rights valuation net of economic hedge
$37 $(9)$14 $24 $(30)$42 $(15)
Residential mortgage loan statistics
Loan origination volume (in billions)$2.1 $2.4 $1.4 $2.1 $3.1 $5.9 $13.0 
Loan sale margin percentage2.43 %2.23 %2.26 %2.20 %1.97 %2.31 %2.13 %
Percentage of originations represented by:
Purchase volume (d)87 %90 %84 %88 %85 %87 %64 %
Refinance volume13 %10 %16 %12 %15 %13 %36 %
Other Information (b)
Customer-related statistics (average)
Non-teller deposit transactions (e)68 %65 %65 %65 %65 %66 %64 %
Digital consumer customers (f)78 %76 %75 %76 %78 %77 %78 %
Credit-related statistics
Nonperforming assets $856 $981 $1,009 $1,003 $1,027 
Net charge-offs - loans and leases$114 $109 $112 $108 $98 $335 $327 
Other statistics
ATMs8,476 8,566 8,697 8,933 9,169 
Branches (g)2,303 2,361 2,450 2,518 2,527 
Brokerage account client assets (in billions) (h)$73 $75 $73 $70 $67 
(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 three and nine months ended.
(c)Servicing fees net of impact of decrease in MSR value due to passage of time, including the impact from regularly scheduled loan principal payments, prepayments and loans 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 standalone 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.


THE PNC FINANCIAL SERVICES GROUP, INC.

Page 16
Table 17: Corporate & Institutional Banking (Unaudited) (a)
Three months endedNine months ended
September 30June 30March 31December 31September 30September 30September 30
Dollars in millions2023202320232022202220232022
Income Statement
Net interest income$1,419 $1,381 $1,414 $1,489 $1,368 $4,214 $3,781 
Noninterest income835 821 886 962 887 2,542 2,659 
Total revenue2,254 2,202 2,300 2,451 2,255 6,756 6,440 
Provision for (recapture of) credit losses102 209 (28)183 150 283 15 
Noninterest expense895 921 939 990 890 2,755 2,661 
Pretax earnings1,257 1,072 1,389 1,278 1,215 3,718 3,764 
Income taxes 292 250 325 291 281 867 864 
Noncontrolling interests5 5 5 5 5 15 12 
Earnings$960 $817 $1,059 $982 $929 $2,836 $2,888 
Average Balance Sheet
Loans held for sale$283 $440 $456 $337 $449 $392 $522 
Loans
Commercial
Commercial and industrial $161,810 $167,357 $168,874 $166,176 $160,140 $165,987 $151,971 
Commercial real estate34,587 34,410 34,605 34,663 33,525 34,534 32,938 
Equipment lease financing6,441 6,364 6,451 6,274 6,202 6,419 6,168 
Total commercial 202,838 208,131 209,930 207,113 199,867 206,940 191,077 
Consumer4 5 7 8 7 6 9 
Total loans$202,842 $208,136 $209,937 $207,121 $199,874 $206,946 $191,086 
Total assets $230,082 $234,174 $234,536 $234,120 $224,984 $232,914 $215,163 
Deposits
Noninterest-bearing $48,123 $51,948 $58,529 $67,340 $73,523 $52,829 $80,197 
Interest-bearing93,563 89,068 86,832 79,916 71,925 89,845 68,514 
Total deposits$141,686 $141,016 $145,361 $147,256 $145,448 $142,674 $148,711 
Performance Ratios
Return on average assets1.66 %1.40 %1.83 %1.66 %1.64 %1.63 %1.79 %
Noninterest income to total revenue37 %37 %39 %39 %39 %38 %41 %
Efficiency40 %42 %41 %40 %39 %41 %41 %
Other Information
Consolidated revenue from:
Treasury Management (b)$849 $778 $785 $843 $753 $2,412 $1,958 
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (c)$17 $13 $27 $15 $26 $57 $62 
Commercial mortgage loan servicing income (d)43 44 39 52 66 126 204 
Commercial mortgage servicing rights valuation, net of economic hedge54 4 41 39 53 99 99 
Total$114 $61 $107 $106 $145 $282 $365 
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (e)$282 $280 $281 $281 $282 
MSR asset value (e)$1,169 $1,106 $1,061 $1,113 $1,132 
Average loans by C&IB business (f)
Corporate Banking$113,538 $117,259 $119,602 $115,126 $110,665 $116,777 $103,055 
Real Estate47,234 47,692 47,297 48,031 45,837 47,407 44,427 
Business Credit29,900 30,613 30,180 30,087 28,930 30,230 27,913 
Commercial Banking7,861 8,225 8,430 8,683 9,008 8,170 9,500 
Other4,309 4,347 4,428 5,194 5,434 4,362 6,191 
Total average loans$202,842 $208,136 $209,937 $207,121 $199,874 $206,946 $191,086 
Credit-related statistics
Nonperforming assets (e)$1,130 $738 $801 $761 $779 
Net charge-offs - loans and leases$12 $93 $85 $100 $33 $190 $43 
(a)See note (a) on page 13.
(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.
(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)Presented as of period end.
(f)As the result of a business realignment within C&IB during the second quarter of 2023, certain loans were reclassified from Other to Corporate Banking in the prior periods to conform to the current period presentation.

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Table 18: Asset Management Group (Unaudited) (a)
Three months endedNine months ended
September 30June 30March 31December 31September 30September 30September 30
Dollars in millions, except as noted2023202320232022202220232022
Income Statement
Net interest income$139 $125 $127 $152 $165 $391 $456 
Noninterest income223 228 230 223 231 681 713 
Total revenue362 353 357 375 396 1,072 1,169 
Provision for (recapture of) credit losses(4)(10)9 17 4 (5)11 
Noninterest expense271 280 280 291 274 831 795 
Pretax earnings95 83 68 67 118 246 363 
Income taxes 22 20 16 15 28 58 85 
Earnings$73 $63 $52 $52 $90 $188 $278 
Average Balance Sheet
Loans
Consumer
Residential real estate $10,750 $9,855 $9,174 $8,835 $8,430 $9,932 $7,756 
Other consumer3,901 4,065 4,156 4,388 4,640 4,040 4,605 
Total consumer 14,651 13,920 13,330 13,223 13,070 13,972 12,361 
Commercial1,090 1,229 1,246 1,291 1,328 1,188 1,577 
Total loans$15,741 $15,149 $14,576 $14,514 $14,398 $15,160 $13,938 
Total assets$16,161 $15,562 $14,997 $14,935 $14,820 $15,578 $14,360 
Deposits
Noninterest-bearing $1,756 $1,787 $1,846 $2,107 $2,286 $1,796 $2,852 
Interest-bearing25,417 25,482 26,337 25,651 27,054 25,742 28,564 
Total deposits$27,173 $27,269 $28,183 $27,758 $29,340 $27,538 $31,416 
Performance Ratios
Return on average assets1.79 %1.62 %1.41 %1.38 %2.41 %1.61 %2.59 %
Noninterest income to total revenue62 %65 %64 %59 %58 %64 %61 %
Efficiency75 %79 %78 %78 %69 %78 %68 %
Other Information
Nonperforming assets (b)$39 $41 $42 $56 $95 
Net charge-offs (recoveries) - loans and leases  $(2)$18 $(2)$(2)$(1)
Brokerage account client assets (in billions) (b)$5 $5 $4 $4 $4 
Client Assets Under Administration
     (in billions) (b) (c)
Discretionary client assets under management$176 $176 $177 $173 $166 
Nondiscretionary client assets under administration170 168 156 152 148 
Total$346 $344 $333 $325 $314 
Discretionary client assets under management
PNC Private Bank$109 $111 $108 $105 $99 
Institutional Asset Management67 65 69 68 67 
Total$176 $176 $177 $173 $166 
(a)See note (a) on page 13.
(b)As of period end.
(c)Excludes brokerage account client assets.

THE PNC FINANCIAL SERVICES GROUP, INC.

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Glossary of Terms

2019 Tailoring Rules – Rules adopted by the federal banking agencies to better tailor the application of their capital, liquidity, and enhanced prudential requirements for banking organizations to the asset size and risk profile (as measured by certain regulatory metrics) of the banking organization. Effective January 1, 2020, the agencies' capital and liquidity rules classify all BHCs with $100 billion or more in total assets into one of four categories (Category I, Category II, Category III, and Category IV).

Adjusted average total assets – Primarily consisted of total average quarterly (or annual) assets plus/less unrealized losses (gains) on investment securities, less goodwill and certain other intangible assets (net of eligible deferred taxes).

Allowance for credit losses (ACL) – A valuation account that is deducted from or added to the amortized cost basis of the related
financial assets to present the net carrying value at the amount expected to be collected on the financial asset.

Amortized cost basis – Amount at which a financial asset is originated or acquired, adjusted for applicable accretion or amortization of premiums, discounts and net deferred fees or costs, collection of cash, charge-offs, foreign exchange and fair value hedge accounting adjustments.

Basel III common equity Tier 1 (CET1) capital (Tailoring Rules) – Common stock plus related surplus, net of treasury stock, plus retained earnings, less goodwill, net of associated deferred tax liabilities, less other disallowed intangibles, net of deferred tax liabilities and plus/less other adjustments. Investments in unconsolidated financial institutions, as well as mortgage servicing rights and deferred tax assets, must then be deducted to the extent such items (net of associated deferred tax liabilities) individually exceed 25% of our adjusted Basel III common equity Tier 1 capital.

Basel III common equity Tier 1 capital ratio – Common equity Tier 1 capital divided by period-end risk-weighted assets (as applicable).

Basel III Tier 1 capital – Common equity Tier 1 capital, plus qualifying preferred stock, plus certain trust preferred capital securities, plus certain noncontrolling interests that are held by others and plus/less other adjustments.

Basel III Tier 1 capital ratio – Tier 1 capital divided by period-end risk-weighted assets (as applicable).

Basel III Total capital – Tier 1 capital plus qualifying subordinated debt, plus certain trust preferred securities, plus, under the Basel III transitional rules and the standardized approach, the allowance for loan and lease losses included in Tier 2 capital and other.

Basel III Total capital ratio – Basel III Total capital divided by period-end risk-weighted assets (as applicable).

Charge-off – Process of removing a loan or portion of a loan from our balance sheet because it is considered uncollectible. We also record a charge-off when a loan is transferred from portfolio holdings to held for sale by reducing the loan carrying amount to the fair value of the loan, if fair value is less than carrying amount.

Common shareholders’ equity – Total shareholders' equity less the liquidation value of preferred stock.

Credit valuation adjustment – Represents an adjustment to the fair value of our derivatives for our own and counterparties’ non-performance risk.

Criticized commercial loans – Loans with potential or identified weaknesses based upon internal risk ratings that comply with the regulatory classification definitions of “special mention,” “substandard” or “doubtful.”

Current Expected Credit Loss (CECL) – Methodology for estimating the allowance for credit losses on in-scope financial assets held at amortized cost and unfunded lending related commitments which uses a combination of expected losses over a reasonable and supportable forecast period, a reversion period and long run average credit losses for their estimated contractual term.

Discretionary client assets under management – Assets over which we have sole or shared investment authority for our customers/clients. We do not include these assets on our Consolidated Balance Sheet.

Earning assets – Assets that generate income, which include: interest-earning deposits with banks; loans held for sale; loans; investment securities; and certain other assets.

Effective duration – A measurement, expressed in years, that, when multiplied by a change in interest rates, would approximate the percentage change in value of on- and off- balance sheet positions.

Efficiency – Noninterest expense divided by total revenue.


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Fair value – The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fee income – Refers to the following categories within Noninterest income: Asset management and brokerage, Capital markets and advisory, Card and cash management, Lending and deposit services, and Residential and commercial mortgage.

FICO score – A credit bureau-based industry standard score created by Fair Isaac Co. which predicts the likelihood of borrower default. We use FICO scores both in underwriting and assessing credit risk in our consumer lending portfolio. Lower FICO scores indicate likely higher risk of default, while higher FICO scores indicate likely lower risk of default.

GAAP – Accounting principles generally accepted in the United States of America.

Leverage ratio – Basel III Tier 1 capital divided by average quarterly adjusted total assets.

Nondiscretionary client assets under administration – Assets we hold for our customers/clients in a nondiscretionary, custodial capacity. We do not include these assets on our Consolidated Balance Sheet.

Nonperforming assets – Nonperforming assets include nonperforming loans, OREO and foreclosed assets. We do not accrue interest income on assets classified as nonperforming.

Nonperforming loans – 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. Interest income is not recognized on nonperforming loans. Nonperforming loans exclude certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest, loans held for sale and loans accounted for under the fair value option.

Operating leverage – The period to period dollar or percentage change in total revenue less the dollar or percentage change in noninterest expense. A positive variance indicates that revenue growth exceeded expense growth (i.e., positive operating leverage) while a negative variance implies expense growth exceeded revenue growth (i.e., negative operating leverage).

Other real estate owned (OREO) and foreclosed assets – Assets taken in settlement of troubled loans primarily through deed-in-lieu of foreclosure or foreclosure. Foreclosed assets include real and personal property. Certain assets that have a government-guarantee which are classified as other receivables are excluded.

Purchased credit deteriorated assets (PCD) – Acquired loans or debt securities that, at acquisition, are determined to have experienced a more-than-insignificant deterioration in credit quality since origination or issuance.

Risk-weighted assets – Computed by the assignment of specific risk-weights (as defined by the Board of Governors of the Federal Reserve System) to assets and off-balance sheet instruments.

Servicing rights – Intangible assets or liabilities created by an obligation to service assets for others. Typical servicing rights include the right to receive a fee for collecting and forwarding payments on loans and related taxes and insurance premiums held in escrow.

Supplementary leverage ratio – Basel III Tier 1 capital divided by Supplementary leverage exposure.

Taxable-equivalent interest income – The interest income earned on certain assets that is completely or partially exempt from federal income tax. These tax-exempt instruments typically yield lower returns than taxable investments.

Troubled debt restructuring (TDR) – A loan whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties. On January 1, 2023, we adopted ASU 2022-02, which eliminated the accounting guidance for TDRs.

Unfunded lending related commitments – Standby letters of credit, financial guarantees, commitments to extend credit and similar unfunded obligations that are not unilaterally, unconditionally, cancelable at PNC’s option.

Yield curve – A graph showing the relationship between the yields on financial instruments or market indices of the same credit quality with different maturities. For example, a “normal” or “positive” yield curve exists when long-term bonds have higher yields than short-term bonds. A “flat” yield curve exists when yields are the same for short-term and long-term bonds. A “steep” yield curve exists when yields on long-term bonds are significantly higher than on short-term bonds. An “inverted” or “negative” yield curve exists when short-term bonds have higher yields than long-term bonds.