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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, 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 October 17, 2023, there were 398,341,110 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 Third Quarter 2023 Form 10-Q

			Pages
PART I – FINANCIAL INFORMATION
Item 1.   Financial Statements (Unaudited).
Consolidated Income Statement			42
Consolidated Statement of Comprehensive Income			43
Consolidated Balance Sheet			44
Consolidated Statement of Cash Flows			45
Notes To Consolidated Financial Statements (Unaudited)
Note 1 Accounting Policies			47
Note 2  Investment Securities			56
Note 3  Loans and Related Allowance for Credit Losses			59
Note 4   Loan Sale and Servicing Activities and Variable Interest Entities			71
Note 5  Goodwill and Mortgage Servicing Rights			73
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			90
Note 13 Legal Proceedings			96
Note 14 Segment Reporting			98
Note 15 Fee-based Revenue from Contracts with Customers			101
Note 16 Regulatory Matters			103
Note 17 Subsequent Events			104
Statistical Information (Unaudited)
Average Consolidated Balance Sheet And Net Interest Analysis			105
Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP)			107
Reconciliation of Core Noninterest Expense Guidance (non-GAAP)			107
Glossary			107
Defined Terms			107
Acronyms			107
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			39
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.			39
PART II – OTHER INFORMATION
Item 1.    Legal Proceedings.			108
Item 1A.   Risk Factors.			108
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds.			108
Item 5.     Other Information			108
Item 6.      Exhibits.			109
Exhibit Index			109
Corporate Information			109
Signature			111

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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			Contingent Liquidity Sources			30
28			Parent Company Notes Issued			31
29			Credit Ratings and Outlook			32
30			Basel III Capital			33
31			Interest Sensitivity Analysis			34
32			Net Interest Income Sensitivity to Alternative Rate Scenarios			34
33			Alternate Interest Rate Scenarios: One Year Forward			35
34			Equity Investments Summary			36
35			Key Macroeconomic Variables in CECL Weighted-Average Scenarios			39

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS TABLE REFERENCE
Table			Description			Page
36			Investment Securities Summary			56
37			Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses			57
38			Gains (Losses) on Sales of Securities Available for Sale			57
39			Contractual Maturity of Debt Securities			58
40			Fair Value of Securities Pledged and Accepted as Collateral			58
41			Analysis of Loan Portfolio			60
42			Nonperforming Assets			61
43			Commercial Credit Quality Indicators			62
44			Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes			63
45			Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes			65
46			Loan Modifications Granted to Borrowers Experiencing Financial Difficulty			68
47			Financial Effect of Modifications to Borrowers Experiencing Financial Difficulty			69
48			Delinquency Status of Loans Modified to Borrowers Experiencing Financial Difficulty			69
49			Financial Impact and TDRs by Concession Type			70
50			Rollforward of Allowance for Credit Losses			70
51			Loan Sale and Servicing Activities			71
52			Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others			72
53			Non-Consolidated VIEs			72
54			Mortgage Servicing Rights			73
55			Commercial Mortgage Servicing Rights – Key Valuation Assumptions			74
56			Residential Mortgage Servicing Rights – Key Valuation Assumptions			74
57			Lessor Income			74
58			Borrowed Funds			75
59			FHLB Borrowings, Senior Debt and Subordinated Debt			75
60			Commitments to Extend Credit and Other Commitments			76
61			Rollforward of Total Equity			77
62			Other Comprehensive Income (Loss)			78
63			Accumulated Other Comprehensive Income (Loss) Components			78
64			Dividends Per Share			79
65			Basic and Diluted Earnings Per Common Share			80
66			Fair Value Measurements – Recurring Basis Summary			81
67			Reconciliation of Level 3 Assets and Liabilities			82
68			Fair Value Measurements – Recurring Quantitative Information			86
69			Fair Value Measurements – Nonrecurring			88
70			Fair Value Option – Fair Value and Principal Balances			88
71			Fair Value Option – Changes in Fair Value			89
72			Additional Fair Value Information Related to Other Financial Instruments			89
73			Total Gross Derivatives			91
74			Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement			93
75			Hedged Items - Fair Value Hedges			94
76			Gains (Losses) on Derivatives Not Designated for Hedging			94
77			Derivative Assets and Liabilities Offsetting			95
78			Credit-Risk Contingent Features			96
79			Results of Businesses			99
80			Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income			102

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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 our first quarter 2023 Form 10-Q and our 2022 Form 10-K; and the Commitments and Legal Proceedings Notes included in this Report and in our first and second quarter 2023 Form 10-Qs 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 107 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 and liquidity 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.

Signature Bank Portfolio Acquisition

On October 2, 2023, PNC acquired a portfolio of capital commitments facilities from Signature Bridge Bank, N.A. through an agreement with the FDIC as receiver of the former Signature Bank, New York. The acquired portfolio represents approximately $16 billion in total commitments, including approximately $9 billion of funded loans. See Note 17 Subsequent Events for more information on this acquisition.

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

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Workforce Reduction

On October 6, 2023, PNC committed to a workforce reduction that is expected to reduce 2024 personnel expenses by approximately $325 million annually on a pre-tax basis, with cost savings beginning in the fourth quarter of 2023. PNC has incurred one-time expenses of approximately $150 million. See Note 17 Subsequent Events for more information on our workforce reduction.

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.

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

Dollars in millions, except per share data Unaudited			Three months ended												Nine months ended
			September 30			June 30			September 30						September 30			September 30
			2023			2023			2022						2023			2022
Summary of Operations (a)
Net interest income			$	3,418		$	3,510		$	3,475					$	10,513		$	9,330
Noninterest income			1,815			1,783			2,074						5,616			6,027
Total revenue			5,233			5,293			5,549						16,129			15,357
Provision for credit losses			129			146			241						510			69
Noninterest expense			3,245			3,372			3,280						9,938			9,696
Income before income taxes and noncontrolling interests			$	1,859		$	1,775		$	2,028					$	5,681		$	5,592
Income taxes			289			275			388						917			1,027
Net income			$	1,570		$	1,500		$	1,640					$	4,764		$	4,565
Net income attributable to common shareholders			$	1,448		$	1,354		$	1,558					$	4,409		$	4,328
Per Common Share
Basic			$	3.60		$	3.36		$	3.78					$	10.95		$	10.39
Diluted			$	3.60		$	3.36		$	3.78					$	10.94		$	10.39
Book value per common share			$	105.98		$	105.67		$	97.59
Performance Ratios
Net interest margin (b)			2.71		%	2.79		%	2.82		%				2.78		%	2.54		%
Noninterest income to total revenue			35		%	34		%	37		%				35		%	39		%
Efficiency			62		%	64		%	59		%				62		%	63		%
Return on:
Average common shareholders’ equity			13.65		%	13.01		%	14.97		%				14.23		%	13.31		%
Average assets			1.12		%	1.08		%	1.19		%				1.14		%	1.11		%

(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 the 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			September 30 2023			December 31 2022			September 30 2022
Balance Sheet Highlights (a)
Assets			$	557,334		$	557,263		$	559,477
Loans			$	318,416		$	326,025		$	315,400
Allowance for loan and lease losses			$	4,767		$	4,741		$	4,581
Interest-earning deposits with banks			$	41,484		$	27,320		$	40,278
Investment securities			$	132,387		$	139,334		$	136,451
Total deposits			$	423,609		$	436,282		$	438,194
Borrowed funds			$	66,167		$	58,713		$	54,633
Total shareholders’ equity			$	49,454		$	45,774		$	46,688
Common shareholders’ equity			$	42,215		$	40,028		$	39,444
Other Selected Ratios
Common equity Tier 1			9.8		%	9.1		%	9.3		%
Loans to deposits			75		%	75		%	72		%
Common shareholders’ equity to total assets			7.6		%	7.2		%	7.1		%

(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.

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

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Income Statement Highlights

Net income of $1.6 billion, or $3.60 per diluted common share, for the third quarter of 2023 increased $70 million, or 5%, compared to $1.5 billion, or $3.36 per diluted common share, for the second quarter of 2023 primarily due to lower expenses and higher noninterest income, partially offset by a decline in net interest income.

•For the three months ended September 30, 2023 compared to the three months ended June 30, 2023:

•Total revenue decreased $60 million, to $5.2 billion.

•Net interest income of $3.4 billion decreased $92 million, or 3%, as higher yields on interest-earning assets were more than offset by increased funding costs.

•Net interest margin decreased 8 basis points to 2.71%.

•Noninterest income increased $32 million, or 2%, primarily due to higher residential and commercial mortgage revenue, partially offset by lower capital markets and advisory fees and a decline in private equity revenue.

•Provision for credit losses of $129 million in the third quarter of 2023 included the impact of our updated economic outlook and portfolio activity. The second quarter of 2023 included a provision for credit losses of $146 million.

•Noninterest expense decreased $127 million, or 4%, to $3.2 billion, reflecting a continued focus on expense management as expenses were lower or stable across all categories.

Net income of $4.8 billion, or $10.94 per diluted common share, for the first nine months of 2023 increased $199 million, or 4%, compared to $4.6 billion, or $10.39 per diluted common share, for the nine months ended 2022, as a result of higher net interest income, partially offset by a higher provision for credit losses, lower noninterest income and increased expenses.

•For the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022:

•Total revenue increased $0.8 billion, or 5%, to $16.1 billion.

•Net interest income increased $1.2 billion, or 13%, as a result of higher interest-earning asset yields and balances, partially offset by higher funding costs.

•Net interest margin increased 24 basis points reflecting the benefit of higher yields on interest-earning assets.

•Noninterest income decreased $411 million, or 7%, and included lower merger and acquisition advisory activity and trading revenue, as well as a decline in private equity revenue. The decrease also included negative Visa Class B fair value adjustments of $179 million for the first nine months of 2023 compared to $1 million of positive adjustments for the same period in 2022.

•Provision for credit losses of $510 million for the first nine months of 2023 included the impact of our updated economic outlook and changes in portfolio composition and quality. The first nine months of 2022 included a provision for credit losses of $69 million.

•Noninterest expense increased $242 million, or 2%, due to higher personnel costs, an increased FDIC assessment rate and higher marketing and equipment costs to support business growth.

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

Balance Sheet Highlights

Our balance sheet was strong and well positioned at September 30, 2023. In comparison to December 31, 2022:

•Total assets of $557.3 billion were stable.

•Total loans decreased $7.6 billion, or 2%, to $318.4 billion.

•Total commercial loans decreased $8.6 billion, or 4%, to $216.4 billion, driven by paydowns outpacing new production and lower utilization of loan commitments.

•Total consumer loans increased $1.0 billion to $102.0 billion as a result of growth in residential mortgages, home equity and automobile loans, partially offset by declines in the remaining portfolios as paydowns outpaced new originations and draws on existing accounts.

•Investment securities decreased $6.9 billion, or 5%, to $132.4 billion primarily due to prepayments and maturities outpacing purchases.

•Interest-earning deposits with banks, primarily with the Federal Reserve Bank, increased $14.2 billion, or 52%, to $41.5 billion primarily due to a decrease in loans and higher borrowed funds, partially offset by lower deposits.

•Total deposits decreased $12.7 billion, or 3%, to $423.6 billion as a result of lower consumer and commercial deposits, reflecting the impact of economic pressures and continued elevated levels of consumer spending. In addition, noninterest-bearing balances decreased due to the continued shift into interest-bearing deposit products as interest rates have risen.

•Borrowed funds increased $7.5 billion, or 13%, to $66.2 billion due to parent company senior debt issuances and higher FHLB borrowings.

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

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

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Credit Quality Highlights

The third quarter of 2023 reflected strong credit quality performance.

•At September 30, 2023 compared to December 31, 2022:

•Overall loan delinquencies of $1.3 billion decreased $203 million, or 14%, driven by lower commercial and consumer loan delinquencies.

•The ACL related to loans, which consists of the ALLL and the allowance for unfunded lending related commitments, totaled $5.4 billion at both September 30, 2023 and December 31, 2022. During the nine months ended September 30, 2023, reserves reflected our updated economic outlook and changes in portfolio composition and quality. ACL to total loans was 1.70% and 1.67% at September 30, 2023 and December 31, 2022, respectively.

•Nonperforming assets increased $139 million, or 7%, to $2.2 billion, driven by higher commercial real estate nonperforming loans.

•Net charge-offs of $121 million, or 0.15% of average loans, in the third quarter of 2023 decreased $73 million compared to the second quarter of 2023 primarily reflecting lower commercial real estate net loan charge-offs.

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

Capital and Liquidity Highlights

We maintained our strong capital and liquidity positions.

•Common shareholders’ equity of $42.2 billion at September 30, 2023, increased $2.2 billion, or 5%, compared to December 31, 2022 due to the benefit of net income, partially offset by common dividends paid, common share repurchases and a decline in AOCI.

•In the third quarter of 2023, PNC returned $0.6 billion of capital to shareholders through 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 46% were still available for repurchase at September 30, 2023. In light of the Federal banking agencies proposed rules to adjust the Basel III capital framework, share repurchase activity was paused in the third quarter of 2023 and is expected to remain paused during the fourth quarter of 2023. PNC continues to evaluate the potential impact of the proposed rules and may resume share repurchase activity depending on market and economic conditions, as well as other factors. PNC’s SCB for the four-quarter period beginning October 1, 2023 is the regulatory minimum of 2.5%.

•On October 2, 2023, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.55 per share. The dividend, with a payment date of November 5, 2023, will be payable the next business day.

•Our CET1 ratio increased to 9.8% at September 30, 2023 from 9.1% at December 31, 2022.

•PNC elected a five-year transition provision effective March 31, 2020 to delay through December 31, 2021 the full impact of the CECL standard on regulatory capital, followed by a three-year transition period. 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 fully implemented ratios reflect the full impact of CECL and exclude the benefits of this transition provision. The estimated CET1 fully implemented ratio was 9.7% at September 30, 2023 compared to 8.9% at December 31, 2022.

•PNC’s average LCR for the three months ended September 30, 2023 was 107% and exceeded the regulatory minimum requirement throughout the quarter.

See the Liquidity and Capital Management portion of the Risk Management section of this Financial Review for more detail on our 2023 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 our 2022 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 the potential impact of legal and regulatory contingencies. These statements are based on our views that:

•Economic growth accelerated in the first half of 2023, but ongoing Federal Reserve monetary policy tightening to slow inflation is weighing on interest-rate sensitive industries. Sectors where interest rates play an outsized role, such as business

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

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investment and consumer spending on durable goods, will contract in 2024.

•PNC’s baseline outlook is for a mild recession starting in mid-2024, with a small contraction in real GDP of less than 1%, lasting into late 2024. The unemployment rate will increase through the rest of 2023 and throughout 2024, peaking at close to 5% in early 2025. Inflation will slow with weaker demand, moving back to the Federal Reserve’s 2% objective by the second half of 2024.

•PNC expects the federal funds rate to remain unchanged in the near term, between 5.25% and 5.50% through mid-2024, with federal funds rate cuts starting in the third quarter of 2024 in response to the recession.

For the fourth quarter of 2023, compared to the third quarter of 2023, we expect:

•Average loans to be up approximately 3%,

•Net interest income to be down 1% to 2%,

•Fee income to be up approximately 1%,

•Other noninterest income, excluding net securities gains and Visa activity, to be $150 million to $200 million,

•Noninterest expense to be up 8% to 9%,

•Core noninterest expense to be up 3% to 4%, excluding charges related to the workforce reduction of approximately $150 million in the fourth quarter of 2023, and

•Net loan charge-offs to be $200 million to $250 million.

Noninterest expense and core noninterest expense guidance does not contemplate the FDIC special assessment related to recovering the cost of the closures of Silicon Valley Bank and Signature Bank. See the Statistical Information (Unaudited) – Reconciliation of Core Noninterest Expense Guidance (non-GAAP) section of this Report.

We are unable to provide a meaningful or accurate reconciliation of forward-looking non-GAAP measures, without unreasonable effort, to their most directly comparable GAAP financial measures except for the impact of the workforce reduction charges to noninterest expense. This is due to the inherent difficulty of forecasting the timing and amounts necessary for the reconciliation when such amounts are subject to events that cannot be reasonably predicted, as noted in our Cautionary Statement. Accordingly, we cannot address the probable significance of unavailable information.

See the Cautionary Statement Regarding Forward-Looking Information section in this Financial Review and Item 1A Risk Factors included in our first quarter 2023 Form 10-Q and 2022 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 $3.60 per diluted common share, for the third quarter of 2023 increased $70 million, or 5%, compared to $1.5 billion, or $3.36 per diluted common share, for the second quarter of 2023 primarily due to lower expenses and higher noninterest income, partially offset by a decline in net interest income. Net income of $4.8 billion, or $10.94 per diluted common share for the first nine months of 2023 increased $199 million, or 4%, compared to $4.6 billion, or $10.39 per diluted common share for the same period in 2022 as a result of higher net interest income, partially offset by a higher provision for credit losses, lower noninterest income and increased expenses.

The PNC Financial Services Group, Inc. – Form 10-Q 5  

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Net Interest Income

Table 3: Summarized Average Balances and Net Interest Income (a)

						September 30, 2023																		June 30, 2023
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						$	139,663					2.57		%				$	898					$	141,038								2.52		%							$	889
Loans						319,504						5.75		%				4,673						324,534									5.57		%							4,554
Interest-earning deposits with banks						38,352						5.44		%				522						31,433									5.10		%							400
Other						8,777						6.66		%				146						9,215									5.96		%							138
Total interest-earning assets/interest income						$	506,296					4.87		%				6,239						$	506,220								4.70		%							5,981
Liabilities
Interest-bearing liabilities
Interest-bearing deposits						$	314,555					2.26		%				1,792						$	312,559								1.96		%							1,531
Borrowed funds						67,465						5.77		%				993						65,692									5.44		%							903
Total interest-bearing liabilities/interest expense						$	382,020					2.86		%				2,785						$	378,251								2.56		%							2,434
Net interest margin/income (non-GAAP)												2.71		%				3,454															2.79		%							3,547
Taxable-equivalent adjustments																		(36)																								(37)
Net interest income (GAAP)																		$	3,418																							$	3,510

						September 30, 2023																		September 30, 2022
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						$	141,350					2.52		%				$	2,678					$	135,215					1.88		%				$	1,904
Loans						323,166						5.54		%				13,517						302,921						3.50		%				7,997
Interest-earning deposits with banks						34,629						5.05		%				1,312						44,641						0.87		%				292
Other						8,933						6.12		%				410						9,637						2.92		%				210
Total interest-earning assets/interest income						$	508,078					4.68		%				17,917						$	492,414					2.80		%				10,403
Liabilities
Interest-bearing liabilities
Interest-bearing deposits						$	314,055					1.96		%				4,614						$	298,232					0.20		%				455
Borrowed funds						65,392						5.41		%				2,679						36,794						1.95		%				542
Total interest-bearing liabilities/interest expense						$	379,447					2.54		%				7,293						$	335,026					0.39		%				997
Net interest margin/income (non-GAAP)												2.78		%				10,624												2.54		%				9,406
Taxable-equivalent adjustments																		(111)																		(76)
Net interest income (GAAP)																		$	10,513																	$	9,330

(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 decreased $92 million, or 3%, for the third quarter of 2023 compared to the second quarter of 2023 as higher yields on interest-earning assets were more than offset by increased funding costs. Net interest income increased $1.2 billion, or 13%, for the first nine months of 2023 compared to the same period in 2022 as a result of higher interest-earning asset yields and balances, partially offset by higher funding costs. Net interest margin decreased 8 basis points compared to the second quarter of 2023 as higher yields on interest-earning assets were more than offset by increased funding costs. Net interest margin increased 24 basis points in the year-to-date comparison, reflecting the benefit of higher yields on interest-earning assets.

Average investment securities for the third quarter of 2023 decreased $1.3 billion, or 1%, compared to the second quarter of 2023 as limited purchase activity during the quarter was more than offset by portfolio paydowns and maturities. Average investment securities

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

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increased $6.1 billion, or 5%, in the year-to-date comparison, reflecting net securities purchases, primarily of agency residential mortgage-backed securities. Average investment securities represented 28% of average interest-earning assets for both the third and second quarters of 2023, and 28% for the first nine months of 2023 compared to 27% for the first nine months of 2022.

Average loans for the third quarter of 2023 decreased $5.0 billion, or 2%, compared to the second quarter of 2023 primarily due to lower commercial loans, partially offset by an increase in consumer loans. Average loans increased $20.2 billion, or 7%, in the year-to-date comparison, reflecting growth in both commercial and consumer loans. Average loans represented 63% of average interest-earning assets for the third quarter of 2023 compared to 64% for the second quarter of 2023, and 64% for the first nine months of 2023 compared to 62% for the first nine months of 2022.

Average interest-earning deposits with banks for the third quarter of 2023 increased $6.9 billion, or 22%, compared to the second quarter of 2023 primarily due to lower loan balances. In the year-to-date comparison, average interest-earning deposits with banks decreased $10.0 billion, or 22%, primarily due to higher loan balances and lower deposits, partially offset by higher borrowed funds.

Average interest-bearing deposits for the third quarter of 2023 increased $2.0 billion, or 1%, compared to the second quarter of 2023. Average interest-bearing deposits for the first nine months of 2023 increased $15.8 billion, or 5%, compared to the same period in 2022. The increase in both comparisons reflected a continued shift from noninterest-bearing to interest-bearing deposits as deposit rates have risen. In total, average interest-bearing deposits represented 82% of average interest-bearing liabilities for the third quarter of 2023 compared to 83% for the second quarter of 2023, and 83% for the first nine months of 2023 compared to 89% for the first nine months of 2022.

Average borrowed funds increased $1.8 billion, or 3%, compared to the second quarter of 2023 primarily due to parent company senior debt issuances near the end of the second quarter. Average borrowed funds increased $28.6 billion, or 78%, in the year-to-date comparison due to higher FHLB borrowings and parent company senior debt issuances.

Further details regarding average loans and deposits are included in the Business Segments Review section of this Financial Review.

Noninterest Income

Table 4: Noninterest Income

						Three months ended																								Nine months ended
						September 30						June 30						Change												September 30						September 30						Change
Dollars in millions						2023						2023						$						%						2023						2022						$						%
Noninterest income
Asset management and brokerage						$	348					$	348											—						$	1,052					$	1,099					$	(47)					(4)		%
Capital markets and advisory						168						213						$	(45)					(21)		%				643						960						(317)						(33)		%
Card and cash management						689						697						(8)						(1)		%				2,045						1,962						83						4		%
Lending and deposit services						315						298						17						6		%				919						838						81						10		%
Residential and commercial mortgage						201						98						103						105		%				476						463						13						3		%
Other						94						129						(35)						(27)		%				481						705						(224)						(32)		%
Total noninterest income						$	1,815					$	1,783					$	32					2		%				$	5,616					$	6,027					$	(411)					(7)		%

 

Noninterest income as a percentage of total revenue was 35% for the third quarter of 2023 compared to 34% for the second quarter of 2023, and 35% for the first nine months of 2023 compared to 39% for the same period in 2022.

Asset management and brokerage fees were stable compared to the second quarter of 2023. The decrease in the year-to-date comparison reflected lower client activity. PNC’s discretionary client assets under management of $176 billion at September 30, 2023 were stable compared to June 30, 2023. PNC’s discretionary client assets under management increased $10 billion from $166 billion at September 30, 2022 driven by higher spot equity markets, partially offset by client activity.

Capital markets and advisory fees decreased compared to the second quarter of 2023 driven by lower trading revenue. The decrease in the year-to-date comparison was primarily due to lower merger and acquisition advisory fees and trading revenue.

Card and cash management revenue decreased compared to the second quarter of 2023 as increased treasury management product revenue was more than offset by lower consumer transaction volumes. The increase compared to the first nine months of 2022 was primarily due to higher treasury management product revenue.

Lending and deposit services increased in both the quarterly and year-to-date comparisons, reflecting increased customer activity. In comparison to the first nine months of 2022, the increase was also driven by growth in loan commitment fees.

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

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Residential and commercial mortgage increased compared to the second quarter of 2023, primarily due to a $97 million increase in mortgage servicing rights valuation, net of economic hedge. The increase compared to the first nine months of 2022 was driven by higher residential mortgage banking activities.

Other noninterest income decreased both in the quarterly and year-to-date comparisons. Both comparisons included lower private equity revenue and the impact of negative Visa Class B derivative fair value adjustments related to the extension of anticipated litigation resolution timing. Negative Visa Class B fair value adjustments were $51 million for the third quarter of 2023 compared to $83 million for the second quarter of 2023. The first nine months of 2023 included negative Visa Class B fair value adjustments of $179 million compared to $1 million of positive adjustments for the same period in 2022.

Noninterest Expense

Table 5: Noninterest Expense

						Three months ended																								Nine months ended
						September 30						June 30						Change												September 30						September 30						Change
Dollars in millions						2023						2023						$						%						2023						2022						$						%
Noninterest expense
Personnel						$	1,773					$	1,846					$	(73)					(4)		%				$	5,445					$	5,301					$	144					3		%
Occupancy						244						244												—						739						745						(6)						(1)		%
Equipment						347						349						(2)						(1)		%				1,046						1,026						20						2		%
Marketing						93						109						(16)						(15)		%				276						249						27						11		%
Other						788						824						(36)						(4)		%				2,432						2,375						57						2		%
Total noninterest expense						$	3,245					$	3,372					$	(127)					(4)		%				$	9,938					$	9,696					$	242					2		%

 

Noninterest expense decreased compared to the second quarter of 2023, reflecting a continued focus on expense management as expenses were lower or stable across all categories. The increase compared to the first nine months of 2022 was due to higher personnel costs, an increased FDIC assessment rate and higher marketing and equipment costs to support business growth.

See Note 17 Subsequent Events for details regarding our workforce reduction announced in the fourth quarter of 2023.

Effective Income Tax Rate

The effective income tax rate was 15.5% in both the third and second quarters of 2023. The effective income tax rate was 16.1% in the first nine months of 2023 compared to 18.4% for the same period in 2022. The third quarter of 2023 included the favorable impact of certain tax matters.

Provision For (Recapture of) Credit Losses

Table 6: 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						2023						2023						$						2023			2022			$
Provision for (recapture of) credit losses
Loans and leases						$	153					$	189					$	(36)					$	571		$	59		$	512
Unfunded lending related commitments						(23)						(9)						(14)						(54)			20			(74)
Investment securities						(10)												(10)						(11)			7			(18)
Other financial assets						9						(34)						43						4			(17)			21
Total provision for (recapture of) credit losses						$	129					$	146					$	(17)					$	510		$	69		$	441

Provision for credit losses of $129 million in the third quarter of 2023 included the impact of our updated economic outlook and portfolio activity. The second quarter of 2023 included a provision for credit losses of $146 million. Provision for credit losses of $510 million for the first nine months of 2023 included the impact of our updated economic outlook and changes in portfolio composition and quality. The first nine months of 2022 included a provision for credit losses of $69 million.

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

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CONSOLIDATED BALANCE SHEET REVIEW

The summarized balance sheet data in Table 7 is based upon our Consolidated Balance Sheet in Item 1 of this Report.

Table 7: Summarized Balance Sheet Data

			September 30						December 31						Change
Dollars in millions			2023						2022						$			%
Assets
Interest-earning deposits with banks			$	41,484					$	27,320					$	14,164		52		%
Loans held for sale			923						1,010						(87)			(9)		%
Investment securities			132,387						139,334						(6,947)			(5)		%
Loans			318,416						326,025						(7,609)			(2)		%
Allowance for loan and lease losses			(4,767)						(4,741)						(26)			(1)		%
Mortgage servicing rights			4,006						3,423						583			17		%
Goodwill			10,987						10,987									—
Other			53,898						53,905						(7)			—
Total assets			$	557,334					$	557,263					$	71		—
Liabilities
Deposits			$	423,609					$	436,282					$	(12,673)		(3)		%
Borrowed funds			66,167						58,713						7,454			13		%
Allowance for unfunded lending related commitments			640						694						(54)			(8)		%
Other			17,437						15,762						1,675			11		%
Total liabilities			507,853						511,451						(3,598)			(1)		%
Equity
Total shareholders’ equity			49,454						45,774						3,680			8		%
Noncontrolling interests			27						38						(11)			(29)		%
Total equity			49,481						45,812						3,669			8		%
Total liabilities and equity			$	557,334					$	557,263					$	71		—

Our balance sheet was strong and well positioned at September 30, 2023. In comparison to December 31, 2022:

•Total assets were stable.

•Total liabilities decreased primarily due to lower deposits, partially offset by increased borrowed funds.

•Total equity increased due to the benefit of net income and a preferred stock issuance, partially offset by dividends paid, common share repurchases and a decline in AOCI.

The ACL related to loans totaled $5.4 billion at both September 30, 2023 and December 31, 2022. During the nine months ended September 30, 2023, reserves reflected our updated economic outlook and changes in portfolio composition and quality. 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 3 Loans and Related Allowance for Credit Losses.

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 our 2022 Form 10-K.

The PNC Financial Services Group, Inc. – Form 10-Q 9  

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Loans

Table 8: Loans

			September 30						December 31						Change
Dollars in millions			2023						2022						$			%
Commercial
Commercial and industrial			$	174,163					$	182,219					$	(8,056)		(4)		%
Commercial real estate			35,776						36,316						(540)			(1)		%
Equipment lease financing			6,493						6,514						(21)			—
Total commercial			216,432						225,049						(8,617)			(4)		%
Consumer
Residential real estate			47,359						45,889						1,470			3		%
Home equity			26,159						25,983						176			1		%
Automobile			14,940						14,836						104			1		%
Credit card			7,060						7,069						(9)			—
Education			2,020						2,173						(153)			(7)		%
Other consumer			4,446						5,026						(580)			(12)		%
Total consumer			101,984						100,976						1,008			1		%
Total loans			$	318,416					$	326,025					$	(7,609)		(2)		%

Commercial loans decreased driven by paydowns outpacing new production and lower utilization of loan commitments.

Consumer loans increased as growth in residential mortgages, home equity and automobile loans were partially offset by declines in the remaining portfolios as paydowns outpaced new originations and draws on existing accounts.

For additional information regarding our loan portfolio see the Credit Risk Management portion of the Risk Management section in this Financial Review and Note 3 Loans and Related Allowance for Credit Losses.

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

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Investment Securities

Investment securities of $132.4 billion at September 30, 2023 decreased $6.9 billion, or 5%, compared to December 31, 2022, primarily due to prepayments and maturities outpacing purchases.

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 9: Investment Securities (a)

			September 30, 2023												December 31, 2022
Dollars in millions			Amortized Cost (b)						Fair Value						Amortized Cost (b)						Fair Value
U.S. Treasury and government agencies			$	43,879					$	41,156					$	45,767					$	43,330
Agency residential mortgage-backed			74,567						65,233						77,385						71,073
Non-agency residential mortgage-backed			870						941						973						1,074
Agency commercial mortgage-backed			2,648						2,401						2,693						2,501
Non-agency commercial mortgage-backed (c)			2,438						2,352						2,992						2,883
Asset-backed (d)			7,298						7,215						7,291						7,183
Other (e)			6,087						5,739						6,642						6,394
Total investment securities (f)			$	137,787					$	125,037					$	143,743					$	134,438

(a)Of our total securities portfolio, 97% were rated AAA/AA at both September 30, 2023 and December 31, 2022.

(b)Amortized cost is presented net of the allowance for investment securities, which totaled $98 million at September 30, 2023 and primarily related to non-agency commercial mortgage-backed securities. The comparable amount at December 31, 2022 was $149 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 9 presents our investment securities portfolio by amortized cost and fair value. The relationship of fair value to amortized cost at September 30, 2023 was comparable to December 31, 2022 and primarily reflected the impact of higher interest rates on the valuation of fixed-rate securities offset by the passage of time. 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 2 Investment Securities for additional details regarding the allowance for investment securities.

The duration of investment securities was 4.3 years and 4.5 years at September 30, 2023 and December 31, 2022, respectively. We estimate that at September 30, 2023 the effective duration of investment securities was 4.2 years for an immediate 50 basis points parallel increase in interest rates and 4.4 years for an immediate 50 basis points parallel decrease in interest rates. Comparable amounts at December 31, 2022 for the effective duration of investment securities were 4.4 years and 4.5 years, respectively.

Based on expected prepayment speeds, the weighted-average expected maturity of the investment securities portfolio was 5.8 years at September 30, 2023 compared to 6.0 years at December 31, 2022.

Table 10: Weighted-Average Expected Maturities of Mortgage and Asset-Backed Debt Securities

September 30, 2023			Years
Agency residential mortgage-backed			7.8
Non-agency residential mortgage-backed			10.1
Agency commercial mortgage-backed			5.1
Non-agency commercial mortgage-backed			1.1
Asset-backed			2.2

Additional information regarding our investment securities portfolio is included in Note 2 Investment Securities and Note 11 Fair Value.

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

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Funding Sources

Table 11: Details of Funding Sources

			September 30						December 31						Change
Dollars in millions			2023						2022						$			%
Deposits
Noninterest-bearing			$	105,672					$	124,486					$	(18,814)		(15)		%
Interest-bearing
Money market			63,780						64,150						(370)			(1)		%
Demand			127,413						126,143						1,270			1		%
Savings			99,535						103,033						(3,498)			(3)		%
Time deposits			27,209						18,470						8,739			47		%
Total interest-bearing deposits			317,937						311,796						6,141			2		%
Total deposits			423,609						436,282						(12,673)			(3)		%
Borrowed funds
Federal Home Loan Bank borrowings			36,000						32,075						3,925			12		%
Senior debt			22,407						16,657						5,750			35		%
Subordinated debt			4,728						6,307						(1,579)			(25)		%
Other			3,032						3,674						(642)			(17)		%
Total borrowed funds			66,167						58,713						7,454			13		%
Total funding sources			$	489,776					$	494,995					$	(5,219)		(1)		%

Total deposits decreased as a result of lower consumer and commercial deposits, reflecting the impact of economic pressures and continued elevated levels of consumer spending. In addition, noninterest-bearing balances decreased due to the continued shift into interest-bearing deposit products as interest rates have risen.

Borrowed funds increased due to parent company senior debt issuances and higher FHLB borrowings.

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 in this Financial Review for additional information regarding our liquidity and capital activities. See Note 7 Borrowed Funds in this Report and Note 10 Borrowed Funds in our 2022 Form 10-K for additional information related to our borrowings.

Shareholders’ Equity

Total shareholders’ equity was $49.5 billion at September 30, 2023, an increase of $3.7 billion compared to December 31, 2022, as increases related to net income of $4.8 billion and a preferred stock issuance of $1.5 billion were partially offset by dividends paid of $2.1 billion, common share repurchases of $0.5 billion and a decline in AOCI of $0.1 billion.

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

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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 14 Segment Reporting. Certain amounts included in this Business Segments Review differ from those amounts shown in Note 14, 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 79 in Note 14 Segment Reporting. “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  

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Retail Banking

Retail Banking’s core strategy is to build lifelong, primary relationships by creating a sense of financial well-being and ease for our clients. Over time, we seek to deepen those relationships by meeting the broad range of our clients’ financial needs across savings, liquidity, lending, payments, investment and retirement solutions. We work to deliver these solutions in the most seamless and efficient way possible, meeting our customers where they want to be met — whether in a branch, through digital channels, at an ATM or through our phone-based customer contact centers — while continuously optimizing the cost to sell and service. We believe that, over time, we can grow our customer base, enhance the breadth and depth of our client relationships and improve our efficiency through differentiated products and leading digital channels.

Table 12: Retail Banking Table

(Unaudited)
Nine months ended September 30															Change
Dollars in millions, except as noted			2023						2022						$			%
Income Statement
Net interest income			$	7,305					$	5,210					$	2,095		40		%
Noninterest income			2,229						2,218						11			—
Total revenue			9,534						7,428						2,106			28		%
Provision for credit losses			266						66						200			*
Noninterest expense			5,707						5,706						1			—
Pretax earnings			3,561						1,656						1,905			115		%
Income taxes			834						389						445			114		%
Noncontrolling interests			32						45						(13)			(29)		%
Earnings			$	2,695					$	1,222					$	1,473		121		%
Average Balance Sheet
Loans held for sale			$	597					$	991					$	(394)		(40)		%
Loans
Consumer
Residential real estate			$	35,225					$	33,088					$	2,137		6		%
Home equity			24,608						22,916						1,692			7		%
Automobile			14,966						15,638						(672)			(4)		%
Credit card			6,999						6,532						467			7		%
Education			2,119						2,422						(303)			(13)		%
Other consumer			1,934						2,204						(270)			(12)		%
Total consumer			85,851						82,800						3,051			4		%
Commercial			11,628						11,176						452			4		%
Total loans			$	97,479					$	93,976					$	3,503		4		%
Total assets			$	114,975					$	113,157					$	1,818		2		%
Deposits
Noninterest-bearing			$	59,448					$	65,026					$	(5,578)		(9)		%
Interest-bearing			198,356						200,918						(2,562)			(1)		%
Total deposits			$	257,804					$	265,944					$	(8,140)		(3)		%
Performance Ratios
Return on average assets			3.13		%				1.44		%
Noninterest income to total revenue			23		%				30		%
Efficiency			60		%				77		%

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

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At or for nine months ended September 30															Change
Dollars in millions, except as noted			2023						2022						$			%
Supplemental Noninterest Income Information
Asset management and brokerage			$	384					$	400					$	(16)		(4)		%
Card and cash management			$	997					$	1,003					$	(6)		(1)		%
Lending and deposit services			$	550					$	498					$	52		10		%
Residential and commercial mortgage			$	307					$	208					$	99		48		%
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (a)
Serviced portfolio balance (b)			$	213					$	170					$	43		25		%
Serviced portfolio acquisitions			$	34					$	50					$	(16)		(32)		%
MSR asset value (b)			$	2.8					$	2.1					$	0.7		33		%
MSR capitalization value (in basis points) (b)			133						122						11			9		%
Servicing income: (in millions)
Servicing fees, net (c)			$	212					$	119					$	93		78		%
Mortgage servicing rights valuation, net of economic hedge			$	42					$	(15)					$	57		*
Residential mortgage loan statistics
Loan origination volume (in billions)			$	5.9					$	13.0					$	(7.1)		(55)		%
Loan sale margin percentage			2.31		%				2.13		%
Percentage of originations represented by:
Purchase volume (d)			87		%				64		%
Refinance volume			13		%				36		%
Other Information (b)
Customer-related statistics (average)
Non-teller deposit transactions (e)			66		%				64		%
Digital consumer customers (f)			77		%				78		%
Credit-related statistics
Nonperforming assets			$	856					$	1,027					$	(171)		(17)		%
Net charge-offs - loans and leases			$	335					$	327					$	8		2		%
Other statistics
ATMs			8,476						9,169						(693)			(8)		%
Branches (g)			2,303						2,527						(224)			(9)		%
Brokerage account client assets (in billions) (h)			$	73					$	67					$	6		9		%

*- 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 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.

Retail Banking earnings for the first nine months of 2023 increased $1.5 billion compared to the same period in 2022 primarily due to increased net interest income, partially offset by an increased provision for credit losses.

Net interest income increased in the comparison due to wider interest rate spreads on the value of deposits, partially offset by narrower interest rate spreads on the value of loans.

Noninterest income increased primarily due to growth in residential mortgage banking and lending and deposit customer-related activities, partially offset by the impact of negative Visa Class B fair value adjustments compared to the same period in 2022.

Provision for credit losses included the impact of our updated economic outlook and changes in portfolio composition and quality.

Noninterest expense was relatively stable in the comparison.

Retail Banking average total loans increased in the first nine months of 2023 compared to the same period in 2022. Average consumer loans increased driven by higher residential real estate and home equity loans as a result of new volume and draws on existing accounts outpacing liquidations, as well as growth in credit card loans due to new account production and purchase volume increases.

The PNC Financial Services Group, Inc. – Form 10-Q 15  

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The increase was partially offset by a decline in automobile, education and other consumer loans as paydowns outpaced new originations. Average commercial loans increased due to growth in automobile dealer segment balances, partially offset by forgiveness of PPP loans.

Our focus on growing primary customer relationships is at the core of our deposit strategy in Retail, which is based on attracting and retaining stable, low-cost deposits as a key funding source for PNC. We have taken a disciplined approach to pricing, focused on retaining relationship-based balances and executing on targeted deposit growth and retention strategies aimed at more rate-sensitive customers. Our goal with regard to deposits is to optimize balances, economics and long-term customer growth. In the first nine months of 2023, average total deposits decreased compared to the same period in 2022, reflecting the impact of continued elevated levels of consumer spending and quantitative tightening by the Federal Reserve.

As part of our strategic focus on growing customers and meeting their financial needs, we operate a coast-to-coast network of retail branches, solution centers and ATMs, which are complemented by PNC’s suite of digital capabilities.

Retail Banking continues to enhance the customer experience with refinements to product and service offerings that drive value for consumers and small businesses.

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

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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 13: Corporate & Institutional Banking Table

(Unaudited)
Nine months ended September 30															Change
Dollars in millions, except as noted			2023						2022						$			%
Income Statement
Net interest income			$	4,214					$	3,781					$	433		11		%
Noninterest income			2,542						2,659						(117)			(4)		%
Total revenue			6,756						6,440						316			5		%
Provision for credit losses			283						15						268			*
Noninterest expense			2,755						2,661						94			4		%
Pretax earnings			3,718						3,764						(46)			(1)		%
Income taxes			867						864						3			—
Noncontrolling interests			15						12						3			25		%
Earnings			$	2,836					$	2,888					$	(52)		(2)		%
Average Balance Sheet
Loans held for sale			$	392					$	522					$	(130)		(25)		%
Loans
Commercial
Commercial and industrial			$	165,987					$	151,971					$	14,016		9		%
Commercial real estate			34,534						32,938						1,596			5		%
Equipment lease financing			6,419						6,168						251			4		%
Total commercial			206,940						191,077						15,863			8		%
Consumer			6						9						(3)			(33)		%
Total loans			$	206,946					$	191,086					$	15,860		8		%
Total assets			$	232,914					$	215,163					$	17,751		8		%
Deposits
Noninterest-bearing			$	52,829					$	80,197					$	(27,368)		(34)		%
Interest-bearing			89,845						68,514						21,331			31		%
Total deposits			$	142,674					$	148,711					$	(6,037)		(4)		%
Performance Ratios
Return on average assets			1.63		%				1.79		%
Noninterest income to total revenue			38		%				41		%
Efficiency			41		%				41		%
Other Information
Consolidated revenue from: (a)
Treasury Management (b)			$	2,412					$	1,958					$	454		23		%
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (c)			$	57					$	62					$	(5)		(8)		%
Commercial mortgage loan servicing income (d)			126						204						(78)			(38)		%
Commercial mortgage servicing rights valuation, net of economic hedge			99						99									—
Total			$	282					$	365					$	(83)		(23)		%
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (e)			$	282					$	282								—
MSR asset value (e)			$	1,169					$	1,132					$	37		3		%
Average loans by C&IB business (f)
Corporate Banking			$	116,777					$	103,055					$	13,722		13		%
Real Estate			47,407						44,427						2,980			7		%
Business Credit			30,230						27,913						2,317			8		%
Commercial Banking			8,170						9,500						(1,330)			(14)		%
Other			4,362						6,191						(1,829)			(30)		%
Total average loans			$	206,946					$	191,086					$	15,860		8		%
Credit-related statistics
Nonperforming assets (e)			$	1,130					$	779					$	351		45		%
Net charge-offs - loans and leases			$	190					$	43					$	147		*

*- 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.

The PNC Financial Services Group, Inc. – Form 10-Q 17  

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(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)As of September 30.

(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.

Corporate & Institutional Banking earnings in the first nine months of 2023 decreased $52 million compared to the same period in 2022 driven by higher provision for credit losses, lower noninterest income and increased noninterest expense, partially offset by higher net interest income.

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

Noninterest income decreased in the comparison driven by lower capital markets and advisory fees and lower commercial mortgage banking activities, partially offset by growth in treasury management product revenue.

Provision for credit losses included the impact of our updated economic outlook and changes in portfolio composition and quality.

Noninterest expense increased in the comparison reflecting continued investments to support business growth.

Average loans increased compared with the nine months ended September 30, 2022 due to increases in Corporate Banking, Real Estate and Business Credit, partially offset by a decrease in Commercial Banking:

•Corporate Banking provides lending, equipment finance, treasury management and capital markets 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 throughout 2022 and higher average utilization of loan commitments.

•Real Estate provides banking, financing and servicing solutions for commercial real estate clients across the country. Average loans for this business increased largely due to new production throughout 2022, partially offset by a lower average utilization of loan commitments.

•Business Credit provides asset-based lending and equipment financing solutions. The loan and lease portfolio is mainly secured by business assets. Average loans for this business increased primarily driven by 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 lower average utilization of loan commitments, PPP loan forgiveness and paydowns outpacing new production.

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 decreased compared to the nine months ended September 30, 2022, reflecting the impact of quantitative tightening by the Federal Reserve and included a continued shift from noninterest-bearing to interest-bearing deposits as deposit rates have risen. We continue to actively monitor the interest rate environment and make adjustments to our deposit strategy in response to evolving market conditions, bank funding needs and client relationship dynamics.

Following the BBVA acquisition in 2021 and our de novo expansion efforts, we are now a coast-to-coast franchise and have a presence in the largest 30 U.S. metropolitan statistical areas. These expanded locations complement Corporate & Institutional Banking’s existing national businesses with a significant presence in these cities, and our full suite of commercial products and services are 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 and advisory 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 relationships exist. The Other Information section in Table 13 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. 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

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

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deposit balances used to pay for products and services. Net interest income includes funding credit from all treasury management customer deposit balances. Compared to the first nine months of 2022, treasury management revenue increased due to wider interest rate spreads on the value of deposits and higher product revenue.

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 commercial mortgage servicing income driven by higher commercial MSRs amortization.

Capital markets and advisory includes services and activities primarily related to merger and acquisition advisory, equity capital markets advisory, asset-backed financing, loan syndication, securities underwriting and customer-related trading. The decrease in capital markets and advisory fees in the comparison was mostly driven by lower merger and acquisition advisory fees and lower loan syndication fees, partially offset by higher customer-related trading revenue for derivatives, foreign exchange and fixed income.

The PNC Financial Services Group, Inc. – Form 10-Q 19  

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Asset Management Group

The Asset Management Group strives to be a 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 14: Asset Management Group Table

(Unaudited)
Nine months ended September 30															Change
Dollars in millions, except as noted			2023						2022						$			%
Income Statement
Net interest income			$	391					$	456					$	(65)		(14)		%
Noninterest income			681						713						(32)			(4)		%
Total revenue			1,072						1,169						(97)			(8)		%
Provision for (recapture of) credit losses			(5)						11						(16)			*
Noninterest expense			831						795						36			5		%
Pretax earnings			246						363						(117)			(32)		%
Income taxes			58						85						(27)			(32)		%
Earnings			$	188					$	278					$	(90)		(32)		%
Average Balance Sheet
Loans
Consumer
Residential real estate			$	9,932					$	7,756					$	2,176		28		%
Other consumer			4,040						4,605						(565)			(12)		%
Total consumer			13,972						12,361						1,611			13		%
Commercial			1,188						1,577						(389)			(25)		%
Total loans			$	15,160					$	13,938					$	1,222		9		%
Total assets			$	15,578					$	14,360					$	1,218		8		%
Deposits
Noninterest-bearing			$	1,796					$	2,852					$	(1,056)		(37)		%
Interest-bearing			25,742						28,564						(2,822)			(10)		%
Total deposits			$	27,538					$	31,416					$	(3,878)		(12)		%
Performance Ratios
Return on average assets			1.61		%				2.59		%
Noninterest income to total revenue			64		%				61		%
Efficiency			78		%				68		%
Supplemental Noninterest Income Information
Asset management fees			$	663					$	693					$	(30)		(4)		%
Brokerage fees			6						6									—
Total			$	669					$	699					$	(30)		(4)		%
Other Information
Nonperforming assets (a)			$	39					$	95					$	(56)		(59)		%
Net charge-offs (recoveries) - loans and leases			$	(2)					$	(1)					$	(1)		*
Brokerage account client assets (in billions) (a)			$	5					$	4					$	1		25		%
Client Assets Under Administration (in billions) (a) (b)
Discretionary client assets under management			$	176					$	166					$	10		6		%
Nondiscretionary client assets under administration			170						148						22			15		%
Total			$	346					$	314					$	32		10		%
Discretionary client assets under management
PNC Private Bank			$	109					$	99					$	10		10		%
Institutional Asset Management			67						67									—
Total			$	176					$	166					$	10		6		%

*- Not Meaningful

(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. This 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

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

Asset Management Group earnings in the first nine months of 2023 decreased $90 million compared to the same period in 2022, primarily driven by lower net interest income, higher noninterest expense and a decrease in noninterest income.

Net interest income decreased in the comparison due to a decline in average deposits as well as narrower interest rate spreads on the value of loans.

Noninterest income decreased in the comparison driven by lower asset management fees due to the impact of client activity.

Noninterest expense increased in the comparison, reflecting continued investments to support business growth.

Average loans increased compared with the nine months ended September 30, 2022, driven by growth in residential real estate lending, partially offset by a decrease in security based lending lines of credit.

Average deposits decreased in the comparison due to competitive pricing pressures as clients continue to seek higher yielding returns, including deploying funds into discretionary client assets under management.

Discretionary client assets under management increased in comparison to the prior year, primarily due to higher equity markets as of September 30, 2023.

RISK MANAGEMENT

The Risk Management section included in Item 7 of our 2022 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 2022 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 2022 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 15: Details of Loans

In billions

The PNC Financial Services Group, Inc. – Form 10-Q 21  

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We use several credit quality indicators, as further detailed in Note 3 Loans and Related Allowance for Credit Losses, 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.

Commercial

Commercial and Industrial

Commercial and industrial loans comprised 55% and 56% of our total loan portfolio at September 30, 2023 and December 31, 2022, respectively. The majority of our commercial and industrial loans are secured by collateral that provides a secondary source of repayment for a loan should a 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 across industries as shown in the following table (based on the North American Industry Classification System).

Table 16: Commercial and Industrial Loans by Industry

			September 30, 2023															December 31, 2022
Dollars in millions			Amount						% of Total									Amount						% of Total
Commercial and industrial
Manufacturing			$	29,163					17		%							$	30,845					17		%
Retail/wholesale trade			28,284						16									29,176						16
Financial services			22,770						13									21,320						12
Service providers			21,680						12									23,548						13
Real estate related (a)			16,182						9									17,780						10
Technology, media & telecommunications			10,989						6									11,845						7
Health care			10,092						6									10,649						6
Transportation and warehousing			7,891						5									7,858						4
Other industries			27,112						16									29,198						15
Total commercial and industrial loans			$	174,163					100		%							$	182,219					100		%

(a)    Represents loans to customers in the real estate and construction industries.

Commercial Real Estate

Commercial real estate loans comprised $21.4 billion related to commercial mortgages on income-producing properties, $6.3 billion of real estate construction project loans and $8.1 billion of intermediate-term financing loans as of September 30, 2023. Comparable amounts as of December 31, 2022 were $22.3 billion, $6.4 billion and $7.6 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 commercial real estate loans 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

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The following table presents our commercial real estate loans by geography and property type:

Table 17: Commercial Real Estate Loans by Geography and Property Type

			September 30, 2023															December 31, 2022
Dollars in millions			Amount						% of Total									Amount						% of Total
Geography (a)
California			$	6,199					17		%							$	6,224					17		%
Florida			3,710						10									3,275						9
Texas			3,705						10									3,871						11
Pennsylvania			1,702						5									1,638						5
Virginia			1,573						4									1,638						5
Maryland			1,401						4									1,496						4
Illinois			1,256						4									1,321						4
Colorado			1,218						3									1,336						4
Ohio			1,176						3									1,236						3
Arizona			1,171						3									1,040						3
Other			12,665						37									13,241						35
Total commercial real estate loans			$	35,776					100		%							$	36,316					100		%
Property Type (a)
Multifamily			$	15,336					43		%							$	13,738					38		%
Office			8,569						24									9,123						25
Industrial/warehouse			3,984						11									4,035						11
Retail			2,604						7									2,855						8
Hotel/motel			1,796						5									1,896						5
Seniors housing			1,765						5									2,228						6
Mixed use			381						1									701						2
Other			1,341						4									1,740						5
Total commercial real estate loans			$	35,776					100		%							$	36,316					100		%

(a)    Presented in descending order based on loan balances at September 30, 2023.

As remote work continues to be a feasible alternative and notable portions of available space remain underutilized, real estate related to the office sector is an area of continuing uncertainty. We continue to closely monitor and manage our office portfolio for elevated levels of credit risk given the ongoing shift in office demand.

At September 30, 2023, our outstanding loan balances in the office portfolio totaled $8.6 billion, or 2.7% of total loans, while additional unfunded loan commitments totaled $0.4 billion. Nonperforming loans within the office portfolio totaled 7.7% and criticized loans within the office portfolio totaled 23.2%. At September 30, 2023, there were no office loans outstanding that were 30 or more days delinquent outside of the nonperforming category. As of September 30, 2023, we have established reserves of 8.5% against office loans.

Our office portfolio is well diversified geographically across our coast-to-coast franchise. From a tenancy category perspective, 59% of this portfolio represents multi-tenant properties at September 30, 2023, which is an area where we have noted increased stress. The remaining 41% of the portfolio is primarily comprised of single-tenant, government tenant and medical office tenant properties.

Consumer

Residential Real Estate

Residential real estate loans primarily consisted of residential mortgage loans at both September 30, 2023 and December 31, 2022.

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 or 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.

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

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

Table 18: Residential Real Estate Loan Statistics

			September 30, 2023															December 31, 2022
Dollars in millions			Amount						% of Total									Amount						% of Total
Geography (a)
California			$	19,660					42		%							$	18,609					41		%
Texas			4,070						9									4,194						9
Washington			3,408						7									3,009						7
Florida			3,369						7									3,360						7
New Jersey			1,919						4									1,925						4
New York			1,557						3									1,558						3
Arizona			1,443						3									1,436						3
Pennsylvania			1,219						3									1,188						3
Colorado			1,199						3									1,192						3
Virginia			987						2									960						2
Other			8,528						17									8,458						18
Total residential real estate loans			$	47,359					100		%							$	45,889					100		%
			September 30, 2023															December 31, 2022
Weighted-average loan origination statistics (b)
Loan origination FICO score									772															770
LTV of loan originations									73		%													71		%

(a)Presented in descending order based on loan balances at September 30, 2023.

(b)Weighted-averages calculated for the twelve months ended September 30, 2023 and December 31, 2022, 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 $42.2 billion at September 30, 2023, with 45% located in California. Comparable amounts at December 31, 2022 were $40.6 billion and 44%, respectively.

Home Equity

Home equity loans comprised $20.4 billion of home equity lines of credit and $5.8 billion of closed-end home equity installment loans at September 30, 2023. Comparable amounts were $19.5 billion and $6.5 billion as of December 31, 2022, respectively. Home equity lines of credit are a variable interest rate product with fixed rate conversion options available to certain borrowers.

Similar to residential real estate loans, we track borrower performance of this portfolio on a monthly basis. We also segment the population into pools based on product type (e.g., home equity loans, legacy brokered home equity loans, home equity lines of credit or legacy brokered home equity lines of credit) and track the historical performance of any related mortgage loans regardless of whether we hold such liens. 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, 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

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

Table 19: Home Equity Loan Statistics

			September 30, 2023															December 31, 2022
Dollars in millions			Amount						% of Total									Amount						% of Total
Geography (a)
Pennsylvania			$	4,807					18		%							$	5,051					19		%
New Jersey			3,207						12									3,266						13
Ohio			2,272						9									2,352						9
Florida			2,202						8									2,082						8
California			1,513						6									1,247						5
Maryland			1,238						5									1,254						5
Michigan			1,225						5									1,263						5
Texas			1,208						5									1,144						4
Illinois			1,083						4									1,126						4
North Carolina			1,005						4									995						4
Other			6,399						24									6,203						24
Total home equity loans			$	26,159					100		%							$	25,983					100		%
Lien type
1st lien									53		%													58		%
2nd lien									47															42
Total									100		%													100		%
Weighted-average loan origination statistics (b)			September 30, 2023															December 31, 2022
Loan origination FICO score									772															774
LTV of loan originations									65		%													67		%

(a)Presented in descending order based on loan balances at September 30, 2023.

(b)Weighted-averages calculated for the twelve months ended September 30, 2023 and December 31, 2022, respectively.

Automobile

Auto loans comprised $13.8 billion in the indirect auto portfolio and $1.1 billion in the direct auto portfolio as of September 30, 2023. Comparable amounts as of December 31, 2022 were $13.7 billion and $1.1 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 20: Auto Loan Statistics

			September 30, 2023			December 31, 2022
Weighted-average loan origination FICO score (a) (b)
Indirect auto			784			784
Direct auto			782			776
Weighted-average term of loan originations - in months (a)
Indirect auto			73			73
Direct auto			64			63

(a)Weighted-averages calculated for the twelve months ended September 30, 2023 and December 31, 2022, 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 20. We offer both new and used auto financing to customers through our various channels. At September 30, 2023, the portfolio balance was composed of 46% new vehicle loans and 54% used vehicle loans. Comparable amounts at December 31, 2022 were 50% and 50%, 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  

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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 loans whose terms were modified as a result of a borrower’s financial difficulty 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 for details on our nonaccrual policies.

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

Table 21: Nonperforming Assets by Type

			September 30, 2023			December 31, 2022						Change
Dollars in millions												$						%
Nonperforming loans (a)
Commercial			$	1,211		$	858					$	353					41		%
Consumer (b)			912			1,127						(215)						(19)		%
Total nonperforming loans			2,123			1,985						138						7		%
OREO and foreclosed assets			35			34						1						3		%
Total nonperforming assets			$	2,158		$	2,019					$	139					7		%
Nonperforming loans to total loans			0.67		%	0.61		%
Nonperforming assets to total loans, OREO and foreclosed assets			0.68		%	0.62		%
Nonperforming assets to total assets			0.39		%	0.36		%
Allowance for loan and lease losses to nonperforming loans			225		%	239		%
Allowance for credit losses to nonperforming loans (c)			255		%	274		%

(a)In connection with the adoption of ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, nonperforming loans as of September 30, 2023 include certain loans where terms were modified as a result of a borrower’s financial difficulty. Prior period amounts included nonperforming TDRs, for which accounting guidance was eliminated effective January 1, 2023. See Note 1 Accounting Policies and the Loan Modifications to Borrowers Experiencing Financial Difficulty section of Note 3 Loans and Related Allowance for more information on our adoption of this ASU.

(b)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.

(c)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, 2023 and 2022:

Table 22: Change in Nonperforming Assets

In millions						2023						2022
January 1						$	2,019					$	2,506
New nonperforming assets						1,503						1,177
Charge-offs and valuation adjustments						(348)						(196)
Principal activity, including paydowns and payoffs						(581)						(729)
Asset sales and transfers to loans held for sale						(65)						(30)
Returned to performing status						(370)						(627)
September 30						$	2,158					$	2,101

As of September 30, 2023, approximately 98% of total nonperforming loans were secured by collateral.

Loan Delinquencies

We regularly monitor the level of loan delinquencies and believe these levels are 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 elevated inflation levels, industry specific risks, higher interest rates, declining consumer savings and deposit balances, and structural and secular changes fostered by the pandemic. To mitigate losses and enhance customer support, we offer loan modifications and collection programs to assist our customers. The CARES Act credit reporting rules expired in the third quarter of 2023 and as such,

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

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delinquency status at September 30, 2023 is being reported for all loans based on the contractual terms of the loan. Amounts as of December 31, 2022 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.

The following table presents a summary of accruing loans past due by delinquency status:

Table 23: Accruing Loans Past Due (a)

						Amount																								% of Total Loans Outstanding
						September 30 2023						December 31 2022						Change												September 30 2023						December 31 2022
Dollars in millions																		$						%
Early stage loan delinquencies
Accruing loans past due 30 to 59 days						$	607					$	747					$	(140)					(19)		%				0.19		%				0.23		%
Accruing loans past due 60 to 89 days						253						261						(8)						(3)		%				0.08		%				0.08		%
Total early stage loan delinquencies						860						1,008						(148)						(15)		%				0.27		%				0.31		%
Late stage loan delinquencies
Accruing loans past due 90 days or more						427						482						(55)						(11)		%				0.13		%				0.15		%
Total accruing loans past due						$	1,287					$	1,490					$	(203)					(14)		%				0.40		%				0.46		%

(a)Past due loan amounts include government insured or guaranteed loans of $0.4 billion at both September 30, 2023 and December 31, 2022.

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.

Loan Modifications

We provide relief to our customers experiencing financial hardships through a variety of solutions. Commercial loan and lease modifications are based on each individual borrower’s situation, while consumer loan modifications are evaluated under our hardship relief programs.

On January 1, 2023, we adopted ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance for TDRs and enhances the disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. Refer to Note 1 Accounting Policies and Note 3 Loans and Related Allowance for Credit Losses for additional information on our adoption of this ASU.

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 economic 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, other financial assets and unfunded lending related commitments and determine this allowance based on assessments of the remaining estimated contractual term as of the balance sheet date.

See Note 1 Accounting Policies for additional discussion of our ACL, including details of our methodologies. Also see the Critical Accounting Estimates and Judgments section of this Report for further discussion of the assumptions used in the determination of the ACL as of September 30, 2023.

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

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The following table summarizes our ACL related to loans:

Table 24: Allowance for Credit Losses by Loan Class (a)

						September 30, 2023												December 31, 2022
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						$	1,843		$	174,163		1.06		%				$	1,957		$	182,219		1.07		%
Commercial real estate						1,270			35,776			3.55		%				1,047			36,316			2.88		%
Equipment lease financing						109			6,493			1.68		%				110			6,514			1.69		%
Total commercial						3,222			216,432			1.49		%				3,114			225,049			1.38		%
Consumer
Residential real estate						62			47,359			0.13		%				92			45,889			0.20		%
Home equity						288			26,159			1.10		%				274			25,983			1.05		%
Automobile						169			14,940			1.13		%				226			14,836			1.52		%
Credit card						762			7,060			10.79		%				748			7,069			10.58		%
Education						56			2,020			2.77		%				63			2,173			2.90		%
Other consumer						208			4,446			4.68		%				224			5,026			4.46		%
Total consumer						1,545			101,984			1.51		%				1,627			100,976			1.61		%
Total						4,767			$	318,416		1.50		%				4,741			$	326,025		1.45		%
Allowance for unfunded lending related commitments						640												694
Allowance for credit losses						$	5,407											$	5,435
Allowance for credit losses to total loans												1.70		%										1.67		%
Commercial												1.73		%										1.66		%
Consumer												1.62		%										1.69		%

(a)    Excludes allowances for investment securities and other financial assets, which together totaled $131 million and $176 million at September 30, 2023 and December 31, 2022, respectively.

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

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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
2023
Commercial
Commercial and industrial						$	192					$	98					$	94					0.07		%
Commercial real estate						124						4						120						0.45		%
Equipment lease financing						11						8						3						0.06		%
Total commercial						327						110						217						0.13		%
Consumer
Residential real estate						6						10						(4)						(0.01)		%
Home equity						15						36						(21)						(0.11)		%
Automobile						91						77						14						0.12		%
Credit card						232						32						200						3.82		%
Education						13						5						8						0.50		%
Other consumer						124						28						96						2.73		%
Total consumer						481						188						293						0.39		%
Total						$	808					$	298					$	510					0.21		%
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		%

Total net charge-offs increased $171 million, or 50%, for the first nine months of 2023 compared to the same period in 2022. The increase in the comparison was attributable to higher net charge-offs in both our commercial and consumer portfolios.

See Note 1 Accounting Policies in our 2022 Form 10-K and Note 3 Loans and Related Allowance for Credit Losses of 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 2022 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 are required to maintain a regulatory minimum of 100%. The LCR for each of PNC and PNC Bank exceeded the regulatory minimum requirement throughout the third quarter of 2023. Fluctuations in our average LCR result from changes to the components of the calculation, including high-quality liquid assets and net cash outflows, as a result of ongoing business activity.

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 calculate the NSFR on an ongoing basis and are required to maintain a regulatory minimum of 100%. The NSFR for each of PNC and PNC Bank exceeded the regulatory minimum requirement throughout the third quarter of 2023.

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

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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 2022 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 $423.6 billion at September 30, 2023 from $436.3 billion at December 31, 2022, and included a continued shift from noninterest-bearing to interest-bearing deposit products, as interest rates have risen. As of September 30, 2023, uninsured deposits represented approximately 46% of our total deposit base. The majority of our uninsured deposits are related to commercial operating and relationship accounts, which we define as commercial deposit customers who utilize two or more PNC products. See the Funding Sources portion of the Consolidated Balance Sheet Review and Business Segments Review sections of this Financial Review for additional information on our deposits and related strategies.

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 7 Borrowed Funds included in this Report and Note 10 Borrowed Funds in our 2022 Form 10-K for additional information related to our borrowings.

Total senior and subordinated debt, on a consolidated basis, increased due to the following activity:

Table 26: Senior and Subordinated Debt

In billions			2023
January 1			$	23.0
Issuances			7.0
Calls and maturities			(2.3)
Other			(0.6)
September 30			$	27.1

Additionally, certain liquid assets and unused borrowing capacity from a number of sources are also available to manage our liquidity position. The following table summarizes our contingent liquidity from on-balance sheet and off-balance sheet funding sources:

Table 27: Contingent Liquidity Sources

In billions			September 30, 2023						December 31, 2022
Cash balance with Federal Reserve Bank			$	41.1					$	26.9
Available investment securities (a)			97.4						109.8
Unused borrowing capacity from FHLB and Federal Reserve Bank			84.4						67.2
Total available contingent liquidity			$	222.9					$	203.9

(a) Available investment securities represents the fair value of investment securities that are available for sale or that can be used for pledging or to secure other sources of funding.

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, 2023, PNC Bank’s remaining capacity to issue under the program was $33.3 billion.

Under PNC Bank’s 2013 commercial paper program, PNC Bank has the ability to offer up to $10.0 billion of its commercial paper to provide additional liquidity. At September 30, 2023, 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.

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

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At September 30, 2023, available parent company liquidity totaled $17.4 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 $6.1 billion at September 30, 2023. See Note 20 Regulatory Matters in our 2022 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. Under the parent company’s 2014 commercial paper program, the parent company has the ability to offer up to $5.0 billion of commercial paper to provide additional liquidity. At September 30, 2023, there were no issuances outstanding under this program.

The following table details parent company note issuances in the third quarter of 2023:

Table 28: Parent Company Notes Issued

Issuance Date			Amount			Description of Issuance
August 18, 2023			$750 million			$750 million of senior fixed-to-floating notes with a maturity date of August 18, 2034. Interest is payable semi-annually in arrears at a fixed rate of 5.939% per annum, on February 18 and August 18 of each year, beginning on February 18, 2024. Beginning on August 18, 2033, interest is payable quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), plus 1.946%, on November 18, 2033, February 18, 2034, May 18, 2034 and at the maturity date.

Parent company senior and subordinated debt outstanding totaled $19.6 billion and $13.1 billion at September 30, 2023 and December 31, 2022, respectively.

See Note 17 Subsequent Events for details on the parent company’s issuances of $1.25 billion of its 6.615% senior fixed-to-floating

rate notes that mature on October 27, 2023 and $2.25 billion of its 6.875% senior fixed-to-floating rate notes that mature on October 20, 2034.

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 2022 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 8 Commitments.

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.

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

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The following table presents credit ratings and outlook for PNC:

Table 29: Credit Ratings and Outlook

			September 30, 2023
			Moody’s (a)			Standard & Poor’s			Fitch
Parent Company
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
PNC
Agency rating outlook			Negative			Stable			Stable

(a)On August 7, 2023, the Moody's rating outlook on PNC's long-term issuer rating, long-term local currency bank deposits and senior unsecured local currency notes was changed to negative from stable, reflecting the current pressures on the U.S. banking sector.

Capital Management

Detailed information on our capital management processes and activities is included in the Supervision and Regulation section of Item 1 of our 2022 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.

See Note 17 Subsequent Events for details on the redemption of $1.0 billion of Series O preferred stock on November 1, 2023.

In the third quarter of 2023, PNC returned $0.6 billion of capital to shareholders through dividends on common shares. Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels (the regulatory minimum (4.5%) plus our SCB), 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 46% were still available for repurchase at September 30, 2023. In light of the Federal banking agencies proposed rules to adjust the Basel III capital framework, share repurchase activity was paused in the third quarter of 2023 and is expected to remain paused during the fourth quarter of 2023. PNC continues to evaluate the potential impact of the proposed rules and may resume share repurchase activity depending on market and economic conditions, as well as other factors. PNC’s SCB for the four-quarter period beginning October 1, 2023 is the regulatory minimum of 2.5%.

On October 2, 2023, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.55 per share. The dividend, with a payment date of November 5, 2023, will be payable the next business day.

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

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The following table summarizes our Basel III capital balances and ratios:

Table 30: Basel III Capital

			September 30, 2023
Dollars in millions			Basel III (a)			Fully Implemented (estimated) (b)
Common equity Tier 1 capital
Common stock plus related surplus, net of treasury stock			$	(3,694)		$	(3,694)
Retained earnings			56,652			56,170
Goodwill, net of associated deferred tax liabilities			(10,754)			(10,754)
Other disallowed intangibles, net of deferred tax liabilities			(329)			(329)
Other adjustments/(deductions)			(99)			(101)
Common equity Tier 1 capital (c)			41,776			41,292
Additional Tier 1 capital
Preferred stock plus related surplus			7,239			7,239
Tier 1 capital			49,015			48,531
Additional Tier 2 capital
Qualifying subordinated debt			2,971			2,971
Eligible credit reserves includable in Tier 2 capital			4,800			5,277
Total Basel III capital			$	56,786		$	56,779
Risk-weighted assets
Basel III standardized approach risk-weighted assets (d)			$	425,131		$	425,323
Average quarterly adjusted total assets			$	549,724		$	549,239
Supplementary leverage exposure (e)			$	648,959		$	648,958
Basel III risk-based capital and leverage ratios (f)
Common equity Tier 1			9.8		%	9.7		%
Tier 1			11.5		%	11.4		%
Total			13.4		%	13.3		%
Leverage (g)			8.9		%	8.8		%
Supplementary leverage ratio (e)			7.6		%	7.5		%

(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 exclude 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, FDMs, 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 allowance for PCD loans, 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 2022 Form 10-K.

At September 30, 2023, 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%.

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

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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 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 we believe that our September 30, 2023 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 our 2022 Form 10-K.

Market Risk Management

See the Market Risk Management portion of the Risk Management section in our 2022 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 market risk-related 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 2023 and 2022 follow:

Table 31: Interest Sensitivity Analysis

			Third Quarter 2023						Third Quarter 2022
Net Interest Income Sensitivity Simulation
Effect on net interest income in first year from gradual parallel interest rate change over the    following 12 months of:
100 basis point increase			(0.4)		%				2.5		%
100 basis point decrease			0.3		%				(2.5)		%
Effect on net interest income in second year from gradual parallel interest rate change over the     preceding 12 months of:
100 basis point increase			(0.3)		%				4.5		%
100 basis point decrease			0.1		%				(4.8)		%

In addition to measuring the effect on net interest income assuming parallel changes in current interest rates, we routinely simulate the effects of a number of nonparallel interest rate environments. Table 32 reflects the percentage change in net interest income over the next two twelve-month periods, assuming (i) the PNC Economist’s most likely rate forecast, (ii) implied market forward rates, and (iii) yield curve slope flattening (a 100 basis point yield curve slope flattening between one-month and ten-year rates superimposed on current base rates) scenario.

All changes in forecasted net interest income are relative to results in a base rate scenario where current market rates are assumed to remain unchanged over the forecast horizon.

Table 32: Net Interest Income Sensitivity to Alternative Rate Scenarios

			September 30, 2023
			PNC Economist			Market Forward			Slope Flattening
First year sensitivity			0.6		%	1.3		%	(0.4)		%
Second year sensitivity			4.5		%	3.3		%	(2.5)		%

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

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

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The following graph presents the SOFR curves for the base rate scenario and each of the alternate scenarios one year forward:

Table 33: Alternate Interest Rate Scenarios: One Year Forward

The third quarter 2023 interest sensitivity analyses indicate that our Consolidated Balance Sheet is positioned to benefit from an increase in interest rates over the longer term 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.

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 2022 Form 10-K for more information on our models used to calculate VaR and our backtesting process.

Customer-related trading revenue was $118 million for the nine months ended September 30, 2023, compared to $291 million for the nine months ended September 30, 2022. The decrease was mainly due to higher funding costs on the trading positions inventory and lower derivative client sales revenues, partially offset by improved foreign exchange client revenues.

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.

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

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A summary of our equity investments follows:

Table 34: Equity Investments Summary

			September 30 2023						December 31 2022						Change
Dollars in millions															$						%
Tax credit investments			$	4,159					$	4,308					$	(149)					(3)		%
Private equity and other			3,887						4,129						(242)						(6)		%
Total			$	8,046					$	8,437					$	(391)					(5)		%

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 $2.5 billion at both September 30, 2023 and December 31, 2022, 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 our 2022 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 $1.9 billion and $1.8 billion at September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023, $1.7 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, 2023 per share closing price of $230.01 for a Visa Class A common share, the estimated value of our total investment in the Class B common shares was approximately $1.3 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 our 2022 Form 10-K and Note 13 Legal Proceedings in this Report for additional information regarding our Visa agreements, and Visa’s proposed amendments to its Certificate of Incorporation to institute, if approved by stockholders, an exchange offer program that would release transfer restrictions on portions of the Visa Class B common shares. The estimated value does not represent fair value of the Visa B common shares given the shares’ limited transferability and the lack of observable transactions in the marketplace.

We also have certain other equity investments, the majority of which represent investments in affiliated and non-affiliated funds with both traditional and alternative investment strategies. Net gains related to these investments were $17 million for the nine months ended September 30, 2023 and $26 million for the nine months ended September 30, 2022.

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 2022 Form 10-K and in Note 11 Fair Value and Note 12 Financial Derivatives in 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.

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

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RECENT REGULATORY DEVELOPMENTS

Long-Term Debt Requirements

In August 2023, the federal banking agencies proposed rules that would require Category II, III, and IV bank holding companies under the Federal Reserve’s Enhanced Prudential Standards to issue and maintain minimum amounts of long-term debt that satisfies certain requirements. Under the proposal, insured depository institutions of such bank holding companies would also be required to issue and maintain long-term debt internally to a company that consolidates the insured depository institution, which in turn would be required to purchase that long-term debt. Additionally, Category II, III, and IV bank holding companies would be subject to “clean holding company” requirements, which would prohibit such companies from entering into certain financial arrangements and cap liabilities that are not long-term debt and rank at either the same priority as or junior to eligible external long-term debt. PNC, as a Category III holding company, and PNC Bank would be subject to the rules and would have a three-year phase-in period after any final rule to achieve compliance with the long-term debt requirements. If the rules were finalized in their current form, we would expect to achieve compliance through normal course funding.

Resolution Plan Requirements

In August 2023, the FDIC proposed changes to its rule requiring certain insured depository institutions, including PNC Bank, to periodically submit a resolution plan that, in the event of a hypothetical failure, should enable the FDIC to resolve the bank under the Federal Deposit Insurance Act. Under the proposed rule, banks with $100 billion or more in assets, such as PNC Bank, would be required to submit full resolution plans on a two-year cycle with an interim informational supplement and FDIC supervisory activities and capabilities testing between full submissions. The proposed rule would significantly expand the required content elements and add virtual data room and valuation capabilities as significant components of the resolution planning process. The proposal would divide banks with $100 billion or more in assets into two future groups, with one group of banks required to submit their first full resolution plan under the new rule at least 270 days after the effective date of the final rule, and the other submitting full plans the following year.

The Federal Reserve and FDIC also proposed new guidance for holding company resolution plans submitted by triennial full filers, such as PNC, under section 165(d) of the Dodd-Frank Act and the implementing regulations. The proposed guidance bifurcates each area of requirements into separate sections for single point of entry and multiple point of entry resolution strategies, generally applying—to the extent relevant to each resolution strategy—the expectations from the 2019 resolution plan guidance applicable to U.S. GSIBs. Firms like PNC with a multiple point of entry resolution strategy would be required to incorporate more severe plan assumptions and include new required plan content, operational capabilities, legal entity rationalization, and separability options, among other requirements. PNC’s next 165(d) resolution plan is due July 1, 2024, unless the Federal Reserve and FDIC provide an extension.

Other Regulatory Developments

On October 19, 2023, the CFPB proposed for public comment a rule to implement Section 1033 of the Dodd-Frank Act, which requires certain entities, including PNC and PNC Bank, to, upon request, make available to a consumer information in the entity’s control or possession concerning the consumer financial product or service that the consumer obtained from that entity. In general, the proposed rule would require data providers holding a consumer account, such as PNC Bank, to establish a developer interface satisfying certain security and other standards, accept requests for specific types of data covered by the rule through the developer interface and, in response to such a request, make that data available in electronic form to consumers and authorized third parties, including data aggregators. Data providers could not charge consumers or third parties fees for processing these requests. The proposed rule would also place data security, authorization, and other obligations on third parties accessing covered data from data providers, which could include PNC and PNC Bank when acting in certain capacities. The rule would also require third parties to limit their collection, use, and retention of the data received to only that reasonably necessary to provide the consumer’s requested product or service. The rule would be effective for PNC and PNC Bank six months after publication of the final rule.

On October 24, 2023, the federal banking agencies issued a final rule to amend the regulations implementing the Community Reinvestment Act (CRA), which requires the agencies to assess a bank’s record of meeting the credit needs of the communities in which they do business, including low- and moderate-income neighborhoods. The rule significantly expands the number of areas in which a bank is evaluated, materially changes the tests used to evaluate the bank in those areas and expands the data a bank must collect and report. We expect the rule will increase PNC Bank’s obligations and compliance costs necessary to achieve a “Satisfactory” or “Outstanding” rating under the CRA framework, which factors into the ability of banks to expand and engage in new activities.

On October 25, 2023, the Federal Reserve proposed revisions to the three components of the interchange fee cap for a debit card transaction received by a debit card issuer that does not qualify for a statutory exemption, such as PNC Bank. Under the proposed rule, the base component would decrease from 21.0 to 14.4 cents, the ad valorem component would decrease from 5.0 basis points to 4.0 basis points (multiplied by the value of the transaction) and for a debit card issuer that meets certain fraud-prevention standards, the fraud-prevention adjustment component would increase from 1.0 cents to 1.3 cents. The proposed rule would also codify an approach to update the three components every other year. The final rule would take effect on the first day of the next calendar quarter that begins at least 60 days after the rule is published.

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

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CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

Our consolidated financial statements are prepared by applying certain accounting policies. Note 1 Accounting Policies in our 2022 Form 10-K describes the most significant accounting policies that we use. 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 our 2022 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 estimated contractual term of the assets or exposures, taking into consideration expected prepayments and estimated recoveries. 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 economic 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 incorporate qualitative factors in the ACL that reflect our best estimate of expected losses that may not be adequately represented in our quantitative methods or economic assumptions. The major drivers of ACL estimates include, but are not limited to:

•Current economic conditions: Our forecast of expected losses depends on economic conditions as of the estimation date. As          current economic conditions evolve, forecasted losses could be materially affected.         

•Scenario weights and design: Our loss estimates are sensitive to the shape, direction and rate of change of macroeconomic forecasts and thus vary significantly between upside and downside scenarios. Changes to probability weights assigned to these scenarios and timing of peak business cycles reflected by the scenarios could materially affect our loss estimates.

•Current borrower quality: Our forecast of expected losses depends on current borrower and transaction characteristics, including credit metrics and collateral type/quality. As borrower quality evolves, forecasted losses could be materially affected.

•Portfolio composition: Changes to portfolio volume and mix could materially affect our estimates, as CECL reserves

would be recognized upon origination or acquisition and derecognized upon paydown, maturity or sale.

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.

Reasonable and Supportable Economic Forecast

Pursuant to the CECL standard, we are required to consider reasonable and supportable forecasts in estimating expected credit losses. For this purpose, we have established a framework that 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. 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) 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, securities and other financial assets. Each quarter, the scenarios are presented to RAC for approval, and the committee also approves CECL scenario weights for use during the current reporting period.

The scenarios used for the period ended September 30, 2023 consider, among other factors, the ongoing inflationary pressures and the corresponding tightening of monetary policy and credit availability. Our most-likely expectation at September 30, 2023 is that the U.S. economy will be impacted by a mild recession starting in the first half of 2024.

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, 2023 and December 31, 2022.

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

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Table 35: Key Macroeconomic Variables in CECL Weighted-Average Scenarios

			Assumptions as of September 30, 2023
			2023			2024			2025
U.S. real GDP (a)			2.1%			(0.1)%			1.9%
U.S. unemployment rate (b)			3.8%			4.6%			4.6%
			Assumptions as of December 31, 2022
			2023			2024			2025
U.S. real GDP (a)			(0.4)%			1.4%			1.9%
U.S. unemployment rate (b)			4.9%			4.9%			4.4%

(a)Represents year-over-year growth (loss) rates.

(b)Represents quarterly average rate at December 31, 2023, 2024 and 2025, respectively.

Real GDP growth is expected to end 2023 at 2.1% on a weighted average basis, up from the (0.4%) assumed at December 31, 2022, primarily due to stronger-than-anticipated growth in the first half of 2023. Growth then drops to (0.1)% in 2024, before jumping to 1.9% in 2025. In line with stronger-than-anticipated job growth in 2023, the weighted-average projection of the unemployment rate is expected to end 2023 at 3.8%, down from the 4.9% assumed at December 31,2022. The weighted-average unemployment rate is then expected to increase through 2024, reaching 4.6% by year-end 2024, and remain flat at 4.6% through the fourth quarter of 2025.

The current state of the economy reflects an environment with receding pandemic-related risks and labor-related supply chain pressures. However, heightened uncertainty remains due to structural and secular changes fostered by the pandemic for certain sectors of the economy combined with inflation, rising interest rates and declining consumer savings and deposit balances. 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 analyses, 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,

•Note 2 Investment Securities, and

•Note 3 Loans and Related Allowance for Credit Losses.

Recently Adopted Accounting Pronouncements

See Note 1 Accounting Policies regarding the impact of new accounting pronouncements that we have adopted.

INTERNAL CONTROLS AND DISCLOSURE CONTROLS AND PROCEDURES

As of September 30, 2023, 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, 2023, and that there has been no change in PNC’s internal control over financial reporting that occurred during the third quarter of 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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

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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 sanctions, tariffs and other trade policies of the U.S. and its global trading partners,

–Impacts of changes in federal, state and local governmental policy, including on the regulatory landscape, capital markets, taxes, infrastructure spending and social programs,

–Our 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:

–Economic growth accelerated in the first half of 2023, but ongoing Federal Reserve monetary policy tightening to slow inflation is weighing on interest-rate sensitive industries. Sectors where interest rates play an outsized role, such as business investment and consumer spending on durable goods, will contract in 2024.

–PNC’s baseline outlook is for a mild recession starting in mid-2024, with a small contraction in real GDP of less than 1%, lasting into late 2024. The unemployment rate will increase through the rest of 2023 and throughout 2024, peaking at close to 5% in early 2025. Inflation will slow with weaker demand, moving back to the Federal Reserve’s 2% objective by the second half of 2024.

–PNC expects the federal funds rate to remain unchanged in the near term, between 5.25% and 5.50% through mid-2024, with federal funds rate cuts starting in the third quarter of 2024 in response to the recession.

•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.

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

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–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 2022 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 41  

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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			2023						2022						2023						2022
Interest Income
Loans			$	4,643					$	3,138					$	13,424					$	7,935
Investment securities			892						715						2,660						1,890
Other			668						279						1,722						502
Total interest income			6,203						4,132						17,806						10,327
Interest Expense
Deposits			1,792						340						4,614						455
Borrowed funds			993						317						2,679						542
Total interest expense			2,785						657						7,293						997
Net interest income			3,418						3,475						10,513						9,330
Noninterest Income
Asset management and brokerage			348						357						1,052						1,099
Capital markets and advisory			168						299						643						960
Card and cash management			689						671						2,045						1,962
Lending and deposit services			315						287						919						838
Residential and commercial mortgage			201						143						476						463
Other			94						317						481						705
Total noninterest income			1,815						2,074						5,616						6,027
Total revenue			5,233						5,549						16,129						15,357
Provision For Credit Losses			129						241						510						69
Noninterest Expense
Personnel			1,773						1,805						5,445						5,301
Occupancy			244						241						739						745
Equipment			347						344						1,046						1,026
Marketing			93						93						276						249
Other			788						797						2,432						2,375
Total noninterest expense			3,245						3,280						9,938						9,696
Income before income taxes and noncontrolling interests			1,859						2,028						5,681						5,592
Income taxes			289						388						917						1,027
Net income			1,570						1,640						4,764						4,565
Less: Net income attributable to noncontrolling interests			16						16						50						52
Preferred stock dividends			104						65						299						181
Preferred stock discount accretion and redemptions			2						1						6						4
Net income attributable to common shareholders			$	1,448					$	1,558					$	4,409					$	4,328
Earnings Per Common Share
Basic			$	3.60					$	3.78					$	10.95					$	10.39
Diluted			$	3.60					$	3.78					$	10.94					$	10.39
Average Common Shares Outstanding
Basic			400						410						401						414
Diluted			400						410						401						415

See accompanying Notes To Consolidated Financial Statements.

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

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited In millions						Three months ended September 30									Nine months ended September 30
						2023			2022						2023			2022
Net income						$	1,570		$	1,640					$	4,764		$	4,565
Other comprehensive income (loss), before tax and net of reclassifications into Net income
Net change in debt securities						(932)			(1,738)						(304)			(10,768)
Net change in cash flow hedge derivatives						(35)			(1,025)						176			(3,484)
Pension and other postretirement benefit plan adjustments						1			2						(3)			64
Net change in Other						1			4						8			(3)
Other comprehensive loss, before tax and net of reclassifications into Net income						(965)			(2,757)						(123)			(14,191)
Income tax benefit related to items of other comprehensive income						229			629						34			3,296
Other comprehensive income loss, after tax and net of reclassifications into Net income						(736)			(2,128)						(89)			(10,895)
Comprehensive income (loss)						834			(488)						4,675			(6,330)
Less: Comprehensive income attributable to noncontrolling interests						16			16						50			52
Comprehensive income (loss) attributable to PNC						$	818		$	(504)					$	4,625		$	(6,382)

See accompanying Notes To Consolidated Financial Statements.

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

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CONSOLIDATED BALANCE SHEET

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited			September 30 2023						December 31 2022
In millions, except par value
Assets
Cash and due from banks			$	5,300					$	7,043
Interest-earning deposits with banks			41,484						27,320
Loans held for sale (a)			923						1,010
Investment securities – available for sale			40,590						44,159
Investment securities – held to maturity			91,797						95,175
Loans (a)			318,416						326,025
Allowance for loan and lease losses			(4,767)						(4,741)
Net loans			313,649						321,284
Equity investments			8,046						8,437
Mortgage servicing rights			4,006						3,423
Goodwill			10,987						10,987
Other (a)			40,552						38,425
Total assets			$	557,334					$	557,263
Liabilities
Deposits
Noninterest-bearing			$	105,672					$	124,486
Interest-bearing			317,937						311,796
Total deposits			423,609						436,282
Borrowed funds
Federal Home Loan Bank borrowings			36,000						32,075
Senior debt			22,407						16,657
Subordinated debt			4,728						6,307
Other (b)			3,032						3,674
Total borrowed funds			66,167						58,713
Allowance for unfunded lending related commitments			640						694
Accrued expenses and other liabilities (b)			17,437						15,762
Total liabilities			507,853						511,451
Equity
Preferred stock (c)
Common stock ($5 par value, Authorized 800,000,000 shares, issued 543,012,047 and 542,874,829 shares)			2,715						2,714
Capital surplus			19,971						18,376
Retained earnings			56,170						53,572
Accumulated other comprehensive income (loss)			(10,261)						(10,172)
Common stock held in treasury at cost: 144,671,252 and 142,298,689 shares			(19,141)						(18,716)
Total shareholders’ equity			49,454						45,774
Noncontrolling interests			27						38
Total equity			49,481						45,812
Total liabilities and equity			$	557,334					$	557,263

(a)Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $0.9 billion, Loans held for investment of $1.2 billion and Other assets of $0.1 billion at September 30, 2023. Comparable amounts at December 31, 2022 were $0.9 billion, $1.3 billion and $0.1 billion, respectively.

(b)Our consolidated liabilities included the following for which we have elected the fair value option: Other borrowed funds of less than $0.1 billion and Other liabilities of $0.1 billion at September 30, 2023. Comparable amounts at December 31, 2022 were less than $0.1 billion and $0.2 billion, respectively.

(c)Par value less than $0.5 million at each date.

See accompanying Notes To Consolidated Financial Statements.

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

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CONSOLIDATED STATEMENT OF CASH FLOWS

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited In millions						Nine months ended September 30
						2023						2022
Operating Activities
Net income						$	4,764					$	4,565
Adjustments to reconcile net income to net cash provided (used) by operating activities
Provision for credit losses						510						69
Depreciation, amortization and accretion						174						587
Deferred income taxes (benefit)						(119)						401
Net losses on sales of securities						2						4
Changes in fair value of mortgage servicing rights						(63)						(635)
Net change in
Trading securities and other short-term investments						(506)						(573)
Loans held for sale and related securitization activity						40						962
Other assets						(1,899)						(3,512)
Accrued expenses and other liabilities						1,304						2,586
Other						1,040						583
Net cash provided (used) by operating activities						$	5,247					$	5,037
Investing Activities
Sales
Securities available for sale						$	(93)					$	2,765
Loans						812						5,353
Repayments/maturities
Securities available for sale						5,524						11,473
Securities held to maturity						5,592						3,206
Purchases
Securities available for sale						(2,791)						(23,591)
Securities held to maturity						(1,664)						(7,961)
Loans						(588)						(1,681)
Net change in
Federal funds sold and resale agreements						417						(905)
Interest-earning deposits with banks						(14,199)						33,972
Loans						6,230						(31,029)
Other						(954)						(2,275)
Net cash provided (used) by investing activities						$	(1,714)					$	(10,673)

The PNC Financial Services Group, Inc. – Form 10-Q 45  

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CONSOLIDATED STATEMENT OF CASH FLOWS

THE PNC FINANCIAL SERVICES GROUP, INC.

(Continued from previous page)
Unaudited In millions						Nine months ended September 30
						2023						2022
Financing Activities
Net change in
Noninterest-bearing deposits						$	(18,823)					$	(16,748)
Interest-bearing deposits						6,141						(2,332)
Federal funds purchased and repurchase agreements						231						(1)
Other borrowed funds						(272)						862
Sales/issuances
Federal Home Loan Bank borrowings						4,000						30,075
Senior debt						6,977
Subordinated debt												847
Other borrowed funds						619						573
Preferred stock						1,484						2,225
Common and treasury stock						62						58
Repayments/maturities
Federal Home Loan Bank borrowings						(75)
Senior debt						(750)						(5,750)
Subordinated debt						(1,500)
Other borrowed funds						(635)						(591)
Acquisition of treasury stock						(599)						(3,078)
Preferred stock cash dividends paid						(299)						(181)
Common stock cash dividends paid						(1,837)						(1,779)
Net cash provided (used) by financing activities						$	(5,276)					$	4,180
Net Increase (Decrease) In Cash And Due From Banks And Restricted Cash						$	(1,743)					$	(1,456)
Cash and due from banks and restricted cash at beginning of period						7,043						8,004
Cash and due from banks and restricted cash at end of period						$	5,300					$	6,548
Cash And Due From Banks And Restricted Cash
Cash and due from banks at end of period (unrestricted cash)						$	4,782					$	5,974
Restricted cash						518						574
Cash and due from banks and restricted cash at end of period						$	5,300					$	6,548
Supplemental Disclosures
Interest paid						$	6,273					$	895
Income taxes paid						$	945					$	80
Income taxes refunded						$	830					$	15
Leased assets obtained in exchange for new operating lease liabilities						$	148					$	149
Non-cash Investing And Financing Items
Transfer from securities available for sale to securities held to maturity												$	88,605
Transfer from loans to loans held for sale, net						$	349					$	341
Transfer from loans to foreclosed assets						$	44					$	38
Adjustment to assets and liabilities related to partially financed investment exits						$	834

See accompanying Notes To Consolidated Financial Statements.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited

See page 107 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.

We prepared these consolidated financial statements in accordance with GAAP. We have eliminated intercompany accounts and transactions.

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 2022 Form 10-K. These interim consolidated financial statements serve to update our 2022 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements. There have been changes to certain of our accounting policies as disclosed in our 2022 Form 10-K due to the adoption of ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02) in the first quarter of 2023 and the adoption of ASU 2023-02 Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (ASU 2023-02) in the third quarter of 2023. The updated policies impacted by this adoption are included in this Note 1. Reference is made to Note 1 Accounting Policies in our 2022 Form 10-K for a detailed description of all other significant accounting policies.

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. Actual results may differ from the estimates and the differences may be material to the consolidated financial statements.

Loans

Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Management’s intent and view of the foreseeable future may change based on changes in business strategies, the economic environment, market conditions and the availability of government programs.

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. The CARES Act credit reporting rules, which required exceptions to this policy, expired in the third quarter of 2023. As such, delinquency status at September 30, 2023 is being reported for all loans based on the contractual terms of each 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.

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

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Loans held for investment, excluding PCD loans, are recorded at amortized cost basis unless we elect to measure these under the fair value option. Amortized cost basis represents principal amounts outstanding, net of unearned income, unamortized deferred fees and costs on originated loans, premiums or discounts on purchased loans and charge-offs. Amortized cost basis does not include accrued interest, as we include accrued interest in Other assets on our Consolidated Balance Sheet. Interest on performing loans is accrued based on the principal amount outstanding and recorded in Interest income as earned using the constant effective yield method over the contractual life. Loan origination fees, direct loan origination costs, and loan premiums and discounts are deferred and accreted or amortized into Net interest income using the constant effective yield method, over the contractual life of the loan. The processing fee received for loans originated through PPP lending under the CARES Act is deferred and accreted into Net interest income using the effective yield method, over the contractual life of the loan. Loans under the fair value option are reported at their fair value, with any changes to fair value reported as Noninterest income on the Consolidated Income Statement, and are excluded from the measurement of ALLL.

In addition to originating loans, we also acquire loans through the secondary loan market, portfolio purchases or acquisitions of other financial services companies. Certain acquired loans that have experienced a more-than-insignificant deterioration of credit quality since origination (i.e., PCD) are recognized at an amortized cost basis equal to their purchase price plus an ALLL measured at the acquisition date. PNC considers a variety of factors in connection with the identification of more-than-insignificant deterioration in credit quality, including but not limited to nonperforming status, delinquency, risk ratings and other qualitative factors that indicate deterioration in credit quality since origination. Subsequent decreases in expected cash flows that are attributable, at least in part, to credit quality are recognized through a charge to the provision for credit losses resulting in an increase in the ALLL. Subsequent increases in expected cash flows are recognized as a provision recapture of previously recorded ALLL.

We consider a loan to be collateral dependent when we determine that substantially all of the expected cash flows will be generated

from the operation or sale of the collateral underlying the loan, or when the borrower is experiencing financial difficulty and we have elected to measure the loan at the estimated fair value of collateral (less costs to sell if sale or foreclosure of the property is expected).

Additionally, we consider a loan to be collateral dependent when foreclosure or liquidation of the underlying collateral is probable. Collateral dependent designation is removed when a loan no longer meets these conditions.

On January 1, 2023, we adopted ASU 2022-02, which eliminates the accounting guidance for TDRs. See Note 1 Accounting Policies in our 2022 Form 10-K for a description of our accounting policies for TDRs that were in effect prior to adoption.

Loan modifications to borrowers experiencing financial difficulty, or FDMs, result from our loss mitigation activities and include principal forgiveness, interest rate reductions, term extensions, payment delays, repayment plans or combinations thereof. FDMs continue to be subject to our existing nonaccrual policies. Expected losses or recoveries on FDMs have been factored into the ALLL estimates for each loan class under the methodologies described in this Note. Refer to Note 3 Loans and Related Allowance for Credit Losses for more information on FDMs.

See the following for additional information related to loans, including further discussion regarding our policies, the methodologies and significant inputs used to determine the ALLL and additional details on the composition of our loan portfolio:

•Nonperforming Loans and Leases section of this Note 1,

•Allowance for Credit Losses section of this Note 1,

•Note 3 Loans and Related Allowance for Credit Losses in this Report, and

•Note 4 Loans and Related Allowance for Credit Losses in our 2022 Form 10-K.

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

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Nonperforming Loans and Leases

The matrix that follows summarizes our policies for classifying certain loans as nonperforming loans and/or discontinuing the accrual of loan interest income.

Commercial
Loans classified as nonperforming and accounted for as nonaccrual			•  Loans accounted for at amortized cost where: –The loan is 90 days or more past due. –The loan is rated substandard or worse due to the determination that full collection of principal and interest is not probable as demonstrated by the following conditions: •The collection of principal or interest is 90 days or more past due, •Reasonable doubt exists as to the certainty of the borrower’s future debt service ability, according to the terms of the credit arrangement, regardless of whether 90 days have passed or not, •The borrower has filed, or will likely file for bankruptcy, and it is not probable the borrower will be able to repay contractual payments due under the loan, •The bank advances additional funds to cover principal or interest, •We are in the process of liquidating a commercial borrower, or •We are pursuing remedies under a guarantee.
Loans excluded from nonperforming classification but accounted for as nonaccrual			•  Loans accounted for under the fair value option and full collection of principal and interest is not probable. •  Loans accounted for at the lower of cost or market less costs to sell (held for sale) and full collection of    principal and interest is not probable.
Loans excluded from nonperforming classification and nonaccrual accounting			•  Loans that are well secured and in the process of collection. • Certain government insured or guaranteed loans where substantially all principal and interest is insured. • Commercial purchasing card assets that do not accrue interest.

Consumer
Loans classified as nonperforming and accounted for as nonaccrual			•  Loans accounted for at amortized cost where full collection of contractual principal and interest is not    deemed probable as demonstrated in the policies below: –  The loan is 90 days past due for home equity and installment loans, and 180 days past due for well-    secured residential real estate loans, –  The loan has been modified due to a borrower experiencing financial difficulty and is not government     insured or guaranteed, – The loan has been modified to defer prior payments in forbearance to the end of the loan term, –  Notification of bankruptcy has been received, –  The bank holds a subordinate lien position in the loan and the first lien mortgage loan is seriously    stressed (i.e., 90 days or more past due), –  Other loans within the same borrower relationship have been placed on nonaccrual or charge-offs have    been taken on them, –  The bank has ordered the repossession of non-real estate collateral securing the loan, or –  The bank has charged-off the loan to the value of the collateral.
Loans excluded from nonperforming classification but accounted for as nonaccrual			•  Loans accounted for under the fair value option and full collection of principal and interest is not probable. •  Loans accounted for at the lower of cost or market less costs to sell (held for sale) and full collection of    principal and interest is not probable.
Loans excluded from nonperforming classification and nonaccrual accounting			• Certain government insured or guaranteed loans where substantially all principal and interest is insured. •  Residential real estate loans that are well secured and in the process of collection. •  Consumer loans and lines of credit, not secured by residential real estate or automobiles, as permitted by    regulatory guidance.

Commercial

We generally charge off commercial (commercial and industrial, commercial real estate and equipment lease financing) nonperforming loans when we determine that a specific loan, or portion thereof, is uncollectible. This determination is based on the specific facts and circumstances of the individual loans. In making this determination, we consider the viability of the business or project as a going concern, the past due status when the asset is not well secured, the expected cash flows to repay the loan, the value of the collateral and the ability and willingness of any guarantors to perform. For commercial loans and leases less than a defined dollar threshold, balances are generally charged off in full after 180 days for loans and 120 days for leases.

Consumer

We generally charge off secured consumer (home equity, residential real estate and automobile) nonperforming loans to the fair

value of collateral less costs to sell if the fair value is lower than the amortized cost basis of the loan outstanding and the delinquency of the loan, combined with other risk factors such as bankruptcy or lien position, indicates that the loan (or a portion thereof) is uncollectible as per our historical experience. These nonperforming loans would also be charged off when the collateral has been repossessed. We charge off secured consumer loans no later than 180 days past due. Most consumer loans and lines of credit, not secured by automobiles or residential real estate, are charged off once they have reached 120-180 days past due.

For secured collateral dependent loans, collateral values are updated at least annually and subsequent declines in collateral values are charged off, resulting in incremental provision for credit loss. Subsequent increases in collateral values may be reflected as an

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

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adjustment to the ALLL to reflect the expectation of recoveries in an amount greater than previously expected, limited to amounts previously charged-off.

Accounting for Nonperforming Assets and Leases and Other Nonaccrual Loans

For nonaccrual loans, interest income accrual and deferred fee/cost recognition is discontinued. Additionally, depending on whether the accrued interest has been incorporated into the ACL estimates, as discussed in the Accrued Interest section of this Note 1, the accrued and uncollected interest is either reversed through Net interest income (if a CECL reserve is not maintained for accrued interest) or charged off against the allowance (if a CECL reserve is maintained for accrued interest), except for credit cards, where we reverse any accrued interest through Net interest income at the time of a charge-off, as per industry standard practice. Nonaccrual loans that are also collateral dependent may be charged off to reduce the basis to the fair value of collateral less costs to sell.

If payment is received on a nonaccrual loan, generally the payment is first applied to the remaining principal balance. Payments are then applied to recover any charged-off amounts related to the loan. Finally, if both the principal balance and any charge-offs have been recovered, then the payment will be recorded as fee and interest income. For certain consumer loans, the receipt of interest payments is recognized as interest income on a cash basis. Cash basis income recognition is applied if a loan’s amortized cost basis is deemed fully collectible and the loan has performed for at least six months. For loans modified due to a borrower experiencing financial difficulty, payments are applied based upon their contractual terms unless the related loan is deemed nonperforming. Loans modified due to a borrower experiencing financial difficulty are generally included in nonperforming and nonaccrual loans if they are not government insured or guaranteed. However, after a reasonable period of time, generally six months, in which the loan performs under modified terms and meets other performance indicators, it is returned to accruing status. This return to accruing status demonstrates that the bank expects to collect all of the loan’s remaining contractual principal and interest. Loan modifications granted to borrowers experiencing financial difficulty resulting from (i) borrowers that have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to us, and (ii) borrowers that are not currently obligated to make both principal and interest payments under the modified terms are not returned to accrual status.

Other nonaccrual loans are generally not returned to accruing status until the borrower has performed in accordance with the loan’s contractual terms and other performance indicators for at least six months, the period of time which was determined to demonstrate the expected collectability of the loan’s remaining contractual principal and interest. Nonaccrual loans with partially charged-off principal may return to accruing status if the loan performs after a reasonable period of time, generally six months, and the loan meets other performance indicators. Nonaccrual loans with fully charged-off principal are prohibited from returning to accruing status. When a nonperforming loan is returned to accruing status, it is then considered a performing loan.

Foreclosed assets consist of any asset seized or property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure. OREO comprises principally residential and commercial real estate properties obtained in partial or total satisfaction of loan obligations. After obtaining a foreclosure judgment, or in some jurisdictions the initiation of proceedings under a power of sale in the loan instruments, the property will be sold. When we are awarded title or completion of deed-in-lieu of foreclosure, we transfer the loan to foreclosed assets included in Other assets on our Consolidated Balance Sheet. Property obtained in satisfaction of a loan is initially recorded at estimated fair value less cost to sell. Based upon the estimated fair value less cost to sell, the amortized cost basis of the loan is adjusted, and a charge-off/recovery is recognized to the ALLL. We estimate fair values primarily based on appraisals, or sales agreements with third parties. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or estimated fair value less cost to sell. Valuation adjustments on these assets and gains or losses realized from disposition of such property are reflected in Other noninterest expense.

For certain mortgage loans that have a government guarantee, we establish a separate other receivable upon foreclosure. The receivable is measured based on the loan balance (inclusive of principal and interest) that is expected to be recovered from the guarantor.

See Note 3 Loans and Related Allowance for Credit Losses for additional information on FDMs, nonperforming assets and credit quality indicators related to our loan portfolio.

Allowance for Credit Losses

Our ACL is based on historical loss experience, current borrower risk characteristics, current economic conditions, reasonable and supportable forecasts of future conditions and other relevant factors. We maintain the ACL at an appropriate level for expected losses on our existing investment securities, loans, equipment finance leases, other financial assets and unfunded lending related commitments, for the remaining estimated contractual term of the assets or exposures as of the balance sheet date. The remaining contractual term of assets in scope of CECL is estimated considering contractual maturity dates, prepayment expectations, utilization or draw expectations and any contractually embedded extension options that do not allow us to unilaterally cancel the extension options. For products without a fixed contractual maturity date (e.g., credit cards), we rely on historical payment behavior to determine the length of the paydown or default time period.

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We estimate expected losses on a pooled basis using a combination of (i) the expected losses over a reasonable and supportable forecast period, (ii) a period of reversion to long-run average expected losses, where applicable and (iii) the long-run average expected losses for the remaining estimated contractual term. For all assets and unfunded lending related commitments in the scope of CECL, the ACL also includes individually assessed reserves and qualitative reserves, as applicable.

We use forward-looking information in estimating expected credit losses for our reasonable and supportable forecast period. For this purpose, we use forecasted scenarios produced by PNC’s Economics Team, which are designed to reflect business cycles and their related estimated probabilities. The forecast length that we have currently determined to be reasonable and supportable is three years. As noted in the methodology discussions that follow, forward-looking information is incorporated into the expected credit loss estimates. Such forward-looking information includes forecasted relevant macroeconomic variables, which are estimated using quantitative macroeconomic models, analysis from PNC economists and management judgment.

The reversion period is used to bridge our three-year reasonable and supportable forecast period and the long-run average expected credit losses. We consider a number of factors in determining the duration of the reversion period, such as contractual maturity of the asset, observed historical patterns and the estimated credit loss rates at the end of the forecast period relative to the beginning of the long-run average period. The reversion period is typically one to three years, if not immediate.

The long-run average expected credit losses are derived from long-run historical credit loss information adjusted for the credit quality of the current portfolio and, therefore, do not consider current and forecasted economic conditions.

See the following sections related to loans and leases and unfunded lending related commitments for details about specific reserve methodologies.

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Allowance for Loan and Lease Losses

Our pooled expected loss methodology is based upon the quantification of risk parameters, such as PD, LGD and EAD for a loan, loan segment or lease. We also consider the impact of prepayments and amortization on contractual maturity in our expected loss estimates. We use historical credit loss information, current borrower risk characteristics and forecasted economic variables for the reasonable and supportable forecast period, coupled with analytical methods, to estimate these risk parameters by loan, loan segment or lease. PD, LGD and EAD parameters are calculated for each forecasted scenario and the long-run average period, and combined to generate expected loss estimates by scenario. The following matrix provides key credit risk characteristics that we use to estimate these risk parameters.

Loan Class

Probability of Default

Loss Given Default

Exposure at Default

Commercial

Commercial and industrial / Equipment lease financing

•For wholesale obligors: internal risk ratings based on borrower characteristics and industry •For retail small balance obligors: credit score, delinquency status, and product type

•Collateral type, LTV, industry, size and outstanding exposure for secured loans •Capital structure, industry and size for unsecured loans •For retail small balance obligors, product type and credit scores

•Outstanding balances, commitment, contractual maturities and historical prepayment experience for loans •Current utilization and historical pre-default draw experience for lines

Commercial real estate (CRE)

•Property performance metrics, property type, market and risk pool for the forecast period •For the long-run average period, internal risk ratings based on borrower characteristics

•Property type, LTV, market, risk pool and costs to sell for the forecast period •For the long-run average period, internal ratings based on collateral performance

•Outstanding balances, commitment, contractual maturities and historical prepayment experience for loans

Consumer

Home equity / Residential real estate

•Borrower credit scores, delinquency status, origination vintage, LTV and contractual maturity

•Collateral characteristics, LTV and costs to sell

•Outstanding balances, contractual maturities and historical prepayment experience for loans •Current utilization and historical pre-default draw experience for lines

Automobile

•Borrower credit scores, delinquency status, borrower income, LTV and contractual maturity

•New vs. used, LTV and borrower credit scores

•Outstanding balances, contractual maturities and historical prepayment experience

Credit card

•Borrower credit scores, delinquency status, utilization, payment behavior and months on book

•Borrower credit scores and credit line amount

•Pay-down curves are developed using a pro-rata method and estimated using borrower behavior segments, payment ratios and borrower credit scores

Education / Other consumer

•Modeled using either discrete risk parameters or analytical approaches based on net charge-offs and pay-down rates

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The following matrix describes the key economic variables that are consumed during our forecast period by loan class, as well as other assumptions that are used for our reversion and long-run average approaches.

Loan Class			Forecast Period - Key Economic Variables			Reversion Method			Long-Run Average
Commercial
Commercial and industrial / Equipment lease financing			•GDP and Gross Domestic Investment measures, employment related variables and personal income and consumption measures			•Immediate reversion			•Average parameters determined based on internal and external historical data •Modeled parameters using long-run economic conditions for retail small balance obligors
Commercial real estate (CRE)			• CRE Price Index, unemployment rates, GDP, corporate bond yield and interest rates			• Immediate reversion			• Average parameters determined based on internal and external historical data
Consumer
Home equity / Residential real estate			•Unemployment rates, HPI and interest rates			•Straight-line over 3 years			•Modeled parameters using long-run economic conditions
Automobile			•Unemployment rates, HPI, disposable personal income and Manheim used car index			•Straight-line over 1 year			•Average parameters determined based on internal historical data
Credit card			•Unemployment rates, personal consumption expenditure and HPI			•Straight-line over 2 years			•Modeled parameters using long-run economic conditions
Education / Other consumer			•Modeled using either discrete risk parameters or analytical approaches based net charge-offs and pay-down rates

After the forecast period, we revert to the long-run average over the reversion period noted above, which is the period between the end of the forecast period and when losses are estimated to have completely reverted to the long-run average.

Once we have developed a combined estimate of credit losses (i.e., for the forecast period, reversion period and long-run average) under each of the forecasted scenarios, we produce a probability-weighted credit loss estimate by loan class. We then add or deduct any qualitative components and other adjustments, such as individually assessed loans, to produce the ALLL. See the Individually Assessed Component and Qualitative Component discussions that follow in this Note 1 for additional information about those adjustments.

Discounted Cash Flow

Prior to January 1, 2023, we used a discounted cash flow methodology for our home equity and residential real estate loan classes. Effective January 1, 2023, we discontinued our use of a discounted cash flow methodology, and we now use a pooled expected loss methodology based upon the quantification of risk parameters, such as PD, LGD and EAD for a loan or loan segment. See Note 1 Accounting Policies in our 2022 Form 10-K for a description of our use of a discounted cash flow methodology prior to January 1, 2023.

Individually Assessed Component

Loans and leases that do not share similar risk characteristics with a pool of loans are individually assessed as follows:

•For commercial nonperforming loans greater than or equal to a defined dollar threshold, reserves are based on an analysis of the present value of the loan’s expected future cash flows or the fair value of the collateral, if appropriate under our policy for collateral dependent loans. Nonperforming commercial loans below the defined threshold are reserved for under a pooled basis.

•For consumer nonperforming loans classified as collateral dependent, charge-off and ALLL related to recovery of amounts previously charged off are evaluated through an analysis of the fair value of the collateral less costs to sell.

Qualitative Component

While our reserve methodologies strive to reflect all relevant expected credit risk factors, the ACL also accounts for factors that may not be directly measured in the determination of individually assessed or pooled reserves. Such qualitative factors may include, but are not limited to:

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•Industry concentrations and conditions,

•Changes in market conditions, including regulatory and legal requirements,

•Changes in the nature and volume of our portfolio,

•Recent credit quality trends,

•Recent loss experience in particular portfolios, including specific and unique events,

•Recent macroeconomic factors that may not be reflected in the forecast information,

•Limitations of available input data, including historical loss information and recent data such as collateral values,

•Model imprecision and limitations,

•Changes in lending policies and procedures, including changes in loss recognition and mitigation policies and procedures, and

•Timing of available information.

See Note 3 Loans and Related Allowance for Credit Losses for additional information about our loan portfolio and the related allowance.

Accrued Interest

When accrued interest is reversed or charged-off in a timely manner, the CECL standard provides a practical expedient to exclude

accrued interest from ACL measurement. We consider our nonaccrual and charge-off policies to be timely for all of our investment

securities, loans and leases, with the exception of consumer credit cards, education loans and certain unsecured consumer lines of credit. We consider the length of time before nonaccrual/charge-off and the use of appropriate other triggering events for nonaccrual and charge-offs in making this determination. Pursuant to these policy elections, we calculate reserves for accrued interest on credit cards, education loans and certain unsecured consumer lines of credit, which are then included within the ALLL. See the Debt Securities section of Note 1 Accounting Policies in our 2022 Form 10-K and the Nonperforming Loans and Leases section of this Note 1 for additional information on our nonaccrual and charge-off policies.

See Note 1 Accounting Policies in our 2022 Form 10-K for a description of the accounting policies related to the applicable reserves on accrued interest for our home equity and residential real estate loan classes prior to January 1, 2023.

Purchased Credit Deteriorated Loans or Securities

The allowance for PCD loans or securities is determined at the time of acquisition, as the estimated expected credit loss of the outstanding balance or par value, based on the methodologies described previously for loans and securities. In accordance with CECL, the allowance recognized at acquisition is added to the acquisition date purchase price to determine the asset’s amortized cost basis.

Allowance for Unfunded Lending Related Commitments

We maintain the allowance for unfunded lending related commitments on off-balance sheet credit exposures that are not unconditionally cancelable (e.g., unfunded loan commitments, letters of credit and certain financial guarantees), at a level we believe is appropriate as of the balance sheet date to absorb expected credit losses on these exposures. Other than the estimation of the probability of funding, this reserve is estimated in a manner similar to the methodology used for determining reserves for loans and leases. See the Allowance for Loan and Lease Losses section of this Note 1 for the key credit risk characteristics for unfunded lending related commitments. The allowance for unfunded lending related commitments is recorded as a liability on the Consolidated Balance Sheet. Net adjustments to this reserve are included in the provision for credit losses.

See Note 3 Loans and Related Allowance for Credit Losses for additional information about this allowance.

Income Taxes

We have elected to apply the proportional amortization method to our qualifying LIHTC and NMTC equity investments. Investment tax credits and investment impairment are recognized in tax expense for any individual LIHTC and NMTC equity investment for which we can demonstrate that the investment was made primarily for the purpose of receiving income tax credits and other income tax benefits. We use the deferral method of accounting for all other tax credit investments. Under this method, the investment tax credits are recognized as a reduction to the related asset.

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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 Reference Rate Reform Deferral of Sunset Date – ASU 2022-06 Issued December 2022			• 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 is effective as of March 12, 2020 through December 31, 2024.			• ASU 2020-04 was adopted March 12, 2020. ASU 2021-01 was retrospectively adopted October 1, 2020. ASU 2022-06 was adopted upon issuance. • Refer to Note 1 Accounting Policies in our 2022 Form 10-K for more information on elections of optional expedients that occurred in 2020, 2021 and 2022. We applied these optional expedients consistently to all eligible LIBOR cessation-related contract modifications and hedging relationships since election. • During the second quarter of 2023, we elected and applied certain optional expedients for contract modifications and hedging relationships impacted by the central clearing counterparties conversion processes for LIBOR-indexed derivative instruments. These optional expedients remove the requirement to remeasure contract modifications or dedesignate hedging relationships due to reference rate reform. The elections made apply only to derivatives instruments impacted by the central clearinghouse conversion process. • During the second quarter of 2023, we applied certain optional expedients for investment security, debt and preferred stock instrument contract modifications impacted by LIBOR cessation. These optional expedients remove the requirement to remeasure contract modifications.  • We may elect additional optional expedients for contract modifications and hedge relationships affected by reference rate reform through the effective date of this guidance.
Accounting Standards Update			Description			Financial Statement Impact
Troubled Debt Restructurings and Vintage Disclosures - ASU 2022-02 Issued March 2022			• 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.			• Adopted January 1, 2023 using a modified retrospective transition approach for the amendments related to the recognition and measurement of TDRs. • The impact of adoption resulted in a decrease to the beginning period ALLL of $35 million, resulting in an increase to Retained Earnings of $26 million, net of tax, as of January 1, 2023. • The presentation of our loan modification disclosures have been updated to reflect information on loan modifications given to borrowers experiencing financial difficulty and can be found within Note 3 Loans and Related Allowance for Credit Losses. TDR disclosures are presented for comparative periods only and are not required to be updated in current periods. Additionally, our vintage disclosure has been updated to reflect gross charge-offs by year of origination.
Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method – ASU 2023-02 Issued March 2023			• Permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. • A reporting entity makes an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments.			• Adopted September 30, 2023, using a modified retrospective transition approach for the amendments related to our tax credit programs that are eligible to apply proportional amortization. The cumulative effect to Retained earnings as of January 1, 2023 was immaterial. • At adoption, we elected to apply the proportional amortization method to all qualifying investments in the NMTC program. PNC historically applied proportional amortization to LIHTC investments since applying ASU 2014-01.  • See Note 4 for the impact of adoption.

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NOTE 2 INVESTMENT SECURITIES

The following table summarizes our available for sale and held to maturity portfolios by major security type:

Table 36: Investment Securities Summary (a)(b)

						September 30, 2023																											December 31, 2022
In millions						Amortized Cost (c)						Unrealized												Fair Value									Amortized Cost (c)						Unrealized												Fair Value
												Gains						Losses																					Gains						Losses
Securities Available for Sale
U.S. Treasury and government agencies						$	7,494					$	4					$	(781)					$	6,717								$	9,196					$	10					$	(836)					$	8,370
Residential mortgage-backed
Agency						31,177												(4,278)						26,899									32,114						13						(3,304)						28,823
Non-agency						607						115						(9)						713									697						131						(9)						819
Commercial mortgage-backed
Agency						1,738												(194)						1,544									1,845												(170)						1,675
Non-agency						982												(59)						923									1,325												(69)						1,256
Asset-backed						1,084						18						(7)						1,095									103						27						(1)						129
Other						2,908						42						(251)						2,699									3,288						44						(245)						3,087
Total securities available for sale						$	45,990					$	179					$	(5,579)					$	40,590								$	48,568					$	225					$	(4,634)					$	44,159
Securities Held to Maturity
U.S. Treasury and government agencies						$	36,385											$	(1,946)					$	34,439								$	36,571					$	6					$	(1,617)					$	34,960
Residential mortgage-backed
Agency						43,390												(5,056)						38,334									45,271						74						(3,095)						42,250
Non-agency						263												(35)						228									276												(21)						255
Commercial mortgage-backed
Agency						910												(53)						857									848						4						(26)						826
Non-agency						1,456						$	1					(28)						1,429									1,667												(40)						1,627
Asset-backed						6,214						3						(97)						6,120									7,188						6						(140)						7,054
Other						3,179						4						(143)						3,040									3,354						25						(72)						3,307
Total securities held to maturity (d)						$	91,797					$	8					$	(7,358)					$	84,447								$	95,175					$	115					$	(5,011)					$	90,279

(a) At September 30, 2023, the accrued interest associated with our held to maturity and available for sale portfolios totaled $255 million and $134 million, respectively. The comparable amounts at December 31, 2022 were $282 million and $144 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.

(b) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. Of our total securities portfolio, 97% were rated AAA/AA at both September 30, 2023 and December 31, 2022.

(c) Amortized cost is presented net of allowance of $92 million for securities available for sale, primarily related to non-agency commercial mortgage-backed securities, and $6 million for securities held to maturity at September 30, 2023. The comparable amounts at December 31, 2022 were $142 million and $7 million, 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 $4.4 billion at September 30, 2023 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, net of any allowance. Investment securities at September 30, 2023 included less than $0.1 billion of net unsettled purchases that represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. The comparable amount for September 30, 2022 was $2.0 billion of net unsettled purchases.

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, 2023, the allowance for investment securities was $98 million and primarily related to non-agency commercial mortgage-backed securities in the available for sale portfolio. The comparable amount at December 31, 2022 was $149 million. See Note 1 Accounting Policies in our 2022 Form 10-K for a discussion of the methodologies used to determine the allowance for investment securities.

At September 30, 2023, AOCI included pretax losses of $297 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 37 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, 2023 and December 31, 2022. 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

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loss exists. As part of that assessment, as of September 30, 2023, 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 37: 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, 2023
U.S. Treasury and government agencies						$	(3)					$	374					$	(778)					$	6,013					$	(781)					$	6,387
Residential mortgage-backed
Agency						(107)						3,294						(4,171)						23,547						(4,278)						26,841
Non-agency						(1)						51						(6)						71						(7)						122
Commercial mortgage-backed
Agency						(1)						42						(193)						1,493						(194)						1,535
Non-agency																		(55)						793						(55)						793
Asset-backed						(6)						687						(1)						10						(7)						697
Other						(8)						205						(208)						2,152						(216)						2,357
Total securities available for sale						$	(126)					$	4,653					$	(5,412)					$	34,079					$	(5,538)					$	38,732
December 31, 2022
U.S. Treasury and government agencies						$	(601)					$	5,868					$	(235)					$	2,208					$	(836)					$	8,076
Residential mortgage-backed
Agency						(1,744)						19,036						(1,560)						8,971						(3,304)						28,007
Non-agency						(6)						112						(2)						17						(8)						129
Commercial mortgage-backed
Agency						(125)						1,283						(45)						372						(170)						1,655
Non-agency						(44)						750						(18)						394						(62)						1,144
Asset-backed																		(1)						5						(1)						5
Other						(96)						1,418						(112)						1,144						(208)						2,562
Total securities available for sale						$	(2,616)					$	28,467					$	(1,973)					$	13,111					$	(4,589)					$	41,578

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

Table 38: 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)
2023									$	(2)		$	(2)
2022						$	11		$	(15)		$	(4)		$	(1)

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The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at September 30, 2023:

Table 39: Contractual Maturity of Debt Securities

September 30, 2023 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						$	1,912					$	2,958					$	800					$	1,824					$	7,494
Residential mortgage-backed
Agency						1						185						3,811						27,180						31,177
Non-agency																		9						598						607
Commercial mortgage-backed
Agency						46						444						865						383						1,738
Non-agency						1						103						118						760						982
Asset-backed												249						171						664						1,084
Other						286						2,055						416						151						2,908
Total securities available for sale at amortized cost						$	2,246					$	5,994					$	6,190					$	31,560					$	45,990
Fair value						$	2,179					$	5,487					$	5,603					$	27,321					$	40,590
Weighted-average yield, GAAP basis (a)						1.25		%				2.25		%				2.77		%				3.08		%				2.84		%
Securities Held to Maturity
U.S. Treasury and government agencies						$	3,087					$	30,686					$	1,705					$	907					$	36,385
Residential mortgage-backed
Agency												6						321						43,063						43,390
Non-agency																								263						263
Commercial mortgage-backed
Agency												136						490						284						910
Non-agency						42						49												1,365						1,456
Asset-backed						7						1,886						1,949						2,372						6,214
Other						181						1,053						600						1,345						3,179
Total securities held to maturity at amortized cost						$	3,317					$	33,816					$	5,065					$	49,599					$	91,797
Fair value						$	3,253					$	32,192					$	4,753					$	44,249					$	84,447
Weighted-average yield, GAAP basis (a)						0.93		%				1.44		%				4.10		%				2.93		%				2.38		%

(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, 2023, 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 $38.1 billion and $32.4 billion and fair value of $33.4 billion and $28.7 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 40: Fair Value of Securities Pledged and Accepted as Collateral

In millions			September 30, 2023			December 31, 2022
Pledged to others			$	27,462		$	24,708
Accepted from others:
Permitted by contract or custom to sell or repledge			$	946		$	1,266
Permitted amount repledged to others			$	946		$	1,266

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 12 Financial Derivatives for information related to securities pledged and accepted as collateral for derivatives.

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

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NOTE 3 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 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.

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 elevated inflation levels, industry specific risks, higher interest rates, declining consumer savings and deposit balances, and structural and secular changes fostered by the pandemic. To mitigate losses and enhance customer support, we offer loan modifications and collection programs to assist our customers.

Table 41 presents the composition and delinquency status of our loan portfolio at September 30, 2023 and December 31, 2022. Loan delinquencies include government insured or guaranteed loans and loans accounted for under the fair value option.

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

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Table 41: Analysis of Loan Portfolio (a) (b) (c)

			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 (d)						Nonperforming Loans			Fair Value Option Nonaccrual Loans (e)			Total Loans (f)(g)
September 30, 2023
Commercial
Commercial and industrial			$	173,487		$	84		$	32		$	102		$	218					$	458					$	174,163
Commercial real estate			35,049			2			2						4						723						35,776
Equipment lease financing			6,432			25			6						31						30						6,493
Total commercial			214,968			111			40			102			253						1,211						216,432
Consumer
Residential real estate			45,958			257			103			182			542			(d)			330			$	529		47,359
Home equity			25,562			59			22						81						446			70			26,159
Automobile			14,718			83			19			6			108						114						14,940
Credit card			6,881			50			38			80			168						11						7,060
Education			1,918			32			22			48			102			(d)									2,020
Other consumer			4,402			15			9			9			33						11						4,446
Total consumer			99,439			496			213			325			1,034						912			599			101,984
Total			$	314,407		$	607		$	253		$	427		$	1,287					$	2,123		$	599		$	318,416
Percentage of total loans			98.74		%	0.19		%	0.08		%	0.13		%	0.40		%				0.67		%	0.19		%	100.00		%
December 31, 2022
Commercial
Commercial and industrial			$	181,223		$	169		$	27		$	137		$	333					$	663					$	182,219
Commercial real estate			36,104			19			4						23						189						36,316
Equipment lease financing			6,484			20			4						24						6						6,514
Total commercial			223,811			208			35			137			380						858						225,049
Consumer
Residential real estate			44,306			281			112			199			592			(d)			424			$	567		45,889
Home equity			25,305			53			20						73						526			79			25,983
Automobile			14,543			106			25			7			138						155						14,836
Credit card			6,906			50			35			70			155						8						7,069
Education			2,058			34			22			59			115			(d)									2,173
Other consumer			4,975			15			12			10			37						14						5,026
Total consumer			98,093			539			226			345			1,110						1,127			646			100,976
Total			$	321,904		$	747		$	261		$	482		$	1,490					$	1,985		$	646		$	326,025
Percentage of total loans			98.73		%	0.23		%	0.08		%	0.15		%	0.46		%				0.61		%	0.20		%	100.00		%

(a)Amounts in table represent loans held for investment and do not include any associated ALLL.

(b)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. Amounts as of December 31, 2022 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.

(c)The accrued interest associated with our loan portfolio totaled $1.4 billion and $1.2 billion at September 30, 2023 and December 31, 2022, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.

(d)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 both September 30, 2023 and December 31, 2022.

(e)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 policy criteria. Given that these loans are not accounted for at amortized cost, they have been excluded from the nonperforming loan population.

(f)Includes unearned income, unamortized deferred fees and costs on originated loans and premiums or discounts on purchased loans totaling $0.8 billion and $0.9 billion at September 30, 2023 and December 31, 2022, respectively.

(g)Collateral dependent loans totaled $1.1 billion and $1.3 billion at September 30, 2023 and December 31, 2022, respectively.

At September 30, 2023, we pledged $50.4 billion of commercial and other loans to the Federal Reserve Bank and $91.4 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, 2022 were $28.1 billion and $90.4 billion, respectively. Amounts pledged reflect the unpaid principal balances.

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

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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. 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 substantially all principal and interest are not reported as nonperforming loans and continue to accrue interest. See Note 1 Accounting Policies for additional information on our nonperforming loan and lease policies.

The following table presents our nonperforming assets as of September 30, 2023 and December 31, 2022, respectively:

Table 42: Nonperforming Assets

Dollars in millions						September 30, 2023						December 31, 2022
Nonperforming loans (a)
Commercial						$	1,211					$	858
Consumer (b)						912						1,127
Total nonperforming loans (c)						2,123						1,985
OREO and foreclosed assets						35						34
Total nonperforming assets						$	2,158					$	2,019
Nonperforming loans to total loans						0.67		%				0.61		%
Nonperforming assets to total loans, OREO and foreclosed assets						0.68		%				0.62		%
Nonperforming assets to total assets						0.39		%				0.36		%

(a)In connection with the adoption of ASU 2022-02, nonperforming loans as of September 30, 2023 include certain loans where terms were modified as a result of a borrower’s financial difficulty. Prior period amounts included nonperforming TDRs, for which accounting guidance was eliminated effective January 1, 2023. See Note 1 Accounting Policies and the Loan Modifications to Borrowers Experiencing Financial Difficulty section of this Note 3 for more information on our adoption of this ASU.

(b)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.

(c)Nonperforming loans for which there is no related ALLL totaled $0.5 billion at September 30, 2023 and primarily include loans with a fair value of collateral that exceeds the amortized cost basis. The comparable amount at December 31, 2022 was $0.7 billion.

Additional Credit Quality Indicators by Loan Class

Commercial Loan Classes

See Note 4 Loans and Related Allowance for Credit Losses in our 2022 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 61  

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The following table presents credit quality indicators for our commercial loan classes:

Table 43: Commercial Credit Quality Indicators (a)

			Term Loans by Origination Year
September 30, 2023 In millions			2023						2022			2021			2020			2019			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Commercial and industrial
Pass Rated			$	18,791					$	29,249		$	8,476		$	6,061		$	4,654		$	12,952		$	84,123		$	603		$	164,909
Criticized			537						1,916			743			355			249			710			4,705			39			9,254
Total commercial and industrial loans			$	19,328					$	31,165		$	9,219		$	6,416		$	4,903		$	13,662		$	88,828		$	642		$	174,163
Gross charge-offs (b)			$	17		(c)			$	19		$	27		$	7		$	2		$	19		$	90		$	11		$	192
Commercial real estate
Pass Rated			$	3,592					$	9,008		$	3,282		$	2,376		$	4,918		$	8,062		$	342					$	31,580
Criticized			109						685			470			370			664			1,880			18						4,196
Total commercial real estate loans			$	3,701					$	9,693		$	3,752		$	2,746		$	5,582		$	9,942		$	360					$	35,776
Gross charge-offs (b)																		$	29		$	95								$	124
Equipment lease financing
Pass Rated			$	1,126					$	1,507		$	779		$	761		$	506		$	1,469								$	6,148
Criticized			68						79			56			50			38			54									345
Total equipment lease financing loans			$	1,194					$	1,586		$	835		$	811		$	544		$	1,523								$	6,493
Gross charge-offs (b)			$	1					$	2		$	2		$	4		$	1		$	1								$	11
Total commercial loans			$	24,223					$	42,444		$	13,806		$	9,973		$	11,029		$	25,127		$	89,188		$	642		$	216,432
Total commercial gross charge-offs			$	18					$	21		$	29		$	11		$	32		$	115		$	90		$	11		$	327

			Term Loans by Origination Year
December 31, 2022 In millions			2022			2021			2020			2019			2018			Prior			Revolving Loans			Revolving Loans Converted to Term			Total Loans
Commercial and industrial
Pass Rated			$	41,685		$	12,493		$	8,134		$	6,261		$	4,209		$	13,165		$	89,384		$	69		$	175,400
Criticized			1,259			423			277			299			297			551			3,682			31			6,819
Total commercial and industrial			42,944			12,916			8,411			6,560			4,506			13,716			93,066			100			182,219
Commercial real estate
Pass Rated			8,835			4,153			3,266			5,511			3,005			7,454			450						32,674
Criticized			348			37			322			758			807			1,367			3						3,642
Total commercial real estate			9,183			4,190			3,588			6,269			3,812			8,821			453						36,316
Equipment lease financing
Pass Rated			1,797			962			942			670			410			1,495									6,276
Criticized			60			55			56			39			17			11									238
Total equipment lease financing			1,857			1,017			998			709			427			1,506									6,514
Total commercial			$	53,984		$	18,123		$	12,997		$	13,538		$	8,745		$	24,043		$	93,519		$	100		$	225,049

(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, 2023 and December 31, 2022.

(b)Gross charge-offs are presented on a year-to-date basis, as of the reporting date.

(c)Includes charge-offs of deposit overdrafts.

Consumer Loan Classes

See Note 4 Loans and Related Allowance for Credit Losses in our 2022 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.

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

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Residential Real Estate and Home Equity

The following table presents credit quality indicators for our residential real estate and home equity loan classes:

Table 44: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes

			Term Loans by Origination Year
September 30, 2023 In millions			2023			2022			2021			2020			2019			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Residential real estate
Current estimated LTV ratios
Greater than 100%			$	34		$	141		$	103		$	33		$	8		$	34								$	353
Greater than or equal to 80% to 100%			1,770			3,372			1,044			207			69			105									6,567
Less than 80%			2,577			6,661			14,517			6,639			2,196			7,129									39,719
No LTV available			52						13									3									68
Government insured or guaranteed loans			9			18			18			66			37			504									652
Total residential real estate loans			$	4,442		$	10,192		$	15,695		$	6,945		$	2,310		$	7,775								$	47,359
Updated FICO scores
Greater than or equal to 780			$	2,418		$	7,728		$	12,239		$	5,060		$	1,538		$	4,099								$	33,082
720 to 779			1,495			1,857			2,547			1,214			414			1,439									8,966
660 to 719			302			514			670			322			176			782									2,766
Less than 660			86			64			129			110			87			676									1,152
No FICO score available			132			11			92			173			58			275									741
Government insured or guaranteed loans			9			18			18			66			37			504									652
Total residential real estate loans			$	4,442		$	10,192		$	15,695		$	6,945		$	2,310		$	7,775								$	47,359
Gross charge-offs (a)						$	1					$	1					$	4								$	6
Home equity
Current estimated LTV ratios
Greater than 100%									$	2		$	10		$	5		$	13		$	294		$	285		$	609
Greater than or equal to 80% to 100%									5			39			21			27			1,266			1,949			3,307
Less than 80%									161			1,922			871			2,683			6,901			9,705			22,243
Total home equity loans									$	168		$	1,971		$	897		$	2,723		$	8,461		$	11,939		$	26,159
Updated FICO scores
Greater than or equal to 780									$	107		$	1,283		$	503		$	1,685		$	4,700		$	6,039		$	14,317
720 to 779									38			443			223			525			2,203			3,193			6,625
660 to 719									18			185			117			286			1,210			1,756			3,572
Less than 660									5			58			53			219			338			895			1,568
No FICO score available												2			1			8			10			56			77
Total home equity loans									$	168		$	1,971		$	897		$	2,723		$	8,461		$	11,939		$	26,159
Gross charge-offs (a)																		$	2		$	4		$	9		$	15

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

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(Continued from previous page)			Term Loans by Origination Year
December 31, 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%			$	4		$	52		$	20		$	10		$	4		$	41								$	131
Greater than or equal to 80% to 100%			1,185			678			232			84			24			92									2,295
Less than 80%			9,396			15,844			7,074			2,346			822			7,220									42,702
No LTV available						61						3						4									68
Government insured or guaranteed loans			9			15			66			39			28			536									693
Total residential real estate			$	10,594		$	16,650		$	7,392		$	2,482		$	878		$	7,893								$	45,889
Updated FICO scores
Greater than or equal to 780			$	6,825		$	12,596		$	5,276		$	1,623		$	463		$	4,027								$	30,810
720 to 779			3,172			3,024			1,369			476			180			1,457									9,678
660 to 719			514			744			378			189			98			796									2,719
Less than 660			63			108			110			88			71			740									1,180
No FICO score available			11			163			193			67			38			337									809
Government insured or guaranteed loans			9			15			66			39			28			536									693
Total residential real estate			$	10,594		$	16,650		$	7,392		$	2,482		$	878		$	7,893								$	45,889
Home equity
Current estimated LTV ratios
Greater than 100%						$	4		$	14		$	9		$	2		$	15		$	268		$	137		$	449
Greater than or equal to 80% to 100%						4			51			27			4			31			854			1,149			2,120
Less than 80%						172			2,078			961			285			2,851			7,780			9,287			23,414
Total home equity						$	180		$	2,143		$	997		$	291		$	2,897		$	8,902		$	10,573		$	25,983
Updated FICO scores
Greater than or equal to 780						$	110		$	1,357		$	554		$	155		$	1,791		$	5,093		$	5,545		$	14,605
720 to 779						47			515			248			64			567			2,305			2,843			6,589
660 to 719						19			211			140			42			288			1,146			1,449			3,295
Less than 660						4			57			54			29			242			342			671			1,399
No FICO score available									3			1			1			9			16			65			95
Total home equity						$	180		$	2,143		$	997		$	291		$	2,897		$	8,902		$	10,573		$	25,983

(a)Gross charge-offs are presented on a year-to-date basis, as of the reporting date.

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

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Automobile, Credit Card, Education and Other Consumer

The following table presents credit quality indicators for our automobile, credit card, education and other consumer loan classes:

Table 45: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes

			Term Loans by Origination Year
September 30, 2023 In millions			2023						2022			2021			2020			2019			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Automobile
Updated FICO scores
Greater than or equal to 780			$	2,221					$	1,776		$	1,653		$	624		$	456		$	127								$	6,857
720 to 779			1,454						1,266			892			356			309			115									4,392
660 to 719			804						677			456			218			228			100									2,483
Less than 660			168						261			248			165			230			136									1,208
Total automobile loans			$	4,647					$	3,980		$	3,249		$	1,363		$	1,223		$	478								$	14,940
Gross charge-offs (a)									$	18		$	18		$	13		$	23		$	19								$	91
Credit card
Updated FICO scores
Greater than or equal to 780																								$	1,920		$	1		$	1,921
720 to 779																								1,967			5			1,972
660 to 719																								1,982			13			1,995
Less than 660																								1,016			44			1,060
No FICO score available or required (b)																								109			3			112
Total credit card loans																								$	6,994		$	66		$	7,060
Gross charge-offs (a)																								$	212		$	20		$	232
Education
Updated FICO scores
Greater than or equal to 780			$	7					$	25		$	8		$	11		$	19		$	133								$	203
720 to 779			20						45			25			25			32			182									329
660 to 719			19						45			27			23			29			156									299
Less than 660			9						37			16			8			7			94									171
No FICO score available or required (b)			20						13			10			7			2			5									57
Total loans using FICO credit metric			75						165			86			74			89			570									1,059
Other internal credit metrics																					961									961
Total education loans			$	75					$	165		$	86		$	74		$	89		$	1,531								$	2,020
Gross charge-offs (a)												$	1		$	1		$	1		$	10								$	13
Other consumer
Updated FICO scores
Greater than or equal to 780			$	195					$	151		$	57		$	27		$	20		$	14		$	40		$	2		$	506
720 to 779			244						189			68			32			25			14			81			1			654
660 to 719			117						155			68			35			29			14			88			2			508
Less than 660			11						51			34			21			19			10			43			1			190
Total loans using FICO credit metric			567						546			227			115			93			52			252			6			1,858
Other internal credit metrics			32						107			32			73			72			23			2,239			10			2,588
Total other consumer loans			$	599					$	653		$	259		$	188		$	165		$	75		$	2,491		$	16		$	4,446
Gross charge-offs (a)			$	54		(c)			$	16		$	14		$	12		$	12		$	7		$	8		$	1		$	124

The PNC Financial Services Group, Inc. – Form 10-Q 65  

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(Continued from previous page)			Term Loans by Origination Year
December 31, 2022 In millions			2022			2021			2020			2019			2018			Prior			Revolving Loans			Revolving Loans Converted to Term			Total Loans
Updated FICO Scores
Automobile
Greater than or equal to 780			$	2,390		$	2,162		$	922		$	760		$	241		$	75								$	6,550
720 to 779			1,702			1,312			561			538			222			69									4,404
660 to 719			854			660			341			401			187			56									2,499
Less than 660			193			290			230			368			228			74									1,383
Total automobile			$	5,139		$	4,424		$	2,054		$	2,067		$	878		$	274								$	14,836
Credit card
Greater than or equal to 780																					$	1,954		$	2		$	1,956
720 to 779																					1,994			6			2,000
660 to 719																					1,957			13			1,970
Less than 660																					1,001			35			1,036
No FICO score available or required (b)																					104			3			107
Total credit card																					$	7,010		$	59		$	7,069
Education
Greater than or equal to 780			$	42		$	53		$	48		$	61		$	51		$	357								$	612
720 to 779			39			27			24			30			24			143									287
660 to 719			21			8			8			9			8			59									113
Less than 660			4			1			1			2			2			24									34
No FICO score available or required (b)			20			8			7			3						1									39
Education loans using FICO credit metric			126			97			88			105			85			584									1,085
Other internal credit metrics																		1,088									1,088
Total education			$	126		$	97		$	88		$	105		$	85		$	1,672								$	2,173
Other consumer
Greater than or equal to 780			$	224		$	97		$	53		$	46		$	14		$	18		$	47		$	2		$	501
720 to 779			302			122			68			62			20			15			89			2			680
660 to 719			229			110			68			66			28			8			95			2			606
Less than 660			32			48			37			40			20			6			44			2			229
Other consumer loans using FICO credit metric			787			377			226			214			82			47			275			8			2,016
Other internal credit metrics			125			43			40			34			7			29			2,720			12			3,010
Total other consumer			$	912		$	420		$	266		$	248		$	89		$	76		$	2,995		$	20		$	5,026

(a)Gross charge-offs are presented on a year-to-date basis, as of the reporting date.

(b)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.

(c)Includes charge-offs of deposit overdrafts.

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

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Loan Modifications to Borrowers Experiencing Financial Difficulty

On January 1, 2023, we adopted ASU 2022-02, which eliminates the accounting guidance for TDRs and enhances the disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty (FDMs).

FDMs occur as a result of our loss mitigation activities. A variety of solutions are offered to borrowers, including loan modifications that may result in principal forgiveness, interest rate reductions, term extensions, payment delays, repayment plans or combinations thereof:

•Principal forgiveness includes principal and accrued interest forgiveness.

•Interest rate reductions include modifications where the interest rate is reduced and/or interest is deferred.

•Term extensions extend the original contractual maturity date of the loan.

•Payment delays consist of modifications where we expect to collect contractual amounts due but that result in a delay in the receipt of payments specified under the original loan terms. We generally consider payment delays to be insignificant when the delay is three months or less.

•Repayment plans are offered for some of our credit card and unsecured line of credit products, which provide for a reduced payment and interest rate for a specific period of time.

Additionally, modifications to borrowers experiencing financial difficulty also result from borrowers that have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their obligations to us, and those that enter into trial modifications.

FDMs exclude loans held for sale and loans accounted for under the fair value option. Our disclosed FDM population also excludes government insured or guaranteed education loans as loss mitigation activities for these loans are either required by law or they are considered separate from PNC’s loss mitigation treatments. Commercial loans with an appraised value of collateral that exceeds the loan value, loans with guarantor support, and residential mortgage government insured or guaranteed loans are included in our disclosed population of FDMs when those loan modifications are granted to a borrower experiencing financial difficulty.

Refer to Note 1 Accounting Policies for additional information around our adoption of ASU 2022-02.

The PNC Financial Services Group, Inc. – Form 10-Q 67  

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The following table presents the amortized cost basis, as of September 30, 2023, of FDMs granted during the three and nine months ended September 30, 2023:

Table 46: Loan Modifications Granted to Borrowers Experiencing Financial Difficulty (a) (b)

Three months ended September 30, 2023 Dollars in millions						Interest Rate Reduction			Term Extension			Payment Delay			Repayment Plan			Interest Rate Reduction and Term Extension			Payment Delay and Term Extension			Other (c)			Total			% of Loan Class
Commercial
Commercial and industrial						$	15		$	356		$	37								$	7		$	83		$	498		0.29		%
Commercial real estate									307			16															323			0.90		%
Total commercial						15			663			53									7			83			821			0.38		%
Consumer
Residential real estate						1						50												3			54			0.11		%
Home equity												2												5			7			0.03		%
Credit card															$	20											20			0.28		%
Education									1																		1			0.05		%
Other consumer															1												1			0.02		%
Total consumer						1			1			52			21									8			83			0.08		%
Total						$	16		$	664		$	105		$	21					$	7		$	91		$	904		0.28		%
Nine months ended September 30, 2023 Dollars in millions
Commercial
Commercial and industrial						$	15		$	704		$	91								$	20		$	130		$	960		0.55		%
Commercial real estate									745			16												61			822			2.30		%
Total commercial						15			1,449			107									20			191			1,782			0.82		%
Consumer
Residential real estate						1						83						$	3					6			93			0.20		%
Home equity												6						7						9			22			0.08		%
Credit card															$	45											45			0.64		%
Education									3																		3			0.15		%
Other consumer															1												1			0.02		%
Total consumer						1			3			89			46			10						15			164			0.16		%
Total						$	16		$	1,452		$	196		$	46		$	10		$	20		$	206		$	1,946		0.61		%

(a)At September 30, 2023, there were $0.3 billion of unfunded lending related commitments associated with FDMs.

(b)Excludes the amortized cost basis of modified loans that were paid off, charged off or otherwise liquidated as of period end.

(c)Includes loans where we have received notification that a borrower has filed for Chapter 7 bankruptcy relief, but specific instructions as to the terms of the relief have not been formally ruled upon by the court. Amounts also include trial modifications.

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

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Table 47 presents the financial effect of FDMs granted during the three and nine months ended September 30, 2023:

Table 47: Financial Effect of FDMs (a)

Three months ended September 30, 2023 Dollars in millions									Weighted-Average Interest Rate Reduction			Weighted-Average Term Extension (in Months)			Weighted-Average Payment Delay (in Months)
Commercial
Commercial and industrial									0.25		%	13			6
Commercial real estate												13			8
Consumer
Residential real estate									0.72		%				10
Home equity															5
Education												15
Nine months ended September 30, 2023 Dollars in millions
Commercial
Commercial and industrial									0.25		%	12			6
Commercial real estate												16			8
Consumer
Residential real estate									1.13		%	118			9
Home equity									1.17		%	53			4
Education												16

(a)Excludes the financial effects of modifications for loans that were paid off, charged off or otherwise liquidated as of period end.

Repayment plans are excluded from Table 47. The terms of these programs, which are offered for certain credit card and unsecured line of credit products, are as follows:

•Short-term programs are granted for periods of 6 and 12 months. These programs are structurally similar such that the interest rate is reduced to a standard rate of 4.99% and the minimum payment percentage is adjusted to 1.90% of the outstanding balance. At the end of the 6 or 12 months, the borrower is returned to the original contractual interest rate and minimum payment amount specified in the original lending agreement.

•Fully-amortized repayment plans are also granted, the most common of which being a 60-month program. In this program, we convert the borrower’s drawn and unpaid balances into a fully-amortized repayment plan consisting of an interest rate of 4.99% and a minimum payment amount of 1.90%. This fully-amortized program is designed in a manner that allows the drawn and unpaid amounts to be recaptured at the end of the 60 months.

After we modify a loan, we continue to track its performance under its most recent modified terms. The following table presents the performance, as of September 30, 2023, of FDMs granted during the nine months ended September 30, 2023:

Table 48: Delinquency Status of FDMs (a)

Nine months ended September 30, 2023 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			Nonperforming Loans			Total
Commercial
Commercial and industrial			$	801								$	3		$	156		$	960
Commercial real estate			755												67			822
Total commercial			1,556									3			223			1,782
Consumer
Residential real estate			4			$	1								88			93
Home equity			1												21			22
Credit card			31			4			$	3		6			1			45
Education			3															3
Other consumer															1			1
Total consumer			39			5			3			6			111			164
Total			$	1,595		$	5		$	3		$	9		$	334		$	1,946

(a)Represents amortized cost basis.

We generally consider FDMs to have subsequently defaulted when they become 60 days past due after the most recent date the loan was modified. Loans that were both (i) modified due to a financial difficulty during the period, and (ii) subsequently defaulted during the three and nine months ended September 30, 2023 were $36 million and $84 million, respectively.

The PNC Financial Services Group, Inc. – Form 10-Q 69  

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Troubled Debt Restructuring Disclosures Prior to the Adoption of ASU 2022-02

Table 49 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. 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 in our 2022 Form 10-K for additional discussion of TDRs.

Table 49: 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

(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 occurred.

After a loan was determined to be a TDR, we continued to track its performance under its most recent restructured terms. We considered a TDR to have subsequently defaulted when it became 60 days past due after the most recent date the loan was restructured. Loans that were both (i) classified as TDRs within the last twelve months from the balance sheet date, and (ii) subsequently defaulted during the three and nine months ended September 30, 2022 totaled $23 million and $45 million, respectively.

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 for a discussion of the methodologies used to determine this allowance. A rollforward of the ACL related to loans follows:

Table 50: Rollforward of Allowance for Credit Losses

			Three months ended September 30																								Nine months ended September 30
			2023									2022															2023									2022
In millions			Commercial			Consumer			Total			Commercial			Consumer			Total									Commercial			Consumer			Total			Commercial			Consumer			Total
Allowance for loan and lease losses
Beginning balance			$	3,142		$	1,595		$	4,737		$	2,937		$	1,525		$	4,462								$	3,114		$	1,627		$	4,741		$	3,185		$	1,683		$	4,868
Adoption of ASU 2022-02 (a)																														(35)			(35)
Beginning balance, adjusted			3,142			1,595			4,737			2,937			1,525			4,462									3,114			1,592			4,706			3,185			1,683			4,868
Charge-offs			(72)			(161)			(233)			(73)			(149)			(222)									(327)			(481)			(808)			(162)			(506)			(668)
Recoveries			49			63			112			25			78			103									110			188			298			78			251			329
Net (charge-offs)			(23)			(98)			(121)			(48)			(71)			(119)									(217)			(293)			(510)			(84)			(255)			(339)
Provision for (recapture of) credit losses			105			48			153			174			67			241									325			246			571			(34)			93			59
Other			(2)						(2)			(2)			(1)			(3)																		(6)			(1)			(7)
Ending balance			$	3,222		$	1,545		$	4,767		$	3,061		$	1,520		$	4,581								$	3,222		$	1,545		$	4,767		$	3,061		$	1,520		$	4,581
Allowance for unfunded lending related commitments (b)
Beginning balance			$	555		$	108		$	663		$	630		$	51		$	681								$	613		$	81		$	694		$	564		$	98		$	662
Provision for (recapture of) credit losses			(22)			(1)			(23)			(22)			23			1									(80)			26			(54)			44			(24)			20
Ending balance			$	533		$	107		$	640		$	608		$	74		$	682								$	533		$	107		$	640		$	608		$	74		$	682
Allowance for credit losses at September 30 (c)			$	3,755		$	1,652		$	5,407		$	3,669		$	1,594		$	5,263								$	3,755		$	1,652		$	5,407		$	3,669		$	1,594		$	5,263

(a)Represents the impact of adopting ASU 2022-02 on January 1, 2023. As a result of adoption, we eliminated the accounting guidance for TDRs, including the use of a discounted cash flow approach to measure the allowance for TDRs.

(b)See Note 8 Commitments for additional information about the underlying commitments related to this allowance.

(c)Represents the ALLL plus allowance for unfunded lending related commitments and excludes allowances for investment securities and other financial assets, which together totaled $131 million and $162 million at September 30, 2023 and 2022, respectively.

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

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The ACL related to loans totaled $5.4 billion at both September 30, 2023 and December 31, 2022. During the nine months ended September 30, 2023, reserves reflected our updated economic outlook and changes in portfolio composition and quality.

NOTE 4 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 our 2022 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 8 Commitments and Note 11 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 51: Loan Sale and Servicing Activities

In millions			Residential Mortgages			Commercial Mortgages (a)
Cash Flows - Three months ended September 30, 2023
Sales of loans and related securitization activity (b)			$	873					$	398
Repurchases of previously transferred loans (c)			$	16					$	(9)
Servicing fees (d)			$	129					$	51
Servicing advances recovered/(funded), net			$	5					$	(22)
Cash flows on mortgage-backed securities held (e)			$	710					$	19
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 - Nine months ended September 30, 2023
Sales of loans and related securitization activity (b)			$	2,044					$	2,554
Repurchases of previously transferred loans (c)			$	67
Servicing fees (d)			$	384					$	146
Servicing advances recovered/(funded), net			$	44					$	(86)
Cash flows on mortgage-backed securities held (e)			$	2,008					$	49
Cash Flows - Nine months ended September 30, 2022
Sales of loans and related securitization activity (b)			$	4,367					$	2,702
Repurchases of previously transferred loans (c)			$	154					$	27
Servicing fees (d)			$	283					$	140
Servicing advances recovered/(funded), net			$	44					$	15
Cash flows on mortgage-backed securities held (e)			$	3,122					$	43

(a)Represents both commercial mortgage loan transfer and servicing activities.

(b)Gains/losses recognized on sales of loans were insignificant for the periods presented.

(c)Includes both residential and commercial mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our ROAP option, as well as residential mortgage loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers.

(d)Includes contractually specified servicing fees, late charges and ancillary fees.

(e)Represents cash flows on securities where we transferred to and/or service loans for a securitization SPE and we hold securities issued by that SPE. The carrying values of such securities held were $20.5 billion, $21.4 billion and $19.1 billion in residential mortgage-backed securities and $0.7 billion, $0.7 billion and $0.7 billion in commercial mortgage-backed securities at September 30, 2023, December 31, 2022 and September 30, 2022, respectively.

Table 52 presents information about the principal balances of transferred loans that we service and are not recorded on our Consolidated Balance Sheet. We would only experience a loss on these transferred loans if we were required to repurchase a loan, where the repurchase price exceeded the loan’s fair value, due to a breach in representations and warranties or a loss sharing arrangement associated with our continuing involvement with these loans. The estimate of losses related to breaches in representations and warranties was insignificant at September 30, 2023.

The PNC Financial Services Group, Inc. – Form 10-Q 71  

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Table 52: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others

In millions			Residential Mortgages									Commercial Mortgages (a)
September 30, 2023
Total principal balance			$	39,542								$	58,761
Delinquent loans (b)			$	324
December 31, 2022
Total principal balance			$	41,031								$	57,974
Delinquent loans (b)			$	346
Three months ended September 30, 2023
Net charge-offs (c)												$	14
Three months ended September 30, 2022
Net charge-offs (c)			$	1								$	9
Nine months ended September 30, 2023
Net charge-offs (c)			$	2								$	18
Nine months ended September 30, 2022
Net charge-offs (c)			$	3								$	12

(a)Represents information at the securitization level in which we have sold loans and we are the servicer for the securitization.

(b)Serviced delinquent loans are 90 days or more past due or are in process of foreclosure.

(c)Net charge-offs for Residential mortgages represent credit losses less recoveries distributed and as reported to investors during the period. Net charge-offs for commercial mortgages represent credit losses less recoveries distributed and as reported by the trustee for commercial mortgage-backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information.

Variable Interest Entities (VIEs)

As discussed in Note 5 Loan Sale and Servicing Activities and Variable Interest Entities included in our 2022 Form 10-K, we are involved with various entities in the normal course of business that are deemed to be VIEs.

The following table provides a summary of non-consolidated VIEs with which we have significant continuing involvement but are not the primary beneficiary. We have excluded certain transactions with non-consolidated VIEs from the balances presented in Table 53 where we have determined that our continuing involvement is insignificant. We do not consider our continuing involvement to be significant when it relates to a VIE where we only invest in securities issued by the VIE and were not involved in the design of the VIE or where no transfers have occurred between us and the VIE. In addition, where we only have lending arrangements in the normal course of business with entities that could be VIEs, we have excluded these transactions with non-consolidated entities from the balances presented in Table 53. These loans are included as part of the credit quality disclosures that we make in Note 3 Loans and Related Allowance for Credit Losses.

Table 53: Non-Consolidated VIEs

In millions			PNC Risk of Loss (a)									Carrying Value of Assets						Carrying Value of Liabilities
September 30, 2023
Mortgage-backed securitizations (b)			$	21,511								$	21,522		(c)
Tax credit investments and other			4,639									4,586			(d) (e)			$	2,264		(f) (g)
Total			$	26,150								$	26,108					$	2,264
December 31, 2022
Mortgage-backed securitizations (b)			$	22,666								$	22,670		(c)			$	1
Tax credit investments and other			4,411									4,240			(d)			2,063			(f)
Total			$	27,077								$	26,910					$	2,064

(a)Represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). The risk of loss excludes any potential tax recapture associated with tax credit investments.

(b)Amounts reflect involvement with securitization SPEs where we transferred to and/or service loans for an SPE and we hold securities issued by that SPE. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings.

(c)Included in Investment securities, Mortgage servicing rights and Other assets on our Consolidated Balance Sheet.

(d)Included in Investment securities, Loans, Equity investments and Other assets on our Consolidated Balance Sheet.

(e)Amount includes $2.9 billion of LIHTCs and $0.2 billion of NMTCs, which are included in Equity investments on our Consolidated Balance Sheet.

(f)Included in Deposits and Other liabilities on our Consolidated Balance Sheet.

(g)Amount includes $1.6 billion of LIHTCs and $0.2 billion of NMTCs, which are included in Other liabilities on our Consolidated Balance Sheet.

We make certain equity investments in various tax credit limited partnerships or LLCs. The purpose of these investments is to achieve a satisfactory return on capital and to assist us in achieving goals associated with the Community Reinvestment Act. Within Income taxes, during the nine months ended September 30, 2023, we recognized $0.3 billion of amortization, $0.3 billion of tax credits and $0.1 billion of other tax benefits associated with qualified investments in LIHTCs and NMTCs. During the nine months ended

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

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September 30, 2022, we recognized $0.3 billion of amortization, $0.3 billion of tax credits and $0.1 billion of other tax benefits associated with qualified investments in LIHTCs.

NOTE 5 GOODWILL AND MORTGAGE SERVICING RIGHTS

Goodwill

See Note 6 Goodwill and Mortgage Servicing Rights in our 2022 Form 10-K for more information regarding our goodwill.

Mortgage Servicing Rights

We recognize the right to service mortgage loans for others as an intangible asset when the benefits of servicing are expected to be more than adequate compensation to a servicer for performing the servicing. MSRs are recognized either when purchased or when originated loans are sold with servicing retained. MSRs totaled $4.0 billion at September 30, 2023 and $3.4 billion at December 31, 2022, and consisted of loan servicing contracts for commercial and residential mortgages which are measured at fair value.

We recognize gains (losses) on changes in the fair value of MSRs. MSRs are subject to changes in value from actual or expected prepayment of the underlying loans and defaults, as well as market driven changes in interest rates. We manage this risk by economically hedging the fair value of MSRs with securities, derivative instruments and resale agreements, which are expected to increase (or decrease) in value when the value of MSRs decreases (or increases).

See the Sensitivity Analysis section of this Note 5 for more detail on our fair value measurement of MSRs. See Note 6 Goodwill and Mortgage Servicing Rights and Note 15 Fair Value in our 2022 Form 10-K for more detail on our fair value measurement and our accounting of MSRs.

Changes in the commercial and residential MSRs follow:

Table 54: Mortgage Servicing Rights

			Commercial MSRs									Residential MSRs
In millions			2023			2022						2023			2022
January 1			$	1,113		$	740					$	2,310		$	1,078
Additions:
From loans sold with servicing retained			38			52						17			49
Purchases			27			32						438			620
Changes in fair value due to:
Time and payoffs (a)			(247)			(130)						(176)			(178)
Other (b)			238			438						248			505
September 30			$	1,169		$	1,132					$	2,837		$	2,074
Related unpaid principal balance of loans serviced at September 30			$	282,123		$	281,931					$	212,521		$	169,678
Servicing advances at September 30			$	507		$	448					$	121		$	132

(a)Represents decrease in MSR value due to passage of time, including the impact from regularly scheduled loan principal payments, prepayments and loans that were paid off during the period.

(b)Represents MSR value changes resulting primarily from market-driven changes in interest rates.

Sensitivity Analysis

The fair value of commercial and residential MSRs and significant inputs to the valuation models as of September 30, 2023 and December 31, 2022 are shown in Tables 55 and 56. The expected and actual rates of mortgage loan prepayments are significant factors driving the fair value. Management uses both internal proprietary models and a third-party model to estimate future commercial mortgage loan prepayments and a third-party model to estimate future residential mortgage loan prepayments. These models have been refined based on current market conditions and management judgment. Future interest rates are another important factor in the valuation of MSRs. Management utilizes market implied forward interest rates to estimate the future direction of mortgage and discount rates. The forward rates utilized are derived from the current yield curve for U.S. dollar interest rate swaps and are consistent with pricing of capital markets instruments. Changes in the shape and slope of the forward curve in future periods may result in volatility in the fair value estimate.

The PNC Financial Services Group, Inc. – Form 10-Q 73  

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A sensitivity analysis of the hypothetical effect on the fair value of MSRs to adverse changes in key assumptions is presented in Tables 55 and 56. These sensitivities do not include the impact of the related hedging activities. Changes in fair value generally cannot be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the MSRs is calculated independently without changing any other assumption. In reality, changes in one factor may result in changes in another (e.g., changes in mortgage interest rates, which drive changes in prepayment rate estimates, could result in changes in the interest rate spread), which could either magnify or counteract the sensitivities.

The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions:

Table 55: Commercial Mortgage Servicing Rights – Key Valuation Assumptions

Dollars in millions			September 30, 2023						December 31, 2022
Fair value			$	1,169					$	1,113
Weighted-average life (years)			4.0						4.0
Weighted-average constant prepayment rate			5.42		%				4.28		%
Decline in fair value from 10% adverse change			$	9					$	8
Decline in fair value from 20% adverse change			$	18					$	15
Effective discount rate			10.22		%				9.77		%
Decline in fair value from 10% adverse change			$	36					$	34
Decline in fair value from 20% adverse change			$	73					$	68

Table 56: Residential Mortgage Servicing Rights – Key Valuation Assumptions

Dollars in millions			September 30, 2023						December 31, 2022
Fair value			$	2,837					$	2,310
Weighted-average life (years)			8.4						8.0
Weighted-average constant prepayment rate			5.77		%				6.72		%
Decline in fair value from 10% adverse change			$	58					$	55
Decline in fair value from 20% adverse change			$	112					$	107
Weighted-average option adjusted spread			765			bps			766			bps
Decline in fair value from 10% adverse change			$	89					$	69
Decline in fair value from 20% adverse change			$	173					$	134

Fees from mortgage loan servicing, which include contractually specified servicing fees, late fees and ancillary fees were $0.1 billion for both three months ended September 30, 2023 and 2022, and $0.5 billion and $0.4 billion for the nine months ended September 30, 2023 and 2022, respectively. We also generate servicing fees from fee-based activities provided to others for which we do not have an associated servicing asset. Fees from commercial and residential MSRs are reported within Noninterest income on our Consolidated Income Statement in Residential and commercial mortgage.

NOTE 6 LEASES

PNC’s lessor arrangements primarily consist of direct financing, sales-type and operating leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. For more information on lease accounting, see Note 1 Accounting Policies and Note 7 Leases in our 2022 Form 10-K.

Table 57: Lessor Income

			Three months ended September 30						Nine months ended September 30
In millions			2023			2022			2023			2022
Sales-type and direct financing leases (a)			$	76		$	61		$	219		$	177
Operating leases (b)			9			15			40			48
Lease income			$	85		$	76		$	259		$	225

(a)Included in Loans interest income on the Consolidated Income Statement.

(b)Included in Lending and deposit services on the Consolidated Income Statement.

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

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NOTE 7 BORROWED FUNDS

The following table shows the carrying value of total borrowed funds at September 30, 2023 (including adjustments related to accounting hedges, purchase accounting and unamortized original issuance discounts) by remaining contractual maturity:

Table 58: Borrowed Funds

In millions
Less than 1 year			$	14,193
1 to 2 years			21,763
2 to 3 years			12,138
3 to 4 years			1,945
4 to 5 years			2,931
Over 5 years			13,197
Total			$	66,167

The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of September 30, 2023, and the carrying values as of September 30, 2023 and December 31, 2022.

Table 59: FHLB Borrowings, Senior Debt and Subordinated Debt

			Stated Rate						Maturity						Carrying Value
Dollars in millions			September 30, 2023						September 30, 2023						September 30, 2023						December 31, 2022
Parent Company
Senior debt			1.20% - 6.00%						2024-2034						$	17,880					$	11,374
Subordinated debt			3.90% - 4.60%						2024-2033						1,493						1,524
Junior subordinated debt			6.20		%				2028						205						205
Total Parent Company															19,578						13,103
Bank
Federal Home Loan Bank borrowings (a)			5.50% - 5.90%						2024-2026						36,000						32,075
Senior debt			2.50% - 6.10%						2024-2043						4,527						5,283
Subordinated debt			2.70% - 5.90%						2025-2029						3,030						4,578
Total Bank															43,557						41,936
Total															$	63,135					$	55,039

(a)FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities.

In Table 59, the carrying values for parent company senior and subordinated debt include basis adjustments of $(1,214) million and $(104) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(254) million and $(262) million, respectively, related to fair value accounting hedges as of September 30, 2023.

Certain borrowings are reported at fair value. Refer to Note 11 Fair Value for more information on those borrowings.

For further information regarding junior subordinated debentures, refer to Note 10 Borrowed Funds in our 2022 Form 10-K.

The PNC Financial Services Group, Inc. – Form 10-Q 75  

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NOTE 8 COMMITMENTS

In the normal course of business, we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. The following table presents our outstanding commitments to extend credit along with other commitments as of September 30, 2023 and December 31, 2022, respectively.

Table 60: Commitments to Extend Credit and Other Commitments

In millions			September 30, 2023						December 31, 2022
Commitments to extend credit
Commercial (a)			$	209,397					$	198,542
Home equity			24,037						22,783
Credit card			34,197						33,066
Other			7,741						7,337
Total commitments to extend credit			275,372						261,728
Net outstanding standby letters of credit (b)			10,326						10,575
Standby bond purchase agreements (c)			1,088						1,208
Other commitments (d)			3,585						3,661
Total commitments to extend credit and other commitments			$	290,371					$	277,172

(a)September 30, 2023 includes approximately $16 billion of acquired Signature Bridge Bank, N.A capital commitments facilities.

(b)Net outstanding standby letters of credit include $3.6 billion at both September 30, 2023 and December 31, 2022, which support remarketing programs.

(c)We enter into standby bond purchase agreements to support municipal bond obligations.

(d)Includes $2.1 billion and $2.2 billion related to investments in qualified affordable housing projects at September 30, 2023 and December 31, 2022, respectively.

Commitments to Extend Credit

Commitments to extend credit, or net unfunded loan commitments, represent arrangements to lend funds or provide liquidity subject to specified contractual conditions. These commitments generally have fixed expiration dates, may require payment of a fee and generally contain termination clauses in the event the customer’s credit quality deteriorates.

Net Outstanding Standby Letters of Credit

We issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions, in each case to support obligations of our customers to third parties, such as insurance requirements and the facilitation of transactions involving capital markets product execution. Approximately 98% of our net outstanding standby letters of credit were rated as Pass at September 30, 2023, with the remainder rated as Criticized. An internal credit rating of Pass indicates the expected risk of loss is currently low, while a rating of Criticized indicates a higher degree of risk.

If the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program, then upon a draw by a beneficiary, subject to the terms of the letter of credit, we would be obligated to make payment to them. The standby letters of credit outstanding on September 30, 2023 had terms ranging from less than one year to seven years.

As of September 30, 2023, assets of $1.2 billion secured certain specifically identified standby letters of credit. In addition, a portion of the remaining standby letters of credit issued on behalf of specific customers is secured by collateral or guarantees that secure the customers’ other obligations to us. The carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $0.2 billion at September 30, 2023 and is included in Other liabilities on our Consolidated Balance Sheet.

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

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NOTE 9 TOTAL EQUITY AND OTHER COMPREHENSIVE INCOME

Activity in total equity for the three and nine months ended September 30, 2023 and 2022 is as follows:

Table 61: Rollforward of Total Equity

									Shareholders’ Equity
In millions			Shares Outstanding Common Stock						Common Stock			Capital Surplus - Preferred Stock			Capital Surplus - Common Stock and Other			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock						Non- controlling Interests			Total Equity
Three months ended
Balance at June 30, 2022 (a)			411						$	2,714		$	6,004		$	12,527		$	51,841		$	(8,358)		$	(17,076)					$	36		$	47,688
Net income																		1,624												16			1,640
Other comprehensive loss, net of tax																					(2,128)												(2,128)
Cash dividends declared - Common																		(622)															(622)
Cash dividends declared - Preferred																		(65)															(65)
Preferred stock discount accretion												1						(1)
Preferred stock issuance (b)												1,239																					1,239
Treasury stock activity			(7)												6									(1,051)									(1,045)
Other															33															(17)			16
Balance at September 30, 2022 (a)			404						$	2,714		$	7,244		$	12,566		$	52,777		$	(10,486)		$	(18,127)					$	35		$	46,723
Balance at June 30, 2023 (a)			398						$	2,715		$	7,237		$	12,697		$	55,346		$	(9,525)		$	(19,150)					$	26		$	49,346
Net income																		1,554												16			1,570
Other comprehensive loss, net of tax																					(736)												(736)
Cash dividends declared - Common																		(624)															(624)
Cash dividends declared - Preferred																		(104)															(104)
Preferred stock discount accretion												2						(2)
Treasury stock activity															3									9									12
Other															32															(15)			17
Balance at September 30, 2023 (a)			398						$	2,715		$	7,239		$	12,732		$	56,170		$	(10,261)		$	(19,141)					$	27		$	49,481
Nine months ended
Balance at December 31, 2021 (a)			420						$	2,713		$	5,009		$	12,448		$	50,228		$	409		$	(15,112)					$	31		$	55,726
Net income																		4,513												52			4,565
Other comprehensive loss, net of tax																					(10,895)												(10,895)
Cash dividends declared - Common																		(1,779)															(1,779)
Cash dividends declared - Preferred																		(181)															(181)
Preferred stock discount accretion												4						(4)
Preferred stock issuance (b) (c)												2,231																					2,231
Common stock activity									1						14																		15
Treasury stock activity			(16)												56									(3,015)									(2,959)
Other															48															(48)
Balance at September 30, 2022 (a)			404						$	2,714		$	7,244		$	12,566		$	52,777		$	(10,486)		$	(18,127)					$	35		$	46,723
Balance at December 31, 2022 (a)			401						$	2,714		$	5,746		$	12,630		$	53,572		$	(10,172)		$	(18,716)					$	38		$	45,812
Cumulative effect of ASU adoptions (d)																		26															26
Balance at January 1, 2023 (a)			401						$	2,714		$	5,746		$	12,630		$	53,598		$	(10,172)		$	(18,716)					$	38		$	45,838
Net income																		4,714												50			4,764
Other comprehensive loss, net of tax																					(89)												(89)
Cash dividends declared - Common																		(1,837)															(1,837)
Cash dividends declared - Preferred																		(299)															(299)
Preferred stock discount accretion												6						(6)
Preferred stock issuance (e)												1,487																					1,487
Common stock activity									1						16																		17
Treasury stock activity			(3)												76									(425)									(349)
Other															10															(61)			(51)
Balance at September 30, 2023 (a)			398						$	2,715		$	7,239		$	12,732		$	56,170		$	(10,261)		$	(19,141)					$	27		$	49,481

(a)The par value of our preferred stock outstanding was less than $0.5 million at each date and, therefore, is excluded from this presentation.

(b)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.

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

(d)Represents the cumulative effect of adopting ASU 2022-02.

(e)On February 7, 2023, PNC issued 1,500,000 depositary shares each representing 1/100th ownership in a share of 6.250% fixed-rate reset non-cumulative perpetual preferred stock, Series W, with a par value of $1 per share.

The PNC Financial Services Group, Inc. – Form 10-Q 77  

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Details of other comprehensive income (loss) are as follows:

Table 62: Other Comprehensive Income (Loss)

			Three months ended September 30																								Nine months ended September 30
			2023												2022												2023												2022
In millions			Pre-tax			Tax effect			After-tax						Pre-tax			Tax effect			After-tax						Pre-tax			Tax effect			After-tax						Pre-tax			Tax effect			After-tax
Debt securities
Net unrealized gains (losses) on securities			$	(1,171)		$	280		$	(891)					$	(1,998)		$	471		$	(1,527)					$	(993)		$	238		$	(755)					$	(11,245)		$	2,650		$	(8,595)
Less: Net realized gains (losses) reclassified to     earnings (a)			(239)			57			(182)						(260)			61			(199)						(689)			163			(526)						(477)			112			(365)
Net change			(932)			223			(709)						(1,738)			410			(1,328)						(304)			75			(229)						(10,768)			2,538			(8,230)
Cash flow hedge derivatives
Net unrealized gains (losses) on cash flow hedge derivatives			(461)			122			(339)						(1,154)			272			(882)						(953)			238			(715)						(3,486)			821			(2,665)
Less: Net realized gains (losses) reclassified to earnings (a)			(426)			112			(314)						(129)			30			(99)						(1,129)			278			(851)						(2)						(2)
Net change			(35)			10			(25)						(1,025)			242			(783)						176			(40)			136						(3,484)			821			(2,663)
Pension and other postretirement benefit plan adjustments
Net pension and other postretirement benefit plan activity and other reclassified to earnings (b)			1			(1)									2			(1)			1						(3)						(3)						64			(16)			48
Net change			1			(1)									2			(1)			1						(3)						(3)						64			(16)			48
Other
Net unrealized gains (losses) on other transactions			1			(3)			(2)						4			(22)			(18)						8			(1)			7						(3)			(47)			(50)
Net change			1			(3)			(2)						4			(22)			(18)						8			(1)			7						(3)			(47)			(50)
Total other comprehensive income (loss)			$	(965)		$	229		$	(736)					$	(2,757)		$	629		$	(2,128)					$	(123)		$	34		$	(89)					$	(14,191)		$	3,296		$	(10,895)

(a)Reclassifications for pre-tax debt securities and cash flow hedges are recorded in Interest income and Noninterest income on the Consolidated Income Statement.

(b)Reclassifications include amortization of actuarial losses (gains) and amortization of prior period services costs (credits), which are recorded in Noninterest expense on the Consolidated Income Statement.

Table 63: Accumulated Other Comprehensive Income (Loss) Components

In millions, after-tax			Debt securities						Cash flow hedge derivatives						Pension and  other postretirement benefit plan adjustments						Other															Total
Three months ended
Balance at June 30, 2022			$	(6,313)					$	(2,081)					$	74					$	(38)														$	(8,358)
Net activity			(1,328)						(783)						1						(18)															(2,128)
Balance at September 30, 2022 (a)			$	(7,641)					$	(2,864)					$	75					$	(56)														$	(10,486)
Balance at June 30, 2023			$	(6,684)					$	(2,544)					$	(254)					$	(43)														$	(9,525)
Net activity			(709)						(25)												(2)															(736)
Balance at September 30, 2023 (a)			$	(7,393)					$	(2,569)					$	(254)					$	(45)														$	(10,261)
Nine months ended
Balance at December 31, 2021			$	589					$	(201)					$	27					$	(6)														$	409
Net activity			(8,230)						(2,663)						48						(50)															(10,895)
Balance at September 30, 2022 (a)			$	(7,641)					$	(2,864)					$	75					$	(56)														$	(10,486)
Balance at December 31, 2022			$	(7,164)					$	(2,705)					$	(251)					$	(52)														$	(10,172)
Net activity			(229)						136						(3)						7															(89)
Balance at September 30, 2023 (a)			$	(7,393)					$	(2,569)					$	(254)					$	(45)														$	(10,261)

(a)AOCI included pretax losses of $297 million and $132 million from derivatives that hedged the purchase of investment securities classified as held to maturity at September 30, 2023 and September 30, 2022, respectively.

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

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The following table provides the dividends per share for PNC’s common and preferred stock:

Table 64: Dividends Per Share (a)

			Three months ended September 30						Nine months ended September 30
			2023			2022			2023			2022
Common Stock			$	1.55		$	1.50		$	4.55		$	4.25
Preferred Stock
Series B			$	0.45		$	0.45		$	1.35		$	1.35
Series O			$	2,294		$	1,269		$	6,468		$	3,230
Series P						$	1,368					$	4,431
Series R (b)			$	2,181					$	4,606		$	2,425
Series S									$	2,500		$	2,500
Series T			$	850		$	850		$	2,550		$	2,550
Series U			$	1,500		$	1,817		$	4,500		$	1,817
Series V			$	1,550					$	4,650
Series W			$	1,563					$	3,785

(a)     Dividends are payable quarterly, other than Series S preferred stock, which is payable semiannually.

(b) Beginning September 1, 2023, Series R preferred stock dividends are payable quarterly.

On October 2, 2023, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.55 per share. The dividend, with a payment date of November 5, 2023, will be payable the next business day.

The PNC Financial Services Group, Inc. – Form 10-Q 79  

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NOTE 10 EARNINGS PER SHARE

Table 65: Basic and Diluted Earnings Per Common Share

						Three months ended September 30									Nine months ended September 30
In millions, except per share data						2023			2022						2023			2022
Basic
Net income						$	1,570		$	1,640					$	4,764		$	4,565
Less:
Net income attributable to noncontrolling interests						16			16						50			52
Preferred stock dividends						104			65						299			181
Preferred stock discount accretion and redemptions						2			1						6			4
Net income attributable to common shareholders						1,448			1,558						4,409			4,328
Less: Dividends and undistributed earnings allocated to nonvested restricted shares						8			8						23			21
Net income attributable to basic common shareholders						$	1,440		$	1,550					$	4,386		$	4,307
Basic weighted-average common shares outstanding						400			410						401			414
Basic earnings per common share (a)						$	3.60		$	3.78					$	10.95		$	10.39
Diluted
Net income attributable to diluted common shareholders						$	1,440		$	1,550					$	4,386		$	4,307
Basic weighted-average common shares outstanding						400			410						401			414
Dilutive potential common shares																		1
Diluted weighted-average common shares outstanding						400			410						401			415
Diluted earnings per common share (a)						$	3.60		$	3.78					$	10.94		$	10.39

(a)Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities).

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

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NOTE 11 FAIR VALUE

Fair Value Measurement

We measure certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability on the measurement date and is determined using an exit price in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair value hierarchy established by GAAP requires us to maximize the use of observable inputs when measuring fair value. For more information regarding the fair value hierarchy, see Note 15 Fair Value in our 2022 Form 10-K.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

For more information on the valuation methodologies used to measure assets and liabilities at fair value on a recurring basis, see Note 15 Fair Value in our 2022 Form 10-K. The following table summarizes our assets and liabilities measured at fair value on a recurring basis, including instruments for which we have elected the fair value option.

Table 66: Fair Value Measurements – Recurring Basis Summary

			September 30, 2023																											December 31, 2022
In millions			Level 1						Level 2						Level 3						Total Fair Value									Level 1						Level 2						Level 3						Total Fair Value
Assets
Residential mortgage loans held for sale									$	432					$	97					$	529														$	411					$	243					$	654
Commercial mortgage loans held for sale									354						25						379															243						33						276
Securities available for sale
U.S. Treasury and government agencies			$	6,320					397												6,717									$	8,108					262												8,370
Residential mortgage-backed
Agency									26,899												26,899															28,823												28,823
Non-agency															713						713																					819						819
Commercial mortgage-backed
Agency									1,544												1,544															1,675												1,675
Non-agency									828						95						923															1,253						3						1,256
Asset-backed									992						103						1,095															5						124						129
Other									2,643						56						2,699															3,032						55						3,087
Total securities available for sale			6,320						33,303						967						40,590									8,108						35,050						1,001						44,159
Loans									506						738						1,244															541						769						1,310
Equity investments (a)			696												1,729						2,618									1,173												1,778						3,147
Residential mortgage servicing rights															2,837						2,837																					2,310						2,310
Commercial mortgage servicing rights															1,169						1,169																					1,113						1,113
Trading securities (b)			464						2,002												2,466									798						1,168												1,966
Financial derivatives (b) (c)			11						3,821						6						3,838									16						3,747						5						3,768
Other assets			376						67						5						448									352						80												432
Total assets (d)			$	7,867					$	40,485					$	7,573					$	56,118								$	10,447					$	41,240					$	7,252					$	59,135
Liabilities
Other borrowed funds			$	954					$	81					$	7					$	1,042								$	1,230					$	232					$	4					$	1,466
Financial derivatives (c) (e)			14						8,098						108						8,220									4						7,491						123						7,618
Other liabilities															250						250																					294						294
Total liabilities (f)			$	968					$	8,179					$	365					$	9,512								$	1,234					$	7,723					$	421					$	9,378

(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(b)Included in Other assets on the Consolidated Balance Sheet.

(c)Amounts at September 30, 2023 and December 31, 2022 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See Note 12 Financial Derivatives for additional information related to derivative offsetting.

(d)Total assets at fair value as a percentage of total consolidated assets was 10% and 11% as of September 30, 2023 and December 31, 2022, respectively. Level 3 assets as a percentage of total assets at fair value was 13% and 12% at September 30, 2023 and December 31, 2022, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both September 30, 2023 and December 31, 2022.

(e)Included in Other liabilities on the Consolidated Balance Sheet.

(f)Total liabilities at fair value as a percentage of total consolidated liabilities was 2% at both September 30, 2023 and December 31, 2022. Level 3 liabilities as a percentage of total liabilities at fair value was 4% at both September 30, 2023 and December 31, 2022. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both September 30, 2023 and December 31, 2022.

The PNC Financial Services Group, Inc. – Form 10-Q 81  

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Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three and nine months ended September 30, 2023 and 2022 are as follows:

Table 67: Reconciliation of Level 3 Assets and Liabilities

Three Months Ended September 30, 2023

						Total realized / unrealized gains or losses for the  period (a)																																							Unrealized gains / losses for the period on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2023 (a) (c)
Level 3 Instruments Only In millions			Fair Value June 30, 2023			Included in Earnings			Included in Other comprehensive income (b)						Purchases			Sales			Issuances			Settlements			Transfers into Level 3						Transfers out of Level 3									Fair Value Sept. 30, 2023
Assets
Residential mortgage     loans held for sale			$	191		$	(3)								$	3		$	(89)					$	(2)		$	1					$	(4)		(e)						$	97		$	(4)
Commercial mortgage     loans held for sale			25																																							25
Securities available for sale
Residential mortgage-   backed non-agency			768			5						$	(20)											(40)																		713
Commercial mortgage-   backed non-agency			3																								92															95
Asset-backed			117									(3)												(11)																		103
Other			54			(1)						1			3									(1)																		56
Total securities     available for sale			942			4						(22)			3									(52)			92															967
Loans			745			5									19									(27)			2						(6)			(e)						738			5
Equity investments			1,623			(9)									212			(97)																								1,729			(16)
Residential mortgage     servicing rights			2,349			215									329						$	7		(63)																		2,837			215
Commercial mortgage     servicing rights			1,106			130									10						6			(83)																		1,169			130
Financial derivatives			6			6																		(6)																		6			7
Other assets															1												4															5
Total assets			$	6,987		$	348					$	(22)		$	577		$	(186)		$	13		$	(233)		$	99					$	(10)								$	7,573		$	337
Liabilities
Other borrowed funds			$	5																	$	3		$	(1)																	$	7
Financial derivatives			140			$	50											$	2					(84)																		108			$	51
Other liabilities			239			6															329			(324)																		250
Total liabilities			$	384		$	56											$	2		$	332		$	(409)																	$	365		$	51
Net gains (losses)						$	292		(f)																																				$	286		(g)

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

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Three Months Ended September 30, 2022

						Total realized / unrealized gains or losses for the  period (a)																																	Unrealized gains/losses for the period on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2022 (a) (c)
Level 3 Instruments Only In millions			Fair Value June 30, 2022			Included in Earnings			Included in Other comprehensive income (b)						Purchases			Sales			Issuances			Settlements			Transfers into Level 3			Transfers out of Level 3						Fair Value Sept. 30, 2022
Assets
Residential mortgage    loans held for sale			$	83		$	(4)								$	46		$	(1)					$	(2)		$	8		$	(14)		(e)			$	116		$	(4)
Commercial mortgage     loans held for sale			38																					(3)												35
Securities available for sale
Residential mortgage-     backed non-agency			925			4						$	(18)											(40)												871
Commercial mortgage-backed non-agency			3																																	3
Asset-backed			138									(5)												(6)												127
Other			67									2																								69
Total securities     available for sale			1,133			4						(21)												(46)												1,070
Loans			804			(1)									11			(2)						(35)						(2)			(e)			775
Equity investments			1,867			167									69			(308)																		1,795			65
Residential mortgage     servicing rights			1,620			135									363						$	11		(55)												2,074			135
Commercial mortgage     servicing rights			988			176									7						17			(56)												1,132			176
Financial derivatives			13			4									1									(10)												8			7
Total assets			$	6,546		$	481					$	(21)		$	497		$	(311)		$	28		$	(207)		$	8		$	(16)					$	7,005		$	379
Liabilities
Other borrowed funds			$	3																				$	(1)											$	2
Financial derivatives			213			$	(11)											$	4					(86)												120			$	(7)
Other liabilities			182			26									$	32					$	362		(333)												269			24
Total liabilities			$	398		$	15								$	32		$	4		$	362		$	(420)											$	391		$	17
Net gains (losses)						$	466		(f)																														$	362		(g)

The PNC Financial Services Group, Inc. – Form 10-Q 83  

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Nine Months Ended September 30, 2023

						Total realized / unrealized gains or losses for the  period (a)																																	Unrealized gains / losses for the period on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2023 (a) (c)
Level 3 Instruments Only In millions			Fair Value Dec. 31, 2022			Included in Earnings			Included in Other comprehensive income (b)						Purchases			Sales			Issuances			Settlements			Transfers into Level 3			Transfers out of Level 3						Fair Value Sept. 30, 2023
Assets
Residential mortgage     loans held for sale			$	243		$	(3)								$	12		$	(131)					$	(9)		$	4		$	(19)		(e)			$	97		$	(3)
Commercial mortgage     loans held for sale			33																					(8)												25
Securities available for sale
Residential mortgage-    backed non-agency			819			13						$	(16)											(103)												713
Commercial mortgage-     backed non-agency			3																								92									95
Asset-backed			124			1						(3)												(19)												103
Other			55			(1)						(3)			6									(4)			3									56
Total securities     available for sale			1,001			13						(22)			6									(126)			95									967
Loans			769			11									39			(1)						(77)			17			(20)			(e)			738			11
Equity investments			1,778			136									444			(495)												(134)			(d)			1,729			103
Residential mortgage     servicing rights			2,310			248									438						$	17		(176)												2,837			248
Commercial mortgage     servicing rights			1,113			238									27						38			(247)												1,169			238
Financial derivatives			5			13									3									(15)												6			16
Other assets															1												4									5
Total assets			$	7,252		$	656					$	(22)		$	970		$	(627)		$	55		$	(658)		$	120		$	(173)					7,573			$	613
Liabilities
Other borrowed funds			$	4																	$	9		$	(6)											$	7
Financial derivatives			123			$	168											$	5					(188)												108			$	173
Other liabilities			294			61															436			(541)												250			41
Total liabilities			$	421		$	229											$	5		$	445		$	(735)											$	365		$	214
Net gains (losses)						$	427		(f)																														$	399		(g)

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

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Nine Months Ended September 30, 2022

						Total realized / unrealized gains or losses for the  period (a)																																				Unrealized gains / losses for the period on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2022 (a) (c)
Level 3 Instruments Only In millions			Fair Value Dec. 31, 2021			Included in Earnings			Included in Other comprehensive income (b)						Purchases			Sales			Issuances			Settlements			Transfers into Level 3			Transfers out of Level 3									Fair Value Sept. 30, 2022
Assets
Residential mortgage    loans held for sale			$	81		$	(6)								$	91		$	(33)					$	(11)		$	22		$	(28)		(e)						$	116		$	(6)
Commercial mortgage     loans held for sale			49			(4)																		(10)															35			(4)
Securities available for sale
Residential mortgage-     backed non-agency			1,097			19						$	(84)											(161)															871
Commercial mortgage-     backed non-agency			3																																				3
Asset-backed			163			1						(18)												(19)															127
Other			69												3									(3)															69
Total securities     available for sale			1,332			20						(102)			3									(183)															1,070
Loans			884			20									31			(10)						(132)						(18)			(e)						775			20
Equity investments			1,680			312									185			(382)																					1,795			211
Residential mortgage     servicing rights			1,078			505									620						$	49		(178)															2,074			506
Commercial mortgage     servicing rights			740			438									32						52			(130)															1,132			438
Financial derivatives			38			(2)									4									(32)															8			18
Total assets			$	5,882		$	1,283					$	(102)		$	966		$	(425)		$	101		$	(676)		$	22		$	(46)								$	7,005		$	1,183
Liabilities
Other borrowed funds			$	3																	$	4		$	(5)														$	2
Financial derivatives			285			$	12											$	10					(187)															120			$	22
Other liabilities			175			47									$	32					604			(589)															269			39
Total liabilities			$	463		$	59								$	32		$	10		$	608		$	(781)														$	391		$	61
Net gains (losses)						$	1,224		(f)																																	$	1,122		(g)

(a)Losses for assets are bracketed while losses for liabilities are not.

(b)The difference in unrealized gains and losses for the period included in Other comprehensive income and changes in unrealized gains and losses for the period included in Other comprehensive income for securities available for sale held at the end of the reporting period were insignificant.

(c)The amount of the total gains or losses for the period included in earnings that is attributable to the change in unrealized gains or losses related to those assets and liabilities held at the end of the reporting period.

(d)Transfers out of Level 3 during the current period were due to valuation methodology changes for certain private company investments. See Note 1 Accounting Policies in our 2022 Form 10-K for more information on our accounting for private company investments.

(e)Residential mortgage loan transfers out of Level 3 are primarily driven by residential mortgage loans transferring to OREO as well as reclassification of mortgage loans held for sale to held for investment.

(f)Net gains (losses) realized and unrealized included in earnings related to Level 3 assets and liabilities included amortization and accretion. The amortization and accretion amounts were included in Interest income on the Consolidated Income Statement and the remaining net gains (losses) realized and unrealized were included in Noninterest income on the Consolidated Income Statement.

(g)Net unrealized gains (losses) related to assets and liabilities held at the end of the reporting period were included in Noninterest income on the Consolidated Income Statement.

An instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Changes from one quarter to the next related to the observability of inputs to a fair value measurement may result in a reclassification (transfer) of assets or liabilities between hierarchy levels.

The PNC Financial Services Group, Inc. – Form 10-Q 85  

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Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities follows:

Table 68: Fair Value Measurements – Recurring Quantitative Information

September 30, 2023

Level 3 Instruments Only Dollars in millions

Fair Value

Valuation Techniques

Unobservable Inputs

Range (Weighted-Average) (a)

Commercial mortgage loans held for sale

$

25

Discounted cash flow

Spread over the benchmark curve (b)

585bps - 7,140bps (2,611bps)

Residential mortgage-backed     non-agency securities

713

Priced by a third-party vendor using a discounted cash flow pricing model

Constant prepayment rate

1.0% - 27.9% (3.8%)

Constant default rate

0.0% - 12.0% (2.8%)

Loss severity

10.0% - 71.4% (42.1%)

Spread over the benchmark curve (b)

250bps weighted-average

Asset-backed securities

103

Priced by a third-party vendor using a discounted cash flow pricing model

Constant prepayment rate

1.0% - 11.0% (5.3%)

Constant default rate

0.0% - 4.3% (1.7%)

Loss severity

30.0% - 100.0% (48.8%)

Spread over the benchmark curve (b)

256bps weighted-average

Loans - Residential real estate - Uninsured

555

Consensus pricing (c)

Cumulative default rate

3.6% - 100.0% (59.6%)

Loss severity

0.0% - 100.0% (5.4%)

Discount rate

5.5% - 7.5% (5.8%)

Loans - Residential real estate

75

Discounted cash flow

Loss severity

6.0% weighted-average

Discount rate

8.4% weighted-average

Loans - Home equity - First-lien

19

Consensus pricing (c)

Cumulative default rate

3.6% - 100.0% (63.3%)

Loss severity

0.0% - 100.0% (15.2%)

Discount rate

5.5% - 7.5% (6.3%)

Loans - Home equity

89

Consensus pricing (c)

Credit and liquidity discount

0.4% - 100.0% (44.7%)

Equity investments

1,729

Multiple of adjusted earnings

Multiple of earnings

4.5x - 20.0x (9.7x)

Residential mortgage servicing rights

2,837

Discounted cash flow

Constant prepayment rate

0.0% - 29.7% (5.8%)

Spread over the benchmark curve (b)

337bps - 1,650bps (765bps)

Commercial mortgage servicing rights

1,169

Discounted cash flow

Constant prepayment rate

5.2% - 7.4% (5.4%)

Discount rate

8.3% - 10.7% (10.2%)

Financial derivatives - Swaps related to     sales of certain Visa Class B     common shares

(99)

Discounted cash flow

Estimated conversion factor of Visa Class B shares into Class A shares

1.59 weighted-average

Estimated annual growth rate of Visa Class A share price

16.0%

Estimated litigation resolution date

Q1 2024

Insignificant Level 3 assets, net of     liabilities (d)

(7)

Total Level 3 assets, net of liabilities (e)

$

7,208

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

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December 31, 2022

Level 3 Instruments Only Dollars in millions

Fair Value

Valuation Techniques

Unobservable Inputs

Range (Weighted-Average) (a)

Commercial mortgage loans held for sale

$

33

Discounted cash flow

Spread over the benchmark curve (b)

585bps - 2,465bps (959bps)

Residential mortgage-backed     non-agency securities

819

Priced by a third-party vendor using a discounted cash flow pricing model

Constant prepayment rate

1.0% - 27.9% (9.9%)

Constant default rate

0.0% - 13.0% (4.0%)

Loss severity

15.0% - 80.0% (46.1%)

Spread over the benchmark curve (b)

289bps weighted-average

Asset-backed securities

124

Priced by a third-party vendor using a discounted cash flow pricing model

Constant prepayment rate

1.0% - 40.0% (7.5%)

Constant default rate

0.0% - 7.3% (2.1%)

Loss severity

20.0% - 100.0% (49.0%)

Spread over the benchmark curve (b)

296bps weighted-average

Loans - Residential real estate - Uninsured

570

Consensus pricing (c)

Cumulative default rate

3.6% - 100.0% (66.2%)

Loss severity

0.0% - 100.0% (6.2%)

Discount rate

5.5% - 7.5% (5.9%)

Loans - Residential real estate

76

Discounted cash flow

Loss severity

6.0% weighted-average

Discount rate

7.9% weighted-average

Loans - Home equity - First-lien

25

Consensus pricing (c)

Cumulative default rate

3.6% - 100.0% (72.5%)

Loss severity

0.0% - 100.0% (15.3%)

Discount rate

5.5% - 7.5% (6.5%)

Loans - Home equity

98

Consensus pricing (c)

Credit and Liquidity discount

0.4% - 100.0% (46.2%)

Equity investments

1,778

Multiple of adjusted earnings

Multiple of earnings

4.5x - 25.0x (9.1x)

Residential mortgage servicing rights

2,310

Discounted cash flow

Constant prepayment rate

0.0% - 34.5% (6.7%)

Spread over the benchmark curve (b)

254bps - 1,653bps (766bps)

Commercial mortgage servicing rights

1,113

Discounted cash flow

Constant prepayment rate

3.9% - 9.8% (4.3%)

Discount rate

7.8% - 10.1% (9.8%)

Financial derivatives - Swaps related to     sales of certain Visa Class B     common shares

(107)

Discounted cash flow

Estimated conversion factor of Visa Class B shares into Class A shares

1.61 weighted-average

Estimated annual growth rate of Visa Class A share price

16.0%

Estimated litigation resolution date

Q2 2023

Insignificant Level 3 assets, net of     liabilities (d)

(8)

Total Level 3 assets, net of liabilities (e)

$

6,831

(a)Unobservable inputs were weighted by the relative fair value of the instruments.

(b)The assumed yield spread over the benchmark curve for each instrument is generally intended to incorporate non-interest rate risks, such as credit and liquidity risks.

(c)Consensus pricing refers to fair value estimates that are generally internally developed using information such as dealer quotes or other third-party provided valuations or comparable asset prices.

(d)Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain financial derivative assets and liabilities, trading securities, other securities, residential mortgage loans held for sale, other assets, other borrowed funds and other liabilities.

(e)Consisted of total Level 3 assets of $7.6 billion and total Level 3 liabilities of $0.4 billion as of September 30, 2023 and $7.3 billion and $0.4 billion as of December 31, 2022, respectively.

Financial Assets Accounted for at Fair Value on a Nonrecurring Basis

We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment and are included in Table 69. For more information regarding the valuation methodologies of our financial assets measured at fair value on a nonrecurring basis, see Note 15 Fair Value in our 2022 Form 10-K.

The PNC Financial Services Group, Inc. – Form 10-Q 87  

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Assets measured at fair value on a nonrecurring basis follow:

Table 69: Fair Value Measurements – Nonrecurring (a) (b) (c)

			Fair Value												Gains (Losses) Three months ended												Gains (Losses) Nine months ended
In millions			September 30 2023						December 31 2022						September 30 2023						September 30 2022						September 30 2023						September 30 2022
Assets
Nonaccrual loans			$	361					$	280					$	(84)					$	(111)					$	(260)					$	(145)
Equity investments			57						135						(15)												(19)
OREO and foreclosed assets			11						10						(1)												(1)
Long-lived assets			4						23						(3)						(1)						(17)						(5)
Total assets			$	433					$	448					$	(103)					$	(112)					$	(297)					$	(150)

(a)All Level 3 for the periods presented, except for $28 million and $42 million included in Equity investments which were categorized as Level 1 as of September 30, 2023 and December 31, 2022, respectively.

(b)Valuation techniques applied were discounted cash flow and fair value of property or collateral.

(c)Unobservable inputs used were appraised value/sales price, broker opinions or projected income/required improvement costs. Additional quantitative information was not meaningful for the periods presented.

Financial Instruments Accounted for under Fair Value Option

We elect the fair value option to account for certain financial instruments. For more information on these financial instruments for which the fair value option election has been made, see Note 15 Fair Value in our 2022 Form 10-K.

Fair values and aggregate unpaid principal balances of items for which we elected the fair value option are as follows:

Table 70: Fair Value Option – Fair Value and Principal Balances

			September 30, 2023																		December 31, 2022
In millions			Fair Value						Aggregate Unpaid Principal Balance						Difference						Fair Value						Aggregate Unpaid Principal Balance						Difference
Assets
Residential mortgage loans held for sale
Accruing loans less than 90 days past due			$	486					$	496					$	(10)					$	609					$	633					$	(24)
Accruing loans 90 days or more past due			10						10												5						5
Nonaccrual loans			33						40						(7)						40						49						(9)
Total			$	529					$	546					$	(17)					$	654					$	687					$	(33)
Commercial mortgage loans held for sale (a)
Accruing loans less than 90 days past due			$	365					$	368					$	(3)					$	261					$	256					$	5
Nonaccrual loans			14						43						(29)						15						44						(29)
Total			$	379					$	411					$	(32)					$	276					$	300					$	(24)
Loans
Accruing loans less than 90 days past due			$	505					$	518					$	(13)					$	509					$	521					$	(12)
Accruing loans 90 days or more past due			140						152						(12)						155						167						(12)
Nonaccrual loans			599						815						(216)						646						880						(234)
Total			$	1,244					$	1,485					$	(241)					$	1,310					$	1,568					$	(258)
Other assets			$	68					$	75					$	(7)					$	80					$	80
Liabilities
Other borrowed funds			$	37					$	38					$	(1)					$	31					$	32					$	(1)
Other liabilities			$	141											$	141					$	196											$	196

(a)There were no accruing loans 90 days or more past due within this category at September 30, 2023 or December 31, 2022.

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

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The changes in fair value for items for which we elected the fair value option are as follows:

Table 71: Fair Value Option – Changes in Fair Value (a)

			Gains (Losses)												Gains (Losses)
			Three months ended												Nine months ended
			September 30						September 30						September 30						September 30
In millions			2023						2022						2023						2022
Assets
Residential mortgage loans held for sale			$	(3)					$	(29)					$	14					$	(92)
Commercial mortgage loans held for sale			$	6					$	14					$	29					$	34
Loans			$	8					$	1					$	17					$	37
Other assets									$	(3)					$	(12)					$	(21)
Liabilities
Other liabilities									$	(24)					$	(41)					$	(40)

(a)The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts.

Additional Fair Value Information Related to Financial Instruments Not Recorded at Fair Value

The following table presents the carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of all other financial instruments that are not recorded on our Consolidated Balance Sheet at fair value as of September 30, 2023 and December 31, 2022. For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 72, see Note 15 Fair Value in our 2022 Form 10-K.

Table 72: Additional Fair Value Information Related to Other Financial Instruments

			Carrying						Fair Value
In millions			Amount						Total						Level 1						Level 2						Level 3
September 30, 2023
Assets
Cash and due from banks			$	5,300					$	5,300					$	5,300
Interest-earning deposits with banks			41,484						41,484												$	41,484
Securities held to maturity			91,803						84,447						30,110						54,189						$	148
Net loans (excludes leases)			305,911						295,609																		295,609
Other assets			5,916						5,916												5,915						1
Total assets			$	450,414					$	432,756					$	35,410					$	101,588					$	295,758
Liabilities
Time deposits			$	27,209					$	27,142											$	27,142
Borrowed funds			65,052						65,127												63,943						$	1,184
Unfunded lending related commitments			640						640																		640
Other liabilities			1,106						1,106												1,106
Total liabilities			$	94,007					$	94,015											$	92,191					$	1,824
December 31, 2022
Assets
Cash and due from banks			$	7,043					$	7,043					$	7,043
Interest-earning deposits with banks			27,320						27,320												$	27,320
Securities held to maturity			95,183						90,279						30,748						59,377						$	154
Net loans (excludes leases)			313,460						310,864																		310,864
Other assets			6,022						6,022												6,020						2
Total assets			$	449,028					$	441,528					$	37,791					$	92,717					$	311,020
Liabilities
Time deposits			$	18,470					$	18,298											$	18,298
Borrowed funds			57,182						57,557												55,922						$	1,635
Unfunded lending related commitments			694						694																		694
Other liabilities			660						660												660
Total liabilities			$	77,006					$	77,209											$	74,880					$	2,329

The PNC Financial Services Group, Inc. – Form 10-Q 89  

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The aggregate fair values in Table 72 represent only a portion of the total market value of our assets and liabilities as, in accordance with the guidance related to fair values about financial instruments, we exclude the following:

•financial instruments recorded at fair value on a recurring basis (as they are disclosed in Table 66),

•investments accounted for under the equity method,

•equity securities without a readily determinable fair value that apply for the alternative measurement approach to fair value under ASU 2016-01,

•real and personal property,

•lease financing,

•loan customer relationships,

•deposit customer intangibles,

•MSRs,

•retail branch networks,

•fee-based businesses, such as asset management and brokerage,

•trademarks and brand names,

•trade receivables and payables due in one year or less,

•deposit liabilities with no defined or contractual maturities under ASU 2016-01, and

•insurance contracts.

NOTE 12 FINANCIAL DERIVATIVES

We use a variety of financial derivatives to both mitigate exposure to market (primarily interest rate) and credit risks inherent in our business activities, as well as to facilitate customer risk management activities. We manage these risks as part of our overall asset and liability management process and through our credit policies and procedures. 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 amount and an underlying as specified in the contract.

Derivative transactions are often measured in terms of notional amount, but this amount is generally not exchanged and it is not recorded on the balance sheet. The notional amount is the basis to which the underlying is applied to determine required payments under the derivative contract. The underlying is a referenced interest rate, security price, credit spread or other index. Residential and commercial real estate loan commitments associated with loans to be sold also qualify as derivative instruments.

For more information regarding derivatives see Note 1 Accounting Policies and Note 16 Financial Derivatives in our 2022 Form 10-K.

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Table 73 presents the notional and gross fair value amounts of all derivative assets and liabilities held by us.

During the second quarter, in anticipation of LIBOR’s cessation on June 30, 2023, LIBOR-indexed interest-rate swap contracts with central clearing counterparties were subject to a conversion process whereby an individual LIBOR swap contract was exchanged for a SOFR replacement swap contract, along with one or more overlay swap contracts replicating the final LIBOR cash flows on the original swap contract. The swap contracts exchanged were substantially economically equivalent. Conversion-related valuation differences were settled in cash on the conversion dates and were not material. The SOFR replacement and overlay swaps are considered separate contracts, and the overlay swaps will result in a gross-up of the notional amounts presented until those swaps mature upon settlement of the final LIBOR payment. The majority of overlay swaps matured during the third quarter of 2023.

Table 73: Total Gross Derivatives (a)

			September 30, 2023									December 31, 2022
In millions			Notional / Contract Amount			Asset Fair Value (b)			Liability Fair Value (c)			Notional / Contract Amount			Asset Fair Value (b)			Liability Fair Value (c)
Derivatives used for hedging
Interest rate contracts:
Fair value hedges (d)			$	29,523								$	24,231
Cash flow hedges (d)			35,241						$	2		40,310						$	1
Cash flow hedges - other (e)			25,000			$	222		281
Foreign exchange contracts:
Net investment hedges			1,168			22						1,120			$	24
Total derivatives designated for hedging			$	90,932		$	244		$	283		$	65,661		$	24		$	1
Derivatives not used for hedging
Derivatives used for mortgage banking activities (f):
Interest rate contracts:
Swaps (g)			$	45,056					$	4		$	47,908		$	7		$	1
Futures (h)			8,860									5,537
Mortgage-backed commitments			4,750			$	77		73			4,516			85			89
Other			16,588			51			21			18,017			90			14
Total interest rate contracts			75,254			128			98			75,978			182			104
Derivatives used for customer-related activities:
Interest rate contracts:
Swaps (g)			420,301			2,170			6,579			354,150			1,597			5,397
Futures (h)			41									32
Mortgage-backed commitments			3,675			27			11			2,799			10			6
Other			28,734			292			285			29,071			334			321
Total interest rate contracts			452,751			2,489			6,875			386,052			1,941			5,724
Commodity contracts:
Swaps			6,558			477			504			5,792			1,003			1,067
Other			2,894			71			73			4,488			205			202
Total commodity contracts			9,452			548			577			10,280			1,208			1,269
Foreign exchange contracts and other			31,358			312			277			30,512			366			293
Total derivatives for customer-related activities			493,561			3,349			7,729			426,844			3,515			7,286
Derivatives used for other risk management activities:
Foreign exchange contracts and other			17,427			117			110			12,785			47			227
Total derivatives not designated for hedging			$	586,242		$	3,594		$	7,937		$	515,607		$	3,744		$	7,617
Total gross derivatives			$	677,174		$	3,838		$	8,220		$	581,268		$	3,768		$	7,618
Less: Impact of legally enforceable master netting agreements						1,396			1,396						1,523			1,523
Less: Cash collateral received/paid						1,593			1,599						714			1,571
Total derivatives						$	849		$	5,225					$	1,531		$	4,524

(a)Centrally cleared derivatives are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet.

(b)Included in Other assets on our Consolidated Balance Sheet.

(c)Included in Other liabilities on our Consolidated Balance Sheet.

(d)Represents primarily swaps.

(e)Represents caps and floors.

(f)Includes both residential and commercial mortgage banking activities.

(g)At September 30, 2023, the gross-up of the notional amounts due to overlay swap contracts used for mortgage banking and customer-related activities were $0.4 billion and $22.6 billion, respectively

(h)Futures contracts are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet.

The PNC Financial Services Group, Inc. – Form 10-Q 91  

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All derivatives are carried on our Consolidated Balance Sheet at fair value. Derivative balances are presented on the Consolidated Balance Sheet on a net basis taking into consideration the effects of legally enforceable master netting agreements and, when appropriate, any related cash collateral exchanged with counterparties. Further discussion regarding the offsetting rights associated with these legally enforceable master netting agreements is included in the Offsetting and Counterparty Credit Risk section of this Note 12. Any nonperformance risk, including credit risk, is included in the determination of the estimated net fair value of the derivatives.

Derivatives Designated As Hedging Instruments

Certain derivatives used to manage interest rate and foreign exchange risk as part of our asset and liability risk management activities are designated as accounting hedges. Derivatives hedging the risks associated with changes in the fair value of assets or liabilities are considered fair value hedges, derivatives hedging the variability of expected future cash flows are considered cash flow hedges and derivatives hedging a net investment in a foreign subsidiary are considered net investment hedges. Designating derivatives as accounting hedges allows for gains and losses on those derivatives to be recognized in the same period and in the same income statement line item as the earnings impact of the hedged items.

Fair Value Hedges

We enter into receive-fixed, pay-variable interest rate swaps to hedge changes in the fair value of outstanding fixed-rate debt caused by fluctuations in market interest rates. We also enter into pay-fixed, receive-variable interest rate swaps and zero-coupon swaps to hedge changes in the fair value of fixed rate and zero-coupon investment securities caused by fluctuations in market interest rates. Gains and losses on the interest rate swaps designated in these hedge relationships, along with the offsetting gains and losses on the hedged items attributable to the hedged risk, are recognized in current earnings within the same income statement line item.

Cash Flow Hedges

We enter into receive-fixed, pay-variable interest rate swaps and interest rate caps and floors to modify the interest rate characteristics of designated commercial loans from variable to fixed in order to reduce the impact of changes in future cash flows due to market interest rate changes. We also periodically enter into forward purchase and sale contracts to hedge the variability of the consideration that will be paid or received related to the purchase or sale of investment securities. The forecasted purchase or sale is consummated upon gross settlement of the forward contract itself. For these cash flow hedges, gains and losses on the hedging instruments are recorded in AOCI and are then reclassified into earnings in the same period the hedged cash flows affect earnings and within the same income statement line as the hedged cash flows.

In the 12 months that follow September 30, 2023, we expect to reclassify net derivative losses of $1.5 billion pretax, or $1.1 billion after-tax, from AOCI to interest income for these cash flow hedge strategies. This reclassified amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to September 30, 2023. As of September 30, 2023, the maximum length of time over which forecasted transactions are hedged is eight years.

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Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table:

Table 74: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b)

			Location and Amount of Gains (Losses) Recognized in Income
			Interest Income						Interest Expense			Noninterest Income
In millions			Loans			Investment Securities			Borrowed Funds			Other
For the three months ended September 30, 2023
Total amounts in the Consolidated Income Statement			$	4,643		$	892		$	993		$	94
Gains (losses) on fair value hedges recognized on:
Hedged items (c)						$	(156)		$	416
Derivatives						$	158		$	(421)
Amounts related to interest settlements on derivatives						$	8		$	(167)
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(418)		$	(8)
For the three months ended September 30, 2022
Total amounts in the Consolidated Income Statement			$	3,138		$	715		$	317		$	317
Gains (losses) on fair value hedges recognized on:
Hedged items (c)						$	(85)		$	696
Derivatives						$	86		$	(706)
Amounts related to interest settlements on derivatives						$	(1)		$	1
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(122)		$	(7)
For the nine months ended September 30, 2023
Total amounts on the Consolidated Income Statement			$	13,424		$	2,660		$	2,679		$	481
Gains (losses) on fair value hedges recognized on:
Hedged items (c)						$	(157)		$	551
Derivatives						$	163		$	(569)
Amounts related to interest settlements on derivatives						$	20		$	(427)
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(1,108)		$	(21)
For the nine months ended September 30, 2022
Total amounts on the Consolidated Income Statement			$	7,935		$	1,890		$	542		$	705
Gains (losses) on fair value hedges recognized on:
Hedged items (c)						$	(131)		$	2,073
Derivatives						$	135		$	(2,101)
Amounts related to interest settlements on derivatives						$	(4)		$	185
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(5)		$	3

(a)For all periods presented, there were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for any of the fair value or cash flow hedge strategies.

(b)All cash flow and fair value hedge derivatives were interest rate contracts for the periods presented.

(c)Includes an insignificant amount of fair value hedge adjustments related to discontinued hedge relationships.

(d)For all periods presented, there were no gains or losses from cash flow hedge derivatives reclassified to income because it became probable that the original forecasted transaction would not occur.

The PNC Financial Services Group, Inc. – Form 10-Q 93  

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Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table:

Table 75: Hedged Items - Fair Value Hedges

 

			September 30, 2023												December 31, 2022
In millions			Carrying Value of the Hedged Items						Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a)						Carrying Value of the Hedged Items						Cumulative Fair Value Hedge Adjustment  included in the Carrying  Value of Hedged Items (a)
Investment securities - available for sale (b)			$	1,874					$	(282)					$	2,376					$	(121)
Borrowed funds			$	25,959					$	(1,834)					$	21,781					$	(1,283)

(a)Includes less than $(0.1) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships at both September 30, 2023 and December 31, 2022.

(b)Carrying value shown represents amortized cost.

Net Investment Hedges

We enter into foreign currency forward contracts to hedge non-U.S. dollar net investments in foreign subsidiaries against adverse changes in foreign exchange rates. We assess whether the hedging relationship is highly effective in achieving offsetting changes in the value of the hedge and hedged item by qualitatively verifying that the critical terms of the hedge and hedged item match at the inception of the hedging relationship and on an ongoing basis. Net investment hedge derivatives are classified as foreign exchange contracts. There were no components of derivative gains or losses excluded from the assessment of the hedge effectiveness for the periods presented. Net gains (losses) on net investment hedge derivatives recognized in OCI were $44 million and $(2) million for the three and nine months ended September 30, 2023, respectively, and insignificant for both the three and nine months ended September 30, 2022.

Derivatives Not Designated As Hedging Instruments

For additional information on derivatives not designated as hedging instruments under GAAP, see Note 16 Financial Derivatives in our 2022 Form 10-K.

Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table:

Table 76: Gains (Losses) on Derivatives Not Designated for Hedging

									Three months ended September 30									Nine months ended September 30
In millions												2023			2022						2023			2022
Derivatives used for mortgage banking activities:
Interest rate contracts (a)												$	(224)		$	(245)					$	(301)		$	(700)
Derivatives used for customer-related activities:
Interest rate contracts												11			65						46			231
Foreign exchange contracts and other												31			(2)						145			22
Gains from customer-related activities (b)												42			63						191			253
Derivatives used for other risk management activities:
Foreign exchange contracts and other (b)												129			309						(85)			572
Total gains (losses) from derivatives not designated as hedging instruments												$	(53)		$	127					$	(195)		$	125

(a)Included in Residential and commercial mortgage noninterest income on our Consolidated Income Statement.

(b)Included in Capital markets and advisory and Other noninterest income on our Consolidated Income Statement.

Offsetting and Counterparty Credit Risk

We generally utilize a net presentation on the Consolidated Balance Sheet for those derivative financial instruments entered into with counterparties under legally enforceable master netting agreements. The master netting agreements reduce credit risk by permitting the closeout netting of all outstanding derivative instruments under the master netting agreement with the same counterparty upon the occurrence of an event of default. The master netting agreement also may require the exchange of cash or marketable securities to collateralize either party’s net position. For additional information on derivative offsetting and counterparty credit risk, see Note 16 Financial Derivatives in our 2022 Form 10-K.

Table 77 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities at September 30, 2023 and December 31, 2022. The table includes cash collateral held or pledged under legally enforceable master netting agreements. The table also includes the fair value of any securities collateral held or pledged under legally enforceable master

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netting agreements. Cash and securities collateral amounts are included in the table only to the extent of the related net derivative fair values.

Table 77 includes OTC derivatives not settled through an exchange (“OTC derivatives”) and OTC derivatives cleared through a central clearing house (“OTC cleared derivatives”). OTC derivatives represent contracts executed bilaterally with counterparties that are not settled through an organized exchange or directly cleared through a central clearing house. The majority of OTC derivatives are governed by the ISDA documentation or other legally enforceable master netting agreements. OTC cleared derivatives represent contracts executed bilaterally with counterparties in the OTC market that are novated to a central clearing house that then becomes our counterparty. OTC cleared derivative instruments are typically settled in cash each day based on the prior day value.

Table 77: Derivative Assets and Liabilities Offsetting

In millions												Amounts Offset on the Consolidated Balance Sheet																								Securities Collateral Held/Pledged Under Master Netting Agreements
						Gross Fair Value						Fair Value Offset Amount						Cash Collateral						Net Fair Value																		Net Amounts
September 30, 2023
Derivative assets
Interest rate contracts:
Over-the-counter cleared						$	43																	$	43																	$	43
Over-the-counter						2,796						$	1,014					$	1,318					464												$	116					348
Commodity contracts						548						250						71						227												2						225
Foreign exchange and other contracts						451						132						204						115																		115
Total derivative assets						$	3,838					$	1,396					$	1,593					$	849					(a)						$	118					$	731
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared						$	30																	$	30																	$	30
Over-the-counter						7,226						$	811					$	1,567					4,848												$	87					4,761
Commodity contracts						577						459						31						87																		87
Foreign exchange and other contracts						387						126						1						260																		260
Total derivative liabilities						$	8,220					$	1,396					$	1,599					$	5,225					(b)						$	87					$	5,138
December 31, 2022
Derivative assets
Interest rate contracts:
Over-the-counter cleared						$	23																	$	23																	$	23
Over-the-counter						2,100						$	974					$	630					496												$	34					462
Commodity contracts						1,208						335						2						871																		871
Foreign exchange and other contracts						437						214						82						141																		141
Total derivative assets						$	3,768					$	1,523					$	714					$	1,531					(a)						$	34					$	1,497
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared						$	28																	$	28																	$	28
Over-the-counter						5,801						$	625					$	1,041					4,135												$	78					4,057
Commodity contracts						1,269						679						520						70												4						66
Foreign exchange and other contracts						520						219						10						291																		291
Total derivative liabilities						$	7,618					$	1,523					$	1,571					$	4,524					(b)						$	82					$	4,442

(a)Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet.

(b)Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet.

In addition to using master netting agreements and other collateral agreements to reduce credit risk associated with derivative instruments, we also seek to manage credit risk by evaluating credit ratings of counterparties and by using internal credit analysis, limits, and monitoring procedures.

At September 30, 2023, cash and debt securities (primarily agency mortgage-backed securities) totaling $2.5 billion were pledged to us under master netting agreements and other collateral agreements to collateralize net derivative assets due from counterparties and to

The PNC Financial Services Group, Inc. – Form 10-Q 95  

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meet initial margin requirements, and we pledged cash and debt securities (primarily agency mortgage-backed securities) totaling $2.6 billion under these agreements to collateralize net derivative liabilities owed to counterparties and to meet initial margin requirements. These totals may differ from the amounts presented in the preceding offsetting table because these totals may include collateral exchanged under an agreement that does not qualify as a master netting agreement or because the total amount of collateral pledged exceeds the net derivative fair values with the counterparty as of the balance sheet date due to timing or other factors, such as initial margin. To the extent not netted against the derivative fair values under a master netting agreement, the receivable for cash pledged is included in Other assets and the obligation for cash held is included in Other liabilities on our Consolidated Balance Sheet. Securities pledged to us by counterparties are not recognized on our balance sheet. Likewise, securities we have pledged to counterparties remain on our balance sheet.

Credit-Risk Contingent Features

Certain derivative agreements contain various credit-risk-related contingent provisions, such as those that require our debt to maintain a specified credit rating from one or more of the major credit rating agencies. If our debt ratings were to fall below such specified ratings, the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full collateralization on derivative instruments in net liability positions. The following table presents the aggregate fair value of derivative instruments with credit-risk-related contingent features, the associated collateral posted in the normal course of business and the maximum amount of collateral we would be required to post if the credit-risk-related contingent features underlying these agreements had been triggered on September 30, 2023 and December 31, 2022.

Table 78: Credit-Risk Contingent Features

In billions			September 30, 2023						December 31, 2022
Net derivative liabilities with credit-risk contingent features			$	6.5					$	5.8
Collateral posted			1.7						1.7
Maximum additional amount of collateral exposure			$	4.8					$	4.1

NOTE 13 LEGAL PROCEEDINGS

We establish accruals for legal proceedings, including litigation and regulatory and governmental investigations and inquiries, when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances. When we are able to do so, we also determine estimates of reasonably possible losses or ranges of reasonably possible losses, whether in excess of any related accrued liability or where there is no accrued liability, for disclosed legal proceedings (“Disclosed Matters,” which are those matters disclosed in this Note 13 as well as those matters disclosed in Note 21 Legal Proceedings in our 2022 Form 10-K, in Note 13 Legal Proceedings in our first quarter 2023 Form 10-Q and in Note 13 Legal Proceedings in our second quarter 2023 Form 10-Q (such prior disclosure referred to as “Prior Disclosure”)). For Disclosed Matters where we are able to estimate such possible losses or ranges of possible losses, as of September 30, 2023, we estimate that it is reasonably possible that we could incur losses in excess of related accrued liabilities, if any, in an aggregate amount less than $300 million. The estimates included in this amount are based on our analysis of currently available information and are subject to significant judgment and a variety of assumptions and uncertainties. As new information is obtained we may change our estimates. Due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to us from the legal proceedings in question. Thus, our exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or this aggregate amount.

As a result of the types of factors described in Note 21 Legal Proceedings in our 2022 Form 10-K, we are unable, at this time, to estimate the losses that are reasonably possible to be incurred or ranges of such losses with respect to some of the Disclosed Matters, and the aggregate estimated amount provided above does not include an estimate for every Disclosed Matter. Therefore, as the estimated aggregate amount disclosed above does not include all of the Disclosed Matters, the amount disclosed above does not represent our maximum reasonably possible loss exposure for all of the Disclosed Matters. The estimated aggregate amount also does not reflect any of our exposure to matters not so disclosed, as discussed below under “Other.”

We include in some of the descriptions of individual Disclosed Matters certain quantitative information related to the plaintiff’s claim against us as alleged in the plaintiff’s pleadings or other public filings or otherwise publicly available information. While information of this type may provide insight into the potential magnitude of a matter, it does not necessarily represent our estimate of reasonably possible loss or our judgment as to any currently appropriate accrual.

Some of our exposure in Disclosed Matters may be offset by applicable insurance coverage. We do not consider the possible availability of insurance coverage in determining the amounts of any accruals (although we would record the amount of related insurance recoveries that are deemed probable up to the amount of the accrual) or in determining any estimates of possible losses or ranges of possible losses.

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

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Interchange Litigation

In September 2023, Visa announced proposed amendments to its Certificate of Incorporation to institute, if approved by stockholders, an exchange offer program that would initially convert Visa’s Class B common stock to Class B-1 common stock and release transfer restrictions on up to 50% of the Class B-1 common stock. By participating in the program, a holder of Class B-1 common stock would have the ability to exchange up to half of its Class B-1 common stock into Visa’s Class C common stock. Subject to certain restrictions, the Class C shares could then be converted into Visa’s Class A shares at the then-applicable conversion rate, which, subject to lock-up periods, could be sold on the open market. The exchanges would be subject to the applicable stockholder agreeing to make-whole agreements that would subject them to the same indemnity obligations to Visa as are currently present. Three additional such exchanges taking place no less than one year apart, and permitting a holder of Visa’s Class B-1 common stock to exchange up to half of its then held Class B-1 common stock into Visa’s Class C common stock, would be possible but not guaranteed.

USAA Patent Infringement Litigation

In July 2023, both PNC and USAA appealed the Final Written Decision of the Patent Trial and Appeal Board that held unpatentable many of the claims of the patent presented to the jury in United Services Automobile Association v. PNC Bank N.A. (Case No. 2:21-cv-246) (the “third Texas case”). It held that other claims of that patent were patentable. With respect to the other patent originally at issue in the third Texas case and subject to inter partes review by the Patent Trial and Appeal Board, in August 2023, USAA appealed the Final Written Decision of the Patent Trial and Appeal Board that held all of the claims unpatentable. This second patent was not presented to the jury in the third Texas case.

Regulatory and Governmental Inquiries

We are the subject of investigations, audits, examinations and other forms of regulatory and governmental inquiry covering a broad

range of issues in our consumer, mortgage, brokerage, securities and other financial services businesses, as well as other aspects of our operations. In some cases, these inquiries are part of reviews of specified activities at multiple industry participants; in others, they are directed at PNC individually. From time to time, these inquiries have involved and may in the future involve or lead to regulatory enforcement actions and other administrative proceedings. These inquiries have also led to and may in the future lead to civil or criminal judicial proceedings. Some of these inquiries result in remedies including fines, penalties, restitution, or alterations in our business practices, and in additional expenses and collateral costs and other consequences. Such remedies and other consequences typically have not been material to us from a financial standpoint, but could be in the future. Even if not financially material, they may result in significant reputational harm or other adverse consequences.

Our practice is to cooperate fully with regulatory and governmental investigations, audits and other inquiries.

Other

In addition to the proceedings or other matters described in Prior Disclosure, PNC and persons to whom we may have indemnification obligations, in the normal course of business, are subject to various other pending and threatened legal proceedings in which claims for monetary damages and other relief are asserted. We do not anticipate, at the present time, that the ultimate aggregate liability, if any, arising out of such other legal proceedings will have a material adverse effect on our financial position. However, we cannot now determine whether or not any claims asserted against us or others to whom we may have indemnification obligations, whether in the proceedings or other matters described above or otherwise, will have a material adverse effect on our results of operations in any future reporting period, which will depend on, among other things, the amount of the loss resulting from the claim and the amount of income otherwise reported for the reporting period.

The PNC Financial Services Group, Inc. – Form 10-Q 97  

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NOTE 14 SEGMENT REPORTING

We have three reportable business segments:

•Retail Banking

•Corporate & Institutional Banking

•Asset Management Group

Results of individual businesses are presented based on our internal management reporting practices. There is no comprehensive, authoritative body of guidance for management accounting equivalent to GAAP; therefore, the financial results of our individual businesses are not necessarily comparable with similar information for any other company. We periodically refine our internal methodologies as management reporting practices are enhanced. To the extent significant and practicable, retrospective application of new methodologies is made to prior period reportable business segment results and disclosures to create comparability with the current period.

Total business segment financial results differ from total consolidated net income. These differences are reflected in the “Other” category in Table 79. “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). Assets, revenue and earnings attributable to foreign activities were not material in the periods presented for comparison. The declines in earnings for the three months ended and nine months ended September 30, 2023 when compared to the same periods in 2022 for the “Other” category were primarily due to internal funds transfer pricing impacts between business segments.

Financial results are presented, to the extent practicable, as if each business operated on a standalone basis. Additionally, we have aggregated the results for corporate support functions within “Other” for financial reporting purposes.

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.

We have allocated the ALLL and the allowance for unfunded lending related commitments based on the loan exposures within each business segment’s portfolio. Key reserve assumptions and estimation processes react to and are influenced by observed changes in loan portfolio performance experience, the financial strength of the borrower and economic conditions. Key reserve assumptions are periodically updated.

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

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Business Segment Results

Table 79: Results of Businesses

Three months ended September 30 In millions						Retail Banking						Corporate & Institutional Banking						Asset Management Group						Other						Consolidated (a)
2023
Income Statement
Net interest income						$	2,576					$	1,390					$	139					$	(687)					$	3,418
Noninterest income						784						835						223						(27)						1,815
Total revenue						3,360						2,225						362						(714)						5,233
Provision for (recapture of) credit losses						42						102						(4)						(11)						129
Depreciation and amortization						80						52						9						144						285
Other noninterest expense						1,796						843						262						59						2,960
Income (loss) before income taxes (benefit) and noncontrolling interests						1,442						1,228						95						(906)						1,859
Income taxes (benefit)						337						263						22						(333)						289
Net income (loss)						1,105						965						73						(573)						1,570
Less: Net income attributable to noncontrolling interests						11						5																		16
Net income (loss) excluding noncontrolling interests						$	1,094					$	960					$	73					$	(573)					$	1,554
Average Assets						$	114,724					$	230,082					$	16,161					$	193,996					$	554,963
2022
Income Statement
Net interest income						$	2,017					$	1,345					$	165					$	(52)					$	3,475
Noninterest income						725						887						231						231						2,074
Total revenue						2,742						2,232						396						179						5,549
Provision for (recapture of) credit losses						92						150						4						(5)						241
Depreciation and amortization						76						50						6						145						277
Other noninterest expense						1,825						840						268						70						3,003
Income (loss) before income taxes (benefit) and noncontrolling interests						749						1,192						118						(31)						2,028
Income taxes (benefit)						175						258						28						(73)						388
Net income						574						934						90						42						1,640
Less: Net income (loss) attributable to noncontrolling interests						14						5												(3)						16
Net income excluding noncontrolling interests						$	560					$	929					$	90					$	45					$	1,624
Average Assets						$	114,619					$	224,984					$	14,820					$	192,674					$	547,097

The PNC Financial Services Group, Inc. – Form 10-Q 99  

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(Continued from previous page)
Nine months ended September 30 In millions						Retail Banking						Corporate & Institutional Banking						Asset Management Group						Other						Consolidated (a)
2023
Income Statement
Net interest income						$	7,305					$	4,122					$	391					$	(1,305)					$	10,513
Noninterest income						2,229						2,542						681						164						5,616
Total revenue						9,534						6,664						1,072						(1,141)						16,129
Provision for (recapture of) credit losses						266						283						(5)						(34)						510
Depreciation and amortization						239						159						22						430						850
Other noninterest expense						5,468						2,596						809						215						9,088
Income (loss) before income taxes (benefit) and noncontrolling interests						3,561						3,626						246						(1,752)						5,681
Income taxes (benefit)						834						775						58						(750)						917
Net income (loss)						2,727						2,851						188						(1,002)						4,764
Less: Net income attributable to noncontrolling interests						32						15												3						50
Net income (loss) excluding noncontrolling interests						$	2,695					$	2,836					$	188					$	(1,005)					$	4,714
Average Assets						$	114,975					$	232,914					$	15,578					$	194,107					$	557,574
2022
Income Statement
Net interest income						$	5,210					$	3,720					$	456					$	(56)					$	9,330
Noninterest income						2,218						2,659						713						437						6,027
Total revenue						7,428						6,379						1,169						381						15,357
Provision for (recapture of) credit losses						66						15						11						(23)						69
Depreciation and amortization						233						153						20						437						843
Other noninterest expense						5,473						2,508						775						97						8,853
Income (loss) before income taxes (benefit) and noncontrolling interests						1,656						3,703						363						(130)						5,592
Income taxes (benefit)						389						803						85						(250)						1,027
Net income						1,267						2,900						278						120						4,565
Less: Net income (loss) attributable to noncontrolling interests						45						12												(5)						52
Net income excluding noncontrolling interests						$	1,222					$	2,888					$	278					$	125					$	4,513
Average Assets						$	113,157					$	215,163					$	14,360					$	205,763					$	548,443

(a)There were no material intersegment revenues for the three and nine months ended September 30, 2023 and 2022.

Business Segment Products and Services

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.

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

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•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.

NOTE 15 FEE-BASED REVENUE FROM CONTRACTS WITH CUSTOMERS

As more fully described in Note 24 Fee-based Revenue from Contracts with Customers in our 2022 Form 10-K, a subset of our noninterest income relates to certain fee-based revenue within the scope of ASC Topic 606 - Revenue from Contracts with Customers (Topic 606).

Fee-based revenue within the scope of Topic 606 is recognized within our three reportable business segments: Retail Banking, Corporate & Institutional Banking and Asset Management Group. Interest income, income from lease contracts, fair value gains from financial instruments (including derivatives), income from mortgage servicing rights and guarantee products, letter of credit fees, non-refundable fees associated with acquiring or originating a loan and gains from the sale of financial assets are outside of the scope of Topic 606.

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.

Table 80 presents the noninterest income recognized within the scope of Topic 606 for each of our three reportable business segments’ principal products and services, along with the relationship to the noninterest income revenue streams shown on our Consolidated Income Statement. For a description of the fee-based revenue and how it is recognized for each segment’s principal products and services, see Note 24 Fee-based Revenue from Contracts with Customers in our 2022 Form 10-K.

The PNC Financial Services Group, Inc. – Form 10-Q 101  

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Table 80: Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income

						Three Months Ended September 30, 2023															Three Months Ended September 30, 2022
In millions						Retail Banking						Corporate & Institutional Banking						Asset Management Group			Retail Banking						Corporate & Institutional Banking						Asset Management Group
Asset management and brokerage
Asset management fees																		$	217														$	224
Brokerage fees						$	129											2			$	131											2
Total asset management and brokerage						129												219			131												226
Card and cash management
Treasury management fees						10						$	351								11						$	328
Debit card fees						175															175
Net credit card fees (a)						54															60
Merchant services						42						20									48						16
Other						24															23
Total card and cash management						305						371									317						344
Lending and deposit services
Deposit account fees						170															146
Other						18						8									16						8
Total lending and deposit services						188						8									162						8
Residential and commercial mortgage (b)												32															36
Capital markets and advisory												124															155
Other												22															11
Total in-scope noninterest income						622						557						219			610						554						226
Out-of-scope noninterest income (c)						162						278						4			115						333						5
Noninterest income by business segment						$	784					$	835					$	223		$	725					$	887					$	231
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income																		$	1,398														$	1,390
Out-of-scope business segment noninterest income (c)																		444															453
Noninterest income from other segments																		(27)															231
Noninterest income as shown on the Consolidated Income Statement																		$	1,815														$	2,074

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

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(Continued from previous page)						Nine Months Ended September 30, 2023															Nine Months Ended September 30, 2022
In millions						Retail Banking						Corporate & Institutional Banking						Asset Management Group			Retail Banking						Corporate & Institutional Banking						Asset Management Group
Asset management and brokerage
Asset management fees																		$	663														$	693
Brokerage fees						$	383											6			$	400											6
Total asset management and brokerage						383												669			400												699
Card and cash management
Treasury management fees						31						$	1,024								30						$	957
Debit card fees						518															513
Net credit card fees (a)						173															178
Merchant services						126						58									141						47
Other						73															73
Total card and cash management						921						1,082									935						1,004
Lending and deposit services
Deposit account fees						476															433
Other						54						24									50						25
Total lending and deposit services						530						24									483						25
Residential and commercial mortgage (b)												114															100
Capital markets and advisory												410															564
Other												44															33
Total in-scope noninterest income						1,834						1,674						669			1,818						1,726						699
Out-of-scope noninterest income (c)						395						868						12			400						933						14
Noninterest income by business segment						$	2,229					$	2,542					$	681		$	2,218					$	2,659					$	713
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income																		$	4,177														$	4,243
Out-of-scope business segment noninterest income (c)																		1,275															1,347
Noninterest income from other segments																		164															437
Noninterest income as shown on the Consolidated Income Statement																		$	5,616														$	6,027

(a)Net credit card fees consists of interchange fees of $169 million for both the three months ended September 30, 2023 and 2022. Credit card reward costs totaled $115 million and $109 million for the three months ended September 30, 2023 and 2022, respectively. Net credit card fees consists of interchange fees of $502 million and $489 million and credit card reward costs of $329 million and $311 million for the nine months ended September 30, 2023 and 2022, respectively.

(b)Residential mortgage noninterest income falls under the scope of other accounting and disclosure requirements outside of Topic 606 and is included within the out-of-scope noninterest income line for the Retail Banking segment.

(c)Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606.

NOTE 16 REGULATORY MATTERS

FDIC Special Assessment Pursuant to Systemic Risk Determination

In May 2023, the FDIC proposed a rule to implement a special assessment, in connection with the systemic risk determination announced in March 2023, to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. Under the proposal, the FDIC would collect from PNC, along with other BHCs and insured depository institutions, special assessments at an annual rate of 12.5 basis points of PNC’s uninsured deposits reported as of December 31, 2022 (adjusted to exclude the first $5.0 billion), over eight quarterly assessment periods, beginning after the first quarter 2024. We expect the FDIC will enact a special deposit insurance assessment that will significantly increase our FDIC deposit insurance costs. The total cost and timing is subject to the pending finalization of the assessment.

Proposed Expanded Risk-Based Capital Rules

On July 27, 2023, the Federal Reserve, OCC, and FDIC proposed for public comment an interagency rule to implement the final components of the Basel III framework that would significantly revise the capital requirements for large banking organizations, including PNC and PNC Bank. The proposed rule will apply an expanded risk-based approach which leverages the Basel rules, including the calculation of risk-weighted assets, in addition to the current U.S. standardized approach. In addition, this proposal would align the regulatory capital elements and required deductions for Category III banking organizations such as PNC and PNC Bank with those currently applicable to Category I and II banking organizations. PNC and PNC Bank would be required to recognize most elements of AOCI in regulatory capital and deduct from CET1 capital, among other items, mortgage servicing assets and deferred tax assets that individually exceed 10% of CET1 capital or in the aggregate with other threshold items that exceed 15% of CET1 capital. PNC and PNC Bank would be required to calculate their risk-based capital ratios under the existing standardized approach and the expanded risk-based approach and would be subject to the lower of the two resulting ratios for their risk-based capital minimums and buffer requirements, including the SCB. The proposed effective date is July 1, 2025, with certain provisions—

The PNC Financial Services Group, Inc. – Form 10-Q 103  

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including the recognition of AOCI elements in regulatory capital and the increase in risk-weighted assets due to the expanded risk-based approach—having a three-year phase-in period. The closing date for the comment period for the proposal was extended from November 30, 2023 to January 16, 2024.

NOTE 17 SUBSEQUENT EVENTS

On October 2, 2023, PNC acquired a portfolio of capital commitments facilities from Signature Bridge Bank, N.A. through an agreement with the FDIC as receiver of the former Signature Bank, New York. The acquired portfolio represents approximately $16 billion in total commitments, including approximately $9 billion of funded loans. The transaction did not have a material impact to PNC’s total assets, capital ratios or tangible book value per share. PNC purchased these commitments and loans without any funding, guarantees or loss-sharing agreements from the FDIC. The facilities acquired are primarily comprised of fund subscription lines to private equity sponsors to help them manage liquidity and bridge financing for investments.

On October 6, 2023, PNC committed to a workforce reduction that is expected to reduce our workforce by approximately 4%. PNC has incurred one-time expenses of approximately $150 million primarily related to cash severance, benefits and related termination costs.

On October 20, 2023, the parent company issued $1.25 billion of senior fixed-to-floating rate notes with a maturity date of October 20, 2027 (the “2027 Senior Notes”) and $2.25 billion of senior fixed-to-floating rate notes with a maturity date of October 20, 2034 (the “2034 Senior Notes”). Interest is payable on the 2027 Senior Notes semi-annually at a fixed rate of 6.615% per annum, on April 20 and October 20 of each year, beginning on April 20, 2024. Beginning on October 20, 2026, interest is payable on the 2027 Senior Notes quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), plus 1.730%, on January 20, 2027, April 20, 2027, July 20, 2027 and at the maturity date. Interest is payable on the 2034 Senior Notes semi-annually in arrears at a fixed rate of 6.875% per annum, on April 20 and October 20 of each year, beginning on April 20, 2024. Beginning on October 20, 2033, interest is payable on the 2034 Senior Notes quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), plus 2.284%, on January 20, 2034, April 20, 2034, July 20, 2034 and at the maturity date.

On November 1, 2023, PNC redeemed $1.0 billion of depositary shares representing interests in PNC’s fixed-to-floating non-cumulative perpetual preferred stock, Series O. Each depositary share represents 1/100th interest in a share of the Series O preferred stock. The depositary shares were redeemed at a redemption price of $1,000 per depositary share. The redemption price does not include the regular quarterly dividend on the depositary shares that was declared and paid separately on November 1, 2023, to holders of record on the record date for such dividend payment in the customary manner. All one million depositary shares outstanding were redeemed.

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

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STATISTICAL INFORMATION (UNAUDITED)

THE PNC FINANCIAL SERVICES GROUP, INC.

Average Consolidated Balance Sheet And Net Interest Analysis (a) (b) (c)

			Nine months ended September 30
			2023																		2022
Taxable-equivalent basis Dollars in millions			Average Balances						Interest Income/Expense						Average Yields/Rates						Average Balances						Interest Income/ Expense						Average Yields/ Rates
Assets
Interest-earning assets:
Investment securities
Securities available for sale
Residential mortgage-backed
Agency			$	31,347					$	632					2.69		%				$	45,633					$	687					2.01		%
Non-agency			659						47						9.42		%				885						50						7.57		%
Commercial mortgage-backed			2,976						66						2.95		%				4,354						81						2.49		%
Asset-backed			597						29						6.44		%				2,885						34						1.56		%
U.S. Treasury and government agencies			8,434						139						2.17		%				25,448						262						1.36		%
Other			3,062						58						2.53		%				4,189						82						2.61		%
Total securities available for sale			47,075						971						2.75		%				83,394						1,196						1.91		%
Securities held to maturity
Residential mortgage-backed			44,914						919						2.73		%				24,317						390						2.14		%
Commercial mortgage-backed			2,398						95						5.28		%				1,089						25						3.04		%
Asset-backed			6,732						209						4.14		%				3,587						62						2.31		%
U.S. Treasury and government agencies			36,902						370						1.34		%				21,243						182						1.14		%
Other			3,329						114						4.61		%				1,585						49						4.12		%
Total securities held to maturity			94,275						1,707						2.41		%				51,821						708						1.82		%
Total investment securities			141,350						2,678						2.52		%				135,215						1,904						1.88		%
Loans
Commercial and industrial			179,342						7,666						5.64		%				165,142						3,929						3.14		%
Commercial real estate			36,026						1,728						6.33		%				34,541						901						3.44		%
Equipment lease financing			6,419						217						4.51		%				6,168						173						3.73		%
Consumer			54,944						2,712						6.60		%				54,692						2,002						4.89		%
Residential real estate			46,435						1,194						3.43		%				42,378						992						3.12		%
Total loans			323,166						13,517						5.54		%				302,921						7,997						3.50		%
Interest-earning deposits with banks			34,629						1,312						5.05		%				44,641						292						0.87		%
Other interest-earning assets			8,933						410						6.12		%				9,637						210						2.92		%
Total interest-earning assets/interest income			508,078						17,917						4.68		%				492,414						10,403						2.80		%
Noninterest-earning assets			49,496																		56,029
Total assets			$	557,574																	$	548,443
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market			$	64,579					1,334						2.76		%				$	60,510					161						0.36		%
Demand			124,070						1,739						1.87		%				117,485						231						0.26		%
Savings			102,475						964						1.26		%				108,112						47						0.06		%
Time deposits			22,931						577						3.34		%				12,125						16						0.18		%
Total interest-bearing deposits			314,055						4,614						1.96		%				298,232						455						0.20		%
Borrowed funds
Federal Home Loan Bank borrowings			33,313						1,318						5.22		%				7,957						133						2.20		%
Bank notes and senior debt			21,370						947						5.85		%				16,249						222						1.80		%
Subordinated debt			5,745						264						6.12		%				7,131						123						2.30		%
Other			4,964						150						3.98		%				5,457						64						1.54		%
Total borrowed funds			65,392						2,679						5.41		%				36,794						542						1.95		%
Total interest-bearing liabilities/interest expense			379,447						7,293						2.54		%				335,026						997						0.39		%
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits			114,063																		148,062
Accrued expenses and other liabilities			15,567																		16,061
Equity			48,497																		49,294
Total liabilities and equity			$	557,574																	$	548,443
Interest rate spread															2.14		%																2.41		%
Impact of noninterest-bearing sources															0.64																		0.13
Net interest income/margin									$	10,624					2.78		%										$	9,406					2.54		%

The PNC Financial Services Group, Inc. – Form 10-Q 105  

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STATISTICAL INFORMATION (UNAUDITED)

THE PNC FINANCIAL SERVICES GROUP, INC.

Average Consolidated Balance Sheet And Net Interest Analysis (a) (b) (c)

(Continued from previous page)			Three months ended September 30
			2023																		2022
Taxable-equivalent basis Dollars in millions			Average Balances						Interest Income/Expense						Average Yields/Rates						Average Balances						Interest Income/ Expense						Average Yields/ Rates
Assets
Interest-earning assets:
Investment securities
Securities available for sale
Residential mortgage-backed
Agency			$	31,020					$	211					2.73		%				$	32,500					$	192					2.36		%
Non-agency			627						17						10.42		%				748						14						7.62		%
Commercial mortgage-backed			2,880						25						3.41		%				3,489						23						2.70		%
Asset-backed			989						16						6.30		%				110						2						6.31		%
U.S. Treasury and government agencies			7,996						47						2.28		%				11,789						52						1.73		%
Other			2,931						18						2.58		%				3,506						22						2.47		%
Total securities available for sale			46,443						334						2.87		%				52,142						305						2.33		%
Securities held to maturity
Residential mortgage-backed			44,112						301						2.72		%				39,329						226						2.30		%
Commercial mortgage-backed			2,346						33						5.55		%				2,069						18						3.50		%
Asset-backed			6,463						71						4.36		%				6,571						42						2.58		%
U.S. Treasury and government agencies			37,043						125						1.34		%				34,279						102						1.19		%
Other			3,256						34						4.57		%				2,600						27						4.10		%
Total securities held to maturity			93,220						564						2.42		%				84,848						415						1.96		%
Total investment securities			139,663						898						2.57		%				136,990						720						2.10		%
Loans
Commercial and industrial			175,206						2,625						5.86		%				172,788						1,632						3.69		%
Commercial real estate			36,032						607						6.59		%				35,140						383						4.27		%
Equipment lease financing			6,441						76						4.72		%				6,202						60						3.85		%
Consumer			54,744						950						6.89		%				54,563						731						5.32		%
Residential real estate			47,081						415						3.52		%				44,333						356						3.21		%
Total loans			319,504						4,673						5.75		%				313,026						3,162						3.98		%
Interest-earning deposits with banks			38,352						522						5.44		%				31,892						185						2.32		%
Other interest-earning assets			8,777						146						6.66		%				9,560						94						3.94		%
Total interest-earning assets/interest income			506,296						6,239						4.87		%				491,468						4,161						3.35		%
Noninterest-earning assets			48,667																		55,629
Total assets			$	554,963																	$	547,097
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market			$	64,310					502						3.10		%				$	60,934					130						0.85		%
Demand			123,730						670						2.15		%				120,358						180						0.59		%
Savings			100,643						379						1.49		%				106,761						25						0.09		%
Time deposits			25,872						241						3.67		%				10,020						5						0.26		%
Total interest-bearing deposits			314,555						1,792						2.26		%				298,073						340						0.45		%
Borrowed funds
Federal Home Loan Bank borrowings			34,109						483						5.55		%				16,708						111						2.60		%
Bank notes and senior debt			23,479						370						6.17		%				14,597						110						2.96		%
Subordinated debt			5,293						87						6.52		%				7,614						65						3.43		%
Other			4,584						53						4.49		%				5,342						31						2.20		%
Total borrowed funds			67,465						993						5.77		%				44,261						317						2.81		%
Total interest-bearing liabilities/interest expense			382,020						2,785						2.86		%				342,334						657						0.75		%
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits			107,981																		141,167
Accrued expenses and other liabilities			15,629																		15,699
Equity			49,333																		47,897
Total liabilities and equity			$	554,963																	$	547,097
Interest rate spread															2.01		%																2.60		%
Impact of noninterest-bearing sources															0.70																		0.22
Net interest income/margin									$	3,454					2.71		%										$	3,504					2.82		%

(a)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.

(b)Loan fees for the three months ended September 30, 2023 and September 30, 2022 were $47 million and $48 million, respectively. Loan fees for the nine months ended September 30, 2023 and September 30, 2022 were $137 million and $146 million, respectively.

(c)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 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. See Reconciliation of Taxable-Equivalent Net Interest Income in this Statistical Information section for more information.

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

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RECONCILIATION OF TAXABLE-EQUIVALENT NET INTEREST INCOME (non-GAAP) (a)

						Nine months ended															Three months ended
In millions						September 30, 2023												September 30, 2022						September 30, 2023			September 30, 2022
Net interest income (GAAP)						$	10,513											$	9,330					$	3,418		$	3,475
Taxable-equivalent adjustments						111												76						36			29
Net interest income (non-GAAP)						$	10,624											$	9,406					$	3,454		$	3,504

(a)The interest income earned on certain interest-earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis 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.

RECONCILIATION OF CORE NONINTEREST EXPENSE GUIDANCE (non-GAAP) (a)

									Actual						Outlook - Low End									Actual						Outlook - High End
												Three months ended						Three months ended			% Change						Three months ended						Three months ended			% Change
Dollars in millions												September 30, 2023						December 31, 2023									September 30, 2023						December 31, 2023
Noninterest expense (b)												$	3,245					$	3,492		8		%				$	3,245					$	3,525		9		%
Less: Workforce reduction charges																		150															150
Core noninterest expense (non-GAAP)												$	3,245					$	3,342		3		%				$	3,245					$	3,375		4		%

(a)Core noninterest expense is a non-GAAP measure calculated based on Noninterest expense less one-time costs related to the workforce reduction that are incurred outside of our core business operations. We believe this non-GAAP measure to be a useful tool for comparison of operating expenses incurred during the normal course of business.

(b)Amounts for the three months ended December 31, 2023 are estimated and, given that the amount and timing are uncertain, exclude the FDIC special assessment related to recovering the cost of the closures of Silicon Valley Bank and Signature Bank.

GLOSSARY

DEFINED TERMS

For a glossary of terms commonly used in our filings, please see the glossary of terms included in our 2022 Form 10-K.

ACRONYMS

ACL

Allowance for credit losses

LCR

Liquidity Coverage Ratio

ALLL

Allowance for loan and lease losses

LGD

Loss given default

AOCI

Accumulated other comprehensive income

LIBOR

London Interbank Offered Rate

ASC

Accounting Standards Codification

LIHTC

Low income housing tax credit

ASU

Accounting Standards Update

LLC

Limited liability company

BHC

Bank holding company

LTV

Loan-to-value ratio

bps

Basis points

MD&A

Management’s Discussion and Analysis of Financial Condition and Results of Operations

BSBY

Bloomberg Short-Term Bank Yield Index

MSR

Mortgage servicing right

CARES Act

Coronavirus Aid, Relief and Economic Security Act

NMTC

New market tax credit

CCAR

Comprehensive Capital Analysis and Review

NSFR

Net Stable Funding Ratio

CECL

Current expected credit losses

OCC

Office of the Comptroller of the Currency

CET1

Common equity tier 1

OREO

Other real estate owned

CFPB

Consumer Financial Protection Bureau

OTC

Over-the-counter

FDIC

Federal Deposit Insurance Corporation

PCD

Purchased credit deteriorated

FDM

Financial Difficulty Modification

PD

Probability of default

FHLB

Federal Home Loan Bank

PPP

Paycheck Protection Program

FHLMC

Federal Home Loan Mortgage Corporation

RAC

PNC’s Reserve Adequacy Committee

FICO

Fair Isaac Corporation (credit score)

ROAP

Removal of account provisions

FNMA

Federal National Mortgage Association

SCB

Stress capital buffer

FOMC

Federal Open Market Committee

SEC

Securities and Exchange Commission

GAAP

Accounting principles generally accepted in the United States of America

SOFR

Secured Overnight Financing Rate

GDP

Gross Domestic Product

SPE

Special purpose entity

GNMA

Government National Mortgage Association

TDR

Troubled debt restructuring

GSIB

Globally systemically important bank

U.S.

United States of America

HPI

Home price index

VaR

Value-at-risk

ISDA

International Swaps and Derivatives Association

VIE

Variable interest entity

The PNC Financial Services Group, Inc. – Form 10-Q 107  

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PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See the information set forth in Note 13 Legal Proceedings, which is incorporated by reference in response to this item.

ITEM 1A. RISK FACTORS

There are no material changes from any of the risk factors previously disclosed in our first quarter 2023 Form 10-Q and 2022 Form 10-K in response to Part II, Item 1A and Part I, Item 1A, respectively.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Unregistered Sales of Equity Securities

None.

Equity Security Repurchases

Details of our repurchases of PNC common stock during the third quarter of 2023 are included in the following table.

2023 period In thousands, except per share data			Total shares purchased (a)			Average price paid per share			Total shares purchased as part of publicly announced programs (b)			Maximum number of shares that may yet be purchased under the programs (b)
July 1 – 31			3			$	127.15					45,500
August 1 – 31			6			$	136.89					45,500
September 1 – 30												45,500
Total			9			$	133.83

(a)Includes PNC common stock purchased in connection with our various employee benefit plans generally related to forfeitures of unvested restricted stock awards and shares used to cover employee payroll tax withholding requirements. See Note 17 Employee Benefit Plans and Note 18 Stock Based Compensation Plans in our 2022 Form 10-K, which include additional information regarding our employee benefit and equity compensation plans that use PNC common stock.

(b)Consistent with the SCB framework, which allows for capital returns in amounts in excess of the SCB minimum levels (the regulatory minimum (4.5%) plus our SCB), 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 46% were still available for repurchase at September 30, 2023. In light of the Federal banking agencies proposed rules to adjust the Basel III capital framework, share repurchase activity was paused in the third quarter of 2023 and is expected to remain paused during the fourth quarter of 2023. PNC continues to evaluate the potential impact of the proposed rules and may resume share repurchase activity depending on market and economic conditions, as well as other factors. PNC's SCB for the four-quarter period beginning October 1, 2023 is the regulatory minimum of 2.5%.

ITEM 5. OTHER INFORMATION

Director or Executive Officer Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

During the three months ended September 30, 2023, none of PNC’s directors or executive officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.

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

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ITEM 6. EXHIBITS

The following exhibit index lists Exhibits filed or furnished with this Quarterly Report on Form 10-Q:

EXHIBIT INDEX
22						Subsidiary Issuers of Guaranteed Securities
31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1						Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350
32.2						Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350
101.INS						Inline XBRL Instance Document*
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

*The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL.

You can obtain copies of these Exhibits electronically at the SEC’s website at www.sec.gov. The Exhibits are also available as part of this Form 10-Q on PNC’s corporate website at www.pnc.com/secfilings. Shareholders and bondholders may also obtain copies of Exhibits, without charge, by contacting Investor Relations at 800-843-2206 or via e-mail at investor.relations@pnc.com.

CORPORATE INFORMATION

The PNC Financial Services Group, Inc.

Internet Information

The PNC Financial Services Group, Inc.’s financial reports and information about its products and services are available on the internet at www.pnc.com. We provide information for investors on our corporate website under “About Us – Investor Relations.” We use our account with X, formerly known as Twitter, @pncnews, as an additional way of disseminating to the public information that may be relevant to investors.

We generally post the following under “About Us – Investor Relations” shortly before or promptly following its first use or release: financially-related press releases, including earnings releases and supplemental financial information, various SEC filings, including annual, quarterly and current reports and proxy statements, presentation materials associated with earnings and other investor conference calls or events, and access to live and recorded audio from earnings and other investor conference calls or events. In some cases, we may post the presentation materials for other investor conference calls or events several days prior to the call or event. For earnings and other conference calls or events, we generally include in our posted materials a cautionary statement regarding forward-looking and non-GAAP financial information, and we provide GAAP reconciliations when we include non-GAAP financial information. Such GAAP reconciliations may be in materials for the applicable presentation, in materials for prior presentations or in our annual, quarterly or current reports.

When warranted, we will also use our website to expedite public access to time-critical information regarding PNC instead of using a press release or a filing with the SEC for first disclosure of the information. In some circumstances, the information may be relevant to investors but directed at customers, in which case it may be accessed directly through the home page rather than “About Us – Investor Relations.”

We are required to provide additional public disclosure regarding estimated income, losses and pro forma regulatory capital ratios under supervisory and PNC-developed hypothetical severely adverse economic scenarios, as well as information concerning our capital stress testing processes, pursuant to the stress testing regulations adopted by the Federal Reserve and the OCC. We are also required to make certain additional regulatory capital-related public disclosures about our capital structure, risk exposures, risk assessment processes, risk-weighted assets and overall capital adequacy, including market risk-related disclosures, under the regulatory capital rules adopted by the Federal banking agencies. Similarly, the Federal Reserve’s rules require quantitative and

The PNC Financial Services Group, Inc. – Form 10-Q 109  

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qualitative disclosures about our LCR and NSFR. Under these regulations, we may satisfy these requirements through postings on our website, and we have done so and expect to continue to do so without also providing disclosure of this information through filings with the SEC.

Other information posted on our corporate website that may not be available in our filings with the SEC includes information relating to our corporate governance and annual communications from our chairman to shareholders.

Where we have included internet addresses in this Report, such as our internet address and the internet address of the SEC, we have included those internet addresses as inactive textual references only. Except as specifically incorporated by reference into this Report, information on those websites is not part hereof.

Financial Information

We are subject to the informational requirements of the Exchange Act and, in accordance with the Exchange Act, we file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC File Number is 001-09718. You can obtain copies of these and other filings, including exhibits, electronically at the SEC’s internet website at www.sec.gov or on our corporate internet website at www.pnc.com/secfilings. Shareholders and bond holders may also obtain copies of these filings without charge by contacting PNC Investor Relations at 800-843-2206, via the information request form at www.pnc.com/investorrelations for copies without exhibits, or via email to investor.relations@pnc.com for copies of exhibits, including financial statements and schedule exhibits where applicable. The interactive date file (XBRL) is only available electronically.

Corporate Governance at PNC

Information about our Board of Directors and its committees and corporate governance, including our PNC Code of Business Conduct and Ethics (as amended from time to time), is available on our website at www.pnc.com/corporategovernance. In addition, any future waivers from a provision of the PNC Code of Business Conduct and Ethics covering any of our directors or executive officers (including our principal executive officer, principal financial officer and principal accounting officer or controller) will be posted at this internet address.

Shareholders who would like to request printed copies of the PNC Code of Business Conduct and Ethics or our Corporate Governance Guidelines or the charters of our Board’s Audit, Nominating and Governance, Human Resources, or Risk Committees (all of which are posted on our website at www.pnc.com/corporategovernance) may do so by sending their requests to our Corporate Secretary at The PNC Financial Services Group, Inc. at The Tower at PNC Plaza, 300 Fifth Avenue, Pittsburgh, Pennsylvania 15222-2401. Copies will be provided without charge.

Inquiries

For financial services, call 888-762-2265.

Registered shareholders should contact Shareholder Services at 800-982-7652. Hearing impaired: 800-952-9245.

Analysts and institutional investors should contact Bryan Gill, Executive Vice President, Director of Investor Relations, at 412-768-4143 or via email at investor.relations@pnc.com.

News media representatives should contact PNC Media Relations at 412-762-4550 or via email at media.relations@pnc.com.

Dividend Policy

Holders of PNC common stock are entitled to receive dividends when declared by our Board of Directors out of funds legally available for this purpose. Our Board of Directors may not pay or set apart dividends on the common stock until dividends for all past dividend periods on any series of outstanding preferred stock and certain outstanding capital securities issued by the parent company

have been paid or declared and set apart for payment. The Board of Directors presently intends to continue the policy of paying quarterly cash dividends. The amount of any future dividends will depend on economic and market conditions, our financial condition and operating results, and other factors, including contractual restrictions and applicable government regulations and policies (such as those relating to the ability of bank and non-bank subsidiaries to pay dividends to the parent company and regulatory capital limitations). The amount of our dividend is also currently subject to the results of the supervisory assessment of capital adequacy and capital planning processes undertaken by the Federal Reserve as part of the CCAR process, which includes setting PNC’s SCB, as described in the Capital Management portion of the Risk Management section of the Financial Review of this Report and in the Supervision and Regulation section in Item 1 of our 2022 Form 10-K.

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

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Dividend Reinvestment and Stock Purchase Plan

The PNC Financial Services Group, Inc. Dividend Reinvestment and Stock Purchase Plan enables holders of our common stock to conveniently purchase additional shares of common stock. Obtain a prospectus and enroll at www.computershare.com/pnc or contact Computershare at 800-982-7652. Registered shareholders may also contact this phone number regarding dividends and other shareholder services.

Stock Transfer Agent and Registrar

Computershare

150 Royall Steet, Suite 101

Canton, MA 02021

800-982-7652

Hearing impaired: 800-952-9245

www.computershare.com/pnc

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on November 2, 2023 on its behalf by the undersigned thereunto duly authorized.

/s/ Robert Q. Reilly
Robert Q. Reilly
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

The PNC Financial Services Group, Inc. – Form 10-Q 111