Exhibit 99.2






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THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT
FIRST QUARTER 2024
(Unaudited)



THE PNC FINANCIAL SERVICES GROUP, INC.
FINANCIAL SUPPLEMENT
FIRST QUARTER 2024
(UNAUDITED)
Consolidated Results:
Page
6-7
9-11
Business Segment Results:
14-15
18-19

The information contained in this Financial Supplement is preliminary, unaudited and based on data available on April 16, 2024. This information speaks only as of the particular date or dates included in the schedules. We do not undertake any obligation to, and disclaim any duty to, correct or update any of the information provided in this Financial Supplement. Our future financial performance is subject to risks and uncertainties as described in our United States Securities and Exchange Commission (SEC) filings.

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



THE PNC FINANCIAL SERVICES GROUP, INC.
Cross Reference Index to First Quarter 2024 Financial Supplement (Unaudited)
Financial Supplement Table Reference
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THE PNC FINANCIAL SERVICES GROUP, INC.

Page 1

Table 1: Consolidated Income Statement (Unaudited)
Three months ended
March 31December 31September 30June 30March 31
In millions, except per share data20242023202320232023
Interest Income
Loans$4,819 $4,875 $4,643 $4,523 $4,258 
Investment securities883 885 892 883 885 
Other798 742 668 538 516 
Total interest income6,500 6,502 6,203 5,944 5,659 
Interest Expense
Deposits2,077 1,995 1,792 1,531 1,291 
Borrowed funds1,159 1,104 993 903 783 
Total interest expense3,236 3,099 2,785 2,434 2,074 
Net interest income3,264 3,403 3,418 3,510 3,585 
Noninterest Income
Asset management and brokerage364 360 348 348 356 
Capital markets and advisory259 309 168 213 262 
Card and cash management671 688 689 697 659 
Lending and deposit services305 314 315 298 306 
Residential and commercial mortgage147 149 201 98 177 
Other (a) (b)135 138 94 129 258 
Total noninterest income1,881 1,958 1,815 1,783 2,018 
Total revenue5,145 5,361 5,233 5,293 5,603 
Provision For Credit Losses155 232 129 146 235 
Noninterest Expense
Personnel1,794 1,983 1,773 1,846 1,826 
Occupancy244 243 244 244 251 
Equipment341 365 347 349 350 
Marketing64 74 93 109 74 
Other891 1,409 788 824 820 
Total noninterest expense3,334 4,074 3,245 3,372 3,321 
Income before income taxes and noncontrolling interests1,656 1,055 1,859 1,775 2,047 
Income taxes312 172 289 275 353 
Net income1,344 883 1,570 1,500 1,694 
Less: Net income attributable to noncontrolling interests14 19 16 17 17 
Preferred stock dividends (c)81 118 104 127 68 
Preferred stock discount accretion and redemptions2 2 2 2 2 
Net income attributable to common shareholders$1,247 $744 $1,448 $1,354 $1,607 
Earnings Per Common Share
Basic$3.10 $1.85 $3.60 $3.36 $3.98 
Diluted$3.10 $1.85 $3.60 $3.36 $3.98 
Average Common Shares Outstanding
Basic400 400 400 401 401 
Diluted400 401 400 401 402 
Efficiency65 %76 %62 %64 %59 %
Noninterest income to total revenue37 %37 %35 %34 %36 %
Effective tax rate (d)18.8 %16.3 %15.5 %15.5 %17.2 %
(a)Includes net gains (losses) on sale of securities of less than $1 million, less than $1 million, less than $1 million, $(2) million and less than $1 million for the quarters ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.
(b)Includes Visa Class B derivative fair value adjustments of $(7) million, $(100) million, $(51) million, $(83) million and $(45) million for the quarters ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.
(c)Dividends are payable quarterly, other than Series S preferred stock, which is payable semiannually.
(d)The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax.











THE PNC FINANCIAL SERVICES GROUP, INC.

Page 2
Table 2: Consolidated Balance Sheet (Unaudited)
March 31December 31September 30June 30March 31
In millions, except par value20242023202320232023
Assets
Cash and due from banks$5,933 $6,921 $5,300 $6,191 $5,940 
Interest-earning deposits with banks (a)53,612 43,804 41,484 38,259 33,865 
Loans held for sale (b)743 734 923 835 998 
Investment securities – available for sale 42,280 41,785 40,590 41,787 43,220 
Investment securities – held to maturity88,180 90,784 91,797 93,874 95,019 
Loans (b)319,781 321,508 318,416 321,761 326,475 
Allowance for loan and lease losses (4,693)(4,791)(4,767)(4,737)(4,741)
Net loans315,088 316,717 313,649 317,024 321,734 
Equity investments8,280 8,314 8,046 8,015 8,323 
Mortgage servicing rights3,762 3,686 4,006 3,455 3,293 
Goodwill10,932 10,932 10,987 10,987 10,987 
Other (b) 37,352 37,903 40,552 37,780 38,398 
Total assets$566,162 $561,580 $557,334 $558,207 $561,777 
Liabilities
Deposits
Noninterest-bearing$98,061 $101,285 $105,672 $110,527 $118,014 
Interest-bearing327,563 320,133 317,937 316,962 318,819 
Total deposits425,624 421,418 423,609 427,489 436,833 
Borrowed funds
Federal Home Loan Bank borrowings37,000 38,000 36,000 34,000 32,020 
Senior debt27,907 26,836 22,407 22,005 19,622 
Subordinated debt4,827 4,875 4,728 5,548 5,630 
Other (b)2,973 3,026 3,032 3,831 3,550 
Total borrowed funds72,707 72,737 66,167 65,384 60,822 
Allowance for unfunded lending related commitments 672 663 640 663 672 
Accrued expenses and other liabilities (b)15,785 15,621 17,437 15,325 14,376 
Total liabilities514,788 510,439 507,853 508,861 512,703 
Equity
Preferred stock (c)
Common stock - $5 par value
Authorized 800,000,000 shares, issued 543,116,260, 543,116,271, 543,012,047, 543,012,047 and 542,874,855 shares2,716 2,716 2,715 2,715 2,714 
Capital surplus19,032 19,020 19,971 19,934 19,864 
Retained earnings56,913 56,290 56,170 55,346 54,598 
Accumulated other comprehensive income (loss)(8,042)(7,712)(10,261)(9,525)(9,108)
Common stock held in treasury at cost: 145,068,954, 145,087,054, 144,671,252, 144,763,739 and 143,781,812 shares(19,279)(19,209)(19,141)(19,150)(19,024)
Total shareholders’ equity51,340 51,105 49,454 49,320 49,044 
Noncontrolling interests34 36 27 26 30 
Total equity51,374 51,141 49,481 49,346 49,074 
Total liabilities and equity$566,162 $561,580 $557,334 $558,207 $561,777 
(a)Amounts include balances held with the Federal Reserve Bank of $53.2 billion, $43.3 billion, $41.1 billion, $37.8 billion and $32.5 billion as of March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.
(b)Amounts include assets and liabilities for which PNC has elected the fair value option. Our 2023 Form 10-K included, and our first quarter 2024 Form 10-Q will include, additional information regarding these items.
(c)Par value less than $0.5 million at each date.




THE PNC FINANCIAL SERVICES GROUP, INC.

Page 3
Table 3: Average Consolidated Balance Sheet (Unaudited) (a) (b)
Three months ended
March 31December 31September 30June 30March 31
In millions20242023202320232023
Assets
Interest-earning assets:
Investment securities
Securities available for sale
Residential mortgage-backed
Agency$30,411 $30,980 $31,020 $31,180 $31,850 
Non-agency578 599627663689
Commercial mortgage-backed2,622 2,7272,8802,9483,102
Asset-backed1,4141,080989575218
U.S. Treasury and government agencies8,1997,7887,9968,2319,088
Other2,7762,8992,9312,9973,263
Total securities available for sale46,00046,07346,44346,59448,210
Securities held to maturity
Residential mortgage-backed42,633 43,336 44,112 45,033 45,616 
Commercial mortgage-backed2,252 2,318 2,346 2,396 2,453 
Asset-backed5,627 6,040 6,463 6,712 7,026
U.S. Treasury and government agencies35,86036,457 37,04336,912 36,748
Other3,0623,1643,2563,3913,338
Total securities held to maturity89,43491,31593,22094,44495,181
Total investment securities135,434137,388139,663141,038143,391
Loans
Commercial and industrial177,258180,566175,206180,878182,017
Commercial real estate35,52235,61736,03235,93836,110
Equipment lease financing6,4686,4306,4416,3646,452
Consumer53,93354,51254,74455,07055,020
Residential real estate47,42847,44447,08146,28445,927
Total loans320,609324,569319,504324,534325,526
Interest-earning deposits with banks (c)48,25042,62738,35231,43334,054
Other interest-earning assets8,0028,7388,7779,2158,806
Total interest-earning assets512,295513,322506,296506,220511,777
Noninterest-earning assets50,55348,99748,66749,28750,555
Total assets$562,848 $562,319 $554,963 $555,507 $562,332 
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market$67,838 $66,393 $64,310 $63,691 $65,753 
Demand122,748124,124123,730124,111124,376
Savings97,71998,490100,643102,415104,408
Time deposits32,97530,35725,87222,34220,519
Total interest-bearing deposits321,280319,364314,555312,559315,056
Borrowed funds
Federal Home Loan Bank borrowings37,71737,78334,109 33,75232,056
Senior debt28,47526,63423,47920,91019,679
Subordinated debt5,0825,0915,2935,8506,100
Other4,3163,3844,5845,1805,133
Total borrowed funds75,59072,89267,46565,69262,968
Total interest-bearing liabilities396,870392,256382,020378,251378,024
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits98,875104,567107,981113,178121,176
Accrued expenses and other liabilities16,40416,32815,62915,06316,014
Equity50,69949,16849,33349,01547,118
Total liabilities and equity$562,848 $562,319 $554,963 $555,507 $562,332 
(a)Calculated using average daily balances.
(b)Nonaccrual loans are included in loans, net of unearned income. The impact of financial derivatives used in interest rate risk management is included in the interest income/expense and average yields/rates of the related assets and liabilities. Basis adjustments related to hedged items are included in noninterest-earning assets and noninterest-bearing liabilities. Average balances of securities are based on amortized historical cost (excluding adjustments to fair value, which are included in other assets). Average balances for certain loans and borrowed funds accounted for at fair value are included in noninterest-earning assets and noninterest-bearing liabilities, with changes in fair value recorded in Noninterest income.
(c)Amounts include average balances held with the Federal Reserve Bank of $47.8 billion, $42.2 billion, $37.9 billion, $30.6 billion and $33.5 billion for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 4
Table 4: Details of Net Interest Margin (Unaudited)
Three months ended
March 31December 31September 30June 30March 31
20242023202320232023
Average yields/rates (a)
Yield on interest-earning assets
Investment securities
Securities available for sale
Residential mortgage-backed
Agency2.88 %2.83 %2.73 %2.67 %2.67 %
Non-agency9.65 %9.15 %10.42 %9.39 %8.53 %
Commercial mortgage-backed2.99 %3.00 %3.41 %2.84 %2.62 %
Asset-backed6.02 %6.41 %6.30 %6.56 %7.04 %
U.S. Treasury and government agencies2.67 %2.22 %2.28 %2.20 %2.05 %
Other2.63 %2.61 %2.58 %2.55 %2.47 %
Total securities available for sale3.01 %2.89 %2.87 %2.73 %2.64 %
Securities held to maturity
Residential mortgage-backed2.77 %2.75 %2.72 %2.72 %2.74 %
Commercial mortgage-backed5.46 %5.53 %5.55 %5.35 %4.95 %
Asset-backed4.49 %4.57 %4.36 %4.10 %3.97 %
U.S. Treasury and government agencies1.31 %1.32 %1.34 %1.34 %1.33 %
Other4.52 %4.72 %4.57 %4.65 %4.62 %
Total securities held to maturity2.42 %2.44 %2.42 %2.41 %2.41 %
Total investment securities2.62 %2.59 %2.57 %2.52 %2.49 %
Loans
Commercial and industrial6.18 %6.13 %5.86 %5.70 %5.34 %
Commercial real estate6.67 %6.68 %6.59 %6.37 %6.02 %
Equipment lease financing5.17 %4.98 %4.72 %4.51 %4.28 %
Consumer7.16 %7.00 %6.89 %6.57 %6.34 %
Residential real estate3.65 %3.60 %3.52 %3.41 %3.35 %
Total loans6.01 %5.94 %5.75 %5.57 %5.29 %
Interest-earning deposits with banks5.47 %5.53 %5.44 %5.10 %4.58 %
Other interest-earning assets6.92 %6.96 %6.66 %5.96 %5.75 %
Total yield on interest-earning assets5.08 %5.03 %4.87 %4.70 %4.46 %
Rate on interest-bearing liabilities
Interest-bearing deposits
Money market3.45 %3.32 %3.10 %2.79 %2.40 %
Demand2.26 %2.26 %2.15 %1.89 %1.58 %
Savings1.81 %1.68 %1.49 %1.26 %1.03 %
Time deposits4.44 %4.11 %3.67 %3.26 %3.00 %
Total interest-bearing deposits2.60 %2.48 %2.26 %1.96 %1.66 %
Borrowed funds
Federal Home Loan Bank borrowings5.65 %5.66 %5.55 %5.28 %4.80 %
Senior debt6.59 %6.25 %6.17 %5.91 %5.39 %
Subordinated debt6.64 %6.63 %6.52 %6.19 %5.69 %
Other
5.59 %5.55 %4.49 %3.79 %3.70 %
Total borrowed funds6.07 %5.94 %5.77 %5.44 %4.98 %
Total rate on interest-bearing liabilities3.24 %3.10 %2.86 %2.56 %2.20 %
Interest rate spread1.84 %1.93 %2.01 %2.14 %2.26 %
Benefit from use of noninterest-bearing sources (b)0.73 %0.73 %0.70 %0.65 %0.58 %
Net interest margin2.57 %2.66 %2.71 %2.79 %2.84 %
(a)Yields and rates are calculated using the applicable annualized interest income or interest expense divided by the applicable average earning assets or interest-bearing liabilities. Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources. To provide more meaningful comparisons of net interest margins, we use net interest income on a taxable-equivalent basis in calculating average yields used in the calculation of net interest margin by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023 were $34 million, $36 million, $36 million, $37 million and $38 million, respectively.
(b)Represents the positive effects of investing noninterest-bearing sources in interest-earning assets.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 5
Table 5: Details of Loans (Unaudited)
March 31December 31September 30June 30March 31
In millions20242023202320232023
Commercial
Commercial and industrial
Manufacturing$29,402 $28,989 $29,163 $30,586 $32,132 
Retail/wholesale trade28,92328,19828,28428,75129,172
Financial services27,64028,42222,77021,82322,534
Service providers21,41321,35421,68022,27723,186
Real estate related (a)15,58316,23516,18217,20017,548
Health care10,1939,80810,09210,18610,537
Technology, media & telecommunications10,15810,24910,98911,15811,338
Transportation and warehousing7,5237,7337,8918,0487,824
Other industries25,95726,59227,11227,60028,726
Total commercial and industrial176,792 177,580 174,163 177,629 182,997 
Commercial real estate35,591 35,436 35,776 35,928 35,991 
Equipment lease financing6,462 6,542 6,493 6,400 6,424 
Total commercial218,845219,558216,432219,957225,412
Consumer
Residential real estate47,386 47,544 47,359 46,834 46,067 
Home equity25,896 26,150 26,159 26,200 26,203 
Automobile14,788 14,860 14,940 15,065 14,923 
Credit card6,887 7,180 7,060 7,092 6,961 
Education1,859 1,945 2,020 2,058 2,131 
Other consumer4,120 4,271 4,446 4,555 4,778 
Total consumer100,936 101,950 101,984 101,804 101,063 
Total loans$319,781 $321,508 $318,416 $321,761 $326,475 
(a)Represents loans to customers in the real estate and construction industries.


THE PNC FINANCIAL SERVICES GROUP, INC.

Page 6
Allowance for Credit Losses (Unaudited)

Table 6: Change in Allowance for Loan and Lease Losses
Three months ended
March 31December 31September 30June 30March 31
Dollars in millions20242023202320232023
Allowance for loan and lease losses
Beginning balance$4,791 $4,767 $4,737 $4,741 $4,741 
Adoption of ASU 2022-02 (a)  (35)
Beginning balance, adjusted4,791 4,767 4,737 4,741 4,706 
Gross charge-offs:
Commercial and industrial(84)(52)(43)(45)(104)
Commercial real estate(56)(56)(25)(87)(12)
Equipment lease financing(8)(7)(4)(3)(4)
Residential real estate(1)(2)(1)(2)(3)
Home equity(10)(6)(4)(5)(6)
Automobile(32)(30)(30)(28)(33)
Credit card(92)(87)(78)(80)(74)
Education(4)(4)(4)(5)(4)
Other consumer(43)(40)(44)(38)(42)
Total gross charge-offs(330)(284)(233)(293)(282)
Recoveries:
Commercial and industrial19 24 45 33 20 
Commercial real estate2 2 2  2 
Equipment lease financing2 1 2 3 3 
Residential real estate3 3 3 4 3 
Home equity9 10 12 13 11 
Automobile25 23 26 27 24 
Credit card15 11 10 11 11 
Education2 2 1 2 2 
Other consumer10 8 11 6 11 
Total recoveries87 84 112 99 87 
Net (charge-offs) / recoveries:
Commercial and industrial(65)(28)2 (12)(84)
Commercial real estate(54)(54)(23)(87)(10)
Equipment lease financing(6)(6)(2)(1)
Residential real estate2 1 2 2 
Home equity(1)4 8 8 5 
Automobile(7)(7)(4)(1)(9)
Credit card(77)(76)(68)(69)(63)
Education(2)(2)(3)(3)(2)
Other consumer(33)(32)(33)(32)(31)
Total net (charge-offs) (243)(200)(121)(194)(195)
Provision for credit losses (b)147 221 153 189 229 
Other(2)3 (2)1 1 
Ending balance$4,693 $4,791 $4,767 $4,737 $4,741 
Supplemental Information
Net charge-offs
Commercial net charge-offs$(125)$(88)$(23)$(99)$(95)
Consumer net charge-offs(118)(112)(98)(95)(100)
Total net charge-offs $(243)$(200)$(121)$(194)$(195)
Net charge-offs to average loans (annualized)0.30 %0.24 %0.15 %0.24 %0.24 %
Commercial0.23 %0.16 %0.04 %0.18 %0.17 %
Consumer0.47 %0.44 %0.38 %0.38 %0.40 %
(a)Represents the impact of adopting ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures on January 1, 2023. Refer to our 2023 Form 10-K for additional information related to our adoption of this ASU.
(b)See Table 7 for the components of the Provision for credit losses being reported on the Consolidated Income Statement.



THE PNC FINANCIAL SERVICES GROUP, INC.

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

Table 7: Components of the Provision for Credit Losses
Three months ended
March 31December 31September 30June 30March 31
In millions20242023202320232023
Provision for credit losses
Loans and leases$147 $221 $153 $189 $229 
Unfunded lending related commitments9 23 (23)(9)(22)
Investment securities 1 (7)(10)(1)
Other financial assets(2)(5)9 (34)29 
Total provision for credit losses$155 $232 $129 $146 $235 


Table 8: Allowance for Credit Losses by Loan Class (a)
March 31, 2024December 31, 2023March 31, 2023

Dollars in millions		Allowance AmountTotal Loans% of Total LoansAllowance AmountTotal Loans% of Total LoansAllowance AmountTotal Loans% of Total Loans
Allowance for loan and lease losses
Commercial
Commercial and industrial$1,673 $176,792 0.95 %$1,806 $177,580 1.02 %$1,771 $182,997 0.97 %
Commercial real estate1,468 35,591 4.12 %1,371 35,436 3.87 %1,171 35,991 3.25 %
Equipment lease financing76 6,462 1.18 %82 6,542 1.25 %104 6,424 1.62 %
Total commercial3,217 218,845 1.47 %3,259 219,558 1.48 %3,046 225,412 1.35 %
Consumer
Residential real estate39 47,386 0.08 %61 47,544 0.13 %95 46,067 0.21 %
Home equity272 25,896 1.05 %276 26,150 1.06 %316 26,203 1.21 %
Automobile173 14,788 1.17 %173 14,860 1.16 %199 14,923 1.33 %
Credit card749 6,887 10.88 %766 7,180 10.67 %782 6,961 11.23 %
Education56 1,859 3.01 %56 1,945 2.88 %64 2,131 3.00 %
Other consumer187 4,120 4.54 %200 4,271 4.68 %239 4,778 5.00 %
Total consumer1,476 100,936 1.46 %1,532 101,950 1.50 %1,695 101,063 1.68 %
Total
4,693 $319,781 1.47 %4,791 $321,508 1.49 %4,741 $326,475 1.45 %
Allowance for unfunded lending related commitments
672 663 672 
Allowance for credit losses
$5,365 $5,454 $5,413 
Supplemental Information
Allowance for credit losses to total loans
1.68 %1.70 %1.66 %
Commercial1.71 %1.73 %1.60 %
Consumer1.60 %1.62 %1.79 %
(a)    Excludes allowances for investment securities and other financial assets, which together totaled $117 million, $120 million and $205 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 8
Details of Nonperforming Assets (Unaudited)

Table 9: Nonperforming Assets by Type
March 31December 31September 30June 30March 31
Dollars in millions20242023202320232023
Nonperforming loans
Commercial
Commercial and industrial
Technology, media & telecommunications$177 $156 $51 $55 $22 
Service providers158 157 162 114 128 
Manufacturing60 32 34 50 105 
Transportation and warehousing40 35 44 33 24 
Health care40 36 37 60 57 
Retail/wholesale trade30 30 41 41 82 
Real estate related (a)23 30 31 42 43 
Other industries50 83 58 75 87 
Total commercial and industrial578 559 458 470 548 
Commercial real estate923 735 723 350 337 
Equipment lease financing13 13 30 7 6 
Total commercial1,514 1,307 1,211 827 891 
Consumer (b)
Residential real estate 284 294 330 429 432 
Home equity464 458 446 506 523 
Automobile97 104 114 133 145 
Credit card13 10 11 10 9 
Other consumer8 7 11 8 10 
Total consumer866 873 912 1,086 1,119 
Total nonperforming loans (c)2,380 2,180 2,123 1,913 2,010 
OREO and foreclosed assets35 36 35 36 38 
Total nonperforming assets$2,415 $2,216 $2,158 $1,949 $2,048 
Nonperforming loans to total loans0.74 %0.68 %0.67 %0.59 %0.62 %
Nonperforming assets to total loans, OREO and foreclosed assets0.76 %0.69 %0.68 %0.61 %0.63 %
Nonperforming assets to total assets0.43 %0.39 %0.39 %0.35 %0.36 %
Allowance for loan and lease losses to nonperforming loans 197 %220 %225 %248 %236 %
(a)Represents loans related to customers in the real estate and construction industries.
(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 exclude certain government insured or guaranteed loans, loans held for sale and loans accounted for under the fair value option.


Table 10: Change in Nonperforming Assets
Three months ended
March 31December 31September 30June 30March 31
Dollars in millions20242023202320232023
Beginning balance$2,216 $2,158 $1,949 $2,048 $2,019 
New nonperforming assets616 496 641 410 452 
Charge-offs and valuation adjustments(133)(104)(91)(135)(122)
Principal activity, including paydowns and payoffs(188)(250)(112)(297)(172)
Asset sales and transfers to loans held for sale(16)(6)(7)(12)(46)
Returned to performing status (a)(80)(78)(222)(65)(83)
Ending balance$2,415 $2,216 $2,158 $1,949 $2,048 
(a)Amounts for the three months ended September 30, 2023 included updates to our return to accrual guidelines to bring consistency across consumer loan classes as to how and when loans become eligible to return to performing status.



THE PNC FINANCIAL SERVICES GROUP, INC.

Page 9
Accruing Loans Past Due (Unaudited)                  

Table 11: Accruing Loans Past Due 30 to 59 Days (a) (b)
March 31December 31September 30June 30March 31
Dollars in millions20242023202320232023
Commercial
Commercial and industrial$125$104$84$64$119
Commercial real estate2721025
Equipment lease financing2241251433
Total commercial14915211188177
Consumer
Residential real estate
Non government insured 179201179151167
Government insured7881787778
Home equity6463595648
Automobile8191838479
Credit card4954504948
Education
Non government insured 55656
Government insured
2022262829
Other consumer1116151713
Total consumer487533496467468
Total$636$685$607$555$645
Supplemental Information
Total accruing loans past due 30-59 days to total loans0.20 %0.21 %0.19 %0.17 %0.20 %
Commercial0.07 %0.07 %0.05 %0.04 %0.08 %
Consumer0.48 %0.52 %0.49 %0.46 %0.46 %
(a)Excludes loans held for sale.
(b)The CARES Act Credit reporting rules expired in the third quarter of 2023 and as such, delinquency status at March 31, 2024, December 31, 2023 and September 30, 2023 is being reported for all loans based on the contractual terms of the loan. Prior period amounts continue to be presented in accordance with the credit reporting rules under the CARES Act, which required certain loans modified due to pandemic related hardships to not be reported as past due based on the contractual terms of the loan, even when borrowers may not have made payments on their loans during the modification period.








THE PNC FINANCIAL SERVICES GROUP, INC.

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

Table 12: Accruing Loans Past Due 60 to 89 Days (a) (b)
March 31December 31September 30June 30March 31
Dollars in millions20242023202320232023
Commercial
Commercial and industrial$35$45$32$47$21
Commercial real estate21
Equipment lease financing48655
Total commercial3953405227
Consumer
Residential real estate
Non government insured 5050523643
Government insured4251515055
Home equity2427221818
Automobile1920192018
Credit card3739383635
Education
Non government insured
43324
Government insured
1316191517
Other consumer711998
Total consumer196217213186198
Total$235$270$253$238$225
Supplemental Information
Total accruing loans past due 60-89 days to total loans0.07 %0.08 %0.08 %0.07 %0.07 %
Commercial0.02 %0.02 %0.02 %0.02 %0.01 %
Consumer0.19 %0.21 %0.21 %0.18 %0.20 %
(a)Excludes loans held for sale.
(b)The CARES Act Credit reporting rules expired in the third quarter of 2023 and as such, delinquency status at March 31, 2024, December 31, 2023 and September 30, 2023 is being reported for all loans based on the contractual terms of the loan. Prior period amounts continue to be presented in accordance with the credit reporting rules under the CARES Act, which required certain loans modified due to pandemic related hardships to not be reported as past due based on the contractual terms of the loan, even when borrowers may not have made payments on their loans during the modification period.





THE PNC FINANCIAL SERVICES GROUP, INC.

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

Table 13: Accruing Loans Past Due 90 Days or More (a) (b)
March 31December 31September 30June 30March 31
Dollars in millions20242023202320232023
Commercial
Commercial and industrial$90$76$102$112$134
Commercial real estate9
Total commercial9085102112134
Consumer
Residential real estate
Non government insured 3838363026
Government insured137154146144152
Automobile57655
Credit card8286807174
Education
Non government insured 32222
Government insured
4047464654
Other consumer910999
Total consumer314344325307322
Total$404$429$427$419$456
Supplemental Information
Total accruing loans past due 90 days or more to total loans0.13 %0.13 %0.13 %0.13 %0.14 %
Commercial0.04 %0.04 %0.05 %0.05 %0.06 %
Consumer0.31 %0.34 %0.32 %0.30 %0.32 %
Total accruing loans past due$1,275$1,384$1,287$1,212$1,326
Commercial$278$290$253$252$338
Consumer$997$1,094$1,034$960$988
Total accruing loans past due to total loans0.40 %0.43 %0.40 %0.38 %0.41 %
Commercial0.13 %0.13 %0.12 %0.11 %0.15 %
Consumer0.99 %1.07 %1.01 %0.94 %0.98 %
(a)Excludes loans held for sale.
(b)The CARES Act Credit reporting rules expired in the third quarter of 2023 and as such, delinquency status at March 31, 2024, December 31, 2023 and September 30, 2023 is being reported for all loans based on the contractual terms of the loan. Prior period amounts continue to be presented in accordance with the credit reporting rules under the CARES Act, which required certain loans modified due to pandemic related hardships to not be reported as past due based on the contractual terms of the loan, even when borrowers may not have made payments on their loans during the modification period.


































THE PNC FINANCIAL SERVICES GROUP, INC.

Page 12
Business Segment Descriptions (Unaudited)

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

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

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

Table 14: Period End Employees
March 31December 31September 30June 30March 31
20242023202320232023
Full-time employees
Retail Banking28,580 28,761 29,692 30,446 31,583 
Other full-time employees25,861 26,052 27,725 27,785 27,874 
Total full-time employees54,441 54,813 57,417 58,231 59,457 
Part-time employees
Retail Banking1,554 1,540 1,480 1,567 1,537 
Other part-time employees56 58 70 503 79 
Total part-time employees1,610 1,598 1,550 2,070 1,616 
Total56,051 56,411 58,967 60,301 61,073 


THE PNC FINANCIAL SERVICES GROUP, INC.

Page 13
Table 15: Summary of Business Segment Net Income and Revenue (Unaudited) (a)
Three months ended
March 31December 31September 30June 30March 31
In millions20242023202320232023
Net Income
Retail Banking$1,085 $1,073 $1,094 $954 $647 
Corporate & Institutional Banking1,121 1,213 960 817 1,059 
Asset Management Group97 72 73 63 52 
Other(973)(1,494)(573)(351)(81)
Net income excluding noncontrolling interests$1,330 $864 $1,554 $1,483 $1,677 
  
Revenue
Retail Banking$3,381 $3,391 $3,360 $3,150 $3,024 
Corporate & Institutional Banking2,437 2,637 2,254 2,202 2,300 
Asset Management Group387 380 362 353 357 
Other(1,060)(1,047)(743)(412)(78)
Total revenue$5,145 $5,361 $5,233 $5,293 $5,603 
(a)Our business information is presented based on our internal management reporting practices. Net interest income in business segment results reflects PNC’s internal funds transfer pricing methodology. Assets receive a funding charge and liabilities and capital receive a funding credit based on a transfer pricing methodology that incorporates product repricing characteristics, tenor and other factors.


THE PNC FINANCIAL SERVICES GROUP, INC.

Page 14
Table 16: Retail Banking (Unaudited) (a)
Three months ended
March 31December 31September 30June 30March 31
Dollars in millions20242023202320232023
Income Statement
Net interest income $2,617 $2,669 $2,576 $2,448 $2,281 
Noninterest income764 722 784 702 743 
Total revenue3,381 3,391 3,360 3,150 3,024 
Provision for (recapture of) credit losses118 130 42 (14)238 
Noninterest expense1,837 1,848 1,876 1,904 1,927 
Pretax earnings 1,426 1,413 1,442 1,260 859 
Income taxes333 329 337 295 202 
Noncontrolling interests8 11 11 11 10 
Earnings $1,085 $1,073 752 $1,094 322 $954 $647 
Average Balance Sheet
Loans held for sale$478 $488 $633 $614 $542 
Loans
Consumer
Residential real estate$34,600 $34,951 $35,107 $35,150 $35,421 
Home equity24,462 24,569 24,591 24,663 24,571 
Automobile14,839 14,875 14,976 15,005 14,918 
Credit card6,930 7,084 7,075 7,015 6,904 
Education1,933 2,001 2,057 2,115 2,188 
Other consumer1,771 1,840 1,882 1,929 1,990 
Total consumer 84,535 85,320 85,688 85,877 85,992 
Commercial 12,620 12,088 11,733 11,708 11,438 
Total loans$97,155 $97,408 $97,421 $97,585 $97,430 
Total assets$114,199 $114,730 $114,724 $114,826 $115,384 
Deposits
Noninterest-bearing $53,395 $55,948 $58,110 $59,464 $60,801 
Interest-bearing 195,615 195,314 195,560 197,854 201,720 
Total deposits$249,010 $251,262 $253,670 $257,318 $262,521 
Performance Ratios
Return on average assets3.85 %3.71 %3.78 %3.33 %2.27 %
Noninterest income to total revenue23 %21 %23 %22 %25 %
Efficiency54 %54 %56 %60 %64 %
(a)See note (a) on page 13.


THE PNC FINANCIAL SERVICES GROUP, INC.

Page 15
Retail Banking (Unaudited) (Continued)
Three months ended
March 31December 31September 30June 30March 31
Dollars in millions, except as noted20242023202320232023
Supplemental Noninterest Income Information
Asset management and brokerage $137 $139 $130 $123 $131 
Card and cash management$306 $326 $329 $344 $324 
Lending and deposit services $178 $186 $193 $176 $181 
Residential and commercial mortgage $97 $117 $128 $75 $104 
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (a)
Serviced portfolio balance (b)$207 $209 $213 $191 $188 
MSR asset value (b)$2.7 $2.7 $2.8 $2.3 $2.2 
Servicing income: (in millions)
Servicing fees, net (c)$82 $89 $67 $67 $78 
Mortgage servicing rights valuation net of economic hedge
$(6)$11 $37 $(9)$14 
Residential mortgage loan statistics
Loan origination volume (in billions)$1.3 $1.5 $2.1 $2.4 $1.4 
Loan sale margin percentage2.53 %2.45 %2.43 %2.23 %2.26 %
Other Information
Credit-related statistics
Nonperforming assets (b)$841 $834 $856 $981 $1,009 
Net charge-offs - loans and leases$139 $128 $114 $109 $112 
Other statistics
Branches (b) (d)2,271 2,299 2,303 2,361 2,450 
Brokerage account client assets (in billions) (b) (e)$81 $78 $73 $75 $73 
(a)Represents mortgage loan servicing balances for third parties and the related income.
(b)Presented as of period end.
(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)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.
(e)Includes cash and money market balances.





THE PNC FINANCIAL SERVICES GROUP, INC.

Page 16
Table 17: Corporate & Institutional Banking (Unaudited) (a)
Three months ended
March 31December 31September 30June 30March 31
Dollars in millions20242023202320232023
Income Statement
Net interest income $1,549 $1,642 $1,419 $1,381 $1,414 
Noninterest income888 995 835 821 886 
Total revenue2,437 2,637 2,254 2,202 2,300 
Provision for (recapture of) credit losses47 115 102 209 (28)
Noninterest expense922 975 895 921 939 
Pretax earnings1,468 1,547 1,257 1,072 1,389 
Income taxes 342 330 292 250 325 
Noncontrolling interests5 4 5 5 5 
Earnings$1,121 $1,213 $960 $817 $1,059 
Average Balance Sheet
Loans held for sale$151 $450 $283 $440 $456 
Loans
Commercial
Commercial and industrial $163,326 $167,185 $161,810 $167,357 $168,874 
Commercial real estate34,420 34,488 34,587 34,410 34,605 
Equipment lease financing6,467 6,430 6,441 6,364 6,451 
Total commercial 204,213 208,103 202,838 208,131 209,930 
Consumer3 5 4 5 7 
Total loans$204,216 $208,108 $202,842 $208,136 $209,937 
Total assets $228,698 $234,590 $230,082 $234,174 $234,536 
Deposits
Noninterest-bearing $43,854 $46,880 $48,123 $51,948 $58,529 
Interest-bearing98,841 97,660 93,563 89,068 86,832 
Total deposits$142,695 $144,540 $141,686 $141,016 $145,361 
Performance Ratios
Return on average assets1.99 %2.05 %1.66 %1.40 %1.83 %
Noninterest income to total revenue36 %38 %37 %37 %39 %
Efficiency38 %37 %40 %42 %41 %
Other Information
Consolidated revenue from:
Treasury Management (b)$936 $1,044 $849 $778 $785 
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (c)$10 $17 $17 $13 $27 
Commercial mortgage loan servicing income (d)67 59 43 44 39 
Commercial mortgage servicing rights valuation, net of economic hedge37 19 54 4 41 
Total$114 $95 $114 $61 $107 
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (e)$287 $288 $282 $280 $281 
MSR asset value (e)$1,075 $1,032 $1,169 $1,106 $1,061 
Average loans by C&IB business
Corporate Banking$116,845 $119,916 $113,538 $117,259 $119,602 
Real Estate46,608 47,028 47,234 47,692 47,297 
Business Credit28,929 29,252 29,900 30,613 30,180 
Commercial Banking7,546 7,591 7,861 8,225 8,430 
Other4,288 4,321 4,309 4,347 4,428 
Total average loans$204,216 $208,108 $202,842 $208,136 $209,937 
Credit-related statistics
Nonperforming assets (e)$1,419 $1,217 $1,130 $738 $801 
Net charge-offs - loans and leases$108 $76 $12 $93 $85 
(a)See note (a) on page 13.
(b)Amounts are reported in net interest income and noninterest income.
(c)Represents commercial mortgage banking income for valuations on commercial mortgage loans held for sale and related commitments, derivative valuations, origination fees, gains on sale of loans held for sale and net interest income on loans held for sale.
(d)Represents net interest income and noninterest income from loan servicing, net of reduction in commercial mortgage servicing rights due to time and payoffs. Commercial mortgage servicing rights valuation, net of economic hedge is shown separately.
(e)Presented as of period end.


THE PNC FINANCIAL SERVICES GROUP, INC.

Page 17
Table 18: Asset Management Group (Unaudited) (a)
Three months ended
March 31December 31September 30June 30March 31
Dollars in millions, except as noted20242023202320232023
Income Statement
Net interest income$157 $156 $139 $125 $127 
Noninterest income230 224 223 228 230 
Total revenue387 380 362 353 357 
Provision for (recapture of) credit losses(5)2 (4)(10)9 
Noninterest expense265 284 271 280 280 
Pretax earnings127 94 95 83 68 
Income taxes 30 22 22 20 16 
Earnings$97 $72 $73 $63 $52 
Average Balance Sheet
Loans
Consumer
Residential real estate $11,688 $11,314 $10,750 $9,855 $9,174 
Other consumer3,758 3,893 3,901 4,065 4,156 
Total consumer 15,446 15,207 14,651 13,920 13,330 
Commercial849 867 1,090 1,229 1,246 
Total loans$16,295 $16,074 $15,741 $15,149 $14,576 
Total assets$16,728 $16,505 $16,161 $15,562 $14,997 
Deposits
Noninterest-bearing $1,617 $1,742 $1,756 $1,787 $1,846 
Interest-bearing27,064 26,479 25,417 25,482 26,337 
Total deposits$28,681 $28,221 $27,173 $27,269 $28,183 
Performance Ratios
Return on average assets2.35 %1.73 %1.79 %1.62 %1.41 %
Noninterest income to total revenue59 %59 %62 %65 %64 %
Efficiency68 %75 %75 %79 %78 %
Other Information
Nonperforming assets (b)$28 $39 $39 $41 $42 
Net charge-offs (recoveries) - loans and leases  $(1)$(2)
Client Assets Under Administration (in billions) (b) (c)
Discretionary client assets under management
 PNC Private Bank$124 $117 $109 $111 $108 
Institutional Asset Management71 72 67 65 69 
Total discretionary clients assets under management195 189 176 176 177 
Nondiscretionary client assets under administration199 179 170 168 156 
Total$394 $368 $346 $344 $333 
(a)See note (a) on page 13.
(b)Presented as of period end.
(c)Excludes brokerage account client assets.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 18
Glossary of Terms

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Efficiency – Noninterest expense divided by total revenue.

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

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

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

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

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 19

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

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

Nonperforming loans – Loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. Interest income is not recognized on nonperforming loans. Nonperforming loans exclude certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest, loans held for sale and loans accounted for under the fair value option.

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

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

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

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

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

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

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

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

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