Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 2, 2024

Documents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
______________________________________
FORM 10-Q
______________________________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
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 July 15, 2024, there were 397,496,265 shares of the registrant’s common stock ($5 par value) outstanding.

THE PNC FINANCIAL SERVICES GROUP, INC.
Cross-Reference Index to Second Quarter 2024 Form 10-Q
  Pages
PART I – FINANCIAL INFORMATION
Item 1.   Financial Statements (Unaudited).
Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A).
Item 3. Quantitative and Qualitative Disclosures about Market Risk. 21-38, 49-50,
83-89
Item 4. Controls and Procedures.


MD&A TABLE REFERENCE
Table Description Page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS TABLE REFERENCE
Table Description Page
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80



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 2023 Annual Report on Form 10-K (our “2023 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 2023 Form 10-K; Item 1A Risk Factors included in our 2023 Form 10-K; and the Commitments and Legal Proceedings Notes included in this Report and Item 8 of our 2023 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 2023 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 100 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 and Liquidity 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 2023 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 represented approximately $16.0 billion in total commitments, including approximately $9.0 billion of funded loans, at the time of acquisition.

Workforce Reduction

During the fourth quarter of 2023, PNC implemented a workforce reduction that is expected to reduce 2024 personnel expense by approximately $325 million, on a pre-tax basis. PNC incurred expenses of $150 million in the fourth quarter of 2023 in connection with this workforce reduction.



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

FDIC Special Assessment

In November 2023, the FDIC approved a final rule to implement a special assessment to recover the loss to the Deposit Insurance Fund associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. As a result, PNC incurred a pre-tax expense of $515 million during the fourth quarter of 2023. In the first quarter of 2024, PNC incurred an additional pre-tax expense of $130 million related to the increase in the FDIC’s expected losses.

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 Six months ended
June 30 March 31 June 30 June 30 June 30
2024 2024 2023 2024 2023
Summary of Operations (a)
Net interest income $ 3,302  $ 3,264  $ 3,510  $ 6,566  $ 7,095 
Noninterest income 2,109  1,881  1,783  3,990  3,801 
Total revenue 5,411  5,145  5,293  10,556  10,896 
Provision for credit losses 235  155  146  390  381 
Noninterest expense 3,357  3,334  3,372  6,691  6,693 
Income before income taxes and noncontrolling interests
 1,819  1,656  1,775  3,475  3,822 
Income taxes
 342  312  275  654  628 
Net income $ 1,477  $ 1,344  $ 1,500  $ 2,821  $ 3,194 
Net income attributable to common shareholders $ 1,362  $ 1,247  $ 1,354  $ 2,609  $ 2,961 
Per Common Share
Basic $ 3.39  $ 3.10  $ 3.36  $ 6.49  $ 7.35 
Diluted $ 3.39  $ 3.10  $ 3.36  $ 6.48  $ 7.34 
Book value per common share $ 116.70  $ 113.30  $ 105.67 
Performance Ratios
Net interest margin (b) 2.60  % 2.57  % 2.79  % 2.58  % 2.81  %
Noninterest income to total revenue 39  % 37  % 34  % 38  % 35  %
Efficiency 62  % 65  % 64  % 63  % 61  %
Return on:
Average common shareholders’ equity 12.16  % 11.39  % 13.01  % 11.78  % 14.53  %
Average assets 1.05  % 0.97  % 1.08  % 1.01  % 1.15  %
(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) Statistical Information (Unaudited) section in Item 1 of this Report.




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


Table 2: Balance Sheet Highlights and Other Selected Ratios
Dollars in millions, except as noted
Unaudited		 June 30
2024		 December 31
2023		 June 30
2023
Balance Sheet Highlights (a)
Assets $ 556,519  $ 561,580  $ 558,207 
Loans $ 321,429  $ 321,508  $ 321,761 
Allowance for loan and lease losses


 		$ 4,636  $ 4,791  $ 4,737 
Interest-earning deposits with banks $ 33,039  $ 43,804  $ 38,259 
Investment securities $ 138,645  $ 132,569  $ 135,661 
Total deposits $ 416,391  $ 421,418  $ 427,489 
Borrowed funds $ 71,391  $ 72,737  $ 65,384 
Total shareholders’ equity $ 52,642  $ 51,105  $ 49,320 
Common shareholders’ equity $ 46,397  $ 44,864  $ 42,083 
Other Selected Ratios
Common equity Tier 1 10.2  % 9.9  % 9.5  %
Loans to deposits 77  % 76  % 75  %
Common shareholders’ equity to total assets 8.3  % 8.0  % 7.5  %
(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.

Income Statement Highlights

Net income of $1.5 billion, or $3.39 per diluted common share, for the second quarter of 2024 increased $133 million, or 10%, compared to $1.3 billion, or $3.10 per diluted common share, for the first quarter of 2024, primarily due to higher noninterest and net interest income, partially offset by a higher provision for credit losses.
•For the three months ended June 30, 2024 compared to the three months ended March 31, 2024:
•Total revenue increased $266 million, or 5%, to $5.4 billion.
•Net interest income of $3.3 billion increased $38 million, or 1%, reflecting higher yields on interest-earning assets.
•Net interest margin increased 3 basis points to 2.60%.
•Noninterest income increased $228 million, or 12%, and included the impact of a $754 million gain resulting from PNC’s participation in the Visa exchange program, as well as a securities loss of $497 million related to the repositioning of the investment securities portfolio. The second quarter of 2024 also included Visa Class B derivative fair value adjustments, primarily related to the extension of anticipated litigation resolution timing, of negative $116 million. The first quarter of 2024 included negative $7 million of Visa Class B derivative fair value adjustments.
•Provision for credit losses of $235 million in the second quarter of 2024 primarily reflected the impact of portfolio activity. The first quarter of 2024 included a provision for credit losses of $155 million.
•Noninterest expense increased $23 million, or 1%, to $3.4 billion. The modest increase was driven by higher marketing and equipment expenses, partially offset by seasonally lower incentive compensation. Other noninterest expense included a $120 million pre-tax expense in the second quarter of 2024 related to a PNC Foundation contribution. The first quarter of 2024 included a $130 million pre-tax expense related to the increase in the FDIC’s expected losses.

Net income of $2.8 billion, or $6.48 per diluted common share, for the first six months of 2024 decreased $373 million, or 12%, compared to $3.2 billion, or $7.34 per diluted common share, for the first six months of 2023 driven by lower net interest income, partially offset by higher noninterest income.
•For the six months ended June 30, 2024 compared to the six months ended June 30, 2023:
•Total revenue decreased $340 million, or 3%, to $10.6 billion.
•Net interest income decreased $529 million, or 7%, as the benefit of higher interest-earning asset yields was more than offset by increased funding costs.
•Net interest margin decreased 23 basis points.
•Noninterest income increased $189 million, or 5%, reflecting an increase in all categories. The first six months of 2024 included the impact of a $754 million gain resulting from PNC’s participation in the Visa exchange program, as well as a securities loss of $497 million related to the repositioning of the investment securities portfolio.
•Provision for credit losses of $390 million in the first six months of 2024 reflected the impact of portfolio activity and improved macroeconomic factors. The first six months of 2023 included a provision for credit losses of $381 million.
The PNC Financial Services Group, Inc. – Form 10-Q 3  

•Noninterest expense was stable compared to the first six months of 2023, and reflected PNC’s continued focus on expense management. Other noninterest expense included a $120 million pre-tax expense in the second quarter of 2024 related to a PNC Foundation contribution, as well as a $130 million pre-tax expense in the first quarter of 2024 related to the increase in the FDIC’s expected losses.

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

Balance Sheet Highlights
Our balance sheet was well positioned at June 30, 2024. In comparison to December 31, 2023:
•Total assets of $556.5 billion decreased primarily due to lower balances held with the Federal Reserve Bank, partially offset by higher securities balances.
•Total loans were stable at $321.4 billion.
•Total commercial loans increased $1.3 billion to $220.8 billion, primarily due to new production.
•Total consumer loans declined $1.4 billion to $100.6 billion, as paydowns outpaced originations and the utilization of loan commitments.
•Investment securities increased $6.1 billion, or 5%, to $138.6 billion, due to increased net purchase activity, primarily of U.S. Treasury securities, partially offset by portfolio paydowns and maturities. During the second quarter of 2024, PNC took actions to reposition the investment securities portfolio. For additional details, see Investment Securities in the Consolidated Balance Sheet Review section of this Financial Review.
•Interest-earning deposits with banks, primarily with the Federal Reserve Bank, decreased $10.8 billion, or 25%, to $33.0 billion, primarily due to higher securities balances and lower deposits.
•Total deposits decreased $5.0 billion, to $416.4 billion, reflecting lower consumer and commercial deposits. Noninterest-bearing deposit balances decreased primarily driven by a decline in commercial balances. Interest-bearing deposits increased modestly reflecting higher commercial balances, partially offset by lower consumer balances.
•Borrowed funds decreased to $71.4 billion, due to lower FHLB borrowings, partially offset by parent company senior debt issuances.

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

Credit Quality Highlights
The second quarter of 2024 reflected relatively stable credit quality performance.
•At June 30, 2024 compared to December 31, 2023:
•Overall loan delinquencies of $1.3 billion decreased $112 million, or 8%, driven by lower consumer and commercial loan delinquencies.
•The ACL related to loans, which consists of the ALLL and the allowance for unfunded lending related commitments, totaled $5.4 billion and $5.5 billion at June 30, 2024 and December 31, 2023, respectively. The decrease in the comparison was driven by improved macroeconomic factors as well as portfolio activity. ACL to total loans was 1.67% and 1.70% at June 30, 2024 and December 31, 2023, respectively.
•Nonperforming assets increased $321 million, or 14%, to $2.5 billion, primarily due to higher commercial real estate nonperforming loans.
•Net loan charge-offs of $262 million, or 0.33% of average loans, in the second quarter of 2024 increased $19 million compared to the first quarter of 2024 primarily due to higher 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 $46.4 billion at June 30, 2024 increased $1.5 billion compared to December 31, 2023, due to the benefit of net income and an improvement in AOCI, partially offset by common dividends paid and common shares repurchased.
•In the second quarter of 2024, PNC returned $0.7 billion of capital to shareholders, reflecting $0.6 billion of dividends on common shares and $0.1 billion of common share repurchases, representing 0.7 million 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 43% were still available for repurchase at June 30, 2024. In light of the Federal banking agencies’ proposed rules to adjust the Basel III capital framework, third quarter 2024 share repurchase activity is expected to approximate recent quarterly average share repurchase levels. PNC continues to evaluate the potential impact of the proposed rules and may adjust share repurchase activity



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


depending on market and economic conditions, as well as other factors. Based on the results of the Federal Reserve’s 2024 annual stress test, PNC’s SCB for the four-quarter period beginning October 1, 2024 will remain at the regulatory minimum of 2.5%.
•On July 2, 2024, the PNC Board of Directors raised the quarterly cash dividend on common stock to $1.60 per share, an increase of 5 cents per share. The dividend is payable on August 5, 2024 to shareholders of record at the close of business July 15, 2024.
•Our CET1 ratio increased to 10.2% at June 30, 2024 from 9.9% at December 31, 2023.
•PNC elected a five-year transition provision effective March 31, 2020 to delay until 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 10.1% at June 30, 2024 compared to 9.8% at December 31, 2023.

See the Liquidity and Capital Management portion of the Risk Management section of this Financial Review for more detail on our 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, the Recent Regulatory Developments section in this Financial Review and the Supervision and Regulation section in our 2023 Form 10-K.

Business Outlook
Statements regarding our business outlook are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting and do not take into account potential legal and regulatory contingencies. These statements are based on our views that:
•Job and income gains will continue to support consumer spending growth this year, but PNC’s baseline forecast is for slower economic growth in 2024 as higher interest rates remain a drag on the economy.
•Real GDP growth this year will trend close to 2%, and the unemployment rate will increase modestly to above 4% by the end of 2024. Inflation will continue to slow as wage pressures abate, gradually moving back to the Federal Reserve’s 2% long-term objective.
•With slowing inflation PNC expects two federal funds rate cuts of 25 basis points each at the FOMC’s September and December meetings, with the rate ending this year in a range between 4.75% and 5.00%. PNC expects multiple federal funds rate cuts in 2025 as inflation continues to ease.

Consistent with the forward guidance we provided on July 16, 2024, for the third quarter of 2024, compared to the second quarter of 2024, we expect:
•Average loans to be stable,
•Net interest income to be up 1% to 2%,
•Fee income to be up 1% to 2%,
•Other noninterest income, to be $150 million to $200 million,
•Noninterest expense to be down 1% to stable,
•Core noninterest expense to be up 3% to 4%, and
•Net loan charge-offs to be $250 million to $300 million.

Consistent with the forward guidance we provided on July 16, 2024, for the full year 2024, compared to the full year of 2023, we expect:
•Average loans to be down less than 1%,
•Net interest income to be down approximately 4%,
•Noninterest income, to be up 5% to 7%,
•Noninterest income, excluding significant items, to be up 3% to 5%,
•Revenue to be stable to down 1%,
•Revenue, excluding significant items, to be down 1% to 2%,
•Noninterest expense to be down approximately 4%,
•Core noninterest expense to be down approximately 1%, and
•The effective tax rate to be approximately 18.5%.

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

Significant items in the second quarter of 2024 are composed of a $754 million gain resulting from PNC’s participation in the Visa exchange program, a $497 million securities loss related to the repositioning of the investment securities portfolio and a negative $116 million Visa Class B derivative fair value adjustment. See the Statistical Information (Unaudited) – Reconciliation of Noninterest income guidance, excluding significant items (non-GAAP) and Reconciliation of Revenue guidance, excluding significant items (non-GAAP) section of this Report. Other noninterest income, noninterest income and revenue guidance does not forecast net securities gains or losses and other Visa activity.

Core noninterest expense excludes the pre-tax impacts of the $120 million expense in the second quarter of 2024 related to a contribution to the PNC Foundation, $130 million related to the increase in the FDIC’s expected losses in the first quarter of 2024, and, for the fourth quarter of 2023, $515 million pertaining to the FDIC special assessment and $150 million of workforce reduction charges. See the Statistical Information (Unaudited) – Reconciliation of Core Noninterest Expense (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 full year Noninterest income and Revenue guidance, adjusted for $141 million in significant items incurred in the second quarter of 2024, and full year Core noninterest expense guidance adjusted for $250 million in non-core expenses incurred in the first half of 2024. 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 2023 Form 10-K for other factors that could cause future events to differ, perhaps materially, from those anticipated in these forward-looking statements.



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


CONSOLIDATED INCOME STATEMENT REVIEW

Our Consolidated Income Statement is presented in Item 1 of this Report.

Net income of $1.5 billion, or $3.39 per diluted common share, for the second quarter of 2024 increased $133 million, or 10%, compared to $1.3 billion, or $3.10 per diluted common share, for the first quarter of 2024 primarily due to higher noninterest and net interest income, partially offset by a higher provision for credit losses. Net income of $2.8 billion, or $6.48 per diluted common share, for the first six months of 2024 decreased $373 million, or 12%, compared to $3.2 billion, or $7.34 per diluted common share, for the same period in 2023 driven by lower net interest income, partially offset by higher noninterest income.
Net Interest Income
Table 3: Summarized Average Balances and Net Interest Income (a)
  June 30, 2024 March 31, 2024
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 $ 141,306  2.84  % $ 1,006  $ 135,434  2.62  % $ 888 
Loans 319,918  6.05  % 4,871  320,609  6.01  % 4,848 
Interest-earning deposits with banks 41,113  5.47  % 563  48,250  5.47  % 660 
Other 9,279  6.98  % 162  8,002  6.92  % 138 
Total interest-earning assets/interest income $ 511,616  5.13  % 6,602  $ 512,295  5.08  % 6,534 
Liabilities
Interest-bearing liabilities
Interest-bearing deposits $ 320,949  2.61  % 2,084  $ 321,280  2.60  % 2,077 
Borrowed funds 77,456  6.04  % 1,182  75,590  6.07  % 1,159 
Total interest-bearing liabilities/interest expense $ 398,405  3.26  % 3,266  $ 396,870  3.24  % 3,236 
Net interest margin/income (non-GAAP) 2.60  % 3,336  2.57  % 3,298 
Taxable-equivalent adjustments (34) (34)
Net interest income (GAAP) $ 3,302      $ 3,264 
  June 30, 2024 June 30, 2023
Six 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 $ 138,370  2.74  % $ 1,894  $ 142,208  2.50  % $ 1,780 
Loans 320,263  6.03  % 9,719  325,027  5.43  % 8,844 
Interest-earning deposits with banks 44,682  5.47  % 1,223  32,736  4.83  % 790 
Other 8,641  6.95  % 300  9,012  5.86  % 264 
Total interest-earning assets/interest income $ 511,956  5.11  % 13,136  $ 508,983  4.58  % 11,678 
Liabilities
Interest-bearing liabilities
Interest-bearing deposits $ 321,115  2.60  % 4,161  $ 313,801  1.81  % 2,822 
Borrowed funds 76,523  6.06  % 2,341  64,337  5.22  % 1,686 
Total interest-bearing liabilities/interest expense $ 397,638  3.25  % 6,502  $ 378,138  2.38  % 4,508 
Net interest margin/income (non-GAAP) 2.58  % 6,634  2.81  % 7,170 
Taxable-equivalent adjustments (68) (75)
Net interest income (GAAP)     $ 6,566      $ 7,095 
(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.
The PNC Financial Services Group, Inc. – Form 10-Q 7  

Net interest income increased $38 million, or 1%, and net interest margin increased 3 basis points compared to the first quarter of 2024, reflecting higher yields on interest-earning assets. In the year-to-date comparison, net interest income decreased $529 million, or 7%, and net interest margin decreased 23 basis points, as the benefit of higher interest-earning asset yields was more than offset by increased funding costs.

Average investment securities increased $5.9 billion, or 4%, compared to the first quarter of 2024 reflecting net purchase activity, primarily of U.S. Treasury securities, partially offset by portfolio paydowns and maturities. Average investment securities decreased $3.8 billion, or 3%, in the year-to-date comparison as net purchase activity was more than offset by portfolio paydowns and maturities. Average investment securities represented 28% of average interest-earning assets for the second quarter of 2024 compared to 26% for the first quarter of 2024, and 27% for the first six months of 2024 compared to 28% for the first six months of 2023.

Average loans were stable for the second quarter of 2024 compared to the first quarter of 2024, and included a modest decline in consumer balances reflecting lower residential real estate and home equity loans. Compared to the first six months of 2023, average loans decreased $4.8 billion, or 1%, primarily due to lower average utilization of commercial loan commitments. Average loans represented 63% of average interest-earning assets for both the second and first quarters of 2024, and 63% for the first six months of 2024 compared to 64% for the first six months of 2023.

Average interest-earning deposits with banks for the second quarter of 2024 decreased $7.1 billion, or 15%, compared to the first quarter of 2024, primarily reflecting net securities purchases. In the year-to-date comparison, average interest-earning deposits with banks increased $11.9 billion, or 36%, due to higher borrowed funds and lower loan and securities balances, partially offset by lower deposits.

Average interest-bearing deposits for the second quarter of 2024 were relatively stable compared to the first quarter of 2024, and included a modest decline in commercial balances reflecting seasonal declines in corporate deposits. Average interest-bearing deposits increased $7.3 billion, or 2%, in the year-to-date comparison. In total, average interest-bearing deposits represented 81% of average interest-bearing liabilities for both the second and first quarters of 2024, and 81% for the first six months of 2024 compared to 83%, for the first six months of 2023.

Average borrowed funds increased $1.9 billion, or 2%, and $12.2 billion, or 19%, in the quarterly and year-to-date comparisons, respectively. In both comparisons, the increase reflected 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 Six months ended
  June 30 March 31 Change June 30 June 30 Change
Dollars in millions 2024 2024 $ % 2024 2023 $ %
Noninterest income
Asset management and brokerage $ 364  $ 364    —  $ 728  $ 704  $ 24  3  %
Capital markets and advisory 272  259  $ 13  5  % 531  475  56  12  %
Card and cash management 706  671  35  5  % 1,377  1,356  21  2  %
Lending and deposit services 304  305  (1) —  609  604  5  1  %
Residential and commercial mortgage 131  147  (16) (11) % 278  275  3  1  %
Other income
    Gain on Visa shares exchange program 754  754  * 754  754  *
    Securities gains (losses) (499) (499) * (499) (2) (497) *
    Other 77  135  (58) (43) % 212  389  (177) (46) %
Total other income 332  135  197  146  % 467  387  80  21  %
Total noninterest income
 $ 2,109  $ 1,881  $ 228  12  % $ 3,990  $ 3,801  $ 189  5  %
 *- Not Meaningful

Noninterest income as a percentage of total revenue was 39% for the second quarter of 2024 compared to 37% for the first quarter of 2024, and 38% for the first six months of 2024 compared to 35% for the same period in 2023.

Asset management and brokerage fees were stable compared to the first quarter of 2024. The increase in the year-to-date comparison reflected the impact of higher annuity sales as well as higher average equity markets. PNC’s discretionary client assets under management of $196 billion at June 30, 2024 increased from $195 billion and $176 billion at March 31, 2024 and June 30, 2023, respectively. In both comparisons, the increase was driven by higher spot equity markets.



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


Capital markets and advisory fees increased compared to the first quarter of 2024, driven by higher merger and acquisition advisory activity and increased loan syndication revenue, partially offset by lower underwriting fees. The increase in the year-to-date comparison was primarily due to higher merger and acquisition advisory activity and increased underwriting fees, partially offset by lower trading revenue.

Card and cash management revenue increased compared to the first quarter of 2024, reflecting seasonally higher consumer transaction volumes and higher treasury management product revenue. The increase compared to the first six months of 2023 was primarily due to higher treasury management product revenue.

Lending and deposit services were relatively stable in both the quarterly and year-to-date comparisons.

Residential and commercial mortgage decreased compared to the first quarter of 2024, primarily due to lower residential mortgage activity. Residential and commercial mortgage were relatively stable compared to the first six months of 2023.

Other noninterest income increased in both the quarterly and year-to-date comparisons. The second quarter of 2024 included the impact of a $754 million gain resulting from PNC’s participation in the Visa exchange program, as well as a securities loss of $497 million related to the repositioning of the investment securities portfolio. The second quarter of 2024 also included Visa Class B derivative fair value adjustments, primarily related to the extension of anticipated litigation resolution timing, of negative $116 million. The first quarter of 2024 included negative $7 million of Visa Class B derivative fair value adjustments.

Noninterest Expense

Table 5: Noninterest Expense
  Three months ended Six months ended
  June 30 March 31 Change June 30 June 30 Change
Dollars in millions 2024 2024 $ % 2024 2023 $ %
Noninterest expense
Personnel $ 1,782  $ 1,794  $ (12) (1) % $ 3,576  $ 3,672  $ (96) (3) %
Occupancy 236  244  (8) (3) % 480  495  (15) (3) %
Equipment 356  341  15  4  % 697  699  (2) — 
Marketing 93  64  29  45  % 157  183  (26) (14) %
Other 890  891  (1) —  1,781  1,644  137  8  %
Total noninterest expense
 $ 3,357  $ 3,334  $ 23  1  % $ 6,691  $ 6,693  $ (2) — 
 
Noninterest expense increased 1% compared to the first quarter of 2024. The modest increase was driven by higher marketing and equipment expenses, partially offset by seasonally lower incentive compensation. Noninterest expense was stable compared to the first six months of 2023 and reflected PNC’s continued focus on expense management. Other noninterest expense included a $120 million pre-tax expense in the second quarter of 2024 related to a PNC Foundation contribution as well as a $130 million pre-tax expense in the first quarter of 2024 related to the increase in the FDIC’s expected losses.

Effective Income Tax Rate

The effective income tax rate was 18.8% in both the second and first quarters of 2024, and 18.8% in the first six months of 2024 compared to 16.4% for the same period in 2023.

Provision For Credit Losses
Table 6: Provision for Credit Losses
  Three months ended Six months ended
June 30 March 31 Change June 30 June 30 Change
Dollars in millions 2024 2024 $ 2024 2023 $
Provision for (recapture of) credit losses
Loans and leases $ 204  $ 147  $ 57  $ 351  $ 418  $ (67)
Unfunded lending related commitments 45  9  36  54  (31) 85 
Investment securities (11) 1  (12) (10) (1) (9)
Other financial assets (3) (2) (1) (5) (5)  
Total provision for credit losses $ 235  $ 155  $ 80  $ 390  $ 381  $ 9 

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

Provision for credit losses of $235 million in the second quarter of 2024 primarily reflected the impact of portfolio activity. Provision for credit losses of $390 million for the first six months of 2024 reflected the impact of portfolio activity and improved macroeconomic factors.
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
  June 30 December 31 Change
Dollars in millions 2024 2023 $ %
Assets        
Interest-earning deposits with banks $ 33,039  $ 43,804  $ (10,765) (25) %
Loans held for sale 988  734  254  35  %
Investment securities 138,645  132,569  6,076  5  %
Loans 321,429  321,508  (79) — 
Allowance for loan and lease losses (4,636) (4,791) 155  3  %
Mortgage servicing rights 3,739  3,686  53  1  %
Goodwill 10,932  10,932    — 
Other 52,383  53,138  (755) (1) %
Total assets $ 556,519  $ 561,580  $ (5,061) (1) %
Liabilities
Deposits $ 416,391  $ 421,418  $ (5,027) (1) %
Borrowed funds 71,391  72,737  (1,346) (2) %
Allowance for unfunded lending related commitments 717  663  54  8  %
Other 15,339  15,621  (282) (2) %
Total liabilities 503,838  510,439  (6,601) (1) %
Equity
Total shareholders’ equity 52,642  51,105  1,537  3  %
Noncontrolling interests 39  36  3  8  %
Total equity 52,681  51,141  1,540  3  %
Total liabilities and equity $ 556,519  $ 561,580  $ (5,061) (1) %

Our balance sheet was well positioned at June 30, 2024. In comparison to December 31, 2023:
•Total assets decreased primarily due to lower balances held with the Federal Reserve Bank, partially offset by higher securities balances.
•Total liabilities decreased primarily due to lower deposits.
•Total equity increased due to the benefit of net income and an improvement in AOCI, partially offset by dividends paid and common shares repurchased.

The ACL related to loans totaled $5.4 billion and $5.5 billion at June 30, 2024 and December 31, 2023, respectively. The decrease in the comparison was driven by improved macroeconomic factors as well as portfolio activity. 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 19 Regulatory Matters in our 2023 Form 10-K.



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


Loans
Table 8: Loans
  June 30 December 31 Change
Dollars in millions 2024 2023 $ %
Commercial        
Commercial and industrial $ 178,789  $ 177,580  $ 1,209  1  %
Commercial real estate 35,498  35,436 62  — 
Equipment lease financing 6,555  6,542 13  — 
Total commercial 220,842  219,558  1,284  1  %
Consumer
Residential real estate 47,183  47,544  (361) (1) %
Home equity 25,917  26,150  (233) (1) %
Automobile 14,820  14,860  (40) — 
Credit card 6,849  7,180  (331) (5) %
Education 1,732  1,945  (213) (11) %
Other consumer 4,086  4,271  (185) (4) %
Total consumer 100,587  101,950  (1,363) (1) %
Total loans $ 321,429  $ 321,508  $ (79) — 

Commercial loans increased primarily due to new production.

Consumer loans declined as paydowns outpaced originations and utilization of loan commitments.

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.
Investment Securities

Investment securities of $138.6 billion at June 30, 2024 increased $6.1 billion, or 5%, compared to December 31, 2023, due to increased net purchase activity, primarily of U.S. Treasury securities, partially offset by portfolio paydowns and maturities.

In the second quarter of 2024, we repositioned the investment securities portfolio and sold available for sale securities with a market value of $3.8 billion and a weighted average yield of approximately 1.5%. The sale of these securities resulted in a loss of $497 million. We deployed the sale proceeds into available-for-sale securities with a market value of $3.8 billion and a weighted average yield of approximately 5.5%.

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)
  June 30, 2024 December 31, 2023
Dollars in millions Amortized
Cost (b)		 Fair
Value		 Amortized
Cost (b)		 Fair
Value
U.S. Treasury and government agencies $ 52,336  $ 50,640  $ 44,125  $ 42,348 
Agency residential mortgage-backed 72,099  65,169  73,329  67,925 
Non-agency residential mortgage-backed 784  851  844  938 
Agency commercial mortgage-backed 2,714  2,544  2,619  2,471 
Non-agency commercial mortgage-backed (c) 2,013  1,971  2,286  2,217 
Asset-backed (d) 6,930  6,945  6,982  6,984 
Other (e) 5,477  5,323  5,952  5,850 
Total investment securities (f) $ 142,353  $ 133,443  $ 136,137  $ 128,733 
(a)Of our total securities portfolio, 97% were rated AAA/AA at both June 30, 2024 and December 31, 2023.
(b)Amortized cost is presented net of the allowance for investment securities, which totaled $93 million at June 30, 2024 and primarily related to non-agency commercial mortgage-backed securities. The comparable amount at December 31, 2023 was $92 million.
(c)Collateralized primarily by multifamily housing, office buildings, retail properties, lodging properties and industrial properties.
(d)Collateralized primarily by consumer credit products, corporate debt and government guaranteed education loans.
(e)Includes state and municipal securities and corporate bonds.
(f)Includes available for sale and held to maturity securities, which are recorded on our balance sheet at fair value and amortized cost, respectively.

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

Table 9 presents our investment securities portfolio by amortized cost and fair value. The relationship of fair value to amortized cost at June 30, 2024 primarily reflected the impact of higher interest rates on the valuation of fixed-rate securities. 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 3.6 years and 4.2 years at June 30, 2024 and December 31, 2023, respectively. We estimate that at June 30, 2024 the effective duration of investment securities was 3.5 years for an immediate 50 basis points parallel increase in interest rates and 3.6 years for an immediate 50 basis points parallel decrease in interest rates. Comparable amounts at December 31, 2023 for the effective duration of investment securities were 4.1 years and 4.2 years, respectively.

Based on expected prepayment speeds, the weighted-average expected maturity of the investment securities portfolio was 5.5 years at both June 30, 2024 and December 31, 2023.

Table 10: Weighted-Average Expected Maturities of Mortgage and Asset-Backed Debt Securities
June 30, 2024 Years
Agency residential mortgage-backed 7.4 
Non-agency residential mortgage-backed 10.5 
Agency commercial mortgage-backed 4.8 
Non-agency commercial mortgage-backed 0.9 
Asset-backed 2.2 

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

Funding Sources

Table 11: Details of Funding Sources
June 30 December 31 Change
Dollars in millions 2024 2023 $ %
Deposits        
Noninterest-bearing $ 94,542  $ 101,285  $ (6,743) (7) %
Interest-bearing
Money market 69,119  65,594  3,525  5  %
Demand 120,207  124,848  (4,641) (4) %
Savings 96,618  98,122  (1,504) (2) %
Time deposits 35,905  31,569  4,336  14  %
Total interest-bearing deposits 321,849  320,133  1,716  1  %
Total deposits 416,391  421,418  (5,027) (1) %
Borrowed funds
Federal Home Loan Bank borrowings 35,000  38,000  (3,000) (8) %
Senior debt 29,601  26,836  2,765  10  %
Subordinated debt 4,078  4,875  (797) (16) %
Other 2,712  3,026  (314) (10) %
Total borrowed funds 71,391  72,737  (1,346) (2) %
Total funding sources $ 487,782  $ 494,155  $ (6,373) (1) %

Deposits are considered an attractive source of funding due to their stability and relatively low cost to fund. Compared to December 31, 2023, both deposits and borrowed funds declined.

Total deposits decreased reflecting lower consumer and commercial deposits. Noninterest-bearing deposit balances decreased primarily driven by a decline in commercial balances. Interest-bearing deposits increased modestly reflecting higher commercial balances, partially offset by lower consumer balances. This shift in deposit composition contributed to an increase in funding costs compared to the first quarter of 2024. Our total brokered deposit balances of $10.5 billion at June 30, 2024 decreased compared to $11.0 billion at December 31, 2023, and were significantly below both our internal and regulatory guidelines and limits.

Borrowed funds decreased due to lower FHLB borrowings, partially offset by parent company senior debt issuances.


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


The level and composition of borrowed funds fluctuates over time based on many factors, including market conditions, capital considerations, and funding needs, which are primarily driven by changes in loan, deposit and investment securities balances. While our largest source of liquidity on a consolidated basis is the customer deposit base generated by our banking businesses, we also 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 9 Borrowed Funds in our 2023 Form 10-K for additional information related to our borrowings. See Average Consolidated Balance Sheet and Net Interest Analysis in the Statistical Information section of this Report for additional information on volume and related funding cost changes.
Shareholders’ Equity

Total shareholders’ equity was $52.6 billion at June 30, 2024, an increase of $1.5 billion compared to December 31, 2023, reflecting net income of $2.8 billion and an improvement in AOCI of $0.3 billion, partially offset by dividends paid of $1.4 billion and $0.2 billion of common share repurchases.
BUSINESS SEGMENTS REVIEW

We have three reportable business segments:
•Retail Banking
•Corporate & Institutional Banking
•Asset Management Group

Total business segment financial results differ from total consolidated net income. The impact of these differences is reflected in Other, 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, corporate overhead net of allocations, tax adjustments that are not allocated to business segments, exited businesses and the residual impact from FTP operations.

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.

See Note 14 Segment Reporting for additional information on our business segments, including a description of each business.



























The PNC Financial Services Group, Inc. – Form 10-Q 13  

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)
Six months ended June 30       Change
Dollars in millions, except as noted 2024 2023 $ %
Income Statement
Net interest income $ 5,326  $ 4,729  $ 597  13  %
Noninterest income 2,173  1,445  728  50  %
Total revenue 7,499  6,174  1,325  21  %
Provision for credit losses 145  224  (79) (35) %
Noninterest expense 3,678  3,831  (153) (4) %
Pretax earnings 3,676  2,119  1,557  73  %
Income taxes 857  497  360  72  %
Noncontrolling interests 19  21  (2) (10) %
Earnings $ 2,800  $ 1,601  $ 1,199  75  %
Average Balance Sheet
Loans held for sale $ 560  $ 578  $ (18) (3) %
Loans
Consumer
Residential real estate $ 34,372  $ 35,285  $ (913) (3) %
Home equity 24,404  24,617  (213) (1) %
Automobile 14,812  14,962  (150) (1) %
Credit card 6,885  6,960  (75) (1) %
Education 1,877  2,151  (274) (13) %
Other consumer 1,759  1,959  (200) (10) %
Total consumer 84,109  85,934  (1,825) (2) %
Commercial 12,703  11,574  1,129  10  %
Total loans $ 96,812  $ 97,508  $ (696) (1) %
Total assets $ 114,651  $ 115,103  $ (452) — 
Deposits
Noninterest-bearing $ 53,424  $ 60,129  $ (6,705) (11) %
Interest-bearing 195,946  199,776  (3,830) (2) %
Total deposits $ 249,370  $ 259,905  $ (10,535) (4) %
Performance Ratios
Return on average assets 4.92  % 2.80  %
Noninterest income to total revenue 29  % 23  %
Efficiency 49  % 62  %    
Supplemental Noninterest Income Information
Asset management and brokerage $ 272  $ 254  $ 18  7  %
Card and cash management $ 636  $ 668  $ (32) (5) %
Lending and deposit services $ 360  $ 357  $ 3  1  %
Residential and commercial mortgage $ 167  $ 179  $ (12) (7) %

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


At or for six months ended June 30
       Change
Dollars in millions, except as noted 2024 2023 $ %
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (a)
Serviced portfolio balance (b) $ 204  $ 191  $ 13  7  %
MSR asset value (b) $ 2.7  $ 2.3  $ 0.4  17  %
Servicing income: (in millions)
Servicing fees, net (c) $ 149  $ 145  $ 4  3  %
Mortgage servicing rights valuation, net of economic hedge $ (20) $ 5  $ (25) *
Residential mortgage loan statistics
Loan origination volume (in billions) $ 3.0  $ 3.8  $ (0.8) (21) %
Loan sale margin percentage 2.21  % 2.24  %
Other Information
Credit-related statistics
Nonperforming assets (b) $ 840  $ 981  $ (141) (14) %
Net charge-offs - loans and leases $ 277  $ 221  $ 56  25  %
Other statistics
Branches (b) (d) 2,247  2,361  (114) (5) %
Brokerage account client assets (in billions) (b) (e) $ 81  $ 75  $ 6  8  %
*- Not Meaningful
(a) Represents mortgage loan servicing balances for third parties and the related income.
(b)As of June 30.
(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 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.

Retail Banking earnings for the first six months of 2024 increased $1.2 billion compared to the same period in 2023 primarily due to higher revenue and lower noninterest expense, as well as a lower provision for credit losses.

Net interest income increased in the comparison primarily due to wider interest rate spreads on the value of deposits, partially offset by declines in average deposit balances.

Noninterest income increased in the comparison, reflecting a gain resulting from PNC’s participation in the Visa exchange program, partially offset by lower card and cash management fees.

Provision for credit losses for the first six months of 2024 reflected the impact of portfolio activity and improved macroeconomic factors.

Noninterest expense decreased in the comparison, and included lower personnel expense.

Retail Banking average total loans remained relatively stable in the first six months of 2024 compared to the same period in 2023. Average consumer loans decreased driven by lower residential real estate as a result of paydowns outpacing new volume, as well as continued declines in education loans from runoff in the government guaranteed portfolio. Average commercial loans increased due to growth in automobile dealer segment balances.

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 six months of 2024, average total deposits decreased compared to the same period in 2023, and included the impact of quantitative tightening by the Federal Reserve and increased customer spending.

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

As part of our strategic focus on growing customers and meeting their financial needs, we operate and continue to optimize a coast-to-coast network of retail branches and ATMs, which are complemented by PNC’s suite of digital capabilities. In February 2024, PNC announced it would be investing nearly $1.0 billion, through 2028, to open more than 100 new branches in key locations, including Austin, Dallas, Denver, Houston, Miami, and San Antonio, and to renovate more than 1,200 existing locations across the country to enhance the customer experience.
The PNC Financial Services Group, Inc. – Form 10-Q 15  

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. We are a coast-to-coast franchise and our full suite of commercial products and services is offered nationally.

Table 13: Corporate & Institutional Banking Table
(Unaudited)
Six months ended June 30       Change
Dollars in millions, except as noted 2024 2023 $ %
Income Statement
Net interest income $ 3,109  $ 2,795  $ 314  11  %
Noninterest income 1,830  1,707  123  7  %
Total revenue 4,939  4,502  437  10  %
Provision for credit losses 275  181  94  52  %
Noninterest expense 1,833  1,860  (27) (1) %
Pretax earnings 2,831  2,461  370  15  %
Income taxes 654  575  79  14  %
Noncontrolling interests 10  10    — 
Earnings $ 2,167  $ 1,876  $ 291  16  %
Average Balance Sheet
Loans held for sale $ 181  $ 448  $ (267) (60) %
Loans
Commercial
Commercial and industrial $ 163,205  $ 168,110  $ (4,905) (3) %
Commercial real estate 34,430  34,507  (77) — 
Equipment lease financing 6,479  6,408  71  1  %
Total commercial 204,114  209,025  (4,911) (2) %
Consumer 3  7  (4) (57) %
Total loans $ 204,117  $ 209,032  $ (4,915) (2) %
Total assets $ 229,151  $ 234,354  $ (5,203) (2) %
Deposits
Noninterest-bearing $ 42,520  $ 55,221  $ (12,701) (23) %
Interest-bearing 98,778  87,956  10,822  12  %
Total deposits $ 141,298  $ 143,177  $ (1,879) (1) %
Performance Ratios
Return on average assets 1.91  % 1.61  %
Noninterest income to total revenue 37  % 38  %
Efficiency 37  % 41  %    
Other Information
Consolidated revenue from: (a)
Treasury Management (b) $ 1,890  $ 1,563  $ 327  21  %
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (c) $ 27  $ 40  $ (13) (33) %
Commercial mortgage loan servicing income (d) 151  83  68  82  %
Commercial mortgage servicing rights valuation, net of economic hedge 76  45  31  69  %
Total $ 254  $ 168  $ 86  51  %
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (e) (f) $ 289  $ 280  $ 9  3  %
MSR asset value (e) $ 1,082  $ 1,106  $ (24) (2) %
Average loans by C&IB business
Corporate Banking $ 116,642  $ 118,424  $ (1,782) (2) %
Real Estate 46,297  47,495  (1,198) (3) %
Business Credit 29,291  30,398  (1,107) (4) %
Commercial Banking 7,536  8,327  (791) (9) %
Other 4,351  4,388  (37) (1) %
Total average loans $ 204,117  $ 209,032  $ (4,915) (2) %
Credit-related statistics
Nonperforming assets (e) $ 1,528  $ 738  $ 790  *
Net charge-offs - loans and leases $ 237  $ 178  $ 59  33  %
*- Not Meaningful

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


(a)See the additional revenue discussion regarding treasury management and commercial mortgage banking activities in the Product Revenue section of this Corporate & Institutional Banking section.
(b)Amounts are reported in net interest income and noninterest income.
(c)Represents commercial mortgage banking income for valuations on commercial mortgage loans held for sale and related commitments, derivative valuations, origination fees, gains on sale of loans held for sale and net interest income on loans held for sale.
(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)As of June 30.
(f)Represents balances related to capitalized servicing.

Corporate & Institutional Banking earnings in the first six months of 2024 increased $291 million compared to the same period in 2023 driven by higher revenue and a decline in noninterest expense, partially offset by a higher provision for credit losses.

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

Noninterest income increased in the comparison and included higher capital markets and advisory fees and growth in treasury management product revenue.

Provision for credit losses for the first six months of 2024 reflected the impact of portfolio activity and improved macroeconomic factors.

Noninterest expense decreased in the comparison, reflecting a continued focus on expense management.

Average loans decreased compared with the six months ended June 30, 2023:
•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 decreased driven by lower average utilization of loan commitments and paydowns outpacing new production, partially offset by the acquisition of capital commitment facilities from Signature Bridge Bank in the fourth quarter of 2023.
•Real Estate provides banking, financing and servicing solutions for commercial real estate clients across the country. Average loans for this business declined largely due to paydowns outpacing new production, partially offset by a higher 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 declined, reflecting a 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 driven by paydowns outpacing new production and a lower average utilization of loan commitments.

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 were relatively stable compared to the six months ended June 30, 2023. 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.

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 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 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 six months of 2023, treasury management revenue increased due to wider interest rate spreads on the value of deposits and higher product revenue.


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

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 increased in the comparison primarily due to higher commercial mortgage loan
servicing income and a higher benefit from commercial mortgage servicing rights valuation, net of hedge, partially offset by lower revenue from commercial mortgage loans held for sale.

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 increase in capital markets and advisory fees in the comparison was mostly driven by higher merger and acquisition advisory fees, underwriting fees and loan syndication fees, partially offset by lower customer-related interest rate derivative trading revenue.

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


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 and solutions, and exceptional service. The 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)
Six months ended June 30       Change
Dollars in millions, except as noted 2024 2023 $ %
Income Statement
Net interest income $ 320  $ 252  $ 68  27  %
Noninterest income 465  458  7  2  %
Total revenue 785  710  75  11  %
Provision for (recapture of) credit losses (3) (1) (2) *
Noninterest expense 526  560  (34) (6) %
Pretax earnings 262  151  111  74  %
Income taxes 62  36  26  72  %
Earnings $ 200  $ 115  $ 85  74  %
Average Balance Sheet
Loans
Consumer
Residential real estate $ 11,855  $ 9,517  $ 2,338  25  %
Other consumer 3,747  4,110  (363) (9) %
Total consumer 15,602  13,627  1,975  14  %
Commercial 832  1,237  (405) (33) %
Total loans $ 16,434  $ 14,864  $ 1,570  11  %
Total assets $ 16,873  $ 15,282  $ 1,591  10  %
Deposits
Noninterest-bearing $ 1,632  $ 1,817  $ (185) (10) %
Interest-bearing 26,655  25,907  748  3  %
Total deposits $ 28,287  $ 27,724  $ 563  2  %
Performance Ratios
Return on average assets 2.39  % 1.52  %
Noninterest income to total revenue 59  % 65  %
Efficiency 67  % 79  %    
Supplemental Noninterest Income Information
Asset management fees $ 456  $ 446  $ 10  2  %
Brokerage fees   4  (4) (100) %
Total $ 456  $ 450  $ 6  1  %
Other Information (a)
Nonperforming assets $ 51  $ 41  $ 10  24  %
Net charge-offs (recoveries) - loans and leases $   $ (2) $ 2  *
Client Assets Under Administration (in billions) (a) (b)
Discretionary client assets under management
PNC Private Bank $ 123  $ 111  $ 12  11  %
Institutional Asset Management 73  65  8  12  %
Total discretionary clients assets under management 196  176  $ 20  11  %
Nondiscretionary client assets under administration 208  168  40  24  %
Total $ 404  $ 344  $ 60  17  %
*- Not Meaningful
(a)As of June 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.

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

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 six months of 2024 increased $85 million compared to the same period in 2023, primarily driven by higher net interest income and a decline in noninterest expense.

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

Noninterest income increased in the comparison primarily driven by higher average equity markets, partially offset by the impact of client activity.

Noninterest expense decreased in the comparison, reflecting a continued focus on expense management.

Average loans increased compared with the six months ended June 30, 2023, primarily driven by growth in residential mortgage loans.

Average deposits increased in the comparison reflecting growth in CD and deposit sweep balances, partially offset by declines in savings and interest bearing deposits.

Discretionary client assets under management increased in comparison to the prior year, primarily due to higher equity markets as of June 30, 2024.

RISK MANAGEMENT

The Risk Management section included in Item 7 of our 2023 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 2023 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 2023 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
73

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


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 56% and 55% of our total loan portfolio at June 30, 2024 and December 31, 2023, respectively. The majority of our commercial and industrial loans are secured by collateral that provides a secondary source of repayment 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
June 30, 2024 December 31, 2023
Dollars in millions Amount % of Total Amount % of Total
Commercial and industrial
Retail/wholesale trade $ 30,128  17  % $ 28,198  16  %
Manufacturing 29,544  17  28,989  16 
Financial services 27,986  16  28,422  16 
Service providers 21,948  12  21,354  12 
Real estate related (a) 15,198  9  16,235  9 
Technology, media & telecommunications 9,621  5  10,249  6 
Health care 9,527  5  9,808  6 
Transportation and warehousing 8,036  4  7,733  4 
Other industries 26,801  15  26,592  15 
Total commercial and industrial loans $ 178,789  100  % $ 177,580  100  %
(a)    Represents loans to customers in the real estate and construction industries.

Owner occupied commercial real estate loans totaled $9.5 billion at June 30, 2024 and are included in commercial and industrial loans as the credit decisioning for servicing these loans is based on the financial conditions of the owner; not the ability of the collateral to generate income. Owner occupied commercial real estate loans are well-diversified across industries. The comparable amount of owner occupied commercial real estate loans at December 31, 2023 was $9.6 billion.

Commercial Real Estate
Commercial real estate loans of $35.5 billion as of June 30, 2024 comprised $20.2 billion related to commercial mortgages on income-producing properties, $9.2 billion of intermediate-term financing loans and $6.1 billion of real estate construction project loans. At December 31, 2023, comparable amounts were $35.4 billion, $21.0 billion, $8.0 billion and $6.4 billion, respectively. Commercial real estate primarily consists of an investment in land and/or buildings held to generate income, that income serves as the primary source for the repayment of the loan. However, for all commercial real estate assets, the disposition of the assigned collateral serves as a secondary source of repayment for the loan should the borrower experience cash generation difficulties.
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.





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

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
June 30, 2024 December 31, 2023
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
California $ 5,909  17  % $ 6,133  17  %
Texas 3,935  11  3,733  11 
Florida 3,895  11  3,738  11 
Virginia 1,622  5  1,590  4 
Pennsylvania 1,447  4  1,515  4 
Arizona 1,390  4  1,216  3 
Maryland 1,246  4  1,344  4 
North Carolina 1,164  3  1,142  3 
Colorado 1,149  3  1,182  3 
Illinois 1,146  3  1,201  3 
Other 12,595  35  12,642  37 
Total commercial real estate loans $ 35,498  100  % $ 35,436  100  %
Property Type (a)
Multifamily $ 16,453  46  % $ 15,590  44  %
Office 7,498  21  8,019  23 
Industrial/warehouse 4,110  12  4,089  12 
Retail 2,238  6  2,490  7 
Seniors housing 1,862  5  1,772  5 
Hotel/motel 1,709  5  1,760  5 
Mixed use 387  1  388  1 
Other 1,241  4  1,328  3 
Total commercial real estate loans $ 35,498  100  % $ 35,436  100  %
(a)    Presented in descending order based on loan balances at June 30, 2024.

Commercial Real Estate: Office Portfolio
Given the foundational change in office demand driven by the acceptance of remote work, real estate performance related to the office sector continues to be an area of uncertainty. At June 30, 2024, our outstanding loan balances in the office portfolio totaled $7.5 billion, or 2.3% of total loans, while additional unfunded loan commitments totaled $0.3 billion. The portfolio is well diversified geographically across our coast-to-coast franchise. Within the office portfolio at June 30, 2024, criticized loans totaled 29.3% and nonperforming loans totaled 11.0%, while delinquencies were 0.1%. As measured at origination, the weighted average LTV for the office portfolio was 59%; however, updated appraisals have increased the weighted average LTV to 69% as of June 30, 2024. While LTV is one consideration, our risk assessment considers a number of factors in assessing the changing conditions affecting the portfolio. As of June 30, 2024, we have established reserves of 10.3% against office loans.

The greatest stress in our office portfolio is observed in multi-tenant office loans, which represents 55% of the portfolio at June 30, 2024. Within the multi-tenant classification, criticized levels were 51.9% while nonperforming loans totaled 19.7%, accounting for almost all of the nonperforming office population. The weighted average LTV for multi-tenant is 76% at June 30, 2024. Additionally, commercial real estate charge-offs since the beginning of 2023 have primarily been multi-tenant office loans. Given the higher level of stress, this segment has a proportionally higher reserve rate of 15.5%. The remaining 45% of the office portfolio is primarily comprised of single-tenant, medical and government tenant properties. This subset of the portfolio is performing considerably better, with approximately 1% of the book in the criticized and nonperforming loan categories. As of June 30, 2024, the weighted average LTV of this book is 60%.

Portfolio management efforts remain an elevated area of focus for the office portfolio, with internal risk ratings completed for each asset quarterly, accelerated reappraisal requirements and elevated approval levels for any credit action. Refreshed appraisals have updated valuations on nearly all of the criticized office exposure since the beginning of 2023. Additionally, active management efforts include ongoing performance assessments as well as the review of property, lending and capital markets. Portfolio updates are distributed to senior management weekly.

Given the ongoing change in this area, we expect additional stress in the office sector, and a portion of this stress will bear itself out as we work through maturities that will approximate 41% through June 30, 2025. Upon maturity, and where the balance is not paid in full, an extension may be granted because contractual extension terms are met; alternatively, an extension may be granted based on

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


negotiated terms, and a portion of these extensions may involve the curtailment or charge off of principal. We continue to actively manage the portfolio, and we believe reserve levels adequately reflect the expected credit losses in the portfolio.

Commercial Real Estate: Multifamily Portfolio
As of June 30, 2024, our outstanding loan balances in the multifamily portfolio totaled $16.5 billion, or 5.1% of total loans, while additional unfunded loan commitments totaled $3.1 billion. Although inflationary pressures and higher interest rates have impacted internal risk assessments and regulatory classification in this portfolio, we have not seen a notable change in loan performance at this time with regards to nonperformance, delinquency or charge-offs. We continue to closely monitor our exposure in this sector.

Consumer

Residential Real Estate
Residential real estate loans primarily consisted of residential mortgage loans at both June 30, 2024 and December 31, 2023.

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

Table 18: Residential Real Estate Loan Statistics
June 30, 2024 December 31, 2023
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
California $ 20,068  43  % $ 19,911  42  %
Texas 3,883  8  4,009  8 
Washington 3,496  7  3,467  7 
Florida 3,261  7  3,356  7 
New Jersey 1,890  4  1,909  4 
New York 1,515  3  1,551  3 
Arizona 1,388  3  1,431  3 
Pennsylvania 1,208  3  1,229  3 
Colorado 1,161  2  1,187  2 
North Carolina 976  2  989  2 
Other 8,337  18  8,505  19 
Total residential real estate loans
 $ 47,183  100  % $ 47,544  100  %
June 30, 2024 December 31, 2023
Weighted-average loan origination statistics (b)
Loan origination FICO score 771 772
LTV of loan originations 73  % 73  %
(a)Presented in descending order based on loan balances at June 30, 2024.
(b)Weighted-averages calculated for the twelve months ended June 30, 2024 and December 31, 2023, 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 $42.3 billion at June 30, 2024, with 46% located in California. Comparable amounts at December 31, 2023 were $42.4 billion and 45%, respectively.

Home Equity
Home equity loans of $25.9 billion as of June 30, 2024 were comprised of $20.8 billion of home equity lines of credit and $5.1 billion of closed-end home equity installment loans. At December 31, 2023, comparable amounts were $26.2 billion, $20.6 billion and $5.6 billion, 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
The PNC Financial Services Group, Inc. – Form 10-Q 23  

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.

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

Table 19: Home Equity Loan Statistics
June 30, 2024 December 31, 2023
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
Pennsylvania $ 4,601  18  % $ 4,745  18  %
New Jersey 3,150  12  3,184  12 
Florida 2,223  9  2,230  9 
Ohio 2,180  8  2,242  9 
California 1,669  6  1,580  6 
Texas 1,255  5  1,230  5 
Maryland 1,216  5  1,237  5 
Michigan 1,182  5  1,214  5 
Illinois 1,036  4  1,069  4 
North Carolina 1,002  4  1,001  4 
Other 6,403  24  6,418  23 
Total home equity loans $ 25,917  100  % $ 26,150  100  %
Lien type
1st lien 51  % 52  %
2nd lien 49  48 
Total 100  % 100  %
June 30, 2024 December 31, 2023
Weighted-average loan origination statistics (b)
Loan origination FICO score 772 772
LTV of loan originations 62  % 64  %
(a)Presented in descending order based on loan balances at June 30, 2024.
(b)Weighted-averages calculated for the twelve months ended June 30, 2024 and December 31, 2023, respectively.

Automobile
Auto loans of $14.8 billion as of June 30, 2024 comprised $13.8 billion in the indirect auto portfolio and $1.0 billion in the direct auto portfolio as of June 30, 2024. At December 31, 2023, comparable amounts were $14.9 billion, $13.8 billion and $1.1 billion, respectively. The indirect auto portfolio consists of loans originated primarily through independent franchised dealers, including dealers located in our newer 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
June 30, 2024 December 31, 2023
Weighted-average loan origination FICO score (a) (b)
Indirect auto 790 788
Direct auto 786 787
Weighted-average term of loan originations - in months (a)
Indirect auto 72 73
Direct auto 65 65
(a)Weighted-averages calculated for the twelve months ended June 30, 2024 and December 31, 2023, respectively.
(b)Calculated using the auto enhanced FICO scale.


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


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 June 30, 2024, the portfolio balance was composed of 43% new vehicle loans and 57% used vehicle loans. Comparable amounts at December 31, 2023 were 45% and 55%, respectively.

The auto loan portfolio’s performance is measured monthly, including both updated collateral values and 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.

Nonperforming Assets and Loan Delinquencies
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 full collection of contractual principal and interest is not probable. Loans held for sale, certain government insured or guaranteed loans and loans accounted for under the fair value option are excluded from nonperforming loans. See Note 1 Accounting Policies in our 2023 Form 10-K for details on our nonaccrual policies.

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

Table 21: Nonperforming Assets by Type
  June 30, 2024 December 31, 2023 Change
Dollars in millions $ %
Nonperforming loans
       
Commercial $ 1,646  $ 1,307  $ 339  26  %
Consumer (a)
 857  873  (16) (2) %
Total nonperforming loans 2,503  2,180  323  15  %
OREO and foreclosed assets 34  36  (2) (6) %
Total nonperforming assets $ 2,537  $ 2,216  $ 321  14  %
Nonperforming loans to total loans 0.78  % 0.68  %
Nonperforming assets to total loans, OREO and foreclosed assets 0.79  % 0.69  %
Nonperforming assets to total assets 0.46  % 0.39  %
Allowance for loan and lease losses to nonperforming loans 185  % 220  %    
Allowance for credit losses to nonperforming loans (b)
 214  % 250  %
(a)Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.
(b)Calculated excluding allowances for investment securities and other financial assets.

Increases in nonperforming assets from December 31, 2023 were primarily driven by higher commercial real estate nonperforming loans.

The following table provides details on the change in nonperforming assets for the six months ended June 30, 2024 and 2023:

Table 22: Change in Nonperforming Assets
In millions 2024 2023
January 1 $ 2,216  $ 2,019 
New nonperforming assets 1,187  862 
Charge-offs and valuation adjustments (311) (257)
Principal activity, including paydowns and payoffs (389) (469)
Asset sales and transfers to loans held for sale (32) (58)
Returned to performing status (134) (148)
June 30 $ 2,537  $ 1,949 

As of June 30, 2024, approximately 97% of total nonperforming loans were secured by collateral.


The PNC Financial Services Group, Inc. – Form 10-Q 25  

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 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, such as inflation levels, industry specific risks, interest rate levels, the level of consumer savings and deposit balances, and structural and secular changes such as those arising from the pandemic. To mitigate losses and enhance customer support, we offer loan modifications and collection programs to assist our customers.
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
  June 30, 2024 December 31, 2023 Change June 30, 2024 December 31, 2023
Dollars in millions $ %
Early stage loan delinquencies            
Accruing loans past due 30 to 59 days $ 645  $ 685  $ (40) (6) % 0.20  % 0.21  %
Accruing loans past due 60 to 89 days 259  270  (11) (4) % 0.08  % 0.08  %
Total early stage loan delinquencies 904  955  (51) (5) % 0.28  % 0.30  %
Late stage loan delinquencies
Accruing loans past due 90 days or more 368  429  (61) (14) % 0.11  % 0.13  %
Total accruing loans past due $ 1,272  $ 1,384  $ (112) (8) % 0.40  % 0.43  %
(a)Past due loan amounts include government insured or guaranteed loans of $0.3 billion at June 30, 2024 and $0.4 billion at December 31, 2023.

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. For additional information on our commercial real estate, office-related modification offerings, see the Commercial Real Estate portion of the Credit Risk Management section of this Financial Review.

See Note 3 Loans and Related Allowance for Credit Losses for additional information on loan modifications to borrowers experiencing financial difficulty.

Allowance for Credit Losses
Our determination of the ACL is based on historical loss and performance experience, current economic conditions, the reasonable and supportable forecasts of future economic conditions and other relevant factors, including current borrower and/or transaction characteristics and assessments of the remaining estimated contractual term as of the balance sheet date. 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.

See Note 1 Accounting Policies and the Credit Risk Management section in our 2023 Form 10-K for additional discussion of our ACL, including details of our methodologies. See also the Critical Accounting Estimates and Judgments section of this Report for further discussion of the assumptions used in the determination of the ACL as of June 30, 2024.



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


The following table summarizes our ACL related to loans:

Table 24: Allowance for Credit Losses by Loan Class (a)
June 30, 2024 December 31, 2023

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 $ 1,728  $ 178,789  0.97  % $ 1,806  $ 177,580  1.02  %
Commercial real estate 1,441  35,498  4.06  % 1,371  35,436  3.87  %
Equipment lease financing 74  6,555  1.13  % 82  6,542  1.25  %
Total commercial 3,243  220,842  1.47  % 3,259  219,558  1.48  %
Consumer
Residential real estate 48  47,183  0.10  % 61  47,544  0.13  %
Home equity 260  25,917  1.00  % 276  26,150  1.06  %
Automobile 163  14,820  1.10  % 173  14,860  1.16  %
Credit card 698  6,849  10.19  % 766  7,180  10.67  %
Education 52  1,732  3.00  % 56  1,945  2.88  %
Other consumer 172  4,086  4.21  % 200  4,271  4.68  %
Total consumer 1,393  100,587  1.38  % 1,532  101,950  1.50  %
Total 4,636  $ 321,429  1.44  % 4,791  $ 321,508  1.49  %
Allowance for unfunded lending related commitments
 717  663 
Allowance for credit losses
 $ 5,353  $ 5,454 
Allowance for credit losses to total loans 1.67  % 1.70  %
Commercial 1.73  % 1.73  %
Consumer 1.52  % 1.62  %
(a)    Excludes allowances for investment securities and other financial assets, which together totaled $112 million and $120 million at June 30, 2024 and December 31, 2023, respectively.

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

The following table summarizes our loan charge-offs and recoveries:
Table 25: Loan Charge-Offs and Recoveries
Six months ended June 30 Gross
Charge-offs		 Recoveries Net Charge-offs /
(Recoveries)		 % of Average
Loans (Annualized)
Dollars in millions
2024
Commercial
Commercial and industrial $ 161  $ 58  $ 103  0.12  %
Commercial real estate 169  9  160  0.91  %
Equipment lease financing 16  8  8  0.25  %
Total commercial 346  75  271  0.25  %
Consumer
Residential real estate 2  6  (4) (0.02) %
Home equity 19  21  (2) (0.02) %
Automobile 64  49  15  0.20  %
Credit card 182  27  155  4.52  %
Education 9  3  6  0.64  %
Other consumer 83  19  64  3.09  %
Total consumer 359  125  234  0.47  %
  Total $ 705  $ 200  $ 505  0.32  %
2023
Commercial
Commercial and industrial $ 149  $ 53  $ 96  0.11  %
Commercial real estate 99  2  97  0.54  %
Equipment lease financing 7  6  1  0.03  %
Total commercial 255  61  194  0.17  %
Consumer
Residential real estate 5  7  (2) (0.01) %
Home equity 11  24  (13) (0.10) %
Automobile 61  51  10  0.13  %
Credit card 154  22  132  3.82  %
Education 9  4  5  0.47  %
Other consumer 80  17  63  2.65  %
Total consumer 320  125  195  0.39  %
  Total $ 575  $ 186  $ 389  0.24  %

Total net charge-offs increased $116 million, or 30%, for the first six months of 2024 compared to the same period in 2023. The increase in the comparison was primarily attributable to higher commercial real estate and credit card net charge-offs.

See Note 1 Accounting Policies in our 2023 Form 10-K and Note 3 Loans and Related Allowance for Credit Losses of this Report for additional information.
Liquidity and Capital Management
Our liquidity risk framework and related monitoring measures and tools, including internal liquidity stress testing as well as compliance with internal and regulatory limits and guidelines, are described in further detail in the Liquidity and Capital Management section of our 2023 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 both PNC and PNC Bank exceeded the regulatory minimum requirement throughout the second quarter of 2024. 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 daily and are required to maintain a regulatory minimum of 100%. The NSFR for both PNC and PNC Bank exceeded the regulatory minimum requirement throughout the second quarter of 2024.


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


We provide additional information regarding regulatory liquidity requirements and their potential impact on us in the Supervision and Regulation section of Item 1 Business and Item 1A Risk Factors of our 2023 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 $416.4 billion at June 30, 2024 from $421.4 billion at December 31, 2023. Noninterest-bearing deposit balances decreased primarily driven by a decline in commercial balances. Interest-bearing deposits increased modestly reflecting higher commercial balances, partially offset by lower consumer balances. As of June 30, 2024, uninsured deposits represented approximately 42% of our total deposit base, which is estimated based on the regulatory instructions in the Consolidated Reports of Condition and Income - FFIEC 031. 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 may 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 and Note 7 Borrowed Funds in this Report 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 2024
January 1 $ 31.7 
Issuances 4.2 
Calls and maturities (1.8)
Other (0.4)
June 30 $ 33.7 

Additionally, certain liquid assets and unused borrowing capacity from a number of sources are also available to manage our liquidity position. PNC has a contingency funding plan designed to ensure that liquidity sources are sufficient to meet ongoing obligations and commitments, particularly in the event of liquidity stress. This plan is designed to examine and quantify the organization’s liquidity under various internal liquidity stress scenarios and is periodically tested to assess the plan’s reliability. Additionally, the plan provides the strategies for addressing liquidity needs and responsive actions we would consider during liquidity stress events, which could include the issuance of incremental debt, preferred stock, or additional deposit actions, including the issuance of brokered CDs. The plan also addresses the governance, frequency of reporting and the responsibilities of key departments in the event of liquidity stress.

PNC defines our primary contingent liquidity sources as cash held at the Federal Reserve Bank, investment securities and unused borrowing capacity at the FHLB and Federal Reserve Bank. The following table summarizes our primary contingent liquidity sources at June 30, 2024 and December 31, 2023:
Table 27: Primary Contingent Liquidity Sources
In billions
 June 30, 2024 December 31, 2023
Cash balance with Federal Reserve Bank $ 32.6  $ 43.3 
Available investment securities (a) 62.8  98.5
Unused borrowing capacity from FHLB (b) 37.6  35.4
Unused borrowing capacity from Federal Reserve Bank (c) 85.3  47.2
Total available contingent liquidity $ 218.3  $ 224.4 
(a)Represents the fair value of investment securities that can be used for pledging or to secure other sources of funding.
(b)At June 30, 2024, total FHLB borrowing capacity was $72.7 billion and total FHLB borrowings and letters of credit were $35.1 billion. Comparable amounts at December 31, 2023 were $73.4 billion and $38.0 billion, respectively.
(c)Total borrowing capacity with the Federal Reserve Bank was $85.3 billion at June 30, 2024 and $47.2 billion at December 31, 2023. PNC had no outstanding borrowings with the Federal Reserve Bank at June 30, 2024 and December 31, 2023.

As part of PNC’s contingency planning, we pledged a portion of our available held to maturity investment securities at the Federal Reserve Bank’s Discount Window during the first half of 2024, supporting our resilience and operational readiness.


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

Bank Liquidity
In addition to our primary contingent liquidity sources, 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 June 30, 2024, 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 June 30, 2024, 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 issuing intercompany senior unsecured notes.
Parent Company Liquidity
In addition to managing liquidity risk at the bank level, we manage 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.

At June 30, 2024, available parent company liquidity totaled $22.9 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 $6.2 billion at June 30, 2024. See Note 19 Regulatory Matters in our 2023 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 June 30, 2024, there were no issuances outstanding under this program.
The following table details parent company note issuances in the second quarter of 2024:

Table 28: Parent Company Notes Issued
Issuance Date Amount Description of Issuance
May 14, 2024 $1.75 billion $1.75 billion of senior fixed-to-floating notes with a maturity date of May 14, 2030. Interest is payable semi-annually in arrears at a fixed rate of 5.492% per annum, on May 14 and November 14 of each year, beginning on November 14, 2024. Beginning on May 14, 2029, 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 1.198%, on August 14, 2029, November 14, 2029, February 14, 2030 and at the maturity date.

Parent company senior and subordinated debt carrying value totaled $26.0 billion and $24.0 billion at June 30, 2024 and December 31, 2023, respectively.

See Note 16 Subsequent Events for details on the parent company’s issuances of $1.0 billion of its 5.102% senior fixed-to-floating rate notes that mature on July 23, 2027, and $1.5 billion of its 5.401% senior fixed-to-floating rate notes that mature on July 23, 2035.



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


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 2023 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. For additional information on the potential impacts from a downgrade to our credit ratings, see Item 1A Risk Factors in our 2023 Form 10-K.
The following table presents credit ratings and outlook for PNC as of June 30, 2024:
Table 29: Credit Ratings and Outlook
June 30, 2024
  
Moody’s
Standard & Poor’s (a)
 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
no rating
 AA-
Short-term deposits P-1
no rating
 F1+
Short-term notes P-1 A-1 F1
PNC
Agency rating outlook
Negative Stable Stable
(a)S&P does not provide depositor ratings. PNC Bank’s long term issuer rating is A and short term issuer rating is A-1.

Capital Management
Detailed information on our capital management processes and activities is included in the Supervision and Regulation section of Item 1 of our 2023 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.

In the second quarter of 2024, PNC returned $0.7 billion of capital to shareholders, reflecting $0.6 billion of dividends on common shares and $0.1 billion of common share repurchases, representing 0.7 million 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 43% were still available for repurchase at June 30, 2024. In light of the Federal banking agencies’ proposed rules to adjust the Basel III capital framework, third quarter 2024 share repurchase activity is expected to approximate recent quarterly average share repurchase levels. PNC continues to evaluate the potential impact of the proposed rules and may adjust share repurchase activity depending on market and economic conditions, as well as other factors. Based on the results of the Federal Reserve’s 2024 annual stress test, PNC’s SCB for the four-quarter period beginning October 1, 2024 will remain at the regulatory minimum of 2.5%.

On July 2, 2024 the PNC Board of Directors raised the quarterly cash dividend on common stock to $1.60 per share, an increase of 5 cents per share. The dividend is payable on August 5, 2024 to shareholders of record at the close of business July 15, 2024.
The PNC Financial Services Group, Inc. – Form 10-Q 31  

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

Table 30: Basel III Capital
June 30, 2024
Dollars in millions Basel III (a)  Fully Implemented
(estimated) (b)
Common equity Tier 1 capital
Common stock plus related surplus, net of treasury stock $ (3,809) $ (3,809)
Retained earnings 57,893  57,652 
Goodwill, net of associated deferred tax liabilities (10,700) (10,700)
Other disallowed intangibles, net of deferred tax liabilities (265) (265)
Other adjustments/(deductions) (102) (104)
Common equity Tier 1 capital (c) $ 43,017  $ 42,774 
Additional Tier 1 capital
Preferred stock plus related surplus 6,245  6,245 
Tier 1 capital $ 49,262  $ 49,019 
Additional Tier 2 capital
Qualifying subordinated debt 2,715  2,715 
Eligible credit reserves includable in Tier 2 capital 4,997  5,235 
Total Basel III capital $ 56,974  $ 56,969 
Risk-weighted assets
Basel III standardized approach risk-weighted assets (d) $ 423,503  $ 423,593 
Average quarterly adjusted total assets $ 556,811  $ 556,567 
Supplementary leverage exposure (e) $ 666,072  $ 666,070 
Basel III risk-based capital and leverage ratios (f)
Common equity Tier 1 10.2  % 10.1  %
Tier 1 11.6  % 11.6  %
Total 13.5  % 13.4  %
Leverage (g) 8.8  % 8.8  %
Supplementary leverage ratio (e) 7.4  % 7.4  %
(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 2023 Form 10-K.
At June 30, 2024, 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%.


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


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 June 30, 2024 capital levels were aligned with them.

We provide additional information regarding regulatory capital requirements and some of their potential impacts, including the proposed rules to adjust the Basel III framework, in the Supervision and Regulation section of Item 1 Business, Item 1A Risk Factors and Note 19 Regulatory Matters in our 2023 Form 10-K.

Market Risk Management
See the Market Risk Management portion of the Risk Management section in our 2023 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, 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 ALCO and the Risk Committee of the Board of Directors.

PNC utilizes sensitivities of NII and EVE to a set of interest rate scenarios to identify and measure its short-term and long-term structural interest rate risks.
NII Sensitivity results for the second quarters of 2024 and 2023 follow:

Table 31: Net Interest Income Sensitivity Analysis
Second Quarter 2024 Second Quarter 2023
Net Interest Income Sensitivity Simulation
Effect on NII in first year from shocked interest rate:
200 basis point instantaneous increase (0.6) % 0.9  %
200 basis point instantaneous decrease (0.2) % (1.3) %
When forecasting net interest income, we make certain key assumptions that can materially impact the resulting sensitivities, including the following:
Future Balance Sheet Composition: Our balance sheet composition is dynamic and based on our forecasted expectations. As of the second quarter of 2024, the projected balance sheet composition by the end of year one is generally consistent with the spot composition as of the second quarter of 2024.
Deposit Betas: Deposit pricing changes are primarily driven by changes in the Federal Funds rate, with the relationship between deposit rates and Federal Funds rate defined as deposit beta. We define cumulative deposit beta as the change in deposit rate paid on interest-bearing non-maturity deposits divided by the change in the upper level of the stated Federal Funds rate range since the first quarter of 2022, the start of the current rising rate cycle. As of June 30, 2024, PNC’s cumulative deposit beta was 45%, an increase from 39% at June 30, 2023. For interest rate risk modeling, PNC uses dynamic beta models to adjust assumed repricing sensitivity depending on market rate levels as well as other factors. The dynamic beta assumptions reflect historical experience and future expectations. Our scenario assumes that deposit betas increased slightly from current levels. Actual deposit rates paid may differ from modeled projections due to variables such as competition for deposits and customer behavior.

Asset Prepayments: PNC includes prepayment assumptions for both loan and investment portfolios. Mortgage and home equity portfolios utilize an industry standard model to drive estimated prepayments that increase in lower rate environments. Commercial and consumer loan portfolios assume static constant prepayment rates that are consistent across rate scenarios, as those portfolios historically do not exhibit significantly different prepayment behaviors based upon the level of market rates.

Impact of Derivatives: PNC uses interest rate derivatives, some of which are forward starting, to hedge floating rate commercial loans. PNC had $52.8 billion in receive fix/pay float swaps as of June 30, 2024, with a weighted average duration of 2.2 years and an average fixed rate of 3.13%. As of June 30, 2024 PNC also had collars in place, reflecting $12.5 billion of caps and $12.5 billion of floors, that are used to hedge these commercial loans. Additionally, PNC utilizes receive fix/pay float swaps as a means of hedging
The PNC Financial Services Group, Inc. – Form 10-Q 33  

fixed rate debt, as well as pay fix/receive float swaps as a means of hedging the investment securities portfolio. See Note 12 Financial Derivatives in this Report for additional information on how we use derivatives to hedge commercial loans, investment securities and fixed rate debt.
EVE sensitivity results for the second quarters of 2024 and 2023 follow:
Table 32: Economic Value of Equity Sensitivity Analysis
Second Quarter 2024 Second Quarter 2023
Economic Value of Equity Sensitivity Simulation
200 basis point instantaneous increase (6.7) % (5.3) %
200 basis point instantaneous decrease 0.1  % (2.4) %

EVE measures the present value of all projected future cash flows associated with a point-in-time balance sheet and does not include projected new volume. EVE sensitivity to interest rate changes is a complementary metric to NII sensitivity analysis and represents an estimation of long-term interest rate risk. PNC calculates its EVE sensitivity by measuring the changes in the economic value of assets, liabilities and off-balance sheet instruments in response to an instantaneous +/-200 bps parallel shift in interest rates. Similar to the NII sensitivity analysis, we incorporate dynamic deposit repricing and loan prepayment assumptions. These methodologies are largely consistent between the EVE and NII sensitivity analyses. Additionally, deposit attrition is a significant contributor to EVE sensitivity. Deposit attrition is projected based on a dynamic model developed using long-term historical deposit behavior in addition to management assumptions including accelerated attrition for pandemic related excess deposits. PNC performs various sensitivity analyses to understand the impact of faster and slower deposit attrition on our risk metrics, with the results reported to ALCO.

Compared to the second quarter of 2023, there have been no material changes to our NII sensitivity and EVE sensitivity assumptions, including data sources that drive assumptions setting.

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 2023 Form 10-K for more information on our models used to calculate VaR and our backtesting process.

Customer-related trading revenue was $34 million for the six months ended June 30, 2024, compared to $107 million for the six months ended June 30, 2023. The decrease was primarily due to lower derivative client sales revenues, partially offset by higher securities client sales 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.
A summary of our equity investments follows:
Table 33: Equity Investments Summary
  June 30, 2024 December 31, 2023 Change
Dollars in millions $ %
Tax credit investments $ 4,547  $ 4,331  $ 216  5  %
Private equity and other 4,490  3,983  507  13  %
Total $ 9,037  $ 8,314  $ 723  9  %




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


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 $2.4 billion and $2.5 billion at June 30, 2024 and December 31, 2023, respectively. These unfunded commitments are included in Other liabilities on our Consolidated Balance Sheet.
Note 4 Loan Sale and Servicing Activities and Variable Interest Entities in our 2023 Form 10-K has further information on tax credit investments.

Private Equity and Other
The largest component of our other equity investments is our private equity portfolio. The private equity portfolio is an illiquid portfolio consisting of mezzanine and equity investments that vary by industry, stage and type of investment. Private equity investments carried at estimated fair value totaled $2.2 billion at both June 30, 2024 and December 31, 2023. As of June 30, 2024, $2.0 billion was invested directly in a variety of companies and $0.2 billion was invested indirectly through various private equity funds.

During the second quarter of 2024, PNC participated in the Visa exchange program, allowing PNC to convert its Visa Class B-1 common shares into 1.8 million of Visa Class B-2 common shares and 0.7 million of Visa Class C common shares. The Visa Class B-2 common shares remain subject to the same restrictions that were imposed on the Visa Class B-1 common shares. Participation in the exchange required PNC to agree to a make-whole agreement that subjects PNC to the same indemnity obligations to Visa as prior to participation in the exchange program.

In the second quarter of 2024, we recorded a $754 million gain related to the Visa Class C common shares received. Included in our other equity investments at June 30, 2024, are Visa Class B-2 common shares, which are recorded at cost, and Visa Class C common shares that are recorded at fair value. The fair value of our remaining Visa Class C common shares was approximately $0.2 billion at June 30, 2024.

Visa Class B-2 common shares that we own are transferable only under limited circumstances until the resolution of the pending interchange litigation or Visa launches another exchange program allowing PNC to convert a portion of its Visa Class B-2 common shares into freely transferable Visa Class C common shares. The estimated value of our total investment in the Visa Class B-2 common shares was approximately $0.7 billion, while our cost basis was insignificant. The estimated value does not represent fair value of the Visa Class B-2 common shares given the shares’ limited transferability and the lack of observable transactions in the marketplace. See Note 14 Fair Value and Note 20 Legal Proceedings in our 2023 Form 10-K for additional information regarding our Visa agreements.

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 $19 million for both the six months ended June 30, 2024 and June 30, 2023.

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 14 Fair Value and Note 15 Financial Derivatives in our 2023 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.




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

RECENT REGULATORY DEVELOPMENTS

Resolution and Recovery Planning
In June 2024, the FDIC revised 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 final rule, most banks with $100 billion or more in assets, including PNC Bank, are required to submit full resolution plans on a three-year cycle, with interim informational supplements due in off-years. The FDIC may also engage in capabilities testing between full resolution plan submissions. The final rule significantly expands the required content elements and adds virtual data room and valuation capabilities as significant components of the resolution planning process. The final rule indicates that covered institutions will not be required to submit a resolution submission or interim informational supplement until at least 270 days from the effective date of October 1, 2024.

The OCC has proposed revisions to its recovery planning guidelines that apply to certain large insured national banks, including PNC Bank. The proposal would incorporate an annual testing requirement into recovery plans, and would require covered banks to consider both financial risks and non-financial risks – including operational and strategic risks – in their recovery plans. The proposal contemplates that PNC Bank would have 12 months from the effective date of the amendments to comply with the changes.

Capital, Capital Planning and Liquidity
In June 2024, the Federal Reserve announced the results of its supervisory stress tests conducted as part of the 2024 CCAR process. PNC remained well above its risk-based minimum capital requirements in the supervisory stress tests, and PNC’s SCB for the four-quarter period beginning October 1, 2024, will remain the regulatory minimum of 2.5%. See the Liquidity and Capital Management portion of the Risk Management section in this Financial Review for a discussion of PNC’s capital actions.

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
Our consolidated financial statements are prepared by applying certain accounting policies. Note 1 Accounting Policies in our 2023 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 2023 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 the probability weights assigned to these scenarios and the 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 in our 2023 Form 10-K.



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


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 forecast the distribution of economic outcomes over the reasonable and supportable forecast period, we generate four economic forecast scenarios using a combination of quantitative macroeconomic models, other measures of economic activity and forward-looking expert judgment. 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 and their respective weights are presented to RAC for approval.

The scenarios used for the period ended June 30, 2024 consider, among other factors, ongoing inflationary pressures and the corresponding tightness of monetary policy and credit availability. Given these factors, growth is expected to slow from current levels starting in the second half of 2024. While recession risks remain elevated, our most-likely expectation at June 30, 2024 is that the U.S. economy avoids a recession in 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 June 30, 2024 and December 31, 2023.

Table 34: Key Macroeconomic Variables in CECL Weighted-Average Scenarios
Assumptions as of June 30, 2024
2024 2025 2026
U.S. real GDP (a) 1.1% 1.2% 2.2%
U.S. unemployment rate (b) 4.3% 4.9% 4.4%
Assumptions as of December 31, 2023
2024 2025 2026
U.S. real GDP (a) 0.1% 1.5% 2.0%
U.S. unemployment rate (b) 4.5% 4.6% 4.2%
(a)Represents year-over-year growth rates.
(b)Represents quarterly average rate at December 31, 2024, 2025 and 2026, respectively.

Real GDP growth is expected to end 2024 at 1.1% on a weighted average basis, up from the 0.1% assumed at December 31, 2023, primarily due to stronger economic activity in 2024 than what was expected at the end of 2023. Growth then rises to 1.2% in 2025, before jumping to 2.2% in 2026. The weighted-average unemployment rate is expected to end 2024 at 4.3%, down from the 4.5% assumed at December 31, 2023. The weighted-average unemployment rate is then expected to increase through 2025, peaking at 4.9% during the second half of the year, before gradually improving to 4.4% by the fourth quarter of 2026.

The current state of the economy continues to reflect uncertainty due to the foundational change in office demand from the acceptance of remote work, combined with inflationary pressures, interest rate movements and declining consumer savings and deposit balances. As such, for both our commercial and consumer loan portfolios, PNC identified and performed significant analyses around segments impacted by such uncertainties to ensure our reserves are adequate, given our current macroeconomic expectations.

We believe the economic scenarios effectively reflect the distribution of potential economic outcomes. Additionally, through in-depth and granular analysis we have addressed reserve requirements for the specific populations most affected in the current environment. Through this approach, we believe the reserve levels appropriately reflect the expected credit losses in the portfolio as of the balance sheet date.

See the following for additional information related to 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 in this Report, and
•Note 1 Accounting Policies in our 2023 Form 10-K.
The PNC Financial Services Group, Inc. – Form 10-Q 37  

Recently Issued Accounting Standards

Accounting Standards Update Description Financial Statement Impact
Improvements to Reportable Segment Disclosures - ASU 2023-07

Issued November 2023
• Required with issuance of 2024 Form 10-K; early adoption is permitted.
• Requires that a public entity disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss.
• Requires that a public entity disclose an amount for other segment items by reportable segment and a description of its composition.
• Requires that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by ASC 280 in interim periods.
• Clarifies that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit.
• Requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.
• Requires a retrospective transition approach for all prior periods presented in the financial statements.
• We are currently evaluating the disclosure requirements within this ASU and do not plan to early adopt.
• This ASU will not impact our Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity or Consolidated Statement of Cash Flows.
• We expect to provide enhanced disclosures of significant segment level noninterest expenses as a result of this ASU.
Accounting Standards Update Description Financial Statement Impact
Improvements to Income Tax Disclosures - ASU 2023-09

Issued December 2023
• Required effective date of January 1, 2025; early adoption is permitted.
• Requires public business entities to, on an annual basis, (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold.
• Requires that all entities disclose, on an annual basis, (1) the amount of income taxes paid (net of refunds received), disaggregated by federal (national), state and foreign taxes, and (2) the amount of income taxes paid (net of refunds received), disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received).
• Requires a prospective transition approach, with an optional retrospective transition approach.
• We are currently evaluating the disclosure requirements within this ASU and do not plan to early adopt.
• This ASU will not impact our Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity or Consolidated Statement of Cash Flows.
• We expect to provide additional disaggregated income tax disclosures in accordance with this ASU.

Recently Adopted Accounting Pronouncements
See Note 1 Accounting Policies in our 2023 Form 10-K for recently adopted accounting standards. We did not adopt any new accounting standards during the first six months of 2024 that impacted our financial statements.

INTERNAL CONTROLS AND DISCLOSURE CONTROLS AND PROCEDURES

As of June 30, 2024, we performed an evaluation under the supervision of and with the participation of our management, including the Chairman 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 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 June 30, 2024, and that there has been no change in PNC’s internal control over financial reporting that occurred during

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


the second quarter of 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

We make statements in this Report, and we may from time to time make other statements, regarding our outlook for financial performance, such as earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting us and our future business and operations, including our sustainability strategy, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as “believe,” “plan,” “expect,” “anticipate,” “see,” “look,” “intend,” “outlook,” “project,” “forecast,” “estimate,” “goal,” “will,” “should” and other similar words and expressions.
Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. Forward-looking statements speak only as of the date made. We do not assume any duty and do not undertake any obligation to update forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. As a result, we caution against placing undue reliance on any forward-looking statements.
Our forward-looking statements are subject to the following principal risks and uncertainties. 
•Our businesses, financial results and balance sheet values are affected by business and economic conditions, including:
–Changes in interest rates and valuations in debt, equity and other financial markets,
–Disruptions in the U.S. and global financial markets,
–Actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply, market interest rates and inflation,
–Changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives,
–Changes in customers’, suppliers’ and other counterparties’ performance and creditworthiness,
–Impacts of 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. These statements are based on our views that:
–Job and income gains will continue to support consumer spending growth this year, but PNC’s baseline forecast is for slower economic growth in 2024 as higher interest rates remain a drag on the economy.
–Real GDP growth this year will trend close to 2%, and the unemployment rate will increase modestly to above 4% by the end of 2024. Inflation will continue to slow as wage pressures abate, gradually moving back to the Federal Reserve’s 2% long-term objective.
–With slowing inflation PNC expects two federal funds rate cuts of 25 basis points each at the FOMC’s September and December meetings, with the rate ending this year in a range between 4.75% and 5.00%. PNC expects multiple federal funds rate cuts in 2025 as inflation continues to ease.
•PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding minimum capital levels, including a stress capital buffer 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, PNC’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.
The PNC Financial Services Group, Inc. – Form 10-Q 39  

–Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies.
–Costs associated with obtaining rights in intellectual property claimed by others and of adequacy of our intellectual property protection in general.
•Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques and to meet evolving regulatory capital and liquidity standards.
•Our reputation and business and operating results may be affected by our ability to appropriately meet or address environmental, social or governance targets, goals, commitments or concerns that may arise.
•We grow our business in part through acquisitions and new strategic initiatives. Risks and uncertainties include those presented by the nature of the business acquired and strategic initiative, including in some cases those associated with our entry into new businesses or new geographic or other markets and risks resulting from our inexperience in those new areas, as well as risks and uncertainties related to the acquisition transactions themselves, regulatory issues, the integration of the acquired businesses into PNC after closing or any failure to execute strategic or operational plans.
•Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands.
•Business and operating results can also be affected by widespread manmade, natural and other disasters (including severe weather events), health emergencies, dislocations, geopolitical instabilities or events, terrorist activities, system failures or disruptions, security breaches, cyberattacks, international hostilities, or other extraordinary events beyond PNC’s control through impacts on the economy and financial markets generally or on us or our counterparties, customers or third-party vendors and service providers specifically.
We provide greater detail regarding these as well as other factors in our 2023 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.




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


CONSOLIDATED INCOME STATEMENT
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited Three months ended June 30 Six months ended June 30
In millions, except per share data 2024 2023 2024 2023
Interest Income
Loans $ 4,842  $ 4,523  $ 9,661  $ 8,781 
Investment securities 1,001  883  1,884  1,768 
Other 725  538  1,523  1,054 
Total interest income 6,568  5,944  13,068  11,603 
Interest Expense
Deposits 2,084  1,531  4,161  2,822 
Borrowed funds 1,182  903  2,341  1,686 
Total interest expense 3,266  2,434  6,502  4,508 
Net interest income 3,302  3,510  6,566  7,095 
Noninterest Income
Asset management and brokerage 364  348  728  704 
Capital markets and advisory 272  213  531  475 
Card and cash management 706  697  1,377  1,356 
Lending and deposit services 304  298  609  604 
Residential and commercial mortgage 131  98  278  275 
Other income
    Gain on Visa shares exchange program 754  754 
    Securities gains (losses) (499) (2) (499) (2)
 Other 77  131  212  389 
Total other income 332  129  467  387 
Total noninterest income 2,109  1,783  3,990  3,801 
Total revenue 5,411  5,293  10,556  10,896 
Provision For Credit Losses 235  146  390  381 
Noninterest Expense
Personnel 1,782  1,846  3,576  3,672 
Occupancy 236  244  480  495 
Equipment 356  349  697  699 
Marketing 93  109  157  183 
Other 890  824  1,781  1,644 
Total noninterest expense 3,357  3,372  6,691  6,693 
Income before income taxes and noncontrolling interests 1,819  1,775  3,475  3,822 
Income taxes 342  275  654  628 
Net income 1,477  1,500  2,821  3,194 
Less: Net income attributable to noncontrolling interests 18  17  32  34 
Preferred stock dividends 95  127  176  195 
Preferred stock discount accretion and redemptions 2  2  4  4 
Net income attributable to common shareholders $ 1,362  $ 1,354  $ 2,609  $ 2,961 
Earnings Per Common Share
Basic $ 3.39  $ 3.36  $ 6.49  $ 7.35 
Diluted $ 3.39  $ 3.36  $ 6.48  $ 7.34 
Average Common Shares Outstanding
Basic 400  401  400  401 
Diluted 400  401  400  401 
See accompanying Notes To Consolidated Financial Statements.
The PNC Financial Services Group, Inc. – Form 10-Q 41  

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited
In millions		 Three months ended
June 30		 Six months ended
June 30
2024 2023 2024 2023
Net income $ 1,477  $ 1,500  $ 2,821  $ 3,194 
Other comprehensive income (loss), before tax and net of reclassifications into Net income
Net change in debt securities 475  (241) 296  628 
Net change in cash flow hedge derivatives 308  (316) 58  211 
Pension and other postretirement benefit plan adjustments 1  6  (1) (4)
Net change in Other   3  (2) 7 
Other comprehensive income (loss), before tax and net of reclassifications into Net income 784  (548) 351  842 
Income tax benefit (expense) related to items of other comprehensive income (188) 131  (85) (195)
Other comprehensive income (loss), after tax and net of reclassifications into Net income 596  (417) 266  647 
Comprehensive income 2,073  1,083  3,087  3,841 
Less: Comprehensive income attributable to noncontrolling interests 18 17 32  34 
Comprehensive income attributable to PNC $ 2,055  $ 1,066  $ 3,055  $ 3,807 
See accompanying Notes To Consolidated Financial Statements.

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


CONSOLIDATED BALANCE SHEET
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited June 30
2024		 December 31
2023
In millions, except par value
Assets
Cash and due from banks $ 6,242  $ 6,921 
Interest-earning deposits with banks 33,039  43,804 
Loans held for sale (a) 988  734 
Investment securities – available for sale 51,188  41,785 
Investment securities – held to maturity 87,457  90,784 
Loans (a) 321,429  321,508 
Allowance for loan and lease losses (4,636) (4,791)
Net loans 316,793  316,717 
Equity investments 9,037  8,314 
Mortgage servicing rights 3,739  3,686 
Goodwill 10,932  10,932 
Other (a) 37,104  37,903 
Total assets $ 556,519  $ 561,580 
Liabilities
Deposits
Noninterest-bearing $ 94,542  $ 101,285 
Interest-bearing 321,849  320,133 
Total deposits 416,391  421,418 
Borrowed funds
Federal Home Loan Bank borrowings 35,000  38,000 
Senior debt 29,601  26,836 
Subordinated debt 4,078  4,875 
Other (b) 2,712  3,026 
Total borrowed funds 71,391  72,737 
Allowance for unfunded lending related commitments 717  663 
Accrued expenses and other liabilities (b) 15,339  15,621 
Total liabilities 503,838  510,439 
Equity
Preferred stock (c)
Common stock ($5 par value, Authorized 800,000,000 shares, issued 543,225,979 and 543,116,271 shares)
 2,716  2,716 
Capital surplus 19,098  19,020 
Retained earnings 57,652  56,290 
Accumulated other comprehensive income (loss) (7,446) (7,712)
Common stock held in treasury at cost: 145,667,981 and 145,087,054 shares
 (19,378) (19,209)
Total shareholders’ equity 52,642  51,105 
Noncontrolling interests 39  36 
Total equity 52,681  51,141 
Total liabilities and equity $ 556,519  $ 561,580 
(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 June 30, 2024. Comparable amounts at December 31, 2023 were $0.7 billion, $1.2 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 June 30, 2024. Comparable amounts at December 31, 2023 were less than $0.1 billion and $0.1 billion, respectively.
(c)Par value less than $0.5 million at each date.

See accompanying Notes To Consolidated Financial Statements.
The PNC Financial Services Group, Inc. – Form 10-Q 43  

CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited
In millions		 Six months ended June 30
2024 2023
Operating Activities
Net income $ 2,821  $ 3,194 
Adjustments to reconcile net income to net cash provided (used) by operating activities
Provision for credit losses
 390  381 
Depreciation, amortization and accretion 74  125 
Deferred income taxes (benefit) (21) (75)
Net losses on sales of securities 499  2 
Changes in fair value of mortgage servicing rights 23  136 
Gain on Visa shares exchange program (754)  
Net change in
Trading securities and other short-term investments 416  (601)
Loans held for sale and related securitization activity (238) 522 
Other assets (142) 1,410 
Accrued expenses and other liabilities (934) (494)
Other operating activities, net 659  532 
Net cash provided (used) by operating activities $ 2,793  $ 5,132 
Investing Activities
Sales
Securities available for sale $ 3,745  $ (70)
Loans 237  605 
Repayments/maturities
Securities available for sale 2,747  4,038 
Securities held to maturity 4,714  3,076 
Purchases
Securities available for sale (16,246) (1,272)
Securities held to maturity (933) (1,513)
Loans (865) (416)
Net change in
Federal funds sold and resale agreements 167  229 
Loans 206  3,305 
Other investing activities, net (357) (445)
Net cash provided (used) by investing activities $ (6,585) $ 7,537 

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


CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
(Continued from previous page)
Unaudited
In millions		 Six months ended June 30
2024 2023
Financing Activities
Net change in
Noninterest-bearing deposits $ (6,755) $ (13,982)
Interest-bearing deposits 1,716  5,166 
Federal funds purchased and repurchase agreements (178) 94 
Other borrowed funds (129) (35)
Sales/issuances
Federal Home Loan Bank borrowings   2,000 
Senior debt 4,236  6,235 
Other borrowed funds 338  486 
Preferred stock   1,484 
Common and treasury stock 33  36 
Repayments/maturities
Federal Home Loan Bank borrowings (3,000) (75)
Senior debt (1,050) (750)
Subordinated debt (750) (750)
Other borrowed funds (354) (495)
Acquisition of treasury stock (336) (588)
Preferred stock cash dividends paid (176) (195)
Common stock cash dividends paid (1,247) (1,213)
Net cash provided (used) by financing activities $ (7,652) $ (2,582)
Net Increase (Decrease) In Cash, Cash Equivalents And Restricted Cash (a) $ (11,444) $ 10,087 
Cash, cash equivalents and restricted cash at beginning of period 50,725  34,363 
Cash, cash equivalents and restricted cash at end of period $ 39,281  $ 44,450 
Cash, Cash Equivalents And Restricted Cash
Cash and cash equivalents at end of period (unrestricted cash) $ 38,407  $ 43,863 
Restricted cash 874 587
Cash, cash equivalents and restricted cash at end of period $ 39,281  $ 44,450 
Supplemental Disclosures
Interest paid $ 6,314  $ 2,586 
Income taxes paid $ 288  $ 719 
Income taxes refunded $ 44  $ 824 
Leased assets obtained in exchange for new operating lease liabilities $ 129  $ 113 
Non-cash Investing And Financing Items
Transfer from loans to loans held for sale, net $ 58  $ 712 
Transfer from loans to foreclosed assets $ 24  $ 32 
(a)In the second quarter of 2024, we updated our policy for cash and cash equivalents to include interest-earning deposits with banks. See Note 1 Accounting Policies for additional information regarding this change to our cash and cash equivalents policy.

See accompanying Notes To Consolidated Financial Statements.










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

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

See page 100 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. We have also reclassified certain prior-year amounts to conform to the current period presentation, which did not have a
material impact on our consolidated financial condition or results of operations. Effective for the second quarter of 2024, we updated our policy to classify Interest-earning deposits with banks as Cash and cash equivalents on the Consolidated Statement of Cash Flows when reconciling Cash and due from banks and restricted cash.

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 through the date of issuance of the consolidated financials.

When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2023 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2023 Form 10-K for a detailed description of significant accounting policies. These interim consolidated financial statements serve to update our 2023 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements.

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.

Cash, Cash Equivalents and Restricted Cash

Cash and due from banks are considered cash and cash equivalents for financial reporting purposes because they represent a
source of liquidity. Certain cash balances within Cash and due from banks on our Consolidated Balance Sheet are restricted as to
withdrawal or usage by legally binding contractual agreements or regulatory requirements.

Effective for the second quarter of 2024, we updated our policy to classify Interest-earning deposits with banks as Cash and cash equivalents on the Consolidated Statement of Cash Flows when reconciling Cash and due from banks and restricted cash. We believe this presentation enhances the usefulness of financial reporting because management views these funds as a source of liquidity for future transactions, while enhancing comparability to align with industry practice. There is no impact to our Consolidated Income Statement (including EPS), Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, or Consolidated Statement of Changes in Equity. All periods presented herein reflect this change.


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


To reflect the change in accounting policy, we adjusted the Consolidated Statement of Cash Flows for the six months ended June 30, 2023. This included an adjustment of $10.9 billion from Net cash provided (used) by investing activities to Net increase (decrease) in cash, cash equivalents and restricted cash at end of period. The $10.9 billion was comprised of $10.8 billion reported in Net change in Interest-earning deposits with banks and $0.1 billion reported in Other investing activities, net. Additionally, we included $27.3 billion of Interest-earning deposits with banks in Cash, cash equivalents and restricted cash at beginning of period, and $38.2 billion of Interest-earning deposits with banks in Cash, cash equivalents and restricted cash at end of period.

Recently Adopted Accounting Standards
See Note 1 Accounting Policies in our 2023 Form 10-K for recently adopted accounting standards. We did not adopt any new accounting standards during the first six months of 2024 that impacted our financial statements.

NOTE 2 INVESTMENT SECURITIES

The following table summarizes our available for sale and held to maturity portfolios by major security type:
Table 35: Investment Securities Summary (a)(b)
June 30, 2024 December 31, 2023
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 $ 16,868  $ 19  $ (413) $ 16,474  $ 7,596  $ 22  $ (667) $ 6,951 
Residential mortgage-backed
Agency 30,234  15  (3,153) 27,096  30,643  46  (2,809) 27,880 
Non-agency 534  99  (9) 624  585  118  (7) 696 
Commercial mortgage-backed
Agency 1,758    (141) 1,617  1,680  1  (135) 1,546 
Non-agency 824  1  (28) 797  913  1  (45) 869 
Asset-backed 2,097  27  (4) 2,120  1,092  25  (1) 1,116 
Other 2,581  41  (162) 2,460  2,844  44  (161) 2,727 
Total securities available for sale $ 54,896  $ 202  $ (3,910) $ 51,188  $ 45,353  $ 257  $ (3,825) $ 41,785 
Securities Held to Maturity
U.S. Treasury and government agencies $ 35,468    $ (1,302) $ 34,166  $ 36,529  $ 9  $ (1,141) $ 35,397 
Residential mortgage-backed
Agency 41,865  $ 13  (3,805) 38,073  42,686  92  (2,733) 40,045 
Non-agency 250  (23) 227  259    (17) 242 
Commercial mortgage-backed
Agency 956  2  (31) 927  939  9  (23) 925 
Non-agency 1,189  2  (17) 1,174  1,373  2  (27) 1,348 
Asset-backed 4,833  22  (30) 4,825  5,890  17  (39) 5,868 
Other 2,896  23  (56) 2,863  3,108  50  (35) 3,123 
Total securities held to maturity (d) $ 87,457  $ 62  $ (5,264) $ 82,255  $ 90,784  $ 179  $ (4,015) $ 86,948 
(a) At June 30, 2024, the accrued interest associated with our held to maturity and available for sale portfolios totaled $268 million and $252 million, respectively. The comparable amounts at December 31, 2023 were $281 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 June 30, 2024 and December 31, 2023.
(c) Amortized cost is presented net of allowance of $88 million for securities available for sale, primarily related to non-agency commercial mortgage-backed securities, and $5 million for securities held to maturity at June 30, 2024. The comparable amounts at December 31, 2023 were $86 million and $6 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 $3.8 billion at June 30, 2024 related to securities transferred, which are offset in AOCI, net of tax. The comparable amount at December 31, 2023 was $4.2 billion.

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 June 30, 2024 included $151 million 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 June 30, 2023 was $197 million of net unsettled purchases.

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

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 June 30, 2024, the allowance for investment securities was $93 million and primarily related to non-agency commercial mortgage-backed securities in the available for sale portfolio. The comparable amount at December 31, 2023 was $92 million. See Note 1 Accounting Policies in our 2023 Form 10-K for a discussion of the methodologies used to determine the allowance for investment securities.

At June 30, 2024, AOCI included pretax losses of $285 million from derivatives that hedged the purchase of investment securities classified as held to maturity. The losses will be accreted to interest income as an adjustment of yield on the securities.

Table 36 presents the gross unrealized losses and fair value of securities available for sale that do not have an associated allowance for investment securities at June 30, 2024 and December 31, 2023. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities included in the table have been evaluated to determine if a credit loss exists. As part of that assessment, as of June 30, 2024, we concluded that we do not intend to sell and believe we will not be required to sell these securities prior to recovery of the amortized cost basis.
 
Table 36: Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses
Unrealized loss position
less than 12 months		 Unrealized loss position
12 months or more		 Total
In millions Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value		 Unrealized
Loss		 Fair
Value
June 30, 2024
U.S. Treasury and government agencies $ (30) $ 10,966  $ (383) $ 2,960  $ (413) $ 13,926 
Residential mortgage-backed
Agency (22) 2,576  (3,131) 21,752  (3,153) 24,328 
Non-agency     (6) 87  (6) 87 
Commercial mortgage-backed
Agency (2) 189  (139) 1,397  (141) 1,586 
Non-agency     (28) 654  (28) 654 
Asset-backed (3) 694  (1) 93  (4) 787 
Other (1) 105  (139) 1,932  (140) 2,037 
Total securities available for sale $ (58) $ 14,530  $ (3,827) $ 28,875  $ (3,885) $ 43,405 
December 31, 2023
U.S. Treasury and government agencies     $ (666) $ 6,035  $ (666) $ 6,035 
Residential mortgage-backed
Agency $ (4) $ 1,015  (2,805) 24,306  (2,809) 25,321 
Non-agency (1) 15  (4) 84  (5) 99 
Commercial mortgage-backed
Agency     (135) 1,495  (135) 1,495 
Non-agency (45) 731  (45) 731 
Asset-backed     (1) 9  (1) 9 
Other (3) 78  (136) 2,106  (139) 2,184 
Total securities available for sale $ (8) $ 1,108  $ (3,792) $ 34,766  $ (3,800) $ 35,874 

Table 37: Gains (Losses) on Sales of Securities Available for Sale

Six months ended June 30
In millions
 Gross Gains Gross Losses Net Gains (Losses) Tax Expense (Benefit)
2024 $ 2  $ (501) $ (499) $ (105)
2023 $ (2) $ (2)

In the second quarter of 2024, we sold available for sale securities with a market value of $3.8 billion, resulting in a loss of $497 million.
48    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at June 30, 2024:
Table 38: Contractual Maturity of Debt Securities
June 30, 2024
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 $ 1,202  $ 2,470  $ 10,854  $ 2,342  $ 16,868 
Residential mortgage-backed
Agency 1  222  3,472  26,539  30,234 
Non-agency 11  523  534 
Commercial mortgage-backed
Agency 6  664  751  337  1,758 
Non-agency 1  105  73  645  824 
Asset-backed 667  318  1,112  2,097 
Other 280  1,866  291  144  2,581 
Total securities available for sale at amortized cost $ 1,490  $ 5,994  $ 15,770  $ 31,642  $ 54,896 
Fair value $ 1,480  $ 5,808  $ 15,422  $ 28,478  $ 51,188 
Weighted-average yield, GAAP basis (a) 1.43  % 3.57  % 4.13  % 3.50  % 3.63  %
Securities Held to Maturity
U.S. Treasury and government agencies $ 10,363  $ 22,586  $ 1,635  $ 884  $ 35,468 
Residential mortgage-backed
Agency 9  309  41,547  41,865 
Non-agency 250  250 
Commercial mortgage-backed
Agency 158  587  211  956 
Non-agency   49    1,140  1,189 
Asset-backed 20  1,329  2,228  1,256  4,833 
Other 202  968  433  1,293  2,896 
Total securities held to maturity at amortized cost $ 10,585  $ 25,099  $ 5,192  $ 46,581  $ 87,457 
Fair value $ 10,461  $ 24,133  $ 4,989  $ 42,672  $ 82,255 
Weighted-average yield, GAAP basis (a) 0.96  % 1.60  % 3.79  % 2.97  % 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 June 30, 2024, 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 $35.9 billion and $31.4 billion, and fair value of $32.4 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 39: Fair Value of Securities Pledged and Accepted as Collateral
In millions June 30, 2024 December 31, 2023
Pledged to others $ 70,186  $ 29,878 
Accepted from others:
Permitted by contract or custom to sell or repledge $ 681  $ 755 
Permitted amount repledged to others $ 681  $ 755 

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.





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

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 in our 2023 Form 10-K for additional information on our loan related policies.

Credit Quality
We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk within the loan portfolio based on our defined loan classes. In doing so, we use several credit quality indicators, including, but not limited to, trends in delinquency rates, nonperforming status, analyses 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 such as inflation levels, industry specific risks, interest rate levels, the level of consumer savings and deposit balances, and structural and secular changes such as those arising from the pandemic. To mitigate losses and enhance customer support, we offer loan modifications and collection programs to assist our customers.

Table 40 presents the composition and delinquency status of our loan portfolio at June 30, 2024 and December 31, 2023. Loan delinquencies include government insured or guaranteed loans and loans accounted for under the fair value option.
50    The PNC Financial Services Group, Inc. – Form 10-Q

Table 40: Analysis of Loan Portfolio (a) (b)
  Accruing        
Dollars in millions Current or Less
Than 30 Days
Past Due		 30-59
Days
Past Due		 60-89
Days
Past Due		 90 Days
or More
Past Due		 Total
Past
Due (c) 		  Nonperforming
Loans		 Fair Value
Option
Nonaccrual
Loans (d)		 Total Loans
(e)(f)
June 30, 2024  
Commercial  
Commercial and industrial $ 177,853  $ 95  $ 53  $ 86  $ 234     $ 702  $ 178,789 
Commercial real estate 34,559  8  2  1  11     928  35,498 
Equipment lease financing 6,514  19  6  25     16  6,555 
Total commercial 218,926  122  61  87  270     1,646  220,842 
Consumer  
Residential real estate 45,984  278  91  155  524  (c) 275  $ 400  47,183 
Home equity 25,296  64  24  88  468  65  25,917 
Automobile
 14,607  92  22  6  120     93  14,820 
Credit card 6,673  50  37  76  163     13  6,849 
Education
 1,654  27  15  36  78  (c) 1,732 
Other consumer
 4,049  12  9  8  29  8  4,086 
Total consumer 98,263  523  198  281  1,002     857  465  100,587 
Total $ 317,189  $ 645  $ 259  $ 368  $ 1,272     $ 2,503  $ 465  $ 321,429 
Percentage of total loans 98.68  % 0.20  % 0.08  % 0.11  % 0.40  % 0.78  % 0.14  % 100.00  %
December 31, 2023
Commercial
Commercial and industrial $ 176,796  $ 104  $ 45  $ 76  $ 225  $ 559  $ 177,580 
Commercial real estate 34,685  7    9  16  735  35,436 
Equipment lease financing 6,480  41  8  49  13  6,542 
Total commercial 217,961  152  53  85  290  1,307  219,558 
Consumer
Residential real estate 46,159  282  101  192  575  (c) 294  $ 516  47,544 
Home equity 25,533  63  27  90  458  69  26,150 
Automobile
 14,638  91  20  7  118  104  14,860 
Credit card 6,991  54  39  86  179  10  7,180 
Education
 1,850  27  19  49  95  (c) 1,945 
Other consumer
 4,227  16  11  10  37  7  4,271 
Total consumer 99,398  533  217  344  1,094  873  585  101,950 
Total $ 317,359  $ 685  $ 270  $ 429  $ 1,384  $ 2,180  $ 585  $ 321,508 
Percentage of total loans 98.71  % 0.21  % 0.08  % 0.13  % 0.43  % 0.68  % 0.18  % 100.00  %
(a)Amounts in table represent loans held for investment and do not include any associated ALLL.
(b)The accrued interest associated with our loan portfolio totaled $1.5 billion at both June 30, 2024 and December 31, 2023. These amounts are included in Other assets on the Consolidated Balance Sheet.
(c)Past due loan amounts include government insured or guaranteed residential real estate loans and education loans totaling $0.2 billion and $0.1 billion at June 30, 2024. Comparable amounts at December 31, 2023 were $0.3 billion and $0.1 billion, respectively.
(d)Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policy criteria. Given that these loans are not accounted for at amortized cost, they have been excluded from the nonperforming loan population.
(e)Includes unearned income, unamortized deferred fees and costs on originated loans and premiums or discounts on purchased loans totaling $0.9 billion and $1.0 billion at June 30, 2024 and December 31, 2023, respectively.
(f)Collateral dependent loans totaled $1.6 billion and $1.4 billion at June 30, 2024 and December 31, 2023, respectively.
At June 30, 2024, we pledged $49.8 billion of commercial and other loans to the Federal Reserve Bank and $88.8 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, 2023 were $51.3 billion and $89.5 billion, respectively. Amounts pledged reflect the unpaid principal balances.
Nonperforming Assets
Nonperforming assets include nonperforming loans and leases, OREO and foreclosed assets. Nonperforming loans are those loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. 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 in our 2023 Form 10-K for additional information on our nonperforming loan and lease policies.
The PNC Financial Services Group, Inc. – Form 10-Q 51  

The following table presents our nonperforming assets as of June 30, 2024 and December 31, 2023:
Table 41: Nonperforming Assets
Dollars in millions June 30, 2024 December 31, 2023
Nonperforming loans
Commercial $ 1,646  $ 1,307 
Consumer (a) 857  873 
Total nonperforming loans (b) 2,503  2,180 
OREO and foreclosed assets 34  36 
Total nonperforming assets $ 2,537  $ 2,216 
Nonperforming loans to total loans 0.78  % 0.68  %
Nonperforming assets to total loans, OREO and foreclosed assets 0.79  % 0.69  %
Nonperforming assets to total assets 0.46  % 0.39  %
(a)Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.
(b)Nonperforming loans for which there is no related ALLL totaled $0.5 billion at both June 30, 2024 and December 31, 2023. This primarily includes loans with a fair value of collateral that exceeds the amortized cost basis.

Additional Credit Quality Indicators by Loan Class

Commercial Loan Classes
See Note 3 Loans and Related Allowance for Credit Losses in our 2023 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.
52    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents credit quality indicators for our commercial loan classes:
Table 42: Commercial Credit Quality Indicators (a)
  Term Loans by Origination Year  
June 30, 2024
In millions
 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total
Commercial and industrial
Pass Rated $ 11,419  $ 18,080  $ 19,842  $ 6,104  $ 5,190  $ 14,021  $ 92,363  $ 695  $ 167,714 
Criticized 298  1,094  2,448  803  189  803  5,361  79  11,075 
Total commercial and industrial loans 11,717  19,174  22,290  6,907  5,379  14,824  97,724  774  178,789 
Gross charge-offs (b) 11  (c) 14  21  18  3  4  42  48  161 
Commercial real estate
Pass Rated 1,113  5,125  8,166  2,759  1,761  10,946  420  30,290 
Criticized 91  190  1,632  461  477  2,286  20  51  5,208 
Total commercial real estate loans 1,204  5,315  9,798  3,220  2,238  13,232  440  51  35,498 
Gross charge-offs (b)   5    2  1  161      169 
Equipment lease financing
Pass Rated 746  1,392  1,281  591  580  1,590    6,180 
Criticized 24  107  85  72  42  45  375 
Total equipment lease financing loans 770  1,499  1,366  663  622  1,635    6,555 
Gross charge-offs (b)   5  6  2  2  1      16 
Total commercial loans $ 13,691  $ 25,988  $ 33,454  $ 10,790  $ 8,239  $ 29,691  $ 98,164  $ 825  $ 220,842 
Total commercial gross charge-offs $ 11  $ 24  $ 27  $ 22  $ 6  $ 166  $ 42  $ 48  $ 346 
  Term Loans by Origination Year  
December 31, 2023
In millions
 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total
Commercial and industrial
Pass Rated $ 23,019  $ 26,657  $ 7,562  $ 5,783  $ 4,110  $ 11,982  $ 88,467  $ 573  $ 168,153 
Criticized 838  1,781  739  331  281  698  4,708  51  9,427 
Total commercial and industrial loans 23,857  28,438  8,301  6,114  4,391  12,680  93,175  624  177,580 
Gross charge-offs (b) 25  (c) 32  33  8  3  26  105  12  244 
Commercial real estate
Pass Rated 4,182  8,571  2,986  2,190  4,887  7,411  383  30,610 
Criticized 155  1,300  455  490  622  1,753  51  4,826 
Total commercial real estate loans 4,337  9,871  3,441  2,680  5,509  9,164  434  35,436 
Gross charge-offs (b)       12  31  137      180 
Equipment lease financing
Pass Rated 1,522  1,424  689  690  452  1,378  6,155 
Criticized 90  81  81  51  35  49  387 
Total equipment lease financing loans 1,612  1,505  770  741  487  1,427  6,542 
Gross charge-offs (b) 4  4  4  4  1  1      18 
Total commercial loans $ 29,806  $ 39,814  $ 12,512  $ 9,535  $ 10,387  $ 23,271  $ 93,609  $ 624  $ 219,558 
Total commercial gross charge-offs $ 29  $ 36  $ 37  $ 24  $ 35  $ 164  $ 105  $ 12  $ 442 
(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 June 30, 2024 and December 31, 2023.
(b)Gross charge-offs are presented on a year-to-date basis, as of the period end date.
(c)Includes charge-offs of deposit overdrafts.

Consumer Loan Classes
See Note 3 Loans and Related Allowance for Credit Losses in our 2023 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 53  

Residential Real Estate and Home Equity
The following table presents credit quality indicators for our residential real estate and home equity loan classes:
Table 43: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes
Term Loans by Origination Year
June 30, 2024
In millions
 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total
Residential real estate
Current estimated LTV ratios
Greater than 100% $ 5  $ 39  $ 133  $ 68  $ 30  $ 33  $ 308 
Greater than or equal to 80% to 100% 507  838  1,256  740  199  147  3,687 
Less than 80% 976  4,054  8,374  14,236  6,315  8,554  42,509 
No LTV available   41    11  3  55 
Government insured or guaranteed loans   14  21  15  64  510  624 
Total residential real estate loans $ 1,488  $ 4,986  $ 9,784  $ 15,070  $ 6,608  $ 9,247  $ 47,183 
Updated FICO scores
Greater than or equal to 780 $ 813  $ 3,411  $ 7,691  $ 12,061  $ 4,889  $ 5,190  $ 34,055 
720 to 779 601  1,030  1,581  2,160  1,042  1,684  8,098 
660 to 719 71  286  399  594  346  827  2,523 
Less than 660 2  111  84  150  110  733  1,190 
No FICO score available 1  134  8  90  157  303  693 
Government insured or guaranteed loans   14  21  15  64  510  624 
Total residential real estate loans $ 1,488  $ 4,986  $ 9,784  $ 15,070  $ 6,608  $ 9,247  $ 47,183 
Gross charge-offs (a)           $ 2  $ 2 
Home equity (b)
Current estimated LTV ratios
Greater than 100% $ 2  $ 12  $ 17  $ 336  $ 356  $ 723 
Greater than or equal to 80% to 100% 5  34  32  1,068  1,631  2,770 
Less than 80% 149  1,773  3,106  6,733  10,663  22,424 
Total home equity loans $ 156  $ 1,819  $ 3,155  $ 8,137  $ 12,650  $ 25,917 
Updated FICO scores
Greater than or equal to 780 $ 100  $ 1,209  $ 1,930  $ 4,597  $ 6,203  $ 14,039 
720 to 779 36  383  643  2,179  3,243  6,484 
660 to 719 15  166  320  1,155  1,967  3,623 
Less than 660 5  59  255  199  1,188  1,706 
No FICO score available   2  7  7  49  65 
Total home equity loans $ 156  $ 1,819  $ 3,155  $ 8,137  $ 12,650  $ 25,917 
Gross charge-offs (a)           $ 1  $ 9  $ 9  $ 19 
54    The PNC Financial Services Group, Inc. – Form 10-Q

(Continued from previous page) Term Loans by Origination Year
December 31, 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% $ 15  $ 139  $ 79  $ 31  $ 10  $ 28  $ 302 
Greater than or equal to 80% to 100% 1,665  1,928  955  221  69  92  4,930 
Less than 80% 3,585  7,977  14,421  6,514  2,154  6,935  41,586 
No LTV available 56    13      4  73 
Government insured or guaranteed loans 14  20  16  66  37  500  653 
Total residential real estate loans $ 5,335  $ 10,064  $ 15,484  $ 6,832  $ 2,270  $ 7,559  $ 47,544 
Updated FICO scores
Greater than or equal to 780 $ 3,206  $ 7,797  $ 12,197  $ 5,035  $ 1,492  $ 4,004  $ 33,731 
720 to 779 1,482  1,659  2,389  1,107  432  1,388  8,457 
660 to 719 400  508  657  334  171  721  2,791 
Less than 660 93  71  133  122  82  680  1,181 
No FICO score available 140  9  92  168  56  266  731 
Government insured or guaranteed loans 14  20  16  66  37  500  653 
Total residential real estate loans $ 5,335  $ 10,064  $ 15,484  $ 6,832  $ 2,270  $ 7,559  $ 47,544 
Gross charge-offs (a)   $ 2  $ 1  $ 1    $ 4  $ 8 
Home equity (b)
Current estimated LTV ratios
Greater than 100% $ 1  $ 12  $ 6  $ 14  $ 306  $ 309  $ 648 
Greater than or equal to 80% to 100% 4  40  17  22  1,116  1,743  2,942 
Less than 80% 157  1,866  845  2,556  6,843  10,293  22,560 
Total home equity loans   $ 162  $ 1,918  $ 868  $ 2,592  $ 8,265  $ 12,345  $ 26,150 
Updated FICO scores
Greater than or equal to 780 $ 102  $ 1,254  $ 489  $ 1,605  $ 4,604  $ 6,083  $ 14,137 
720 to 779 38  423  216  488  2,222  3,225  6,612 
660 to 719 17  174  110  271  1,207  1,894  3,673 
Less than 660 5  65  52  220  223  1,089  1,654 
No FICO score available   2  1  8  9  54  74 
Total home equity loans   $ 162  $ 1,918  $ 868  $ 2,592  $ 8,265  $ 12,345  $ 26,150 
Gross charge-offs (a)           $ 4  $ 7  $ 10  $ 21 
(a)Gross charge-offs are presented on a year-to-date basis, as of the period end date.
(b)Beginning January 1, 2022, new originations consist of revolving Home Equity Lines of Credit.






























The PNC Financial Services Group, Inc. – Form 10-Q 55  

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 44: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes
Term Loans by Origination Year
June 30, 2024
In millions
 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total
Automobile
Updated FICO scores
Greater than or equal to 780 $ 1,663  $ 2,086  $ 1,387  $ 1,171  $ 377  $ 259  $ 6,943 
720 to 779 1,000  1,496  842  578  202  184  4,302 
660 to 719 469  860  473  307  129  144  2,382 
Less than 660 67  352  252  209  119  194  1,193 
Total automobile loans $ 3,199  $ 4,794  $ 2,954  $ 2,265  $ 827  $ 781  $ 14,820 
Gross charge-offs (a)   $ 23  $ 13  $ 9  $ 6  $ 13  $ 64 
Credit card
Updated FICO scores
Greater than or equal to 780 $ 1,975  $ 1  $ 1,976 
720 to 779 1,885  4  1,889 
660 to 719 1,857  14  1,871 
Less than 660 952  53  1,005 
No FICO score available or required (b) 105  3  108 
Total credit card loans $ 6,774  $ 75  $ 6,849 
Gross charge-offs (a) $ 164  $ 18  $ 182 
Education
Updated FICO scores
Greater than or equal to 780 $ 7  $ 65  $ 87  $ 42  $ 37  $ 347  $ 585 
720 to 779 7  41  41  22  16  131  258 
660 to 719 4  14  15  7  5  55  100 
Less than 660 1  3  3  1  1  22  31 
No FICO score available or required (b) 3  6  4  3  1  1  18 
Total loans using FICO credit metric 22  129  150  75  60  556  992 
Other internal credit metrics 740  740 
Total education loans $ 22  $ 129  $ 150  $ 75  $ 60  $ 1,296  $ 1,732 
Gross charge-offs (a)     $ 1    $ 1  $ 7  $ 9 
Other consumer
Updated FICO scores
Greater than or equal to 780 $ 123  $ 190  $ 90  $ 30  $ 11  $ 12  $ 37  $ 1  $ 494 
720 to 779 156  205  109  36  14  13  75  1  609 
660 to 719 101  114  104  37  16  14  82  1  469 
Less than 660 2  30  45  22  11  10  41  1  162 
Total loans using FICO credit metric 382  539  348  125  52  49  235  4  1,734 
Other internal credit metrics 7  10  95  18  13  94  2,105  10  2,352 
Total other consumer loans $ 389  $ 549  $ 443  $ 143  $ 65  $ 143  $ 2,340  $ 14  $ 4,086 
Gross charge-offs (a) $ 34  (c) $ 12  $ 13  $ 8  $ 4  $ 6  $ 6    $ 83 

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

(Continued from previous page) Term Loans by Origination Year
December 31, 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 $ 2,722  $ 1,650  $ 1,483  $ 535  $ 368  $ 88  $ 6,846 
720 to 779 1,797  1,104  778  301  250  80  4,310 
660 to 719 1,014  604  408  186  186  70  2,468 
Less than 660 264  272  243  152  200  105  1,236 
Total automobile loans $ 5,797  $ 3,630  $ 2,912  $ 1,174  $ 1,004  $ 343  $ 14,860 
Gross charge-offs (a) $ 8  $ 24  $ 22  $ 17  $ 30  $ 20      $ 121 
Credit card
Updated FICO scores
Greater than or equal to 780 $ 2,017  $ 1  $ 2,018 
720 to 779 1,976  4  1,980 
660 to 719 1,979  13  1,992 
Less than 660 1,036  48  1,084 
No FICO score available or required (b) 103  3  106 
Total credit card loans $ 7,111  $ 69  $ 7,180 
Gross charge-offs (a)             $ 290  $ 29  $ 319 
Education
Updated FICO scores
Greater than or equal to 780 $ 35  $ 88  $ 45  $ 40  $ 51  $ 331  $ 590 
720 to 779 32  47  24  19  24  131  277 
660 to 719 20  17  8  6  8  54  113 
Less than 660 4  3  2  1  2  21  33 
No FICO score available or required (b) 15  5  4  2  1  27 
Total loans using FICO credit metric 106  160  83  68  85  538  1,040 
Other internal credit metrics 905  905 
Total education loans $ 106  $ 160  $ 83  $ 68  $ 85  $ 1,443  $ 1,945 
Gross charge-offs (a)     $ 1  $ 1  $ 2  $ 13      $ 17 
Other consumer
Updated FICO scores
Greater than or equal to 780 $ 241  $ 127  $ 47  $ 21  $ 14  $ 11  $ 39  $ 1  $ 501 
720 to 779 286  157  54  26  17  11  80  1  632 
660 to 719 147  140  57  27  21  11  87  2  492 
Less than 660 19  52  31  17  14  8  43  1  185 
Total loans using FICO credit metric 693  476  189  91  66  41  249  5  1,810 
Other internal credit metrics 19  97  33  48  71  34  2,149  10  2,461 
Total other consumer loans $ 712  $ 573  $ 222  $ 139  $ 137  $ 75  $ 2,398  $ 15  $ 4,271 
Gross charge-offs (a) $ 75  (c) $ 23  $ 18  $ 14  $ 14  $ 8  $ 11  $ 1  $ 164 
(a)Gross charge-offs are presented on a year-to-date basis, as of the period end date.
(b)Loans where FICO scores are not 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.


















The PNC Financial Services Group, Inc. – Form 10-Q 57  

Loan Modifications to Borrowers Experiencing Financial Difficulty

Loan modifications to borrowers experiencing financial difficulty (FDMs) result from our loss mitigation activities and include principal forgiveness, interest rate reductions, term extensions, payment delays, repayment plans or combinations thereof. See Note 1 Accounting Policies in our 2023 Form 10-K for additional information on FDMs.

The following table presents the amortized cost basis, as of the period end date, of FDMs granted during the three and six months ended June 30, 2024 and 2023:

Table 45: Loan Modifications Granted to Borrowers Experiencing Financial Difficulty (a) (b)
Three months ended June 30, 2024
Dollars in millions
 Interest Rate Reduction Term Extension Payment Delay Repayment Plan Payment Delay and Term Extension Interest Rate Reduction and Term Extension Other (c) Total % of Loan Class
Commercial
Commercial and industrial $ 18  $ 372  $ 94  $ 65  $ 102  $ 67  $ 718  0.40  %
Commercial real estate 454    84    538  1.52  %
Total commercial 18  826  94  149  102  67  1,256  0.57  %
Consumer
Residential real estate   30  1  5  36  0.08  %
Home equity 5  $ 1    6  12  0.05  %
Credit card 21  21  0.31  %
Education 1  1  0.06  %
Total consumer   1  35  22  1  11  70  0.07  %
Total $ 18  $ 827  $ 129  $ 22  $ 149  $ 103  $ 78  $ 1,326  0.41  %
Three months ended June 30, 2023
Dollars in millions
Commercial
Commercial and industrial $ 366  $ 59  $ 87  $ 512  0.29  %
Commercial real estate 228  60  288  0.80  %
Total commercial   594  59        147  800  0.36  %
Consumer  
Residential real estate $ 1  35  $ 1  2  39  0.08  %
Home equity 3  $ 2  5  10  0.04  %
Credit card 18  18  0.25  %
Education 1  1  0.05  %
Other consumer 1 1 0.02  %
Total consumer 1  1  38  21    1  7  69  0.07  %
Total $ 1  $ 595  $ 97  $ 21    $ 1  $ 154  $ 869  0.27  %

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

Six months ended June 30, 2024
Dollars in millions
 Principal Forgiveness Interest Rate Reduction Term Extension Payment Delay Repayment Plan Payment Delay and Term Extension Interest Rate Reduction and Term Extension Interest Rate Reduction and Payment Delay Other (c) Total % of Loan Class
Commercial
Commercial and industrial $ 18  $ 720  $ 83  $ 109  $ 112  $ 15  $ 97  $ 1,154  0.65  %
Commercial real estate 779  25  148    952  2.68  %
Total commercial 18  1,499  108  257  112  15  97  2,106  0.95  %
Consumer
Residential real estate   55  1  8  64  0.14  %
Home equity 8  $ 2    10  20  0.08  %
Credit card 39  39  0.57  %
Education 3  3  0.17  %
Other consumer 1 1 0.02  %
Total consumer   3  63  42  1  18  127  0.13  %
Total $ 18  $ 1,502  $ 171  $ 42  $ 257  $ 113  $ 15  $ 115  $ 2,233  0.69  %
Six months ended June 30, 2023
Dollars in millions
Commercial
Commercial and industrial $ 1  $ 432  $ 72  $ 91  $ 596  0.34  %
Commercial real estate 493  60  553  1.54  %
Total commercial 1    925  72          151  1,149  0.52  %
Consumer
Residential real estate $ 1  72  $ 2  3  78  0.17  %
Home equity 4  $ 5  6  15  0.06  %
Credit card 30  30  0.42  %
Education 2  2  0.10  %
Other consumer 1  1  0.02  %
Total consumer   1  2  76  36    2    9  126  0.12  %
Total $ 1  $ 1  $ 927  $ 148  $ 36    $ 2    $ 160  $ 1,275  0.40  %
(a)The unfunded lending related commitments on FDMs granted during the six months ended June 30, 2024 and 2023 were $0.3 billion and $0.1 billion, respectively.
(b)Excludes the amortized cost basis of modified loans that were paid off, charged off or otherwise liquidated as of the period end date.
(c)Represents all other modifications, and includes trial modifications and 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.



































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

Table 46 presents the weighted average financial effect of FDMs granted during the three and six months ended June 30, 2024 and 2023.

Table 46: Financial Effect of FDMs (a)
Three months ended June 30, 2024
Dollars in millions
 Amortized cost basis (b) Financial Effect
Term Extension
Commercial and industrial $539
Extended contractual term by 15 months.
Commercial real estate $538
Extended contractual term by 14 months.
Residential real estate $1
Extended contractual term by 105 months.
Education $1
Extended contractual term by 16 months.
Interest Rate Reduction
Commercial and industrial $120
Reduced contractual interest rate by 1.12%.
Residential real estate $1
Reduced contractual interest rate by 1.30%.
Payment Delay
Commercial and industrial $159
Provided 5 months of payment deferral.
Commercial real estate $84
Provided 23 months of payment deferral.
Residential real estate $30
Provided 10 months of payment deferral.
Home equity $5
Provided 5 months of payment deferral.
Three months ended June 30, 2023
Dollars in millions
 Amortized cost basis (b) Financial Effect
Term Extension
Commercial and industrial $366
Extended contractual term by 9 months.
Commercial real estate $228
Extended contractual term by 20 months.
Residential real estate $1
Extended contractual term by 123 months.
Education $1
Extended contractual term by 19 months.
Interest Rate Reduction
Residential real estate $2
Reduced contractual interest rate by 1.17%.
Payment Delay
Commercial and industrial $59
Provided 10 months of payment deferral.
Residential real estate $35
Provided 8 months of payment deferral.
Home equity $3
Provided 3 months of payment deferral.

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

Six months ended June 30, 2024
Dollars in millions
 Amortized cost basis (b) Financial Effect
Term Extension
Commercial and industrial $941
Extended contractual term by 14 months.
Commercial real estate $927
Extended contractual term by 14 months.
Residential real estate $1
Extended contractual term by 98 months.
Education $3
Extended contractual term by 12 months.
Interest Rate Reduction
Commercial and industrial $145
Reduced contractual interest rate by 1.64%.
Residential real estate $1
Reduced contractual interest rate by 1.15%.
Payment Delay
Commercial and industrial $207
Provided 7 months of payment deferral.
Commercial real estate $173
Provided 9 months of payment deferral.
Residential real estate $55
Provided 9 months of payment deferral.
Home equity $8
Provided 4 months of payment deferral.
Six months ended June 30, 2023
Dollars in millions
 Amortized cost basis (b) Financial Effect
Principal Forgiveness
Commercial and industrial $1 (c)
Forgave $2 million of principal balances.
Term Extension
Commercial and industrial $432
Extended contractual term by 10 months.
Commercial real estate $493
Extended contractual term by 17 months.
Residential real estate $2
Extended contractual term by 111 months.
Education $2
Extended contractual term by 17 months.
Interest Rate Reduction
Residential real estate $3
Reduced contractual interest rate by 1.34%.
Payment Delay
Commercial and industrial $72
Provided 6 months of payment deferral.
Residential real estate $72
Provided 8 months of payment deferral.
Home equity $4
Provided 4 months of payment deferral.
(a)Excludes the financial effects of modifications for loans that were paid off, charged off or otherwise liquidated as of the period end date.
(b)The amortized cost basis presented in Table 46 includes combination modification categories in addition to the standalone modification categories presented in Table 45. Primarily due to this reason, the amortized cost basis presented in Table 46 may not agree to the amortized cost basis presented alongside the standalone modification categories in Table 45. Amortized cost basis is as of the period end date.
(c)Amounts are recorded as charge-offs.

Repayment plans are excluded from Table 46. The terms of these programs, which are offered for certain consumer products, are as follows:
•Credit card and unsecured lines of credit
•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 an adjusted minimum payment percentage of 1.90% of the outstanding balance. 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.
•Home equity loans and lines of credit
•Fixed payment plan programs establish a modified monthly payment that is informed by the borrower’s financial situation and the current market environment at the time of modification, among other factors. As such, we may change the borrower’s interest rate, modify the term of the loan, and/or defer payment to arrive at the modified monthly payment. Each of the aforementioned terms may increase or decrease, and may vary from loan to loan, based on the individual loan and borrower characteristics.





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

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 the period end date, of FDMs granted during the twelve months preceding June 30, 2024.

Table 47: Payment Performance of FDMs Modified in the Last 12 Months (a) (b)
Twelve months ended June 30, 2024
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 $ 1,318  $ 1  $ 8    $ 235  $ 1,562 
Commercial real estate 978        433  1,411 
Total commercial 2,296  1  8    668  2,973 
Consumer  
Residential real estate 9  1    $ 1  86  97 
Home equity 3        29  32 
Credit card 45  4  4  7  1  61 
Education 6          6 
Other consumer 1        1  2 
Total consumer 64  5  4  8  117  198 
Total $ 2,360  $ 6  $ 12  $ 8  $ 785  $ 3,171 
(a)Represents amortized cost basis.
(b)Loans in our Payment Delay category are reported as past due in accordance with their contractual terms. Once contractually modified, these loans are reported as past due in accordance with their restructured terms.
The following table presents the performance as of June 30, 2023 for FDMs granted since January 1, 2023:

Table 48: Payment Performance of FDMs (a) (b)
Six months ended June 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 $ 494    $ 4  $ 1  $ 97  $ 596 
Commercial real estate 520        33  553 
Total commercial 1,014    4  1  130  1,149 
Consumer  
Residential real estate 1        77  78 
Home equity         15  15 
Credit card 20  $ 3  3  4    30 
Education 2          2 
Other consumer         1  1 
Total consumer 23  3  3  4  93  126 
Total $ 1,037  $ 3  $ 7  $ 5  $ 223  $ 1,275 
(a)Represents amortized cost basis.
(b)Loans in our Payment Delay category are reported as past due in accordance with their contractual terms. Once contractually modified, these loans are reported as past due in accordance with their restructured terms.





















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

We generally consider FDMs to have subsequently defaulted when they become 60 days past due after the most recent date the loan
was modified. The following table presents loans that were both (i) classified as FDMs, and (ii) subsequently defaulted during the period.

Table 49: Subsequently Defaulted FDMs (a)
Three months ended June 30, 2024
Dollars in millions
 Term Extension Payment Delay Repayment Plan Payment Delay/Term Extension All Other Modifications (b) Total
Commercial
Commercial and industrial $ 14  $ 1  $ 15 
Commercial real estate 32  $ 37  69 
Total commercial 14  33    37    84 
Consumer  
Residential real estate 6  $ 1  7 
Home equity 1  3  4 
Credit card $ 7  7 
Total consumer   7  7    4  18 
Total $ 14  $ 40  $ 7  $ 37  $ 4  $ 102 

Six months ended June 30, 2024
Dollars in millions
 Term Extension Payment Delay Repayment Plan Payment Delay/Term Extension All Other Modifications (b) Total
Commercial
Commercial and industrial $ 26  $ 9  $ 35 
Commercial real estate 1  33  $ 37  71 
Total commercial 27  42    37    106 
Consumer  
Residential real estate 19  $ 2  21 
Home equity 1  $ 1  5  7 
Credit card 16  16 
Total consumer   20  17    7  44 
Total $ 27  $ 62  $ 17  $ 37  $ 7  $ 150 
(a)Represents amortized cost basis.
(b)Includes the following modification categories: interest rate reduction, combinations of interest rate reduction/payment delay and interest rate reduction/term extension and other.

Subsequently defaulted loans during the three and six months ended June 30, 2023 were $46 million and $48 million, respectively.

























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

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 in our 2023 Form 10-K 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 June 30 Six months ended June 30
2024 2023 2024 2023
In millions Commercial Consumer Total Commercial Consumer Total Commercial Consumer Total Commercial Consumer Total
Allowance for loan and lease losses
Beginning balance $ 3,217  $ 1,476  $ 4,693  $ 3,046  $ 1,695  $ 4,741  $ 3,259  $ 1,532  $ 4,791  $ 3,114  $ 1,627  $ 4,741 
Adoption of ASU 2022-02 (a)       (35) (35)
Beginning balance, adjusted 3,217  1,476  4,693  3,046  1,695  4,741  3,259  1,532  4,791  3,114  1,592  4,706 
Charge-offs (198) (177) (375) (135) (158) (293) (346) (359) (705) (255) (320) (575)
Recoveries 52  61  113  36  63  99  75  125  200  61  125  186 
Net (charge-offs) (146) (116) (262) (99) (95) (194) (271) (234) (505) (194) (195) (389)
Provision for (recapture of) credit losses
172  32  204  195  (6) 189  257  94  351  220  198  418 
Other   1  1  1  1  (2) 1  (1) 2  2 
Ending balance $ 3,243  $ 1,393  $ 4,636  $ 3,142  $ 1,595  $ 4,737  $ 3,243  $ 1,393  $ 4,636  $ 3,142  $ 1,595  $ 4,737 
Allowance for unfunded lending related commitments (b)
 Beginning balance $ 528  $ 144  $ 672  $ 560  $ 112  $ 672  $ 545  $ 118  $ 663  $ 613  $ 81  $ 694 
Provision for (recapture of) credit losses 53  (8) 45  (5) (4) (9) 36  18  54  (58) 27  (31)
Ending balance $ 581  $ 136  $ 717  $ 555  $ 108  $ 663  $ 581  $ 136  $ 717  $ 555  $ 108  $ 663 
Allowance for credit losses at June 30 (c)
 $ 3,824  $ 1,529  $ 5,353  $ 3,697  $ 1,703  $ 5,400  $ 3,824  $ 1,529  $ 5,353  $ 3,697  $ 1,703  $ 5,400 
(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. 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 $112 million and $171 million at June 30, 2024 and 2023, respectively.
The ACL related to loans totaled $5.4 billion at June 30, 2024 and $5.5 billion at December 31, 2023. The reserve change was driven by improved macroeconomic factors as well as portfolio activity.

NOTE 4 LOAN SALE AND SERVICING ACTIVITIES AND VARIABLE INTEREST ENTITIES

Loan Sale and Servicing Activities

As more fully described in Note 4 Loan Sale and Servicing Activities and Variable Interest Entities in our 2023 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.

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

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 June 30, 2024
Sales of loans and related securitization activity (b) $ 703  $ 344 
Repurchases of previously transferred loans (c) $ 18   
Servicing fees (d) $ 138  $ 52 
Servicing advances recovered/(funded), net $ 17  $ (41)
Cash flows on mortgage-backed securities held (e) $ 978  $ 27 
Cash Flows - Three months ended June 30, 2023
Sales of loans and related securitization activity (b) $ 655  $ 1,202 
Repurchases of previously transferred loans (c) $ 22   
Servicing fees (d) $ 127  $ 49 
Servicing advances recovered/(funded), net $ 11  $ (15)
Cash flows on mortgage-backed securities held (e) $ 695  $ 18 
Cash Flows - Six months ended June 30, 2024
Sales of loans and related securitization activity (b) $ 1,228  $ 667 
Repurchases of previously transferred loans (c) $ 41  $ 9 
Servicing fees (d) $ 277  $ 99 
Servicing advances recovered/(funded), net $ 40  $ (17)
Cash flows on mortgage-backed securities held (e) $ 1,820  $ 101 
Cash Flows - Six months ended June 30, 2023
Sales of loans and related securitization activity (b) $ 1,171  $ 2,156 
Repurchases of previously transferred loans (c) $ 51  $ 9 
Servicing fees (d) $ 255  $ 95 
Servicing advances recovered/(funded), net $ 39  $ (64)
Cash flows on mortgage-backed securities held (e) $ 1,298  $ 30 
(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 $18.9 billion, $20.4 billion and $21.2 billion in residential mortgage-backed securities at June 30, 2024, December 31, 2023 and June 30, 2023, respectively. The carrying values of commercial mortgage-backed securities were $0.7 billion at each June 30, 2024, December 31, 2023 and June 30, 2023.
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 June 30, 2024 and December 31, 2023.
Table 52: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others
In millions Residential Mortgages Commercial Mortgages (a)
June 30, 2024
Total principal balance $ 38,132  $ 55,099 
Delinquent loans (b) $ 281  $ 107 
December 31, 2023
Total principal balance $ 39,016  $ 57,492 
Delinquent loans (b) $ 329  $ 89 
Six months ended June 30, 2024 (c)
Net charge-offs (d) $ 1  $ 61 
Six months ended June 30, 2023 (c)
Net charge-offs (d) $ 2  $ 4 
(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)There were no net charge-offs for Residential or Commercial mortgages for the three months ended June 30, 2024 and June 30, 2023.
The PNC Financial Services Group, Inc. – Form 10-Q 65  

(d)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 4 Loan Sale and Servicing Activities and Variable Interest Entities included in our 2023 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
June 30, 2024  
Mortgage-backed securitizations (b) $ 20,081  $ 20,085  (c)     
Tax credit investments and other 5,037  4,926  (d) (e) $ 2,072 
(f) (g)
Total $ 25,118  $ 25,011    $ 2,072   
December 31, 2023  
Mortgage-backed securitizations (b) $ 21,451  $ 21,453  (c)     
Tax credit investments and other 4,709  4,631  (d) (e) $ 2,119  (f) (g)
Total $ 26,160  $ 26,084    $ 2,119   
(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 $3.3 billion of LIHTCs and $0.2 billion of NMTCs at June 30, 2024, which are included in Equity investments on our Consolidated Balance Sheet. Comparable amounts at December 31, 2023 were $3.0 billion and $0.2 billion, respectively.
(f)Included in Deposits and Other liabilities on our Consolidated Balance Sheet.
(g)Amount includes $1.8 billion of LIHTCs and less than $0.1 billion of NMTCs at June 30, 2024, which are included in Other liabilities on our Consolidated Balance Sheet. Comparable amounts at December 31, 2023 were $1.6 billion and $0.2 billion, respectively.

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 six months ended June 30, 2024, we recognized $0.2 billion of amortization, $0.2 billion of tax credits and less than $0.1 billion of other tax benefits associated with qualified investments in LIHTCs and NMTCs. During the six months ended June 30, 2023, we recognized $0.2 billion of amortization, $0.2 billion of tax credits and less than $0.1 billion of other tax benefits associated with qualified investments in LIHTCs.

NOTE 5 GOODWILL AND MORTGAGE SERVICING RIGHTS

Goodwill

See Note 5 Goodwill and Mortgage Servicing Rights in our 2023 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 $3.7 billion at both June 30, 2024 and December 31, 2023, 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
66    The PNC Financial Services Group, Inc. – Form 10-Q


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 5 Goodwill and Mortgage Servicing Rights and Note 14 Fair Value in our 2023 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 2024 2023 2024 2023
January 1 $ 1,032  $ 1,113  $ 2,654  $ 2,310 
Additions:
From loans sold with servicing retained 11  32  12  10 
Purchases 24  17  29  109 
Changes in fair value due to:
Time and payoffs (a) (157) (164) (126) (113)
Other (b) 172  108  88  33 
June 30 $ 1,082  $ 1,106  $ 2,657  $ 2,349 
Related unpaid principal balance of loans serviced at June 30 $ 288,746  $ 280,023  $ 203,543  $ 191,274 
Servicing advances at June 30 $ 578  $ 485  $ 132  $ 126 
(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)Includes MSR value changes resulting from changes in interest rates and other market-driven conditions.

Sensitivity Analysis
The fair value of commercial and residential MSRs and significant inputs to the valuation models as of June 30, 2024 and December 31, 2023 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.

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

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 June 30, 2024 December 31, 2023
Fair value $ 1,082  $ 1,032 
Weighted-average life (years) 3.9 3.9
Weighted-average constant prepayment rate 5.30  % 5.51  %
Decline in fair value from 10% adverse change $ 9  $ 9 
Decline in fair value from 20% adverse change $ 16  $ 17 
Effective discount rate 9.98  % 9.64  %
Decline in fair value from 10% adverse change $ 32  $ 31 
Decline in fair value from 20% adverse change $ 64  $ 61 

Table 56: Residential Mortgage Servicing Rights – Key Valuation Assumptions
Dollars in millions
 June 30, 2024   December 31, 2023  
Fair value $ 2,657  $ 2,654   
Weighted-average life (years) 8.1 8.1  
Weighted-average constant prepayment rate 6.25  % 6.42  %
Decline in fair value from 10% adverse change $ 57  $ 60   
Decline in fair value from 20% adverse change $ 110  $ 117   
Weighted-average option adjusted spread 764  bps 765  bps
Decline in fair value from 10% adverse change $ 82  $ 83   
Decline in fair value from 20% adverse change $ 160  $ 161   

Fees from mortgage loan servicing, which include contractually specified servicing fees, late fees and ancillary fees were $0.2 billion for both the three months ended June 30, 2024 and 2023, and $0.4 billion for both the six months ended June 30, 2024 and 2023. We also generate servicing fees from 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 6 Leases in our 2023 Form 10-K.

Table 57: Lessor Income
Three months ended
June 30		 Six months ended
June 30
In millions 2024 2023 2024 2023
 Sales-type and direct financing leases (a) $ 88  $ 73  $ 172  $ 143 
 Operating leases (b) 5  15  11  31 
Lease income $ 93  $ 88  $ 183  $ 174 
(a)Included in Loans interest income on the Consolidated Income Statement.
(b)Included in Lending and deposit services on the Consolidated Income Statement.

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


NOTE 7 BORROWED FUNDS
The following table shows the carrying value of total borrowed funds at June 30, 2024 (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 $ 28,984 
1 to 2 years 13,638 
2 to 3 years 4,566 
3 to 4 years 4,065 
4 to 5 years 6,015 
Over 5 years 14,123 
Total $ 71,391 

The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of June 30, 2024, and the carrying values as of June 30, 2024 and December 31, 2023.
Table 59: FHLB Borrowings, Senior Debt and Subordinated Debt
  Stated Rate Maturity Carrying Value
Dollars in millions June 30, 2024 June 30, 2024 June 30, 2024 December 31, 2023
Parent Company
Senior debt
1.15% - 6.88%
 2024-2035 $ 24,979  $ 22,221 
Subordinated debt 4.63  % 2033 778  1,544 
Junior subordinated debt 6.18  % 2028 206  206 
Total Parent Company     25,963  23,971 
Bank
Federal Home Loan Bank borrowings (a)
5.53% - 5.93%
 2024-2026 35,000  38,000 
Senior debt
2.50% - 6.07%
 2024-2043 4,622  4,615 
Subordinated debt
2.70% - 5.90%
 2025-2029 3,094  3,125 
Total Bank     42,716  45,740 
Total     $ 68,679  $ 69,711 
(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 $(766) million and $(68) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(151) million and $(187) million, respectively, related to fair value accounting hedges as of June 30, 2024.
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 9 Borrowed Funds in our 2023 Form 10-K.

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

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 June 30, 2024 and December 31, 2023, respectively.
Table 60: Commitments to Extend Credit and Other Commitments
In millions June 30, 2024 December 31, 2023
Commitments to extend credit
Commercial $ 202,054  $ 203,080 
Home equity 24,102  23,970 
Credit card 35,249  33,978 
Other 7,457  7,363 
Total commitments to extend credit 268,862  268,391 
Net outstanding standby letters of credit (a) 10,680  10,913 
Standby bond purchase agreements (b) 1,167  1,078 
Other commitments (c) 5,077  4,386 
Total commitments to extend credit and other commitments $ 285,786  $ 284,768 
(a)Net outstanding standby letters of credit include $3.6 billion and $3.9 billion at June 30, 2024 and December 31, 2023, respectively, which support remarketing programs.
(b)We enter into standby bond purchase agreements to support municipal bond obligations.
(c)Includes $2.1 billion related to investments in qualified affordable housing projects at both June 30, 2024 and December 31, 2023.

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 97% of our net outstanding standby letters of credit were rated as Pass at June 30, 2024, 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 June 30, 2024 had terms ranging from less than one year to seven years.

As of June 30, 2024, assets of $1.0 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 $0.1 billion at June 30, 2024 and is included in Other liabilities on our Consolidated Balance Sheet.












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


NOTE 9 TOTAL EQUITY AND OTHER COMPREHENSIVE INCOME

Activity in total equity for the three and six months ended June 30, 2024 and 2023 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 March 31, 2023 (a) 399 $ 2,714  $ 7,235  $ 12,629  $ 54,598  $ (9,108) $ (19,024) $ 30  $ 49,074 
Net income 1,483  17  1,500 
Other comprehensive loss, net of tax (417) (417)
Cash dividends declared - Common (606) (606)
Cash dividends declared - Preferred (127) (127)
Preferred stock discount accretion 2  (2)  
Common stock activity 1 16  17 
Treasury stock activity (1) 3  (126) (123)
Other 49  (21) 28 
Balance at June 30, 2023 (a) 398  $ 2,715  $ 7,237  $ 12,697  $ 55,346  $ (9,525) $ (19,150) $ 26  $ 49,346 
Balance at March 31, 2024 (a) 398 $ 2,716  $ 6,243  $ 12,789  $ 56,913  $ (8,042) $ (19,279) $ 34  $ 51,374 
Net income 1,459