Form: 10-Q

Quarterly report [Sections 13 or 15(d)]

May 2, 2025

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 March 31, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to         
    
Commission file number 001-09718
The PNC Financial Services Group, Inc.
(Exact name of registrant as specified in its charter)
___________________________________________________________
Pennsylvania   25-1435979
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)
The Tower at PNC Plaza, 300 Fifth Avenue, Pittsburgh, Pennsylvania 15222-2401
(Address of principal executive offices, including zip code)

(888) 762-2265
(Registrant’s telephone number including area code)

(Former name, former address and former fiscal year, if changed since last report)
___________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s)
 Name of Each Exchange
    on Which Registered    
Common Stock, par value $5.00 PNC New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   ☒    Accelerated filer   ☐
Non-accelerated filer   ☐    Smaller reporting company   ☐
     Emerging growth company   ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
    Yes  ☐  No  ☒
As of April 16, 2025, there were 395,567,009 shares of the registrant’s common stock ($5 par value) outstanding.

THE PNC FINANCIAL SERVICES GROUP, INC.
Cross-Reference Index to First 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
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32
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34
35
36


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS TABLE REFERENCE
Table Description Page
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50
51
52
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82



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 included elsewhere in this Quarterly Report on Form 10-Q (the “Report” or “Form 10-Q”) and with Items 7, 8 and 9A of our 2024 Annual Report on Form 10-K (our “2024 Form 10-K”). For information regarding certain business, regulatory and legal risks, see the following: the Risk Management section of this Financial Review and Item 7 in our 2024 Form 10-K; Item 1A Risk Factors included in our 2024 Form 10-K; and the Commitments and Legal Proceedings Notes included in this Report and Item 8 of our 2024 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 2024 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 90 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, 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 2024 Form 10-K.











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

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
March 31 December 31 March 31
2025 2024 2024
Summary of Operations (a)
Net interest income $ 3,476  $ 3,523  $ 3,264 
Noninterest income 1,976  2,044  1,881 
Total revenue 5,452  5,567  5,145 
Provision for credit losses 219  156  155 
Noninterest expense 3,387  3,506  3,334 
Income before income taxes and noncontrolling interests
 1,846  1,905  1,656 
Income taxes
 347  278  312 
Net income $ 1,499  $ 1,627  $ 1,344 
Net income attributable to common shareholders $ 1,408  $ 1,514  $ 1,247 
Per Common Share
Basic $ 3.52  $ 3.77  $ 3.10 
Diluted $ 3.51  $ 3.77  $ 3.10 
Book value per common share $ 127.98  $ 122.94  $ 113.30 
Performance Ratios
Net interest margin (non-GAAP) (b) 2.78  % 2.75  % 2.57  %
Noninterest income to total revenue 36  % 37  % 37  %
Efficiency 62  % 63  % 65  %
Return on:
Average common shareholders’ equity 11.60  % 12.38  % 11.39  %
Average assets 1.09  % 1.14  % 0.97  %
(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 Non-GAAP Financial Information sections of this Item 2.

Table 2: Balance Sheet Highlights and Other Selected Ratios
Dollars in millions, except as noted
Unaudited		 March 31
2025		 December 31
2024		 March 31
2024
Balance Sheet Highlights (a)
Assets $ 554,722  $ 560,038  $ 566,162 
Loans $ 318,850  $ 316,467  $ 319,781 
Allowance for loan and lease losses


 		$ 4,544  $ 4,486  $ 4,693 
Interest-earning deposits with banks $ 32,298  $ 39,347  $ 53,612 
Investment securities $ 137,775  $ 139,732  $ 130,460 
Total deposits $ 422,915  $ 426,738  $ 425,624 
Borrowed funds $ 60,722  $ 61,673  $ 72,707 
Total shareholders’ equity $ 56,405  $ 54,425  $ 51,340 
Common shareholders’ equity $ 50,654  $ 48,676  $ 45,097 
Other Selected Ratios
Common equity Tier 1 (b) 10.6  % 10.5  % 10.1  %
Loans to deposits 75  % 74  % 75  %
Common shareholders’ equity to total assets 9.1  % 8.7  % 8.0  %
(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.
(b)The March 31, 2025 ratio is calculated to reflect the full impact of CECL. The December 31, 2024 and March 31, 2024 ratios are calculated to reflect PNC’s election to adopt the CECL optional five-year transition provisions. The impact of the provisions was phased-in to regulatory capital through December 31, 2024.








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

Income Statement Highlights

Net income of $1.5 billion, or $3.51 per diluted common share, for the first quarter of 2025 decreased $128 million, or 8%, compared to $1.6 billion, or $3.77 per diluted common share, for the fourth quarter of 2024, due to lower noninterest and net interest income and a higher provision for credit losses, partially offset by lower noninterest expenses.
•For the three months ended March 31, 2025 compared to the three months ended December 31, 2024:
•Total revenue of $5.5 billion decreased $115 million, or 2%.
•Net interest income of $3.5 billion decreased $47 million, or 1%, driven by two fewer days in the quarter, partially offset by the benefit of lower funding costs and fixed rate asset repricing.
•Net interest margin increased 3 basis points to 2.78%.
•Noninterest income of $2.0 billion decreased $68 million, or 3%, reflecting lower capital markets and advisory activity and higher negative Visa derivative adjustments. The first quarter of 2025 included negative $40 million of Visa derivative fair value adjustments, primarily related to litigation escrow funding, compared to negative $23 million in the fourth quarter of 2024.
•Provision for credit losses was $219 million in the first quarter of 2025 and was driven by net charge-offs, primarily in our commercial and industrial and credit card loan classes, and a net increase in the ACL due to changes in macroeconomic factors and portfolio activity. The fourth quarter of 2024 included a provision for credit losses of $156 million.
•Noninterest expense decreased $119 million, or 3%, to $3.4 billion, reflecting asset impairments recognized in the fourth quarter of $97 million as well as seasonally lower other noninterest expense and marketing.

Net income increased $155 million, or 12%, compared to $1.3 billion, or $3.10 per diluted common share, for the first three months of 2024 driven by higher net interest and noninterest income, partially offset by a higher provision for credit losses and higher noninterest expenses.
•For the three months ended March 31, 2025 compared to the three months ended March 31, 2024:
•Total revenue increased $307 million, or 6%, to $5.5 billion.
•Net interest income increased $212 million, or 6%, reflecting the benefit of lower funding costs and the continued repricing of fixed rate assets.
•Net interest margin increased 21 basis points.
•Noninterest income increased $95 million, or 5%, primarily due to higher merger and acquisition advisory activity, increased underwriting fees and higher average equity markets.
•Provision for credit losses was $219 million in the first three months of 2025. The first three months of 2024 included a provision for credit losses of $155 million.
•Noninterest expense increased $53 million, or 2%, compared to the first three months of 2024 as a result of increased business activity, technology investments and higher marketing spend.

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

Balance Sheet Highlights
Our balance sheet was well positioned at March 31, 2025. In comparison to December 31, 2024:
•Total assets of $554.7 billion decreased $5.3 billion, or 1%, reflecting lower balances held with the FRB and lower securities balances, partially offset by higher loans outstanding.
•Total loans of $318.9 billion increased $2.4 billion, or 1%.
•Total commercial loans increased $3.4 billion, or 2%, to $219.6 billion, due to higher utilization of loan commitments and new production within the commercial and industrial portfolio, partially offset by lower commercial real estate loans.
•Total consumer loans decreased $1.0 billion, or 1%, to $99.3 billion, primarily due to lower residential real estate loans, as paydowns outpaced originations.
•Investment securities decreased $2.0 billion, or 1%, to $137.8 billion, primarily due to prepayments and maturities of both available-for-sale and held-to-maturity securities outpacing purchases of available-for-sale securities.
•Interest-earning deposits with banks, primarily with the FRB, decreased $7.0 billion, or 18%, to $32.3 billion, driven by lower deposits and higher loan balances, partially offset by lower securities balances.
•Total deposits decreased $3.8 billion, or 1%, to $422.9 billion, primarily due to lower interest-bearing deposits. The decrease in interest-bearing deposits was driven by lower commercial balances and brokered time deposits, partially offset by higher consumer balances.
•Borrowed funds decreased $1.0 billion, or 2%, to $60.7 billion, due to lower FHLB advances, partially offset by parent company senior debt issuances in the first quarter of 2025.

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

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

Credit Quality Highlights

The first quarter of 2025 reflected solid credit quality performance.
•At March 31, 2025 compared to December 31, 2024:
•Overall loan delinquencies of $1.4 billion increased $49 million, or 4%, and included higher consumer loan delinquencies, primarily related to forbearance activity associated with the California wildfires.
•The ACL related to loans, which consists of the ALLL and the allowance for unfunded lending related commitments, totaled $5.2 billion at both March 31, 2025 and December 31, 2024. ACL to total loans was 1.64% at both March 31, 2025 and December 31, 2024.
•Nonperforming assets of $2.3 billion were stable.
•Net loan charge-offs of $205 million, or 0.26% of average loans, in the first quarter of 2025 decreased $45 million compared to the fourth quarter of 2024, primarily due to lower commercial real estate net loan charge-offs.

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

Capital and Liquidity Highlights

We maintained our strong capital and liquidity positions.
•Common shareholders’ equity of $50.7 billion at March 31, 2025 increased $2.0 billion compared to December 31, 2024, due to the benefit of net income and an improvement in AOCI, partially offset by common dividends paid and common share repurchases.
•In the first quarter of 2025, PNC returned $0.8 billion of capital to shareholders, including $0.6 billion of dividends on common shares and $0.2 billion of common share repurchases.
•On April 3, 2025, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.60 per share to be paid on May 5, 2025 to shareholders of record at the close of business April 16, 2025.
•Our CET1 ratio increased to 10.6% at March 31, 2025 from 10.5% at December 31, 2024.

PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding an SCB established by the Federal Reserve Board in connection with the Federal Reserve Board’s CCAR process. PNC’s SCB for the four-quarter period beginning October 1, 2024 is the regulatory minimum of 2.5%. For additional information on our liquidity and capital actions as well as our capital ratios, 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 2024 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:
•The economic fundamentals remain solid in the spring of 2025. The labor market remains strong, and job and income gains have supported consumer spending growth in early 2025. However, downside risks have materially increased with recent substantial changes to U.S. tariffs and corresponding policy changes by U.S. trading partners.
•PNC’s baseline forecast remains for continued expansion, but slower economic growth in 2025 than in 2024. High interest rates remain a drag on the economy, consumer spending growth will slow to a pace more consistent with household income growth, and government’s contribution to economic growth will be smaller.
•The baseline forecast is for real GDP growth of less than 1% in 2025 and between 1% and 2% in 2026, with the unemployment rate increasing to around 5% over the next year. However, the recent turbulence in trade policy indicates that growth may be significantly weaker than in this forecast and the unemployment rate higher. It remains to be seen the extent that policies will be implemented or persist. If implemented as proposed, higher prices will weigh on consumers and businesses, and retaliatory policy changes will weigh on U.S. exports. The large decline in equity prices will also be a drag on consumer spending. The longer the ongoing trade dispute persists, the greater the likelihood of near-term recession.
•The baseline forecast is for four federal funds rate cuts of 25 basis points each in 2025, starting in July. This would take the federal funds rate to a range between 3.25% and 3.50% at the end of 2025. High inflation could mean less monetary easing than in the forecast, but if the economy enters recession the Federal Reserve could cut the federal funds rate more aggressively this year.

Consistent with the forward guidance we provided on April 15, 2025, for the second quarter of 2025, compared to the first quarter of 2025, we expect:
•Average loans to be up approximately 1%,
•Net interest income to be up 1% to 2%,
•Fee income to be up 1% to 3%,



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

•Other noninterest income to be $150 million to $200 million,
•Total revenue to be up 1% to 3%,
•Noninterest expense to be stable,
•Net loan charge-offs to be approximately $300 million.

Consistent with the forward guidance we provided on January 16, 2025 and April 15, 2025, for the full year 2025, compared to the full year of 2024, we expect:
•Average loans to be stable,
•Spot loans to be up 2% to 3%,
•Net interest income to be up 6% to 7%,
•Noninterest income to be up approximately 5%,
•Revenue to be up approximately 6%,
•Noninterest expense to be up approximately 1%, and
•The effective tax rate to be approximately 19%.

Noninterest income, other noninterest income and total revenue guidance does not forecast net securities gains or losses or Visa activity.

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. 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 2024 Form 10-K for other factors that could cause future events to differ, perhaps materially, from those anticipated in these forward-looking statements.
CONSOLIDATED INCOME STATEMENT REVIEW

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

Net income of $1.5 billion, or $3.51 per diluted common share, for the first quarter of 2025 decreased $128 million, or 8%, compared to $1.6 billion, or $3.77 per diluted common share, for the fourth quarter of 2024, due to lower noninterest and net interest income and a higher provision for credit losses, partially offset by lower noninterest expenses. Net income increased $155 million, or 12%, compared to $1.3 billion, or $3.10 per diluted common share, for the same period in 2024, driven by higher net interest and noninterest income, partially offset by a higher provision for credit losses and higher noninterest expenses.
Table 3: Summarized Average Balances and Net Interest Income (a)
  March 31, 2025 December 31, 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		 Average
Balances		 Average
Yields/
Rates		 Interest
Income/
Expense
Assets
Interest-earning assets
Investment securities $ 142,181  3.17  % $ 1,129  $ 143,863  3.17  % $ 1,147  $ 135,434  2.62  % $ 888 
Loans 316,624  5.70  % 4,495  319,058  5.87  % 4,756  320,609  6.01  % 4,848 
Interest-earning deposits with banks (b) 34,614  4.42  % 381  37,929  4.86  % 461  48,250  5.47  % 660 
Other 10,147  6.02  % 153  10,337  6.17  % 160  8,002  6.92  % 138 
Total interest-earning assets/interest income $ 503,566  4.90  % 6,158  $ 511,187  5.04  % 6,524  $ 512,295  5.08  % 6,534 
Liabilities
Interest-bearing liabilities
Interest-bearing deposits $ 328,281  2.23  % 1,808  $ 329,126  2.43  % 2,010  $ 321,280  2.60  % 2,077 
Borrowed funds 64,505  5.25  % 846  67,169  5.61  % 961  75,590  6.07  % 1,159 
Total interest-bearing liabilities/interest expense $ 392,786  2.72  % 2,654  $ 396,295  2.95  % 2,971  $ 396,870  3.24  % 3,236 
Net interest margin/income (non-GAAP) 2.78  % 3,504  2.75  % 3,553  2.57  % 3,298 
Taxable-equivalent adjustments (28) (30) (34)
Net interest income (GAAP) $ 3,476      $ 3,523  $ 3,264 
(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
The PNC Financial Services Group, Inc. – Form 10-Q 5  

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 Table 35 Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP).
(b)Interest income from Interest-earning deposits with banks primarily includes interest earned on our balances held with the FRB and is reported as Other interest income on our Consolidated Income Statement.
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 Table 34 Average Consolidated Balance Sheet And Net Interest Analysis for additional information.

Net interest income decreased $47 million, or 1%, compared to the fourth quarter of 2024, and increased $212 million, or 6%, from the first quarter of 2024. Both comparisons reflected the benefit of lower funding costs and the continued repricing of fixed rate assets. In comparison to the fourth quarter of 2024, the benefit was more than offset by two fewer days in the quarter. Net interest margin increased 3 basis points compared to the fourth quarter of 2024, and 21 basis points compared to the first three months of 2024. In both comparisons, the increase was primarily driven by lower funding rates.

Average investment securities decreased $1.7 billion, or 1%, compared to the fourth quarter of 2024, reflecting maturities and net paydowns of held-to-maturity securities. Average investment securities increased $6.7 billion, or 5%, compared to the first three months of 2024, driven by net purchase activity of available-for-sale securities. Average investment securities represented 28% of average interest-earning assets for both the first quarter of 2025 and the fourth quarter of 2024, compared to 26% for the first quarter of 2024.

Average loans decreased $2.4 billion, compared to the fourth quarter of 2024 and $4.0 billion, compared to the first three months of 2024. In both comparisons the decrease was primarily due to lower commercial real estate loans. Average loans represented 63% of average interest-earning assets for the first quarter of 2025, compared to 62% for the fourth quarter of 2024 and 63% for the first quarter of 2024.

Average interest-earning deposits with banks for the first quarter of 2025 decreased $3.3 billion, or 9%, compared to the fourth quarter of 2024 and $13.6 billion, or 28%, compared to the first quarter of 2024, primarily due to lower brokered time deposits and borrowed funds outstanding.

Average interest-bearing deposits for the first quarter of 2025 were stable compared to the fourth quarter of 2024. Compared to the same period in 2024, average interest-bearing deposits increased $7.0 billion, or 2%, as higher commercial and consumer deposits were partially offset by lower brokered time deposits. In total, average interest-bearing deposits represented 84% of average interest-bearing liabilities for the first quarter of 2025, compared to 83% for the fourth quarter of 2024 and 81% for the first quarter of 2024.

Average borrowed funds decreased $2.7 billion, or 4%, compared to the fourth quarter of 2024, and $11.1 billion, or 15%, compared to the first quarter of 2024. In both comparisons, the decrease was driven by lower FHLB advances, partially offset by higher 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 Three months ended
  March 31 December 31 Change March 31 March 31 Change
Dollars in millions 2025 2024 $ % 2025 2024 $ %
Noninterest income
Asset management and brokerage $ 391  $ 374  $ 17  5  % $ 391  $ 364  $ 27  7  %
Capital markets and advisory 306  348  (42) (12) % 306  259  47  18  %
Card and cash management 692  695  (3) —  % 692  671  21  3  %
Lending and deposit services 316  330  (14) (4) % 316  305  11  4  %
Residential and commercial mortgage 134  122  12  10  % 134  147  (13) (9) %
Other 137  175  (38) (22) % 137  135  2  1  %
Total noninterest income $ 1,976  $ 2,044  $ (68) (3) % $ 1,976  $ 1,881  $ 95  5  %

Noninterest income as a percentage of total revenue was 36% for the first quarter of 2025 compared to 37% for both the fourth and first quarters of 2024.

Asset management and brokerage fees increased compared to the fourth quarter of 2024, driven by higher brokerage client activity and positive net flows. The increase compared to the first quarter of 2024 reflected the impact of higher average equity markets. PNC’s



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

discretionary client assets under management of $210 billion at March 31, 2025 were stable compared to $211 billion at December 31, 2024, and increased from $195 billion at March 31, 2024. Compared to March 31, 2024, the increase included the impact from higher spot equity markets.

Capital markets and advisory fees decreased compared to the fourth quarter of 2024, primarily due to lower merger and acquisition advisory activity and a decline in trading revenue. The increase compared to the first quarter of 2024 was primarily due to higher merger and acquisition advisory activity and increased trading revenue, partially offset by lower underwriting fees.

Card and cash management revenue decreased compared to the fourth quarter of 2024, as higher treasury management revenue was more than offset by seasonally lower consumer spending. The increase compared to the first three months of 2024 was primarily due to higher treasury management product revenue.

Lending and deposit services decreased compared to the fourth quarter of 2024 and included seasonally lower customer activity. The increase compared to the first quarter of 2024 reflected increased customer activity.

Residential and commercial mortgage increased compared to the fourth quarter of 2024, driven by higher results from residential mortgage rights valuation, net of economic hedge. The decrease compared to the first three months of 2024 was due to lower residential mortgage banking revenue.

Other noninterest income decreased compared to the fourth quarter of 2024, largely due to negative $40 million of Visa derivative adjustments primarily related to litigation escrow funding. Compared to the first three months of 2024, other noninterest income increased driven by higher private equity revenue, partially offset by higher negative Visa derivative adjustments. Visa derivative adjustments were negative $23 million in the fourth quarter of 2024 and negative $7 million in the first quarter of 2024.

Noninterest Expense

Table 5: Noninterest Expense
  Three months ended Three months ended
  March 31 December 31 Change March 31 March 31 Change
Dollars in millions 2025 2024 $ % 2025 2024 $ %
Noninterest expense
Personnel $ 1,890  $ 1,857  $ 33  2  % $ 1,890  $ 1,794  $ 96  5  %
Occupancy 245  240  5  2  % 245  244  1  —  %
Equipment 384  473  (89) (19) % 384  341  43  13  %
Marketing 85  112  (27) (24) % 85  64  21  33  %
Other 783  824  (41) (5) % 783  891  (108) (12) %
Total noninterest expense
 $ 3,387  $ 3,506  $ (119) (3) % $ 3,387  $ 3,334  $ 53  2  %
 
Noninterest expense decreased compared to the fourth quarter of 2024, reflecting asset impairments recognized in the fourth quarter of $97 million as well as seasonally lower other noninterest expense and marketing. Noninterest expense increased compared to the first three months of 2024 as a result of increased business activity, technology investments and higher marketing spend. The first quarter of 2024 included a pre-tax expense of $130 million related to the FDIC’s special assessment.

Effective Income Tax Rate

The effective income tax rate was 18.8% in the first quarter of 2025, 14.6% for the fourth quarter of 2024 and 18.8% in the first quarter of 2024. The fourth quarter of 2024 included a benefit from the resolution of certain tax matters.
The PNC Financial Services Group, Inc. – Form 10-Q 7  

Provision For Credit Losses
Table 6: Provision for (Recapture of) Credit Losses
  Three months ended Three months ended
March 31 December 31 Change March 31 March 31 Change
Dollars in millions 2025 2024 $ 2025 2024 $
Provision for (recapture of) credit losses
Loans and leases $ 260  $ 155  $ 105  $ 260  $ 147  $ 113 
Unfunded lending related commitments (46) (5) (41) (46) 9  (55)
Investment securities 3  —  3  3  1  2 
Other financial assets 2  6  (4) 2  (2) 4 
Total provision for credit losses $ 219  $ 156  $ 63  $ 219  $ 155  $ 64 

The provision for credit losses for the first quarter of 2025 was driven by net charge-offs, primarily in our commercial and industrial and credit card loan classes, and a net increase in the ACL due to changes in macroeconomic factors and portfolio activity.
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
  March 31 December 31 Change
Dollars in millions 2025 2024 $ %
Assets        
Interest-earning deposits with banks $ 32,298  $ 39,347  $ (7,049) (18) %
Loans held for sale 1,236  850  386  45  %
Investment securities 137,775  139,732  (1,957) (1) %
Loans 318,850  316,467  2,383  1  %
Allowance for loan and lease losses (4,544) (4,486) (58) (1) %
Mortgage servicing rights 3,564  3,711  (147) (4) %
Goodwill 10,932  10,932  —  —  %
Other 54,611  53,485  1,126  2  %
Total assets $ 554,722  $ 560,038  $ (5,316) (1) %
Liabilities
Deposits $ 422,915  $ 426,738  $ (3,823) (1) %
Borrowed funds 60,722  61,673  (951) (2) %
Allowance for unfunded lending related commitments 674  719  (45) (6) %
Other 13,960  16,439  (2,479) (15) %
Total liabilities 498,271  505,569  (7,298) (1) %
Equity
Total shareholders’ equity 56,405  54,425  1,980  4  %
Noncontrolling interests 46  44  2  5  %
Total equity 56,451  54,469  1,982  4  %
Total liabilities and equity $ 554,722  $ 560,038  $ (5,316) (1) %

Our balance sheet was well positioned at March 31, 2025. In comparison to December 31, 2024:
•Total assets decreased reflecting lower balances held with the FRB and lower securities balances, partially offset by higher loans outstanding.
•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 following discussion provides additional information about the major components of our balance sheet. Information regarding our ACL related to loans is included in the Credit Risk Management section and Critical Accounting Estimates and Judgements section of this Financial Review and in Note 3 Loans and Related Allowance for Credit Losses. 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 2024 Form 10-K.




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

Loans
Table 8: Loans
  March 31 December 31 Change
Dollars in millions 2025 2024 $ %
Commercial        
Commercial and industrial $ 180,537  $ 175,790  $ 4,747  3  %
Commercial real estate 32,307  33,619 (1,312) (4) %
Equipment lease financing 6,732  6,755 (23) —  %
Total commercial 219,576  216,164  3,412  2  %
Consumer
Residential real estate 45,890  46,415  (525) (1) %
Home equity 25,846  25,991  (145) (1) %
Automobile 15,324  15,355  (31) —  %
Credit card 6,550  6,879  (329) (5) %
Education 1,597  1,636  (39) (2) %
Other consumer 4,067  4,027  40  1  %
Total consumer 99,274  100,303  (1,029) (1) %
Total loans $ 318,850  $ 316,467  $ 2,383  1  %

Commercial loans increased due to higher utilization of loan commitments and new production within the commercial and industrial portfolio, partially offset by lower commercial real estate loans.

Consumer loans decreased primarily due to lower residential real estate loans, as paydowns outpaced originations.

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

Total investment securities of $137.8 billion at March 31, 2025 decreased $2.0 billion, or 1%, compared to December 31, 2024, primarily due to prepayments and maturities of both available-for-sale and held-to-maturity securities outpacing purchases of available-for-sale securities.

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)
  March 31, 2025 December 31, 2024
Dollars in millions Amortized
Cost (b)		 Fair
Value		 Amortized
Cost (b)		 Fair
Value
U.S. Treasury and government agencies $ 52,543  $ 51,689  $ 53,382  $ 52,075 
Agency residential mortgage-backed 72,535  67,197  73,760  67,117 
Non-agency residential mortgage-backed 725  816  744  822 
Agency commercial mortgage-backed 3,470  3,368  3,032  2,875 
Non-agency commercial mortgage-backed (c) 1,257  1,248  1,542  1,523 
Asset-backed (d) 5,215  5,285  5,733  5,793 
Other (e) 4,736  4,641  4,998  4,892 
Total investment securities (f) $ 140,481  $ 134,244  $ 143,191  $ 135,097 
(a)Of our total securities portfolio, 97% were rated AAA/AA at both March 31, 2025 and December 31, 2024.
(b)Amortized cost is presented net of the allowance for investment securities, which totaled $68 million at March 31, 2025 and primarily related to non-agency commercial mortgage-backed securities. The comparable amount at December 31, 2024 was $91 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.

Table 9 presents our investment securities portfolio by amortized cost and fair value. The difference between fair value and amortized cost at March 31, 2025 primarily reflected the impact of higher interest rates on the valuation of fixed-rate securities. We continually
The PNC Financial Services Group, Inc. – Form 10-Q 9  

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 3.4 years and 3.5 years at March 31, 2025 and December 31, 2024, respectively. We estimate that at March 31, 2025 the effective duration of investment securities was 3.4 years for an immediate 50 basis points parallel increase in interest rates and 3.4 years for an immediate 50 basis points parallel decrease in interest rates. Comparable amounts at December 31, 2024 for the effective duration of investment securities were 3.4 years and 3.5 years, respectively.

Based on expected prepayment speeds, the weighted-average expected maturity of the investment securities portfolio was 5.2 years and 5.3 years at March 31, 2025 and December 31, 2024, respectively.

Table 10: Weighted-Average Expected Maturities of Mortgage and Asset-Backed Debt Securities
March 31, 2025 Years
Agency residential mortgage-backed 6.6 
Non-agency residential mortgage-backed 10.2 
Agency commercial mortgage-backed 3.7 
Non-agency commercial mortgage-backed 0.6 
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
March 31 December 31 Change
Dollars in millions 2025 2024 $ %
Deposits        
Noninterest-bearing $ 92,369  $ 92,641  $ (272) —  %
Interest-bearing
Money market 71,655  73,801  (2,146) (3) %
Demand 126,829  128,810  (1,981) (2) %
Savings 98,596  97,147  1,449  1  %
Time deposits (a) 33,466  34,339  (873) (3) %
Total interest-bearing deposits 330,546  334,097  (3,551) (1) %
Total deposits 422,915  426,738  (3,823) (1) %
Borrowed funds
Federal Home Loan Bank advances 18,000  22,000  (4,000) (18) %
Senior debt 34,987  32,497  2,490  8  %
Subordinated debt 4,163  4,104  59  1  %
Other 3,572  3,072  500  16  %
Total borrowed funds 60,722  61,673  (951) (2) %
Total funding sources $ 483,637  $ 488,411  $ (4,774) (1) %
(a) Includes $1.2 billion of certain brokered time deposits accounted for under the fair value option at March 31, 2025.

Deposits are considered an attractive source of funding due to their stability and relatively low cost to fund. Compared to December 31, 2024, both deposits and borrowed funds declined.

Total deposits decreased primarily due to lower interest-bearing deposits. The decrease in interest-bearing deposits was driven by lower commercial balances, partially offset by higher consumer balances. This shift in deposit composition contributed to a decrease in funding costs compared to the fourth quarter of 2024. Our total brokered deposit balances of $5.9 billion at March 31, 2025 decreased compared to $7.3 billion at December 31, 2024, and were significantly below both our internal and regulatory guidelines and limits.

Borrowed funds decreased due to lower FHLB advances, partially offset by parent company senior debt issuances in the first quarter of 2025.

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

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

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 2024 Form 10-K for additional information related to our borrowings. See the Average Consolidated Balance Sheet and Net Interest Analysis section of this Financial Review for additional information on volume and related funding cost changes.
Shareholders’ Equity
Total shareholders’ equity of $56.4 billion at March 31, 2025 increased $2.0 billion, or 4%, compared to December 31, 2024, primarily due to net income of $1.5 billion and an improvement in AOCI of $1.3 billion, partially offset by dividends paid of $0.6 billion and $0.2 billion of common share repurchases.
BUSINESS SEGMENTS REVIEW
We have three reportable business segments: Retail Banking, Corporate & Institutional Banking and the Asset Management Group. Our reportable business segments are defined by the nature of products and services, types of customers, methods used to distribute products or provide services and similar financial performance.

Total business segment financial results differ from our consolidated reporting due to the remaining corporate operations, or other activities, that do not meet the criteria for disclosure as a separate reportable business. These other activities include residual activities 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. See Table 80 in Note 14 Segment Reporting for additional information.

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 11  

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 are - 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)
Three months ended March 31       Change
Dollars in millions, except as noted 2025 2024 $ %
Income Statement
Net interest income $ 2,826  $ 2,617  $ 209  8  %
Noninterest income 706  764  (58) (8) %
Total revenue 3,532  3,381  151  4  %
Provision for credit losses 168  118  50  42  %
Noninterest expense
Personnel 548  551  (3) (1) %
Segment allocations (a) 938  894  44  5  %
Depreciation and amortization 89  79  10  13  %
Other (b) 328  313  15  5  %
Total noninterest expense 1,903  1,837  66  4  %
Pretax earnings 1,461  1,426  35  2  %
Income taxes 340  333  7  2  %
Noncontrolling interests 9  8  1  13  %
Earnings $ 1,112  $ 1,085  $ 27  2  %
Average Balance Sheet
Loans held for sale $ 860  $ 478  $ 382  80  %
Loans
Consumer
Residential real estate $ 33,169  $ 34,600  $ (1,431) (4) %
Home equity 24,358  24,462  (104) —  %
Automobile 15,240  14,839  401  3  %
Credit card 6,568  6,930  (362) (5) %
Education 1,637  1,933  (296) (15) %
Other consumer 1,754  1,771  (17) (1) %
Total consumer 82,726  84,535  (1,809) (2) %
Commercial 12,840  12,620  220  2  %
Total loans $ 95,566  $ 97,155  $ (1,589) (2) %
Total assets $ 112,971  $ 114,199  $ (1,228) (1) %
Deposits
Noninterest-bearing $ 51,229  $ 53,395  $ (2,166) (4) %
Interest-bearing 193,832  195,615  (1,783) (1) %
Total deposits $ 245,061  $ 249,010  $ (3,949) (2) %
Performance Ratios
Return on average assets 3.99  % 3.85  %
Noninterest income to total revenue 20  % 23  %
Efficiency 54  % 54  %    
Supplemental Noninterest Income Information
Asset management and brokerage $ 152  $ 137  $ 15  11  %
Card and cash management $ 296  $ 306  $ (10) (3) %
Lending and deposit services $ 184  $ 178  $ 6  3  %
Residential and commercial mortgage $ 65  $ 97  $ (32) (33) %

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

(Continued from previous page)
At or for three months ended March 31
       Change
Dollars in millions, except as noted 2025 2024 $ %
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (c)
Serviced portfolio balance (d) $ 193  $ 207  $ (14) (7) %
MSR asset value (d) $ 2.5  $ 2.7  $ (0.2) (7) %
Servicing income: (in millions)
Servicing fees, net (e) $ 71  $ 82  $ (11) (13) %
Mortgage servicing rights valuation, net of economic hedge $ (4) $ (6) $ 2  33  %
Residential mortgage loan statistics
Loan origination volume (in billions) $ 1.0  $ 1.3  $ (0.3) (23) %
Loan sale margin percentage 0.58  % 2.53  %
Other Information
Credit-related statistics
Nonperforming assets (d) $ 804  $ 841  $ (37) (4) %
Net charge-offs - loans and leases $ 144  $ 139  $ 5  4  %
Other statistics
Branches (d) (f) 2,217  2,271  (54) (2) %
Brokerage account client assets (in billions) (d) (g) $ 84  $ 81  $ 3  4  %
(a)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.
(b)Other is primarily comprised of other direct expenses including outside services and equipment expense.
(c)Represents mortgage loan servicing balances for third parties and the related income.
(d)As of March 31.
(e)Servicing fees net of impact of decrease in MSR value due to passage of time, which includes the impact from regularly scheduled loan principal payments, prepayments and loans paid off during the period.
(f)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.
(g)Includes cash and money market balances.

Retail Banking earnings for the first three months of 2025 increased $27 million compared to the same period in 2024 as a result of higher net interest income, offset by higher noninterest expense, lower noninterest income and 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 declines in average deposit and loan balances.

Noninterest income decreased in the comparison due to lower residential mortgage revenue and higher negative Visa derivative adjustments primarily related to litigation escrow funding.

Provision for credit losses for the first three months of 2025 was driven by net charge-offs and changes in the ACL due to macroeconomic factors and portfolio activity.

Noninterest expense increased in the comparison due to technology investments, higher marketing spend and increased customer activity.

Retail Banking average total loans decreased in the first three months of 2025 compared to the same period in 2024. Average consumer loans decreased driven by lower residential real estate, as a result of paydowns outpacing new volume, lower credit card loan balances, and continued declines in education loans from runoff in the government guaranteed portfolio. Average commercial loans increased due to higher loan commitment utilization, primarily within the automobile dealer segment.

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 three months of 2025, average total deposits decreased compared to the same period in 2024, and included lower brokered time deposits.

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, solution centers and ATMs, which are complemented by PNC’s suite of digital capabilities. In 2024, PNC announced it would be investing approximately $1.5 billion, over the next five years, to open more than 200 new branches in key locations, including Atlanta, Austin, Charlotte, Dallas, Denver, Houston, Miami, Orlando, Phoenix, Raleigh, San Antonio, and Tampa, while completing renovations of 1,400 existing locations across the country during the same time period to enhance the customer experience.
The PNC Financial Services Group, Inc. – Form 10-Q 13  

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)
Three months ended March 31       Change
Dollars in millions, except as noted 2025 2024 $ %
Income Statement
Net interest income $ 1,652  $ 1,549  $ 103  7  %
Noninterest income 978  888  90  10  %
Total revenue 2,630  2,437  193  8  %
Provision for credit losses 49  47  2  4  %
Noninterest expense
Personnel 376  366  10  3  %
Segment allocations (a) 383  366  17  5  %
Depreciation and amortization 51  50  1  2  %
Other (b) 146  140  6  4  %
Total noninterest expense 956  922  34  4  %
Pretax earnings 1,625  1,468  157  11  %
Income taxes 377  342  35  10  %
Noncontrolling interests 4  5  (1) (20) %
Earnings $ 1,244  $ 1,121  $ 123  11  %
Average Balance Sheet
Loans held for sale $ 255  $ 151  $ 104  69  %
Loans
Commercial
Commercial and industrial $ 163,379  $ 163,326  $ 53  —  %
Commercial real estate 32,151  34,420  (2,269) (7) %
Equipment lease financing 6,692  6,467  225  3  %
Total commercial 202,222  204,213  (1,991) (1) %
Consumer 3  3  —  —  %
Total loans $ 202,225  $ 204,216  $ (1,991) (1) %
Total assets $ 227,069  $ 228,698  $ (1,629) (1) %
Deposits
Noninterest-bearing $ 39,501  $ 43,854  $ (4,353) (10) %
Interest-bearing 108,503  98,841  9,662  10  %
Total deposits $ 148,004  $ 142,695  $ 5,309  4  %
Performance Ratios
Return on average assets 2.22  % 1.99  %
Noninterest income to total revenue 37  % 36  %
Efficiency 36  % 38  %    



















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

(Continued from previous page)
(Unaudited)
Three months ended March 31 Change
Dollars in millions, except as noted 2025 2024 $ %
Other Information
Consolidated revenue from: (c)
Treasury Management (d) $ 1,049  $ 936  $ 113  12  %
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (e) $ 26  $ 10  $ 16  160  %
Commercial mortgage loan servicing income (f) 94  67  27  40  %
Commercial mortgage servicing rights valuation, net of economic hedge 39  37  2  5  %
Total $ 159  $ 114  $ 45  39  %
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (g) (h) $ 294  $ 287  $ 7  2  %
MSR asset value (g) $ 1,041  $ 1,075  $ (34) (3) %
Average loans by C&IB business
Corporate Banking $ 117,659  $ 116,845  $ 814  1  %
Real Estate 43,283  46,608  (3,325) (7) %
Business Credit 30,044  28,929  1,115  4  %
Commercial Banking 7,343  7,546  (203) (3) %
Other 3,896  4,288  (392) (9) %
Total average loans $ 202,225  $ 204,216  $ (1,991) (1) %
Credit-related statistics
Nonperforming assets (g) $ 1,372  $ 1,419  $ (47) (3) %
Net charge-offs - loans and leases $ 64  $ 108  $ (44) (41) %
(a)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.
(b)Other is primarily comprised of other direct expenses including outside services and equipment expense.
(c)See the additional revenue discussion regarding treasury management and commercial mortgage banking activities in the Product Revenue section of this Corporate & Institutional Banking section.
(d)Amounts are reported in net interest income and noninterest income.
(e)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.
(f)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.
(g)As of March 31.
(h)Represents balances related to capitalized servicing.

Corporate & Institutional Banking earnings in the first three months of 2025 increased $123 million compared to the same period in 2024 driven by higher revenue, partially offset by higher noninterest expense.

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

Noninterest income increased in the comparison primarily due to higher merger and acquisition advisory activity and growth in treasury management product revenue.

Provision for credit losses for the first three months of 2025 was driven by net charge-offs and changes in the ACL due to macroeconomic factors and portfolio activity.

Noninterest expense increased in the comparison largely due to continued investments to support business growth and higher variable compensation associated with increased business activity.

Average total loans decreased compared with the three months ended March 31, 2024:
•Corporate Banking provides lending, equipment finance, treasury management and capital markets products and services to
mid-sized and large corporations, and government and not-for-profit entities. Average loans for this business increased reflecting new production that was partially offset by lower average utilization of loan commitments.
•Real Estate provides banking, financing and servicing solutions for commercial real estate clients across the country. Average loans for this business declined largely due to paydowns outpacing new production.
•Business Credit provides asset-based lending and equipment financing solutions. The loan and lease portfolio is mainly secured by business assets. Average loans for this business increased reflecting a higher average utilization of loan commitments and new production.
•Commercial Banking provides lending, treasury management and capital markets products and services to smaller corporations and businesses. Average loans for this business declined driven by paydowns outpacing new production.

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

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 increased compared to the three months ended March 31, 2024, due to growth in interest-bearing deposits, partially offset by lower noninterest-bearing deposits. 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, international payment services and access to online/mobile information management and reporting services. Treasury management revenue is reported in noninterest income and net interest income. Noninterest income includes treasury management product revenue less earnings credits provided to customers on compensating 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 three months of 2024, treasury management revenue increased due to wider interest rate spreads on the value of deposits, higher average deposit balances and higher product revenue.

Commercial mortgage banking activities include revenue derived from commercial mortgage servicing (both net interest income and
noninterest income), revenue derived from commercial mortgage loans held for sale and hedges related to those activities. Total
revenue from commercial mortgage banking activities increased in the comparison primarily due to higher commercial mortgage loan servicing income and 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 largely driven by higher merger and acquisition advisory fees and loan syndication fees, partially offset by lower underwriting fees.

16    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, 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)
Three months ended March 31       Change
Dollars in millions, except as noted 2025 2024 $ %
Income Statement
Net interest income $ 184  $ 157  $ 27  17  %
Noninterest income 243  230  13  6  %
Total revenue 427  387  40  10  %
Provision for (recapture of) credit losses 1  (5) 6  *
Noninterest expense
Personnel 121  121  —  —  %
Segment allocations (a) 117  107  10  9  %
Depreciation and amortization 8  7  1  14  %
Other (b) 33  30  3  10  %
Total noninterest expense 279  265  14  5  %
Pretax earnings 147  127  20  16  %
Income taxes 34  30  4  13  %
Earnings $ 113  $ 97  $ 16  16  %
Average Balance Sheet
Loans
Consumer
Residential real estate $ 11,935  $ 11,688  $ 247  2  %
Other consumer 3,663  3,758  (95) (3) %
Total consumer 15,598  15,446  152  1  %
Commercial 658  849  (191) (22) %
Total loans $ 16,256  $ 16,295  $ (39) —  %
Total assets $ 16,702  $ 16,728  $ (26) —  %
Deposits
Noninterest-bearing $ 1,618  $ 1,617  $ 1  —  %
Interest-bearing 26,501  27,064  (563) (2) %
Total deposits $ 28,119  $ 28,681  $ (562) (2) %
Performance Ratios
Return on average assets 2.74  % 2.35  %
Noninterest income to total revenue 57  % 59  %
Efficiency 65  % 68  %    
Other Information (c) (d)
Nonperforming assets $ 36  $ 28  $ 8  29  %
Client Assets Under Administration (in billions) (c) (e)
Discretionary client assets under management
PNC Private Bank $ 127  $ 124  $ 3  2  %
Institutional Asset Management 83  71  12  17  %
Total discretionary clients assets under management 210  195  15  8  %
Nondiscretionary client assets under administration 201  199  2  1  %
Total $ 411  $ 394  $ 17  4  %
*- Not Meaningful
(a)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.
(b)Other is primarily comprised of other direct expenses including outside services and equipment expense.
(c)As of March 31.
(d)Net charge-offs - loans and leases were less than $0.5 million for the periods presented.
(e)Excludes brokerage account client assets. 







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

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.

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 three months of 2025 increased $16 million compared to the same period in 2024, primarily driven by higher revenue, partially offset by higher noninterest expense.

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

Noninterest income increased in the comparison primarily driven by higher average equity markets.

Noninterest expense increased in the comparison and included increased technology investments.

Average total loans were stable compared with the three months ended March 31, 2024.

Average total deposits decreased in the comparison driven by lower interest-bearing deposits.

Discretionary client assets under management increased in the comparison and included the impact from higher spot equity markets as of March 31, 2025.

RISK MANAGEMENT

The Risk Management section included in Item 7 of our 2024 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 2024 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).
























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

Credit Risk Management
Credit risk, including our credit risk management processes, is described in further detail in the Credit Risk Management section of our 2024 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
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 57% and 56% of our total loan portfolio at March 31, 2025 and December 31, 2024, 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).

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

Table 16: Commercial and Industrial Loans by Industry
March 31, 2025 December 31, 2024
Dollars in millions Amount % of Total Amount % of Total
Commercial and industrial
Financial services $ 29,335  16  % $ 27,737  16  %
Manufacturing 28,934  16  27,700  16 
Service providers 22,943  13  21,881  12 
Wholesale trade 19,176  11  18,399  10 
Real estate related (a) 15,041  8  14,910  8 
Retail trade 11,941  7  11,611  7 
Technology, media and telecommunications 9,998  6  9,767  6 
Health care 9,903  5  9,694  6 
Transportation and warehousing 7,147  4  7,320  4 
Other industries 26,119  14  26,771  15 
Total commercial and industrial loans $ 180,537  100  % $ 175,790  100  %
(a)    Represents loans to customers in the real estate and construction industries.

Owner occupied commercial real estate loans totaled $9.3 billion and $9.2 billion at March 31, 2025 and December 31, 2024, respectively. These loans are categorized as commercial and industrial as the credit decisioning 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.

Commercial Real Estate
Commercial real estate loans of $32.3 billion as of March 31, 2025 comprised $18.7 billion related to commercial mortgages on income-producing properties, $8.9 billion of intermediate-term financing loans and $4.7 billion of real estate construction project loans. At December 31, 2024, comparable amounts were $33.6 billion, $19.3 billion, $8.6 billion and $5.7 billion, respectively. Commercial real estate primarily consists of an investment in land and/or buildings held to generate income, which serves as the primary source for the repayment of the loan. However, 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.

























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

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
March 31, 2025 December 31, 2024
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
California $ 5,682  18  % $ 5,675  17  %
Florida 3,653  11  3,807  11 
Texas 3,480  11  3,763  11 
Virginia 1,462  5  1,476  4 
Arizona 1,427  4  1,438  4 
North Carolina 1,162  4  1,150  3 
Pennsylvania 1,149  4  1,213  4 
Illinois 1,145  4  1,090  3 
Nevada 1,128  3  1,043  3 
Maryland 1,061  3  1,169  3 
Other 10,958  33  11,795  37 
Total commercial real estate loans $ 32,307  100  % $ 33,619  100  %
Property Type (a)
Multifamily $ 16,010  50  % $ 16,089  48  %
Office 6,295  19  6,707  20 
Industrial/warehouse 3,571  11  3,911  12 
Retail 1,961  6  2,090  6 
Hotel/motel 1,557  5  1,567  5 
Seniors housing 1,471  5  1,731  5 
Other 1,442  4  1,524  4 
Total commercial real estate loans $ 32,307  100  % $ 33,619  100  %
(a)    Presented in descending order based on loan balances at March 31, 2025.

Commercial Real Estate: Office Portfolio
Given the fundamental change in office demand, real estate performance related to the office sector continues to be an area of uncertainty. At March 31, 2025, our outstanding loan balances in the office portfolio totaled $6.3 billion, or 2.0% of total loans, while additional unfunded loan commitments totaled $0.2 billion. The portfolio is well diversified geographically across our coast-to-coast franchise. Within the office portfolio at March 31, 2025, criticized loans totaled 32.6% and nonperforming loans totaled 12.1%, while delinquencies were 0.0%. As measured at origination, the weighted average LTV for the office portfolio was 59.0%; however, for those loans that received appraisals after March 31, 2024, the weighted average LTV for those loans has increased to 81.5% as of March 31, 2025. Since April 1, 2024, PNC received updated appraisals for 48.4% of the outstanding balance in the office portfolio. While LTV is one consideration, our risk assessment considers a number of factors in assessing the changing conditions affecting the portfolio. As of March 31, 2025, we have established reserves of 13.4% against office loans.

The greatest stress in our office portfolio is observed in multi-tenant office loans, which represents 55.1% of the portfolio at March 31, 2025. Within the multi-tenant classification, criticized levels were 53.5% while nonperforming loans totaled 21.3%, accounting for almost all of the nonperforming office population. For multi-tenant office loans that received appraisals after March 31, 2024, the weighted average LTV for those loans was 85.2% at March 31, 2025. Since April 1, 2024, PNC received updated appraisals for 72.8% of the outstanding balance in the multi-tenant office portfolio. Additionally, commercial real estate charge-offs since the beginning of 2025 have primarily been multi-tenant office loans. Given the higher level of stress, this segment has a proportionally higher reserve rate of 18.7% as of March 31, 2025. The remaining 44.9% of the office portfolio is primarily comprised of single-tenant, medical and government tenant properties. These three tenant classifications are performing considerably better, with approximately 6.7% of the book in the criticized loan category and 0.7% in the nonperforming loan category. As of March 31, 2025, the weighted average LTV inclusive of both updated property values and origination-derived values of this book is 60.8%.

The office portfolio remains an elevated area of focus for portfolio management with internal risk ratings completed quarterly for each asset (except for medical office loans), accelerated reappraisal requirements and elevated approval levels for any credit action. 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. Collateral in the office portfolio is appraised by qualified, independent third-party state certified real estate appraisers. New loans or loans being evaluated for material extensions or modifications are required to be appraised. The frequency of reappraisals outside of a credit action is based on regulatory and internal requirements. Generally, for loans with heightened risk, a cadence has been established to obtain updated appraisals at least annually to aid in determining the timing and amount of a charge-off, if deemed necessary. Loans that do not demonstrate a heightened risk are
The PNC Financial Services Group, Inc. – Form 10-Q 21  

monitored through our ongoing management of the portfolio, including any need for a new appraisal. All appraisals are reviewed by independent qualified real estate valuation personnel. For existing office building loans, PNC employs the as-is market value from third-party appraisals to calculate LTV.

Given the ongoing uncertainty 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 41.0% through the twelve months ended March 31, 2026. 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 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 reflect the expected credit losses in the portfolio.

Commercial Real Estate: Multifamily Portfolio
As of March 31, 2025, our outstanding loan balances in the multifamily portfolio totaled $16.0 billion, or 5.0% of total loans, while additional unfunded loan commitments totaled $2.0 billion. Although inflationary pressures, higher interest rates and elevated supply in certain markets 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. Additionally, the portfolio is well diversified geographically across our coast-to-coast franchise. 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 March 31, 2025 and December 31, 2024.

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
March 31, 2025 December 31, 2024
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
California $ 19,691  43  % $ 19,869  43  %
Texas 3,680  8  3,748  8 
Washington 3,456  8  3,481  7 
Florida 3,126  7  3,171  7 
New Jersey 1,832  4  1,847  4 
New York 1,470  3  1,493  3 
Arizona 1,304  3  1,340  3 
Pennsylvania 1,192  3  1,197  3 
Colorado 1,125  2  1,139  2 
North Carolina 951  2  963  2 
Other 8,063  17  8,167  18 
Total residential real estate loans
 $ 45,890  100  % $ 46,415  100  %
March 31, 2025 December 31, 2024
Weighted-average loan origination statistics (b)
Loan origination FICO score 773 773
LTV of loan originations 72  % 73  %
(a)Presented in descending order based on loan balances at March 31, 2025.
(b)Weighted-averages calculated for the twelve months ended March 31, 2025 and December 31, 2024, 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 $41.3 billion at March 31, 2025, with 46% located in California. Comparable amounts at December 31, 2024 were $41.7 billion and 46%, respectively.

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

Home Equity
Home equity loans of $25.8 billion as of March 31, 2025 were comprised of $21.5 billion of home equity lines of credit and $4.3 billion of closed-end home equity installment loans. At December 31, 2024, comparable amounts were $26.0 billion, $21.3 billion and $4.7 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 obtain loan attributes at origination, including FICO scores and LTVs, and we update these and other credit metrics at least quarterly. Borrower performance of this portfolio is tracked on a monthly basis. We also segment the population into pools based on product type (e.g., first lien product and second lien product) 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
March 31, 2025 December 31, 2024
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
Pennsylvania $ 4,420  17  % $ 4,504  17  %
New Jersey 3,137  12  3,153  12 
Florida 2,235  9  2,239  9 
Ohio 2,123  8  2,145  8 
California 1,750  7  1,743  7 
Texas 1,322  5  1,299  5 
Maryland 1,196  5  1,209  5 
Michigan 1,150  4  1,166  4 
Illinois 1,023  4  1,032  4 
North Carolina 993  4  1,001  4 
Other 6,497  25  6,500  25 
Total home equity loans $ 25,846  100  % $ 25,991  100  %
Lien type
1st lien 48  % 49  %
2nd lien 52  51 
Total 100  % 100  %
March 31, 2025 December 31, 2024
Weighted-average loan origination statistics (b)
Loan origination FICO score 774 773
LTV of loan originations 62  % 62  %
(a)Presented in descending order based on loan balances at March 31, 2025.
(b)Weighted-averages calculated for the twelve months ended March 31, 2025 and December 31, 2024, respectively.

Automobile
Auto loans of $15.3 billion as of March 31, 2025 comprised $14.3 billion in the indirect auto portfolio and $1.0 billion in the direct auto portfolio. At December 31, 2024, comparable amounts were $15.4 billion, $14.4 billion and $1.0 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 PNC Financial Services Group, Inc. – Form 10-Q 23  

The following table presents certain key statistics related to our indirect and direct auto portfolios:

Table 20: Auto Loan Statistics
March 31, 2025 December 31, 2024
Weighted-average loan origination FICO score (a) (b)
Indirect auto 795 793
Direct auto 786 786
Weighted-average term of loan originations - in months (a)
Indirect auto 72 72
Direct auto 64 64
(a)Weighted-averages calculated for the twelve months ended March 31, 2025 and December 31, 2024, respectively.
(b)Calculated using the auto enhanced FICO scale.

We continue to focus on borrowers with strong credit profiles as evidenced by the weighted-average loan origination FICO scores noted in Table 20. We offer both new and used auto financing to customers through our various channels. At March 31, 2025, the portfolio balance was composed of 43% new vehicle loans and 57% used vehicle loans. Comparable amounts at December 31, 2024 were 43% and 57%, 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 2024 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
  March 31, 2025 December 31, 2024 Change
Dollars in millions $ %
Nonperforming loans
       
Commercial $ 1,467  $ 1,462  $ 5  —  %
Consumer (a)
 825  864  (39) (5) %
Total nonperforming loans 2,292  2,326  (34) (1) %
OREO and foreclosed assets 32  31  1  3  %
Total nonperforming assets $ 2,324  $ 2,357  $ (33) (1) %
Nonperforming loans to total loans 0.72  % 0.73  %
Nonperforming assets to total loans, OREO and foreclosed assets 0.73  % 0.74  %
Nonperforming assets to total assets 0.42  % 0.42  %
Allowance for loan and lease losses to nonperforming loans 198  % 193  %    
Allowance for credit losses to nonperforming loans (b)
 228  % 224  %
(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.



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

The following table provides details on the change in nonperforming assets for the three months ended March 31, 2025 and 2024:

Table 22: Change in Nonperforming Assets
In millions 2025 2024
January 1 $ 2,357  $ 2,216 
New nonperforming assets 477  616 
Charge-offs and valuation adjustments (135) (133)
Principal activity, including paydowns and payoffs (156) (188)
Asset sales and transfers to loans held for sale (77) (16)
Returned to performing status (142) (80)
March 31 $ 2,324  $ 2,415 

As of March 31, 2025, approximately 96% of total nonperforming loans were secured by collateral.

Loan Delinquencies
We regularly monitor the level of loan delinquencies and believe these levels are a key indicator of credit quality in our loan portfolio. Measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due 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 address operating environment changes such as inflation levels, industry specific risks (including tariffs), interest rate levels, the level of consumer savings and deposit balances, and structural and secular changes such as those that arose 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
  March 31, 2025 December 31, 2024 Change March 31, 2025 December 31, 2024
Dollars in millions $ %
Early stage loan delinquencies            
Accruing loans past due 30 to 59 days $ 774  $ 697  $ 77  11  % 0.24  % 0.22  %
Accruing loans past due 60 to 89 days 278  288  (10) (3) % 0.09  % 0.09  %
Total early stage loan delinquencies 1,052  985  67  7  % 0.33  % 0.31  %
Late stage loan delinquencies
Accruing loans past due 90 days or more 379  397  (18) (5) % 0.12  % 0.13  %
Total accruing loans past due $ 1,431  $ 1,382  $ 49  4  % 0.45  % 0.44  %
(a)Past due loan amounts include government insured or guaranteed loans of $0.3 billion at March 31, 2025 and $0.4 billion at December 31, 2024.

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

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 2024 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 March 31, 2025.

The following table summarizes our ACL related to loans:

Table 24: Allowance for Credit Losses by Loan Class (a)
March 31, 2025 December 31, 2024

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 $ 1,704  $ 180,537  0.94  % $ 1,605  $ 175,790  0.91  %
Commercial real estate 1,433  32,307  4.44  % 1,483  33,619  4.41  %
Equipment lease financing 68  6,732  1.01  % 60  6,755  0.89  %
Total commercial 3,205  219,576  1.46  % 3,148  216,164  1.46  %
Consumer
Residential real estate 43  45,890  0.09  % 37  46,415  0.08  %
Home equity 286  25,846  1.11  % 266  25,991  1.02  %
Automobile 167  15,324  1.09  % 160  15,355  1.04  %
Credit card 621  6,550  9.48  % 664  6,879  9.65  %
Education 48  1,597  3.01  % 48  1,636  2.93  %
Other consumer 174  4,067  4.28  % 163  4,027  4.05  %
Total consumer 1,339  99,274  1.35  % 1,338  100,303  1.33  %
Total 4,544  $ 318,850  1.43  % 4,486  $ 316,467  1.42  %
Allowance for unfunded lending related commitments
 674  719 
Allowance for credit losses
 $ 5,218  $ 5,205 
Allowance for credit losses to total loans 1.64  % 1.64  %
Commercial 1.70  % 1.72  %
Consumer 1.50  % 1.47  %
(a)    Excludes allowances for investment securities and other financial assets, which together totaled $91 million and $114 million at March 31, 2025 and December 31, 2024, respectively.


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

The following table summarizes our loan charge-offs and recoveries:
Table 25: Loan Charge-Offs and Recoveries
Three months ended March 31 Gross
Charge-offs		 Recoveries Net Charge-offs /
(Recoveries)		 % of Average
Loans (Annualized)
Dollars in millions
2025
Commercial
Commercial and industrial $ 103  $ 35  $ 68  0.16  %
Commercial real estate 18  5  13  0.16  %
Equipment lease financing 10  7  3  0.18  %
Total commercial 131  47  84  0.16  %
Consumer
Residential real estate 2  2  —  —  %
Home equity 9  8  1  0.02  %
Automobile 35  23  12  0.32  %
Credit card 90  15  75  4.63  %
Education 5  2  3  0.74  %
Other consumer 40  10  30  2.99  %
Total consumer 181  60  121  0.49  %
  Total $ 312  $ 107  $ 205  0.26  %
2024
Commercial
Commercial and industrial $ 84  $ 19  $ 65  0.15  %
Commercial real estate 56  2  54  0.61  %
Equipment lease financing 8  2  6  0.37  %
Total commercial 148  23  125  0.23  %
Consumer
Residential real estate 1  3  (2) (0.02) %
Home equity 10  9  1  0.02  %
Automobile 32  25  7  0.19  %
Credit card 92  15  77  4.46  %
Education 4  2  2  0.42  %
Other consumer 43  10  33  3.16  %
Total consumer 182  64  118  0.47  %
  Total $ 330  $ 87  $ 243  0.30  %

Total net charge-offs decreased $38 million, or 16%, for the first three months of 2025 compared to the same period in 2024. The decrease in the comparison was primarily attributable to lower commercial real estate net charge-offs.

See Note 1 Accounting Policies in our 2024 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 2024 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 PNC and PNC Bank exceeded the regulatory minimum requirement throughout the first quarter of 2025. Fluctuations in our 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 PNC and PNC Bank exceeded the regulatory minimum requirement throughout the first quarter of 2025.
The PNC Financial Services Group, Inc. – Form 10-Q 27  

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 2024 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 $422.9 billion at March 31, 2025 from $426.7 billion at December 31, 2024, primarily due to lower interest-bearing deposits. The decrease in interest-bearing deposits was driven by lower commercial balances and brokered time deposits, partially offset by higher consumer balances. As of March 31, 2025, uninsured deposits represented approximately 44% 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 section in the Consolidated Balance Sheet Review and the Business Segments Review of this Financial Review for additional information on our deposits and related strategies.
We may also obtain liquidity through various forms of funding, such as senior notes, subordinated debt, FHLB advances, securities sold under repurchase agreements, commercial paper and other short-term borrowings. See the Funding Sources section in the Consolidated Balance Sheet Review of this Financial Review and Note 7 Borrowed Funds included 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 2025
January 1 $ 36.6 
Issuances 2.7 
Calls and maturities (0.8)
Other 0.7 
March 31 $ 39.2 

Additionally, PNC maintains access to contingent funding sources that include unused borrowing capacity and certain liquid assets. 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 time deposits. 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 FRB, investment securities and unused borrowing capacity at the FHLB and FRB. The following table summarizes our primary contingent liquidity sources at March 31, 2025 and December 31, 2024:
Table 27: Primary Contingent Liquidity Sources
In billions
 March 31, 2025 December 31, 2024
Cash balance with Federal Reserve Bank $ 31.9  $ 39.0 
Available investment securities (a) 67.2  64.5
Unused borrowing capacity from FHLB (b) 51.8  51.0
Unused borrowing capacity from Federal Reserve Bank (c) 78.6  77.9
Total available contingent liquidity $ 229.5  $ 232.4 
(a)Represents the fair value of investment securities that can be used for pledging or to secure other sources of funding.
(b)At March 31, 2025, total FHLB borrowing capacity was $70.1 billion and total FHLB advances and letters of credit were $18.3 billion. Comparable amounts at December 31, 2024 were $73.3 billion and $22.3 billion, respectively.
(c)Total borrowing capacity with the FRB was $78.6 billion at March 31, 2025 and $77.9 billion at December 31, 2024. PNC had no outstanding borrowings with the FRB at March 31, 2025 and December 31, 2024.






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

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 March 31, 2025, PNC Bank’s remaining capacity to issue under the program was $33.0 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 March 31, 2025, 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 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 March 31, 2025, available parent company liquidity totaled $27.4 billion. Parent company liquidity is held in intercompany cash and investments. For investments with longer durations, the related maturities are aligned with scheduled cash needs, such as the maturity of parent company debt obligations.

The principal source of parent company liquidity is the dividends or other capital distributions it receives from PNC Bank, which may be impacted by the following:
•Bank-level capital needs,
•Laws, regulations and the results of supervisory activities,
•Corporate policies,
•Contractual restrictions, and
•Other factors.

There are statutory and regulatory limitations on the ability of a national bank to pay dividends or make other capital distributions or to extend credit to the parent company or its non-bank subsidiaries. The amount available for dividend payments by PNC Bank to the parent company without prior regulatory approval was $6.1 billion at March 31, 2025. See Note 19 Regulatory Matters in our 2024 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 March 31, 2025, there were no issuances outstanding under this program.
The following table details Parent Company note issuances during the first quarter of 2025:

Table 28: Parent Company Notes Issued
Issuance Date Amount Description of Issuance
January 29, 2025 $1.0 billion
$1.0 billion of senior fixed-to-floating rate notes with a maturity date of January 29, 2031. Interest is payable semi-annually in arrears at a fixed rate of 5.222% per annum, on January 29 and July 29 of each year, beginning on July 29, 2025. Beginning on January 29, 2030 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 1.072%, on April 29, 2030, July 29, 2030, October 29, 2030 and at the maturity date.
January 29, 2025 $1.75 billion
$1.75 billion of senior fixed-to-floating rate notes with a maturity date of January 29, 2036. Interest is payable semi-annually in arrears at a fixed rate of 5.575% per annum, on January 29 and July 29 of each year, beginning on July 29, 2025. Beginning on January 29, 2035 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 1.394%, on April 29, 2035, July 29, 2035, October 29, 2035 and at the maturity date.

Parent company senior and subordinated debt carrying value totaled $31.6 billion and $28.4 billion at March 31, 2025 and December 31, 2024, respectively.

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

Contractual Obligations and Commitments
We enter into various contractual arrangements in in the normal course of business, certain of which require future payments on borrowed funds, time deposits, leases, pension and postretirement benefits and purchase obligations that could impact our liquidity and capital resources. See the Liquidity and Capital Management portion of the Risk Management section of our 2024 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 2024 Form 10-K.
The following table presents credit ratings and outlook for PNC as of March 31, 2025:
Table 29: Credit Ratings and Outlook
March 31, 2025
  
Moody’s
Standard & Poor’s (a)
 Fitch
PNC
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
(b)
 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.
(b)Moody’s upgraded PNC Bank’s subordinated debt rating to A2 as of April 10, 2025.

Capital Management
Detailed information on our capital management processes and activities is included in the Supervision and Regulation section of Item 1 of our 2024 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 first quarter of 2025, PNC returned $0.8 billion of capital to shareholders, including $0.6 billion of dividends on common shares and $0.2 billion of common share repurchases. 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 41% were still available for repurchase at March 31, 2025. Second quarter 2025 share repurchase activity is expected to increase as compared to recent quarterly average share repurchase levels. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. PNC’s SCB for the four-quarter period beginning October 1, 2024 is the regulatory minimum of 2.5%.

On April 3, 2025 the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.60 per share to be paid on May 5, 2025 to shareholders of record at the close of business April 16, 2025.


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

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

Table 30: Basel III Capital
March 31, 2025
Dollars in millions
Basel III
Common equity Tier 1 capital
Common stock plus related surplus, net of treasury stock $ (4,160)
Retained earnings 60,051 
Goodwill, net of associated deferred tax liabilities (10,698)
Other disallowed intangibles, net of deferred tax liabilities (216)
Other adjustments/(deductions) (84)
Common equity Tier 1 capital (a)
 $ 44,893 
Additional Tier 1 capital
Preferred stock plus related surplus 5,751 
Tier 1 capital $ 50,644 
Additional Tier 2 capital
Qualifying subordinated debt 2,215 
Eligible credit reserves includable in Tier 2 capital 5,152 
Total Basel III capital $ 58,011 
Risk-weighted assets
Basel III standardized approach risk-weighted assets (b)
 $ 423,931 
Average quarterly adjusted total assets $ 548,955 
Supplementary leverage exposure (c)
 $ 665,576 
Basel III risk-based capital and leverage ratios (d)
Common equity Tier 1 10.6  %
Tier 1 11.9  %
Total 13.7  %
Leverage (e)
 9.2  %
Supplementary leverage ratio (c)
 7.6  %
(a)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.
(b)Basel III standardized approach risk-weighted assets are based on the Basel III standardized approach rules and include credit and market risk-weighted assets.
(c)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.
(d)All ratios are calculated using the regulatory capital methodology applicable to PNC and calculated based on the standardized approach.
(e)The 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.
In the first quarter of 2025, CECL is fully reflected in regulatory capital. See additional discussion of the CECL transition provision in the Supervision and Regulation section of Item 1 Business and Item 1A Risk Factors of our 2024 Form 10-K.
At March 31, 2025, 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%.

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 March 31, 2025 capital levels were aligned with them.

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

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 2024 Form 10-K.

Market Risk Management
See the Market Risk Management portion of the Risk Management section in our 2024 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 first quarters of 2025 and 2024 follow:

Table 31: Net Interest Income Sensitivity Analysis
First Quarter 2025 First Quarter 2024
Net Interest Income Sensitivity Simulation (a)
Effect on NII in first year from shocked interest rate:
200 basis point instantaneous increase —  % (0.2) %
200 basis point instantaneous decrease (1.2) % (0.2) %
(a)The effect on NII in the first year from a 100 basis point instantaneous increase or decrease is not materially different from the 200 basis point scenarios as disclosed above.
When forecasting NII, 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 first quarter 2025, the projected balance sheet composition by the end of year one is generally consistent with the spot composition at March 31, 2025.
Balance Sheet Forecast: Our balance sheet forecast is based on various assumptions that include key interest rate risk aspects such as loan and deposit growth, as well as mix, and is consistent with our guidance.

Deposit Betas: Deposit pricing changes are primarily driven by changes in the Federal Funds rate. PNC’s cumulative deposit beta was 51% through March 2025. We define deposit beta as the change in deposit rate paid on total interest-bearing deposits divided by the change in the upper level of the average stated Federal Funds rate range since August 2024, the start of the current easing rate cycle. For rate sensitivity purposes, PNC assumes the cumulative deposit beta will decrease modestly from the current level. 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 as well as future expectations, and are periodically updated to reflect the current view of future expectations. 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 other 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: As part of our risk management strategy, PNC uses interest rate derivatives, some of which are forward starting, to hedge floating rate commercial loans. PNC had $58.6 billion in active and forward starting receive fix / pay float swaps as of March 31, 2025, with a weighted average duration of 2.5 years and an average fixed rate of 3.68%. As of March 31, 2025, 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 to hedge fixed rate debt and deposits, as well as pay fix / receive float swaps to

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

hedge the investment securities portfolio. See Note 12 Financial Derivatives for additional information on how we use derivatives to hedge these financial instruments.

Compared to the first quarter of 2024, there have been no material changes to our NII sensitivity assumptions, including data sources that drive assumptions setting.
EVE sensitivity results for the first quarters of 2025 and 2024 follow:
Table 32: Economic Value of Equity Sensitivity Analysis
First Quarter 2025 First Quarter 2024
Economic Value of Equity Sensitivity Simulation
200 basis point instantaneous increase (2.2) % (5.7) %
200 basis point instantaneous decrease (2.9) % (1.6) %

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. Directionally, higher deposit beta assumptions result in increasing liability sensitivity whereas lower deposit betas increase asset sensitivity. Conceptually similar, higher loan prepayment assumptions cause an increase in asset sensitivity and lower prepayments result in an increase in liability sensitivity. These behavioral modeling assumptions are largely consistent between the EVE and NII sensitivity analyses, and also share the same starting balance sheet position as of March 31, 2025. Deposit attrition is also 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. PNC performs various sensitivity analyses to understand the impact of faster and slower deposit attrition, loan prepayments and deposit betas on our risk metrics, with the results reported to ALCO.

In the first quarter of 2025, PNC introduced a new deposit runoff model for EVE. Relative to the legacy model, the new deposit model uses an improved functional form for capturing rate sensitivity and also takes into account more recent deposit behavioral data.

As a result of the introduction of the new deposit model, PNC's estimated balance sheet duration decreased, becoming more neutral. The model change results in our estimated EVE having more symmetrical exposure to +200 bps and -200 bps shocks, as compared to the prior model which resulted in our balance sheet facing greater exposure to +200 bps rate shock and minimal exposure to a -200 bps rate shock.

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 and funding 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. A diversified VaR reflects empirical
correlations across different asset classes. 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 2024 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 three months ended March 31, 2025, compared to $16 million for the same period in 2024, and is recorded in Capital markets and advisory noninterest income and Other interest income on our Consolidated Income Statement. The increase was primarily due to higher derivative customer-related trading revenue, partially offset by lower securities customer-related trading revenue.
Market Risk Management – Equity And Other Investment Risk
Equity investment risk is the risk of potential losses associated with investing in both private and public equity markets. In addition to extending credit, taking deposits, underwriting securities and trading financial instruments, we make and manage direct investments in a variety of transactions, including management buyouts, recapitalizations and growth financings in a variety of industries. We also have investments in affiliated and non-affiliated funds that make similar investments in private equity, consistent with regulatory limitations. The economic and/or book value of these investments and other assets are directly affected by changes in market factors.
Various PNC business units manage our equity and other investment activities. Our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines.
The PNC Financial Services Group, Inc. – Form 10-Q 33  

A summary of our equity investments follows:
Table 33: Equity Investments Summary
  March 31, 2025 December 31, 2024 Change
Dollars in millions $ %
Tax credit investments $ 4,981  $ 5,066  $ (85) (2) %
Private equity and other 4,467  4,534  (67) (1) %
Total $ 9,448  $ 9,600  $ (152) (2) %

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 $2.9 billion at both March 31, 2025 and December 31, 2024. 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 2024 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 $2.4 billion and $2.3 billion at March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025, $2.2 billion was invested directly in a variety of companies, and $0.2 billion was invested indirectly through various private equity funds.

PNC owns Visa Class B-2 common shares which were previously converted from Visa Class B-1 common shares as a result of the Visa exchange program in 2024. The Visa Class B-2 common shares, which are included in our other equity investments at cost, 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.

The Visa Class B-2 common shares that we own are transferable only under limited circumstances until either 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. At March 31, 2025, the estimated value of our total investment in the Visa Class B-2 common shares was approximately $0.9 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 2024 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 losses related to these investments were $4 million and $6 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

Financial Derivatives
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.

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.

Further information on our financial derivatives is presented in Note 1 Accounting Policies, Note 14 Fair Value and Note 15 Financial Derivatives in our 2024 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.



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

AVERAGE CONSOLIDATED BALANCE SHEET AND NET INTEREST ANALYSIS
The following tables show PNC’s average consolidated balance sheet results and analysis of net interest income:
Table 34: Average Consolidated Balance Sheet and Net Interest Analysis (a) (b) (c)
   Three months ended March 31
  2025 2024
Taxable-equivalent basis
Dollars in millions		 Average
Balances		 Interest Income/Expense Average Yields/Rates Average
Balances		 Interest Income/
Expense		 Average Yields/
Rates
Assets
Interest-earning assets:
Investment securities
Securities available-for-sale
Residential mortgage-backed $ 33,793  $ 311  3.68  % $ 30,989  $ 233  3.00  %
Commercial mortgage-backed 2,899 21  2.92  % 2,622  20  2.99  %
Asset-backed 2,322 32  5.46  % 1,414  21  6.02  %
U.S. Treasury and government agencies 24,382 274  4.50  % 8,199  55  2.67  %
Other 2,284 16  2.73  % 2,776  18  2.63  %
Total securities available-for-sale 65,680 654 3.98  % 46,000  347  3.01  %
Securities held-to-maturity
Residential mortgage-backed 40,045  284  2.84  % 42,633  295  2.77  %
Commercial mortgage-backed 1,687  20  4.70  % 2,252  31  5.46  %
Asset-backed 3,158  31  3.97  % 5,627  63  4.49  %
U.S. Treasury and government agencies 28,931  108  1.49  % 35,860  117  1.31  %
Other 2,680 32  4.69  % 3,062  35  4.52  %
Total securities held-to-maturity 76,501 475  2.48  % 89,434  541  2.42  %
Total investment securities 142,181 1,129  3.17  % 135,434  888  2.62  %
Loans
Commercial and industrial 177,333 2,543  5.74  % 177,258  2,771  6.18  %
Commercial real estate 33,067 490  5.94  % 35,522  599  6.67  %
Equipment lease financing 6,692 85  5.05  % 6,468  84  5.17  %
Consumer 53,421 941  7.14  % 53,933  961  7.16  %
Residential real estate 46,111 436  3.78  % 47,428  433  3.65  %
Total loans 316,624 4,495  5.70  % 320,609  4,848  6.01  %
Interest-earning deposits with banks 34,614 381  4.42  % 48,250  660  5.47  %
Other interest-earning assets 10,147 153  6.02  % 8,002  138  6.92  %
Total interest-earning assets/interest income 503,566 6,158  4.90  % 512,295  6,534  5.08  %
Noninterest-earning assets 52,811 50,553 
Total assets $ 556,377  $ 562,848 
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market $ 73,063  539  2.99  % $ 67,838  582  3.45  %
Demand 125,046 577  1.87  % 122,748  690  2.26  %
Savings 97,409 393  1.64  % 97,719  439  1.81  %
Time deposits 32,763 299  3.69  % 32,975  366  4.44  %
Total interest-bearing deposits 328,281 1,808  2.23  % 321,280  2,077  2.60  %
Borrowed funds
Federal Home Loan Bank advances 19,703 233  4.73  % 37,717  539  5.65  %
Senior debt 34,933 493  5.64  % 28,475  474  6.59  %
Subordinated debt 4,320 59  5.54  % 5,082  85  6.64  %
Other 5,549 61  4.38  % 4,316  61  5.59  %
Total borrowed funds 64,505  846  5.25  % 75,590  1,159  6.07  %
Total interest-bearing liabilities/interest expense 392,786 2,654  2.72  % 396,870  3,236  3.24  %
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits 92,367 98,875 
Accrued expenses and other liabilities 16,214 16,404 
Equity 55,010 50,699 
Total liabilities and equity $ 556,377      $ 562,848     
Interest rate spread 2.18  % 1.84  %
Impact of noninterest-bearing sources     0.60    0.73 
Net interest income/margin   $ 3,504  2.78  %   $ 3,298  2.57  %







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

  (Continued from previous page) Three months ended December 31
  2024
Taxable-equivalent basis
Dollars in millions		 Average Balances Interest Income/
Expense		 Average Yields/
Rates
Assets
Interest-earning assets:
Investment securities
Securities available-for-sale
Residential mortgage-backed $ 32,865  $ 297  3.60  %
Commercial mortgage-backed 2,867 22  3.11  %
Asset-backed 2,344 33  5.77  %
U.S. Treasury and government agencies 23,086 280  4.75  %
Other 2,445 16  2.69  %
Total securities available-for-sale 63,607 648  4.04  %
Securities held-to-maturity
Residential mortgage-backed 40,833  289  2.83  %
Commercial mortgage-backed 1,880  24  5.05  %
Asset-backed 3,720  40  4.31  %
U.S. Treasury and government agencies 31,049  113  1.46  %
Other 2,774 33  4.69  %
Total securities held-to-maturity 80,256 499  2.48  %
Total investment securities 143,863 1,147  3.17  %
Loans
Commercial and industrial 177,433 2,691  5.94  %
Commercial real estate 34,476 549  6.24  %
Equipment lease financing 6,737 93  5.43  %
Consumer 53,735 985  7.29  %
Residential real estate 46,677 438  3.75  %
Total loans 319,058 4,756  5.87  %
Interest-earning deposits with banks 37,929 461  4.86  %
Other interest-earning assets 10,337 160  6.17  %
Total interest-earning assets/interest income 511,187 6,524  5.04  %
Noninterest-earning assets 52,911
Total assets $ 564,098 
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market $ 73,219  584  3.18  %
Demand 124,294 641  2.05  %
Savings 95,957 410  1.70  %
Time deposits 35,656 375  4.15  %
Total interest-bearing deposits 329,126 2,010  2.43  %
Borrowed funds
Federal Home Loan Bank advances 24,014 310  5.06  %
Senior debt 32,572 510  6.12  %
Subordinated debt 4,324 66  6.10  %
Other 6,259 75  4.70  %
Total borrowed funds 67,169 961  5.61  %
Total interest-bearing liabilities/interest expense 396,295 2,971  2.95  %
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits 96,136
Accrued expenses and other liabilities 17,068
Equity 54,599
Total liabilities and equity $ 564,098     
Interest rate spread 2.09  %
Impact of noninterest-bearing sources     0.66 
Net interest income/margin   $ 3,553  2.75  %

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

(a)Nonaccrual loans are included in loans, net of unearned income. The impact of financial derivatives used in interest rate risk management is included in the interest income/expense and average yields/rates of the related assets and liabilities. Fair value adjustments related to hedged items are included in noninterest-earning assets and noninterest-bearing liabilities. Average balances of securities are based on amortized historical cost (excluding adjustments to fair value and unsettled activity, which are included in noninterest-earning assets). Average balances for certain loans and borrowed funds accounted for at fair value are included in noninterest-earning assets and noninterest-bearing liabilities, with changes in fair value recorded in Noninterest income.
(b)Loan fees for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 were $43 million, $50 million and $47 million, respectively.
(c)Interest income calculated as taxable-equivalent interest income. See Reconciliation of Taxable-Equivalent Net Interest Income in the Non-GAAP Financial Information section for more information.

NON-GAAP FINANCIAL INFORMATION
PNC reports certain financial measures that are not in accordance with GAAP. These non-GAAP financial measures are provided as supplemental information to the financial measures in this Report that are calculated and presented in accordance with GAAP. While we believe that these non-GAAP measures are useful tools for the purpose of evaluating certain financial results, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in this Report.
Table 35: Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP) (a)
  Three months ended
In millions March 31, 2025 December 31, 2024 March 31, 2024
Net interest income (GAAP) $ 3,476  $ 3,523  $ 3,264 
Taxable-equivalent adjustments 28  30  34 
Net interest income (non-GAAP) $ 3,504  $ 3,553  $ 3,298 
(a)The interest income earned on certain interest-earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP.

RECENT REGULATORY DEVELOPMENTS

Community Reinvestment Act
In March 2025, the federal banking agencies announced, in light of recent litigation, their intent to issue a proposal to rescind the CRA final rule issued in October 2023. Implementation of the new rule would have imposed additional costs and would have impacted how PNC’s CRA performance was assessed going forward. The proposal also would reinstate the CRA framework that existed prior to the 2023 final rule, which currently remains in effect.

Congressional Review Act
In March and April 2025, the U.S. Senate and the House of Representatives, respectively, passed a Congressional Review Act resolution overturning the Consumer Financial Protection Bureau’s December 2024 final rule that would have restricted overdraft fees for certain insured depository institutions, including PNC Bank (the “CFPB Overdraft Rule”). The CFPB Overdraft Rule requires covered financial institutions either to charge no more than $5 for consumer overdraft fees or adopt one of two alternatives: (i) apply protections to overdraft programs similar to those that apply to credit cards or (ii) charge an overdraft fee amount that is no more than the cost of providing consumers with overdraft protection, as calculated according to parameters set by the CFPB. If finalized as law, the Congressional Review Act resolution would prevent the CFPB Overdraft Rule from taking effect and prohibit the CFPB from issuing a substantially similar rule in the future.

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

Our consolidated financial statements are prepared by applying certain accounting policies. Note 1 Accounting Policies in our 2024 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 2024 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
The PNC Financial Services Group, Inc. – Form 10-Q 37  

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. 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.

We also 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, as discussed below and in the Allowance for Credit Losses section of Note 1 Accounting Policies in our 2024 Form 10-K.

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. Through this approach, we believe the reserve levels appropriately reflect the expected credit losses in the portfolio as of the balance sheet date.

Our methodologies and key assumptions are further discussed in Note 1 Accounting Policies in our 2024 Form 10-K.

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 March 31, 2025 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 in the coming quarters. While recession risks remain elevated, our most-likely expectation at March 31, 2025 is that the U.S. economy avoids a recession. We believe the economic scenarios effectively reflect the distribution of potential economic outcomes.

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 March 31, 2025 and December 31, 2024:

Table 36: Key Macroeconomic Variables in CECL Weighted-Average Scenarios
Assumptions as of March 31, 2025
2025 2026 2027
U.S. real GDP (a) 0.8% 1.8% 2.1%
U.S. unemployment rate (b) 4.7% 4.9% 4.4%
Assumptions as of December 31, 2024
2025 2026 2027
U.S. real GDP (a) 0.7% 2.2% 2.2%
U.S. unemployment rate (b) 4.8% 4.7% 4.4%
(a)Represents year-over-year growth rates.
38    The PNC Financial Services Group, Inc. – Form 10-Q

(b)Represents quarterly average rate at December 31, 2025, 2026 and 2027, respectively.

Real GDP growth is expected to end 2025 at 0.8% on a weighted average basis, similar to the 0.7% assumed at December 31, 2024. Growth then rebounds to near 2%, where real GDP remains relatively stable through 2026 and 2027. The weighted-average unemployment rate is expected to end 2025 at 4.7%, also similar to the level assumed at December 31, 2024. The weighted-average unemployment rate is then expected to increase moderately, peaking at 5% in the third quarter of 2026, before decreasing to 4.4% by the end of 2027.

Qualitative Component
As further discussed in the Allowance for Credit Losses section of Note 1 Accounting Policies in our 2024 Form 10-K, we incorporate qualitative reserves in the ACL through detailed analysis to reflect our best estimate of expected losses that may not be adequately represented in our quantitative methods or economic assumptions. Qualitative factors may include, but are not limited to, inherent forecasting limitations, model imprecision, timing of available information, and/or emerging and ongoing credit risks. At March 31, 2025, the qualitative framework considers PNC’s view of the current state of the economy, which continues to reflect uncertainty due to the fundamental change in office demand, tariff-driven pressures, interest rate movements and housing affordability. Our most significant qualitative factor was related to the office portfolio of the commercial real estate loan class.

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 2024 Form 10-K.

Recently Issued Accounting Standards

Accounting Standards Update Description Financial Statement Impact
Improvements to Income Tax Disclosures - ASU 2023-09

Issued December 2023
• Required with issuance of 2025 Form 10-K; 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).
• Allows for either a prospective or retrospective transition approach.
• We are currently evaluating the disclosure requirements of 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.
Accounting Standards Update Description Financial Statement Impact
Disaggregation of Income Statement Expenses - ASU 2024-03

Issued November 2024
 • Required with issuance of 2027 Form 10-K; early adoption is permitted.
• Requires public business entities to disclose, in the notes to financial statements and on an annual and interim basis, specified information about certain costs and expenses (including, if relevant: employee compensation, depreciation, and intangible asset amortization).
• Requires qualitative descriptions of amounts not separately disaggregated to be disclosed.
• Requires disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.
• Allows for either a prospective or 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 the disaggregated income statement expense disclosures in accordance with this ASU.



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

INTERNAL CONTROLS AND DISCLOSURE CONTROLS AND PROCEDURES

As of March 31, 2025, 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 March 31, 2025, and that there has been no change in PNC’s internal control over financial reporting that occurred during the first quarter of 2025 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 and do not take into account potential legal and regulatory contingencies. These statements are based on our views that:
–The economic fundamentals remain solid in the spring of 2025. The labor market remains strong, and job and income gains have supported consumer spending growth in early 2025. However, downside risks have materially increased with recent substantial changes to U.S. tariffs and corresponding policy changes by U.S. trading partners.
–PNC’s baseline forecast remains for continued expansion, but slower economic growth in 2025 than in 2024. High interest rates remain a drag on the economy, consumer spending growth will slow to a pace more consistent with household income growth, and government’s contribution to economic growth will be smaller.
–The baseline forecast is for real GDP growth of less than 1% in 2025 and between 1% and 2% in 2026, with the unemployment rate increasing to around 5% over the next year. However, the recent turbulence in trade policy indicates that growth may be significantly weaker than in this forecast and the unemployment rate higher. It remains to be seen the extent that policies will be implemented or persist. If implemented as proposed, higher prices will weigh on consumers and businesses, and retaliatory policy changes will weigh on U.S. exports. The large decline in equity prices will also be a drag on consumer spending. The longer the ongoing trade dispute persists, the greater the likelihood of near-term recession.
–The baseline forecast is for four federal funds rate cuts of 25 basis points each in 2025, starting in July. This would take the federal funds rate to a range between 3.25% and 3.50% at the end of 2025. High inflation could mean less monetary easing than in the forecast, but if the economy enters recession the Federal Reserve could cut the federal
40    The PNC Financial Services Group, Inc. – Form 10-Q

funds rate more aggressively this year.
•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.
–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 2024 Form 10-K and elsewhere in this Report, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes in these reports. Our forward-looking statements may also be subject to other risks and uncertainties, including those discussed elsewhere in this Report or in our other filings with the SEC.



The PNC Financial Services Group, Inc. – Form 10-Q 41  

CONSOLIDATED INCOME STATEMENT
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited Three months ended
March 31
In millions, except per share data 2025 2024
Interest Income
Loans $ 4,472  $ 4,819 
Investment securities 1,124  883 
Other 534  798 
Total interest income 6,130  6,500 
Interest Expense
Deposits 1,808  2,077 
Borrowed funds 846  1,159 
Total interest expense 2,654  3,236 
Net interest income 3,476  3,264 
Noninterest Income
Asset management and brokerage 391  364 
Capital markets and advisory 306  259 
Card and cash management 692  671 
Lending and deposit services 316  305 
Residential and commercial mortgage 134  147 
Other 137  135 
Total noninterest income 1,976  1,881 
Total revenue 5,452  5,145 
Provision For Credit Losses 219  155 
Noninterest Expense
Personnel 1,890  1,794 
Occupancy 245  244 
Equipment 384  341 
Marketing 85  64 
Other 783  891 
Total noninterest expense 3,387  3,334 
Income before income taxes and noncontrolling interests 1,846  1,656 
Income taxes 347  312 
Net income 1,499  1,344 
Less: Net income attributable to noncontrolling interests 18  14 
Preferred stock dividends 71  81 
Preferred stock discount accretion and redemptions 2  2 
Net income attributable to common shareholders $ 1,408  $ 1,247 
Earnings Per Common Share
Basic $ 3.52  $ 3.10 
Diluted $ 3.51  $ 3.10 
Average Common Shares Outstanding
Basic 398  400 
Diluted 398  400 
See accompanying Notes to Consolidated Financial Statements.
42    The PNC Financial Services Group, Inc. – Form 10-Q

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited
In millions		 Three months ended
March 31
2025 2024
Net income $ 1,499  $ 1,344 
Other comprehensive income (loss), before tax and net of reclassifications into Net income
Net change in debt securities 929  (179)
Net change in cash flow hedge derivatives 825  (250)
Pension and other postretirement benefit plan adjustments (2) (2)
Net change in Other (1) (2)
Other comprehensive income (loss), before tax and net of reclassifications into Net income 1,751  (433)
Income tax benefit (expense) related to items of other comprehensive income (423) 103 
Other comprehensive income (loss), after tax and net of reclassifications into Net income 1,328  (330)
Comprehensive income 2,827  1,014 
Less: Comprehensive income attributable to noncontrolling interests 18 14
Comprehensive income attributable to PNC $ 2,809  $ 1,000 
See accompanying Notes to Consolidated Financial Statements.
The PNC Financial Services Group, Inc. – Form 10-Q 43  

CONSOLIDATED BALANCE SHEET
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited March 31
2025		 December 31
2024
In millions, except par value
Assets
Cash and due from banks $ 6,102  $ 6,904 
Interest-earning deposits with banks 32,298  39,347 
Loans held for sale (a) 1,236  850 
Investment securities – available-for-sale 63,318  62,039 
Investment securities – held-to-maturity 74,457  77,693 
Loans (a) 318,850  316,467 
Allowance for loan and lease losses (4,544) (4,486)
Net loans 314,306  311,981 
Equity investments 9,448  9,600 
Mortgage servicing rights 3,564  3,711 
Goodwill 10,932  10,932 
Other (a) 39,061  36,981 
Total assets $ 554,722  $ 560,038 
Liabilities
Deposits
Noninterest-bearing $ 92,369  $ 92,641 
Interest-bearing (b) 330,546  334,097 
Total deposits 422,915  426,738 
Borrowed funds
Federal Home Loan Bank advances 18,000  22,000 
Senior debt 34,987  32,497 
Subordinated debt 4,163  4,104 
Other (b) 3,572  3,072 
Total borrowed funds 60,722  61,673 
Allowance for unfunded lending related commitments 674  719 
Accrued expenses and other liabilities (b) 13,960  16,439 
Total liabilities 498,271  505,569 
Equity
Preferred stock (c) —  — 
Common stock ($5 par value, Authorized 800,000,000 shares, issued 543,310,646 and 543,310,646 shares)
 2,717  2,717 
Capital surplus 18,731  18,710 
Retained earnings 60,051  59,282 
Accumulated other comprehensive income (loss) (5,237) (6,565)
Common stock held in treasury at cost: 147,519,772 and 147,373,633 shares
 (19,857) (19,719)
Total shareholders’ equity 56,405  54,425 
Noncontrolling interests 46  44 
Total equity 56,451  54,469 
Total liabilities and equity $ 554,722  $ 560,038 
(a)Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.0 billion, Loans held for investment of $1.1 billion and Other assets of $0.1 billion at March 31, 2025. Comparable amounts at December 31, 2024 were $0.8 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: Interest-bearing deposits of $1.2 billion, Other borrowed funds of less than $0.1 billion and Other liabilities of $0.1 billion at March 31, 2025. Comparable amounts at December 31, 2024 were $0, 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.
44    The PNC Financial Services Group, Inc. – Form 10-Q

CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited
In millions		 Three months ended March 31
2025 2024
Operating Activities
Net income $ 1,499  $ 1,344 
Adjustments to reconcile net income to net cash provided (used) by operating activities
Provision for credit losses
 219  155 
Depreciation, amortization and accretion 90  37 
Deferred income taxes (benefit) (47) (44)
Changes in fair value of mortgage servicing rights 191  (43)
Net change in
Trading securities and other short-term investments (1,495) 434 
Loans held for sale and related securitization activity (297) 11 
Other assets 964  (300)
Accrued expenses and other liabilities (1,611) (263)
Other operating activities, net (22) 427 
Net cash provided (used) by operating activities $ (509) $ 1,758 
Investing Activities
Sales
Securities available-for-sale $ 1,241  $ (63)
Loans 143  96 
Repayments/maturities
Securities available-for-sale 1,671  1,056 
Securities held-to-maturity 3,480  2,883 
Purchases
Securities available-for-sale (4,098) (1,766)
Securities held-to-maturity (31) (56)
Loans (403) (279)
Net change in
Federal funds sold and resale agreements (445) (4)
Loans (2,393) 1,667 
Other investing activities, net (145) (91)
Net cash provided (used) by investing activities $ (980) $ 3,443 
The PNC Financial Services Group, Inc. – Form 10-Q 45  

CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
(Continued from previous page)
Unaudited
In millions		 Three months ended March 31
2025 2024
Financing Activities
Net change in
Noninterest-bearing deposits $ (272) $ (3,260)
Interest-bearing deposits (3,551) 7,430 
Federal funds purchased and repurchase agreements (3) (167)
Other borrowed funds 419  95 
Sales/issuances
Senior debt 2,742  2,490 
Other borrowed funds —  181 
Common and treasury stock 25  24 
Repayments/maturities
Federal Home Loan Bank advances (4,000) (1,000)
Senior debt (750) (1,050)
Other borrowed funds —  (196)
Acquisition of treasury stock (262) (223)
Preferred stock cash dividends paid (71) (81)
Common stock cash dividends paid (639) (624)
Net cash provided (used) by financing activities $ (6,362) $ 3,619 
Net Increase (Decrease) In Cash, Cash Equivalents And Restricted Cash (a) $ (7,851) $ 8,820 
Cash, cash equivalents and restricted cash at beginning of period 46,251  50,725 
Cash, cash equivalents and restricted cash at end of period $ 38,400  $ 59,545 
Cash, Cash Equivalents And Restricted Cash
Cash and cash equivalents at end of period (unrestricted cash) $ 37,408  $ 58,611 
Restricted cash 992 934
Cash, cash equivalents and restricted cash at end of period $ 38,400  $ 59,545 
Supplemental Disclosures
Interest paid $ 2,706  $ 2,861 
Income taxes paid $ 77  $ 35 
Income taxes refunded $ 1  $ 6 
Leased assets obtained in exchange for new operating lease liabilities $ 73  $ 75 
Non-cash Investing And Financing Items
Transfer from loans to loans held for sale, net $ 90  $ 8 
Transfer from loans to foreclosed assets $ 12  $ 13 
(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.









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

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

See page 90 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, 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 2024 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2024 Form 10-K for a detailed description of significant accounting policies. These interim consolidated financial statements serve to update our 2024 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 earnings per share), Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, or Consolidated Statement of Changes in Equity. All periods presented herein reflect this change.

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

To reflect the change in accounting policy, we adjusted the Consolidated Statement of Cash Flows for the three months ended March 31, 2024. This included an adjustment of $9.8 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 $9.8 billion was previously reported in Net change in Interest-earning deposits with banks. Additionally, we included $43.8 billion of Interest-earning deposits with banks in Cash, cash equivalents and restricted cash at beginning of period, and $53.6 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 2024 Form 10-K for recently adopted accounting standards. We did not adopt any new accounting standards during the first three months of 2025.

NOTE 2 INVESTMENT SECURITIES

The following table summarizes our available-for-sale and held-to-maturity portfolios by major security type:
Table 37: Investment Securities Summary (a) (b)
March 31, 2025 December 31, 2024
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 $ 24,754  $ 103  $ (353) $ 24,504  $ 23,962  $ 25  $ (436) $ 23,551 
Residential mortgage-backed
Agency 33,157  69  (2,512) 30,714  33,589  28  (2,991) 30,626 
Non-agency 489  111  (4) 596  504  105  (6) 603 
Commercial mortgage-backed
Agency 2,548  5  (100) 2,453  2,077  1  (133) 1,945 
Non-agency 613  —  (10) 603  706  —  (15) 691 
Asset-backed 2,289  42  (1) 2,330  2,353  42  (3) 2,392 
Other 2,174  42  (98) 2,118  2,307  42  (118) 2,231 
Total securities available-for-sale $ 66,024  $ 372  $ (3,078) $ 63,318  $ 65,498  $ 243  $ (3,702) $ 62,039 
Securities Held-to-Maturity
U.S. Treasury and government agencies $ 27,789  $ 15  $ (619) $ 27,185  $ 29,420  $ —  $ (896) $ 28,524 
Residential mortgage-backed
Agency 39,378  65  (2,960) 36,483  40,171  16  (3,696) 36,491 
Non-agency 236  —  (16) 220  240  —  (21) 219 
Commercial mortgage-backed
Agency 922  8  (15) 915  955  3  (28) 930 
Non-agency 644  4  (3) 645  836  3  (7) 832 
Asset-backed 2,926  39  (10) 2,955  3,380  37  (16) 3,401 
Other 2,562  14  (53) 2,523  2,691  19  (49) 2,661 
Total securities held-to-maturity (d) $ 74,457  $ 145  $ (3,676) $ 70,926  $ 77,693  $ 78  $ (4,713) $ 73,058 
(a) At March 31, 2025, the accrued interest associated with our held-to-maturity and available-for-sale portfolios totaled $204 million and $259 million, respectively. The comparable amounts at December 31, 2024 were $242 million and $328 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 March 31, 2025 and December 31, 2024.
(c) Amortized cost is presented net of allowance of $63 million for securities available-for-sale, primarily related to non-agency commercial mortgage-backed securities, and $5 million for securities held-to-maturity at March 31, 2025. The comparable amounts at December 31, 2024 were $86 million and $5 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 $3.2 billion at March 31, 2025 related to securities transferred, which are offset in AOCI, net of tax. The comparable amount at December 31, 2024 was $3.4 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 March 31, 2025 included $335 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 at March 31, 2024 was $262 million of net unsettled purchases.

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

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 March 31, 2025, the allowance for investment securities was $68 million and primarily related to non-agency commercial mortgage-backed securities in the available-for-sale portfolio. The comparable amount at December 31, 2024 was $91 million. See Note 1 Accounting Policies in our 2024 Form 10-K for a discussion of the methodologies used to determine the allowance for investment securities.

At March 31, 2025, AOCI included pretax losses of $271 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 38 presents the gross unrealized losses and fair value of securities available-for-sale that do not have an associated allowance for investment securities at March 31, 2025 and December 31, 2024. 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 March 31, 2025, 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 38: 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
March 31, 2025
U.S. Treasury and government agencies $ (5) $ 7,764  $ (348) $ 1,874  $ (353) $ 9,638 
Residential mortgage-backed
Agency (15) 2,659  (2,497) 19,358  (2,512) 22,017 
Non-agency —  —  (2) 33  (2) 33 
Commercial mortgage-backed
Agency (3) 290  (97) 1,391  (100) 1,681 
Non-agency —  —  (10) 499  (10) 499 
Asset-backed —  —  —  —  —  — 
Other (3) 62  (79) 1,626  (82) 1,688 
Total securities available-for-sale $ (26) $ 10,775  $ (3,033) $ 24,781  $ (3,059) $ 35,556 
December 31, 2024
U.S. Treasury and government agencies $ (70) $ 17,500  $ (366) $ 1,824  $ (436) $ 19,324 
Residential mortgage-backed
Agency (65) 6,163  (2,926) 19,595  (2,991) 25,758 
Non-agency —  —  (3) 41  (3) 41 
Commercial mortgage-backed
Agency (8) 501  (125) 1,388  (133) 1,889 
Non-agency —  —  (15) 559  (15) 559 
Asset-backed (2) 226  (1) 8  (3) 234 
Other (2) 99  (98) 1,734  (100) 1,833 
Total securities available-for-sale $ (147) $ 24,489  $ (3,534) $ 25,149  $ (3,681) $ 49,638 

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

Table 39: Gains (Losses) on Sales of Securities Available-for-Sale
Three months ended March 31
In millions
 Gross Gains Gross Losses Net Gains (Losses) Tax Expense (Benefit)
2025 $ 2  $ (4) $ (2) $ — 
2024 $ —  $ —  $ —  $ — 


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

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at March 31, 2025:
Table 40: Contractual Maturity of Debt Securities
March 31, 2025
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 $ 376  $ 10,961  $ 11,246  $ 2,171  $ 24,754 
Residential mortgage-backed
Agency 3  310  3,502  29,342  33,157 
Non-agency —  —  47  442  489 
Commercial mortgage-backed
Agency 60  1,422  151  915  2,548 
Non-agency —  100  82  431  613 
Asset-backed —  834  316  1,139  2,289 
Other 233  1,590  216  135  2,174 
Total securities available-for-sale at amortized cost $ 672  $ 15,217  $ 15,560  $ 34,575  $ 66,024 
Fair value $ 670  $ 15,142  $ 15,374  $ 32,132  $ 63,318 
Weighted-average yield, GAAP basis (a) 3.18  % 3.68  % 4.17  % 3.82  % 3.86  %
Securities Held-to-Maturity
U.S. Treasury and government agencies $ 9,187  $ 16,300  $ 1,447  $ 855  $ 27,789 
Residential mortgage-backed
Agency —  7  335  39,036  39,378 
Non-agency —  —  —  236  236 
Commercial mortgage-backed
Agency —  277  437  208  922 
Non-agency —  36  —  608  644 
Asset-backed 8  776  1,164  978  2,926 
Other 284  778  274  1,226  2,562 
Total securities held-to-maturity at amortized cost $ 9,479  $ 18,174  $ 3,657  $ 43,147  $ 74,457 
Fair value $ 9,411  $ 17,811  $ 3,538  $ 40,166  $ 70,926 
Weighted-average yield, GAAP basis (a) 1.31  % 1.78  % 2.74  % 2.92  % 2.43  %
(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.

The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings:
Table 41: Fair Value of Securities Pledged and Accepted as Collateral
In millions March 31, 2025 December 31, 2024
Pledged to others $ 67,334  $ 69,330 
Accepted from others:
Permitted by contract or custom to sell or repledge $ 1,677  $ 1,231 
Permitted amount repledged to others $ 1,677  $ 1,231 

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. Such securities were pledged to the Federal Reserve and pledged 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.









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

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 2024 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 address operating environment changes such as inflation levels, industry specific risks (including tariffs), interest rate levels, the level of consumer savings and deposit balances, and structural and secular changes such as those that arose from the pandemic. We offer loan modifications and collection programs to assist our customers, enhance support and mitigate losses.






























The PNC Financial Services Group, Inc. – Form 10-Q 51  

Table 42 presents the composition and delinquency status of our loan portfolio at March 31, 2025 and December 31, 2024. Loan delinquencies include government insured or guaranteed loans and loans accounted for under the fair value option.

Table 42: 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)
March 31, 2025  
Commercial  
Commercial and industrial $ 179,616  $ 216  $ 34  $ 75  $ 325     $ 596  $ —  $ 180,537 
Commercial real estate 31,450  6  —  —  6     851  —  32,307 
Equipment lease financing 6,660  41  11  —  52     20  —  6,732 
Total commercial 217,726  263  45  75  383     1,467  —  219,576 
Consumer  
Residential real estate 44,767  287  132  183  602  (c) 287  234  45,890 
Home equity 25,267  71  28  —  99  437  43  25,846 
Automobile
 15,142  73  19  7  99     83  —  15,324 
Credit card 6,386  45  33  71  149     15  —  6,550 
Education
 1,522  25  14  36  75  (c) —  —  1,597 
Other consumer
 4,040  10  7  7  24  3  —  4,067 
Total consumer 97,124  511  233  304  1,048     825  277  99,274 
Total $ 314,850  $ 774  $ 278  $ 379  $ 1,431     $ 2,292  $ 277  $ 318,850 
Percentage of total loans 98.74  % 0.24  % 0.09  % 0.12  % 0.45  % 0.72  % 0.09  % 100.00  %
December 31, 2024
Commercial
Commercial and industrial $ 174,988  $ 159  $ 43  $ 72  $ 274  $ 528  $ —  $ 175,790 
Commercial real estate 32,657  25  18  —  43  919  —  33,619 
Equipment lease financing 6,687  41  12  —  53  15  —  6,755 
Total commercial 214,332  225  73  72  370  1,462  —  216,164 
Consumer
Residential real estate 45,134  234  106  188  528  (c) 278  475  46,415 
Home equity 25,351  71  26  —  97  482  61  25,991 
Automobile
 15,155  83  22  9  114  86  —  15,355 
Credit card 6,696  49  38  81  168  15  —  6,879 
Education
 1,557  25  15  39  79  (c) —  —  1,636 
Other consumer
 3,998  10  8  8  26  3  —  4,027 
Total consumer 97,891  472  215  325  1,012  864  536  100,303 
Total $ 312,223  $ 697  $ 288  $ 397  $ 1,382  $ 2,326  $ 536  $ 316,467 
Percentage of total loans 98.66  % 0.22  % 0.09  % 0.13  % 0.44  % 0.73  % 0.17  % 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 $1.3 billion at both March 31, 2025 and December 31, 2024. 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 March 31, 2025, respectively. Comparable amounts at December 31, 2024 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 March 31, 2025 and December 31, 2024, respectively.
(f)Collateral dependent loans totaled $1.6 billion at both March 31, 2025 and December 31, 2024.
At March 31, 2025, we pledged unpaid principal balances in the amounts of $44.5 billion of commercial and other loans to the FRB and $84.9 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, 2024 were $43.4 billion and $89.0 billion, respectively.
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 generally 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,
52    The PNC Financial Services Group, Inc. – Form 10-Q

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 2024 Form 10-K for additional information on our nonperforming loan and lease policies.
The following table presents our nonperforming assets as of March 31, 2025 and December 31, 2024:
Table 43: Nonperforming Assets
Dollars in millions March 31, 2025 December 31, 2024
Nonperforming loans
Commercial $ 1,467  $ 1,462 
Consumer (a) 825  864 
Total nonperforming loans (b) 2,292  2,326 
OREO and foreclosed assets 32  31 
Total nonperforming assets $ 2,324  $ 2,357 
Nonperforming loans to total loans 0.72  % 0.73  %
Nonperforming assets to total loans, OREO and foreclosed assets 0.73  % 0.74  %
Nonperforming assets to total assets 0.42  % 0.42  %
(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 $0.6 billion at both March 31, 2025 and December 31, 2024. 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 2024 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  

The following table presents credit quality indicators for our commercial loan classes:
Table 44: Commercial Credit Quality Indicators (a)
  Term Loans by Origination Year  
March 31, 2025
In millions
 2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total
Commercial and industrial
Pass Rated $ 5,802  $ 20,332  $ 12,582  $ 16,501  $ 4,937  $ 14,766  $ 95,538  $ 441  $ 170,899 
Criticized 147  726  722  1,577  541  669  5,184  72  9,638 
Total commercial and industrial loans 5,949  21,058  13,304  18,078  5,478  15,435  100,722  513  180,537 
Gross charge-offs (b) 5  (c) 17  32  5  1  2  40  1  103 
Commercial real estate
Pass Rated 493  2,433  5,068  6,013  1,802  10,288  360  —  26,457 
Criticized —  219  682  2,292  422  2,207  28  —  5,850 
Total commercial real estate loans 493  2,652  5,750  8,305  2,224  12,495  388  —  32,307 
Gross charge-offs (b) —  —  —  —  5  13  —  —  18 
Equipment lease financing
Pass Rated 342  1,713  1,197  1,061  432  1,714  —  —  6,459 
Criticized 7  60  75  70  30  31  —  —  273 
Total equipment lease financing loans 349  1,773  1,272  1,131  462  1,745  —  —  6,732 
Gross charge-offs (b) —  2  2  3  2  1  —  —  10 
Total commercial loans $ 6,791  $ 25,483  $ 20,326  $ 27,514  $ 8,164  $ 29,675  $ 101,110  $ 513  $ 219,576 
Total commercial gross charge-offs $ 5  $ 19  $ 34  $ 8  $ 8  $ 16  $ 40  $ 1  $ 131 
  Term Loans by Origination Year  
December 31, 2024
In millions
 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total
Commercial and industrial
Pass Rated $ 22,145  $ 13,815  $ 17,043  $ 5,275  $ 4,594  $ 11,270  $ 91,389  $ 522  $ 166,053 
Criticized 761  878  1,856  601  144  580  4,868  49  9,737 
Total commercial and industrial loans 22,906  14,693  18,899  5,876  4,738  11,850  96,257  571  175,790 
Gross charge-offs (b) 22  (c) 32  51  25  5  7  133  53  328 
Commercial real estate
Pass Rated 2,331  5,575  6,875  2,232  1,220  9,685  423  —  28,341 
Criticized 141  335  1,974  485  465  1,853  25  —  5,278 
Total commercial real estate loans 2,472  5,910  8,849  2,717  1,685  11,538  448  —  33,619 
Gross charge-offs (b) 28  5  —  2  1  322  —  —  358 
Equipment lease financing
Pass Rated 1,814  1,264  1,112  478  478  1,305  —  —  6,451 
Criticized 51  79  88  35  21  30  —  —  304 
Total equipment lease financing loans 1,865  1,343  1,200  513  499  1,335  —  —  6,755 
Gross charge-offs (b) 1  6  12  5  4  6  —  —  34 
Total commercial loans $ 27,243  $ 21,946  $ 28,948  $ 9,106  $ 6,922  $ 24,723  $ 96,705  $ 571  $ 216,164 
Total commercial gross charge-offs $ 51  $ 43  $ 63  $ 32  $ 10  $ 335  $ 133  $ 53  $ 720 
(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 March 31, 2025 and December 31, 2024.
(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 2024 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.



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

Residential Real Estate and Home Equity
The following table presents credit quality indicators for our residential real estate and home equity loan classes:
Table 45: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes
Term Loans by Origination Year
March 31, 2025
In millions
 2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total
Residential real estate
Current estimated LTV ratios
Greater than 100% $ —  $ 17  $ 65  $ 96  $ 61  $ 55  $ —  $ —  $ 294 
Greater than or equal to 80% to 100% 140  441  495  868  552  273  —  —  2,769 
Less than 80% 258  2,094  3,885  8,377  13,800  13,781  —  —  42,195 
No LTV available —  —  —  —  9  3  —  —  12 
Government insured or guaranteed loans —  2  18  24  18  558  —  —  620 
Total residential real estate loans $ 398  $ 2,554  $ 4,463  $ 9,365  $ 14,440  $ 14,670  $ —  $ —  $ 45,890 
Updated FICO scores
Greater than or equal to 780 $ 203  $ 1,764  $ 3,079  $ 7,363  $ 11,440  $ 9,217  $ —  $ —  $ 33,066 
720 to 779 163  660  829  1,447  2,133  2,577  —  —  7,809 
660 to 719 26  113  289  427  596  1,096  —  —  2,547 
Less than 660 6  15  116  96  170  807  —  —  1,210 
No FICO score available —  —  132  8  83  415  —  —  638 
Government insured or guaranteed loans —  2  18  24  18  558  —  —  620 
Total residential real estate loans $ 398  $ 2,554  $ 4,463  $ 9,365  $ 14,440  $ 14,670  $ —  $ —  $ 45,890 
Gross charge-offs (a) $ —  $ —  $ —  $ —  $ 1  $ 1  $ —  $ —  $ 2 
Home equity (b)
Current estimated LTV ratios
Greater than 100% $ —  $ —  $ —  $ —  $ 1  $ 30  $ 381  $ 405  $ 817 
Greater than or equal to 80% to 100% —  —  —  —  4  58  1,125  1,612  2,799 
Less than 80% —  —  —  —  139  4,309  6,959  10,823  22,230 
Total home equity loans $ —  $ —  $ —  $ —  $ 144  $ 4,397  $ 8,465  $ 12,840  $ 25,846 
Updated FICO scores
Greater than or equal to 780 $ —  $ —  $ —  $ —  $ 93  $ 2,769  $ 4,852  $ 6,168  $ 13,882 
720 to 779 —  —  —  —  33  895  2,229  3,195  6,352 
660 to 719 —  —  —  —  12  428  1,172  2,076  3,688 
Less than 660 —  —  —  —  6  297  205  1,358  1,866 
No FICO score available —  —  —  —  —  8  7  43  58 
Total home equity loans $ —  $ —  $ —  $ —  $ 144  $ 4,397  $ 8,465  $ 12,840  $ 25,846 
Gross charge-offs (a) $ —  $ —  $ —  $ —  $ —  $ —  $ 4  $ 5  $ 9 
The PNC Financial Services Group, Inc. – Form 10-Q 55  

(Continued from previous page) Term Loans by Origination Year
December 31, 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% $ 10  $ 55  $ 85  $ 52  $ 23  $ 32  $ —  $ —  $ 257 
Greater than or equal to 80% to 100% 591  485  954  601  171  111  —  —  2,913 
Less than 80% 2,043  4,039  8,450  13,958  6,084  8,039  —  —  42,613 
No LTV available —  —  —  9  —  3  —  —  12 
Government insured or guaranteed loans 1  16  23  17  66  497  —  —  620 
Total residential real estate loans $ 2,645  $ 4,595  $ 9,512  $ 14,637  $ 6,344  $ 8,682  $ —  $ —  $ 46,415 
Updated FICO scores
Greater than or equal to 780 $ 1,730  $ 3,264  $ 7,584  $ 11,723  $ 4,683  $ 4,858  $ —  $ —  $ 33,842 
720 to 779 789  805  1,406  2,035  1,004  1,567  —  —  7,606 
660 to 719 115  270  401  620  324  784  —  —  2,514 
Less than 660 9  108  90  156  116  696  —  —  1,175 
No FICO score available 1  132  8  86  151  280  —  —  658 
Government insured or guaranteed loans 1  16  23  17  66  497  —  —  620 
Total residential real estate loans $ 2,645  $ 4,595  $ 9,512  $ 14,637  $ 6,344  $ 8,682  $ —  $ —  $ 46,415 
Gross charge-offs (a) $ —  $ —  $ —  $ 1  $ —  $ 2  $ —  $ —  $ 3 
Home equity (b)
Current estimated LTV ratios
Greater than 100% $ —  $ —  $ —  $ 1  $ 12  $ 17  $ 368  $ 372  $ 770 
Greater than or equal to 80% to 100% —  —  —  5  31  30  1,098  1,619  2,783 
Less than 80% —  —  —  141  1,670  2,807  6,907  10,913  22,438 
Total home equity loans $ —  $ —  $ —  $ 147  $ 1,713  $ 2,854  $ 8,373  $ 12,904  $ 25,991 
Updated FICO scores
Greater than or equal to 780 $ —  $ —  $ —  $ 94  $ 1,145  $ 1,753  $ 4,720  $ 6,211  $ 13,923 
720 to 779 —  —  —  34  352  572  2,251  3,274  6,483 
660 to 719 —  —  —  14  151  289  1,193  2,085  3,732 
Less than 660 —  —  —  5  63  234  202  1,290  1,794 
No FICO score available —  —  —  —  2  6  7  44  59 
Total home equity loans $ —  $ —  $ —  $ 147  $ 1,713  $ 2,854  $ 8,373  $ 12,904  $ 25,991 
Gross charge-offs (a) $ —  $ —  $ —  $ —  $ —  $ 1  $ 16  $ 19  $ 36 
(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 only revolving home equity lines of credit.






























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

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 46: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes
Term Loans by Origination Year
March 31, 2025
In millions
 2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total
Automobile
Updated FICO scores
Greater than or equal to 780 $ 1,162  $ 2,663  $ 1,495  $ 936  $ 716  $ 260  $ —  $ —  $ 7,232 
720 to 779 461  1,953  991  559  349  161  —  —  4,474 
660 to 719 177  994  598  326  196  117  —  —  2,408 
Less than 660 13  329  340  220  156  152  —  —  1,210 
Total automobile loans $ 1,813  $ 5,939  $ 3,424  $ 2,041  $ 1,417  $ 690  $ —  $ —  $ 15,324 
Gross charge-offs (a) $ —  $ 8  $ 12  $ 6  $ 4  $ 5  $ —  $ —  $ 35 
Credit card
Updated FICO scores
Greater than or equal to 780 $ —  $ —  $ —  $ —  $ —  $ —  $ 2,005  $ 1  $ 2,006 
720 to 779 —  —  —  —  —  —  1,726  5  1,731 
660 to 719 —  —  —  —  —  —  1,736  16  1,752 
Less than 660 —  —  —  —  —  —  899  57  956 
No FICO score available or required (b) —  —  —  —  —  —  103  2  105 
Total credit card loans $ —  $ —  $ —  $ —  $ —  $ —  $ 6,469  $ 81  $ 6,550 
Gross charge-offs (a) $ —  $ —  $ —  $ —  $ —  $ —  $ 79  $ 11  $ 90 
Education
Updated FICO scores
Greater than or equal to 780 $ 1  $ 44  $ 53  $ 75  $ 36  $ 325  $ —  $ —  $ 534 
720 to 779 5  29  36  36  18  127  —  —  251 
660 to 719 5  11  13  14  6  49  —  —  98 
Less than 660 1  2  3  3  1  20  —  —  30 
No FICO score available or required (b) 4  7  5  3  1  1  —  —  21 
Total loans using FICO credit metric 16  93  110  131  62  522  —  —  934 
Other internal credit metrics —  —  —  —  —  663  —  —  663 
Total education loans $ 16  $ 93  $ 110  $ 131  $ 62  $ 1,185  $ —  $ —  $ 1,597 
Gross charge-offs (a) $ —  $ —  $ —  $ —  $ —  $ 5  $ —  $ —  $ 5 
Other consumer
Updated FICO scores
Greater than or equal to 780 $ 57  $ 226  $ 104  $ 50  $ 15  $ 8  $ 34  $ 1  $ 495 
720 to 779 80  259  117  57  16  8  68  1  606 
660 to 719 79  158  87  59  17  10  76  1  487 
Less than 660 —  33  32  30  12  7  40  1  155 
Total loans using FICO credit metric 216  676  340  196  60  33  218  4  1,743 
Other internal credit metrics 3  6  5  67  11  99  2,125  8  2,324 
Total other consumer loans $ 219  $ 682  $ 345  $ 263  $ 71  $ 132  $ 2,343  $ 12  $ 4,067 
Gross charge-offs (a) $ 20  (c) $ 4  $ 7  $ 4  $ 1  $ 1  $ 3  $ —  $ 40 

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

(Continued from previous page) Term Loans by Origination Year
December 31, 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 $ 3,288  $ 1,717  $ 1,094  $ 865  $ 241  $ 125  $ —  $ —  $ 7,330 
720 to 779 2,047  1,123  636  415  129  90  —  —  4,440 
660 to 719 963  671  367  227  82  74  —  —  2,384 
Less than 660 246  351  231  174  87  112  —  —  1,201 
Total automobile loans $ 6,544  $ 3,862  $ 2,328  $ 1,681  $ 539  $ 401  $ —  $ —  $ 15,355 
Gross charge-offs (a) $ 9  $ 44  $ 27  $ 17  $ 12  $ 22  $ —  $ —  $ 131 
Credit card
Updated FICO scores
Greater than or equal to 780 $ —  $ —  $ —  $ —  $ —  $ —  $ 2,090  $ 2  $ 2,092 
720 to 779 —  —  —  —  —  —  1,859  5  1,864 
660 to 719 —  —  —  —  —  —  1,815  16  1,831 
Less than 660 —  —  —  —  —  —  936  57  993 
No FICO score available or required (b) —  —  —  —  —  —  97  2  99 
Total credit card loans $ —  $ —  $ —  $ —  $ —  $ —  $ 6,797  $ 82  $ 6,879 
Gross charge-offs (a) $ —  $ —  $ —  $ —  $ —  $ —  $ 316  $ 39  $ 355 
Education
Updated FICO scores
Greater than or equal to 780 $ 22  $ 58  $ 79  $ 39  $ 33  $ 318  $ —  $ —  $ 549 
720 to 779 20  36  38  20  14  116  —  —  244 
660 to 719 13  14  15  6  5  46  —  —  99 
Less than 660 3  3  3  1  1  19  —  —  30 
No FICO score available or required (b) 12  5  4  1  —  1  —  —  23 
Total loans using FICO credit metric 70  116  139  67  53  500  —  —  945 
Other internal credit metrics —  —  —  —  —  691  —  —  691 
Total education loans $ 70  $ 116  $ 139  $ 67  $ 53  $ 1,191  $ —  $ —  $ 1,636 
Gross charge-offs (a) $ —  $ —  $ 1  $ 1  $ 1  $ 16  $ —  $ —  $ 19 
Other consumer
Updated FICO scores
Greater than or equal to 780 $ 245  $ 129  $ 64  $ 20  $ 5  $ 6  $ 37  $ 1  $ 507 
720 to 779 292  141  70  21  6  6  72  1  609 
660 to 719 203  97  72  22  8  6  79  1  488 
Less than 660 20  33  34  15  6  5  40  1  154 
Total loans using FICO credit metric 760  400  240  78  25  23  228  4  1,758 
Other internal credit metrics 6  9  77  12  11  90  2,056  8  2,269 
Total other consumer loans $ 766  $ 409  $ 317  $ 90  $ 36  $ 113  $ 2,284  $ 12  $ 4,027 
Gross charge-offs (a) $ 76  (c) $ 27  $ 26  $ 13  $ 8  $ 9  $ 11  $ 1  $ 171 
(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.


















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

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 2024 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 months ended March 31, 2025 and 2024:

Table 47: Loan Modifications Granted to Borrowers Experiencing Financial Difficulty (a) (b)
Three months ended March 31, 2025
Dollars in millions
 Term Extension Payment Delay Repayment Plan Payment Delay and Term Extension Interest Rate Reduction and Term Extension Interest Rate Reduction and Payment Delay Interest Rate Reduction, Payment Delay, and Term Extension Other (c) Total % of Loan Class
Commercial
Commercial and industrial $ 471  $ 74  $ —  $ —  $ 2  $ —  $ 13  $ 107  $ 667  0.37  %
Commercial real estate 355  —  —  —  —  —  —  14  369  1.14  %
Total commercial 826  74  —  —  2  —  13  121  1,036  0.47  %
Consumer
Residential real estate 1  27  —  —  1  —  —  1  30  0.07  %
Home equity —  2  —  —  —  —  —  5  7  0.03  %
Credit card —  —  20  —  —  —  —  —  20  0.31  %
Education 2  —  —  —  —  —  —  —  2  0.13  %
Other consumer —  —  —  1  —  —  —  —  1  0.02  %
Total consumer 3  29  20  1  1  —  —  6  60  0.06  %
Total $ 829  $ 103  $ 20  $ 1  $ 3  $ —  $ 13  $ 127  $ 1,096  0.34  %
Three months ended March 31, 2024
Dollars in millions
Commercial
Commercial and industrial $ 443  $ 85  $ —  $ 27  $ 10  $ 14  $ —  $ 31  $ 610  0.35  %
Commercial real estate 387  56  —  65  —  —  —  —  508  1.43  %
Total commercial 830  141  —  92  10  14  —  31  1,118  0.51  %
Consumer
Residential real estate —  40  —  —  —  —  —  3  43  0.09  %
Home equity —  5  1  —  —  —  —  5  11  0.04  %
Credit card —  —  22  —  —  —  —  —  22  0.32  %
Education 2  —  —  —  —  —  —  —  2  0.11  %
Total consumer 2  45  23  —  —  —  —  8  78  0.08  %
Total $ 832  $ 186  $ 23  $ 92  $ 10  $ 14  $ —  $ 39  $ 1,196  0.37  %
(a)The unfunded lending related commitments on FDMs granted were $0.2 billion and $0.1 billion during the three months ended March 31, 2025 and 2024, 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 48 presents the weighted average financial effect of FDMs granted during the three months ended March 31, 2025 and 2024.

Table 48: Financial Effect of FDMs (a)
Three months ended March 31, 2025
Dollars in millions
 Amortized cost basis (b) Financial Effect
Term Extension
Commercial and industrial $486
Extended contractual term by 16 months.
Commercial real estate $355
Extended contractual term by 12 months.
Residential real estate $2
Extended contractual term by 233 months.
Education $2
Extended contractual term by 11 months.
Other consumer $1
Extended contractual term by 24 months.
Interest Rate Reduction
Commercial and industrial $15
Reduced contractual interest rate by 1.00%.
Residential real estate $1
Increased contractual interest rate by 1.21%.
Payment Delay
Commercial and industrial $87
Provided 3 months of payment deferral.
Residential real estate $27
Provided 6 months of payment deferral.
Home equity $2
Provided 5 months of payment deferral.
Other consumer $1
Provided 24 months of payment deferral.
Three months ended March 31, 2024
Dollars in millions
 Amortized cost basis (b) Financial Effect
Term Extension
Commercial and industrial $480
Extended contractual term by 11 months.
Commercial real estate $452
Extended contractual term by 12 months.
Education $2
Extended contractual term by 10 months.
Interest Rate Reduction
Commercial and industrial $24
Reduced contractual interest rate by 4.06%.
Payment Delay
Commercial and industrial $126
Provided 5 months of payment deferral.
Commercial real estate $121
Provided 8 months of payment deferral.
Residential real estate $40
Provided 8 months of payment deferral.
Home equity $5
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 48 includes combination modification categories in addition to the standalone modification categories presented in Table 47. Primarily due to this reason, the amortized cost basis presented in Table 48 may not agree to the amortized cost basis presented alongside the standalone modification categories in Table 47. Amortized cost basis is as of the period end date.

Repayment plans are offered for our credit card, unsecured lines of credit and certain of our home equity loan and line of credit product offerings. We have excluded these plans from Table 48. Refer to Note 3 Loans and Related Allowance for Credit Losses in our 2024 Form 10-K for information around the modification terms of repayment plans.



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

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 March 31, 2025 and 2024.

Table 49: Delinquency Status of FDMs (a) (b)
Twelve months ended March 31, 2025
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 $ 1,182  $ 16  $ —  $ —  $ 189  $ 1,387 
Commercial real estate 790  1  —  —  444  1,235 
Equipment lease financing 2  —  —  —  —  2 
Total commercial 1,974  17  —  —  633  2,624 
Consumer
Residential real estate 7  —  —  —  96  103 
Home equity 4  —  —  —  29  33 
Credit card 41  4  4  7  1  57 
Education 4  —  —  —  —  4 
Other consumer 2  —  —  —  1  3 
Total consumer 58  4  4  7  127  200 
Total $ 2,032  $ 21  $ 4  $ 7  $ 760  $ 2,824 
Twelve months ended March 31, 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 $ 1,126  $ 16  $ 2  $ —  $ 291  $ 1,435 
Commercial real estate 816  —  —  —  367  1,183 
Total commercial 1,942  16  2  —  658  2,618 
Consumer
Residential real estate 8  —  1  1  92  102 
Home equity 2  —  —  —  29  31 
Credit card 44  4  4  7  1  60 
Education 5  —  —  —  —  5 
Other consumer —  —  —  —  1  1 
Total consumer 59  4  5  8  123  199 
Total $ 2,001  $ 20  $ 7  $ 8  $ 781  $ 2,817 
(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.
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 50: Subsequently Defaulted FDMs (a)
Three months ended March 31, 2025
Dollars in millions
 Term Extension Payment Delay Repayment Plan All Other Modifications (b) Total
Commercial
Commercial and industrial $ 27  $ —  $ —  $ 1  $ 28 
Commercial real estate 16  —  —  —  16 
Total commercial 43  —  —  1  44 
Consumer
Residential real estate —  15  —  1  16 
Home equity —  1  —  3  4 
Credit card —  —  7  —  7 
Total consumer —  16  7  4  27 
Total $ 43  $ 16  $ 7  $ 5  $ 71 
(a)Represents amortized cost basis.
(b)As of March 31, 2025, the following modification categories are included: interest rate reduction/term extension and other.

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

At March 31, 2024, loans that both (i) subsequently defaulted during the three months ended and (ii) were classified as FDMs during the twelve months preceding the default date totaled $49 million.

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 2024 Form 10-K for a discussion of the methodologies used to determine this allowance. A rollforward of the ACL related to loans follows:

Table 51: Rollforward of Allowance for Credit Losses
Three months ended March 31
2025 2024
In millions Commercial Consumer Total Commercial Consumer Total
Allowance for loan and lease losses
Beginning balance $ 3,148  $ 1,338  $ 4,486  $ 3,259  $ 1,532  $ 4,791 
Charge-offs (131) (181) (312) (148) (182) (330)
Recoveries 47  60  107  23  64  87 
Net (charge-offs) (84) (121) (205) (125) (118) (243)
Provision for credit losses 138  122  260  85  62  147 
Other 3  —  3  (2) —  (2)
Ending balance $ 3,205  $ 1,339  $ 4,544  $ 3,217  $ 1,476  $ 4,693 
Allowance for unfunded lending related commitments (a)
 Beginning balance $ 580  $ 139  $ 719  $ 545  $ 118  $ 663 
Provision for (recapture of) credit losses (53) 7  (46) (17) 26  9 
Other 1  —  1  —  —  — 
Ending balance $ 528  $ 146  $ 674  $ 528  $ 144  $ 672 
Allowance for credit losses at March 31 (b)
 $ 3,733  $ 1,485  $ 5,218  $ 3,745  $ 1,620  $ 5,365 
(a)See Note 8 Commitments for additional information about the underlying commitments related to this allowance.
(b)Represents the ALLL plus allowance for unfunded lending related commitments and excludes allowances for investment securities and other financial assets, which together totaled $91 million and $117 million at March 31, 2025 and 2024, respectively.
The ACL related to loans totaled $5.2 billion at both March 31, 2025 and December 31, 2024. The ACL at March 31, 2025 was driven by changes in macroeconomic factors and 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 2024 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 5 Goodwill and Mortgage Servicing Rights and Note 11 Fair Value for information on our servicing rights, including the carrying value of servicing assets.

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

The following table provides our loan sale and servicing activities:
Table 52: Loan Sale and Servicing Activities
In millions Residential Mortgages Commercial Mortgages (a)
Cash Flows - Three months ended March 31, 2025
Sales of loans and related securitization activity (b) $ 704  $ 493 
Repurchases of previously transferred loans (c) $ 35  $ — 
Servicing fees (d) $ 130  $ 50 
Servicing advances recovered/(funded), net $ 19  $ 11 
Cash flows on mortgage-backed securities held (e) $ 571  $ 26 
Cash Flows - Three months ended March 31, 2024
Sales of loans and related securitization activity (b) $ 525  $ 323 
Repurchases of previously transferred loans (c) $ 23  $ 9 
Servicing fees (d) $ 139  $ 47 
Servicing advances recovered/(funded), net $ 23  $ 24 
Cash flows on mortgage-backed securities held (e) $ 842  $ 74 
(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 $17.8 billion, $18.2 billion and $19.8 billion in residential mortgage-backed securities at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The carrying values of commercial mortgage-backed securities were $0.6 billion, $0.6 billion and $0.7 billion at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
Table 53 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 March 31, 2025 and December 31, 2024.
Table 53: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others
In millions Residential Mortgages Commercial Mortgages (a)
March 31, 2025
Total principal balance $ 37,276  $ 54,055 
Delinquent loans (b) $ 284  $ 352 
December 31, 2024
Total principal balance $ 37,619  $ 51,274 
Delinquent loans (b) $ 288  $ 124 
Three months ended March 31, 2025
Net charge-offs (c) $ 1  $ 10 
Three months ended March 31, 2024
Net charge-offs (c) $ 1  $ 61 
(a)Represents information at the securitization level in which we have sold loans and we are the servicer for the securitization.
(b)Serviced delinquent loans are 90 days or more past due or are in process of foreclosure.
(c)Net charge-offs for residential mortgages represent credit losses less recoveries distributed and as reported to investors during the period. Net charge-offs for commercial mortgages represent credit losses less recoveries distributed and as reported by the trustee for commercial mortgage-backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information.

Variable Interest Entities (VIEs)

As discussed in Note 4 Loan Sale and Servicing Activities and Variable Interest Entities included in our 2024 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 54 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
The PNC Financial Services Group, Inc. – Form 10-Q 63  

balances presented in Table 54. 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 54: Non-Consolidated VIEs
In millions PNC Risk of Loss (a) Carrying Value of Assets Carrying Value of Liabilities
March 31, 2025  
Mortgage-backed securitizations (b) $ 18,688  $ 18,691  (c)  $ —   
Tax credit investments and other 5,635  5,503  (d) (e) 2,610 
(f) (g)
Total $ 24,323  $ 24,194    $ 2,610   
December 31, 2024  
Mortgage-backed securitizations (b) $ 19,187  $ 19,191  (c)  $ —   
Tax credit investments and other 5,513  5,491  (d) (e) 2,627  (f) (g)
Total $ 24,700  $ 24,682    $ 2,627   
(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 $3.8 billion of LIHTCs and $0.1 billion of NMTCs at March 31, 2025, which are included in Equity investments on our Consolidated Balance Sheet. Comparable amounts at December 31, 2024 were $3.9 billion and $0.2 billion, respectively.
(f)Included in Deposits and Other liabilities on our Consolidated Balance Sheet.
(g)Amount includes $2.2 billion of LIHTCs and less than $0.1 billion of NMTCs at March 31, 2025, which are included in Other liabilities on our Consolidated Balance Sheet. Comparable amounts at December 31, 2024 were $2.3 billion and less than $0.1 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 CRA. Within Income taxes, during the three months ended March 31, 2025, we recognized $0.1 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 three months ended March 31, 2024, comparable amounts were $0.1 billion, $0.1 billion, and less than $0.1 billion, respectively.

NOTE 5 GOODWILL AND MORTGAGE SERVICING RIGHTS

Goodwill

See Note 5 Goodwill and Mortgage Servicing Rights in our 2024 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 $3.6 billion at March 31, 2025 and $3.7 billion at December 31, 2024, and consisted of loan servicing contracts for commercial and residential mortgages measured at fair value.

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

See the Sensitivity Analysis section of this Note 5 for more detail on our fair value measurement of MSRs. See Note 5 Goodwill and Mortgage Servicing Rights and Note 14 Fair Value in our 2024 Form 10-K for more detail on our fair value measurement and our accounting of MSRs.

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

Changes in the commercial and residential MSRs follow:

Table 55: Mortgage Servicing Rights
  Commercial MSRs Residential MSRs
In millions 2025 2024 2025 2024
January 1 $ 1,085  $ 1,032  $ 2,626  $ 2,654 
Additions:
From loans sold with servicing retained 9  3  7  5 
Purchases 27  12  1  13 
Changes in fair value due to:
Time and payoffs (a) (78) (79) (60) (57)
Other (b) (2) 107  (51) 72 
March 31 $ 1,041  $ 1,075  $ 2,523  $ 2,687 
Related unpaid principal balance of loans serviced at March 31 $ 293,685  $ 286,922  $ 193,417  $ 206,544 
Servicing advances at March 31 $ 641  $ 537  $ 133  $ 149 
(a)Represents decrease in MSR value due to passage of time, which includes 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 March 31, 2025 and December 31, 2024 are shown in Tables 56 and 57. 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 56 and 57. 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 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 56: Commercial Mortgage Servicing Rights – Key Valuation Assumptions
Dollars in millions March 31, 2025 December 31, 2024
Fair value $ 1,041  $ 1,085 
Weighted-average life (years) 3.8 3.8
Weighted-average constant prepayment rate 4.56  % 4.45  %
Decline in fair value from 10% adverse change $ 8  $ 8 
Decline in fair value from 20% adverse change $ 16  $ 16 
Effective discount rate 10.92  % 11.18  %
Decline in fair value from 10% adverse change $ 32  $ 35 
Decline in fair value from 20% adverse change $ 65  $ 69 

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

Table 57: Residential Mortgage Servicing Rights – Key Valuation Assumptions
Dollars in millions
 March 31, 2025   December 31, 2024  
Fair value $ 2,523  $ 2,626   
Weighted-average life (years) 7.8 8.0  
Weighted-average constant prepayment rate 6.68  % 6.39  %
Decline in fair value from 10% adverse change $ 58  $ 57   
Decline in fair value from 20% adverse change $ 112  $ 111   
Weighted-average option adjusted spread 755  bps 755  bps
Decline in fair value from 10% adverse change $ 78  $ 81   
Decline in fair value from 20% adverse change $ 152  $ 157   

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 March 31, 2025 and 2024. 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 Residential and commercial mortgage noninterest income on our Consolidated Income Statement.
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 2024 Form 10-K.

The following table provides details on our income from lessor arrangements:

Table 58: Lessor Income
Three months ended March 31 2025 2024
In millions
 Sales-type and direct financing leases (a) $ 85  $ 84 
 Operating leases (b) 9  6 
Lease income $ 94  $ 90 
(a)Included in Loans interest income on our Consolidated Income Statement.
(b)Included in Lending and deposit services noninterest income on our Consolidated Income Statement.
NOTE 7 BORROWED FUNDS
The following table shows the carrying value of total borrowed funds at March 31, 2025 (including adjustments related to accounting hedges, purchase accounting and unamortized original issuance discounts) by remaining contractual maturity:
Table 59: Borrowed Funds
In millions
Less than 1 year $ 16,933 
1 to 2 years 9,765 
2 to 3 years 7,665 
3 to 4 years 2,431 
4 to 5 years 6,421 
Over 5 years 17,507 
Total $ 60,722 











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

The following table presents the contractual rates and maturity dates of our FHLB advances, senior debt and subordinated debt as of March 31, 2025, and the carrying values as of March 31, 2025 and December 31, 2024.
Table 60: FHLB Borrowings, Senior Debt and Subordinated Debt
  Stated Rate Maturity Carrying Value
Dollars in millions March 31, 2025 March 31, 2025 March 31, 2025 December 31, 2024
Parent Company
Senior debt
1.15% - 6.88%
2026 - 2036 $ 30,578  $ 27,369 
Subordinated debt 4.63  % 2033 795  777 
Junior subordinated debt 5.15  % 2028 206  206 
Total Parent Company     31,579  28,352 
Bank
Federal Home Loan Bank advances (a)
4.64% - 4.93%
2025 - 2028 18,000  22,000 
Senior debt
3.10% - 4.84%
2025 - 2043 4,409  5,128 
Subordinated debt
2.70% - 5.90%
 2025 - 2029 3,162  3,121 
Total Bank     25,571  30,249 
Total   $ 57,150  $ 58,601 
(a)FHLB advances are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities.
In Table 60, the carrying values for parent company senior and subordinated debt include basis adjustments of $(281) million and $(52) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(61) million and $(105) million, respectively, related to fair value accounting hedges as of March 31, 2025.
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 2024 Form 10-K.

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 March 31, 2025 and December 31, 2024, respectively.
Table 61: Commitments to Extend Credit and Other Commitments
In millions March 31, 2025 December 31, 2024
Commitments to extend credit
Commercial $ 210,577  $ 209,864 
Home equity 24,217  24,086 
Credit card 37,215  36,447 
Other 7,626  7,388 
Total commitments to extend credit 279,635  277,785 
Net outstanding standby letters of credit (a) 11,369  11,251 
Standby bond purchase agreements (b) 1,095  1,095 
Other commitments (c) 5,165  4,969 
Total commitments to extend credit and other commitments $ 297,264  $ 295,100 
(a)Net outstanding standby letters of credit that support remarketing programs were $3.9 billion and $3.7 billion at March 31, 2025 and December 31, 2024, respectively.
(b)We enter into standby bond purchase agreements to support municipal bond obligations.
(c)Includes $2.7 billion and $2.2 billion related to investments in qualified affordable housing projects at March 31, 2025 and December 31, 2024, respectively.

Commitments to Extend Credit

Commitments to extend credit, or net unfunded loan commitments, represent arrangements to lend funds or provide liquidity subject to specified contractual conditions. These commitments generally have fixed expiration dates, may require payment of a fee and generally contain termination clauses in the event the customer’s credit quality deteriorates.
The PNC Financial Services Group, Inc. – Form 10-Q 67  

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 March 31, 2025, 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 March 31, 2025 had terms ranging from less than one year to 11 years.

As of March 31, 2025, 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 $0.2 billion at March 31, 2025 and is included in Other liabilities on our Consolidated Balance Sheet.

NOTE 9 TOTAL EQUITY AND OTHER COMPREHENSIVE INCOME

Activity in total equity for the three months ended March 31, 2025 and 2024 is as follows:
Table 62: 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		 Noncontrolling Interests Total Equity
Three months ended
Balance at December 31, 2023 (a) 398 $ 2,716  $ 6,241  $ 12,779  $ 56,290  $ (7,712) $ (19,209) $ 36  $ 51,141 
Net income —  —  —  —  1,330  —  —  14  1,344 
Other comprehensive loss, net of tax —  —  —  —  —  (330) —  —  (330)
Cash dividends declared - Common —  —  —  —  (624) —  —  —  (624)
Cash dividends declared - Preferred —  —  —  —  (81) —  —  —  (81)
Preferred stock discount accretion —  —  2  —  (2) —  —  —