Form: 10-Q

Quarterly report [Sections 13 or 15(d)]

August 5, 2026

Documents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
______________________________________
FORM 10-Q
______________________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
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)
___________________________________________________________
Pennsylvania25-1435979
(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 ClassTrading Symbol(s)
 Name of Each Exchange
    on Which Registered    
Common Stock, par value $5.00PNCNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒  Accelerated filer☐
Non-accelerated filer☐  Smaller reporting company☐
  Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
    Yes  ☐  No  ☒
As of July 20, 2026, there were 398,943,667 shares of the registrant’s common stock ($5 par value) outstanding.

THE PNC FINANCIAL SERVICES GROUP, INC.
Cross-Reference Index to Second Quarter 2026 Form 10-Q
Pages
PART I – FINANCIAL INFORMATION
 45


MD&A TABLE REFERENCE
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS TABLE REFERENCE
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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 2025 Annual Report on Form 10-K (our “2025 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 2025 Form 10-K; Item 1A Risk Factors included in our 2025 Form 10-K; and the Commitments and Legal Proceedings Notes included in this Report and our first quarter 2026 Form 10-Q and Item 8 of our 2025 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 2025 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 15 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 102 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.

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.

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 2025 Form 10-K.

Acquisition of FirstBank Holding Company

On January 5, 2026, PNC acquired FirstBank Holding Company including its banking subsidiary, FirstBank, representing $4.2 billion of consideration in cash and PNC common stock to FirstBank Holding Company common shareholders and Series A preferred shareholders, and $0.1 billion of consideration to Series B preferred shareholders through the exchange of each share of Series B preferred stock into a newly created series of preferred stock of PNC, designated Series X.

In June 2026, PNC converted approximately 780,000 customers, more than 1,620 employees and 95 branches across Colorado and Arizona, merging FirstBank into PNC Bank. PNC’s results for the second quarter of 2026 include the full quarter benefit of FirstBank. First quarter of 2026 results included FirstBank operations since acquisition close on January 5, 2026.

For additional information on the acquisition of FirstBank, see Note 2 Acquisition Activity.

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

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 endedSix months ended
June 30March 31June 30June 30June 30
20262026202520262025
Summary of Operations
Net interest income$4,107 $3,961 $3,555 $8,068 $7,031 
Noninterest income2,768 2,204 2,106 4,972 4,082 
Total revenue6,875 6,165 5,661 13,040 11,113 
Provision for credit losses191 210 254 401 473 
Noninterest expense4,098 3,768 3,383 7,866 6,770 
Income before income taxes and noncontrolling interests
2,586 2,187 2,024 4,773 3,870 
Income taxes
531 415 381 946 728 
Net income$2,055 $1,772 $1,643 $3,827 $3,142 
Net income attributable to common shareholders$1,953 $1,686 $1,542 $3,639 $2,950 
Per Common Share

Basic$4.82 $4.13 $3.86 $8.95 $7.37 
Diluted$4.81 $4.13 $3.85 $8.94 $7.37 
Book value per common share$145.52 $143.65 $131.61 
Performance Ratios
Net interest margin (non-GAAP) (a)2.96 %2.95 %2.80 %2.96 %2.79 %
Noninterest income to total revenue40 %36 %37 %38 %37 %
Efficiency60 %61 %60 %60 %61 %
Return on:
Average common shareholders’ equity13.61 %11.92 %12.20 %12.77 %11.91 %
Average assets1.34 %1.19 %1.17 %1.27 %1.13 %
(a)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		June 30
2026		December 31
2025		June 30
2025
Balance Sheet Highlights
Assets$616,034 $573,572 $559,107 
Loans$367,953 $331,481 $326,340 
Allowance for loan and lease losses


$4,652 $4,410 $4,523 
Interest-earning deposits with banks$22,794 $32,936 $24,455 
Investment securities$149,506 $138,240 $142,348 
Total deposits$449,792 $440,866 $426,696 
Borrowed funds$85,723 $57,101 $60,424 
Total shareholders’ equity$64,008 $60,585 $57,607 
Common shareholders’ equity$58,131 $54,828 $51,854 
Other Selected Ratios
Common equity tier 19.9 %10.6 %10.5 %
Loans to deposits82 %75 %76 %
Common shareholders’ equity to total assets9.4 %9.6 %9.3 %

Income Statement Highlights

Net income of $2.1 billion, or $4.81 per diluted common share, for the second quarter of 2026 increased $283 million, or 16%, compared to $1.8 billion, or $4.13 per diluted common share, for the first quarter of 2026, primarily due to higher noninterest income and net interest income, partially offset by higher noninterest expense.
•For the three months ended June 30, 2026 compared to the three months ended March 31, 2026:
•Total revenue of $6.9 billion increased $710 million, or 12%.
2 The PNC Financial Services Group, Inc. – Form 10-Q

•Net interest income of $4.1 billion increased $146 million, or 4%, and included the benefit of commercial loan growth and higher noninterest-bearing deposit balances.
•Net interest margin increased 1 basis point to 2.96%.
•Noninterest income of $2.8 billion increased $564 million, or 26%, reflecting higher capital markets and advisory revenue as well as $6 million of integration costs related to the FirstBank acquisition and second quarter significant items including:
•A $448 million gain resulting from PNC’s participation in the Visa exchange program;
•A securities loss of $139 million related to the repositioning of the available-for-sale investment securities portfolio; and
•Visa derivative adjustments of negative $85 million, driven by the extension of anticipated litigation resolution timing.
•Provision for credit losses was $191 million in the second quarter of 2026 and reflected portfolio activity as well as updates to macroeconomic factors. The first quarter of 2026 included a provision for credit losses of $210 million.
•Noninterest expense increased $330 million, or 9%, and included higher personnel costs as a result of increased business activity as well as second quarter of 2026 integration expenses related to the FirstBank acquisition of $121 million and a PNC Foundation contribution expense of $140 million pre-tax. The first quarter of 2026 included $97 million of FirstBank integration expenses.

Net income of $3.8 billion or $8.94 per diluted common share, for the first six months of 2026 increased $685 million, or 22%, compared to $3.1 billion, or $7.37 per diluted common share, for the same period in 2025, reflecting higher net interest income and noninterest income, partially offset by increased noninterest expense.
•For the six months ended June 30, 2026 compared to the six months ended June 30, 2025:
•Total revenue increased $1.9 billion, or 17%.
•Net interest income increased $1.0 billion, or 15%, reflecting the benefit of FirstBank, loan growth and lower funding costs.
•Net interest margin increased 17 basis points and included the continued benefit of fixed rate asset repricing.
•Noninterest income increased $890 million, or 22%, reflecting higher capital markets and advisory revenue as well as $7 million of integration costs related to the FirstBank acquisition and second quarter 2026 significant items including:
•A $448 million gain resulting from PNC’s participation in the Visa exchange program;
•A securities loss of $139 million related to the repositioning of the available-for-sale investment securities portfolio; and
•Visa derivative adjustments of negative $117 million in the first six months of 2026, driven by the extension of anticipated litigation resolution timing.
•Provision for credit losses was $401 million for the first six months of 2026, and reflected portfolio activity as well as updates to macroeconomic factors. The first six months of 2025 included a provision for credit losses of $473 million.
•Noninterest expense increased $1.1 billion, or 16%, compared to the first six months of 2025, reflecting FirstBank operating expenses, higher personnel costs as a result of increased business activity and $218 million of integration expenses related to the FirstBank acquisition, as well as a PNC Foundation contribution expense of $140 million pre-tax.

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

Balance Sheet Highlights
Our balance sheet was well positioned at June 30, 2026. In comparison to December 31, 2025:
•Total assets of $616.0 billion increased $42.5 billion, or 7%, reflecting higher loans and securities balances, including the impact of the FirstBank acquisition, partially offset by lower balances held with the FRB.
•Total loans of $368.0 billion increased $36.5 billion, or 11%.
•Total commercial loans increased $31.4 billion, or 14%, to $263.9 billion, reflecting new production and higher utilization of loan commitments as well as the addition of FirstBank loans.
•Total consumer loans increased $5.1 billion, or 5%, to $104.1 billion, primarily driven by the benefit of acquired FirstBank residential mortgage loans, partially offset by declines in the automobile portfolio as paydowns outpaced originations.
•Investment securities increased $11.3 billion, or 8%, to $149.5 billion, including net purchase activity of agency residential mortgage-backed securities and the acquisition of FirstBank investment securities in both the available-for-sale and held-to-maturity portfolios.
•Total deposits increased $8.9 billion, or 2%, primarily driven by higher noninterest-bearing deposits, and included the addition of FirstBank deposits.
•Borrowed funds increased $28.6 billion, or 50%, to $85.7 billion, primarily due to higher FHLB advances.
The PNC Financial Services Group, Inc. – Form 10-Q 3

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

Credit Quality Highlights

In the second quarter of 2026, PNC maintained strong credit quality performance.
•At June 30, 2026 compared to December 31, 2025:
•Nonperforming assets of $2.2 billion decreased $211 million, or 9%, driven by lower commercial nonperforming loans.
•Overall loan delinquencies of $1.4 billion were stable.
•The ACL related to loans, which consists of the ALLL and the allowance for unfunded lending related commitments, totaled $5.5 billion at June 30, 2026, compared to $5.2 billion at December 31, 2025. The increase was primarily driven by portfolio activity, including the addition of FirstBank loans. ACL to total loans was 1.48% at June 30, 2026, compared to 1.58% at December 31, 2025.
•Net loan charge-offs of $226 million, or 0.25% of average loans, decreased $27 million compared to the first quarter of 2026, primarily due to FirstBank acquired net loan charge-offs of $45 million recognized in the first quarter.

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 $58.1 billion at June 30, 2026, increased $3.3 billion, or 6%, compared to December 31, 2025, primarily due to the benefit of net income and common stock issuances related to the FirstBank acquisition, partially offset by common dividends paid, common share repurchases and a decline in AOCI.
•In the second quarter of 2026, PNC returned $1.3 billion of capital to shareholders, reflecting $0.7 billion of dividends on common shares and $0.6 billion of common share repurchases.
•On July 6, 2026, the PNC Board of Directors raised the quarterly cash dividend on common stock to $2.00 per share, an increase of 30 cents, or 18%. The dividend is payable on August 5, 2026 to shareholders of record at the close of business July 20, 2026.
•Our CET1 ratio was 9.9% at June 30, 2026 and 10.6% at December 31, 2025.

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 2025 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:
•PNC’s baseline forecast remains for continued expansion in 2026, with economic growth expected to remain resilient despite oil prices that are up from early 2026, supported by strong AI-related capex, tax refunds, and an improving labor market. We expect real GDP growth of 2.1% in 2026, with continued modest job gains and the unemployment rate holding roughly steady, ending the year at around 4.3%. Inflation risks have eased somewhat but we still expect inflation to remain elevated, with CPI inflation staying above 3% through year-end. Risks to our growth and inflation outlook include a sudden reversal in AI-related sentiment, which would have knock-on effects on both capex and wealth-driven consumer spending, as well as any further sharp rise in oil prices.
•Our baseline forecast is for the Federal Reserve to keep the federal funds rate unchanged throughout 2026 and into 2027, in a range between 3.50% and 3.75%. However, risks remain skewed toward tighter monetary policy given persistent above-target inflation and inflationary pressures from higher energy prices and continued strength in capital spending.

Consistent with the forward guidance we provided on July 15, 2026, for the third quarter of 2026, compared to the second quarter of 2026, we expect:
•Average loans to be up 1% to 2%,
•Net interest income to be up 3% to 3.5%,
•Fee income to be down 5% to 5.5%,
•Other noninterest income to be $150 million to $200 million,
•Noninterest expense to be down 7% to 8 %,
◦Noninterest expense, excluding integration costs and significant items, to be down 2% to 3%, and
•Net loan charge-offs to be approximately $225 million.
4 The PNC Financial Services Group, Inc. – Form 10-Q

Consistent with the forward guidance we provided on July 15, 2026, for the full year of 2026, compared to the full year of 2025, we expect:
•Average loans to be up approximately 12.5%,
•Net interest income to be up 15% to 15.5%,
•Noninterest income to be up approximately 11%
◦Noninterest income, excluding integration costs and significant items, to be up approximately 9%,
•Total revenue to be up approximately 14%,
◦Total revenue, excluding integration costs and significant items, to be up approximately 13%,
•Noninterest expense to be up approximately 11.5%,
◦Noninterest expense, excluding integration costs and significant items, to be up approximately 8.5%, and
•Effective tax rate to be approximately 19.5%.

The guidance for noninterest expense, excluding integration costs and significant items, excludes our expectation for non-recurring merger and integration expenses of approximately $325 million, $218 million of which was recognized in the first half of 2026 and approximately $50 million of which we expect to incur in the third quarter of 2026. It also excludes the pre-tax impacts of the $140 million expense in the second quarter of 2026 related to a contribution to the PNC Foundation.

The 2026 guidance for noninterest income and total revenue excludes integration costs, $7 million of which was recognized in the first half of 2026, as well as $224 million of second quarter significant items ($448 million gain on Visa exchange, $(85) million Visa Class B-3 derivative adjustment, and $139 million of securities losses). See the Reconciliation of Noninterest income guidance, excluding integration costs and significant items (non-GAAP) and the Reconciliation of Revenue guidance, excluding integration costs and significant items (non-GAAP) sections of this Report. Other noninterest income, noninterest income and revenue guidance does not forecast net securities gains or losses and other 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, except for full year Noninterest income and Revenue guidance, excluding integration costs and significant items, and full year Noninterest expense guidance, excluding integration costs and significant items. 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 2025 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

Net income of $2.1 billion, or $4.81 per diluted common share, for the second quarter of 2026 increased $283 million, or 16%, compared to $1.8 billion, or $4.13 per diluted common share, for the first quarter of 2026, primarily due to higher noninterest income and net interest income, partially offset by higher noninterest expense. Net income of $3.8 billion, or $8.94 per diluted common share, for the first six months of 2026 increased $685 million, or 22%, compared to $3.1 billion, or $7.37 per diluted common share, for the same period in 2025, reflecting higher net interest income and noninterest income, partially offset by increased noninterest expense.
The PNC Financial Services Group, Inc. – Form 10-Q 5

Net Interest Income
Table 3: Summarized Average Balances and Net Interest Income (a)
June 30, 2026March 31, 2026
Three months ended
Dollars in millions		Average
Balances		Average
Yields/
Rates		Interest
Income/
Expense		Average
Balances		Average
Yields/
Rates		Interest
Income/
Expense
Assets
Interest-earning assets
Investment securities$147,099 3.45 %$1,269 $144,526 3.36 %$1,208 
Loans363,196 5.47 %5,007 350,883 5.50 %4,815 
Interest-earning deposits with banks (b)30,734 3.63 %281 32,612 3.64 %296 
Other13,985 4.69 %164 12,457 4.95 %154 
Total interest-earning assets/interest income$555,014 4.82 %6,721 $540,478 4.80 %6,473 
Liabilities
Interest-bearing liabilities
Interest-bearing deposits$353,540 1.91 %1,682 $359,273 1.96 %1,735 
Borrowed funds78,933 4.57 %905 62,874 4.76 %748 
Total interest-bearing liabilities/interest expense$432,473 2.39 %2,587 $422,147 2.37 %2,483 
Interest rate spread2.43 %2.43 %
Impact of noninterest-bearing sources0.53 0.52 
Net interest margin/income (non-GAAP)2.96 %4,134 2.95 %3,990 
Taxable-equivalent adjustments(27)(29)
Net interest income (GAAP)$4,107 $3,961 
June 30, 2026June 30, 2025
Six months ended
Dollars in millions		Average
Balances		Average
Yields/
Rates		Interest
Income/
Expense		Average
Balances		Average
Yields/
Rates		Interest
Income/
Expense
Assets
Interest-earning assets
Investment securities$145,820 3.41 %$2,477 $142,058 3.22 %$2,284 
Loans357,074 5.49 %9,822 319,706 5.70 %9,128 
Interest-earning deposits with banks (b)31,668 3.63 %577 33,209 4.38 %731 
Other13,238 4.80 %318 10,750 5.83 %313 
Total interest-earning assets/interest income$547,800 4.81 %13,194 $505,723 4.92 %12,456 
Liabilities
Interest-bearing liabilities
Interest-bearing deposits$356,390 1.93 %3,417 $329,061 2.24 %3,653 
Borrowed funds70,949 4.65 %1,653 64,901 5.28 %1,716 
Total interest-bearing liabilities/interest expense$427,339 2.38 %5,070 $393,962 2.73 %5,369 
Interest rate spread2.43 %2.19 %
Impact of noninterest-bearing sources0.53 0.60 
Net interest margin/income (non-GAAP)2.96 %8,124 2.79 %7,087 
Taxable-equivalent adjustments(56)(56)
Net interest income (GAAP)$8,068 $7,031 
(a)Interest income calculated as taxable-equivalent interest income. To provide more meaningful comparisons of interest income and yields for all interest-earning assets, as well as net interest margins, we use interest income on a taxable-equivalent basis in calculating average yields and net interest margins by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP on the Consolidated Income Statement. For more information, see 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 net interest 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 increased $146 million, or 4%, compared to the first quarter of 2026, and included the benefit of commercial loan growth and higher noninterest-bearing deposit balances. Net interest income increased $1.0 billion, or 15%, for the first six months of 2026 compared to the same period in 2025 and reflected the benefit of FirstBank, loan growth and lower funding costs. Net interest
6 The PNC Financial Services Group, Inc. – Form 10-Q

margin increased 1 basis point compared to the first quarter of 2026. Compared to the first six months of 2025, net interest margin increased 17 basis points and included the continued benefit of fixed rate asset repricing.

Average investment securities increased $2.6 billion, or 2%, compared to the first quarter of 2026, and $3.8 billion, or 3%, compared to the first six months of 2025, reflecting higher residential mortgage-backed securities. The increase compared to the first six months of 2025 was partially offset by a decline in U.S. Treasury securities. Average investment securities represented 27% of average interest-earning assets for both the second and first quarters of 2026, and 27% for the first six months of 2026 compared to 28% for the same period of 2025.

Average loans increased $12.3 billion, or 4%, compared to the first quarter of 2026, and $37.4 billion, or 12%, compared to the first six months of 2025. In both comparisons, the increase was primarily due to growth in commercial loans, driven by strong new production. Compared to the first six months of 2025, the increase also reflected the addition of FirstBank loans. Average loans represented 65% of average interest-earning assets for both the second and first quarters of 2026 and 65% for the first six months of 2026 compared to 63% for the same period of 2025.

Average interest-bearing deposits decreased $5.7 billion, or 2%, compared to the first quarter of 2026, driven by lower commercial deposits and a decline in brokered time deposits. Average interest-bearing deposits increased $27.3 billion, or 8%, compared to the first six months of 2025, reflecting growth in consumer and commercial balances, including the addition of FirstBank deposits, partially offset by lower brokered time deposits. In total, average interest-bearing deposits represented 82% of average interest-bearing liabilities for the second quarter of 2026 compared to 85% for the first quarter of 2026, and 83% for the first six months of 2026 compared to 84% for the first six months of 2025.

Average borrowed funds increased $16.1 billion, or 26%, and $6.0 billion, or 9%, compared to the first quarter of 2026 and the first six months of 2025, respectively. In both comparisons, the increase was primarily due to higher FHLB advances. Compared to the first six months of 2025, the increase also included higher senior debt outstanding.

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 endedSix months ended
June 30March 31ChangeJune 30June 30Change
Dollars in millions20262026$%20262025$%
Noninterest income
Asset management and brokerage$440 $420 $20 5 %$860 $782 $78 10 %
Capital markets and advisory577 463 114 25 %1,040 627 413 66 %
Card and cash management772 738 34 5 %1,510 1,429 81 6 %
Lending and deposit services346 340 6 2 %686 633 53 8 %
Residential and commercial mortgage144 118 26 22 %262 262 — — %
Other income
Gain on Visa shares exchange program448 — 448 *448 — 448 *
Securities gains (losses)(139)28 (167)*(111)(2)(109)*
Other180 97 83 *277 351 (74)*
Other income489 125 364 291 %614 349 265 76 %
Total noninterest income$2,768 $2,204 $564 26 %$4,972 $4,082 $890 22 %
*-Not meaningful

Noninterest income as a percentage of total revenue was 40% for the second quarter of 2026 compared to 36% for the first quarter of 2026 and 38% for the first six months of 2026 compared to 37% for the same period in 2025.

Asset management and brokerage fees increased compared to the first quarter of 2026 and the first six months of 2025. In both comparisons, the increase was a result of higher average equity markets and increased client activity. PNC’s discretionary client assets under management of $247 billion at June 30, 2026 increased from $230 billion at March 31, 2026, and $217 billion at June 30, 2025. In both comparisons, the increase included the impact from higher spot equity markets and positive net flows.

Capital markets and advisory fees increased compared to the first quarter of 2026 and the first six months of 2025, driven by growth across capital markets businesses, including strong merger and acquisition advisory activity.

Card and cash management revenue increased compared to the first quarter of 2026, as a result of seasonally higher consumer
The PNC Financial Services Group, Inc. – Form 10-Q 7

transaction volumes and growth in treasury management product revenue. The increase compared to the first six months of 2025 included increased consumer transaction volumes as well as higher treasury management product revenue.

Lending and deposit services increased compared to the first quarter of 2026 primarily due to increased customer activity. Compared to the first six months of 2025, the increase reflected the addition of FirstBank customer activity.

Residential and commercial mortgage increased compared to the first quarter of 2026 primarily driven by negative residential mortgage valuations, net of economic hedge, recognized in the first quarter of 2026. Residential and commercial mortgage revenue was stable compared to the first six months of 2025.

Other noninterest income increased in both the quarterly and year-to-date comparisons. The second quarter of 2026 included the impact of a $448 million gain resulting from PNC’s participation in the Visa exchange program, partially offset by a securities loss of $139 million related to the repositioning of the available-for-sale investment securities portfolio and $6 million of integration costs related to the FirstBank acquisition. The second quarter of 2026 also included Visa derivative adjustments, primarily related to the extension of anticipated litigation resolution timing of negative $85 million, compared to negative $32 million of Visa derivative adjustments in the first quarter of 2026. The first six months of 2026 included negative $117 million of Visa derivative adjustments, compared to negative $38 million for the same period in 2025.

Noninterest Expense

Table 5: Noninterest Expense
Three months endedSix months ended
June 30March 31ChangeJune 30June 30Change
Dollars in millions20262026$%20262025$%
Noninterest expense
Personnel$2,273 $2,106 $167 8 %$4,379 $3,779 $600 16 %
Occupancy252 262 (10)(4)%514 480 34 7 %
Equipment435 415 20 5 %850 778 72 9 %
Marketing110 87 23 26 %197 184 13 7 %
Other1,028 898 130 14 %1,926 1,549 377 24 %
Total noninterest expense
$4,098 $3,768 $330 9 %$7,866 $6,770 $1,096 16 %
 
Noninterest expense increased compared to the first quarter of 2026 and included higher personnel costs as a result of increased business activity as well as second quarter of 2026 integration expenses related to the FirstBank acquisition of $121 million and a PNC Foundation contribution expense of $140 million pre-tax. The first quarter of 2026 included $97 million of FirstBank integration expenses.

Compared to the first six months of 2025, noninterest expense increased reflecting FirstBank operating expenses, higher personnel costs as a result of increased business activity and $218 million of integration expenses related to the FirstBank acquisition, as well as a $140 million pre-tax expense related to a PNC Foundation contribution.

Effective Income Tax Rate

The effective income tax rate was 20.5% for the second quarter of 2026 compared to 19.0% for the first quarter of 2026 and 19.8% for the first six months of 2026 compared to 18.8% for the first six months of 2025.

Provision For Credit Losses
Table 6: Provision for Credit Losses
Three months endedSix months ended
June 30March 31ChangeJune 30June 30Change
Dollars in millions20262026$20262025$
Provision for (recapture of) credit losses
Loans and leases$213 $188 $25 $401 $431 $(30)
Unfunded lending related commitments(20)14 (34)(6)38 (44)
Investment securities(1)— (1)(1)2 (3)
Other financial assets(1)8 (9)7 2 5 
Total provision for credit losses$191 $210 $(19)$401 $473 $(72)

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

The provision for credit losses was $191 million and $401 million for the three and six months ended June 30, 2026, respectively. The provision in both periods was driven by portfolio activity as well as updates to macroeconomic factors.
CONSOLIDATED BALANCE SHEET REVIEW
Table 7: Summarized Balance Sheet Data
June 30December 31Change
Dollars in millions20262025$%
Assets
Interest-earning deposits with banks$22,794 $32,936 $(10,142)(31)%
Loans held for sale1,522 1,939 (417)(22)%
Investment securities149,506 138,240 11,266 8 %
Loans367,953 331,481 36,472 11 %
Allowance for loan and lease losses(4,652)(4,410)(242)(5)%
Mortgage servicing rights3,801 3,659 142 4 %
Goodwill13,317 10,959 2,358 22 %
Other61,793 58,768 3,025 5 %
Total assets$616,034 $573,572 $42,462 7 %
Liabilities
Deposits$449,792 $440,866 $8,926 2 %
Borrowed funds85,723 57,101 28,622 50 %
Allowance for unfunded lending related commitments809 818 (9)(1)%
Other15,649 14,151 1,498 11 %
Total liabilities551,973 512,936 39,037 8 %
Equity
Total shareholders’ equity64,008 60,585 3,423 6 %
Noncontrolling interests53 51 2 4 %
Total equity64,061 60,636 3,425 6 %
Total liabilities and equity$616,034 $573,572 $42,462 7 %

Our balance sheet was well positioned at June 30, 2026. In comparison to December 31, 2025:
•Total assets increased reflecting higher loans and securities balances, including the impact of the FirstBank acquisition, partially offset by lower balances held with the FRB.
•Total liabilities increased primarily due to higher borrowed funds as well as higher deposits, including the impact of the acquisition of FirstBank.
•Total equity increased primarily due to the benefit of net income and stock issuances related to the FirstBank acquisition, partially offset by dividends paid, common share repurchases and lower AOCI.

The following discussion provides additional information about the major components of our balance sheet. Information regarding our capital and regulatory compliance is included in the Liquidity and Capital Management portion of the Risk Management section and the Recent Regulatory Developments section in this Financial Review. Additional information can be found in the Supervision and Regulation section and Note 19 Regulatory Matters of our 2025 Form 10-K.

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

Loans
Effective January 1, 2026, PNC updated its defined loan classes (classes of financing receivables) as follows: (i) equipment lease financing loans were reclassified to the commercial and industrial loan class based on similarities in the manner in which credit risk is monitored and assessed within these portfolios, as well as materiality considerations, and (ii) education loans were reclassified to the other consumer loan class based on materiality considerations. All impacted disclosures have been updated accordingly, and prior periods have been adjusted to conform with the current presentation.
Table 8: Loans
June 30December 31Change
Dollars in millions20262025$%
Commercial
Commercial and industrial$227,915 $202,898 $25,017 12 %
Commercial real estate35,962 29,5656,397 22 %
Total commercial263,877 232,463 31,414 14 %
Consumer
Residential real estate48,709 43,760 4,949 11 %
Home equity26,280 25,941 339 1 %
Automobile15,872 16,591 (719)(4)%
Credit card7,311 7,014 297 4 %
Other consumer5,904 5,712 192 3 %
Total consumer104,076 99,018 5,058 5 %
Total loans$367,953 $331,481 $36,472 11 %

Commercial loans increased reflecting strong new production and higher utilization of loan commitments as well as the addition of FirstBank loans.

Consumer loans increased primarily due to the benefit of acquired FirstBank residential mortgage loans, partially offset by declines in the automobile portfolio 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 4 Loans and Related Allowance for Credit Losses.

For information regarding our ACL related to loans, see the Credit Risk Management section and Critical Accounting Estimates and Judgments section of this Financial Review and Note 4 Loans and Related Allowance for Credit Losses. Additional discussion of our ACL is included in Note 1 Accounting Policies of our 2025 Form 10-K.

Investment Securities

Investment securities of $149.5 billion at June 30, 2026 increased $11.3 billion, or 8%, compared to December 31, 2025, including the acquisition of FirstBank investment securities and net purchase activity of agency residential mortgage-backed securities in both the available-for-sale and held-to-maturity portfolios.

In the second quarter of 2026, we repositioned the investment securities portfolio and sold available-for-sale securities with a market value of approximately $4.1 billion and a weighted average yield of approximately 3.2%, resulting in a loss of $139 million. We redeployed the proceeds from the sale, purchasing approximately $4.3 billion of investment securities with a weighted average yield of approximately 4.4%.

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.

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

Table 9: Investment Securities (a)
June 30, 2026December 31, 2025
Dollars in millionsAmortized
Cost (b)		Fair
Value		Amortized
Cost (b)		Fair
Value
U.S. Treasury and government agencies$47,470 $46,808 $50,559 $50,141 
Agency residential mortgage-backed87,088 82,749 75,028 71,386 
Non-agency residential mortgage-backed630 717 664 759 
Agency commercial mortgage-backed7,961 7,842 4,486 4,472 
Non-agency commercial mortgage-backed (c)310 311 584 582 
Asset-backed (d)3,651 3,683 4,087 4,177 
Other (e) 4,503 4,512 4,594 4,597 
Total investment securities (f)$151,613 $146,622 $140,002 $136,114 
(a)Of our total securities portfolio, 97% were rated AAA/AA at both June 30, 2026 and December 31, 2025.
(b)Amortized cost is presented net of the allowance for investment securities, which totaled $65 million at June 30, 2026 and primarily related to non-agency commercial mortgage-backed securities. The comparable amount at December 31, 2025 was $66 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 June 30, 2026 primarily reflected the impact of interest rate changes on the valuation of fixed-rate securities. We continually monitor the credit risk in our portfolio and maintain the allowance for investment securities at an appropriate level to absorb expected credit losses on our investment securities portfolio for the remaining contractual term of the securities adjusted for expected prepayments. See Note 3 Investment Securities for additional details regarding the allowance for investment securities.
The duration of investment securities was 3.6 years and 3.5 years at June 30, 2026 and December 31, 2025, respectively. We estimate that at June 30, 2026 the effective duration of investment securities was 3.6 years for an immediate 50 basis points parallel increase in interest rates and 3.5 years for an immediate 50 basis points parallel decrease in interest rates. Comparable amounts at December 31, 2025 for the effective duration of investment securities were 3.5 years and 3.4 years, respectively.

Based on expected prepayment speeds, the weighted-average expected maturity of the investment securities portfolio was 5.3 years and 5.2 years at June 30, 2026 and December 31, 2025, respectively.

Table 10: Weighted-Average Expected Maturities of Mortgage and Asset-Backed Debt Securities
June 30, 2026Years
Agency residential mortgage-backed6.7 
Non-agency residential mortgage-backed9.9 
Agency commercial mortgage-backed4.1 
Non-agency commercial mortgage-backed0.8 
Asset-backed2.1 

Additional information regarding our investment securities portfolio is included in Note 3 Investment Securities and Note 12 Fair Value.

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

Funding Sources

Table 11: Details of Funding Sources
June 30December 31Change
Dollars in millions20262025$%
Deposits
Noninterest-bearing$99,356 $91,748 $7,608 8 %
Interest-bearing
Money market77,737 79,334 (1,597)(2)%
Demand134,687 137,469 (2,782)(2)%
Savings105,462 98,312 7,150 7 %
Time deposits32,550 34,003 (1,453)(4)%
Total interest-bearing deposits350,436 349,118 1,318 — %
Total deposits449,792 440,866 8,926 2 %
Borrowed funds
Federal Home Loan Bank advances40,416 13,000 27,416 211 %
Senior debt38,144 38,642 (498)(1)%
Subordinated debt4,396 3,016 1,380 46 %
Other2,767 2,443 324 13 %
Total borrowed funds85,723 57,101 28,622 50 %
Total funding sources$535,515 $497,967 $37,548 8 %

Deposits are considered an attractive source of funding due to their stability and relatively low cost to fund. Compared to December 31, 2025, our funding source composition included higher borrowed funds outstanding and higher deposit balances. Funding costs decreased compared to the fourth quarter of 2025 as growth in funding sources was more than offset by the impact of lower funding rates.

Total deposits increased compared to December 31, 2025, primarily driven by higher noninterest-bearing deposits, and included the addition of FirstBank deposits. Interest-bearing deposits were stable and reflected higher consumer balances, offset by a seasonal decline in commercial balances and lower brokered time deposits. Our total brokered deposit balance was $2.1 billion at June 30, 2026 compared to $5.1 billion at December 31, 2025, and was significantly below both our internal and regulatory guidelines and limits.

Borrowed funds increased primarily due to higher FHLB advances.

The level and composition of borrowed funds fluctuates over time based on many factors, including market conditions, capital considerations, and funding needs, which are primarily driven by changes in loan, deposit and investment securities balances. While our largest source of liquidity on a consolidated basis is the customer deposit base generated by our banking businesses, we also manage our borrowed funds to provide a reliable source of liquidity for our banking and other activities, considering our LCR and NSFR requirements and other internal and external guidelines and constraints. See the Liquidity and Capital Management portion of the Risk Management section and the Recent Regulatory Developments section in this Financial Review and the first quarter 2026 Form 10-Q, as well as the Supervision and Regulation section and Note 19 Regulatory Matters of our 2025 Form 10-K for additional information regarding our liquidity and capital activities. See Note 8 Borrowed Funds in this Report and Note 9 Borrowed Funds in our 2025 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 $64.0 billion at June 30, 2026 increased $3.4 billion, or 6%, compared to December 31, 2025, primarily due to the benefit of net income of $3.8 billion and stock issuances related to the FirstBank acquisition of $3.0 billion, partially offset by dividends paid of $1.5 billion, common share repurchases of $1.3 billion and a decline in AOCI of $0.7 billion.
12    The PNC Financial Services Group, Inc. – Form 10-Q

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 segment. 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 87 in Note 15 Segment Reporting for additional information.

Certain amounts included in this Business Segments Review differ from those amounts shown in Note 15, primarily due to the presentation in this Financial Review of business net interest income on a taxable-equivalent basis.

See Note 15 Segment Reporting for additional information on our business segments, including a description of each business.
The PNC Financial Services Group, Inc. – Form 10-Q 13

Retail Banking

Retail Banking’s core strategy is to build lifelong, primary relationships by creating a sense of financial well-being and ease for our clients. Over time, we seek to deepen those relationships by meeting the broad range of our clients’ financial needs across savings, liquidity, lending, payments, investment and retirement solutions. We work to deliver these solutions in the most seamless and efficient way possible, meeting our customers where they 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)
Six months ended June 30    Change
Dollars in millions, except as noted20262025$%
Income Statement
Net interest income (a)$6,528 $5,883 $645 11 %
Noninterest income1,997 1,488 509 34 %
Total revenue (a)8,525 7,371 1,154 16 %
Provision for credit losses244 251 (7)(3)%
Noninterest expense
Personnel1,122 1,077 45 4 %
Segment allocations (b)2,178 1,945 233 12 %
Depreciation and amortization270 173 97 56 %
Other (c)656 597 59 10 %
Total noninterest expense4,226 3,792 434 11 %
Pre-tax earnings (a)4,055 3,328 727 22 %
Income taxes (a)944 775 169 22 %
Noncontrolling interests15 19 (4)(21)%
Earnings (a)$3,096 $2,534 $562 22 %
Average Balance Sheet
Loans held for sale$589 $867 $(278)(32)%
Loans
Consumer
Residential real estate$38,642 $34,920 $3,722 11 %
Home equity24,886 24,548 338 1 %
Automobile16,278 15,491 787 5 %
Credit card7,020 6,525 495 8 %
Other consumer3,210 3,368 (158)(5)%
Total consumer 90,036 84,852 5,184 6 %
Commercial 20,708 12,783 7,925 62 %
Total loans$110,744 $97,635 $13,109 13 %
Total assets$130,537 $114,601 $15,936 14 %
Deposits
Noninterest-bearing$59,635 $51,833 $7,802 15 %
Interest-bearing210,292 190,381 19,911 10 %
Total deposits$269,927 $242,214 $27,713 11 %
Performance Ratios (a)
Return on average assets 4.78 %4.46 %
Noninterest income to total revenue 23 %20 %
Efficiency50 %51 %
Supplemental Noninterest Income Information
Asset management and brokerage$333 $302 $31 10 %
Card and cash management$672 $624 $48 8 %
Lending and deposit services$404 $374 $30 8 %
Residential and commercial mortgage$146 $126 $20 16 %
Other income - Gain on Visa shares exchange program$448 $— $448 *
14    The PNC Financial Services Group, Inc. – Form 10-Q

(Continued from previous page)
Six months ended June 30    Change
Dollars in millions, except as noted20262025$%
Residential Mortgage Information
Residential mortgage servicing statistics (d)
Serviced portfolio balance (in billions) (e)$209 $189 $20 11 %
MSR asset value (e)$2,762 $2,457 $305 12 %
Servicing income:
Servicing fees, net (f)$129 $131 $(2)(2)%
Mortgage servicing rights valuation, net of economic hedge$(24)$(2)$(22)*
Residential mortgage loan statistics
Loan origination volume (in billions)$3.2 $2.7 $0.5 19 %
Loan sale margin percentage2.12 %0.78 %
Other Information
Credit-related statistics
Nonperforming assets (e)$944 $812 $132 16 %
Net charge-offs - loans and leases $241 $264 $(23)(9)%
Other statistics
Branches (e)(g)2,304 2,218 86 4 %
Brokerage account client assets (in billions) (e)(h)$97 $87 $10 11 %
*- Not Meaningful
(a)During the second quarter of 2026, PNC updated its internal FTP methodology. The update resulted in impacts to net interest income and associated income statement line items for all business segments. Prior periods have been adjusted to conform with the current presentation.
(b)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.
(c)Other is primarily comprised of other direct expenses including outside services and equipment expense.
(d)Represents mortgage loan servicing balances for third parties and the related income.
(e)As of June 30.
(f)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.
(g)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.
(h)Includes cash and money market balances.

Retail Banking earnings for the first six months of 2026 increased $562 million compared to the same period in 2025 driven by higher revenue, partially offset by higher noninterest expense.

Net interest income increased in the comparison due to the benefit of FirstBank.

Noninterest income increased in the comparison, reflecting a gain resulting from PNC’s participation in the Visa exchange program, the addition of FirstBank customers and growth in client activity.

Provision for credit losses reflected portfolio activity and updates to macroeconomic factors.

Noninterest expense increased in the comparison primarily due to FirstBank operating expenses and technology investments.

Retail Banking average total loans increased in the first six months of 2026 compared to the same period in 2025. Average consumer loans increased reflecting the addition of residential real estate and home equity loans acquired from FirstBank, as well as growth in the auto and credit card loan portfolios. The increase in average commercial loans was attributable to acquired FirstBank loans.

Our focus on growing primary customer relationships is at the core of our deposit strategy in Retail, which is based on attracting and retaining stable, low-cost deposits as a key funding source for PNC. We have taken a disciplined approach to pricing, focused on retaining relationship-based balances and executing on targeted deposit growth and retention strategies aimed at more rate-sensitive customers. Our goal with regard to deposits is to optimize balances, economics and long-term customer growth. In the first six months of 2026, average total deposits increased compared to the same period in 2025, due to acquired FirstBank deposits and growth in client relationships.

Retail Banking continues to enhance the customer experience with refinements to product and service offerings that drive value for consumers and small businesses. As part of our strategic focus on growing customers and meeting their financial needs, we operate and continue to optimize a coast-to-coast network of retail branches and ATMs, which are complemented by PNC’s suite of digital capabilities. In 2025, PNC announced that it would increase its total branch investment to approximately $2.0 billion by 2030, opening more than 300 new branches and reaffirmed plans to complete the renovation of the entire branch network by 2029. The additional branch investments will be focused in Nashville, Chicago, Sarasota, and Winston-Salem. This was an increase from the previously announced 2024 investment of $1.5 billion to open more than 200 new branches in the strategic growth markets of Atlanta, Austin,
The PNC Financial Services Group, Inc. – Form 10-Q 15

Charlotte, Dallas, Denver, Houston, Miami, Orlando, Phoenix, Raleigh, San Antonio, and Tampa.

Corporate & Institutional Banking
Corporate & Institutional Banking’s strategy is to be the leading relationship-based provider of traditional banking products and services to its customers through the economic cycles. We aim to grow our market share and drive higher returns by delivering value-added solutions that help our clients better run their organizations, all while maintaining prudent risk and expense management. We continue to focus on building client relationships where the risk-return profile is attractive. We are a coast-to-coast franchise and our full suite of commercial products and services is offered nationally.

Table 13: Corporate & Institutional Banking Table
(Unaudited)
Six months ended June 30    Change
Dollars in millions, except as noted20262025$%
Income Statement
Net interest income (a)$3,934 $3,582 $352 10 %
Noninterest income2,435 2,000 435 22 %
Total revenue (a)6,369 5,582 787 14 %
Provision for credit losses153 233 (80)(34)%
Noninterest expense
Personnel962 746 216 29 %
Segment allocations (b)842 764 78 10 %
Depreciation and amortization96 100 (4)(4)%
Other (c)307 296 11 4 %
Total noninterest expense2,207 1,906 301 16 %
Pre-tax earnings (a)4,009 3,443 566 16 %
Income taxes (a)931 783 148 19 %
Noncontrolling interests10 9 1 11 %
Earnings (a)$3,068 $2,651 $417 16 %
Average Balance Sheet
Loans held for sale$650 $516 $134 26 %
Loans
Commercial
Commercial and industrial $200,913 $173,872 $27,041 16 %
Commercial real estate28,905 31,553 (2,648)(8)%
Total commercial $229,818 $205,425 $24,393 12 %
Consumer3 3 — — %
Total loans$229,821 $205,428 $24,393 12 %
Total assets$256,890 $230,750 $26,140 11 %
Deposits
Noninterest-bearing$40,207 $39,347 $860 2 %
Interest-bearing119,680 107,886 11,794 11 %
Total deposits$159,887 $147,233 $12,654 9 %
Performance Ratios (a)
Return on average assets2.41 %2.32 %
Noninterest income to total revenue38 %36 %
Efficiency35 %34 %






















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

(Continued from previous page)
(Unaudited)
Six months ended June 30Change
Dollars in millions, except as noted20262025$%
Other Information
Consolidated revenue from: (d)
Treasury Management (a)(e)$2,342 $2,130 $212 10 %
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (a)(f)$37 $50 $(13)(26)%
Commercial mortgage loan servicing income (a)(g)247 238 9 4 %
Commercial mortgage servicing rights valuation, net of economic hedge61 75 (14)(19)%
Total$345 $363 $(18)(5)%
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (h)(i)$294 $295 $(1)— %
MSR asset value (h)$1,039 $1,010 $29 3 %
Average loans by C&IB business (j)
Corporate Banking$134,132 $111,968 $22,164 20 %
Real Estate41,038 42,906 (1,868)(4)%
Business Credit34,983 30,798 4,185 14 %
Equipment Finance10,656 10,346 310 3 %
Commercial Banking5,960 6,229 (269)(4)%
Other3,052 3,181 (129)(4)%
Total average loans$229,821 $205,428 $24,393 12 %
Credit-related statistics
Nonperforming assets (h) $1,066 $1,160 $(94)(8)%
Net charge-offs - loans and leases $197 $147 $50 34 %
(a)During the second quarter of 2026, PNC updated its internal FTP methodology. The update resulted in impacts to net interest income and associated income statement line items for all business segments. Prior periods have been adjusted to conform with the current presentation.
(b)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.
(c)Other is primarily comprised of other direct expenses including outside services and equipment expense.
(d)See the additional revenue discussion regarding treasury management and commercial mortgage banking activities in the Product Revenue section of this Corporate & Institutional Banking section.
(e)Amounts are reported in net interest income and noninterest income.
(f)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.
(g)Represents net interest income and noninterest income from loan servicing, net of reduction in commercial mortgage servicing rights due to the passage of time and payoffs. Commercial mortgage servicing rights valuation, net of economic hedge is shown separately.
(h)As of June 30.
(i)Represents balances related to capitalized servicing.
(j)During the second quarter of 2026, certain equipment finance activity was centralized and established as a business unit within C&IB. As a result, certain loans were reclassified from Corporate Banking, Commercial Banking and Other to Equipment Finance. Prior periods have been adjusted to conform with the current presentation.

Corporate & Institutional Banking earnings in the first six months of 2026 increased $417 million compared to the same period in 2025 driven by higher revenue and a lower provision for credit losses, partially offset by higher noninterest expense.

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

Noninterest income increased in the comparison primarily due to broad-based growth across the capital markets and advisory businesses and higher treasury management product revenue.

Provision for credit losses for the first six months of 2026 reflected portfolio activity, including loan growth, and updates to macroeconomic factors.

Noninterest expense increased in the comparison reflecting higher variable compensation associated with increased business activity.

Average loans increased compared to the six months ended June 30, 2025:
•Corporate Banking provides lending, 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 and higher average utilization of loan commitments.
•Real Estate provides banking, financing, servicing and technology solutions for commercial real estate clients. Average loans for this business declined primarily due to lower average utilization of loan commitments.
•Business Credit provides asset-based lending and equipment financing solutions. The loan and lease portfolio is mainly secured by business assets. Average loans for this business increased reflecting new production and a higher average utilization of loan commitments.
The PNC Financial Services Group, Inc. – Form 10-Q 17

•Equipment Finance provides equipment financing solutions for clients. Average loans for this business increased driven by 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 primarily driven by lower average utilization of loan commitments.

The deposit strategy of Corporate & Institutional Banking is to remain disciplined on pricing and focused on growing and retaining relationship-based balances over time, executing on customer and segment-specific deposit growth strategies and continuing to provide funding and liquidity to PNC. Average total deposits increased compared to the six months ended June 30, 2025, largely due to growth in interest-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 treasury management capabilities, 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, with the remainder reflected in the results of other businesses where the customer relationships exist. The Other Information section in Table 13 includes the consolidated revenue to PNC for treasury management and commercial mortgage banking services. A discussion of the consolidated revenue from these services follows.
The Treasury Management business provides corporations with cash and investment management services, receivables and disbursement management services, funds transfer services, and access to online/mobile information management and reporting services. Treasury management revenue is reported in noninterest income and net interest income. Noninterest income includes treasury management product revenue less earnings credits provided to customers on compensating deposit balances used to pay for products and services. Net interest income includes funding credit from all treasury management customer deposit balances. Compared to the first six months of 2025, treasury management revenue increased due to growth in average deposit balances, higher product revenue and wider interest rate spreads on the value of deposits.

Commercial mortgage banking activities include revenue derived from commercial mortgage servicing (both net interest income and
noninterest income), revenue derived from commercial mortgage loans held for sale and hedges related to those activities. Total
revenue from commercial mortgage banking activities decreased in the comparison primarily due to a lower benefit from commercial mortgage servicing rights valuation, net of hedge and lower revenue from commercial mortgage loans held for sale, partially offset by higher commercial mortgage loan servicing income.

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 broad-based across products and services.
18    The PNC Financial Services Group, Inc. – Form 10-Q

Asset Management Group

The Asset Management Group strives to be a leading relationship-based provider of investment, planning, credit and cash management solutions and fiduciary services to affluent individuals and institutions by endeavoring to proactively deliver value-added ideas, solutions and exceptional service. The Asset Management Group’s priorities are to serve our clients’ financial objectives, grow and deepen customer relationships and deliver solid financial performance with prudent risk and expense management.

Table 14: Asset Management Group Table
(Unaudited)
Six months ended June 30    Change
Dollars in millions, except as noted20262025$%
Income Statement
Net interest income (a)$384 $362 $22 6 %
Noninterest income533 487 46 9 %
Total revenue (a)917 849 68 8 %
Provision for credit losses2 (12)14 *
Noninterest expense
Personnel245 236 9 4 %
Segment allocations (b)255 235 20 9 %
Depreciation and amortization21 18 3 17 %
Other (c)60 58 2 3 %
Total noninterest expense581 547 34 6 %
Pre-tax earnings (a)334 314 20 6 %
Income taxes (a)78 74 4 5 %
Earnings (a)$256 $240 $16 7 %
Average Balance Sheet
Loans
Consumer
Residential real estate $9,846 $9,910 $(64)(1)%
Other consumer3,850 3,508 342 10 %
Total consumer 13,696 13,418 278 2 %
Commercial825 694 131 19 %
Total loans$14,521 $14,112 $409 3 %
Total assets$14,927 $14,556 $371 3 %
Deposits
Noninterest-bearing $1,435 $1,563 $(128)(8)%
Interest-bearing25,941 25,714 227 1 %
Total deposits$27,376 $27,277 $99 — %
Performance Ratios (a)
Return on average assets3.46 %3.32 %
Noninterest income to total revenue58 %57 %
Efficiency63 %64 %
Other Information
Nonperforming assets (d)$45 $63 $(18)(29)%
Net charge-offs (recoveries) - loans and leases $1 $(1)$2 *
Client Assets Under Administration (in billions) (d)(e)
Discretionary client assets under management
PNC Private Bank$146 $131 $15 11 %
Institutional Asset Management101 86 15 17 %
Total discretionary client assets under management247 217 30 14 %
Nondiscretionary client assets under administration256 204 52 25 %
Total$503 $421 $82 19 %
*- Not Meaningful
(a)During the second quarter of 2026, PNC updated its internal FTP methodology. The update resulted in impacts to net interest income and associated income statement line items for all business segments. Prior periods have been adjusted to conform with the current presentation.
(b)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.
(c)Other is primarily comprised of other direct expenses including outside services and equipment expense.
(d)As of June 30.
(e)Excludes brokerage account client assets. 




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

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, seeking 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 six months of 2026 increased $16 million compared to the same period in 2025, driven by higher revenue, partially offset by higher noninterest expense and a higher provision for credit losses.

Net interest income increased in the comparison primarily due to wider interest rate spreads on the value of deposits.

Noninterest income increased in the comparison reflecting higher average equity markets and positive net flows.

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

Average total loans increased in the comparison and included growth in securities-based lending and higher commercial loan balances.

Average deposits were stable in the comparison.

Discretionary and nondiscretionary client assets under management increased in the comparison driven by higher spot equity markets and positive net flows.

RISK MANAGEMENT

The Risk Management section included in Item 7 of our 2025 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 2025 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).

20    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 2025 Form 10-K. The following provides additional information around our loan portfolio, which represents 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 4 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 62% and 61% of our total loan portfolio at June 30, 2026 and December 31, 2025, 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 monitor different sources of concentration risk, including industry concentrations 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 21

Table 16: Commercial and Industrial Loans by Industry
June 30, 2026December 31, 2025
Dollars in millionsAmount% of TotalAmount% of Total
Commercial and industrial
Financial services$44,297 19 %$37,592 19 %
Manufacturing35,114 15 30,623 15 
Service providers27,756 12 25,552 13 
Wholesale trade22,713 10 19,843 10 
Real estate related (a)17,994 8 15,275 8 
Retail trade13,375 6 12,073 6 
Technology, media and telecommunications12,682 6 12,324 6 
Transportation and warehousing9,893 4 9,258 5 
Rental and leasing9,696 4 9,074 4 
Health care9,536 4 9,135 5 
Other industries24,859 12 22,149 9 
Total commercial and industrial loans$227,915 100 %$202,898 100 %
(a)    Represents loans to customers in the real estate and construction industries.

Owner-occupied commercial real estate loans totaled $10.4 billion and $9.0 billion at June 30, 2026 and December 31, 2025, respectively. These loans are categorized as commercial and industrial loans as the credit decisioning for servicing these loans is based on the financial conditions of the owner, not the ability of the collateral to generate income. Owner-occupied commercial real estate loans are well-diversified across industries.

Commercial Real Estate
Commercial real estate loans of $36.0 billion as of June 30, 2026 comprised $23.5 billion related to commercial mortgages on income-producing properties, $7.2 billion of intermediate-term financing loans and $5.3 billion of real estate construction project loans. At December 31, 2025, comparable amounts were $29.6 billion, $17.4 billion, $8.2 billion and $4.0 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.























22    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
June 30, 2026December 31, 2025
Dollars in millionsAmount% of TotalAmount% of Total
Geography (a)
California$5,307 15 %$5,248 18 %
Colorado4,847 13 746 3 
Florida3,264 9 3,668 12 
Texas3,261 9 2,950 10 
Arizona2,439 7 1,142 4 
Ohio1,522 4 1,233 4 
New Jersey1,300 4 944 3 
Virginia1,266 4 1,393 5 
Nevada1,200 3 1,203 4 
Illinois1,175 3 1,186 4 
Other10,381 29 9,852 33 
Total commercial real estate loans$35,962 100 %$29,565 100 %
Property Type (a)
Multifamily$17,125 48 %$14,655 50 %
Office5,122 14 5,053 17 
Industrial/warehouse5,079 14 4,059 14 
Retail3,430 10 1,891 6 
Hotel/motel1,777 5 1,409 5 
Seniors housing1,603 4 1,340 5 
Other1,826 5 1,158 3 
Total commercial real estate loans$35,962 100 %$29,565 100 %
(a)    Presented in descending order based on loan balances at June 30, 2026.

Commercial Real Estate: Office Portfolio
Real estate performance related to the office sector continues to be an area of focus. At June 30, 2026, our outstanding loan balances in the office portfolio totaled $5.1 billion, or 1.4% of total loans, while additional unfunded loan commitments totaled $0.4 billion. Within this population, criticized loans totaled 29.4% and nonperforming loans totaled 8.1%. We have established reserves of 8.8% against office loans, which we believe reflect the expected credit losses in this portfolio. Our office portfolio remains geographically diversified.

Consumer

Residential Real Estate
Residential real estate loans primarily consist of residential mortgage loans.

We obtain loan attributes at origination, including FICO scores and LTVs, and we update these and other credit metrics at least quarterly. We track borrower performance monthly. We also segment the mortgage portfolio into pools based on product type (e.g., nonconforming or conforming). This information is used for internal reporting and risk management. As part of our overall risk analysis and monitoring, we also segment the portfolio based upon loan delinquency, nonperforming status, modification and bankruptcy status, FICO scores, LTV and geographic concentrations.

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

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

Table 18: Residential Real Estate Loan Statistics
June 30, 2026December 31, 2025
Dollars in millionsAmount% of TotalAmount% of Total
Geography (a)
California$18,083 37 %$18,726 43 %
Colorado6,935 14 1,069 2 
Texas3,374 7 3,486 8 
Florida2,934 6 3,025 7 
Washington2,915 6 3,183 7 
New Jersey1,721 4 1,773 4 
Arizona1,690 3 1,247 3 
New York1,393 3 1,411 3 
Pennsylvania1,131 2 1,159 3 
North Carolina919 2 930 2 
Other7,614 16 7,751 18 
Total residential real estate loans
$48,709 100 %$43,760 100 %
June 30, 2026December 31, 2025
Weighted-average loan origination statistics (b)
Loan origination FICO score774773
LTV of loan originations71 %72 %
(a)Presented in descending order based on loan balances at June 30, 2026.
(b)Weighted-averages calculated for the twelve months ended June 30, 2026 and December 31, 2025, 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 generally retain on our balance sheet. Our portfolio of originated nonconforming residential mortgage loans totaled $45.7 billion at June 30, 2026, with 39% located in California. Comparable amounts at December 31, 2025 were $39.5 billion and 46%, respectively.

Home Equity
Home equity loans of $26.3 billion as of June 30, 2026 were comprised of $22.7 billion of home equity lines of credit and $3.6 billion of closed-end home equity installment loans. At December 31, 2025, comparable amounts were $25.9 billion, $22.1 billion and $3.8 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.

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

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

Table 19: Home Equity Loan Statistics
June 30, 2026December 31, 2025
Dollars in millionsAmount% of TotalAmount% of Total
Geography (a)
Pennsylvania$4,233 16 %$4,330 17 %
New Jersey3,134 12 3,136 12 
Florida2,211 8 2,239 9 
Ohio2,071 8 2,106 8 
California1,823 7 1,794 7 
Texas1,439 5 1,407 5 
Maryland1,189 5 1,202 5 
Michigan1,116 4 1,132 4 
Illinois1,007 4 1,025 4 
North Carolina1,005 4 1,006 4 
Other7,052 27 6,564 25 
Total home equity loans$26,280 100 %$25,941 100 %
Lien type
1st lien44 %46 %
2nd lien56 54 
Total100 %100 %
June 30, 2026December 31, 2025
Weighted-average loan origination statistics (b)
Loan origination FICO score779777
LTV of loan originations61 %61 %
(a)Presented in descending order based on loan balances at June 30, 2026.
(b)Weighted-averages calculated for the twelve months ended June 30, 2026 and December 31, 2025, respectively.

Automobile
At June 30, 2026, total auto loans of $15.9 billion were comprised of $15.0 billion in the indirect auto portfolio and $0.9 billion in the direct auto portfolio. At December 31, 2025, comparable amounts were $16.6 billion, $15.6 billion and $1.0 billion, respectively. The indirect auto portfolio consists of loans originated primarily through independent franchised dealers. This business is strategically aligned with our core retail banking business. For the total auto loan portfolio, weighted-average loan origination FICO score, calculated using the auto enhanced FICO scale, was 800 and the weighted-average term of loan originations was 72 months for the twelve months ended June 30, 2026. Comparable amounts for the twelve months ended December 31, 2025 were 799 and 71 months, respectively.

We offer both new and used auto financing to customers through our various channels. The portfolio balance was composed of 42% new vehicle loans and 58% used vehicle loans as of June 30, 2026. Comparable amounts at December 31, 2025 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, foreclosed and other 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 2025 Form 10-K for details on our nonaccrual policies.


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

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

Table 20: Nonperforming Assets by Type
June 30, 2026December 31, 2025Change
Dollars in millions$%
Nonperforming loans
Commercial$1,149 $1,358 $(209)(15)%
Consumer (a)
878 860 18 2 %
Total nonperforming loans2,027 2,218 (191)(9)%
OREO, foreclosed and other assets123 143 (20)(14)%
Total nonperforming assets$2,150 $2,361 $(211)(9)%
Nonperforming loans to total loans0.55 %0.67 %
Nonperforming assets to total loans, OREO, foreclosed assets and other assets0.58 %0.71 %
Nonperforming assets to total assets0.35 %0.41 %
Allowance for loan and lease losses to nonperforming loans 230 %199 %
Allowance for credit losses to nonperforming loans (b)269 %236 %
(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.

The following table provides details on the change in nonperforming assets for the six months ended June 30, 2026 and 2025:

Table 21: Change in Nonperforming Assets
In millions20262025
January 1$2,361 $2,357 
New nonperforming assets874 844 
Charge-offs and valuation adjustments(302)(284)
Principal activity, including paydowns and payoffs(517)(468)
Asset sales and transfers to loans held for sale(77)(82)
Returned to performing status(270)(226)
Acquired nonperforming assets81 — 
June 30$2,150 $2,141 

As of June 30, 2026, approximately 95% 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, and loans accounted for under the fair value option. 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, 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 and mitigate losses.
26    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents a summary of accruing loans past due by delinquency status:
Table 22: Accruing Loans Past Due (a)
Amount
  
% of Total Loans Outstanding
June 30, 2026December 31, 2025ChangeJune 30, 2026December 31, 2025
Dollars in millions$%
Early stage loan delinquencies
Accruing loans past due 30 to 59 days$695 $660 $35 5 %0.19 %0.20 %
Accruing loans past due 60 to 89 days338 403 (65)(16)%0.09 %0.12 %
Total early stage loan delinquencies1,033 1,063 (30)(3)%0.28 %0.32 %
Late stage loan delinquencies
Accruing loans past due 90 days or more403 380 23 6 %0.11 %0.11 %
Total accruing loans past due$1,436 $1,443 $(7)— %0.39 %0.44 %
(a)Past due loan amounts include government insured or guaranteed loans of $0.3 billion at both June 30, 2026 and December 31, 2025.


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

Allowance for Credit Losses
Our determination of the ACL is based on historical loss and performance experience, current economic conditions, the reasonable and supportable forecasts of future economic conditions and other relevant factors, including current borrower and/or transaction characteristics and assessments of the remaining estimated contractual term as of the balance sheet date. We maintain the ACL at an appropriate level for expected losses on our existing investment securities, loans, equipment finance leases, other financial assets and unfunded lending related commitments.

See Note 1 Accounting Policies and the Credit Risk Management section in our 2025 Form 10-K for additional discussion of our ACL, including details of our methodologies. See also the Critical Accounting Estimates and Judgments section of this Report for further discussion of the assumptions used in the determination of the ACL as of June 30, 2026.
The PNC Financial Services Group, Inc. – Form 10-Q 27

The following table summarizes our ACL related to loans.

Table 23: Allowance for Credit Losses by Loan Class (a)
June 30, 2026December 31, 2025

Dollars in millions		Allowance AmountTotal Loans% of Total LoansAllowance AmountTotal Loans% of Total Loans
Allowance for loans and lease losses
Commercial
Commercial and industrial$2,219 $227,915 0.97 %$2,032 $202,898 1.00 %
Commercial real estate1,035 35,962 2.88 %1,057 29,565 3.58 %
Total commercial3,254 263,877 1.23 %3,089 232,463 1.33 %
Consumer
Residential real estate90 48,709 0.18 %44 43,760 0.10 %
Home equity280 26,280 1.07 %271 25,941 1.04 %
Automobile160 15,872 1.01 %158 16,591 0.95 %
Credit card647 7,311 8.85 %632 7,014 9.01 %
Other consumer221 5,904 3.74 %216 5,712 3.78 %
Total consumer1,398 104,076 1.34 %1,321 99,018 1.33 %
Total 4,652 $367,953 1.26 %4,410 $331,481 1.33 %
Allowance for unfunded lending related commitments
809 818 
Allowance for credit losses
$5,461 $5,228 
Allowance for credit losses to total loans1.48 %1.58 %
Commercial1.49 %1.62 %
Consumer1.48 %1.47 %
(a)    Excludes allowances for investment securities and other financial assets, which together totaled $99 million at both June 30, 2026 and December 31, 2025.

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

The following table summarizes our loan charge-offs and recoveries.
Table 24: Loan Charge-Offs and Recoveries
Six months ended June 30Gross
Charge-offs		RecoveriesNet Charge-offs /
(Recoveries)		% of Average
Loans (Annualized)
Dollars in millions
2026
Commercial
Commercial and industrial$270 $66 $204 0.19 %
Commercial real estate43 8 35 0.20 %
Acquired loans (a)10 — 10 — %
Total commercial 323 74 249 0.19 %
Consumer
Residential real estate1 4 (3)(0.01)%
Home equity20 15 5 0.04 %
Automobile60 41 19 0.24 %
Credit card152 39 113 3.24 %
Other consumer87 26 61 2.11 %
Acquired loans (a)35 — 35 — %
Total consumer355 125 230 0.38 %
  Total$678 $199 $479 0.25 %
2025
Commercial
Commercial and industrial$212 $95 $117 0.13 %
Commercial real estate82 13 69 0.43 %
Total commercial294 108 186 0.17 %
Consumer
Residential real estate2 5 (3)(0.01)%
Home equity18 20 (2)(0.02)%
Automobile65 47 18 0.23 %
Credit card171 30 141 4.35 %
Other consumer 86 23 63 2.22 %
Total consumer342 125 217 0.44 %
  Total$636 $233 $403 0.25 %
(a)Represents the charge-off of certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.

Total net charge-offs increased $76 million, or 19%, for the first six months of 2026 compared to the same period in 2025. The increase in the comparison reflected $45 million of net charge-offs from the FirstBank acquisition related to purchase accounting and an increase in commercial and industrial net charge-offs.

See Note 1 Accounting Policies in our 2025 Form 10-K and Note 4 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 2025 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 second quarter of 2026. 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 second quarter of 2026.

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

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 2025 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 increased to $449.8 billion at June 30, 2026 from $440.9 billion at December 31, 2025, primarily driven by higher noninterest-bearing deposits, and included the addition of FirstBank deposits. Interest-bearing deposits were stable and reflected higher consumer balances, offset by a seasonal decline in commercial balances and lower brokered time deposits. As of June 30, 2026, uninsured deposits represented approximately 45% 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 debt, 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 8 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 25: Senior and Subordinated Debt
In billions2026
January 1$41.7 
Issuances5.7 
Calls and maturities(4.3)
Other(0.6)
June 30$42.5 

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 June 30, 2026 and December 31, 2025.
Table 26: Primary Contingent Liquidity Sources
In billions
June 30, 2026December 31, 2025
Cash balance with Federal Reserve Bank$22.2 $32.0 
Available investment securities (a)82.5 77.2
Unused borrowing capacity from FHLB (b)37.7 50.7
Unused borrowing capacity from Federal Reserve Bank (c)86.7 81.5
Total available contingent liquidity $229.1 $241.4 
(a)Represents the fair value of investment securities that can be used for pledging or to secure other sources of funding.
(b)At June 30, 2026, total FHLB borrowing capacity was $78.4 billion and total FHLB advances and letters of credit were $40.7 billion. Comparable amounts at December 31, 2025 were $64.1 billion and $13.4 billion, respectively.
(c)Total borrowing capacity with the FRB was $86.7 billion at June 30, 2026 and $81.5 billion at December 31, 2025. PNC had no outstanding borrowings with the FRB at June 30, 2026 and December 31, 2025.





30    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 June 30, 2026, PNC Bank’s remaining capacity to issue under the program was $35.0 billion.
The following table details PNC Bank note redemptions during the second quarter of 2026.

Table 27: PNC Bank Notes Redeemed
Redemption DateAmountDescription of Redemption
May 13, 2026$1.25 billionAll outstanding 4.543% senior fixed-to-floating rate notes with an original scheduled maturity date of May 13, 2027. The redemption price was equal to 100% of the principal amount, plus any accrued and unpaid
interest to the redemption date of May 13, 2026.

Under PNC Bank’s 2013 commercial paper program, PNC Bank has the ability to offer up to $10.0 billion of its commercial paper to provide additional liquidity. At June 30, 2026, 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 June 30, 2026, available parent company liquidity totaled $31.4 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 $5.0 billion at June 30, 2026. See Note 19 Regulatory Matters in our 2025 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, and through other borrowings. Under the parent company’s 2014 commercial paper program, the parent company has the ability to offer up to $5.0 billion of commercial paper to provide additional liquidity. At June 30, 2026, there were no issuances outstanding under this program.
The PNC Financial Services Group, Inc. – Form 10-Q 31

The following table details Parent Company note issuances during the second quarter of 2026.

Table 28: Parent Company Notes Issued
Issuance DateAmountDescription of Issuance
May 26, 2026$1.35 billion$1.35 billion of 4.618% senior fixed-to-floating rate notes with a maturity date of October 26, 2029. Interest is payable semi-annually in arrears at a fixed rate of 4.618% per annum, on April 26 and October 26 of each year, commencing on October 26, 2026. Beginning on October 26, 2028, 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 Preliminary Prospectus Supplement), plus 0.681%, on January 26, 2029, April 26, 2029, July 26, 2029 and at the maturity date.
May 26, 2026$300 million$300 million of senior floating rate notes with a maturity date of October 26, 2029. Interest is payable quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Preliminary Prospectus Supplement), plus 0.680%, on January 26, April 26, July 26, and October 26 of each year, which commenced on July 26, 2026.

See Note 17 Subsequent Events for details on the following parent company activity:
•issuance of $1.0 billion of 5.463% senior fixed-to-floating rate notes that mature on July 21, 2037;
•issuance of $1.0 billion of 4.831% senior fixed-to-floating rate notes that mature on July 19, 2030; and
•redemption of all outstanding 5.102% senior fixed-to-floating rate notes due July 23, 2027.

Parent company senior and subordinated debt carrying value totaled $37.6 billion and $33.7 billion at June 30, 2026 and December 31, 2025, respectively.

Contractual Obligations and Commitments
We enter into various contractual arrangements in the normal course of business, certain of which require future payments that could impact our liquidity and capital resources. See the Liquidity and Capital Management portion of the Risk Management section of our 2025 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 9 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 2025 Form 10-K.
32    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents credit ratings and outlook for The PNC Financial Services Group, Inc. and PNC Bank as of June 30, 2026:
Table 29: Credit Ratings and Outlook
June 30, 2026
  
Moody’sS&P (a)FitchDBRS (b)
The PNC Financial Services Group, Inc.
Senior debtA3A-AAA (low)
Subordinated debtA3BBB+A-A (high)
Preferred stockBaa2BBB-BBBA (low)
PNC Bank
Senior debtA2AA+AA
Subordinated debtA2A-AAA (low)
Long-term deposits Aa3
no rating
AAAA
Short-term deposits P-1
no rating
F1+no rating
Short-term notesP-1A-1F1R-1 (high)
The PNC Financial Services Group, Inc.
Agency rating outlook
StableStableStableStable
(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)DBRS does not provide a short-term depositor rating. PNC Bank’s short-term instrument rating is R-1 (high).

Capital Management
Detailed information on our capital management processes and activities is included in the Supervision and Regulation section of Item 1 of our 2025 Form 10-K.

We manage our funding and capital positions by making adjustments to our balance sheet size and composition, issuing or redeeming debt, issuing equity or other capital instruments, executing treasury stock transactions and capital redemptions or repurchases, and managing dividend policies and retaining earnings.

In the second quarter of 2026, PNC returned $1.3 billion of capital to shareholders, reflecting $0.7 billion of dividends on common shares and $0.6 billion of common share repurchases. The SCB framework permits capital return in amounts in excess of SCB minimum levels. Consistent with this framework, PNC had approximately 29% of the 100 million common shares still available for repurchase at June 30, 2026 under the repurchase program previously approved by our Board of Directors. Share repurchase activity in the third quarter of 2026 is expected to approximate second quarter of 2026 share repurchase levels. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. PNC’s SCB will be maintained at the regulatory minimum of 2.5% through September 30, 2027.

On July 6, 2026, the PNC Board of Directors raised the quarterly cash dividend on common stock to $2.00 per share, an increase of 30 cents, or 18%. The dividend is payable on August 5, 2026 to shareholders of record at the close of business July 20, 2026.

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

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

Table 30: Basel III Capital
June 30, 2026
Dollars in millions
Basel III
Common equity tier 1 capital
Common stock plus related surplus, net of treasury stock$(3,269)
Retained earnings65,518 
Goodwill, net of associated deferred tax liabilities(13,086)
Other disallowed intangibles, net of deferred tax liabilities(666)
Other adjustments (deductions)(84)
Common equity tier 1 capital (a)$48,413 
Additional tier 1 capital
Preferred stock plus related surplus5,879 
Tier 1 capital$54,292 
Additional tier 2 capital
Qualifying subordinated debt3,300 
Eligible credit reserves includable in tier 2 capital5,330 
Total Basel III capital$62,922 
Risk-weighted assets
Basel III standardized approach risk-weighted assets (b)
$487,843 
Average quarterly adjusted total assets$604,645 
Supplementary leverage exposure (c)
$749,242 
Basel III risk-based capital and leverage ratios
Common equity tier 19.9 %
Tier 1 11.1 %
Total 12.9 %
Leverage (d)9.0 %
Supplementary leverage ratio (c)
7.2 %
(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)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.
At June 30, 2026, 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 June 30, 2026 capital levels were aligned with them.

We provide additional information regarding regulatory capital requirements and some of their potential impacts, including the proposed rules to adjust the Basel III framework, in the Supervision and Regulation section of Item 1 Business, Item 1A Risk Factors and Note 19 Regulatory Matters in our 2025 Form 10-K.



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

Market Risk Management

See the Market Risk Management portion of the Risk Management section in our 2025 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.
The following table includes NII sensitivity results as of June 30, 2026 and 2025.

Table 31: Net Interest Income Sensitivity Analysis
June 30, 2026June 30, 2025
Net Interest Income Sensitivity Simulation (a)
Effect on NII in first year from shocked interest rate:
200 basis point instantaneous increase— %0.9 %
200 basis point instantaneous decrease(1.6)%(2.0)%
(a)The effect on NII in the first year from a 100 basis point increase is approximately equal to the disclosed results for the 200 basis point scenario. The impact of a 100 basis point decrease is approximately one third of the disclosed results for the 200 basis point scenario.
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. The projected balance sheet composition by the end of year one is generally consistent with the spot composition at June 30, 2026.
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 47% through June 2026. We define the cumulative 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 slightly 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 $78.3 billion in active and forward starting receive fix / pay float swaps used to hedge floating rate commercial loans as of June 30, 2026, with a weighted average duration of 2.5 years and an average fixed rate of 3.75%. Additionally, PNC utilizes receive fix / pay float swaps to hedge fixed rate debt, as well as pay fix / receive float swaps to hedge the investment securities portfolio. See Note 13 Financial Derivatives for additional information on how we use derivatives to hedge these financial instruments.
The PNC Financial Services Group, Inc. – Form 10-Q 35

The following table includes EVE sensitivity results as of June 30, 2026 and 2025.
Table 32: Economic Value of Equity Sensitivity Analysis
June 30, 2026June 30, 2025
Economic Value of Equity Sensitivity Simulation
200 basis point instantaneous increase(3.7)%(1.8)%
200 basis point instantaneous decrease(1.8)%(3.5)%
.

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 June 30, 2026. 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.

Compared to the second quarter of 2025, there have been no material changes to our NII sensitivity and EVE sensitivity assumptions, including data sources that drive assumptions setting.

Market Risk Management – Customer-Related Trading Risk
We engage in fixed income securities, derivatives and foreign exchange transactions to support our customers’ investing and hedging activities. These transactions, related hedges and the credit 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 2025 Form 10-K for more information on our models used to calculate VaR and our backtesting process.

Customer-related trading revenue was $176 million for the six months ended June 30, 2026, compared to $91 million for the same period in 2025, 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.

Market Risk Management – Equity And Other Investment Risk
Equity investment risk is the risk of potential losses associated with investing in both private and public equity markets. In addition to extending credit, taking deposits, underwriting securities and trading financial instruments, we make and manage direct investments in a variety of transactions, including management buyouts, recapitalizations and growth financings in a variety of industries. We also have investments in affiliated and non-affiliated funds that make similar investments in private equity, consistent with regulatory limitations. The economic and/or book value of these investments and other assets are directly affected by changes in market factors.
Various PNC business units manage our equity and other investment activities. Our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines.
A summary of our equity investments follows:
Table 33: Equity Investments Summary
June 30, 2026December 31, 2025Change
Dollars in millions$%
Tax credit investments$5,881 $5,578 $303 5 %
Private equity and other 5,854 5,212 642 12 %
Total$11,735 $10,790 $945 9 %



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

Tax Credit Investments
Included in our equity investments are direct tax credit investments and equity investments held by consolidated entities. These tax credit investment balances included unfunded commitments totaling $3.2 billion and $3.4 billion at June 30, 2026 and December 31, 2025, respectively. These unfunded commitments are included in Other liabilities on our Consolidated Balance Sheet.
Note 4 Loan Sale and Servicing Activities and Variable Interest Entities in our 2025 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 $2.7 billion and $2.8 billion at June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026, $2.4 billion was invested directly in a variety of companies, and $0.3 billion was invested indirectly through various private equity funds. Changes in fair value of private equity investments are recognized in Other noninterest income.

Our other equity investments at June 30, 2026, also included Visa Class B-3 common shares, which are recorded at cost, and Visa Class C and Class A common shares recorded at fair value. During the second quarter of 2026, PNC participated in the Visa exchange program, allowing PNC to convert its Visa Class B-2 common shares into 0.9 million of Visa Class B-3 common shares and 0.3 million of Visa Class C common shares. The Visa Class B-3 common shares remain subject to the same restrictions that were imposed on the Visa Class B-2 common shares. Participation in the exchange required PNC to agree to a make-whole agreement that subjects PNC to the same indemnity obligations to Visa as prior to participation in the exchange program. In the second quarter of 2026, we recorded a $448 million gain related to the Visa Class C common shares received. At June 30, 2026, PNC held its remaining Class C common shares and Class A common shares representing a portion of PNC’s converted Class C common shares related to the donation to the PNC Foundation collectively totaling approximately $0.3 billion in fair value.

Visa Class B-3 common shares that we own are transferable only under limited circumstances until the resolution of the pending interchange litigation or Visa launches another exchange program allowing PNC to convert a portion of its Visa Class B-3 common shares into freely transferable Visa Class C common shares. The estimated value of our total investment in the Visa Class B-3 common shares was approximately $0.5 billion, while our cost basis was insignificant. The estimated value does not represent fair value of the Visa Class B-3 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 2025 Form 10-K for additional information regarding our Visa agreements.

We also have certain other equity investments, the majority of which represent investments in affiliated and non-affiliated funds with both traditional and alternative investment strategies. Net gains related to these investments were $16 million and $5 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

Financial Derivatives
See the Risk Management section in our 2025 Form 10-K for discussion of our use of financial derivatives as a part of the risk management process. Further information on our financial derivatives is presented in Note 12 Fair Value and Note 13 Financial Derivatives in this Report and Note 1 Accounting Policies in our 2025 Form 10-K.
The PNC Financial Services Group, Inc. – Form 10-Q 37

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)
  Six months ended June 30
20262025
Taxable-equivalent basis
Dollars in millions		Average
Balances		Interest Income/ExpenseAverage Yields/RatesAverage
Balances		Interest Income/
Expense		Average Yields/
Rates
Assets
Interest-earning assets:
Investment securities
Securities available-for-sale
Residential mortgage-backed$36,000 $681 3.78 %$34,182 $636 3.72 %
U.S. Treasury and government agencies28,230559 3.99 %24,880 562 4.56 %
Other8,456169 4.00 %7,663 141 3.67 %
Total securities available-for-sale72,6861,4093.89 %66,725 1,339 4.03 %
Securities held-to-maturity
Residential mortgage-backed45,799 746 3.26 %40,243 578 2.87 %
U.S. Treasury and government agencies19,679 158 1.61 %27,910 210 1.52 %
Other7,656164 4.30 %7,180 157 4.37 %
Total securities held-to-maturity73,1341,068 2.92 %75,333 945 2.51 %
Total investment securities145,8202,477 3.41 %142,058 2,284 3.22 %
Loans
Commercial and industrial217,5695,915 5.41 %187,796 5,394 5.71 %
Commercial real estate34,7141,004 5.75 %32,450 975 5.97 %
Consumer55,4081,915 6.97 %53,637 1,895 7.12 %
Residential real estate49,383988 4.00 %45,823 864 3.77 %
Total loans357,0749,822 5.49 %319,706 9,128 5.70 %
Interest-earning deposits with banks31,668577 3.63 %33,209 731 4.38 %
Other interest-earning assets13,238318 4.80 %10,750 313 5.83 %
Total interest-earning assets/interest income547,80013,194 4.81 %505,723 12,456 4.92 %
Noninterest-earning assets61,12253,323 
Total assets$608,922 $559,046 
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market$83,288 1,040 2.52 %$71,980 1,071 3.00 %
Demand137,0201,092 1.61 %125,637 1,171 1.88 %
Savings101,787749 1.48 %97,217 788 1.64 %
Time deposits34,295536 3.15 %34,227 623 3.66 %
Total interest-bearing deposits356,3903,417 1.93 %329,061 3,653 2.24 %
Borrowed funds
Federal Home Loan Bank advances23,024455 3.93 %19,007 453 4.74 %
Senior debt37,786967 5.12 %35,541 1,014 5.71 %
Subordinated debt4,373112 5.14 %4,001 112 5.61 %
Other5,766119 4.10 %6,352 137 4.30 %
Total borrowed funds70,949 1,653 4.65 %64,901 1,716 5.28 %
Total interest-bearing liabilities/interest expense427,3395,070 2.38 %393,962 5,369 2.73 %
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits101,29292,757 
Accrued expenses and other liabilities16,90916,580 
Equity63,38255,747 
Total liabilities and equity$608,922 $559,046 
Interest rate spread2.43 %2.19 %
Impact of noninterest-bearing sources0.53 0.60 
Net interest income/margin$8,124 2.96 %$7,087 2.79 %






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

(Continued from previous page)Three months ended June 30
20262025
Taxable-equivalent basis
Dollars in millions		Average
Balances		Interest Income/ExpenseAverage Yields/RatesAverage
Balances		Interest Income/
Expense		Average Yields/
Rates
Assets
Interest-earning assets:
Investment securities
Securities available-for-sale
Residential mortgage-backed$37,333 $359 3.85 %$34,567 $325 3.76 %
U.S. Treasury and government agencies27,972275 3.94 %25,372 288 4.55 %
Other8,40784 4.01 %7,818 72 3.69 %
Total securities available-for-sale73,712718 3.90 %67,757 685 4.05 %
Securities held-to-maturity
Residential mortgage-backed46,512 385 3.31 %40,440 294 2.90 %
U.S. Treasury and government agencies18,68777 1.64 %26,900 102 1.53 %
Other8,18889 4.36 %6,838 74 4.34 %
Total securities held-to-maturity73,387551 3.00 %74,178 470 2.54 %
Total investment securities147,0991,269 3.45 %141,935 1,155 3.26 %
Loans
Commercial and industrial223,7113,047 5.39 %191,526 2,766 5.72 %
Commercial real estate35,057507 5.71 %31,838 485 6.01 %
Consumer55,334958 6.94 %53,851 954 7.11 %
Residential real estate49,094495 4.03 %45,539 428 3.76 %
Total loans363,1965,007 5.47 %322,754 4,633 5.70 %
Interest-earning deposits with banks30,734281 3.63 %31,570 350 4.38 %
Other interest-earning assets13,985164 4.69 %11,348 160 5.66 %
Total interest-earning assets/interest income555,0146,721 4.82 %507,607 6,298 4.93 %
Noninterest-earning assets61,25654,079 
Total assets$616,270 $561,686 
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market$81,402 509 2.51 %$70,909 532 3.01 %
Demand136,487546 1.60 %126,222 594 1.89 %
Savings102,624378 1.48 %97,028 395 1.63 %
Time deposits33,027249 3.03 %35,674 324 3.64 %
Total interest-bearing deposits353,5401,682 1.91 %329,833 1,845 2.24 %
Borrowed funds
Federal Home Loan Bank advances29,362289 3.89 %18,319 220 4.74 %
Senior debt38,184487 5.10 %36,142 521 5.77 %
Subordinated debt4,54458 5.16 %3,686 53 5.69 %
Other6,84371 4.08 %7,146 76 4.24 %
Total borrowed funds78,933 905 4.57 %65,293 870 5.31 %
Total interest-bearing liabilities/interest expense432,4732,587 2.39 %395,126 2,715 2.74 %
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits103,47993,142 
Accrued expenses and other liabilities16,84816,942 
Equity63,47056,476 
Total liabilities and equity$616,270 $561,686 
Interest rate spread2.43 %2.19 %
Impact of noninterest-bearing sources0.53 0.61 
Net interest income/margin$4,134 2.96 %$3,583 2.80 %
(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).
(b)Loan fees for the three months ended June 30, 2026 and 2025 were $56 million and $42 million, respectively. Loan fees for the six months ended June 30, 2026 and 2025 were $98 million and $85 million, respectively.
(c)Interest income calculated as taxable-equivalent interest income. See Reconciliation of Taxable-Equivalent Net Interest Income in this Financial Review for more information.





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

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)
Six months endedThree months ended
In millionsJune 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net interest income (GAAP)$8,068 $7,031 $4,107 $3,555 
Taxable-equivalent adjustments56 56 27 28 
Net interest income (non-GAAP)$8,124 $7,087 $4,134 $3,583 
(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.
Table 36: Reconciliation of Noninterest Expense Guidance, Excluding Integration Costs and Significant Items (non-GAAP) (a)(b)(c)
Actual
Outlook - Low EndOutlook - High End
Three months endedThree months ended
Three months ended
June 30, 2026		September 30, 2026September 30, 2026
Dollars in millions% Change% Change
Noninterest expense$4,098 (8)%(7)%
Less incurred integration costs(121)
Less significant items:
PNC Foundation contribution expense(140)
Total integration costs and significant items$(261)
Noninterest expense, excluding integration costs and significant items (non-GAAP)$3,837 (3)%(2)%
Actual
Outlook
Dollars in millionsYear ended December 31, 2025Year ended December 31, 2026Approximate % Change
Noninterest expense$13,834 11.5 %
Less incurred integration costs— $(218)
Less significant items:
PNC Foundation contribution expense— (140)
Total integration costs and significant items$— $(358)
Noninterest expense, excluding integration costs and significant items (non-GAAP)$13,834 8.5 %
(a)We believe Noninterest expense, excluding integration costs and significant items to be a useful tool for comparison of noninterest expense recognized during the normal course of business.
(b)The guidance range for noninterest expense, as adjusted for the three months ended September 30, 2026, excludes our expectation for non-recurring merger and integration costs of approximately $50 million. Actual expenses may differ based on the timing, scope and execution of integration-related activities.
(c)The guidance range for noninterest expense, as adjusted for the full year of 2026, excludes an anticipated $325 million of integration costs for the full year, $218 million of which was recognized in the first half of 2026. Actual expenses may differ based on the timing, scope and execution of integration-related activities.
Table 37: Reconciliation of Noninterest Income Guidance, Excluding Integration Costs and Significant Items (non-GAAP) (a)
Actual
Outlook
Dollars in millionsYear ended December 31, 2025Year ended December 31, 2026 Approximate % Change
Noninterest income$8,689 11 %
Less incurred integration costs— $(7)
Less significant items:
Gain on Visa shares exchange program— 448 
Visa Class B-3 derivative adjustments— (85)
Loss on sale of securities— (139)
Total integration costs and significant items$— $217 
Noninterest income, excluding integration costs and significant items (non-GAAP)$8,689 9 %
(a)The guidance for noninterest income, as adjusted for the full year of 2026, excludes our expected non-recurring merger and integration costs for the second half of 2026. Actual costs may differ based on the timing, scope and execution of integration-related activities.
40    The PNC Financial Services Group, Inc. – Form 10-Q

Table 38: Reconciliation of Revenue Guidance, Excluding Integration Costs and Significant Items (non-GAAP) (a)
Actual
Outlook
Dollars in millionsYear ended December 31, 2025Year ended December 31, 2026Approximate % Change
Revenue$23,099 14 %
Less incurred integration costs— $(7)
Less significant items:
Gain on Visa shares exchange program— 448 
Visa Class B-3 derivative adjustments— (85)
Loss on sale of securities— (139)
Total integration costs and significant items$— $217 
Revenue, excluding integration costs and significant items (non-GAAP)$23,099 13 %
(a)The guidance for revenue, as adjusted for the full year of 2026, excludes our expected non-recurring merger and integration costs for the second half of 2026. Actual costs may differ based on the timing, scope and execution of integration-related activities.

RECENT REGULATORY DEVELOPMENTS

FDIC Insurance; Resolution Planning

On June 30, 2026, the FDIC issued proposals to amend its assessments and resolution plan submission rules. The assessments proposal would reduce assessments by 2 basis points for smaller banks and by 1 basis point for large and highly complex banks like PNC Bank. The proposal would also allow large and highly complex banks to obtain an additional reduction through a “resolution readiness adjustment” by opting in to (i) virtual data room testing, where banks would receive an additional 0.5 basis point reduction for successfully demonstrating the capability to upload specified information to the FDIC’s virtual data room within 48 hours of a request, and (ii) data access requirements, where banks would receive an additional 0.5 basis point reduction by enabling FDIC access to internal data systems needed to receive and process data in the event of an institution’s failure. Based on our initial review, the proposal would result in immaterial cost savings for PNC Bank if finalized as proposed.

The resolution plan proposal significantly scales back content requirements, moving away from descriptions of resolution-related hypothetical strategies and descriptions of a bank’s resolution capabilities. In addition, the proposal would eliminate the FDIC’s credibility assessment of submissions, as well as expectations for capabilities testing. The proposal would also adjust submission timing to require submissions every three years for all institutions, with no interim supplement submission required in off years. Comments on both proposals are due August 31, 2026.

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

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

Our consolidated financial statements are prepared by applying certain accounting policies. Note 1 Accounting Policies in our 2025 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. See the Critical Accounting Estimates and Judgments section of our 2025 Form 10-K for additional information on these policies, which include the ACL, MSRs and fair value measurements. The following provides further detail on the estimates and judgments used in determining the ACL as of June 30, 2026.
Allowance for Credit Losses
The economic scenarios used for the period ended June 30, 2026 consider, among other factors, ongoing geopolitical conflicts, higher energy prices and the impacts of trade and fiscal policy, including tariffs, on the U.S. economic outlook. Given these factors, growth is expected to remain steady with current levels in the coming quarters. While recession risks remain elevated, our most likely expectation 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 June 30, 2026 and December 31, 2025.

Table 39: Key Macroeconomic Variables in CECL Weighted-Average Scenarios
Assumptions as of June 30, 2026
202620272028
U.S. real GDP (a)1.3%1.2%2.1%
U.S. unemployment rate (b)4.6%5.1%4.7%
Assumptions as of December 31, 2025
202620272028
U.S. real GDP (a) 0.5%2.0%2.0%
U.S. unemployment rate (b)5.1%4.9%4.4%
(a)Represents year-over-year growth rates.
(b)Represents quarterly average rate at December 31, 2026, 2027 and 2028, respectively.
Real GDP growth is expected to end 2026 at 1.3% on a weighted average basis, up from the 0.5% assumed at December 31, 2025. Growth remains near that level in 2027 before increasing to 2.1% in 2028. Unemployment is expected to remain steady over the next year. The weighted-average unemployment rate will end 2026 at 4.6%, peaking at 5.1% in 2027, before improving to 4.7% by the end of 2028.

Qualitative Component
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 June 30, 2026, the qualitative framework considers PNC’s view of the current state of the economy, which primarily reflects downside risks related to the macroeconomic and geopolitical environment, stress on consumers and the continued uncertainty due to the fundamental change in office demand.

See the following for additional information related to our ACL:
•Allowance for Credit Losses in the Credit Risk Management section of this Financial Review, and
•Note 3 Investment Securities and Note 4 Loans and Related Allowance for Credit Losses in this Report.













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

Recently Issued Accounting Standards

Accounting Standards UpdateDescriptionFinancial 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: inventory purchases, employee compensation, depreciation, intangible asset amortization, and depreciation from oil and gas-producing activities).
• 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 additional disaggregated income statement expense disclosures in accordance with this ASU.
Targeted Improvements to the Accounting for Internal-Use Software - ASU 2025-06

Issued September 2025

• Required with issuance of 2028 Form 10-K; early adoption is permitted.
• Removes all references to project stages throughout Subtopic 350-40.
• Requires entities to start capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function(s) intended.
• Clarifies that (1) the disclosures in Subtopic 360-10, Property, Plant, and Equipment – Overall, are required for all capitalized internal-use software costs and (2) the intangibles disclosures in paragraphs 350-30-50-1 through 50-3 are not required for capitalized internal-use software costs.
• Supersedes Subtopic 350-50, Intangibles – Goodwill and Other – Website Development Costs, and incorporates relevant and incremental guidance unique to website-specific development costs into Subtopic 350-40.
• Allows for either a prospective, modified prospective, or retrospective transition approach.
• We do not plan to early adopt.
• This ASU is not expected to have a material impact on our Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows.

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

–Actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply, market interest rates and inflation,
–Changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives,
–Changes in customers’, suppliers’ and other counterparties’ performance and creditworthiness,
–Impacts of sanctions, tariffs and other trade policies of the U.S. and its global trading partners,
–Impacts of changes in federal, state and local governmental policy, including on the regulatory landscape, capital markets, taxes, infrastructure spending and social programs,
–Our ability to attract, recruit and retain skilled employees, and
–Commodity price volatility.
•Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting. These statements are based on our views that:
–PNC’s baseline forecast remains for continued expansion in 2026, with economic growth expected to remain resilient despite oil prices that are up from early 2026, supported by strong AI-related capex, tax refunds, and an improving labor market. We expect real GDP growth of 2.1% in 2026, with continued modest job gains and the unemployment rate holding roughly steady, ending the year at around 4.3%. Inflation risks have eased somewhat but we still expect inflation to remain elevated, with CPI inflation staying above 3% through year-end. Risks to our growth and inflation outlook include a sudden reversal in AI-related sentiment, which would have knock-on effects on both capex and wealth-driven consumer spending, as well as any further sharp rise in oil prices.
–Our baseline forecast is for the Federal Reserve to keep the federal funds rate unchanged throughout 2026 and into 2027, in a range between 3.50% and 3.75%. However, risks remain skewed toward tighter monetary policy given persistent above-target inflation and inflationary pressures from higher energy prices and continued strength in capital spending.
•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
44    The PNC Financial Services Group, Inc. – Form 10-Q

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 2025 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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

This information is set forth in the Risk Management section of Part I, Item 2 and in Note 1 Accounting Policies, Note 12 Fair Value and Note 13 Financial Derivatives in the Notes to Consolidated Financial Statements in Part I, Item 1 of this Report.

ITEM 4. CONTROLS AND PROCEDURES

INTERNAL CONTROLS AND DISCLOSURE CONTROLS AND PROCEDURES

As of June 30, 2026, we performed an evaluation under the supervision of and with the participation of our management, including the Chairman and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures and of changes in our internal control over financial reporting.

Based on that evaluation, our Chairman and Chief Executive Officer and our Executive Vice President and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) were effective as of June 30, 2026, and that there has been no change in PNC’s internal control over financial reporting that occurred during the second quarter of 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

As permitted by SEC guidance that an assessment of internal controls over financial reporting of a recently acquired business may be
excluded from management’s evaluation of disclosure controls and procedures for up to a year from the date of acquisition, we have
excluded FirstBank from management’s reporting on internal control over financial reporting for the quarter ended June 30, 2026.
We evaluated the effectiveness of internal controls over financial reporting through the integration of FirstBank with that of PNC and PNC Bank and made changes to our internal control framework, as necessary. As of close on January 5, 2026, and prior to purchase accounting adjustments, FirstBank had $26.4 billion of assets, $16.0 billion of loans and $23.1 billion of deposits.
The PNC Financial Services Group, Inc. – Form 10-Q 45

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

CONSOLIDATED INCOME STATEMENT
THE PNC FINANCIAL SERVICES GROUP, INC.
UnauditedThree months ended June 30Six months ended June 30
In millions, except per share data2026202520262025
Interest Income
Loans$4,986 $4,609 $9,778 $9,081 
Investment securities1,263 1,151 2,465 2,275 
Other445 510 895 1,044 
Total interest income6,694 6,270 13,138 12,400 
Interest Expense
Deposits1,682 1,845 3,417 3,653 
Borrowed funds905 870 1,653 1,716 
Total interest expense2,587 2,715 5,070 5,369 
Net interest income4,107 3,555 8,068 7,031 
Noninterest Income
Asset management and brokerage440 391 860 782 
Capital markets and advisory577 321 1,040 627 
Card and cash management772 737 1,510 1,429 
Lending and deposit services346 317 686 633 
Residential and commercial mortgage144 128 262 262 
Other income
    Gain on Visa shares exchange program448 — 448 — 
    Securities gains (losses)(139)— (111)(2)
 Other180 212 277 351 
Total other income489 212 614 349 
Total noninterest income2,768 2,106 4,972 4,082 
Total revenue6,875 5,661 13,040 11,113 
Provision For Credit Losses191 254 401 473 
Noninterest Expense
Personnel2,273 1,889 4,379 3,779 
Occupancy252 235 514 480 
Equipment435 394 850 778 
Marketing110 99 197 184 
Other1,028 766 1,926 1,549 
Total noninterest expense4,098 3,383 7,866 6,770 
Income before income taxes and noncontrolling interests2,586 2,024 4,773 3,870 
Income taxes531 381 946 728 
Net income2,055 1,643 3,827 3,142 
Less: Net income attributable to noncontrolling interests15 16 27 34 
Preferred stock dividends85 83 158 154 
Preferred stock discount accretion and redemptions2 2 3 4 
Net income attributable to common shareholders$1,953 $1,542 $3,639 $2,950 
Earnings Per Common Share
Basic$4.82 $3.86 $8.95 $7.37 
Diluted$4.81 $3.85 $8.94 $7.37 
Average Common Shares Outstanding
Basic403 397 404 398 
Diluted403 397 404 398 
See accompanying Notes to Consolidated Financial Statements.
46    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 June 30Six months ended
June 30
2026202520262025
Net income $2,055 $1,643 $3,827 $3,142 
Other comprehensive income (loss), before tax and net of reclassifications into Net income
Net change in debt securities 109 263 (50)1,192 
Net change in cash flow hedge derivatives(556)485 (888)1,310 
Pension and other postretirement benefit plan adjustments(6)(19)2 (21)
Net change in Other(5)(2)(4)(3)
Other comprehensive income (loss), before tax and net of reclassifications into Net income(458)727 (940)2,478 
Income tax benefit (expense) related to items of other comprehensive income111 (172)228 (595)
Other comprehensive income (loss), after tax and net of reclassifications into Net income(347)555 (712)1,883 
Comprehensive income 1,708 2,198 3,115 5,025 
Less: Comprehensive income attributable to noncontrolling interests151627 34 
Comprehensive income attributable to PNC$1,693 $2,182 $3,088 $4,991 
See accompanying Notes to Consolidated Financial Statements.
The PNC Financial Services Group, Inc. – Form 10-Q 47

CONSOLIDATED BALANCE SHEET
THE PNC FINANCIAL SERVICES GROUP, INC.
UnauditedJune 30, 2026December 31, 2025
In millions, except par value
Assets
Cash and due from banks$5,951 $6,777 
Interest-earning deposits with banks22,794 32,936 
Loans held for sale (a)1,522 1,939 
Investment securities – available-for-sale71,100 68,135 
Investment securities – held-to-maturity 78,406 70,105 
Loans (a)367,953 331,481 
Allowance for loan and lease losses (4,652)(4,410)
Net loans363,301 327,071 
Equity investments 11,735 10,790 
Mortgage servicing rights3,801 3,659 
Goodwill13,317 10,959 
Other (a) 44,107 41,201 
Total assets$616,034 $573,572 
Liabilities
Deposits
Noninterest-bearing$99,356 $91,748 
Interest-bearing (b)350,436 349,118 
Total deposits449,792 440,866 
Borrowed funds
Federal Home Loan Bank advances40,416 13,000 
Senior debt38,144 38,642 
Subordinated debt4,396 3,016 
Other (b)2,767 2,443 
Total borrowed funds85,723 57,101 
Allowance for unfunded lending related commitments 809 818 
Accrued expenses and other liabilities (b)15,649 14,151 
Total liabilities551,973 512,936 
Equity
Preferred stock (c)— — 
Common stock ($5 par value, Authorized 800,000,000 shares, issued 557,291,838 and 543,497,966 shares)
2,786 2,717 
Capital surplus21,999 18,922 
Retained earnings65,518 63,266 
Accumulated other comprehensive income (loss)(4,120)(3,408)
Common stock held in treasury at cost: 157,826,113 and 153,084,091 shares
(22,175)(20,912)
Total shareholders’ equity64,008 60,585 
Noncontrolling interests53 51 
Total equity64,061 60,636 
Total liabilities and equity$616,034 $573,572 
(a)Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.3 billion, Loans held for investment of $1.1 billion and Other assets of $0.1 billion at June 30, 2026. Comparable amounts at December 31, 2025 were $1.7 billion, $1.1 billion and $0.2 billion, respectively.
(b)Our consolidated liabilities included the following for which we have elected the fair value option: Interest-bearing deposits of $0.8 billion, Other borrowed funds of less than $0.1 billion and Other liabilities of $0.1 billion at June 30, 2026. Comparable amounts at December 31, 2025 were $3.6 billion, 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.
48    The PNC Financial Services Group, Inc. – Form 10-Q

CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited
In millions		Six months ended June 30
20262025
Operating Activities
Net income$3,827 $3,142 
Adjustments to reconcile net income to net cash provided (used) by operating activities
Provision for credit losses
401 473 
Depreciation, amortization and accretion173 172 
Deferred income taxes (benefit)152 (58)
Net losses on sales of securities111 2 
Changes in fair value of mortgage servicing rights185 328 
Gain on Visa shares exchange program(448)— 
Net change in
Trading securities and other short-term investments(187)(1,646)
Loans held for sale and related securitization activity 377 (955)
Other assets(285)1,782 
Accrued expenses and other liabilities(1,284)(2,395)
Other operating activities, net1,053 126 
Net cash provided (used) by operating activities$4,075 $971 
Investing Activities
Sales
Securities available-for-sale$11,977 $1,331 
Loans403 293 
Repayments/maturities
Securities available-for-sale4,406 3,392 
Securities held-to-maturity6,582 6,843 
Purchases
Securities available-for-sale(13,672)(9,045)
Securities held-to-maturity(11,066)(3,979)
Loans(1,128)(853)
Net change in federal funds sold and resale agreements501 (188)
Other changes in loans, net(20,490)(9,812)
Net cash paid for acquisition (a)(80)— 
Other investing activities, net(3,079)(670)
Net cash provided (used) by investing activities$(25,646)$(12,688)
The PNC Financial Services Group, Inc. – Form 10-Q 49

CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
(Continued from previous page)
Unaudited
In millions		Six months ended June 30
20262025
Financing Activities
Net change in
Noninterest-bearing deposits$(2,282)$613 
Interest-bearing deposits(11,862)(654)
Federal funds purchased and repurchase agreements(44)(36)
Short-term Federal Home Loan Bank advances4,000 — 
Other borrowed funds198 149 
Sales/issuances
Federal Home Loan Bank advances28,000 3,000 
Senior debt4,211 5,237 
Subordinated debt1,495 — 
Common and treasury stock34 34 
Repayments/maturities
Federal Home Loan Bank advances(6,000)(7,000)
Senior debt(4,250)(2,750)
Subordinated debt(71)(700)
Acquisition of treasury stock(1,418)(598)
Preferred stock cash dividends paid(158)(154)
Common stock cash dividends paid(1,387)(1,281)
Other financing activities, net137 — 
Net cash provided (used) by financing activities$10,603 $(4,140)
Net Increase (Decrease) In Cash, Cash Equivalents And Restricted Cash$(10,968)$(15,857)
Cash, cash equivalents and restricted cash at beginning of period 39,713 46,251 
Cash, cash equivalents and restricted cash at end of period (b)$28,745 $30,394 
Supplemental Disclosures (c)
Interest paid$5,138 $5,511 
Leased assets obtained in exchange for new operating lease liabilities$331 $149 
Non-cash Investing And Financing Items
Transfer from loans to loans held for sale, net$80 $108 
Transfer from loans to foreclosed assets$23 $21 
Common stock issuances for acquisition$2,943 $— 
Preferred stock issuances for acquisition$119 $— 
(a)Cash paid to acquire FirstBank was $1,238 million. The amount of $80 million represents the cash paid for the acquisition less $162 million in Cash and due from banks and $996 million in Interest-earning deposits with banks acquired from FirstBank. See Note 2 Acquisition Activity for more detailed information on the FirstBank acquisition.
(b)Includes restricted cash at end of period of $882 million and $992 million for the six months ended June 30, 2026 and 2025, respectively.
(c)Disclosures of income taxes paid (net of refunds) are presented in the Income Taxes Note of our Form 10-K pursuant to our adoption of ASU 2023-09. See Note 1 Accounting Policies in our 2025 Form 10-K for additional information related to our adoption of this ASU.
See accompanying Notes to Consolidated Financial Statements.









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

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

See page 102 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.

On January 5, 2026, we acquired FirstBank Holding Company, including its banking subsidiary, FirstBank. Our results for the three and six months ended June 30, 2026 reflect FirstBank’s acquired business operations for the period since the acquisition closed on January 5, 2026, and our balance sheet at June 30, 2026 includes FirstBank balances. See Note 2 Acquisition Activity for additional information on this acquisition.

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.

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 2025 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2025 Form 10-K for a detailed description of significant accounting policies. These interim consolidated financial statements serve to update our 2025 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements.

Loans
Effective January 1, 2026, PNC updated its defined loan classes (classes of financing receivables) as follows: (i) equipment lease financing loans were reclassified to the commercial and industrial loan class based on similarities in the manner in which credit risk is monitored and assessed within these portfolios, as well as materiality considerations, and (ii) education loans were reclassified to the other consumer loan class based on materiality considerations. All impacted disclosures have been updated accordingly, and prior periods have been adjusted to conform with the current presentation.

Allowance for Credit Losses
Purchased Seasoned Loans
On January 1, 2026, we adopted ASU 2025-08 - Financial Instruments - Credit Losses (Topic 326): Purchased Loans, which expanded the population of acquired financial assets subject to the gross-up approach. Purchased seasoned loans, or PSLs, are acquired loans that, at acquisition, have not experienced a more-than-insignificant credit deterioration since origination and are deemed seasoned. A loan is seasoned if it was purchased at least 90 days after origination and PNC was not involved in the origination of the loan. All loans (excluding credit cards) that are acquired without credit deterioration through a business combination are deemed seasoned.
The PNC Financial Services Group, Inc. – Form 10-Q 51

The allowance for PSLs is determined at the time of acquisition, as the estimated expected credit loss of the outstanding balance or par value, based on the methodologies described in our 2025 Form 10-K for loans. In accordance with CECL, the allowance recognized at acquisition is added to the acquisition date purchase price to determine the asset’s amortized cost basis.

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.

Recently Adopted Accounting Standards
Accounting Standards UpdateDescriptionFinancial Statement Impact
Purchased Loans - ASU 2025-08

Issued November 2025

• Required effective date of January 1, 2027; early adoption is permitted.
• Expands the population of acquired financial assets subject to the gross-up approach, which requires recognition of an ACL for the estimate of credit losses at the acquisition date.
• Clarifies that loans (excluding credit cards) acquired without credit deterioration and deemed “seasoned” are purchased seasoned loans and accounted for using the gross-up approach at acquisition.
• Requires entities to evaluate whether loans acquired in an asset acquisition (or initially recognized through the consolidation of a VIE) are deemed “seasoned”. A loan is seasoned if it was purchased at least 90 days after origination and the acquirer was not involved in the origination of the loan. All loans (excluding credit cards) that are acquired without credit deterioration through a business combination are deemed “seasoned”.
• Requires a prospective transition approach; the ASU is applied to loans that are acquired on or after the initial application date.
• We adopted this ASU on January 1, 2026.
• Adoption of this ASU resulted in more acquired loans using the gross-up approach, primarily through our acquisition of FirstBank; under the gross-up approach, a reserve is established through an increase to the loan’s amortized cost basis, thus avoiding the need to provide for a reserve on these acquired loans through Provision for credit losses. See Note 2 Acquisition Activity for more information on our acquisition of FirstBank. Otherwise, this ASU did not materially 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.
NOTE 2 ACQUISITION ACTIVITY

Acquisition of FirstBank Holding Company
On January 5, 2026, PNC acquired FirstBank Holding Company including its banking subsidiary, FirstBank, representing $4.2 billion of consideration in cash and PNC common stock to FirstBank Holding Company common shareholders and Series A preferred shareholders, and $0.1 billion of consideration to Series B preferred shareholders through the exchange of each share of Series B preferred stock into a newly created series of preferred stock of PNC, designated Series X. This acquisition accelerates our expansion in Colorado and Arizona.

In June 2026, PNC converted approximately 780,000 customers, more than 1,620 employees and 95 branches across Colorado and Arizona, merging FirstBank into PNC Bank.

PNC has accounted for this transaction as a business combination. Accordingly, the assets and liabilities from FirstBank were recorded at fair value as of the acquisition date. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. Fair value estimates related to the assets and liabilities from FirstBank are subject to adjustment for up to one year after the closing date of the acquisition as additional information becomes available. Valuations subject to adjustment include, but are not limited to, loans, certain deposits, certain other assets and the core deposit intangibles.

PNC incurred total integration costs of $127 million for the three months ended June 30, 2026, of which $121 million was reflected in expenses and $6 million was reflected in revenue. For the six months ended June 30, 2026, PNC incurred $225 million in total integration costs, of which $218 million was reflected in expenses and $7 million was reflected in revenue. These costs were primarily within personnel, advisory and legal expense.
52    The PNC Financial Services Group, Inc. – Form 10-Q

The following table includes the preliminary fair value of the identifiable tangible and intangible assets and liabilities from FirstBank:
Table 40: Acquisition Consideration
January 5, 2026
In millions, except share dataFair Value
Acquisition consideration
Common stock issued (13,715,133 shares) (a)
$2,943 
Preferred stock issued (115,200 shares)
119 
Cash paid1,238 
Total consideration$4,300 
Assets
Cash and due from banks$162 
Interest-earning deposits with banks996 
Investment securities8,278 
Net loans15,177 
Core deposit intangible761 
Other1,282 
Total assets$26,656 
Liabilities
Deposits$23,076 
Borrowed funds and other1,638 
Total liabilities $24,714 
Net assets$1,942 
Goodwill (b)$2,358 
(a)    Amount includes $29 million of deferred restricted stock compensation and $13 million withheld to satisfy certain tax obligations.
(b)    Includes immaterial measurement period adjustments recorded in the second quarter.

Preliminary goodwill of $2.4 billion recorded in connection with the transaction resulted from the reputation, operating model and expertise of FirstBank. The amount of goodwill recorded reflected the increased market share and related synergies that resulted from the acquisition and represents the excess purchase price over the estimated fair value of the net assets from FirstBank. The goodwill was allocated to our Retail Banking segment and is not deductible for income tax purposes. See Note 6 Goodwill and Mortgage Servicing Rights for additional information on our goodwill.

The following table includes the fair value and unpaid principal balance of the loans from the FirstBank acquisition.

Table 41: Fair Value and Unpaid Principal Balance of Loans from the FirstBank Acquisition

January 5, 2026
In millionsUnpaid Principal
 Balance (a)		Fair Value
Loans
Commercial
Commercial and industrial $3,354 $3,165 
Commercial real estate5,163 4,835 
Total commercial 8,517 8,000 
Consumer
Residential real estate7,061 6,615 
Home equity499 477 
Credit card and other consumer93 85 
Total consumer 7,653 7,177 
Total $16,170 $15,177 
(a) Amounts exclude $45 million of acquired loan net charge-offs on certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.
The following is a description of the methods used to determine the fair values of significant assets acquired and liabilities assumed in the acquisition.

Cash and Due from Banks and Interest-earning Deposits with Banks
The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets.

The PNC Financial Services Group, Inc. – Form 10-Q 53

Investment Securities
Investment securities were classified either in the held-to-maturity portfolio or the available-for-sale portfolio based on management’s intent, and in the case of held-to-maturity, the ability to hold the securities to maturity. Fair values for investment securities were determined using third-party pricing services, dealer quotes, or subsequent sale prices and were subject to price validation testing independent of the risk-taking function. See Note 14 Fair Value in our 2025 Form 10-K for more information on the valuation methodologies used to determine fair values for investment securities.

Loans
Fair value for loans is based on a discounted cash flow methodology that considered credit loss and prepayment expectations, market interest rates and other market factors, such as liquidity, from the perspective of a market participant. Loan cash flows were generated on an individual loan basis. The PD, LGD, exposure at default and prepayment assumptions are the key factors driving credit losses which are embedded into the estimated cash flows.

Core Deposit Intangible
This intangible asset represents the value of certain client deposit relationships. The fair value was estimated utilizing the cost method. Appropriate consideration was given to deposit costs including servicing costs, client retention and alternative funding source costs at the time of acquisition. The discount rate used was derived taking into account the estimated cost of equity, risk-free return rate and risk premium for the market and specific risk related to the asset’s cash flows. The core deposit intangible is being amortized over 10 years using an accelerated amortization methodology.

Deposits
The fair values for time deposits were estimated by discounting contractual cash flows using current market rates for instruments with similar maturities. For deposits with no defined maturity, carrying values approximate fair values.

Purchased Loan Activity
Under CECL, PNC is required to determine whether purchased loans held for investment have experienced more-than-insignificant deterioration in credit quality since origination. PNC considers a variety of factors in connection with the identification of more-than-insignificant deterioration in credit quality, or PCD, including but not limited to nonperforming status, delinquency, risk ratings, FDM classification, and other qualitative factors that indicate deterioration in credit quality since origination. PNC established the initial ACL for PCD loans through an adjustment to FirstBank loan balances and the related purchase accounting mark. The non-credit discount is accreted through Interest income using the effective interest rate method over the contractual life of the loan. In accordance with GAAP, there was no carryover of the ACL that had been previously recorded by FirstBank. The following table presents PCD loans as of January 5, 2026.

Table 42: PCD Loan Activity
January 5, 2026
In millions
Principal balance $415 
ACL at acquisition(93)
Non-credit discount (11)
Purchase price $311 
On January 1, 2026, we adopted ASU 2025-08 and established the initial ACL for PSLs through an adjustment to FirstBank loan balances and the related purchase accounting mark. The non-credit discount is accreted through Interest income using the effective interest rate method over the contractual life of the loan. In a business combination, all loans acquired that are not identified as PCD are classified as “seasoned,” or PSLs, with the exception of credit cards. The following table presents PSL activity as of January 5, 2026.

Table 43: PSL Activity
January 5, 2026
In millions
Principal balance $15,720 
ACL at acquisition (229)
Non-credit discount (672)
Purchase price $14,819 

For additional information on our adoption of ASU 2025-08, see Note 1 Accounting Policies.


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

NOTE 3 INVESTMENT SECURITIES
The following table summarizes our available-for-sale and held-to-maturity portfolios by major security type:
Table 44: Investment Securities Summary (a) (b)
June 30, 2026December 31, 2025
In millionsAmortized
Cost (c)		UnrealizedFair
Value		Amortized
Cost (c)		UnrealizedFair
Value
GainsLossesGainsLosses
Securities Available-for-Sale
U.S. Treasury and government agencies$28,804 $72 $(351)$28,525 $29,022 $188 $(313)$28,897 
Residential mortgage-backed
Agency35,794 119 (2,025)33,888 32,429 176 (1,942)30,663 
Non-agency417 104 (4)517 442 110 (4)548 
Commercial mortgage-backed
Agency3,416 20 (75)3,361 3,395 43 (66)3,372 
Non-agency160 — (2)158 256 — (4)252 
Asset-backed2,521 31 (3)2,549 2,247 50 — 2,297 
Other 2,095 58 (51)2,102 2,106 54 (54)2,106 
Total securities available-for-sale $73,207 $404 $(2,511)$71,100 $69,897 $621 $(2,383)$68,135 
Securities Held-to-Maturity
U.S. Treasury and government agencies$18,666 $2 $(385)$18,283 $21,537 $25 $(318)$21,244 
Residential mortgage-backed
Agency51,294 155 (2,588)48,861 42,599 279 (2,155)40,723 
Non-agency213 — (13)200 222 — (11)211 
Commercial mortgage-backed
Agency4,545 8 (72)4,481 1,091 16 (7)1,100 
Non-agency150 3 — 153 328 3 (1)330 
Asset-backed1,130 11 (7)1,134 1,840 46 (6)1,880 
Other2,408 29 (27)2,410 2,488 34 (31)2,491 
Total securities held-to-maturity (d)$78,406 $208 $(3,092)$75,522 $70,105 $403 $(2,529)$67,979 
(a) At June 30, 2026, the accrued interest associated with our available-for-sale and held-to-maturity portfolios totaled $335 million and $246 million, respectively. The comparable amounts at December 31, 2025 were $348 million and $219 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.
(b) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. Of our total securities portfolio, 97% were rated AAA/AA at both June 30, 2026 and December 31, 2025.
(c) Amortized cost is presented net of allowance of $61 million for securities available-for-sale, primarily related to non-agency commercial mortgage-backed securities, and $4 million for securities held-to-maturity at June 30, 2026. Comparable amounts at December 31, 2025 were $61 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 $2.4 billion at June 30, 2026 related to securities transferred, which are offset in AOCI, net of tax. The comparable amount at December 31, 2025 was $2.7 billion.

The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Securities available-for-sale are carried at fair value with net unrealized gains and losses included in Total shareholders’ equity as AOCI, unless credit-related. Net unrealized gains and losses are determined by taking the difference between the fair value of a security and its amortized cost, net of any allowance. Securities held-to-maturity are carried at amortized cost, net of any allowance. Investment securities at June 30, 2026 included $918 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 June 30, 2025 was $577 million of net unsettled purchases.

We maintain the allowance for investment securities at levels that we believe to be appropriate as of the balance sheet date to absorb expected credit losses on our portfolio. At June 30, 2026, the allowance for investment securities was $65 million and primarily related to non-agency commercial mortgage-backed securities in the available-for-sale portfolio. The comparable amount at December 31, 2025 was $66 million. See Note 1 Accounting Policies in our 2025 Form 10-K for a discussion of the methodologies used to determine the allowance for investment securities.

At June 30, 2026, AOCI included pre-tax losses of $230 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 45 presents the gross unrealized losses and fair value of securities available-for-sale that do not have an associated allowance for investment securities at June 30, 2026 and December 31, 2025. 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
The PNC Financial Services Group, Inc. – Form 10-Q 55  

value declined below the amortized cost basis. All securities included in the table have been evaluated to determine if a credit loss exists. As part of that assessment, as of June 30, 2026, 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 45: 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 millionsUnrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value
June 30, 2026
U.S. Treasury and government agencies$(34)$7,060 $(317)$1,386 $(351)$8,446 
Residential mortgage-backed
Agency(68)7,664 (1,957)15,093 (2,025)22,757 
Non-agency— — (1)30 (1)30 
Commercial mortgage-backed
Agency(2)407 (73)1,515 (75)1,922 
Non-agency— — (2)71 (2)71 
Asset-backed(3)829 — — (3)829 
Other (2)173 (40)1,099 (42)1,272 
Total securities available-for-sale$(109)$16,133 $(2,390)$19,194 $(2,499)$35,327 
December 31, 2025
U.S. Treasury and government agencies$(1)$103 $(312)$1,427 $(313)$1,530 
Residential mortgage-backed
Agency(4)541 (1,938)17,383 (1,942)17,924 
Non-agency— — (1)24 (1)24 
Commercial mortgage-backed
Agency— — (66)1,572 (66)1,572 
Non-agency— — (4)167 (4)167 
Asset-backed— — — — — — 
Other— — (43)1,518 (43)1,518 
Total securities available-for-sale$(5)$644 $(2,364)$22,091 $(2,369)$22,735 

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

Table 46: Gains (Losses) on Sales of Securities Available-for-Sale
Six months ended June 30
In millions
Gross GainsGross LossesNet Gains (Losses) Tax Expense (Benefit)
2026$31 $(142)(a)$(111)$(23)
2025$2 $(4)$(2)$— 
(a)    Includes a securities loss of $139 million related to the sale of approximately $4.1 billion of available-for-sale securities as part of the repositioning of the investment securities portfolio.
56    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at June 30, 2026:
Table 47: Contractual Maturity of Debt Securities
June 30, 2026
Dollars in millions		1 Year or LessAfter 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$497 $24,352 $1,665 $2,290 $28,804 
Residential mortgage-backed
Agency1 426 2,432 32,935 35,794 
Non-agency— — 177 240 417 
Commercial mortgage-backed
Agency8 1,447 135 1,826 3,416 
Non-agency— 79 55 26 160 
Asset-backed5 1,399 295 822 2,521 
Other 512 812 256 515 2,095 
Total securities available-for-sale at amortized cost$1,023 $28,515 $5,015 $38,654 $73,207 
Fair value$1,018 $28,436 $4,952 $36,694 $71,100 
Weighted-average yield, GAAP basis (a)3.48 %4.07 %3.64 %3.93 %3.96 %
Securities Held-to-Maturity
U.S. Treasury and government agencies$7,458 $9,849 $541 $818 $18,666 
Residential mortgage-backed
Agency — 14 3,767 47,513 51,294 
Non-agency— — — 213 213 
Commercial mortgage-backed
Agency— 3,516 491 538 4,545 
Non-agency— — — 150 150 
Asset-backed14 97 520 499 1,130 
Other114 635 250 1,409 2,408 
Total securities held-to-maturity at amortized cost$7,586 $14,111 $5,569 $51,140 $78,406 
Fair value$7,567 $13,800 $5,332 $48,823 $75,522 
Weighted-average yield, GAAP basis (a)1.30 %2.40 %2.50 %3.50 %3.02 %
(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 and unused borrowing capacity:
Table 48: Fair Value of Securities Pledged and Accepted as Collateral
In millionsJune 30, 2026December 31, 2025
Pledged to others$65,015 $61,230 
Accepted from others:
Permitted by contract or custom to sell or repledge$1,047 $759 
Permitted amount repledged to others$1,047 $759 

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









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

NOTE 4 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.
CommercialConsumer
• Commercial and industrial
• Residential real estate
• Commercial real estate
• Home equity
• Automobile
• Credit card
• Other consumer
See Note 1 Accounting Policies for additional information on our loan classes. See Note 1 Accounting Policies in our 2025 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, 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 and mitigate losses.
























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

Table 49 presents the composition and delinquency status of our loan portfolio at June 30, 2026 and December 31, 2025. Loan delinquencies include government insured or guaranteed loans and loans accounted for under the fair value option.

Table 49: Analysis of Loan Portfolio (a) (b)
Accruing
Dollars in millionsCurrent or Less
Than 30 Days
Past Due		30-59
Days
Past Due		60-89
Days
Past Due		90 Days
or More
Past Due		Total
Past
Due (c) 		Nonperforming
Loans		Fair Value
Option
Nonaccrual
Loans (d)		Total Loans
(e)(f)
June 30, 2026
Commercial
Commercial and industrial$226,910 $123 $121 $76 $320   $685 $— $227,915 
Commercial real estate35,482 7 9 — 16   464 — 35,962 
Total commercial262,392 130 130 76 336   1,149 — 263,877 
Consumer
Residential real estate47,486 372 115 230 717 (c)325 181 48,709 
Home equity25,698 65 26 — 91 456 35 26,280 
Automobile
15,712 59 15 4 78   82 — 15,872 
Credit card7,179 37 28 56 121   11 — 7,311 
Other consumer
5,807 32 24 37 93 4 — 5,904 
Total consumer101,882 565 208 327 1,100   878 216 104,076 
Total$364,274 $695 $338 $403 $1,436   $2,027 $216 $367,953 
Percentage of total loans99.00 %0.19 %0.09 %0.11 %0.39 %0.55 %0.06 %100.00 %
December 31, 2025
Commercial
Commercial and industrial$201,772 $182 $103 $57 $342 $784 $— $202,898 
Commercial real estate28,879 14 98 — 112 574 — 29,565 
Total commercial230,651 196 201 57 454 1,358 — 232,463 
Consumer
Residential real estate42,687 243 101 209 553 (c)320 200 43,760 
Home equity25,365 70 30 — 100 439 37 25,941 
Automobile
16,411 74 18 5 97 83 — 16,591 
Credit card6,859 45 32 65 142 13 — 7,014 
Other consumer
5,610 32 21 44 97 5 — 5,712 
Total consumer96,932 464 202 323 989 860 237 99,018 
Total$327,583 $660 $403 $380 $1,443 $2,218 $237 $331,481 
Percentage of total loans98.82 %0.20 %0.12 %0.11 %0.44 %0.67 %0.07 %100.00 %
(a)Amounts in table represent loans held for investment and do not include any associated ALLL.
(b)The accrued interest associated with our loan portfolio totaled $1.5 billion and $1.3 billion at June 30, 2026 and December 31, 2025, respectively. 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 totaling $0.3 billion at both June 30, 2026 and December 31, 2025.
(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 $1.7 billion and $1.1 billion at June 30, 2026 and December 31, 2025, respectively.
(f)Collateral dependent loans totaled $1.3 billion and $1.5 billion at June 30, 2026 and December 31, 2025, respectively.
At June 30, 2026, we pledged unpaid principal balances in the amounts of $68.7 billion of commercial and consumer loans to the FRB and $86.6 billion of secured real estate and other loans to the FHLB as collateral for the ability to borrow, if necessary. The comparable amounts at December 31, 2025 were $55.0 billion and $80.6 billion, respectively.
Nonperforming Assets
Nonperforming assets include nonperforming loans and leases, OREO, foreclosed and other 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, 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 2025 Form 10-K for additional information on our nonperforming loan and lease policies.
The PNC Financial Services Group, Inc. – Form 10-Q 59  

The following table presents our nonperforming assets as of June 30, 2026 and December 31, 2025:
Table 50: Nonperforming Assets
Dollars in millionsJune 30, 2026December 31, 2025
Nonperforming loans
Commercial$1,149 $1,358 
Consumer (a)878 860 
Total nonperforming loans (b)2,027 2,218 
OREO, foreclosed and other assets123 143 
Total nonperforming assets$2,150 $2,361 
Nonperforming loans to total loans0.55 %0.67 %
Nonperforming assets to total loans, OREO, foreclosed and other assets0.58 %0.71 %
Nonperforming assets to total assets0.35 %0.41 %
(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 $0.7 billion and $0.6 billion at June 30, 2026 and December 31, 2025, respectively. 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 2025 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.
60    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents credit quality indicators for our commercial loan classes:
Table 51: Commercial Credit Quality Indicators (a)
Term Loans by Origination Year
June 30, 2026
In millions
20262025202420232022PriorRevolving LoansRevolving Loans Converted to TermTotal
Commercial and industrial
Pass Rated$23,536 $31,025 $14,272 $9,541 $11,991 $15,825 $113,235 $79 $219,504 
Criticized112 577 911 564 890 675 4,637 45 8,411 
Total commercial and industrial loans23,648 31,602 15,183 10,105 12,881 16,500 117,872 124 227,915 
Gross charge-offs (b)8 (c)13 16 20 38 21 153 1 270 
Commercial real estate
Pass Rated4,939 4,555 2,663 2,707 5,355 9,184 762 — 30,165 
Criticized— 207 601 1,380 1,671 1,922 16 — 5,797 
Total commercial real estate loans4,939 4,762 3,264 4,087 7,026 11,106 778 — 35,962 
Gross charge-offs (b)— 9 — 15 — 16 3 — 43 
Total commercial loans$28,587 $36,364 $18,447 $14,192 $19,907 $27,606 $118,650 $124 $263,877 
Total commercial gross charge-offs (d)$8 $22 $16 $35 $38 $37 $156 $1 $313 
Term Loans by Origination Year
December 31, 2025
In millions
20252024202320222021PriorRevolving LoansRevolving Loans Converted to TermTotal
Commercial and industrial
Pass Rated$35,176 $16,478 $10,180 $13,815 $4,139 $12,757 $101,222 $125 $193,892 
Criticized559 896 574 1,181 333 510 4,838 115 9,006 
Total commercial and industrial loans35,735 17,374 10,754 14,996 4,472 13,267 106,060 240 202,898 
Gross charge-offs (b)45 (c)48 82 28 11 18 131 31 394 
Commercial real estate
Pass Rated3,169 2,395 3,080 5,215 1,324 7,686 610 — 23,479 
Criticized221 571 1,467 1,637 287 1,899 4 — 6,086 
Total commercial real estate loans3,390 2,966 4,547 6,852 1,611 9,585 614 — 29,565 
Gross charge-offs (b)5 1 1 — 7 100 — 2 116 
Total commercial loans$39,125 $20,340 $15,301 $21,848 $6,083 $22,852 $106,674 $240 $232,463 
Total commercial gross charge-offs$50 $49 $83 $28 $18 $118 $131 $33 $510 
(a)Loans in our commercial portfolio are classified as Pass Rated or Criticized based on the regulatory definitions, which are driven by the PD and LGD ratings that we assign. The Criticized classification includes loans that were rated special mention, substandard or doubtful as of June 30, 2026 and December 31, 2025.
(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.
(d)Acquired commercial gross charge-offs are excluded from the balance above and primarily represents the charge-off of certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.

Consumer Loan Classes
See Note 3 Loans and Related Allowance for Credit Losses in our 2025 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class.

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

Residential Real Estate and Home Equity
The following table presents credit quality indicators for our residential real estate and home equity loan classes:
Table 52: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes
Term Loans by Origination Year
June 30, 2026
In millions
20262025202420232022PriorRevolving LoansRevolving Loans Converted to TermTotal
Residential real estate
Current estimated LTV ratios
Greater than 100%$3 $42 $64 $61 $64 $133 $— $— $367 
Greater than or equal to 80% to 100%345 573 313 337 835 653 — — 3,056 
Less than 80%1,012 1,970 1,618 3,190 8,843 28,022 — — 44,655 
No LTV available1 — — — — 10 — — 11 
Government insured or guaranteed loans— 2 7 30 31 550 — — 620 
Total residential real estate loans$1,361 $2,587 $2,002 $3,618 $9,773 $29,368 $— $— $48,709 
Updated FICO scores
Greater than or equal to 780$782 $1,784 $1,391 $2,537 $7,774 $21,238 $— $— $35,506 
720 to 779465 553 403 573 1,296 4,320 — — 7,610 
660 to 71992 168 139 230 434 1,709 — — 2,772 
Less than 6609 43 37 128 166 986 — — 1,369 
No FICO score available (a)13 37 25 120 72 565 — — 832 
Government insured or guaranteed loans— 2 7 30 31 550 — — 620 
Total residential real estate loans$1,361 $2,587 $2,002 $3,618 $9,773 $29,368 $— $— $48,709 
Gross charge-offs (b) (c)$— $— $— $— $— $1 $— $— $1 
Home equity (d)
Current estimated LTV ratios
Greater than 100%$1 $2 $1 $1 $1 $22 $491 $423 $942 
Greater than or equal to 80% to 100%10 7 5 3 3 47 1,566 1,580 3,221 
Less than 80%48 22 17 20 15 3,584 7,911 10,477 22,094 
No LTV available13 — — — — 1 6 3 23 
Total home equity loans$72 $31 $23 $24 $19 $3,654 $9,974 $12,483 $26,280 
Updated FICO scores
Greater than or equal to 780$16 $17 $9 $8 $9 $2,375 $5,960 $5,916 $14,310 
720 to 7798 7 6 6 4 687 2,600 2,974 6,292 
660 to 7194 5 6 5 3 341 1,236 2,052 3,652 
Less than 660— 2 2 5 3 249 173 1,511 1,945 
No FICO score available (a)44 — — — — 2 5 30 81 
Total home equity loans$72 $31 $23 $24 $19 $3,654 $9,974 $12,483 $26,280 
Gross charge-offs (b) (c)$— $— $— $— $— $— $7 $13 $20 
62    The PNC Financial Services Group, Inc. – Form 10-Q

(Continued from previous page)Term Loans by Origination Year
December 31, 2025
In millions
20252024202320222021PriorRevolving LoansRevolving Loans Converted to TermTotal
Residential real estate
Current estimated LTV ratios
Greater than 100% $7 $24 $74 $70 $55 $51 $— $— $281 
Greater than or equal to 80% to 100% 534 290 342 707 447 223 — — 2,543 
Less than 80%1,594 1,466 3,332 8,003 13,210 12,694 — — 40,299 
No LTV available— — — — 9 2 — — 11 
Government insured or guaranteed loans— 6 26 27 20 547 — — 626 
Total residential real estate loans$2,135 $1,786 $3,774 $8,807 $13,741 $13,517 $— $— $43,760 
Updated FICO scores
Greater than or equal to 780$1,337 $1,325 $2,748 $7,065 $11,095 $8,644 $— $— $32,214 
720 to 779661 354 568 1,206 1,837 2,225 — — 6,851 
660 to 719117 86 192 394 543 978 — — 2,310 
Less than 66019 15 134 109 181 751 — — 1,209 
No FICO score available (a)1 — 106 6 65 372 — — 550 
Government insured or guaranteed loans— 6 26 27 20 547 — — 626 
Total residential real estate loans$2,135 $1,786 $3,774 $8,807 $13,741 $13,517 $— $— $43,760 
Gross charge-offs (b)$— $1 $1 $3 $2 $1 $— $— $8 
Home equity (e)
Current estimated LTV ratios
Greater than 100%$— $— $— $— $1 $24 $422 $422 $869 
Greater than or equal to 80% to 100%— — — — 5 45 1,342 1,562 2,954 
Less than 80%— — — — 125 3,772 7,572 10,649 22,118 
Total home equity loans$— $— $— $— $131 $3,841 $9,336 $12,633 $25,941 
Updated FICO scores
Greater than or equal to 780$— $— $— $— $86 $2,465 $5,423 $5,967 $13,941 
720 to 779— — — — 29 737 2,504 3,063 6,333 
660 to 719— — — — 11 372 1,200 2,077 3,660 
Less than 660— — — — 5 265 207 1,496 1,973 
No FICO score available (a)— — — — — 2 2 30 34 
Total home equity loans$— $— $— $— $131 $3,841 $9,336 $12,633 $25,941 
Gross charge-offs (b)$— $— $— $— $— $— $13 $22 $35 
(a)Loans where FICO scores are not available or required generally refers to accounts for which we cannot obtain an updated FICO score (e.g., recent profile changes, bankruptcy event, deceased borrower) and/or loans titled with a business name. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
(b)Gross charge-offs are presented on a year-to-date basis, as of the period end date.
(c)Acquired consumer gross charge-offs are excluded from the balance above and primarily represents the charge-off of certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.
(d)Amounts as of June 30, 2026 include home equity installment loans acquired from FirstBank, which are reflected in the table based on the date the loan was originated.
(e)New originations consisted only of revolving home equity lines of credit for vintage years 2022 through 2025.
























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

Automobile, Credit Card and Other Consumer
The following table presents credit quality indicators for our automobile, credit card and other consumer loan classes:

Table 53: Credit Quality Indicators for Automobile, Credit Card and Other Consumer Loan Classes
Term Loans by Origination Year
June 30, 2026
In millions
20262025202420232022PriorRevolving LoansRevolving Loans Converted to TermTotal
Automobile
Updated FICO scores
Greater than or equal to 780$1,822 $3,255 $1,581 $755 $423 $256 $— $— $8,092 
720 to 779904 1,930 892 437 218 121 — — 4,502 
660 to 719316 834 504 284 135 77 — — 2,150 
Less than 66050 306 314 239 127 92 — — 1,128 
Total automobile loans$3,092 $6,325 $3,291 $1,715 $903 $546 $— $— $15,872 
Gross charge-offs (a)$— $18 $17 $14 $6 $5 $— $— $60 
Credit card
Updated FICO scores
Greater than or equal to 780$— $— $— $— $— $— $2,301 $1 $2,302 
720 to 779— — — — — — 1,990 6 1,996 
660 to 719— — — — — — 1,911 18 1,929 
Less than 660— — — — — — 918 50 968 
No FICO score available or required (b)— — — — — — 114 2 116 
Total credit card loans$— $— $— $— $— $— $7,234 $77 $7,311 
Gross charge-offs (a) (c)$— $— $— $— $— $— $133 $19 $152 
Other consumer
Updated FICO scores
Greater than or equal to 780$135 $248 $125 $80 $74 $280 $34 $— $976 
720 to 779152 250 124 62 41 97 61 — 787 
660 to 719120 171 98 43 24 43 67 — 566 
Less than 66019 54 40 20 12 20 37 — 202 
No FICO score available or required (b)2 5 5 2 1 1 — — 16 
Total loans using FICO credit metric428 728 392 207 152 441 199 — 2,547 
Other internal credit metrics1 — 2 29 7 689 2,620 9 3,357 
Total other consumer loans$429 $728 $394 $236 $159 $1,130 $2,819 $9 $5,904 
Gross charge-offs (a) (c)$43 (d)$12 $12 $6 $3 $6 $5 $— $87 

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

(Continued from previous page)Term Loans by Origination Year
December 31, 2025
In millions
20252024202320222021PriorRevolving LoansRevolving Loans Converted to TermTotal
Automobile
Updated FICO Scores
Greater than or equal to 780$4,241 $1,991 $1,022 $608 $387 $85 $— $— $8,334 
720 to 7792,394 1,216 609 322 178 52 — — 4,771 
660 to 719883 668 387 199 104 39 — — 2,280 
Less than 660236 352 292 167 100 59 — — 1,206 
Total automobile loans$7,754 $4,227 $2,310 $1,296 $769 $235 $— $— $16,591 
Gross charge-offs (a)$9 $38 $39 $20 $11 $13 $— $— $130 
Credit card
Updated FICO scores
Greater than or equal to 780$— $— $— $— $— $— $2,199 $1 $2,200 
720 to 779— — — — — — 1,903 6 1,909 
660 to 719— — — — — — 1,813 17 1,830 
Less than 660— — — — — — 922 55 977 
No FICO score available or required (b)— — — — — — 96 2 98 
Total credit card loans$— $— $— $— $— $— $6,933 $81 $7,014 
Gross charge-offs (a)$— $— $— $— $— $— $280 $40 $320 
Other consumer
Updated FICO scores
Greater than or equal to 780$301 $168 $108 $93 $39 $282 $34 $— $1,025 
720 to 779324 175 90 58 20 98 64 — 829 
660 to 719230 133 62 38 10 44 70 — 587 
Less than 66048 45 27 20 6 22 37 — 205 
No FICO score available or required (b)5 5 3 1 — — — — 14 
Total loans using FICO credit metric908 526 290 210 75 446 205 — 2,660 
Other internal credit metrics 6 5 18 7 10 703 2,296 7 3,052 
Total other consumer loans$914 $531 $308 $217 $85 $1,149 $2,501 $7 $5,712 
Gross charge-offs (a)$81 (d)$24 $24 $14 $5 $14 $10 $1 $173 
(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)Acquired consumer gross charge-offs are excluded from the balance above and primarily represents the charge-off of certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.
(d)Includes charge-offs of deposit overdrafts.





















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

Loan Modifications to Borrowers Experiencing Financial Difficulty

FDMs result from our loss mitigation activities and include loan modifications that may result in interest rate reductions, term extensions, payment delays, repayment plans or combinations thereof. See Note 1 Accounting Policies in our 2025 Form 10-K for additional information on FDMs.

The following table presents the amortized cost basis, as of the period end date, of commercial FDMs granted during the three and six months ended June 30, 2026 and 2025:

Table 54: Commercial FDMs (a) (b)

Three months ended June 30
Dollars in millions
Term ExtensionPayment Delay Interest Rate Reduction and Term ExtensionPayment Delay and Term ExtensionInterest Rate Reduction, Payment Delay and Term ExtensionOtherTotal% of Loan Class
2026
Commercial and industrial$356 $116 $1 $1 $— $96 $570 0.25 %
Commercial real estate729 32 — — — — 761 2.12 %
Total commercial$1,085 $148 $1 $1 $— $96 $1,331 0.50 %
2025
Commercial and industrial$550 $37 $1 $17 $— $7 $612 0.32 %
Commercial real estate268 35 — — — — 303 0.97 %
Total commercial$818 $72 $1 $17 $— $7 $915 0.40 %

Six months ended June 30
Dollars in millions
Term ExtensionPayment Delay Interest Rate Reduction and Term ExtensionPayment Delay and Term ExtensionInterest Rate Reduction, Payment Delay and Term ExtensionOtherTotal% of Loan Class
2026
Commercial and industrial$579 $132 $2 $12 $— $96 $821 0.36 %
Commercial real estate955 50 — 44 — — 1,049 2.92 %
Total commercial$1,534 $182 $2 $56 $— $96 $1,870 0.71 %
2025
Commercial and industrial$788 $31 $2 $24 $14 $54 $913 0.48 %
Commercial real estate550 35 — — — 14 599 1.92 %
Total commercial$1,338 $66 $2 $24 $14 $68 $1,512 0.67 %
(a)The unfunded lending related commitments on FDMs granted during the six months ended June 30, 2026 and 2025 were $0.6 billion and $0.4 billion, respectively.
(b)Excludes the amortized cost basis of modified loans that were paid off, charged off or otherwise liquidated as of the period end date.

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

Table 55 presents the weighted average financial effect of commercial FDMs granted during the three and six months ended June 30, 2026 and 2025:

Table 55: Financial Effect of Commercial FDMs (a)
Three months ended June 30
Dollars in millions
20262025
Amortized cost basis (b)Financial effectAmortized cost basis (b)Financial effect
Weighted-average term extension (months)
Commercial and industrial$35816$56811
Commercial real estate$72914$26816
Interest rate reduction
Commercial and industrial$14.61%$15.50%
Weighted-average payment delay (months)
Commercial and industrial$1174$545
Commercial real estate$326$356
Six months ended June 30
Dollars in millions
20262025
Amortized cost basis (b)Financial effectAmortized cost basis (b)Financial effect
Weighted-average term extension (months)
Commercial and industrial$59315$82817
Commercial real estate$99915$55016
Interest rate reduction
Commercial and industrial$24.07%$161.17%
Weighted-average payment delay (months)
Commercial and industrial$1448$6912
Commercial real estate$947$356
(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 55 includes combination modification categories in addition to the standalone modification categories presented in Table 54. Primarily due to this reason, the amortized cost basis presented in Table 55 may not agree to the amortized cost basis presented alongside the standalone modification categories in Table 54. Amortized cost basis is as of the period end date.

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 commercial FDMs granted during the twelve months preceding June 30, 2026 and 2025:

Table 56: Delinquency Status of Commercial FDMs (a) (b)

Twelve months ended June 30
Dollars in millions		Current or Less Than 30 Days Past Due30-59 Days Past Due60-89 Days Past Due90 Days
or More
Past Due		Nonperforming
Loans 		Total
2026
Commercial
Commercial and industrial$1,703 $4 $— $— $242 $1,949 
Commercial real estate1,383 — — — 191 1,574 
Total commercial$3,086 $4 $— $— $433 $3,523 
2025
Commercial
Commercial and industrial$1,118 $9 $4 $— $106 $1,237 
Commercial real estate711 — — — 301 1,012 
Total commercial$1,829 $9 $4 $— $407 $2,249 
(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. Commercial loans that were both (i) classified as FDMs, and (ii) subsequently defaulted during the three and six months ended June 30, 2026 were $47 million and $70 million, respectively. Comparable amounts at June 30, 2025 were $61 million and $105 million, respectively.


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

The following table presents information about our consumer FDMs:

Table 57: Consumer FDMs (a)(b)
Three months ended June 30Six months ended June 30
Dollars in millions2026202520262025
Modifications by type (c)
Payment delay$59 $65 $93 $91 
Repayment plan15 18 29 35 
Other (d)12 12 23 22 
Total consumer$86 $95 $145 $148 
Percentage of portfolio segment 0.08 %0.10 %0.14 %0.15 %
Financial effects (c) (e)
Weighted-average payment delay (months) 8696
Twelve months ended June 30
Dollars in millions20262025
Delinquency status (f)
Current or less than 30 days past due$57 $56 
30-59 days past due4 4 
60-89 days past due3 4 
90 days or more past due6 7 
Nonperforming loans155 167 
Total$225 $238 
(a)Represents amortized cost basis.
(b)The unfunded lending related commitments on consumer FDMs granted were immaterial during the three and six months ended June 30, 2026 and 2025.
(c)Excludes the amortized cost basis and financial effect of modified loans that were paid off, charged-off or otherwise liquidated as of the period end date.
(d)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.
(e)Repayment plans are excluded from financial effects because of varying terms offered in these plans. Credit card and unsecured lines of credit programs both offer short-term and fully-amortized repayment plans, impacting terms and interest rates. Home equity programs offer a fixed payment plan, establishing a modified monthly payment based primarily on the borrower’s financial situation and the current market environment.
(f)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. Consumer loans that were both (i) classified as FDMs, and (ii) subsequently defaulted during the three and six months ended June 30, 2026 were $31 million and $51 million, respectively. Comparable amounts at June 30, 2025 were $21 million and $48 million, respectively.

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

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 2025 Form 10-K for a discussion of the methodologies used to determine this allowance. A rollforward of the ACL related to loans follows:

Table 58: Rollforward of Allowance for Credit Losses
Three months ended June 30Six months ended June 30
2026202520262025
In millionsCommercialConsumerTotalCommercialConsumerTotalCommercialConsumerTotalCommercialConsumerTotal
Allowance for loan and lease losses
Beginning balance$3,269 $1,394 $4,663 $3,205 $1,339 $4,544 $3,089 $1,321 $4,410 $3,148 $1,338 $4,486 
Acquisition PCD reserves— — — — — — 53 40 93 — — — 
Acquisition PSL reserves— — — — — — 184 45 229 — — — 
Beginning balance, adjusted3,269 1,394 4,663 3,205 1,339 4,544 3,326 1,406 4,732 3,148 1,338 4,486 
Charge-offs(165)(159)(324)(163)(161)(324)(313)(320)(633)(294)(342)(636)
Recoveries36 62 98 61 65 126 74 125 199 108 125 233 
Acquired loan charge-offs (a)— — — — — — (10)(35)(45)— — — 
Net (charge-offs)(129)(97)(226)(102)(96)(198)(249)(230)(479)(186)(217)(403)
Provision for credit losses 114 99 213 121 50 171 181 220 401 259 172 431 
Other— 2 2 6 — 6 (4)2 (2)9 — 9 
Ending balance$3,254 $1,398 $4,652 $3,230 $1,293 $4,523 $3,254 $1,398 $4,652 $3,230 $1,293 $4,523 
Allowance for unfunded lending related commitments (b)
Beginning balance$693 $139 $832 $528 $146 $674 $681 $137 $818 $580 $139 $719 
Provision for (recapture of) credit losses(23)3 (20)87 (3)84 (11)5 (6)34 4 38 
Other— (3)(3)1 — 1 — (3)(3)2 — 2 
Ending balance$670 $139 $809 $616 $143 $759 $670 $139 $809 $616 $143 $759 
Allowance for credit losses at June 30 (c)
$3,924 $1,537 $5,461 $3,846 $1,436 $5,282 $3,924 $1,537 $5,461 $3,846 $1,436 $5,282 
(a)Amounts for the six months ended June 30, 2026 include $45 million attributable to FirstBank, which represents the charge-off of certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.
(b)See Note 9 Commitments for additional information about the underlying commitments related to this allowance.
(c)Represents the ALLL plus allowance for unfunded lending related commitments and excludes allowances for investment securities and other financial assets, which together totaled $99 million and $88 million at June 30, 2026 and 2025, respectively.
The ACL related to loans totaled $5.5 billion at June 30, 2026 and $5.2 billion at December 31, 2025. The increase was primarily driven by portfolio activity, including the addition of FirstBank loans.

NOTE 5 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 2025 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 or loss share arrangements under certain conditions, 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 6 Goodwill and Mortgage Servicing Rights and Note 12 Fair Value for further discussion of our servicing rights.

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

The following table provides our loan sale and servicing activities.
Table 59: Loan Sale and Servicing Activities
In millionsResidential MortgagesCommercial Mortgages
Three months ended June 30, 2026
Sales of loans and related securitization activity (a)$812 $1,577 
Repurchases of previously transferred loans (b)$22 $3 
Servicing fees (c) $145 $51 
Servicing advances recovered/(funded), net$18 $(48)
Cash flows on mortgage-backed securities held (d)$729 $6 
Three months ended June 30, 2025
Sales of loans and related securitization activity (a)$745 $1,094 
Repurchases of previously transferred loans (b)$29 $— 
Servicing fees (c)$129 $54 
Servicing advances recovered/(funded), net$23 $(65)
Cash flows on mortgage-backed securities held (d)$621 $17 
Six months ended June 30, 2026
Sales of loans and related securitization activity (a)$1,631 $3,093 
Repurchases of previously transferred loans (b)$62 $80 
Servicing fees (c) $284 $97 
Servicing advances recovered/(funded), net$24 $(47)
Cash flows on mortgage-backed securities held (d)$1,354 $10 
Six months ended June 30, 2025
Sales of loans and related securitization activity (a)$1,449 $1,587 
Repurchases of previously transferred loans (b)$64 $— 
Servicing fees (c)$259 $104 
Servicing advances recovered/(funded), net$42 $(54)
Cash flows on mortgage-backed securities held (d)$1,192 $43 
(a)Gains/losses recognized on sales of loans were insignificant for the periods presented.
(b)Represents the outstanding principal balance of repurchased loans and 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.
(c)Includes contractually specified servicing fees, late charges and ancillary fees.
(d)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 in residential mortgage-backed securities were $20.6 billion at June 30, 2026 and $17.2 billion at both December 31, 2025 and June 30, 2025, respectively. The carrying values of commercial mortgage-backed securities were $0.4 billion, $0.4 billion and $0.5 billion at June 30, 2026, December 31, 2025 and June 30, 2025, respectively.













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

Table 60 presents information about the principal balances of transferred loans that we service and are not recorded on our Consolidated Balance Sheet.
Table 60: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others (a)
In millionsResidential MortgagesCommercial Mortgages
June 30, 2026
Total principal balance$36,104 $55,628 
Delinquent loans (b)$253 $207 
December 31, 2025
Total principal balance$36,088 $55,145 
Delinquent loans (b)$274 $216 
Three months ended June 30, 2026
Net charge-offs (c)$1 $11 
Three months ended June 30, 2025
Net charge-offs (c)$— $(1)
Six months ended June 30, 2026
Net charge-offs (c)$2 $42 
Six months ended June 30, 2025
Net charge-offs (c)$1 $9 
(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 2025 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 61 where we have determined that our continuing involvement is insignificant. We do not consider our continuing involvement to be significant when it relates to a VIE where we only invest in securities issued by the VIE and were not involved in the design of the VIE or where no transfers have occurred between us and the VIE. In addition, where we only have lending arrangements in the normal course of business with entities that could be VIEs, we have excluded these transactions with non-consolidated entities from the balances presented in Table 61. These loans are included as part of the asset quality disclosures that we make in Note 4 Loans and Related Allowance for Credit Losses.
Table 61: Non-Consolidated VIEs
In millionsPNC Risk of Loss (a)Carrying Value of AssetsCarrying Value of Liabilities
June 30, 2026
Mortgage-backed securitizations (b) $21,642 $21,642 (c) $— 
Tax credit investments and other 6,852 6,577 (d)(e)3,093 (f)(g)
Total$28,494 $28,219 $3,093 
December 31, 2025
Mortgage-backed securitizations (b)$17,956 $17,956 (c) $— 
Tax credit investments and other 6,420 6,082 (d)(e)2,961 (f)(g)
Total$24,376 $24,038 $2,961 
(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 $4.7 billion of LIHTCs and $0.1 billion of NMTCs at June 30, 2026, which are included in Equity investments on our Consolidated Balance Sheet. Comparable amounts at December 31, 2025 were $4.4 billion and $0.1 billion, respectively.
(f)Included in Deposits and Other liabilities on our Consolidated Balance Sheet.
(g)Amount includes $2.7 billion of LIHTCs and less than $0.1 billion of NMTCs at June 30, 2026, which are included in Other liabilities on our Consolidated Balance Sheet. Comparable amounts at December 31, 2025 were $2.6 billion and less than $0.1 billion, respectively.

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

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 six months ended June 30, 2026, we recognized $0.3 billion of amortization, $0.3 billion of tax credits and $0.1 billion of other tax benefits associated with qualified investments in LIHTCs and NMTCs. During the six months ended June 30, 2025, comparable amounts were $0.3 billion, $0.3 billion and less than $0.1 billion, respectively.

NOTE 6 GOODWILL AND MORTGAGE SERVICING RIGHTS

Goodwill

Goodwill increased $2.4 billion during the six months ended June 30, 2026 as a result of the acquisition of FirstBank, and was allocated to our Retail segment. See Note 2 Acquisition Activity for additional information on the acquisition. See also Note 5 Goodwill and Mortgage Servicing Rights in our 2025 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 $3.8 billion at June 30, 2026 and $3.7 billion at December 31, 2025, and consisted of loan servicing contracts for commercial and residential mortgages measured at fair value.

We recognize gains or 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 6 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 2025 Form 10-K for more detail on our fair value measurement and our accounting of MSRs.

Changes in the commercial and residential MSRs follow:

Table 62: Mortgage Servicing Rights
Commercial MSRsResidential MSRs
In millions202620252026 2025
January 1 $1,021 $1,085 $2,638 $2,626 
Additions:
FirstBank Acquisition— — 10 — 
From loans sold with servicing retained26 24 20 14 
Purchases31 45 240 1 
Changes in fair value due to:
Time and payoffs (a)(146)(155)(155)(127)
Other (b)107 11 9 (57)
June 30$1,039 $1,010 $2,762 $2,457 
Related unpaid principal balance of loans serviced at June 30$294,011 $294,675 $208,949 $189,216 
Servicing advances June 30$690 $707 $103 $110 
(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.










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

Sensitivity Analysis
The fair value of commercial and residential MSRs and significant inputs to the valuation models as of June 30, 2026 and December 31, 2025 are shown in Tables 63 and 64. 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 63 and 64. 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 63: Commercial Mortgage Servicing Rights – Key Valuation Assumptions
Dollars in millionsJune 30, 2026December 31, 2025
Fair value$1,039 $1,021