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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

______________________________________

FORM 10-Q

______________________________________

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 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)

___________________________________________________________

Pennsylvania						25-1435979
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

The Tower at PNC Plaza, 300 Fifth Avenue, Pittsburgh, Pennsylvania 15222-2401

(Address of principal executive offices, including zip code)

(888) 762-2265

(Registrant’s telephone number including area code)

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

___________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol(s)			Name of Each Exchange     on Which Registered
Common Stock, par value $5.00			PNC			New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

    Yes  ☐  No  ☒

As of October 14, 2026, there were 396,778,009 shares of the registrant’s common stock ($5 par value) outstanding.

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THE PNC FINANCIAL SERVICES GROUP, INC.

Cross-Reference Index to Third Quarter 2026 Form 10-Q

			Pages
PART I – FINANCIAL INFORMATION
Cautionary Statement Regarding Forward-Looking Information			1
Item 1.   Financial Statements (Unaudited)			45
Consolidated Income Statement			45
Consolidated Statement of Comprehensive Income			46
Consolidated Balance Sheet			47
Consolidated Statement of Cash Flows			48
Notes to Consolidated Financial Statements (Unaudited)
Note 1 Accounting Policies			50
Note 2  Acquisition Activity			51
Note 3  Investment Securities			55
Note 4  Loans and Related Allowance for Credit Losses			58
Note 5  Loan Sale and Servicing Activities and Variable Interest Entities			69
Note 6  Goodwill and Mortgage Servicing Rights			72
Note 7 Leases			74
Note 8 Borrowed Funds			74
Note 9 Commitments			75
Note 10 Total Equity and Other Comprehensive Income			76
Note 11 Earnings Per Share			78
Note 12 Fair Value			79
Note 13 Financial Derivatives			88
Note 14 Legal Proceedings			95
Note 15 Segment Reporting			96
Note 16 Fee-based Revenue from Contracts with Customers			100
Note 17 Subsequent Events			102
Glossary			103
Defined Terms			103
Acronyms			103
Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)			3
Financial Review			3
Executive Summary			3
Consolidated Income Statement Review			7
Consolidated Balance Sheet Review			11
Business Segments Review			15
Risk Management			22
Average Consolidated Balance Sheet and Net Interest Analysis			39
Non-GAAP Financial Information			41
Recent Regulatory Developments			42
Critical Accounting Estimates and Judgments			43
Item 3. Quantitative and Qualitative Disclosures about Market Risk			44
Item 4. Controls and Procedures.			44
PART II – OTHER INFORMATION
Item 1.    Legal Proceedings			104
Item 1A.   Risk Factors			104
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds			104
Item 5.     Other Information			104
Item 6.      Exhibits			105
Exhibit Index			105
Signature			105

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MD&A TABLE REFERENCE
Table			Description			Page
1			Summary of Operations, Per Common Share Data and Performance Ratios			4
2			Balance Sheet Highlights and Other Selected Ratios			4
3			Summarized Average Balances and Net Interest Income			8
4			Noninterest Income			9
5			Noninterest Expense			10
6			Provision for Credit Losses			11
7			Summarized Balance Sheet Data			11
8			Loans			12
9			Investment Securities			13
10			Weighted-Average Expected Maturities of Mortgage and Asset-Backed Debt Securities			13
11			Details of Funding Sources			14
12			Retail Banking Table			16
13			Corporate & Institutional Banking Table			18
14			Asset Management Group Table			21
15			Details of Loans			23
16			Commercial and Industrial Loans by Industry			24
17			Commercial Real Estate Loans by Geography and Property Type			25
18			Residential Real Estate Loan Statistics			26
19			Home Equity Loan Statistics			27
20			Nonperforming Assets by Type			28
21			Change in Nonperforming Assets			28
22			Accruing Loans Past Due			29
23			Allowance for Credit Losses by Loan Class			30
24			Loan Charge-Offs and Recoveries			31
25			Senior and Subordinated Debt			32
26			Primary Contingent Liquidity Sources			32
27			Parent Company Notes Issued			33
28			Parent Company Notes Redeemed			34
29			Credit Ratings and Outlook			34
30			Basel III Capital			35
31			Net Interest Income Sensitivity Analysis			36
32			Economic Value of Equity Sensitivity Analysis			37
33			Equity Investments Summary			38
34			Average Consolidated Balance Sheet and Net Interest Analysis			39
35			Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP)			41
36			Reconciliation of Noninterest Expense Guidance, Excluding Integration Costs and Significant Items (non-GAAP)			41
37			Reconciliation of Noninterest Income Guidance, Excluding Integration Costs and Significant Items (non-GAAP)			42
38			Reconciliation of Revenue Guidance, Excluding Integration Costs and Significant Items (non-GAAP)			42
39			Key Macroeconomic Variables in CECL Weighted-Average Scenarios			43

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS TABLE REFERENCE
Table			Description			Page
40			Acquisition Consideration			52
41			Fair Value and Unpaid Principal Balance of Loans from the FirstBank Acquisition			53
42			PCD Loan Activity			54
43			PSL Activity			54
44			Investment Securities Summary			55
45			Gross Unrealized Loss and Fair Value of Securities Available-for-Sale Without an Allowance for Credit Losses			56
46			Gains (Losses) on Sales of Securities Available-for-Sale			56
47			Contractual Maturity of Debt Securities			57
48			Fair Value of Securities Pledged and Accepted as Collateral			57
49			Analysis of Loan Portfolio			59
50			Nonperforming Assets			60
51			Commercial Credit Quality Indicators			61
52			Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes			62
53			Credit Quality Indicators for Automobile, Credit Card and Other Consumer Loan Classes			64
54			Commercial FDMs			66
55			Financial Effect of Commercial FDMs			67
56			Delinquency Status of Commercial FDMs			67
57			Consumer FDMs			68
58			Rollforward of Allowance for Credit Losses			69
59			Loan Sale and Servicing Activities			70
60			Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others			71
61			Non-Consolidated VIEs			71
62			Mortgage Servicing Rights			72
63			Commercial Mortgage Servicing Rights – Key Valuation Assumptions			73
64			Residential Mortgage Servicing Rights – Key Valuation Assumptions			73
65			Lessor Income			74
66			Borrowed Funds			74
67			FHLB Advances, Senior Debt and Subordinated Debt			74
68			Commitments to Extend Credit and Other Commitments			75
69			Rollforward of Total Equity			76
70			Other Comprehensive Income (Loss)			77
71			Accumulated Other Comprehensive Income (Loss) Components			77
72			Dividends Per Share			78
73			Basic and Diluted Earnings Per Common Share			78
74			Fair Value Measurements – Recurring Basis Summary			79
75			Reconciliation of Level 3 Assets and Liabilities			80
76			Fair Value Measurements – Recurring Quantitative Information			84
77			Fair Value Measurements – Nonrecurring			85
78			Fair Value Option – Fair Value and Principal Balances			86
79			Fair Value Option – Changes in Fair Value			86
80			Additional Fair Value Information Related to Other Financial Instruments			87
81			Total Gross Derivatives			89
82			Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement			91
83			Hedged Items - Fair Value Hedges			92
84			Gains (Losses) on Derivatives Not Designated for Hedging under GAAP			93
85			Derivative Assets and Liabilities Offsetting			94
86			Credit-Risk Contingent Features			95
87			Business Segment Results and Reconciliation to Consolidated Table			98
88			Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income			100

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

We make statements in this Report, and we may from time to time make other statements, regarding our outlook for financial performance, such as earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting us and our future business and operations, including our sustainability strategy, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as “believe,” “plan,” “expect,” “anticipate,” “see,” “look,” “intend,” “outlook,” “project,” “forecast,” “estimate,” “goal,” “will,” “should” and other similar words and expressions.

Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. Forward-looking statements speak only as of the date made. We do not assume any duty and do not undertake any obligation to update forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. As a result, we caution against placing undue reliance on any forward-looking statements.

Our forward-looking statements are subject to the following principal risks and uncertainties: 

•Our businesses, financial results and balance sheet values are affected by business and economic conditions, including:

–Changes in interest rates and valuations in debt, equity and other financial markets,

–Disruptions in the U.S. and global financial markets,

–Actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply, market interest rates and inflation,

–Changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives,

–Changes in customers’, suppliers’ and other counterparties’ performance and creditworthiness,

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

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

–Our ability to attract, recruit and retain skilled employees, and

–Commodity price volatility.

•Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting. These statements are based on our views that:

–PNC’s baseline forecast remains for continued expansion in 2026 into 2027. Economic growth has remained solid despite the increase in oil prices, supported by very strong AI-related capex and resilient consumer spending. We expect real GDP growth above 2% in 2026, with continued modest job gains and the unemployment rate holding roughly steady. Inflation risks remain elevated, with core inflation staying above 3% through year-end. Risks to our growth and inflation outlook include a 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 bond yields.

–Our baseline forecast is for the Federal Reserve to raise rates twice more, at the December 2026 and March 2027 Federal Open Market Committee meetings, ultimately bringing the federal funds rate to a range of 4.25% to 4.50%.

•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.

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

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–Costs associated with obtaining rights in intellectual property claimed by others and of adequacy of our intellectual property protection in general.

•Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques and to meet evolving regulatory capital and liquidity standards.

•Our reputation and business and operating results may be affected by our ability to appropriately meet or address environmental, social or governance targets, goals, commitments or concerns that may arise.

•We grow our business in part through acquisitions and new strategic initiatives. Risks and uncertainties include those presented by the nature of the business acquired and strategic initiative, including in some cases those associated with our entry into new businesses or new geographic or other markets and risks resulting from our inexperience in those new areas, as well as risks and uncertainties related to the acquisition transactions themselves, regulatory issues, the integration of the acquired businesses into PNC after closing or any failure to execute strategic or operational plans.

•Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands.

•Business and operating results can also be affected by widespread manmade, natural and other disasters (including severe weather events), health emergencies, dislocations, geopolitical instabilities or events, terrorist activities, system failures or disruptions, security breaches, cyberattacks, international hostilities, or other extraordinary events beyond PNC’s control through impacts on the economy and financial markets generally or on us or our counterparties, customers or third-party vendors and service providers specifically.

We provide greater detail regarding these as well as other factors in our 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.

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

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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 prior period 2026 Form 10-Qs and Item 8 of our 2025 Form 10-K. Also, see the Cautionary Statement Regarding Forward-Looking Information section preceding 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.

Our corporate website is www.pnc.com, and we provide information for investors under “About – Investor Relations.” We use our account with X, @pncnews, as an additional way of disseminating to the public information that may be relevant to investors. In accordance with the Exchange Act, we file annual, quarterly and current reports, proxy statements and other information with the SEC under File Number 001-09718. Copies of these and other filings, including exhibits, are available electronically at the SEC’s website at www.sec.gov or at www.pnc.com/secfilings, as soon as reasonably practicable after electronically filed with the SEC. Shareholders and bondholders may also obtain copies of these filings without charge via the information request form at www.pnc.com/investorrelations for copies without exhibits, via email to investor.relations@pnc.com for copies of exhibits, including financial statements and schedule exhibits where applicable, or by contacting PNC Investor Relations at 800-843-2206. The interactive data file (XBRL) is only available electronically. Where we have included internet addresses in this Report, such as our internet address and the internet address of the SEC, we have included those internet addresses as inactive textual references only. Except as specifically incorporated by reference into this Report, information on those websites is not part hereof.

See page 103 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 in this Financial Review, the Recent Regulatory Developments section in this Financial Review and in our prior period 2026 Form 10-Qs 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.

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

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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 and third quarters of 2026 include the full quarter benefit of FirstBank. Results for the nine months ended September 30, 2026 include FirstBank operations since acquisition close on January 5, 2026, and our balance sheet at September 30, 2026 includes FirstBank balances.

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

Selected Financial Data

The following tables include selected financial data which should be reviewed in conjunction with the Consolidated Financial Statements and Notes included in Item 1 of this Report as well as the other disclosures in this Report concerning our historical financial performance, our future prospects and the risks associated with our business and financial performance.

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

Dollars in millions, except per share data Unaudited			Three months ended												Nine months ended
			September 30			June 30			September 30						September 30			September 30
			2026			2026			2025						2026			2025
Summary of Operations
Net interest income			$	4,206		$	4,107		$	3,648					$	12,274		$	10,679
Noninterest income			2,356			2,768			2,267						7,328			6,349
Total revenue			6,562			6,875			5,915						19,602			17,028
Provision for credit losses			189			191			167						590			640
Noninterest expense			3,751			4,098			3,461						11,617			10,231
Income before income taxes and noncontrolling interests			2,622			2,586			2,287						7,395			6,157
Income taxes			525			531			465						1,471			1,193
Net income			$	2,097		$	2,055		$	1,822					$	5,924		$	4,964
Net income attributable to common shareholders			$	2,006		$	1,953		$	1,735					$	5,645		$	4,685
Per Common Share
Basic			$	4.98		$	4.82		$	4.36					$	13.92		$	11.73
Diluted			$	4.97		$	4.81		$	4.35					$	13.91		$	11.72
Book value per common share			$	142.17		$	145.52		$	135.67
Performance Ratios
Net interest margin (non-GAAP) (a)			2.94		%	2.96		%	2.79		%				2.95		%	2.79		%
Noninterest income to total revenue			36		%	40		%	38		%				37		%	37		%
Efficiency			57		%	60		%	59		%				59		%	60		%
Return on:
Average common shareholders’ equity			13.89		%	13.61		%	13.24		%				13.15		%	12.39		%
Average assets			1.32		%	1.34		%	1.27		%				1.29		%	1.18		%

(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			September 30 2026			December 31 2025			September 30 2025
Balance Sheet Highlights
Assets			$	627,816		$	573,572		$	568,767
Loans			$	378,792		$	331,481		$	326,616
Allowance for loan and lease losses			$	4,536		$	4,410		$	4,478
Interest-earning deposits with banks			$	24,670		$	32,936		$	33,318
Investment securities			$	146,370		$	138,240		$	141,523
Total deposits			$	466,362		$	440,866		$	432,749
Borrowed funds			$	79,757		$	57,101		$	62,344
Total shareholders’ equity			$	62,353		$	60,585		$	58,990
Common shareholders’ equity			$	56,474		$	54,828		$	53,235
Other Selected Ratios
Common equity tier 1			9.8		%	10.6		%	10.7		%
Loans to deposits			81		%	75		%	75		%
Common shareholders’ equity to total assets			9.0		%	9.6		%	9.4		%

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

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Income Statement Highlights

Net income of $2.1 billion, or $4.97 per diluted common share, for the third quarter of 2026 increased $42 million, or 2%, compared to $2.1 billion, or $4.81 per diluted common share, for the second quarter of 2026, primarily due to lower noninterest expense and higher net interest income, partially offset by lower noninterest income.

•For the three months ended September 30, 2026 compared to the three months ended June 30, 2026:

•Total revenue of $6.6 billion decreased $313 million, or 5%.

•Net interest income of $4.2 billion increased $99 million, or 2%, driven by commercial loan growth and higher yields on interest-earning assets, partially offset by increased funding costs.

•Net interest margin decreased 2 basis points to 2.94% reflecting growth in lower-yielding loans and higher funding costs.

•Noninterest income of $2.4 billion decreased $412 million, or 15%, reflecting negative $25 million of net Visa activity compared with $363 million of net Visa activity in the second quarter of 2026, as well as lower capital markets advisory revenue. The second quarter also included $139 million of securities losses.

•Provision for credit losses was $189 million in the third quarter of 2026 and was driven by portfolio activity as well as updates to macroeconomic factors.

•Noninterest expense decreased $347 million, or 8%, and included lower personnel costs as well as integration expenses related to the FirstBank acquisition of $27 million. The second quarter of 2026 included integration expenses related to the FirstBank acquisition of $121 million and a PNC Foundation contribution expense of $140 million pre-tax.

Net income of $5.9 billion or $13.91 per diluted common share, for the first nine months of 2026 increased $960 million, or 19%, compared to $5.0 billion, or $11.72 per diluted common share, for the same period in 2025, due to higher net interest income and noninterest income and lower provision for credit losses, partially offset by increased noninterest expense.

•For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025:

•Total revenue increased $2.6 billion, or 15%.

•Net interest income increased $1.6 billion, or 15%, and reflected the benefit of FirstBank, loan growth and lower funding costs.

•Net interest margin increased 16 basis points and included the continued benefit of fixed rate asset repricing.

•Noninterest income increased $979 million, or 15%, primarily due to the $448 million gain recorded in the second quarter of 2026 resulting from PNC’s participation in the Visa exchange program, as well as higher capital markets and advisory revenue.

•Provision for credit losses was $590 million for the first nine months of 2026 and was driven by portfolio activity as well as updates to macroeconomic factors. The first nine months of 2025 included a provision for credit losses of $640 million.

•Noninterest expense increased $1.4 billion, or 14%, compared to the first nine months of 2025, reflecting FirstBank operating expenses, higher personnel costs as a result of increased business activity, $245 million of integration expenses related to the FirstBank acquisition and a $140 million pre-tax expense related to a PNC Foundation contribution.

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

Balance Sheet Highlights

Our balance sheet was well positioned at September 30, 2026. In comparison to December 31, 2025:

•Total assets of $627.8 billion increased $54.2 billion, or 9%, 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 $378.8 billion increased $47.3 billion, or 14%.

•Total commercial loans increased $44.5 billion, or 19%, to $277.0 billion, reflecting strong new production and higher utilization of loan commitments as well as the addition of FirstBank loans.

•Total consumer loans increased $2.8 billion, or 3%, to $101.8 billion, primarily due to the benefit of acquired FirstBank residential mortgage loans, partially offset by declines in the automobile portfolio, as paydowns outpaced originations, and the transfer of the education loan portfolio to held-for-sale.

•Investment securities increased $8.1 billion, or 6%, to $146.4 billion, and included 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.

•Total deposits increased $25.5 billion, or 6%, driven by higher interest-bearing and noninterest-bearing deposits, and included the addition of FirstBank deposits.

•Borrowed funds increased $22.7 billion, or 40%, to $79.8 billion, primarily due to higher FHLB advances.

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

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

Credit Quality Highlights

In the third quarter of 2026, PNC maintained strong credit quality performance.

•At September 30, 2026 compared to December 31, 2025:

•Nonperforming assets of $2.3 billion decreased $36 million, or 2%, driven by lower commercial nonperforming loans, partially offset by higher consumer nonperforming loans.

•Overall loan delinquencies of $1.3 billion decreased $142 million, or 10%, due to lower commercial and consumer delinquencies.

•The ACL related to loans, which consists of the ALLL and the allowance for unfunded lending related commitments, totaled $5.4 billion at September 30, 2026, compared to $5.2 billion at December 31, 2025. The increase was primarily driven by portfolio activity, including loan growth and the addition of FirstBank loans, as well as updates to macroeconomic factors. ACL to total loans was 1.42% at September 30, 2026, compared to 1.58% at December 31, 2025.

•Net loan charge-offs of $257 million, or 0.28% of average loans, increased $31 million compared to the second quarter of 2026, and included $35 million in net loan charge-offs related to the education loan portfolio transfer.

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 $56.5 billion at September 30, 2026, increased $1.6 billion, or 3%, 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 a decline in AOCI, common dividends paid and common share repurchases.

•In the third quarter of 2026, PNC returned $1.4 billion of capital to shareholders, reflecting $0.8 billion of dividends on common shares and $0.6 billion of common share repurchases.

•On October 2, 2026, the PNC Board of Directors declared a quarterly cash dividend on common stock of $2.00 per share to be paid on November 5, 2026 to shareholders of record at the close of business October 14, 2026.

•Our CET1 ratio was 9.8% at September 30, 2026 and 10.6% at December 31, 2025. The decrease was primarily due to higher risk-weighted assets, share repurchases and dividends, partially offset by the benefit of net income.

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 in our prior period 2026 Form 10-Qs 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. See the Cautionary Statement Regarding Forward-Looking Information section preceding this Financial Review for additional details.

Consistent with the forward guidance we provided on October 15, 2026, for the fourth quarter of 2026, compared to the third quarter of 2026, we expect:

•Average loans to be up approximately 2.5%,

•Net interest income to be up approximately 4.0%,

•Fee income to be up approximately 3.5%,

•Other noninterest income to be approximately $250 million,

•Noninterest expense to be up approximately 5.0%,

◦Noninterest expense, excluding integration costs and significant items, to be up approximately 5.0%, and

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

Consistent with the forward guidance we provided on October 15, 2026, for the full year of 2026, compared to the full year of 2025, we expect:

•Average loans to be up approximately 13.5%,

•Net interest income to be up approximately 15.5%,

•Noninterest income to be up approximately 12.6%

◦Noninterest income, excluding integration costs and significant items, to be up approximately 10.5%,

•Total revenue to be up approximately 14.5%,

◦Total revenue, excluding integration costs and significant items, to be up approximately 13.7%,

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

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•Noninterest expense to be up approximately 12.3%,

◦Noninterest expense, excluding integration costs and significant items, to be up approximately 9.5%, 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 $300 million in total, of which $261 million was recognized in the first nine months of 2026 ($245 million of noninterest expense and $16 million of noninterest income) and approximately $20 million is expected to be incurred in the fourth 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. See the Reconciliation of Noninterest expense guidance, excluding integration costs and significant items (non-GAAP) section of this Report.

The 2026 guidance for noninterest income and total revenue excludes integration costs, $16 million of which was recognized in the first nine months of 2026, as well as negative $25 million of third quarter significant items ($11 million valuation gain on remaining Visa shares received in the second quarter exchange and a negative $36 million Visa Class B-3 derivative adjustment), and $224 million of second quarter significant items ($448 million gain on Visa exchange, negative $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, Noninterest expense and Revenue 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.

CONSOLIDATED INCOME STATEMENT REVIEW

Net income of $2.1 billion, or $4.97 per diluted common share, for the third quarter of 2026 increased $42 million, or 2%, compared to $2.1 billion, or $4.81 per diluted common share, for the second quarter of 2026, primarily due to lower noninterest expense and higher net interest income, partially offset by lower noninterest income. Net income of $5.9 billion, or $13.91 per diluted common share, for the first nine months of 2026 increased $960 million, or 19%, compared to $5.0 billion, or $11.72 per diluted common share, for the same period in 2025, due to higher net interest income and noninterest income and lower provision for credit losses, partially offset by increased noninterest expense.

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

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Net Interest Income

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

						September 30, 2026																		June 30, 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						$	151,350					3.59		%				$	1,363					$	147,099								3.45		%							$	1,269
Loans						372,174						5.50		%				5,206						363,196									5.47		%							5,007
Interest-earning deposits with banks (b)						27,686						3.66		%				260						30,734									3.63		%							281
Other						14,904						5.39		%				201						13,985									4.69		%							164
Total interest-earning assets/interest income						$	566,114					4.90		%				7,030						$	555,014								4.82		%							6,721
Liabilities
Interest-bearing liabilities
Interest-bearing deposits						$	359,976					1.98		%				1,799						$	353,540								1.91		%							1,682
Borrowed funds						85,674						4.62		%				999						78,933									4.57		%							905
Total interest-bearing liabilities/interest expense						$	445,650					2.49		%				2,798						$	432,473								2.39		%							2,587
Interest rate spread												2.41		%																			2.43		%
Impact of noninterest-bearing sources												0.53																					0.53
Net interest margin/income (non-GAAP)												2.94		%				4,232															2.96		%							4,134
Taxable-equivalent adjustments																		(26)																								(27)
Net interest income (GAAP)																		$	4,206																							$	4,107

						September 30, 2026																		September 30, 2025
Nine months ended Dollars in millions						Average Balances						Average Yields/ Rates						Interest Income/ Expense						Average Balances						Average Yields/ Rates						Interest Income/ Expense
Assets
Interest-earning assets
Investment securities						$	147,683					3.47		%				$	3,840					$	142,859					3.27		%				$	3,501
Loans						362,162						5.49		%				15,028						321,848						5.72		%				13,903
Interest-earning deposits with banks (b)						30,327						3.64		%				837						33,815						4.37		%				1,119
Other						13,799						5.02		%				519						11,432						5.71		%				490
Total interest-earning assets/interest income						$	553,971					4.84		%				20,224						$	509,954					4.94		%				19,013
Liabilities
Interest-bearing liabilities
Interest-bearing deposits						$	357,599					1.95		%				5,216						$	332,438					2.26		%				5,633
Borrowed funds						75,911						4.64		%				2,652						65,377						5.31		%				2,615
Total interest-bearing liabilities/interest expense						$	433,510					2.42		%				7,868						$	397,815					2.76		%				8,248
Interest rate spread												2.42		%																2.18		%
Impact of noninterest-bearing sources												0.53																		0.61
Net interest margin/income (non-GAAP)												2.95		%				12,356												2.79		%				10,765
Taxable-equivalent adjustments																		(82)																		(86)
Net interest income (GAAP)																		$	12,274																	$	10,679

(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 $99 million, or 2%, compared to the second quarter of 2026, driven by commercial loan growth and higher yields on interest-earning assets, partially offset by increased funding costs. Net interest income increased $1.6 billion, or 15%, for the first nine months of 2026 compared to the same period in 2025 and reflected the benefit of FirstBank, loan growth and lower funding costs. Net interest margin decreased 2 basis points compared to the second quarter of 2026 reflecting growth in lower yielding

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

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loans and higher funding costs. Compared to the first nine months of 2025, net interest margin increased 16 basis points and included the continued benefit of fixed rate asset repricing.

Average investment securities increased $4.3 billion, or 3%, compared to the second quarter of 2026, and $4.8 billion, or 3%, compared to the first nine months of 2025, reflecting higher agency residential mortgage-backed securities, 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 third quarters of 2026, and 27% for the first nine months of 2026 compared to 28% for the same period of 2025.

Average loans increased $9.0 billion, or 2%, compared to the second quarter of 2026, and $40.3 billion, or 13%, compared to the first nine 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 nine months of 2025, the increase also reflected the addition of FirstBank loans. Average loans represented 66% of average interest-earning assets for the third quarter of 2026 compared to 65% for the second quarter of 2026 and 65% for the first nine months of 2026 compared to 63% for the same period of 2025.

Average interest-bearing deposits increased $6.4 billion, or 2%, compared to the second quarter of 2026, driven by higher commercial deposits and an increase in brokered time deposits. Average interest-bearing deposits increased $25.2 billion, or 8%, compared to the first nine months of 2025, reflecting growth in commercial and consumer balances, including the addition of FirstBank deposits, partially offset by lower brokered time deposits. In total, average interest-bearing deposits represented 81% of average interest-bearing liabilities for the third quarter of 2026 compared to 82% for the second quarter of 2026, and 82% for the first nine months of 2026 compared to 84% for the first nine months of 2025.

Average borrowed funds increased $6.7 billion, or 9%, and $10.5 billion, or 16%, compared to the second quarter of 2026 and the first nine months of 2025, respectively. In both comparisons, the increase was primarily due to higher FHLB advances.

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

Noninterest Income

Table 4: Noninterest Income

						Three months ended																											Nine months ended
						September 30						June 30						Change															September 30						September 30						Change
Dollars in millions						2026						2026						$						%									2026						2025						$						%
Noninterest income
Asset management and brokerage						$	447					$	440					$	7					2		%							$	1,307					$	1,186					$	121					10		%
Capital markets and advisory						433						577						(144)						(25)		%							1,473						1,059						414						39		%
Card and cash management						769						772						(3)						—		%							2,279						2,166						113						5		%
Lending and deposit services						358						346						12						3		%							1,044						968						76						8		%
Residential and commercial mortgage						135						144						(9)						(6)		%							397						423						(26)						(6)		%
Other income
Gains related to Visa share exchange						11						448						(437)						*									459						—						459						*
Securities gains (losses)						(1)						(139)						138						*									(112)						(2)						(110)						*
Other						204						180						24						13		%							481						549						(68)						(12)		%
Total other income						214						489						(275)						(56)		%							828						547						281						51		%
Total noninterest income						$	2,356					$	2,768					$	(412)					(15)		%							$	7,328					$	6,349					$	979					15		%

*-Not meaningful

Noninterest income as a percentage of total revenue was 36% for the third quarter of 2026 compared to 40% for the second quarter of 2026 and 37% for both the first nine months of 2026 and 2025.

Asset management and brokerage fees increased compared to the second quarter of 2026 and the first nine 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 $250 billion at September 30, 2026 increased from $247 billion at June 30, 2026, and $228 billion at September 30, 2025. In both comparisons, the increase included the impact from positive net flows. Compared to September 30, 2025, the increase also included the impact from higher spot equity markets.

Capital markets and advisory fees decreased compared to the second quarter of 2026, primarily due to lower merger and acquisition advisory activity following elevated activity in the prior quarter. The increase compared to the first nine months of 2025 was driven by growth across capital markets businesses, including strong merger and acquisition advisory activity in the second quarter of 2026.

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

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Card and cash management revenue decreased compared to the second quarter of 2026, as higher treasury management product revenue was more than offset by FirstBank integration related fee waivers. The increase compared to the first nine months of 2025 included increased consumer transaction volumes as well as higher treasury management product revenue.

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

Residential and commercial mortgage decreased compared to the second quarter of 2026, driven by lower residential mortgage revenue. Residential and commercial mortgage revenue decreased compared to the first nine months of 2025 reflecting lower residential and commercial mortgage servicing rights valuation, net of economic hedge.

Other noninterest income in the third quarter of 2026 reflected the following:

•An $11 million valuation gain on the remaining Visa shares received in the second quarter of 2026 exchange;

•Lower securities losses due to the repositioning of the available-for-sale investment securities portfolio in the second quarter of 2026;

•Higher private equity revenue; and

•Visa derivative adjustments of negative $36 million, compared to negative $85 million in the second quarter.

Other noninterest income increased in the first nine months of 2026, compared to the first nine months of 2025, primarily driven by the gain related to the Visa share exchange recognized in the second quarter of 2026. Visa derivative adjustments were negative $153 million for the first nine months of 2026 compared to negative $73 million for the same period in 2025.

Noninterest Expense

Table 5: Noninterest Expense

						Three months ended																								Nine months ended
						September 30						June 30						Change												September 30						September 30						Change
Dollars in millions						2026						2026						$						%						2026						2025						$						%
Noninterest expense
Personnel						$	2,031					$	2,273					$	(242)					(11)		%				$	6,410					$	5,749					$	661					11		%
Occupancy						262						252						10						4		%				776						715						61						9		%
Equipment						435						435						—						—		%				1,285						1,194						91						8		%
Marketing						106						110						(4)						(4)		%				303						277						26						9		%
Other						917						1,028						(111)						(11)		%				2,843						2,296						547						24		%
Total noninterest expense						$	3,751					$	4,098					$	(347)					(8)		%				$	11,617					$	10,231					$	1,386					14		%

 

Noninterest expense decreased compared to the second quarter of 2026 and included lower personnel costs as well as integration expenses related to the FirstBank acquisition of $27 million. The second quarter of 2026 included integration expenses related to the FirstBank acquisition of $121 million and a PNC Foundation contribution expense of $140 million pre-tax.

Compared to the first nine months of 2025, noninterest expense increased reflecting FirstBank operating expenses, higher personnel costs as a result of increased business activity and $245 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 20.0% for the third quarter of 2026 compared to 20.5% for the second quarter of 2026 and 19.9% for the first nine months of 2026 compared to 19.4% for the first nine months of 2025.

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

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Provision For Credit Losses

Table 6: Provision for Credit Losses

						Three months ended																		Nine months ended
						September 30						June 30						Change						September 30			September 30			Change
Dollars in millions						2026						2026						$						2026			2025			$
Provision for (recapture of) credit losses
Loans and leases						$	141					$	213					$	(72)					$	542		$	567		$	(25)
Unfunded lending related commitments						40						(20)						60						34			54			(20)
Investment securities						—						(1)						1						(1)			1			(2)
Other financial assets						8						(1)						9						15			18			(3)
Total provision for credit losses						$	189					$	191					$	(2)					$	590		$	640		$	(50)

The provision for credit losses was $189 million and $590 million for the three and nine months ended September 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

			September 30						December 31						Change
Dollars in millions			2026						2025						$			%
Assets
Interest-earning deposits with banks			$	24,670					$	32,936					$	(8,266)		(25)		%
Loans held-for-sale			2,753						1,939						814			42		%
Investment securities			146,370						138,240						8,130			6		%
Loans			378,792						331,481						47,311			14		%
Allowance for loan and lease losses			(4,536)						(4,410)						(126)			(3)		%
Mortgage servicing rights			4,049						3,659						390			11		%
Goodwill			13,317						10,959						2,358			22		%
Other			62,401						58,768						3,633			6		%
Total assets			$	627,816					$	573,572					$	54,244		9		%
Liabilities
Deposits			$	466,362					$	440,866					$	25,496		6		%
Borrowed funds			79,757						57,101						22,656			40		%
Allowance for unfunded lending related commitments			850						818						32			4		%
Other			18,437						14,151						4,286			30		%
Total liabilities			565,406						512,936						52,470			10		%
Equity
Total shareholders’ equity			62,353						60,585						1,768			3		%
Noncontrolling interests			57						51						6			12		%
Total equity			62,410						60,636						1,774			3		%
Total liabilities and equity			$	627,816					$	573,572					$	54,244		9		%

Our balance sheet was well positioned at September 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 deposits as well as higher borrowed funds, 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 lower AOCI, dividends paid and common share repurchases.

The following discussion provides additional information about the major components of our balance sheet. Information regarding our capital and regulatory compliance is included in the Liquidity and Capital Management portion of the Risk Management section in this Financial Review and the Recent Regulatory Developments section in this Financial Review and in our prior period 2026 Form 10-Qs. 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 11

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Loans

Effective January 1, 2026, we updated our 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.

During the third quarter of 2026, we transferred our $1.4 billion education loan portfolio to Loans held-for-sale.

Table 8: Loans

			September 30						December 31						Change
Dollars in millions			2026						2025						$			%
Commercial
Commercial and industrial			$	240,031					$	202,898					$	37,133		18		%
Commercial real estate			36,960						29,565						7,395			25		%
Total commercial			276,991						232,463						44,528			19		%
Consumer
Residential real estate			48,026						43,760						4,266			10		%
Home equity			26,280						25,941						339			1		%
Automobile			15,345						16,591						(1,246)			(8)		%
Credit card			7,527						7,014						513			7		%
Other consumer			4,623						5,712						(1,089)			(19)		%
Total consumer			101,801						99,018						2,783			3		%
Total loans			$	378,792					$	331,481					$	47,311		14		%

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, and the transfer of the education loan portfolio to held-for-sale.

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 $146.4 billion at September 30, 2026 increased $8.1 billion, or 6%, 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.

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

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Table 9: Investment Securities (a)

			September 30, 2026												December 31, 2025
Dollars in millions			Amortized Cost (b)						Fair Value						Amortized Cost (b)						Fair Value
U.S. Treasury and government agencies			$	40,429					$	39,388					$	50,559					$	50,141
Agency residential mortgage-backed			91,484						82,921						75,028						71,386
Non-agency residential mortgage-backed			615						679						664						759
Agency commercial mortgage-backed			8,552						8,194						4,486						4,472
Non-agency commercial mortgage-backed (c)			282						282						584						582
Asset-backed (d)			4,054						4,045						4,087						4,177
Other (e)			4,920						4,712						4,594						4,597
Total investment securities (f)			$	150,336					$	140,221					$	140,002					$	136,114

(a)Of our total securities portfolio, 97% were rated AAA/AA at both September 30, 2026 and December 31, 2025.

(b)Amortized cost is presented net of the allowance for investment securities, which totaled $65 million at September 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 and corporate debt.

(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 September 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 4.1 years and 3.5 years at September 30, 2026 and December 31, 2025, respectively. We estimate that at September 30, 2026 the effective duration of investment securities was 4.0 years for an immediate 50 basis points parallel increase in interest rates and 4.1 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 6.2 years and 5.2 years at September 30, 2026 and December 31, 2025, respectively.

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

September 30, 2026			Years
Agency residential mortgage-backed			7.8
Non-agency residential mortgage-backed			9.9
Agency commercial mortgage-backed			3.9
Non-agency commercial mortgage-backed			0.7
Asset-backed			2.1

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 13

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Funding Sources

Table 11: Details of Funding Sources

			September 30						December 31						Change
Dollars in millions			2026						2025						$			%
Deposits
Noninterest-bearing			$	99,720					$	91,748					$	7,972		9		%
Interest-bearing
Money market			82,810						79,334						3,476			4		%
Demand			138,919						137,469						1,450			1		%
Savings			104,564						98,312						6,252			6		%
Time deposits			40,349						34,003						6,346			19		%
Total interest-bearing deposits			366,642						349,118						17,524			5		%
Total deposits			466,362						440,866						25,496			6		%
Borrowed funds
Federal Home Loan Bank advances			36,512						13,000						23,512			181		%
Senior debt			36,310						38,642						(2,332)			(6)		%
Subordinated debt			4,239						3,016						1,223			41		%
Other			2,696						2,443						253			10		%
Total borrowed funds			79,757						57,101						22,656			40		%
Total funding sources			$	546,119					$	497,967					$	48,152		10		%

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 deposit balances and higher borrowed funds outstanding. Funding costs decreased compared to the fourth quarter of 2025 as growth in funding sources was more than offset by the impact of lower rates.

Total deposits increased compared to December 31, 2025, driven by higher interest-bearing and noninterest-bearing deposits, and included the addition of FirstBank deposits. Interest-bearing deposits increased, reflecting higher commercial and consumer balances, as well as higher brokered time deposits. Noninterest-bearing deposits increased due to higher commercial and consumer balances. Our total brokered deposit balance was $8.6 billion at September 30, 2026, including $7.6 billion of brokered time deposits. At December 31, 2025, our total brokered deposit balance was $5.1 billion, and included $3.6 billion of brokered time deposits. In both instances, total brokered deposits were 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 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.

Shareholders’ Equity

Total shareholders’ equity of $62.4 billion at September 30, 2026 increased $1.8 billion, or 3%, compared to December 31, 2025, primarily due to the benefit of net income of $5.9 billion and stock issuances related to the FirstBank acquisition of $3.0 billion, partially offset by a decline in AOCI of $3.1 billion, dividends paid of $2.4 billion and common share repurchases of $1.9 billion.

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

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BUSINESS SEGMENTS REVIEW

We have three reportable business segments: Retail Banking, Corporate & Institutional Banking 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 15

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Retail Banking

Retail Banking’s core strategy is to build lifelong, primary relationships by creating a sense of financial well-being and ease for our clients. Over time, we seek to deepen those relationships by meeting the broad range of our clients’ financial needs across savings, liquidity, lending, payments, investment and retirement solutions. We work to deliver these solutions in the most seamless and efficient way possible, meeting our customers where they 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)
Nine months ended September 30															Change
Dollars in millions, except as noted			2026						2025						$			%
Income Statement
Net interest income (a)			$	9,774					$	8,933					$	841		9		%
Noninterest income			2,839						2,278						561			25		%
Total revenue (a)			12,613						11,211						1,402			13		%
Provision for credit losses			359						377						(18)			(5)		%
Noninterest expense
Personnel			1,683						1,606						77			5		%
Segment allocations (b)			3,247						2,924						323			11		%
Depreciation and amortization			408						270						138			51		%
Other (c)			992						933						59			6		%
Total noninterest expense			6,330						5,733						597			10		%
Pre-tax earnings (a)			5,924						5,101						823			16		%
Income taxes (a)			1,379						1,188						191			16		%
Noncontrolling interests			24						28						(4)			(14)		%
Earnings (a)			$	4,521					$	3,885					$	636		16		%
Average Balance Sheet
Loans held-for-sale			$	785					$	839					$	(54)		(6)		%
Loans
Consumer
Residential real estate			$	38,259					$	34,624					$	3,635		10		%
Home equity			24,878						24,549						329			1		%
Automobile			16,052						15,674						378			2		%
Credit card			7,135						6,537						598			9		%
Other consumer			3,021						3,357						(336)			(10)		%
Total consumer			89,345						84,741						4,604			5		%
Commercial			20,435						12,638						7,797			62		%
Total loans			$	109,780					$	97,379					$	12,401		13		%
Total assets			$	129,546					$	114,447					$	15,099		13		%
Deposits
Noninterest-bearing			$	59,776					$	52,093					$	7,683		15		%
Interest-bearing			209,200						190,470						18,730			10		%
Total deposits			$	268,976					$	242,563					$	26,413		11		%
Performance Ratios (a)
Return on average assets			4.67		%				4.54		%
Noninterest income to total revenue			23		%				20		%
Efficiency			50		%				51		%
Supplemental Noninterest Income Information
Asset management and brokerage			$	512					$	456					$	56		12		%
Card and cash management			$	1,022					$	958					$	64		7		%
Lending and deposit services			$	615					$	573					$	42		7		%
Residential and commercial mortgage			$	217					$	215					$	2		1		%
Other income - Gains related to Visa share exchange			$	459					$	—					$	459		*

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

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(Continued from previous page)

Nine months ended September 30															Change
Dollars in millions, except as noted			2026						2025						$			%
Residential Mortgage Information
Residential mortgage servicing statistics (d)
Serviced portfolio balance (in billions) (e)			$	207					$	199					$	8		4		%
MSR asset value (e)			$	2,908					$	2,622					$	286		11		%
Servicing income:
Servicing fees, net (f)			$	187					$	191					$	(4)		(2)		%
Mortgage servicing rights valuation, net of economic hedge			$	(28)					$	16					$	(44)		*
Residential mortgage loan statistics
Loan origination volume (in billions)			$	4.6					$	4.2					$	0.4		10		%
Loan sale margin percentage			2.10		%				1.10		%
Other Information
Credit-related statistics
Nonperforming assets (e)			$	978					$	827					$	151		18		%
Net charge-offs - loans and leases			$	395					$	390					$	5		1		%
Other statistics
Branches (e)(g)			2,302						2,219						83			4		%
Brokerage account client assets (in billions) (e)(h)			$	97					$	89					$	8		9		%

*- 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 September 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 nine months of 2026 increased $636 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 primarily 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 nine 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, partially offset by the impact of the transfer of the education loan portfolio to held-for-sale. 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 nine 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, with plans to open more than 300 new branches and complete renovations within the branch network. The additional branch investments will be focused in Nashville, Chicago, Sarasota, and Winston-Salem. This was an increase from the previously announced 2024

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

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investment of $1.5 billion to open more than 200 new branches in the strategic growth markets of Atlanta, Austin, 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)
Nine months ended September 30															Change
Dollars in millions, except as noted			2026						2025						$			%
Income Statement
Net interest income (a)			$	5,979					$	5,470					$	509		9		%
Noninterest income			3,602						3,132						470			15		%
Total revenue (a)			9,581						8,602						979			11		%
Provision for credit losses			229						277						(48)			(17)		%
Noninterest expense
Personnel			1,417						1,149						268			23		%
Segment allocations (b)			1,278						1,151						127			11		%
Depreciation and amortization			143						146						(3)			(2)		%
Other (c)			475						436						39			9		%
Total noninterest expense			3,313						2,882						431			15		%
Pre-tax earnings (a)			6,039						5,443						596			11		%
Income taxes (a)			1,404						1,233						171			14		%
Noncontrolling interests			15						14						1			7		%
Earnings (a)			$	4,620					$	4,196					$	424		10		%
Average Balance Sheet
Loans held-for-sale			$	622					$	575					$	47		8		%
Loans
Commercial
Commercial and industrial			$	206,227					$	176,773					$	29,454		17		%
Commercial real estate			29,614						31,041						(1,427)			(5)		%
Total commercial			$	235,841					$	207,814					$	28,027		13		%
Consumer			3						3						—			—		%
Total loans			$	235,844					$	207,817					$	28,027		13		%
Total assets			$	263,615					$	233,307					$	30,308		13		%
Deposits
Noninterest-bearing			$	40,051					$	39,140					$	911		2		%
Interest-bearing			121,233						110,775						10,458			9		%
Total deposits			$	161,284					$	149,915					$	11,369		8		%
Performance Ratios (a)
Return on average assets			2.34		%				2.40		%
Noninterest income to total revenue			38		%				36		%
Efficiency			35		%				34		%

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

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(Continued from previous page)

(Unaudited)
Nine months ended September 30															Change
Dollars in millions, except as noted			2026						2025						$			%
Other Information
Consolidated revenue from: (d)
Treasury Management (a)(e)			$	3,517					$	3,252					$	265		8		%
Commercial mortgage banking activities:
Commercial mortgage loans held-for-sale (a)(f)			$	60					$	73					$	(13)		(18)		%
Commercial mortgage loan servicing income (a)(g)			370						373						(3)			(1)		%
Commercial mortgage servicing rights valuation, net of economic hedge			99						122						(23)			(19)		%
Total			$	529					$	568					$	(39)		(7)		%
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (h)(i)			$	294					$	293					$	1		—		%
MSR asset value (h)			$	1,141					$	1,006					$	135		13		%
Average loans by C&IB business (j)
Corporate Banking			$	138,275					$	114,151					$	24,124		21		%
Real Estate			42,193						42,555						(362)			(1)		%
Business Credit			35,667						31,342						4,325			14		%
Equipment Finance			10,678						10,390						288			3		%
Commercial Banking			5,973						6,173						(200)			(3)		%
Other			3,058						3,206						(148)			(5)		%
Total average loans			$	235,844					$	207,817					$	28,027		13		%
Credit-related statistics
Nonperforming assets (h)			$	1,216					$	1,323					$	(107)		(8)		%
Net charge-offs - loans and leases			$	303					$	200					$	103		52		%

(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 September 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 nine months of 2026 increased $424 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, partially offset by narrower interest rate spreads on the value of loans and deposits.

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 nine 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 as well as continued investments to support business growth.

Average loans increased compared to the nine months ended September 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, mostly offset by new production.

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

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•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.

•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 nine months ended September 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 nine months of 2025, treasury management revenue increased due to growth in average deposit balances and higher product revenue, partially offset by narrower 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.

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 due to increased merger and acquisition advisory activity, as well as broad-based growth across other products and services.

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

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Asset Management Group

The Asset Management Group strives to be a leading relationship-based provider of investment, planning, credit and cash management solutions and fiduciary services to affluent individuals and institutions by endeavoring to proactively deliver value-added ideas, solutions and exceptional service. 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)
Nine months ended September 30															Change
Dollars in millions, except as noted			2026						2025						$			%
Income Statement
Net interest income (a)			$	572					$	541					$	31		6		%
Noninterest income			804						741						63			9		%
Total revenue (a)			1,376						1,282						94			7		%
Provision for (recapture of) credit losses			(2)						(8)						6			*
Noninterest expense
Personnel			367						351						16			5		%
Segment allocations (b)			390						355						35			10		%
Depreciation and amortization			32						27						5			19		%
Other (c)			88						87						1			1		%
Total noninterest expense			877						820						57			7		%
Pre-tax earnings (a)			501						470						31			7		%
Income taxes (a)			117						110						7			6		%
Earnings (a)			$	384					$	360					$	24		7		%
Average Balance Sheet
Loans
Consumer
Residential real estate			$	9,877					$	9,919					$	(42)		—		%
Other consumer			3,924						3,530						394			11		%
Total consumer			13,801						13,449						352			3		%
Commercial			807						682						125			18		%
Total loans			$	14,608					$	14,131					$	477		3		%
Total assets			$	15,014					$	14,562					$	452		3		%
Deposits
Noninterest-bearing			$	1,465					$	1,517					$	(52)		(3)		%
Interest-bearing			25,750						25,621						129			1		%
Total deposits			$	27,215					$	27,138					$	77		—		%
Performance Ratios (a)
Return on average assets			3.42		%				3.31		%
Noninterest income to total revenue			58		%				58		%
Efficiency			64		%				64		%
Other Information
Nonperforming assets (d)			$	43					$	58					$	(15)		(26)		%
Net charge-offs (recoveries) - loans and leases			$	—					$	1					$	(1)		*
Client Assets Under Administration (in billions) (d)(e)
Discretionary client assets under management
PNC Private Bank			$	146					$	137					$	9		7		%
Institutional Asset Management			104						91						13			14		%
Total discretionary client assets under management			250						228						22			10		%
Nondiscretionary client assets under administration			249						212						37			17		%
Total			$	499					$	440					$	59		13		%

*- 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 September 30.

(e)Excludes brokerage account client assets. 

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

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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 nine months of 2026 increased $24 million compared to the same period in 2025, driven by higher revenue, partially offset by higher noninterest expense and a lower recapture of 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).

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

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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

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 63% and 61% of our total loan portfolio at September 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 23

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Table 16: Commercial and Industrial Loans by Industry

			September 30, 2026															December 31, 2025
Dollars in millions			Amount						% of Total									Amount						% of Total
Commercial and industrial (a)
Financial services			$	49,120					20		%							$	37,592					19		%
Manufacturing			36,460						15									30,623						15
Service providers			28,149						12									25,552						13
Wholesale trade			24,160						10									19,843						10
Real estate related (b)			19,774						8									15,275						8
Retail trade			14,156						6									12,073						6
Technology, media and telecommunications			12,952						5									12,324						6
Rental and leasing			10,627						4									9,074						4
Health care			10,023						4									9,135						5
Transportation and warehousing			9,964						4									9,258						5
Other industries			24,646						12									22,149						9
Total commercial and industrial loans			$	240,031					100		%							$	202,898					100		%

(a) Presented in descending order based on loan balances at September 30, 2026.

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

Owner-occupied commercial real estate loans totaled $10.5 billion and $9.0 billion at September 30, 2026 and December 31, 2025, respectively. These loans are categorized as commercial and industrial loans as the credit decisioning for originating 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 $37.0 billion as of September 30, 2026 comprised $24.5 billion related to commercial mortgages on income-producing properties, $7.1 billion of intermediate-term financing loans and $5.4 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.

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

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

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

			September 30, 2026															December 31, 2025
Dollars in millions			Amount						% of Total									Amount						% of Total
Geography (a)
California			$	5,700					15		%							$	5,248					18		%
Colorado			4,678						13									746						3
Texas			3,378						9									2,950						10
Florida			3,377						9									3,668						12
Arizona			2,447						7									1,142						4
Ohio			1,812						5									1,233						4
New Jersey			1,347						4									944						3
Virginia			1,293						3									1,393						5
Illinois			1,214						3									1,186						4
Nevada			1,157						3									1,203						4
Other			10,557						29									9,852						33
Total commercial real estate loans			$	36,960					100		%							$	29,565					100		%
Property Type (a)
Multifamily			$	17,641					48		%							$	14,655					50		%
Industrial/warehouse			5,753						16									4,059						14
Office			4,806						13									5,053						17
Retail			3,856						10									1,891						6
Hotel/motel			1,753						5									1,409						5
Seniors housing			1,557						4									1,340						5
Other			1,594						4									1,158						3
Total commercial real estate loans			$	36,960					100		%							$	29,565					100		%

(a)    Presented in descending order based on loan balances at September 30, 2026.

Commercial Real Estate: Office Portfolio

Real estate performance related to the office sector continues to be an area of focus. At September 30, 2026, our outstanding loan balances in the office portfolio totaled $4.8 billion, or 1.3% of total loans, while unfunded loan commitments totaled $0.5 billion. Within this population, criticized loans totaled 27.9% and nonperforming loans totaled 10.8%. We have established reserves of 9.2% 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 25

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

Table 18: Residential Real Estate Loan Statistics

			September 30, 2026															December 31, 2025
Dollars in millions			Amount						% of Total									Amount						% of Total
Geography (a)
California			$	17,940					37		%							$	18,726					43		%
Colorado			6,730						14									1,069						2
Texas			3,305						7									3,486						8
Florida			2,882						6									3,025						7
Washington			2,861						6									3,183						7
New Jersey			1,714						4									1,773						4
Arizona			1,656						3									1,247						3
New York			1,369						3									1,411						3
Pennsylvania			1,130						2									1,159						3
North Carolina			930						2									930						2
Other			7,509						16									7,751						18
Total residential real estate loans			$	48,026					100		%							$	43,760					100		%
			September 30, 2026															December 31, 2025
Weighted-average loan origination statistics (b)
Loan origination FICO score									774															773
LTV of loan originations									71		%													72		%

(a)Presented in descending order based on loan balances at September 30, 2026.

(b)Weighted-averages calculated for the twelve months ended September 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 $44.7 billion at September 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 September 30, 2026 were comprised of $22.8 billion of home equity lines of credit and $3.5 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.

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

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

Table 19: Home Equity Loan Statistics

			September 30, 2026															December 31, 2025
Dollars in millions			Amount						% of Total									Amount						% of Total
Geography (a)
Pennsylvania			$	4,220					16		%							$	4,330					17		%
New Jersey			3,130						12									3,136						12
Florida			2,196						8									2,239						9
Ohio			2,055						8									2,106						8
California			1,837						7									1,794						7
Texas			1,450						6									1,407						5
Maryland			1,190						5									1,202						5
Michigan			1,111						4									1,132						4
Illinois			1,016						4									1,025						4
North Carolina			1,011						4									1,006						4
Other			7,064						26									6,564						25
Total home equity loans			$	26,280					100		%							$	25,941					100		%
Lien type
1st lien									45		%													46		%
2nd lien									55															54
Total									100		%													100		%
			September 30, 2026															December 31, 2025
Weighted-average loan origination statistics (b)
Loan origination FICO score									781															777
LTV of loan originations									60		%													61		%

(a)Presented in descending order based on loan balances at September 30, 2026.

(b)Weighted-averages calculated for the twelve months ended September 30, 2026 and December 31, 2025, respectively.

Automobile

At September 30, 2026, total auto loans of $15.3 billion were comprised of $14.4 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 798 and the weighted-average term of loan originations was 72 months for the twelve months ended September 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 September 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 27

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

Table 20: Nonperforming Assets by Type

			September 30, 2026			December 31, 2025						Change
Dollars in millions												$						%
Nonperforming loans
Commercial			$	1,314		$	1,358					$	(44)					(3)		%
Consumer (a)			880			860						20						2		%
Total nonperforming loans			2,194			2,218						(24)						(1)		%
OREO, foreclosed and other assets			131			143						(12)						(8)		%
Total nonperforming assets			$	2,325		$	2,361					$	(36)					(2)		%
Nonperforming loans to total loans			0.58		%	0.67		%
Nonperforming assets to total loans, OREO, foreclosed assets and other assets			0.61		%	0.71		%
Nonperforming assets to total assets			0.37		%	0.41		%
Allowance for loan and lease losses to nonperforming loans			207		%	199		%
Allowance for credit losses to nonperforming loans (b)			245		%	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 nine months ended September 30, 2026 and 2025:

Table 21: Change in Nonperforming Assets

In millions						2026						2025
January 1						$	2,361					$	2,357
New nonperforming assets						1,566						1,497
Charge-offs and valuation adjustments						(455)						(387)
Principal activity, including paydowns and payoffs						(810)						(767)
Asset sales and transfers to loans held-for-sale						(80)						(95)
Returned to performing status						(338)						(306)
Acquired nonperforming assets						81						—
September 30						$	2,325					$	2,299

As of September 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. We offer loan modifications and collection programs to assist our customers and mitigate losses.

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

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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
						September 30, 2026						December 31, 2025						Change												September 30, 2026						December 31, 2025
Dollars in millions																		$						%
Early stage loan delinquencies
Accruing loans past due 30 to 59 days						$	565					$	660					$	(95)					(14)		%				0.15		%				0.20		%
Accruing loans past due 60 to 89 days						362						403						(41)						(10)		%				0.10		%				0.12		%
Total early stage loan delinquencies						927						1,063						(136)						(13)		%				0.24		%				0.32		%
Late stage loan delinquencies
Accruing loans past due 90 days or more						374						380						(6)						(2)		%				0.10		%				0.11		%
Total accruing loans past due						$	1,301					$	1,443					$	(142)					(10)		%				0.34		%				0.44		%

(a)Past due loan amounts include government insured or guaranteed loans of $0.3 billion at both September 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.

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 September 30, 2026.

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

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The following table summarizes our ACL related to loans:

Table 23: Allowance for Credit Losses by Loan Class (a)

						September 30, 2026												December 31, 2025
Dollars in millions						Allowance Amount			Total Loans			% of Total Loans						Allowance Amount			Total Loans			% of Total Loans
Allowance for loans and lease losses
Commercial
Commercial and industrial						$	2,106		$	240,031		0.88		%				$	2,032		$	202,898		1.00		%
Commercial real estate						1,085			36,960			2.94		%				1,057			29,565			3.58		%
Total commercial						3,191			276,991			1.15		%				3,089			232,463			1.33		%
Consumer
Residential real estate						101			48,026			0.21		%				44			43,760			0.10		%
Home equity						270			26,280			1.03		%				271			25,941			1.04		%
Automobile						150			15,345			0.98		%				158			16,591			0.95		%
Credit card						654			7,527			8.69		%				632			7,014			9.01		%
Other consumer						170			4,623			3.68		%				216			5,712			3.78		%
Total consumer						1,345			101,801			1.32		%				1,321			99,018			1.33		%
Total						4,536			$	378,792		1.20		%				4,410			$	331,481		1.33		%
Allowance for unfunded lending related commitments						850												818
Allowance for credit losses						$	5,386											$	5,228
Allowance for credit losses to total loans												1.42		%										1.58		%
Commercial												1.40		%										1.62		%
Consumer												1.47		%										1.47		%

(a)    Excludes allowances for investment securities and other financial assets, which together totaled $103 million and $99 million at September 30, 2026 and December 31, 2025, respectively.

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

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The following table summarizes our loan charge-offs and recoveries:

Table 24: Loan Charge-Offs and Recoveries

Nine months ended September 30						Gross Charge-offs						Recoveries						Net Charge-offs / (Recoveries)						% of Average Loans (Annualized)
Dollars in millions
2026
Commercial
Commercial and industrial						$	401					$	101					$	300					0.17		%
Commercial real estate						76						9						67						0.24		%
Acquired loans (a)						10						—						10
Total commercial						487						110						377						0.18		%
Consumer
Residential real estate						3						7						(4)						(0.01)		%
Home equity						31						28						3						0.02		%
Automobile						88						61						27						0.23		%
Credit card						220						58						162						2.94		%
Other consumer						166						30						136						2.82		%
Acquired loans (a)						35						—						35
Total consumer						543						184						359						0.42		%
Total						$	1,030					$	294					$	736					0.26		%
2025
Commercial
Commercial and industrial						$	309					$	133					$	176					0.12		%
Commercial real estate						101						19						82						0.36		%
Total commercial						410						152						258						0.15		%
Consumer
Residential real estate						8						8						—						—		%
Home equity						28						27						1						0.01		%
Automobile						97						72						25						0.21		%
Credit card						247						47						200						4.07		%
Other consumer						130						32						98						2.28		%
Total consumer						510						186						324						0.44		%
Total						$	920					$	338					$	582					0.24		%

(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 $154 million, or 26%, for the first nine months of 2026 compared to the same period in 2025. The increase in the comparison reflected an increase in commercial and industrial net charge-offs as well as $45 million of net charge-offs from the FirstBank acquisition related to purchase accounting and $35 million in charge-offs related to the transfer of our education loan portfolio to Loans held-for-sale.

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

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

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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 third quarter of 2026.

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 $466.4 billion at September 30, 2026 from $440.9 billion at December 31, 2025, driven by higher interest-bearing and noninterest-bearing deposits, and included the addition of FirstBank deposits. Interest-bearing deposits increased, reflecting higher commercial and consumer balances, as well as higher brokered time deposits. Noninterest-bearing deposits increased due to higher commercial and consumer balances. As of September 30, 2026, uninsured deposits represented approximately 46% 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, decreased due to the following activity:

Table 25: Senior and Subordinated Debt

In billions			2026
January 1			$	41.7
Issuances			7.7
Calls and maturities			(7.0)
Other			(1.9)
September 30			$	40.5

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 September 30, 2026 and December 31, 2025.

Table 26: Primary Contingent Liquidity Sources

In billions			September 30, 2026						December 31, 2025
Cash balance with Federal Reserve Bank			$	23.9					$	32.0
Available investment securities (a)			79.9						77.2
Unused borrowing capacity from FHLB (b)			43.1						50.7
Unused borrowing capacity from Federal Reserve Bank (c)			86.1						81.5
Total available contingent liquidity			$	233.0					$	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 September 30, 2026, total FHLB borrowing capacity was $83.2 billion and total FHLB advances and letters of credit were $40.1 billion. Comparable amounts at December 31, 2025 were $64.1 billion and $13.4 billion, respectively.

(c)Total borrowing capacity with the FRB was $86.1 billion at September 30, 2026 and $81.5 billion at December 31, 2025. PNC had no outstanding borrowings with the FRB at September 30, 2026 and December 31, 2025.

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

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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 September 30, 2026, PNC Bank’s remaining capacity to issue under the program was $35.0 billion.

Under PNC Bank’s 2013 commercial paper program, PNC Bank has the ability to offer up to $10.0 billion of its commercial paper to provide additional liquidity. At September 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 September 30, 2026, available parent company liquidity totaled $29.6 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 $5.7 billion at September 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 September 30, 2026, there were no issuances outstanding under this program.

The following table details Parent Company note issuances during the third quarter of 2026:

Table 27: Parent Company Notes Issued

Issuance Date			Amount			Description of Issuance
July 21, 2026			$1.0 billion			$1.0 billion of 5.463% senior fixed-to-floating rate notes with a maturity date of July 21, 2037. Interest is payable semi-annually in arrears at a fixed rate of 5.463% per annum, on January 21 and July 21 of each year, commencing on January 21, 2027. Beginning on July 21, 2036, interest is payable quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), plus 1.267%, on October 21, 2036, January 21, 2037, April 21, 2037 and at the maturity date.
July 21, 2026			$1.0 billion			$1.0 billion of 4.831% senior fixed-to-floating rate notes with a maturity date of July 19, 2030. Interest is payable semi-annually in arrears at a fixed rate of 4.831% per annum, on January 19 and July 19 of each year, commencing on January 19, 2027. Beginning on July 19, 2029, interest is payable quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarter interest period using the SOFR Index as described in the Prospectus Supplement), plus 0.798%, on October 19, 2029, January 19, 2030, April 19, 2030 and at the maturity date.

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

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See Note 17 Subsequent Events for details on the following parent company activity:

•issuance of 5.463% senior fixed-to-floating rate notes due October 23, 2029; and

•issuance of senior floating rate notes due October 23, 2029.

The following table details Parent Company note redemptions during the third quarter of 2026:

Table 28: Parent Company Notes Redeemed

Redemption Date			Amount			Description of Redemption
July 23, 2026			$1.0 billion			All outstanding 5.102% senior fixed-to-floating notes due July 23, 2027. The redemption price was equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of July 23, 2026.

See Note 17 Subsequent Events for details on the redemption of all outstanding 6.615% senior fixed-to-floating rate notes due October 20, 2027.

Parent company senior and subordinated debt carrying value totaled $35.7 billion and $33.7 billion at September 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 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.

The following table presents credit ratings and outlook for The PNC Financial Services Group, Inc. and PNC Bank as of September 30, 2026:

Table 29: Credit Ratings and Outlook

September 30, 2026

Moody’s

S&P (a)

Fitch

DBRS (b)

The PNC Financial Services Group, Inc.

Senior debt

A3

A-

A

AA (low)

Subordinated debt

A3

BBB+

A-

A (high)

Preferred stock

Baa2

BBB-

BBB

A (low)

PNC Bank

Senior debt

A2

A

A+

AA

Subordinated debt

A2

A-

A

AA (low)

Long-term deposits

Aa3

no rating

AA

AA

Short-term deposits

P-1

no rating

F1+

no rating

Short-term notes

P-1

A-1

F1

R-1 (high)

The PNC Financial Services Group, Inc.

Agency rating outlook

Stable

Stable

Stable

Stable

(a)S&P does not provide depositor ratings. PNC Bank’s long term issuer rating is A and short term issuer rating is A-1.

(b)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.

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

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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 third quarter of 2026, PNC returned $1.4 billion of capital to shareholders, reflecting $0.8 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 27% of the 100 million common shares still available for repurchase at September 30, 2026 under the repurchase program previously approved by our Board of Directors. Share repurchase activity in the fourth quarter of 2026 is expected to approximate third 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 December 31, 2027.

On October 2, 2026, the PNC Board of Directors declared a quarterly cash dividend on common stock of $2.00 per share to be paid on November 5, 2026 to shareholders of record at the close of business October 14, 2026.

See Note 17 Subsequent Events for details on the November 1, 2026 redemption of $525 million of depository shares representing all of the interests in Series S preferred stock.

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

Table 30: Basel III Capital

			September 30, 2026
Dollars in millions			Basel III
Common equity tier 1 capital
Common stock plus related surplus, net of treasury stock			$	(3,772)
Retained earnings			66,715
Goodwill, net of associated deferred tax liabilities			(13,085)
Other disallowed intangibles, net of deferred tax liabilities			(629)
Other adjustments (deductions)			(91)
Common equity tier 1 capital (a)			$	49,138
Additional tier 1 capital
Preferred stock plus related surplus			5,881
Tier 1 capital			$	55,019
Additional tier 2 capital
Qualifying subordinated debt			3,050
Eligible credit reserves includable in tier 2 capital			5,172
Total Basel III capital			$	63,241
Risk-weighted assets
Basel III standardized approach risk-weighted assets (b)			$	500,661
Average quarterly adjusted total assets			$	617,695
Supplementary leverage exposure (c)			$	765,049
Basel III risk-based capital and leverage ratios
Common equity tier 1			9.8		%
Tier 1			11.0		%
Total			12.6		%
Leverage (d)			8.9		%
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.

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

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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 September 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%.

The largest U.S. BHCs, including PNC, must hold regulatory capital in excess of the regulatory minimum requirements, including a capital buffer sufficient to withstand losses and allow firms to meet the credit needs of their customers through hypothetical stress scenarios.We seek to manage our capital consistent with regulatory requirements, and we believe that our September 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.

Market Risk Management

See the Market 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 September 30, 2026 and 2025:

Table 31: Net Interest Income Sensitivity Analysis

			September 30, 2026						September 30, 2025
Net Interest Income Sensitivity Simulation (a)
Effect on NII in first year from shocked interest rate:
200 basis point instantaneous increase			(1.3)		%				1.8		%
200 basis point instantaneous decrease			(0.2)		%				(2.9)		%

(a)The effect on NII in the first year from a 100 basis point increase is approximately one third of the disclosed result for the 200 basis point scenario. The impact of a 100 basis point decrease is approximately neutral.

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 September 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. We define the deposit beta as the change in deposit rate paid on total interest-bearing deposits since August 2026 divided by the change in the upper level of the average stated Federal Funds rate range since August 2026, the end of the prior rate cycle. 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.

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

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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 $82.6 billion in active and forward starting receive fix / pay float swaps used to hedge floating rate commercial loans as of September 30, 2026, with a weighted average duration of 2.3 years and an average fixed rate of 3.92%. 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 following table includes EVE sensitivity results as of September 30, 2026 and 2025:

Table 32: Economic Value of Equity Sensitivity Analysis

			September 30, 2026			September 30, 2025
Economic Value of Equity Sensitivity Simulation
200 basis point instantaneous increase			(5.6)		%	(1.6)		%
200 basis point instantaneous decrease			1.5		%	(4.2)		%

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 September 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 third 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 $226 million for the nine months ended September 30, 2026, compared to $159 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.

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

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A summary of our equity investments follows:

Table 33: Equity Investments Summary

			September 30, 2026						December 31, 2025						Change
Dollars in millions															$						%
Tax credit investments			$	6,166					$	5,578					$	588					11		%
Private equity and other			5,928						5,212						716						14		%
Total			$	12,094					$	10,790					$	1,304					12		%

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 $3.4 billion at both September 30, 2026 and December 31, 2025. 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 $2.8 billion at both September 30, 2026 and December 31, 2025. As of September 30, 2026, $2.4 billion was invested directly in a variety of companies, and $0.4 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 September 30, 2026, also included Visa Class B-3 common shares, which are recorded at cost. 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. We recorded a $448 million gain in the second quarter of 2026 and an $11 million gain in the third quarter of 2026 related to the Visa Class C common shares received. At September 30, 2026, PNC had no remaining holdings of Class C common shares.

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 $20 million and $3 million for the nine months ended September 30, 2026 and September 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.

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

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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)

			Nine months ended September 30
			2026																		2025
Taxable-equivalent basis Dollars in millions			Average Balances						Interest Income/Expense						Average Yields/Rates (d)						Average Balances						Interest Income/ Expense						Average Yields/ Rates (d)
Assets
Interest-earning assets:
Investment securities
Securities available-for-sale
Residential mortgage-backed			$	35,859					$	1,029					3.83		%				$	34,374					$	968					3.76		%
U.S. Treasury and government agencies			28,114						837						3.98		%				25,527						871						4.56		%
Other			8,492						257						4.02		%				7,875						222						3.75		%
Total securities available-for-sale			72,465						2,123						3.91		%				67,776						2,061						4.06		%
Securities held-to-maturity
Residential mortgage-backed			48,436						1,231						3.39		%				41,060						905						2.94		%
U.S. Treasury and government agencies			18,970						232						1.63		%				27,111						308						1.52		%
Other			7,812						254						4.34		%				6,912						227						4.36		%
Total securities held-to-maturity			75,218						1,717						3.04		%				75,083						1,440						2.56		%
Total investment securities			147,683						3,840						3.47		%				142,859						3,501						3.27		%
Loans
Commercial and industrial			222,618						9,133						5.41		%				190,571						8,288						5.74		%
Commercial real estate			35,357						1,536						5.73		%				31,911						1,452						6.00		%
Consumer			55,171						2,888						7.00		%				53,840						2,877						7.14		%
Residential real estate			49,016						1,471						4.00		%				45,526						1,286						3.77		%
Total loans			362,162						15,028						5.49		%				321,848						13,903						5.72		%
Interest-earning deposits with banks			30,327						837						3.64		%				33,815						1,119						4.37		%
Other interest-earning assets			13,799						519						5.02		%				11,432						490						5.71		%
Total interest-earning assets/interest income			553,971						20,224						4.84		%				509,954						19,013						4.94		%
Noninterest-earning assets			61,652																		53,350
Total assets			$	615,623																	$	563,304
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market			$	83,131					1,587						2.55		%				$	73,297					1,658						3.02		%
Demand			136,660						1,662						1.63		%				126,760						1,806						1.91		%
Savings			102,934						1,144						1.49		%				97,018						1,197						1.65		%
Time deposits			34,874						823						3.15		%				35,363						972						3.66		%
Total interest-bearing deposits			357,599						5,216						1.95		%				332,438						5,633						2.26		%
Borrowed funds
Federal Home Loan Bank advances			27,935						833						3.93		%				18,538						666						4.74		%
Senior debt			37,952						1,464						5.15		%				36,374						1,570						5.76		%
Subordinated debt			4,430						172						5.18		%				3,871						166						5.68		%
Other			5,594						183						4.31		%				6,594						213						4.26		%
Total borrowed funds			75,911						2,652						4.64		%				65,377						2,615						5.31		%
Total interest-bearing liabilities/interest expense			433,510						7,868						2.42		%				397,815						8,248						2.76		%
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits			101,263																		92,760
Accrued expenses and other liabilities			17,541																		16,382
Equity			63,309																		56,347
Total liabilities and equity			$	615,623																	$	563,304
Interest rate spread															2.42		%																2.18		%
Impact of noninterest-bearing sources															0.53																		0.61
Net interest income/margin									$	12,356					2.95		%										$	10,765					2.79		%

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

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(Continued from previous page)			Three months ended September 30
			2026																		2025
Taxable-equivalent basis Dollars in millions			Average Balances						Interest Income/Expense						Average Yields/Rates (d)						Average Balances						Interest Income/ Expense						Average Yields/ Rates (d)
Assets
Interest-earning assets:
Investment securities
Securities available-for-sale
Residential mortgage-backed			$	35,582					$	348					3.92		%				$	34,752					$	332					3.82		%
U.S. Treasury and government agencies			27,886						278						3.96		%				26,799						309						4.58		%
Other			8,563						88						4.07		%				8,293						81						3.91		%
Total securities available-for-sale			72,031						714						3.95		%				69,844						722						4.12		%
Securities held-to-maturity
Residential mortgage-backed			53,623						485						3.62		%				42,667						327						3.07		%
U.S. Treasury and government agencies			17,575						74						1.67		%				25,540						98						1.51		%
Other			8,121						90						4.42		%				6,384						70						4.35		%
Total securities held-to-maturity			79,319						649						3.27		%				74,591						495						2.65		%
Total investment securities			151,350						1,363						3.59		%				144,435						1,217						3.36		%
Loans
Commercial and industrial			232,552						3,218						5.42		%				195,903						2,894						5.78		%
Commercial real estate			36,623						532						5.69		%				30,850						477						6.06		%
Consumer			54,704						973						7.06		%				54,238						982						7.18		%
Residential real estate			48,295						483						4.00		%				44,941						422						3.75		%
Total loans			372,174						5,206						5.50		%				325,932						4,775						5.76		%
Interest-earning deposits with banks			27,686						260						3.66		%				35,003						388						4.34		%
Other interest-earning assets			14,904						201						5.39		%				12,759						177						5.51		%
Total interest-earning assets/interest income			566,114						7,030						4.90		%				518,129						6,557						4.99		%
Noninterest-earning assets			62,772																		53,404
Total assets			$	628,886																	$	571,533
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market			$	82,821					547						2.62		%				$	75,890					587						3.07		%
Demand			135,951						570						1.66		%				128,962						635						1.96		%
Savings			105,192						395						1.49		%				96,627						409						1.68		%
Time deposits			36,012						287						3.15		%				37,593						349						3.67		%
Total interest-bearing deposits			359,976						1,799						1.98		%				339,072						1,980						2.32		%
Borrowed funds
Federal Home Loan Bank advances			37,595						378						3.94		%				17,615						213						4.73		%
Senior debt			38,278						497						5.19		%				38,012						556						5.85		%
Subordinated debt			4,541						60						5.26		%				3,616						54						5.81		%
Other			5,260						64						4.77		%				7,070						76						4.19		%
Total borrowed funds			85,674						999						4.62		%				66,313						899						5.38		%
Total interest-bearing liabilities/interest expense			445,650						2,798						2.49		%				405,385						2,879						2.81		%
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits			101,208																		92,756
Accrued expenses and other liabilities			18,831																		15,624
Equity			63,197																		57,768
Total liabilities and equity			$	628,886																	$	571,533
Interest rate spread															2.41		%																2.18		%
Impact of noninterest-bearing sources															0.53																		0.61
Net interest income/margin									$	4,232					2.94		%										$	3,678					2.79		%

(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 September 30, 2026 and 2025 were $48 million and $45 million, respectively. Loan fees for the nine months ended September 30, 2026 and 2025 were $146 million and $130 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.

(d)Yields and rates are calculated using the applicable annualized interest income or expense for each product, based on its contractual day-count convention (e.g., 30/360; actual/actual; actual/360), divided by the applicable average earning assets or interest-bearing liabilities. This approach accounts for differences in product conventions to reduce seasonal volatility in net interest margin.

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

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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)

						Nine months ended												Three months ended
In millions						September 30, 2026												September 30, 2025						September 30, 2026			September 30, 2025
Net interest income (GAAP)						$	12,274											$	10,679					$	4,206		$	3,648
Taxable-equivalent adjustments						82												86						26			30
Net interest income (non-GAAP)						$	12,356											$	10,765					$	4,232		$	3,678

(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
																					Three months ended
									Three months ended September 30, 2026												December 31, 2026
Dollars in millions																					Approximate % Change
Noninterest expense									$	3,751											5		%
Less incurred integration costs									(27)
Noninterest expense, excluding integration costs and significant items (non-GAAP)									$	3,724											5		%

						Actual						Outlook
Dollars in millions									Year ended December 31, 2025						Year ended December 31, 2026			Approximate % Change
Noninterest expense									$	13,834								12.3		%
Less incurred integration costs									—						$	(245)
Less significant items:
PNC Foundation contribution expense									—						(140)
Total integration costs and significant items									$	—					$	(385)
Noninterest expense, excluding integration costs and significant items (non-GAAP)									$	13,834								9.5		%

(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 December 31, 2026, excludes our expectation for $20 million of non-recurring merger and integration costs in the fourth quarter of 2026. 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 total of $300 million of integration costs, of which $261 million was recognized in the first nine months of 2026 ($245 million of noninterest expense and $16 million of noninterest income). Actual expenses may differ based on the timing, scope and execution of integration-related activities.

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

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Table 37: Reconciliation of Noninterest Income Guidance, Excluding Integration Costs and Significant Items (non-GAAP) (a)(b)

									Actual			Outlook
Dollars in millions												Year ended December 31, 2025			Year ended December 31, 2026			Approximate % Change
Noninterest income												$	8,689					12.6		%
Less incurred integration costs												—			$	(16)
Less significant items:
Gain on Visa shares exchange program												—			459
Visa Class B-3 derivative adjustments												—			(121)
Loss on sale of securities (c)												—			(139)
Total integration costs and significant items												$	—		$	183
Noninterest income, excluding integration costs and significant items (non-GAAP)												$	8,689					10.5		%

(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 fourth quarter of 2026. Actual costs may differ based on the timing, scope and execution of integration-related activities.

(b)1Q26 results include negative $32 million of Visa derivative adjustments and $28 million of net securities gains that are not included in these adjustments as significant items because they are not meaningful for comparison purposes.

(c)3Q26 results include a $1 million loss on sale of securities that is not included in these adjustments as a significant item because it is immaterial and its inclusion would not alter the 3Q26 after-tax impact of integration costs and significant items of $0.12 per common share.

Table 38: Reconciliation of Revenue Guidance, Excluding Integration Costs and Significant Items (non-GAAP) (a)(b)

									Actual						Outlook
Dollars in millions												Year ended December 31, 2025						Year ended December 31, 2026			Approximate % Change
Revenue												$	23,099								14.5		%
Less incurred integration costs												—						$	(16)
Less significant items:
Gain on Visa shares exchange program												—						459
Visa Class B-3 derivative adjustments												—						(121)
Loss on sale of securities (c)												—						(139)
Total integration costs and significant items												$	—					$	183
Revenue, excluding integration costs and significant items (non-GAAP)												$	23,099								13.7		%

(a)The guidance for revenue, as adjusted for the full year of 2026, excludes our expected non-recurring merger and integration costs for the fourth quarter of 2026. Actual costs may differ based on the timing, scope and execution of integration-related activities.

(b)1Q26 results include negative $32 million of Visa derivative adjustments and $28 million of net securities gains that are not included in these adjustments as significant items because they are not meaningful for comparison purposes.

(c)3Q26 results include a $1 million loss on sale of securities that is not included in these adjustments as a significant item because it is immaterial and its inclusion would not alter the 3Q26 after-tax impact of integration costs and significant items of $0.12 per common share.

RECENT REGULATORY DEVELOPMENTS

Stress Testing

On September 30, 2026, the Federal Reserve issued two final rules: the Enhanced Transparency Rule, which is intended to enhance the transparency of its stress testing process, and the SCB Averaging Rule, which is intended to reduce volatility in the SCB requirement applicable to firms such as PNC based on their supervisory stress test results.

Under the Enhanced Transparency Rule, the Federal Reserve will annually publish comprehensive documentation on its stress test models and seek public comment on stress test scenarios and any material model changes. The Federal Reserve also provided additional information regarding its scenario design framework and the macroeconomic variables that will be used in stress testing. The rule also revises the annual stress test calendar by moving the deadline for firms to submit their capital plans from April 5 to April 30 and the deadline for the Federal Reserve to provide final SCB requirements from August 31 to September 30. Firms will be required to comply with their new SCBs on January 1 of the following year, rather than October 1 of the year in which the stress test occurs. In addition, the Federal Reserve requested public comment on proposed revisions to its noninterest income model that, if adopted, would replace the current model beginning with the 2027 stress test.

The SCB Averaging Rule amended the calculation of the SCB to reduce the volatility of the stress testing capital requirement. Effective January 1, 2029, the SCB will be calculated using the average of two consecutive supervisory stress test results. PNC will remain subject to its current 2.5% minimum SCB until a new SCB requirement takes effect on January 1, 2028.

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

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CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

Our consolidated financial statements are prepared by applying certain accounting policies. Note 1 Accounting Policies in our 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 September 30, 2026.

Allowance for Credit Losses

The economic scenarios used for the period ended September 30, 2026 consider, among other factors, ongoing geopolitical conflicts, higher energy prices and the impacts of trade and fiscal policy on the U.S. economic outlook. Given these factors, growth is expected to remain steady 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 appropriately 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 September 30, 2026 and December 31, 2025.

Table 39: Key Macroeconomic Variables in CECL Weighted-Average Scenarios

			Assumptions as of September 30, 2026
			2026			2027			2028
U.S. real GDP (a)			1.7%			0.8%			2.1%
U.S. unemployment rate (b)			4.4%			5.0%			4.8%
			Assumptions as of December 31, 2025
			2026			2027			2028
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 1.7% on a weighted average basis, up from the 0.5% assumed at December 31, 2025. Growth declines in 2027, troughing at 0.6% in the third quarter, before increasing to 2.1% in 2028. Unemployment is expected to increase moderately in the upcoming quarters. The weighted-average unemployment rate will end 2026 at 4.4%, peaking at 5.1% in the first quarter of 2028, before improving to 4.8% 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 September 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.

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

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Recently Issued Accounting Standards

Accounting Standards Update			Description			Financial Statement Impact
Disaggregation of Income Statement Expenses - ASU 2024-03 Issued November 2024			• Required with issuance of 2027 Form 10-K; early adoption is permitted. • Requires public business entities to disclose, in the notes to financial statements and on an annual and interim basis, specified information about certain costs and expenses (including, if relevant: 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.

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 September 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 September 30, 2026, and that there has been no change in PNC’s internal control over financial reporting that occurred during the third quarter of 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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

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ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

CONSOLIDATED INCOME STATEMENT

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited			Three months ended September 30												Nine months ended September 30
In millions, except per share data			2026						2025						2026						2025
Interest Income
Loans			$	5,187					$	4,751					$	14,965					$	13,832
Investment securities			1,356						1,211						3,821						3,486
Other			461						565						1,356						1,609
Total interest income			7,004						6,527						20,142						18,927
Interest Expense
Deposits			1,799						1,980						5,216						5,633
Borrowed funds			999						899						2,652						2,615
Total interest expense			2,798						2,879						7,868						8,248
Net interest income			4,206						3,648						12,274						10,679
Noninterest Income
Asset management and brokerage			447						404						1,307						1,186
Capital markets and advisory			433						432						1,473						1,059
Card and cash management			769						737						2,279						2,166
Lending and deposit services			358						335						1,044						968
Residential and commercial mortgage			135						161						397						423
Other income
Gains related to Visa share exchange			11						—						459						—
Securities gains (losses)			(1)						—						(112)						(2)
Other			204						198						481						549
Total other income			214						198						828						547
Total noninterest income			2,356						2,267						7,328						6,349
Total revenue			6,562						5,915						19,602						17,028
Provision For Credit Losses			189						167						590						640
Noninterest Expense
Personnel			2,031						1,970						6,410						5,749
Occupancy			262						235						776						715
Equipment			435						416						1,285						1,194
Marketing			106						93						303						277
Other			917						747						2,843						2,296
Total noninterest expense			3,751						3,461						11,617						10,231
Income before income taxes and noncontrolling interests			2,622						2,287						7,395						6,157
Income taxes			525						465						1,471						1,193
Net income			2,097						1,822						5,924						4,964
Less: Net income attributable to noncontrolling interests			16						14						43						48
Preferred stock dividends			73						71						231						225
Preferred stock discount accretion and redemptions			2						2						5						6
Net income attributable to common shareholders			$	2,006					$	1,735					$	5,645					$	4,685
Earnings Per Common Share
Basic			$	4.98					$	4.36					$	13.92					$	11.73
Diluted			$	4.97					$	4.35					$	13.91					$	11.72
Average Common Shares Outstanding
Basic			401						396						403						397
Diluted			401						396						403						397

See accompanying Notes to Consolidated Financial Statements.

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

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited In millions						Three months ended September 30									Nine months ended September 30
						2026			2025						2026			2025
Net income						$	2,097		$	1,822					$	5,924		$	4,964
Other comprehensive income (loss), before tax and net of reclassifications into Net income
Net change in debt securities						(1,731)			667						(1,781)			1,859
Net change in cash flow hedge derivatives						(1,382)			136						(2,270)			1,446
Pension and other postretirement benefit plan adjustments						1			1						3			(20)
Net change in Other						(1)			(2)						(5)			(5)
Other comprehensive income (loss), before tax and net of reclassifications into Net income						(3,113)			802						(4,053)			3,280
Income tax benefit (expense) related to items of other comprehensive income						761			(197)						989			(792)
Other comprehensive income (loss), after tax and net of reclassifications into Net income						(2,352)			605						(3,064)			2,488
Comprehensive income						(255)			2,427						2,860			7,452
Less: Comprehensive income attributable to noncontrolling interests						16			14						43			48
Comprehensive income attributable to PNC						$	(271)		$	2,413					$	2,817		$	7,404

See accompanying Notes to Consolidated Financial Statements.

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

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CONSOLIDATED BALANCE SHEET

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited			September 30, 2026						December 31, 2025
In millions, except par value
Assets
Cash and due from banks			$	5,755					$	6,777
Interest-earning deposits with banks			24,670						32,936
Loans held-for-sale (a)			2,753						1,939
Investment securities – available-for-sale			67,175						68,135
Investment securities – held-to-maturity			79,195						70,105
Loans (a)			378,792						331,481
Allowance for loan and lease losses			(4,536)						(4,410)
Net loans			374,256						327,071
Equity investments			12,094						10,790
Mortgage servicing rights			4,049						3,659
Goodwill			13,317						10,959
Other (a)			44,552						41,201
Total assets			$	627,816					$	573,572
Liabilities
Deposits
Noninterest-bearing			$	99,720					$	91,748
Interest-bearing (b)			366,642						349,118
Total deposits			466,362						440,866
Borrowed funds
Federal Home Loan Bank advances			36,512						13,000
Senior debt			36,310						38,642
Subordinated debt			4,239						3,016
Other (b)			2,696						2,443
Total borrowed funds			79,757						57,101
Allowance for unfunded lending related commitments			850						818
Accrued expenses and other liabilities (b)			18,437						14,151
Total liabilities			565,406						512,936
Equity
Preferred stock (c)			—						—
Common stock ($5 par value, Authorized 800,000,000 shares, issued 557,291,841 and 543,497,966 shares)			2,786						2,717
Capital surplus			22,059						18,922
Retained earnings			66,715						63,266
Accumulated other comprehensive income (loss)			(6,472)						(3,408)
Common stock held in treasury at cost: 160,049,284 and 153,084,091 shares			(22,735)						(20,912)
Total shareholders’ equity			62,353						60,585
Noncontrolling interests			57						51
Total equity			62,410						60,636
Total liabilities and equity			$	627,816					$	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 September 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 $7.6 billion, Other borrowed funds of less than $0.1 billion and Other liabilities of $0.1 billion at September 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.

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

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CONSOLIDATED STATEMENT OF CASH FLOWS

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited In millions						Nine months ended September 30
						2026						2025
Operating Activities
Net income						$	5,924					$	4,964
Adjustments to reconcile net income to net cash provided (used) by operating activities
Provision for credit losses						590						640
Depreciation, amortization and accretion						300						273
Deferred income taxes (benefit)						191						(68)
Net losses on sales of securities						112						2
Changes in fair value of mortgage servicing rights						17						422
Gains related to Visa share exchange						(459)						—
Net change in
Trading securities and other short-term investments						867						(3,293)
Loans held-for-sale and related securitization activity						367						(248)
Other assets						(2,234)						2,645
Accrued expenses and other liabilities						(177)						(2,089)
Other operating activities, net						1,642						379
Net cash provided (used) by operating activities						$	7,140					$	3,627
Investing Activities
Sales
Securities available-for-sale						$	17,482					$	1,267
Loans						616						574
Repayments/maturities
Securities available-for-sale						6,020						5,639
Securities held-to-maturity						13,216						10,246
Purchases
Securities available-for-sale						(18,506)						(12,121)
Securities held-to-maturity						(18,666)						(5,182)
Loans						(1,828)						(1,592)
Net change in federal funds sold and resale agreements						253						(857)
Other changes in loans, net						(32,715)						(9,985)
Net cash paid for acquisition (a)						(80)						—
Other investing activities, net						(3,638)						(1,497)
Net cash provided (used) by investing activities						$	(37,846)					$	(13,508)

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CONSOLIDATED STATEMENT OF CASH FLOWS

THE PNC FINANCIAL SERVICES GROUP, INC.

(Continued from previous page)
Unaudited In millions						Nine months ended September 30
						2026						2025
Financing Activities
Net change in
Noninterest-bearing deposits						$	(1,921)					$	(1,435)
Interest-bearing deposits						4,344						7,445
Federal funds purchased and repurchase agreements						38						96
Other borrowed funds						450						770
Sales/issuances
Federal Home Loan Bank advances						33,000						4,100
Senior debt						6,206						8,030
Subordinated debt						1,495						—
Common and treasury stock						63						61
Repayments/maturities
Federal Home Loan Bank advances						(10,900)						(10,000)
Senior debt						(6,950)						(2,750)
Subordinated debt						(71)						(700)
Acquisition of treasury stock						(1,984)						(932)
Preferred stock cash dividends paid						(231)						(225)
Common stock cash dividends paid						(2,196)						(1,959)
Other financing activities, net						75						—
Net cash provided (used) by financing activities						$	21,418					$	2,501
Net Increase (Decrease) In Cash, Cash Equivalents And Restricted Cash						$	(9,288)					$	(7,380)
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)						$	30,425					$	38,871
Supplemental Disclosures (c)
Interest paid						$	7,871					$	8,312
Leased assets obtained in exchange for new operating lease liabilities						$	645					$	229
Non-cash Investing And Financing Items
Transfer from loans to loans held-for-sale, net						$	1,432					$	236
Transfer from loans to foreclosed assets						$	43					$	36
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 $752 million and $843 million for the nine months ended September 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.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited

See page 103 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 nine months ended September 30, 2026 reflect FirstBank’s acquired business operations for the period since the acquisition closed on January 5, 2026, and our balance sheet at September 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, we updated our 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.

During the third quarter of 2026, we transferred our $1.4 billion education loan portfolio to Loans held-for-sale at the lower of amortized cost or fair value (determined in the aggregate) and incurred $35 million in charge-offs upon transfer.

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 more than 90 days after origination and PNC was not involved in the

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origination of the loan. All loans (excluding credit cards) that are acquired without credit deterioration through a business combination are deemed seasoned.

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 Update			Description			Financial 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 more than 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.

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

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PNC incurred total integration costs of $36 million for the three months ended September 30, 2026, of which $27 million was reflected in expenses and $9 million was reflected in revenue. For the nine months ended September 30, 2026, PNC incurred $261 million in total integration costs, of which $245 million was reflected in expenses and $16 million was reflected in revenue. These costs were primarily within personnel, advisory and legal expense.

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 data						Fair Value
Acquisition consideration
Common stock issued (13,715,133 shares) (a)						$	2,943
Preferred stock issued (115,200 shares)						119
Cash paid						1,238
Total consideration						$	4,300
Assets
Cash and due from banks						$	162
Interest-earning deposits with banks						996
Investment securities						8,278
Net loans						15,177
Core deposit intangible						761
Other						1,282
Total assets						$	26,656
Liabilities
Deposits						$	23,076
Borrowed funds and other						1,638
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.

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

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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 millions			Unpaid Principal  Balance (a)			Fair Value
Loans
Commercial
Commercial and industrial			$	3,354		$	3,165
Commercial real estate			5,163			4,835
Total commercial			8,517			8,000
Consumer
Residential real estate			7,061			6,615
Home equity			499			477
Credit card and other consumer			93			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.

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.

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

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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 as part of the purchase accounting mark. 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. The non-credit discount is accreted through Interest income using the effective interest rate method over the contractual life of the loan.

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 as part of the 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

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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)

						September 30, 2026																											December 31, 2025
In millions						Amortized Cost (c)						Unrealized												Fair Value									Amortized Cost (c)						Unrealized												Fair Value
												Gains						Losses																					Gains						Losses
Securities Available-for-Sale
U.S. Treasury and government agencies						$	25,887					$	70					$	(579)					$	25,378								$	29,022					$	188					$	(313)					$	28,897
Residential mortgage-backed
Agency						35,088						4						(3,333)						31,759									32,429						176						(1,942)						30,663
Non-agency						405						95						(5)						495									442						110						(4)						548
Commercial mortgage-backed
Agency						3,948						—						(151)						3,797									3,395						43						(66)						3,372
Non-agency						156						—						(2)						154									256						—						(4)						252
Asset-backed						3,103						22						(27)						3,098									2,247						50						—						2,297
Other						2,554						42						(102)						2,494									2,106						54						(54)						2,106
Total securities available-for-sale						$	71,141					$	233					$	(4,199)					$	67,175								$	69,897					$	621					$	(2,383)					$	68,135
Securities Held-to-Maturity
U.S. Treasury and government agencies						$	14,542					$	—					$	(532)					$	14,010								$	21,537					$	25					$	(318)					$	21,244
Residential mortgage-backed
Agency						56,396						—						(5,234)						51,162									42,599						279						(2,155)						40,723
Non-agency						210						—						(26)						184									222						—						(11)						211
Commercial mortgage-backed
Agency						4,604						—						(207)						4,397									1,091						16						(7)						1,100
Non-agency						126						2						—						128									328						3						(1)						330
Asset-backed						951						6						(10)						947									1,840						46						(6)						1,880
Other						2,366						1						(149)						2,218									2,488						34						(31)						2,491
Total securities held-to-maturity (d)						$	79,195					$	9					$	(6,158)					$	73,046								$	70,105					$	403					$	(2,529)					$	67,979

(a) At September 30, 2026, the accrued interest associated with our available-for-sale and held-to-maturity portfolios totaled $278 million and $253 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 September 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 September 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 $2.2 billion at September 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 September 30, 2026 included $1.3 billion of net unsettled purchases that represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. The comparable amount at September 30, 2025 was $0.4 billion of net unsettled purchases.

We maintain the allowance for investment securities at levels that we believe to be appropriate as of the balance sheet date to absorb expected credit losses on our portfolio. At September 30, 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 September 30, 2026, AOCI included pre-tax losses of $225 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 September 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 PNC Financial Services Group, Inc. – Form 10-Q 55

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the fair value declined below the amortized cost basis. All securities included in the table have been evaluated to determine if a credit loss exists. As part of that assessment, as of September 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 millions						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value
September 30, 2026
U.S. Treasury and government agencies						$	(302)					$	11,569					$	(277)					$	1,327					$	(579)					$	12,896
Residential mortgage-backed
Agency						(686)						17,476						(2,647)						13,832						(3,333)						31,308
Non-agency						—						—						(1)						27						(1)						27
Commercial mortgage-backed
Agency						(57)						2,220						(94)						1,469						(151)						3,689
Non-agency						—						—						(2)						69						(2)						69
Asset-backed						(27)						2,374						—						—						(27)						2,374
Other						(31)						1,001						(57)						1,113						(88)						2,114
Total securities available-for-sale						$	(1,103)					$	34,640					$	(3,078)					$	17,837					$	(4,181)					$	52,477
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

Nine months ended September 30 In millions
						Gross Gains			Gross Losses						Net Gains (Losses)			Tax Expense (Benefit)
2026						$	60		$	(172)					$	(112)		$	(24)
2025						$	2		$	(4)					$	(2)		$	—

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

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The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at September 30, 2026:

Table 47: Contractual Maturity of Debt Securities

September 30, 2026 Dollars in millions						1 Year or Less						After 1 Year through 5 Years						After 5 Years through 10 Years						After 10 Years						Total
Securities Available-for-Sale
U.S. Treasury and government agencies						$	1,006					$	20,545					$	2,021					$	2,315					$	25,887
Residential mortgage-backed
Agency						1						531						2,286						32,270						35,088
Non-agency						—						—						194						211						405
Commercial mortgage-backed
Agency						261						1,356						169						2,162						3,948
Non-agency						—						79						55						22						156
Asset-backed						3						2,089						336						675						3,103
Other						533						1,194						261						566						2,554
Total securities available-for-sale at amortized cost						$	1,804					$	25,794					$	5,322					$	38,221					$	71,141
Fair value						$	1,794					$	25,448					$	5,186					$	34,747					$	67,175
Weighted-average yield, GAAP basis (a)						3.66		%				4.12		%				3.72		%				3.96		%				3.99		%
Securities Held-to-Maturity
U.S. Treasury and government agencies						$	2,803					$	10,395					$	476					$	868					$	14,542
Residential mortgage-backed
Agency						—						16						4,110						52,270						56,396
Non-agency						—						—						—						210						210
Commercial mortgage-backed
Agency						—						3,559						425						620						4,604
Non-agency						—						—						—						126						126
Asset-backed						14						27						447						463						951
Other						196						549						251						1,370						2,366
Total securities held-to-maturity at amortized cost						$	3,013					$	14,546					$	5,709					$	55,927					$	79,195
Fair value						$	3,004					$	13,996					$	5,300					$	50,746					$	73,046
Weighted-average yield, GAAP basis (a)						1.86		%				2.36		%				2.48		%				3.78		%				3.35		%

(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 millions			September 30, 2026			December 31, 2025
Pledged to others			$	59,174		$	61,230
Accepted from others:
Permitted by contract or custom to sell or repledge			$	1,235		$	759
Permitted amount repledged to others			$	1,235		$	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

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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.

Commercial						Consumer
• 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. We offer loan modifications and collection programs to assist our customers and mitigate losses.

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

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Table 49 presents the composition and delinquency status of our loan portfolio at September 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 millions			Current or Less Than 30 Days Past Due			30-59 Days Past Due			60-89 Days Past Due			90 Days or More Past Due			Total Past Due (c)						Nonperforming Loans			Fair Value Option Nonaccrual Loans (d)			Total Loans (e)(f)
September 30, 2026
Commercial
Commercial and industrial			$	239,016		$	106		$	85		$	69		$	260					$	755		$	—		$	240,031
Commercial real estate			36,284			11			102			4			117						559			—			36,960
Total commercial			275,300			117			187			73			377						1,314			—			276,991
Consumer
Residential real estate			46,925			278			98			232			608						319			174			48,026
Home equity			25,695			60			27			—			87						465			33			26,280
Automobile			15,182			60			16			6			82						81			—			15,345
Credit card			7,387			42			29			57			128						12			—			7,527
Other consumer			4,601			8			5			6			19						3			—			4,623
Total consumer			99,790			448			175			301			924						880			207			101,801
Total			$	375,090		$	565		$	362		$	374		$	1,301					$	2,194		$	207		$	378,792
Percentage of total loans			99.02		%	0.15		%	0.10		%	0.10		%	0.34		%				0.58		%	0.05		%	100.00		%
December 31, 2025
Commercial
Commercial and industrial			$	201,772		$	182		$	103		$	57		$	342					$	784		$	—		$	202,898
Commercial real estate			28,879			14			98			—			112						574			—			29,565
Total commercial			230,651			196			201			57			454						1,358			—			232,463
Consumer
Residential real estate			42,687			243			101			209			553						320			200			43,760
Home equity			25,365			70			30			—			100						439			37			25,941
Automobile			16,411			74			18			5			97						83			—			16,591
Credit card			6,859			45			32			65			142						13			—			7,014
Other consumer			5,610			32			21			44			97						5			—			5,712
Total consumer			96,932			464			202			323			989						860			237			99,018
Total			$	327,583		$	660		$	403		$	380		$	1,443					$	2,218		$	237		$	331,481
Percentage of total loans			98.82		%	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 $1.4 billion and $1.3 billion at September 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 September 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 September 30, 2026 and December 31, 2025, respectively.

(f)Collateral dependent loans totaled $1.4 billion and $1.5 billion at September 30, 2026 and December 31, 2025, respectively.

At September 30, 2026, we pledged unpaid principal balances in the amounts of $73.4 billion of commercial and consumer loans to the FRB and $88.7 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 are 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

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The following table presents our nonperforming assets as of September 30, 2026 and December 31, 2025:

Table 50: Nonperforming Assets

Dollars in millions						September 30, 2026						December 31, 2025
Nonperforming loans
Commercial						$	1,314					$	1,358
Consumer (a)						880						860
Total nonperforming loans (b)						2,194						2,218
OREO, foreclosed and other assets						131						143
Total nonperforming assets						$	2,325					$	2,361
Nonperforming loans to total loans						0.58		%				0.67		%
Nonperforming assets to total loans, OREO, foreclosed and other assets						0.61		%				0.71		%
Nonperforming assets to total assets						0.37		%				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 September 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

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

Table 51: Commercial Credit Quality Indicators (a)

			Term Loans by Origination Year
September 30, 2026 In millions			2026						2025			2024			2023			2022			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Commercial and industrial
Pass Rated			$	32,991					$	29,746		$	12,927		$	8,928		$	11,340		$	14,865		$	121,583		$	75		$	232,455
Criticized			199						718			831			475			595			579			4,131			48			7,576
Total commercial and industrial loans			33,190						30,464			13,758			9,403			11,935			15,444			125,714			123			240,031
Gross charge-offs (b)			26			(c)			24			33			63			32			34			161			28			401
Commercial real estate
Pass Rated			7,879						4,514			2,347			2,590			4,916			8,435			888			—			31,569
Criticized			3						195			541			1,064			1,659			1,913			16			—			5,391
Total commercial real estate loans			7,882						4,709			2,888			3,654			6,575			10,348			904			—			36,960
Gross charge-offs (b)			—						9			1			15			—			48			3			—			76
Total commercial loans			$	41,072					$	35,173		$	16,646		$	13,057		$	18,510		$	25,792		$	126,618		$	123		$	276,991
Total commercial gross charge-offs (d)			$	26					$	33		$	34		$	78		$	32		$	82		$	164		$	28		$	477

			Term Loans by Origination Year
December 31, 2025 In millions			2025						2024			2023			2022			2021			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Commercial and industrial
Pass Rated			$	35,176					$	16,478		$	10,180		$	13,815		$	4,139		$	12,757		$	101,222		$	125		$	193,892
Criticized			559						896			574			1,181			333			510			4,838			115			9,006
Total commercial and industrial loans			35,735						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 Rated			3,169						2,395			3,080			5,215			1,324			7,686			610			—			23,479
Criticized			221						571			1,467			1,637			287			1,899			4			—			6,086
Total commercial real estate loans			3,390						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 September 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)Excludes acquired commercial gross charge-offs that primarily represent 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

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Residential Real Estate and Home Equity

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

Table 52: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes

			Term Loans by Origination Year
September 30, 2026 In millions			2026			2025			2024			2023			2022			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Residential real estate
Current estimated LTV ratios
Greater than 100%			$	2		$	49		$	50		$	50		$	67		$	126		$	—		$	—		$	344
Greater than or equal to 80% to 100%			473			454			279			340			806			605			—			—			2,957
Less than 80%			1,434			2,001			1,583			3,081			8,662			27,348			—			—			44,109
No LTV available			1			—			—			—			—			11			—			—			12
Government insured or guaranteed loans			—			3			8			29			32			532			—			—			604
Total residential real estate loans			$	1,910		$	2,507		$	1,920		$	3,500		$	9,567		$	28,622		$	—		$	—		$	48,026
Updated FICO scores
Greater than or equal to 780			$	1,164		$	1,746		$	1,321		$	2,467		$	7,561		$	20,661		$	—		$	—		$	34,920
720 to 779			597			534			393			567			1,281			4,236			—			—			7,608
660 to 719			119			147			137			189			458			1,658			—			—			2,708
Less than 660			17			44			37			129			166			984			—			—			1,377
No FICO score available (a)			13			33			24			119			69			551			—			—			809
Government insured or guaranteed loans			—			3			8			29			32			532			—			—			604
Total residential real estate loans			$	1,910		$	2,507		$	1,920		$	3,500		$	9,567		$	28,622		$	—		$	—		$	48,026
Gross charge-offs (b) (c)			$	—		$	—		$	—		$	—		$	1		$	2		$	—		$	—		$	3
Home equity (d)
Current estimated LTV ratios
Greater than 100%			$	2		$	1		$	1		$	—		$	—		$	19		$	471		$	391		$	885
Greater than or equal to 80% to 100%			16			4			3			3			2			45			1,566			1,507			3,146
Less than 80%			85			26			19			19			16			3,431			8,179			10,443			22,218
No LTV available			23			—			—			—			—			1			4			3			31
Total home equity loans			$	126		$	31		$	23		$	22		$	18		$	3,496		$	10,220		$	12,344		$	26,280
Updated FICO scores
Greater than or equal to 780			$	41		$	15		$	9		$	7		$	8		$	2,275		$	6,050		$	5,823		$	14,228
720 to 779			19			9			6			6			4			646			2,671			2,966			6,327
660 to 719			7			5			6			5			3			329			1,278			2,015			3,648
Less than 660			1			2			2			4			3			244			216			1,510			1,982
No FICO score available (a)			58			—			—			—			—			2			5			30			95
Total home equity loans			$	126		$	31		$	23		$	22		$	18		$	3,496		$	10,220		$	12,344		$	26,280
Gross charge-offs (b) (c)			$	—		$	—		$	—		$	—		$	—		$	1		$	13		$	17		$	31

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

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(Continued from previous page)			Term Loans by Origination Year
December 31, 2025 In millions			2025			2024			2023			2022			2021			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Residential real estate
Current estimated LTV ratios
Greater than 100%			$	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 779			661			354			568			1,206			1,837			2,225			—			—			6,851
660 to 719			117			86			192			394			543			978			—			—			2,310
Less than 660			19			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)Excludes acquired consumer gross charge-offs that primarily represent 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 September 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

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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
September 30, 2026 In millions			2026						2025			2024			2023			2022			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Automobile
Updated FICO scores
Greater than or equal to 780			$	2,274					$	2,947		$	1,381		$	641		$	342		$	178		$	—		$	—		$	7,763
720 to 779			1,282						1,686			774			368			176			85			—			—			4,371
660 to 719			525						751			442			239			111			54			—			—			2,122
Less than 660			105						308			290			214			106			66			—			—			1,089
Total automobile loans			$	4,186					$	5,692		$	2,887		$	1,462		$	735		$	383		$	—		$	—		$	15,345
Gross charge-offs (a)			$	3					$	27		$	24		$	19		$	8		$	7		$	—		$	—		$	88
Credit card
Updated FICO scores
Greater than or equal to 780			$	—					$	—		$	—		$	—		$	—		$	—		$	2,305		$	1		$	2,306
720 to 779			—						—			—			—			—			—			2,057			6			2,063
660 to 719			—						—			—			—			—			—			2,010			18			2,028
Less than 660			—						—			—			—			—			—			966			49			1,015
No FICO score available or required (b)			—						—			—			—			—			—			113			2			115
Total credit card loans			$	—					$	—		$	—		$	—		$	—		$	—		$	7,451		$	76		$	7,527
Gross charge-offs (a) (c)			$	—					$	—		$	—		$	—		$	—		$	—		$	192		$	28		$	220
Other consumer
Updated FICO scores
Greater than or equal to 780			$	183					$	165		$	73		$	31		$	10		$	3		$	33		$	—		$	498
720 to 779			207						184			83			30			10			3			60			—			577
660 to 719			148						149			75			27			10			2			64			—			475
Less than 660			27						52			34			13			7			3			36			—			172
No FICO score available or required (b)			1						—			—			—			—			—			—			—			1
Total loans using FICO credit metric			566						550			265			101			37			11			193			—			1,723
Other internal credit metrics			2						—			2			29			7			91			2,759			10			2,900
Total other consumer loans			$	568					$	550		$	267		$	130		$	44		$	102		$	2,952		$	10		$	4,623
Gross charge-offs (a) (c) (d)			$	105		(d)			$	16		$	16		$	8		$	5		$	9		$	7		$	—		$	166

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

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(Continued from previous page)			Term Loans by Origination Year
December 31, 2025 In millions			2025						2024			2023			2022			2021			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Automobile
Updated FICO Scores
Greater than or equal to 780			$	4,241					$	1,991		$	1,022		$	608		$	387		$	85		$	—		$	—		$	8,334
720 to 779			2,394						1,216			609			322			178			52			—			—			4,771
660 to 719			883						668			387			199			104			39			—			—			2,280
Less than 660			236						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 779			324						175			90			58			20			98			64			—			829
660 to 719			230						133			62			38			10			44			70			—			587
Less than 660			48						45			27			20			6			22			37			—			205
No FICO score available or required (b)			5						5			3			1			—			—			—			—			14
Total loans using FICO credit metric			908						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)Excludes acquired consumer gross charge-offs that primarily represent 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. September 30, 2026 amounts also include $35 million in charge-offs related to the third quarter transfer of our education loan portfolio to Loans held-for-sale.

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

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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 nine months ended September 30, 2026 and 2025:

Table 54: Commercial FDMs (a) (b)

Three months ended September 30 Dollars in millions									Term Extension			Payment Delay						Interest Rate Reduction and Term Extension			Payment Delay and Term Extension			Interest Rate Reduction, Payment Delay and Term Extension			Other			Total			% of Loan Class
2026
Commercial and industrial									$	512		$	64					$	47		$	24		$	—		$	118		$	765		0.32		%
Commercial real estate									547			36						—			—			—			—			583			1.58		%
Total commercial									$	1,059		$	100					$	47		$	24		$	—		$	118		$	1,348		0.49		%
2025
Commercial and industrial									$	452		$	47					$	23		$	26		$	—		$	105		$	653		0.34		%
Commercial real estate									214			29						27			—			—			—			270			0.89		%
Total commercial									$	666		$	76					$	50		$	26		$	—		$	105		$	923		0.41		%

Nine months ended September 30 Dollars in millions									Term Extension			Payment Delay						Interest Rate Reduction and Term Extension			Payment Delay and Term Extension			Interest Rate Reduction, Payment Delay and Term Extension			Other			Total			% of Loan Class
2026
Commercial and industrial									$	949		$	101					$	49		$	45		$	—		$	149		$	1,293		0.54		%
Commercial real estate									1,384			23						—			68			—			—			1,475			3.99		%
Total commercial									$	2,333		$	124					$	49		$	113		$	—		$	149		$	2,768		1.00		%
2025
Commercial and industrial									$	1,009		$	63					$	25		$	45		$	12		$	142		$	1,296		0.68		%
Commercial real estate									604			29						27			—			—			14			674			2.23		%
Total commercial									$	1,613		$	92					$	52		$	45		$	12		$	156		$	1,970		0.87		%

(a)The unfunded lending related commitments on FDMs granted during the nine months ended September 30, 2026 and 2025 were $1.0 billion and $0.7 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

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

Table 55: Financial Effect of Commercial FDMs (a)

Three months ended September 30 Dollars in millions						2026									2025
						Amortized cost basis (b)			Financial effect						Amortized cost basis (b)			Financial effect
Weighted-average term extension (months)
Commercial and industrial						$583			18						$501			25
Commercial real estate						$547			12						$241			6
Interest rate reduction
Commercial and industrial						$49			0.38%						$23			3.41%
Commercial real estate						$—			—%						$27			1.04%
Weighted-average payment delay (months)
Commercial and industrial						$88			3						$73			2
Commercial real estate						$36			3						$29			6

Nine months ended September 30 Dollars in millions						2026									2025
						Amortized cost basis (b)			Financial effect						Amortized cost basis (b)			Financial effect
Weighted-average term extension (months)
Commercial and industrial						$1,043			19						$1,091			23
Commercial real estate						$1,452			15						$631			14
Interest rate reduction
Commercial and industrial						$51			0.51%						$37			2.57%
Commercial real estate						$—			—%						$27			1.04%
Weighted-average payment delay (months)
Commercial and industrial						$146			10						$120			6
Commercial real estate						$91			5						$29			6

(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 September 30, 2026 and 2025:

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

Twelve months ended September 30 Dollars in millions			Current or Less Than 30 Days Past Due			30-59 Days Past Due			60-89 Days Past Due			90 Days or More Past Due			Nonperforming Loans			Total
2026
Commercial
Commercial and industrial			$	1,538		$	4		$	—		$	—		$	334		$	1,876
Commercial real estate			1,514			—			55			—			149			1,718
Total commercial			$	3,052		$	4		$	55		$	—		$	483		$	3,594
2025
Commercial
Commercial and industrial			$	1,262		$	3		$	1		$	—		$	116		$	1,382
Commercial real estate			662			1			—			—			223			886
Total commercial			$	1,924		$	4		$	1		$	—		$	339		$	2,268

(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 nine months ended September 30, 2026 were $61 million and $131 million, respectively. Comparable amounts at September 30, 2025 were $5 million and $110 million, respectively.

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

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The following table presents information about our consumer FDMs:

Table 57: Consumer FDMs (a)(b)

			Three months ended September 30						Nine months ended September 30
Dollars in millions			2026			2025			2026			2025
Modifications by type (c)
Payment delay			$	48		$	73		$	115		$	135
Repayment plan			18			18			44			50
Other (d)			15			19			30			36
Total consumer			$	81		$	110		$	189		$	221
Percentage of portfolio segment			0.08		%	0.11		%	0.19		%	0.22		%
Financial effects (c) (e)
Weighted-average payment delay (months)			11			9			10			9

			Twelve months ended September 30, 2026
Dollars in millions			2026			2025
Delinquency status (f)
Current or less than 30 days past due			$	54		$	52
30-59 days past due			5			4
60-89 days past due			4			3
90 days or more past due			6			6
Nonperforming loans			163			180
Total			$	232		$	245

(a)Represents amortized cost basis.

(b)The unfunded lending related commitments on consumer FDMs granted were immaterial during the three and nine months ended September 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 nine months ended September 30, 2026 were $37 million and $88 million, respectively. Comparable amounts at September 30, 2025 were $21 million and $69 million, respectively.

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

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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 September 30																								Nine months ended September 30
			2026									2025															2026									2025
In millions			Commercial			Consumer			Total			Commercial			Consumer			Total									Commercial			Consumer			Total			Commercial			Consumer			Total
Allowance for loan and lease losses
Beginning balance			$	3,254		$	1,398		$	4,652		$	3,230		$	1,293		$	4,523								$	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, adjusted			3,254			1,398			4,652			3,230			1,293			4,523									3,326			1,406			4,732			3,148			1,338			4,486
Charge-offs			(164)			(188)			(352)			(116)			(168)			(284)									(477)			(508)			(985)			(410)			(510)			(920)
Recoveries			36			59			95			44			61			105									110			184			294			152			186			338
Acquired loan charge-offs (a)			—			—			—			—			—			—									(10)			(35)			(45)			—			—			—
Net (charge-offs)			(128)			(129)			(257)			(72)			(107)			(179)									(377)			(359)			(736)			(258)			(324)			(582)
Provision for credit losses			65			76			141			23			113			136									246			296			542			282			285			567
Other			—			—			—			(3)			1			(2)									(4)			2			(2)			6			1			7
Ending balance			$	3,191		$	1,345		$	4,536		$	3,178		$	1,300		$	4,478								$	3,191		$	1,345		$	4,536		$	3,178		$	1,300		$	4,478
Allowance for unfunded lending related commitments (b)
Beginning balance			$	670		$	139		$	809		$	616		$	143		$	759								$	681		$	137		$	818		$	580		$	139		$	719
Provision for (recapture of) credit losses			24			16			40			18			(2)			16									13			21			34			52			2			54
Other			—			1			1			(1)			1			—									—			(2)			(2)			1			1			2
Ending balance			$	694		$	156		$	850		$	633		$	142		$	775								$	694		$	156		$	850		$	633		$	142		$	775
Allowance for credit losses at September 30 (c)			$	3,885		$	1,501		$	5,386		$	3,811		$	1,442		$	5,253								$	3,885		$	1,501		$	5,386		$	3,811		$	1,442		$	5,253

(a)Amounts for the nine months ended September 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 $103 million and $101 million at September 30, 2026 and 2025, respectively.

The ACL related to loans totaled $5.4 billion at September 30, 2026 and $5.2 billion at December 31, 2025. The increase was primarily driven by portfolio activity, including loan growth and the addition of FirstBank loans, as well as updates to macroeconomic factors.

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  

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The following table provides our loan sale and servicing activities.

Table 59: Loan Sale and Servicing Activities

In millions			Residential Mortgages			Commercial Mortgages
Three months ended September 30, 2026
Sales of loans and related securitization activity (a)			$	911					$	994
Repurchases of previously transferred loans (b)			$	27					$	2
Servicing fees (c)			$	141					$	51
Servicing advances recovered/(funded), net			$	(10)					$	(3)
Cash flows on mortgage-backed securities held (d)			$	846					$	7
Three months ended September 30, 2025
Sales of loans and related securitization activity (a)			$	868					$	1,354
Repurchases of previously transferred loans (b)			$	31					$	—
Servicing fees (c)			$	129					$	45
Servicing advances recovered/(funded), net			$	(1)					$	52
Cash flows on mortgage-backed securities held (d)			$	621					$	112
Nine months ended September 30, 2026
Sales of loans and related securitization activity (a)			$	2,542					$	4,087
Repurchases of previously transferred loans (b)			$	89					$	82
Servicing fees (c)			$	425					$	148
Servicing advances recovered/(funded), net			$	14					$	(50)
Cash flows on mortgage-backed securities held (d)			$	2,200					$	17
Nine months ended September 30, 2025
Sales of loans and related securitization activity (a)			$	2,317					$	2,941
Repurchases of previously transferred loans (b)			$	95					$	—
Servicing fees (c)			$	388					$	149
Servicing advances recovered/(funded), net			$	41					$	(2)
Cash flows on mortgage-backed securities held (d)			$	1,813					$	155

(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 $21.3 billion, $17.2 billion and $17.1 billion at September 30, 2026, December 31, 2025 and September 30, 2025, respectively. The carrying values of commercial mortgage-backed securities were $0.3 billion at September 30, 2026 and $0.4 billion at both December 31, 2025 and September 30, 2025, respectively.

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

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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 millions			Residential Mortgages						Commercial Mortgages
September 30, 2026
Total principal balance			$	35,851								$	55,604
Delinquent loans (b)			$	251								$	212
December 31, 2025
Total principal balance			$	36,088								$	55,145
Delinquent loans (b)			$	274								$	216
Three months ended September 30, 2026
Net charge-offs (c)			$	1								$	2
Three months ended September 30, 2025
Net charge-offs (c)			$	1								$	9
Nine months ended September 30, 2026
Net charge-offs (c)			$	3								$	13
Nine months ended September 30, 2025
Net charge-offs (c)			$	2								$	18

(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 credit quality disclosures that we make in Note 4 Loans and Related Allowance for Credit Losses.

Table 61: Non-Consolidated VIEs

In millions			PNC Risk of Loss (a)									Carrying Value of Assets						Carrying Value of Liabilities
September 30, 2026
Mortgage-backed securitizations (b)			$	22,199								$	22,199		(c)			$	—
Tax credit investments and other			7,385									7,240			(d)(e)			3,576			(f)(g)
Total			$	29,584								$	29,439					$	3,576
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 $5.1 billion of LIHTCs and $0.2 billion of NMTCs at September 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 $3.0 billion of LIHTCs and $0.1 billion of NMTCs at September 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  

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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 nine months ended September 30, 2026, we recognized $0.5 billion of amortization, $0.5 billion of tax credits and $0.1 billion of other tax benefits associated with qualified investments in LIHTCs and NMTCs. During the nine months ended September 30, 2025, comparable amounts were $0.4 billion, $0.4 billion and $0.1 billion, respectively.

NOTE 6 GOODWILL AND MORTGAGE SERVICING RIGHTS

Goodwill

Goodwill increased $2.4 billion during the nine months ended September 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 $4.0 billion at September 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 MSRs									Residential MSRs
In millions			2026			2025						2026			2025
January 1			$	1,021		$	1,085					$	2,638		$	2,626
Additions:
FirstBank Acquisition			—			—						10			—
From loans sold with servicing retained			37			41						31			22
Purchases			53			59						276			216
Changes in fair value due to:
Time and payoffs (a)			(222)			(233)						(237)			(195)
Other (b)			252			53						190			(47)
September 30			$	1,141		$	1,005					$	2,908		$	2,622
Related unpaid principal balance of loans serviced at September 30			$	293,999		$	293,168					$	206,876		$	198,774
Servicing advances at September 30			$	693		$	655					$	113		$	111

(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

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Sensitivity Analysis

The fair value of commercial and residential MSRs and significant inputs to the valuation models as of September 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 millions			September 30, 2026						December 31, 2025
Fair value			$	1,141					$	1,021
Weighted-average life (years)			3.7						3.8
Weighted-average constant prepayment rate			4.13			%			4.43			%
Decline in fair value from 10% adverse change			$	7					$	8
Decline in fair value from 20% adverse change			$	15					$	16
Effective discount rate			11.57			%			10.60			%
Decline in fair value from 10% adverse change			$	35					$	30
Decline in fair value from 20% adverse change			$	70					$	61

Table 64: Residential Mortgage Servicing Rights – Key Valuation Assumptions

Dollars in millions			September 30, 2026						December 31, 2025
Fair value			$	2,908					$	2,638
Weighted-average life (years)			7.7						7.7
Weighted-average constant prepayment rate			5.86			%			6.73			%
Decline in fair value from 10% adverse change			$	65					$	64
Decline in fair value from 20% adverse change			$	124					$	124
Weighted-average option adjusted spread			706			bps			734			bps
Decline in fair value from 10% adverse change			$	85					$	82
Decline in fair value from 20% adverse change			$	166					$	159

Fees from mortgage loan servicing, which include contractually specified servicing fees, late fees and ancillary fees were $0.2 billion and $0.1 billion for the three months ended September 30, 2026 and 2025, and $0.6 billion and $0.5 billion for the nine months ended September 30, 2026 and 2025, respectively. We also generate servicing fees from activities provided to others for which we do not have an associated servicing asset. Fees from commercial and residential MSRs are reported within Residential and commercial mortgage noninterest income on our Consolidated Income Statement.

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

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NOTE 7 LEASES

PNC’s lessor arrangements primarily consist of direct financing, sales-type and operating leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. For more information on lease accounting, see Note 1 Accounting Policies and Note 6 Leases in our 2025 Form 10-K.

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

Table 65: Lessor Income

			Three months ended September 30						Nine months ended September 30
In millions			2026			2025			2026			2025
Sales-type and direct financing leases (a)			$	92		$	89		$	275		$	259
Operating leases (b)			7			8			22			25
Lease income			$	99		$	97		$	297		$	284

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

(b)Included in Lending and deposit services noninterest income on our Consolidated Income Statement.

NOTE 8 BORROWED FUNDS

The following table shows the carrying value of total borrowed funds at September 30, 2026 (including adjustments related to accounting hedges, purchase accounting and unamortized original issuance discounts) by remaining contractual maturity.

Table 66: Borrowed Funds

In millions
Less than 1 year			$	18,222
1 to 2 years			24,623
2 to 3 years			9,349
3 to 4 years			6,825
4 to 5 years			2,695
Over 5 years			18,043
Total			$	79,757

The following table presents the contractual rates and maturity dates of our FHLB advances, senior debt and subordinated debt as of September 30, 2026, and the carrying values as of September 30, 2026 and December 31, 2025.

Table 67: FHLB Advances, Senior Debt and Subordinated Debt

			Stated Rate						Maturity						Carrying Value
Dollars in millions			September 30, 2026						September 30, 2026						September 30, 2026						December 31, 2025
Parent Company
Senior debt			2.31% - 6.88%						2027 - 2037						$	33,335					$	32,650
Subordinated debt			4.63% - 5.42%						2033 - 2041						2,146						808
Junior subordinated debt			4.60%						2028						206						206
Total Parent Company															35,687						33,664
Bank
Federal Home Loan Bank advances (a)			3.98% - 4.47%						2026 - 2031						36,512						13,000
Senior debt			3.10% - 4.61%						2027 - 2043						2,975						5,992
Subordinated debt			2.70% - 4.05%						2028 - 2029						1,887						2,002
Total Bank															41,374						20,994
Total															$	77,061					$	54,658

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

In Table 67, the carrying values for parent company senior and subordinated debt include basis adjustments of $(1.5) billion and $(0.2) billion, respectively, whereas Bank senior and subordinated debt include basis adjustments of less than $(0.1) billion and $(0.1) billion, respectively, related to fair value accounting hedges as of September 30, 2026.

Certain borrowings are reported at fair value. Refer to Note 12 Fair Value for more information on those borrowings.

For further information regarding junior subordinated debentures, refer to Note 9 Borrowed Funds in our 2025 Form 10-K.

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

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NOTE 9 COMMITMENTS

In the normal course of business, we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. The following table presents our outstanding commitments to extend credit along with other commitments as of September 30, 2026 and December 31, 2025, respectively.

Table 68: Commitments to Extend Credit and Other Commitments

In millions			September 30, 2026						December 31, 2025
Commitments to extend credit
Commercial			$	259,068					$	236,142
Home equity			24,119						23,684
Credit card			43,125						39,536
Other			8,291						7,798
Total commitments to extend credit			334,603						307,160
Net outstanding standby letters of credit (a)			12,653						11,452
Standby bond purchase agreements (b)			1,209						1,026
Other commitments (c)			7,015						6,521
Total commitments to extend credit and other commitments			$	355,480					$	326,159

(a)Net outstanding standby letters of credit that support remarketing programs were $3.7 billion and $3.2 billion at September 30, 2026 and December 31, 2025, respectively.

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

(c)Includes $3.0 billion related to investments that qualify for PAM at both September 30, 2026 and December 31, 2025. For additional information on PAM, refer to Note 1 Accounting Policies in our 2025 Form 10-K.

Commitments to Extend Credit

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

Net Outstanding Standby Letters of Credit

We issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions, in each case to support obligations of our customers to third parties, such as insurance requirements and the facilitation of transactions involving capital markets product execution. Approximately 99% of our net outstanding standby letters of credit were rated as Pass at September 30, 2026, with the remainder rated as Criticized. An internal credit rating of Pass indicates the expected risk of loss is currently low, while a rating of Criticized indicates a higher degree of risk.

If the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program, then upon a draw by a beneficiary, subject to the terms of the letter of credit, we would be obligated to make payment to them. The standby letters of credit outstanding on September 30, 2026 had terms ranging from less than one year to 10 years.

As of September 30, 2026, assets of $1.2 billion secured certain specifically identified standby letters of credit. In addition, a portion of the remaining standby letters of credit issued on behalf of specific customers is secured by collateral or guarantees that secure the customers’ other obligations to us. The carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $0.2 billion at September 30, 2026 and is primarily included in Other liabilities on our Consolidated Balance Sheet.

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

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NOTE 10 TOTAL EQUITY AND OTHER COMPREHENSIVE INCOME

Activity in total equity for the three and nine months ended September 30, 2026 and 2025 is as follows:

Table 69: Rollforward of Total Equity

									Shareholders’ Equity
In millions			Shares Outstanding Common Stock						Common Stock			Capital Surplus - Preferred Stock			Capital Surplus - Common Stock and Other			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock						Noncontrolling Interests			Total  Equity
Three months ended
Balance at June 30, 2025 (a)			394						$	2,717		$	5,753		$	13,056		$	60,951		$	(4,682)		$	(20,188)					$	48		$	57,655
Net income			—						—			—			—			1,808			—			—						14			1,822
Other comprehensive income (loss), net of tax			—						—			—			—			—			605			—						—			605
Cash dividends declared - Common			—						—			—			—			(678)			—			—						—			(678)
Cash dividends declared - Preferred			—						—			—			—			(71)			—			—						—			(71)
Preferred stock discount accretion			—						—			2			—			(2)			—			—						—			—
Treasury stock activity			(2)						—			—			6			—			—			(329)						—			(323)
Other			—						—			—			42			—			—			—						(14)			28
Balance at September 30, 2025 (a)			392						$	2,717		$	5,755		$	13,104		$	62,008		$	(4,077)		$	(20,517)					$	48		$	59,038
Balance at June 30, 2026 (a)			399						$	2,786		$	5,880		$	16,119		$	65,518		$	(4,120)		$	(22,175)					$	53		$	64,061
Net income			—						—			—			—			2,081			—			—						16			2,097
Other comprehensive income (loss), net of tax			—						—			—			—			—			(2,352)			—						—			(2,352)
Cash dividends declared - Common			—						—			—			—			(809)			—			—						—			(809)
Cash dividends declared - Preferred			—						—			—			—			(73)			—			—						—			(73)
Preferred stock discount accretion/premium amortization			—						—			2			—			(2)			—			—						—			—
Treasury stock activity			(2)						—			—			12			—			—			(560)						—			(548)
Other			—						—			—			46			—			—			—						(12)			34
Balance at September 30, 2026 (a)			397						$	2,786		$	5,882		$	16,177		$	66,715		$	(6,472)		$	(22,735)					$	57		$	62,410
Nine months ended
Balance at December 31, 2024 (a)			396						$	2,717		$	5,749		$	12,961		$	59,282		$	(6,565)		$	(19,719)					$	44		$	54,469
Net income			—						—			—			—			4,916			—			—						48			4,964
Other comprehensive income (loss), net of tax			—						—			—			—			—			2,488			—						—			2,488
Cash dividends declared - Common			—						—			—			—			(1,959)			—			—						—			(1,959)
Cash dividends declared - Preferred			—						—			—			—			(225)			—			—						—			(225)
Preferred stock discount accretion			—						—			6			—			(6)			—			—						—			—
Common stock activity			—						—			—			18			—			—			—						—			18
Treasury stock activity			(4)						—			—			113			—			—			(798)						—			(685)
Other			—						—			—			12			—			—			—						(44)			(32)
Balance at September 30, 2025 (a)			392						$	2,717		$	5,755		$	13,104		$	62,008		$	(4,077)		$	(20,517)					$	48		$	59,038
Balance at December 31, 2025 (a)			390						$	2,717		$	5,758		$	13,164		$	63,266		$	(3,408)		$	(20,912)					$	51		$	60,636
Net income			—						—			—			—			5,881			—			—						43			5,924
Other comprehensive income (loss), net of tax			—						—			—			—			—			(3,064)			—						—			(3,064)
Cash dividends declared - Common			—						—			—			—			(2,196)			—			—						—			(2,196)
Cash dividends declared - Preferred			—						—			—			—			(231)			—			—						—			(231)
Preferred stock discount accretion/premium amortization			—						—			5			—			(5)			—			—						—			—
Common stock activity (b)			14						69			—			2,849			—			—			—						—			2,918
Treasury stock activity			(7)						—			—			108			—			—			(1,823)						—			(1,715)
Other (c)			—						—			119			56			—			—			—						(37)			138
Balance at September 30, 2026 (a)			397						$	2,786		$	5,882		$	16,177		$	66,715		$	(6,472)		$	(22,735)					$	57		$	62,410

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

(b)Includes $2.9 billion in common stock issuances related to the FirstBank acquisition.

(c)Includes $119 million in preferred stock issuances and $29 million in restricted stock acquisition consideration related to the FirstBank acquisition.

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

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

Table 70: Other Comprehensive Income (Loss)

			Three months ended September 30																								Nine months ended September 30
			2026												2025												2026												2025
In millions			Pre-tax			Tax effect			After-tax						Pre-tax			Tax effect			After-tax						Pre-tax			Tax effect			After-tax						Pre-tax			Tax effect			After-tax
Debt securities
Net unrealized gains (losses) on securities			$	(1,833)		$	449		$	(1,384)					$	495		$	(120)		$	375					$	(2,302)		$	563		$	(1,739)					$	1,325		$	(322)		$	1,003
Less: Net realized (losses) reclassified to earnings (a)			(102)			26			(76)						(172)			42			(130)						(521)			128			(393)						(534)			130			(404)
Net change			(1,731)			423			(1,308)						667			(162)			505						(1,781)			435			(1,346)						1,859			(452)			1,407
Cash flow hedge derivatives
Net unrealized gains (losses) on cash flow hedge derivatives			(1,420)			348			(1,072)						(6)			1			(5)						(2,432)			595			(1,837)						924			(225)			699
Less: Net realized (losses) reclassified to earnings (a)			(38)			10			(28)						(142)			35			(107)						(162)			40			(122)						(522)			127			(395)
Net change			(1,382)			338			(1,044)						136			(34)			102						(2,270)			555			(1,715)						1,446			(352)			1,094
Pension and other postretirement benefit plan adjustments
Net pension and other postretirement benefit plan activity and other reclassified to earnings (b)			1			—			1						1			—			1						3			(1)			2						(20)			5			(15)
Net change			1			—			1						1			—			1						3			(1)			2						(20)			5			(15)
Other
Net unrealized gains (losses) on other transactions			(1)			—			(1)						(2)			(1)			(3)						(5)			—			(5)						(5)			7			2
Net change			(1)			—			(1)						(2)			(1)			(3)						(5)			—			(5)						(5)			7			2
Total other comprehensive income (loss)			$	(3,113)		$	761		$	(2,352)					$	802		$	(197)		$	605					$	(4,053)		$	989		$	(3,064)					$	3,280		$	(792)		$	2,488

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

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

Table 71: Accumulated Other Comprehensive Income (Loss) Components

In millions, after-tax			Debt securities						Cash flow hedge derivatives						Pension and other postretirement benefit plan adjustments						Other															Total
Three months ended
Balance at June 30, 2025			$	(4,197)					$	(322)					$	(125)					$	(38)														$	(4,682)
Net activity			505						102						1						(3)															605
Balance at September 30, 2025 (a)			$	(3,692)					$	(220)					$	(124)					$	(41)														$	(4,077)
Balance at June 30, 2026			$	(3,341)					$	(852)					$	119					$	(46)														$	(4,120)
Net activity			(1,308)						(1,044)						1						(1)															(2,352)
Balance at September 30, 2026 (a)			$	(4,649)					$	(1,896)					$	120					$	(47)														$	(6,472)
Nine months ended
Balance at December 31, 2024			$	(5,099)					$	(1,314)					$	(109)					$	(43)														$	(6,565)
Net activity			1,407						1,094						(15)						2															2,488
Balance at September 30, 2025 (a)			$	(3,692)					$	(220)					$	(124)					$	(41)														$	(4,077)
Balance at December 31, 2025			$	(3,303)					$	(181)					$	118					$	(42)														$	(3,408)
Net activity			(1,346)						(1,715)						2						(5)															(3,064)
Balance at September 30, 2026 (a)			$	(4,649)					$	(1,896)					$	120					$	(47)														$	(6,472)

(a)AOCI included pre-tax losses of $225 million and $255 million from derivatives that hedged the purchase of investment securities classified as held-to-maturity at September 30, 2026 and September 30, 2025, respectively.

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

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

Table 72: Dividends Per Share (a)

			Three months ended September 30						Nine months ended September 30
			2026			2025			2026			2025
Common Stock			$	2.00		$	1.70		$	5.40		$	4.90
Preferred Stock
Series B			$	0.45		$	0.45		$	1.35		$	1.35
Series S (b)			$	—		$	—		$	2,500		$	2,500
Series T			$	850		$	850		$	2,550		$	2,550
Series U			$	1,500		$	1,500		$	4,500		$	4,500
Series V			$	1,550		$	1,550		$	4,650		$	4,650
Series W			$	1,563		$	1,563		$	4,688		$	4,688
Series X			$	18.13		$	—		$	54.39		$	—

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

(b)    See Note 17 Subsequent Events for details on the November 1, 2026 redemption of $525 million of depositary shares representing all of the interests in Series S preferred stock.

On October 2, 2026, the PNC Board of Directors declared a quarterly cash dividend on common stock of $2.00 per share. The dividend is payable on November 5, 2026 to shareholders of record at the close of business October 14, 2026.

NOTE 11 EARNINGS PER SHARE

Table 73: Basic and Diluted Earnings Per Common Share

						Three months ended September 30						Nine months ended September 30
In millions, except per share data						2026			2025			2026			2025
Basic
Net income						$	2,097		$	1,822		$	5,924		$	4,964
Less:
Net income attributable to noncontrolling interests						16			14			43			48
Preferred stock dividends						73			71			231			225
Preferred stock discount accretion and redemptions						2			2			5			6
Net income attributable to common shareholders						2,006			1,735			5,645			4,685
Less: Dividends and undistributed earnings allocated to nonvested restricted shares						12			12			35			31
Net income attributable to basic common shareholders						$	1,994		$	1,723		$	5,610		$	4,654
Basic weighted-average common shares outstanding						401			396			403			397
Basic earnings per common share (a)						$	4.98		$	4.36		$	13.92		$	11.73
Diluted
Net income attributable to diluted common shareholders						$	1,994		$	1,723		$	5,610		$	4,654
Diluted weighted-average common shares outstanding						401			396			403			397
Diluted earnings per common share (a)						$	4.97		$	4.35		$	13.91		$	11.72

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

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

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NOTE 12 FAIR VALUE

Fair Value Measurement

We measure certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability on the measurement date and is determined using an exit price in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair value hierarchy established by GAAP requires us to maximize the use of observable inputs when measuring fair value. For more information regarding the fair value hierarchy, see Note 14 Fair Value in our 2025 Form 10-K. Additionally, for more information regarding the fair value of assets and liabilities from our FirstBank acquisition, see Note 2 Acquisition Activity.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

For more information on the valuation methodologies used to measure assets and liabilities at fair value on a recurring basis, see Note 14 Fair Value in our 2025 Form 10-K. The following table summarizes our assets and liabilities measured at fair value on a recurring basis, including instruments for which we have elected the fair value option.

Table 74: Fair Value Measurements – Recurring Basis Summary

			September 30, 2026																											December 31, 2025
In millions			Level 1						Level 2						Level 3						Total Fair Value									Level 1						Level 2						Level 3						Total Fair Value
Assets
Residential mortgage loans held-for-sale			$	—					$	505					$	109					$	614								$	—					$	552					$	108					$	660
Commercial mortgage loans held-for-sale			—						715						—						715									—						1,059						—						1,059
Securities available-for-sale
U.S. Treasury and government agencies			24,108						1,270						—						25,378									27,871						1,026						—						28,897
Residential mortgage-backed
Agency			—						31,759						—						31,759									—						30,663						—						30,663
Non-agency			—						—						495						495									—						—						548						548
Commercial mortgage-backed
Agency			—						3,797						—						3,797									—						3,372						—						3,372
Non-agency			—						75						79						154									—						173						79						252
Asset-backed			—						3,020						78						3,098									—						2,210						87						2,297
Other			—						2,441						53						2,494									—						2,051						55						2,106
Total securities available-for-sale			24,108						42,362						705						67,175									27,871						39,495						769						68,135
Loans			—						494						572						1,066									—						492						620						1,112
Equity investments (a)			1,106						—						2,324						3,865									820						—						2,503						3,642
Residential mortgage servicing rights			—						—						2,908						2,908									—						—						2,638						2,638
Commercial mortgage servicing rights			—						—						1,141						1,141									—						—						1,021						1,021
Trading securities (b)			1,465						4,450						—						5,915									2,662						4,104						—						6,766
Financial derivatives (b) (c)			3						3,731						3						3,737									6						2,660						6						2,672
Other assets			550						127						17						694									506						162						14						682
Total assets (d)			$	27,232					$	52,384					$	7,779					$	87,830								$	31,865					$	48,524					$	7,679					$	88,387
Liabilities
Interest-bearing deposits			$	—					$	7,587					$	—					$	7,587								$	—					$	3,642					$	—					$	3,642
Other borrowed funds			1,135						257						5						1,397									752						189						7						948
Financial derivatives (c) (e)			16						6,475						96						6,587									1						3,546						79						3,626
Other liabilities			—						28						129						157									—						23						137						160
Total liabilities (f)			$	1,151					$	14,347					$	230					$	15,728								$	753					$	7,400					$	223					$	8,376

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

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

(c)Amounts at September 30, 2026 and December 31, 2025 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See Note 13 Financial Derivatives for additional information related to derivative offsetting.

(d)Total assets at fair value as a percentage of total consolidated assets was 14% and 15% at September 30, 2026 and December 31, 2025, respectively. Level 3 assets as a percentage of total assets at fair value was 9% at both September 30, 2026 and December 31, 2025. Level 3 assets as a percentage of total consolidated assets was 1% at both September 30, 2026 and December 31, 2025.

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

(f)Total liabilities at fair value as a percentage of total consolidated liabilities was 3% and 2% at September 30, 2026 and December 31, 2025, respectively. Level 3 liabilities as a percentage of total liabilities at fair value was 1% and 3% at September 30, 2026 and December 31, 2025, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both September 30, 2026 and December 31, 2025.

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

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Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three and nine months ended September 30, 2026 and 2025 are as follows:

Table 75: Reconciliation of Level 3 Assets and Liabilities

Three Months Ended September 30, 2026

						Total realized / unrealized gains or losses for the  period (a)																																							Unrealized gains/losses for the period on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2026 (a) (c)
Level 3 Instruments Only In millions			Fair Value June 30, 2026			Included in Earnings			Included in Other comprehensive income (b)						Purchases			Sales			Issuances			Settlements			Transfers into Level 3						Transfers out of Level 3									Fair Value Sept. 30, 2026
Assets
Residential mortgage     loans held-for-sale			$	70		$	(2)					$	—		$	46		$	(1)		$	—		$	(4)		$	1					$	(1)		(d)						$	109		$	(2)
Securities available-for-sale
Residential mortgage-   backed non-agency			517			1						(10)			—			—			—			(13)			—						—									495			—
Commercial mortgage-   backed non-agency			79			—						—			—			—			—			—			—						—									79			—
Asset-backed			82			—						(2)			—			—			—			(2)			—						—									78			—
Other			55			—						—			—			—			—			(2)			—						—									53			—
Total securities     available-for-sale			733			1						(12)			—			—			—			(17)			—						—									705			—
Loans			585			1						—			8			(2)			—			(14)			1						(7)			(d)						572			2
Equity investments			2,355			59						—			30			(120)			—			—			—						—									2,324			52
Residential mortgage     servicing rights			2,762			181						—			36			—			11			(82)			—						—									2,908			180
Commercial mortgage     servicing rights			1,039			145						—			22			—			11			(76)			—						—									1,141			146
Financial derivatives			7			2						—			2			—			—			(8)			—						—									3			4
Other assets			18			—						—			—			(1)			—			—			—						—									17			—
Total assets			$	7,569		$	387					$	(12)		$	144		$	(124)		$	22		$	(201)		$	2					$	(8)								$	7,779		$	382
Liabilities
Other borrowed funds			$	4		$	—					$	—		$	—		$	—		$	3		$	(2)		$	—					$	—								$	5		$	—
Financial derivatives			97			39						—			—			1			—			(41)			—						—									96			41
Other liabilities			122			19						—			—			—			36			(48)			—						—									129			9
Total liabilities			$	223		$	58					$	—		$	—		$	1		$	39		$	(91)		$	—					$	—								$	230		$	50
Net gains (losses)						$	329		(e)																																				$	332		(f)

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

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Three Months Ended September 30, 2025

						Total realized / unrealized gains or losses for the  period (a)																																	Unrealized gains/losses for the period on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2025 (a) (c)
Level 3 Instruments Only In millions			Fair Value June 30, 2025			Included in Earnings			Included in Other comprehensive income (b)						Purchases			Sales			Issuances			Settlements			Transfers into Level 3			Transfers out of Level 3						Fair Value Sept. 30, 2025
Assets
Residential mortgage    loans held-for-sale			$	130		$	—					$	—		$	4		$	(1)		$	—		$	(7)		$	1		$	(5)		(d)			$	122		$	—
Commercial mortgage     loans held-for-sale			1			—						—			—			—			—			(1)			—			—						—			—
Securities available-for-sale
Residential mortgage-     backed non-agency			581			2						(1)			—			—			—			(22)			—			—						560			—
Commercial mortgage-   backed non-agency			79			—						—			—			—			—			—			—			—						79			—
Asset-backed			90			—						1			—			—			—			(3)			—			—						88			—
Other			55			—						(1)			3			—			—			(3)			—			—						54			—
Total securities     available-for-sale			805			2						(1)			3			—			—			(28)			—			—						781			—
Loans			651			4						—			5			(2)			—			(17)			5			(6)			(d)			640			4
Equity investments			2,232			34						—			54			(83)			—			—			—			—						2,237			33
Residential mortgage     servicing rights			2,457			10						—			215			—			8			(68)			—			—						2,622			10
Commercial mortgage     servicing rights			1,010			42						—			14			—			17			(78)			—			—						1,005			42
Financial derivatives			9			11						—			—			—			—			(11)			—			—						9			12
Other assets			13			—						—			1			—			—			—			—			—						14			—
Total assets			$	7,308		$	103					$	(1)		$	296		$	(86)		$	25		$	(210)		$	6		$	(11)					$	7,430		$	101
Liabilities
Other borrowed funds			$	11		$	—					$	—		$	—		$	—		$	3		$	(4)		$	—		$	—					$	10		$	—
Financial derivatives			109			26						—			—			1			—			(28)			—			—						108			34
Other liabilities			118			16						—			—			—			215			(210)			11			—						150			17
Total liabilities			$	238		$	42					$	—		$	—		$	1		$	218		$	(242)		$	11		$	—					$	268		$	51
Net gains (losses)						$	61		(e)																														$	50		(f)

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

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Nine Months Ended September 30, 2026

						Total realized / unrealized gains or losses for the  period (a)																																				Unrealized gains/losses for the period on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2026 (a) (c)
Level 3 Instruments Only In millions			Fair Value Dec. 31, 2025			Included in Earnings			Included in Other comprehensive income (b)						Purchases			Sales			Issuances			Settlements			Transfers into Level 3			Transfers out of Level 3						Impact from FirstBank Acquisition			Fair Value Sept. 30, 2026
Assets
Residential mortgage     loans held-for-sale			$	108		$	(2)					$	—		$	48		$	(34)		$	—		$	(8)		$	4		$	(7)		(d)			$	—		$	109		$	(2)
Securities available-for-sale
Residential mortgage-    backed non-agency			548			6						(16)			—			—			—			(43)			—			—						—			495			—
Commercial mortgage-     backed non-agency			79			—						—			—			—			—			—			—			—						—			79			(3)
Asset-backed			87			1						(2)			—			—			—			(8)			—			—						—			78			—
Other			55			1						—			3			—			—			(6)			—			—						—			53			—
Total securities     available-for-sale			769			8						(18)			3			—			—			(57)			—			—						—			705			(3)
Loans			620			5						—			19			(2)			—			(52)			4			(22)			(d)			—			572			5
Equity investments			2,503			65						—			138			(382)			—			—			—			—						—			2,324			37
Residential mortgage     servicing rights			2,638			190						—			276			—			31			(237)			—			—						10			2,908			190
Commercial mortgage     servicing rights			1,021			252						—			53			—			37			(222)			—			—						—			1,141			252
Financial derivatives			6			21						—			3			—			—			(27)			—			—						—			3			24
Other assets			14			—						2			2			(1)			—			—			—			—						—			17			—
Total assets			$	7,679		$	539					$	(16)		$	542		$	(419)		$	68		$	(603)		$	8		$	(29)					$	10		$	7,779		$	503
Liabilities
Other borrowed funds			$	7		$	—					$	—		$	—		$	—		$	8		$	(10)		$	—		$	—					$	—		$	5		$	—
Financial derivatives			79			146						—			—			15			—			(144)			—			—						—			96			161
Other liabilities			137			17						—			—			—			276			(301)			—			—						—			129			12
Total liabilities			$	223		$	163					$	—		$	—		$	15		$	284		$	(455)		$	—		$	—					$	—		$	230		$	173
Net gains (losses)						$	376		(e)																																	$	330		(f)

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

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Nine Months Ended September 30, 2025

						Total realized / unrealized gains or losses for the  period (a)																																				Unrealized gains/losses for the period on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2025 (a) (c)
Level 3 Instruments Only In millions			Fair Value Dec. 31, 2024			Included in Earnings			Included in Other comprehensive income (b)						Purchases			Sales			Issuances			Settlements			Transfers into Level 3			Transfers out of Level 3									Fair Value Sept. 30, 2025
Assets
Residential mortgage    loans held-for-sale			$	68		$	1					$	—		$	77		$	(2)		$	—		$	(13)		$	6		$	(15)		(d)						$	122		$	1
Commercial mortgage     loans held-for-sale			4			—						—			—			—			—			(4)			—			—									—			—
Securities available-for-sale
Residential mortgage-     backed non-agency			603			7						8			—			—			—			(58)			—			—									560			—
Commercial mortgage-     backed non-agency			103			(3)						1			—			—			—			(22)			—			—									79			(3)
Asset-backed			93			1						2			—			—			—			(8)			—			—									88			—
Other			54			1						—			6			—			—			(7)			—			—									54			—
Total securities     available-for-sale			853			6						11			6			—			—			(95)			—			—									781			(3)
Loans			670			9						—			22			(3)			—			(55)			12			(15)			(d)						640			9
Equity investments			2,111			89						—			270			(233)			—			—			—			—									2,237			62
Residential mortgage     servicing rights			2,626			(47)						—			216			—			22			(195)			—			—									2,622			(47)
Commercial mortgage     servicing rights			1,085			53						—			59			—			41			(233)			—			—									1,005			53
Financial derivatives			4			30						—			1			—			—			(26)			—			—									9			32
Other assets			10			—						2			3			(1)			—			—			—			—									14			—
Total assets			$	7,431		$	141					$	13		$	654		$	(239)		$	63		$	(621)		$	18		$	(30)								$	7,430		$	107
Liabilities
Other borrowed funds			$	10		$	—					$	—		$	—		$	—		$	13		$	(13)		$	—		$	—								$	10		$	—
Financial derivatives			150			67						—			—			4			—			(113)			—			—									108			70
Other liabilities			177			32						—			—			—			215			(285)			11			—									150			28
Total liabilities			$	337		$	99					$	—		$	—		$	4		$	228		$	(411)		$	11		$	—								$	268		$	98
Net gains (losses)						$	42		(e)																																	$	9		(f)

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

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

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

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

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

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

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

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

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

Table 76: Fair Value Measurements – Recurring Quantitative Information

Level 3 Instruments Only Dollars in millions

Fair Value

Valuation Techniques

Unobservable Inputs

Range (Weighted-Average) (a)

September 30, 2026

Residential mortgage loans held-for-sale

$

109

Consensus pricing (b)

Cumulative default rate

3.6% - 100.0% (31.2%)

Loss severity

7.9% weighted-average

Discount rate

5.5% - 9.0% (5.9%)

Residential mortgage-backed     non-agency securities

495

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

Constant prepayment rate

1.0% - 23.1% (2.0%)

Constant default rate

0.0% - 13.5% (1.9%)

Loss severity

38.7% weighted-average

Spread over the benchmark curve (c)

126bps weighted-average

Loans - residential real estate non- government insured

444

Consensus pricing (b)

Cumulative default rate

3.6% - 100.0% (52.0%)

Loss severity

5.0% weighted-average

Discount rate

5.5% - 7.5% (5.7%)

Equity investments

2,324

Multiple of adjusted earnings

Multiple of earnings

5.0x - 18.0x (10.7x)

Residential mortgage servicing rights

2,908

Discounted cash flow

Constant prepayment rate

0.0% - 46.1% (5.9%)

Spread over the benchmark curve (c)

343bps - 1,925bps (706bps)

Commercial mortgage servicing rights

1,141

Discounted cash flow

Constant prepayment rate

3.8% - 6.9% (4.1%)

Discount rate

9.8% - 12.0% (11.6%)

Insignificant Level 3 assets, net of     liabilities (d)

128

Total Level 3 assets, net of liabilities (e)

$

7,549

December 31, 2025

Residential mortgage loans held-for-sale

$

108

Consensus pricing (b)

Cumulative default rate

3.6% - 100.0% (33.8%)

Loss severity

5.7% weighted-average

Discount rate

5.5% - 9.0% (5.9%)

Residential mortgage-backed     non-agency securities

548

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

Constant prepayment rate

1.0% - 23.1% (3.7%)

Constant default rate

0.0% - 13.5% (1.9%)

Loss severity

15.0% - 100.0% (42.5%)

Spread over the benchmark curve (c)

176bps weighted-average

Loans - residential real estate     non-government insured

474

Consensus pricing (b)

Cumulative default rate

3.6% - 100.0% (52.7%)

Loss severity

5.0% weighted-average

Discount rate

5.5% - 7.5% (5.7%)

Equity investments

2,503

Multiple of adjusted earnings

Multiple of earnings

5.5x - 24.0x (10.8x)

Residential mortgage servicing rights

2,638

Discounted cash flow

Constant prepayment rate

0.0% - 41.4% (6.7%)

Spread over the benchmark curve (c)

314bps - 3,270bps (734bps)

Commercial mortgage servicing rights

1,021

Discounted cash flow

Constant prepayment rate

4.3% - 7.0% (4.4%)

Discount rate

8.7% - 10.9% (10.6%)

Insignificant Level 3 assets, net of     liabilities (d)

164

Total Level 3 assets, net of liabilities (e)

$

7,456

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

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

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

(d)Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain financial derivative assets and liabilities, certain debt securities available-for-sale, government insured residential real estate loans, home equity loans, other assets, other borrowed funds and other liabilities.

(e)Consists of total Level 3 assets of $7.8 billion and total Level 3 liabilities of $0.2 billion as of September 30, 2026 and $7.7 billion and $0.2 billion as of December 31, 2025, respectively.

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

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Financial Assets Accounted for at Fair Value on a Nonrecurring Basis

We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment and are included in Table 77. For more information regarding the valuation methodologies of our financial assets measured at fair value on a nonrecurring basis, see Note 14 Fair Value in our 2025 Form 10-K.

Assets measured at fair value on a nonrecurring basis follow:

Table 77: Fair Value Measurements – Nonrecurring (a) (b) (c)

			Fair Value												Gains (Losses) Three months ended												Gains (Losses) Nine months ended
In millions			September 30 2026						December 31 2025						September 30 2026						September 30 2025						September 30 2026						September 30 2025
Assets
Nonaccrual loans			$	433					$	510					$	(84)					$	(66)					$	(97)					$	(142)
Equity investments			335						147						(4)						—						(2)						(1)
Loans held-for-sale			1,370						13						(35)						(2)						(35)						(2)
OREO, foreclosed and other assets			58						49						3						(14)						3						(14)
Long-lived assets			8						6						(4)						(1)						(4)						(3)
Total assets			$	2,204					$	725					$	(124)					$	(83)					$	(135)					$	(162)

(a)All Level 3 for the periods presented except for $13 million included in Loans held-for-sale categorized as Level 2 at December 31, 2025.

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

(c)Unobservable inputs used are appraised value/sales price, broker opinions, market rate of return or projected income/required improvement costs. Additional quantitative information is not meaningful for the periods presented.

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

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Financial Instruments Accounted for under Fair Value Option

We elect the fair value option to account for certain financial instruments. For more information on these financial instruments for

which the fair value option election has been made, see Note 14 Fair Value in our 2025 Form 10-K.

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

Table 78: Fair Value Option – Fair Value and Principal Balances

			September 30, 2026																		December 31, 2025
In millions			Fair Value (a)						Aggregate Unpaid Principal Balance						Difference						Fair Value (a)						Aggregate Unpaid Principal Balance						Difference
Assets
Residential mortgage loans held-for-sale
Accruing loans less than 90 days past due			$	592					$	606					$	(14)					$	641					$	636					$	5
Accruing loans 90 days or more past due			7						7						—						5						5						—
Nonaccrual loans			15						17						(2)						14						15						(1)
Total			$	614					$	630					$	(16)					$	660					$	656					$	4
Commercial mortgage loans held-for-sale (b) (c)
Accruing loans less than 90 days past due			$	715					$	744					$	(29)					$	1,059					$	1,059					$	—
Loans
Accruing loans less than 90 days past due			$	680					$	758					$	(78)					$	716					$	796					$	(80)
Accruing loans 90 days or more past due			179						193						(14)						159						172						(13)
Nonaccrual loans			207						287						(80)						237						327						(90)
Total			$	1,066					$	1,238					$	(172)					$	1,112					$	1,295					$	(183)
Other assets			$	128					$	144					$	(16)					$	162					$	154					$	8
Liabilities
Interest-bearing deposits			$	7,587					$	7,602					$	(15)					$	3,642					$	3,641					$	1
Other borrowed funds			$	38					$	39					$	(1)					$	31					$	32					$	(1)
Other liabilities with contractual unpaid principal balance			$	28					$	32					$	(4)					$	23					$	25					$	(2)
Other liabilities without contractual unpaid principal balance			$	108					$	—					$	108					$	122					$	—					$	122

(a)Amounts exclude accrued interest.

(b)There were no accruing loans 90 days or more past due within this category at September 30, 2026 or December 31, 2025.

(c)There were no nonaccrual loans within this category at September 30, 2026 or December 31, 2025.

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

Table 79: Fair Value Option – Changes in Fair Value Included in Earnings (a)(b)

			Gains (Losses)												Gains (Losses)
			Three months ended												Nine months ended
In millions			September 30, 2026						September 30, 2025						September 30, 2026						September 30, 2025
Assets
Residential mortgage loans held-for-sale			$	(14)					$	10					$	4					$	(2)
Commercial mortgage loans held-for-sale			$	(21)					$	5					$	4					$	34
Loans			$	3					$	6					$	9					$	14
Other assets			$	(11)					$	9					$	10					$	7
Liabilities
Interest-bearing deposits			$	14					$	(3)					$	16					$	(2)
Other liabilities			$	(8)					$	(17)					$	(10)					$	(28)

(a)Amounts exclude interest income and interest expense.

(b)The impact on earnings of any offsetting hedging instruments is not reflected in these amounts.

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

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

The following table presents the carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of all other financial instruments that are not recorded on our Consolidated Balance Sheet at fair value as of September 30, 2026 and December 31, 2025. For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 80, see Note 14 Fair Value in our 2025 Form 10-K.

Table 80: Additional Fair Value Information Related to Other Financial Instruments

			Carrying						Fair Value
In millions			Amount						Total						Level 1						Level 2						Level 3
September 30, 2026
Assets
Cash and due from banks			$	5,755					$	5,755					$	5,755					$	—					$	—
Interest-earning deposits with banks			24,670						24,670						23,880						790						—
Securities held-to-maturity			79,199						73,046						12,402						60,498						146
Net loans (excludes leases)			366,286						361,114						—						—						361,114
Other assets			7,695						7,695						—						6,437						1,258
Total assets			$	483,605					$	472,280					$	42,037					$	67,725					$	362,518
Liabilities
Time deposits			$	32,762					$	32,950					$	—					$	32,950					$	—
Borrowed funds			78,289						79,299						—						79,069						230
Unfunded lending related commitments			850						850						—						—						850
Other liabilities			1,244						1,244						—						1,244						—
Total liabilities			$	113,145					$	114,343					$	—					$	113,263					$	1,080
December 31, 2025
Assets
Cash and due from banks			$	6,777					$	6,777					$	6,777					$	—					$	—
Interest-earning deposits with banks			32,936						32,936						31,975						961						—
Securities held-to-maturity			70,109						67,979						19,564						48,247						168
Net loans (excludes leases)			318,869						316,005						—						—						316,005
Other assets			5,109						5,109						—						5,109						—
Total assets			$	433,800					$	428,806					$	58,316					$	54,317					$	316,173
Liabilities
Time deposits			$	30,361					$	30,576					$	—					$	30,576					$	—
Borrowed funds			56,097						57,289						—						56,793						496
Unfunded lending related commitments			818						818						—						—						818
Other liabilities			1,091						1,091						—						1,091						—
Total liabilities			$	88,367					$	89,774					$	—					$	88,460					$	1,314

The aggregate fair values in Table 80 represent only a portion of the total market value of our assets and liabilities as, in accordance with the guidance related to fair values about financial instruments, we exclude the following:

•financial instruments recorded at fair value on a recurring basis (as they are disclosed in Table 74),

•investments accounted for under the equity method,

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

•real and personal property,

•lease financing,

•loan customer relationships,

•deposit customer intangibles,

•retail branch networks,

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

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

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

•insurance contracts.

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

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NOTE 13 FINANCIAL DERIVATIVES

We use a variety of financial derivatives to both mitigate exposure to market (primarily interest rate) and credit risks inherent in our business activities, as well as to facilitate customer risk management activities. We manage these risks as part of our overall asset and liability management process and through our credit policies and procedures. Derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based on a notional amount and an underlying as specified in the contract.

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

For more information on derivatives, see Note 1 Accounting Policies and Note 15 Financial Derivatives in our 2025 Form 10-K.

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

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The following table presents the notional and gross fair value amounts of all derivative assets and liabilities held by us.

Table 81: Total Gross Derivatives (a)

			September 30, 2026									December 31, 2025
In millions			Notional / Contract Amount			Asset Fair Value (b)			Liability Fair Value (c)			Notional / Contract Amount			Asset Fair Value (b)			Liability Fair Value (c)
Derivatives designated for hedging
Interest rate contracts (d)
Fair value hedges			$	53,805		$	—		$	—		$	60,799		$	—		$	—
Cash flow hedges			85,735			—			—			59,994			—			—
Foreign exchange contracts
Net investment hedges			1,511			16			—			1,387			—			6
Total derivatives designated for hedging			$	141,051		$	16		$	—		$	122,180		$	—		$	6
Derivatives not designated for hedging
Derivatives used for mortgage banking activities (e)
Interest rate contracts
Swaps			$	46,276		$	—		$	—		$	34,357		$	—		$	—
Futures (f)			5,924			—			—			9,915			—			—
Mortgage-backed commitments			5,762			194			143			6,199			69			60
Other			12,797			21			35			12,438			25			16
Total interest rate contracts			70,759			215			178			62,909			94			76
Derivatives used for customer-related activities
Interest rate contracts
Swaps			387,537			1,519			4,585			409,522			1,459			2,383
Futures (f)			8			—			—			45			—			—
Mortgage-backed commitments			8,108			111			55			8,278			7			12
Other			45,623			200			204			36,493			58			49
Total interest rate contracts			441,276			1,830			4,844			454,338			1,524			2,444
Commodity contracts
Swaps			6,943			589			569			5,129			315			288
Other			7,466			320			319			7,904			234			234
Total commodity contracts			14,409			909			888			13,033			549			522
Foreign exchange contracts and other			63,118			609			578			43,025			493			417
Total derivatives for customer-related activities			518,803			3,348			6,310			510,396			2,566			3,383
Derivatives used for other risk management activities
Foreign exchange contracts and other			25,146			158			99			18,553			12			161
Total derivatives not designated for hedging			$	614,708		$	3,721		$	6,587		$	591,858		$	2,672		$	3,620
Total gross derivatives			$	755,759		$	3,737		$	6,587		$	714,038		$	2,672		$	3,626
Less: Impact of legally enforceable master netting agreements						1,176			1,176						1,158			1,158
Less: Cash collateral received/paid						1,171			1,186						494			743
Total derivatives						$	1,390		$	4,225					$	1,020		$	1,725

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

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

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

(d)Represents primarily swaps.

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

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

All derivatives are carried on our Consolidated Balance Sheet at fair value. Derivative balances are presented on the Consolidated Balance Sheet on a net basis taking into consideration the effects of legally enforceable master netting agreements and, when appropriate, any related cash collateral exchanged with counterparties. Further discussion regarding the offsetting rights associated with these legally enforceable master netting agreements is included in the Offsetting and Counterparty Credit Risk section of this Note 13. Any nonperformance risk, including credit risk, is included in the determination of the estimated net fair value of the derivatives.

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

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Derivatives Designated as Hedging Instruments

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

Fair Value Hedges

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

Cash Flow Hedges

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

In the 12 months that follow September 30, 2026, we expect to reclassify net derivative losses of $432 million pre-tax, or $333 million after-tax, from AOCI to interest income for these cash flow hedge strategies. This reclassified amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to September 30, 2026. As of September 30, 2026, the maximum length of time over which forecasted transactions are hedged is ten years.

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

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

Table 82: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b) (c)

			Location and Amount of Gains (Losses) Recognized in Income
			Interest Income						Interest Expense			Noninterest Income
In millions			Loans			Investment Securities			Borrowed Funds			Other
For the three months ended September 30, 2026
Total amounts reported on the Consolidated Income Statement			$	5,187		$	1,356		$	999		$	214
Gains (losses) on fair value hedges recognized on:
Hedged items (d)			$	—		$	(538)		$	1,274		$	—
Derivatives			$	—		$	536		$	(1,285)		$	—
Amounts related to interest settlements on derivatives			$	—		$	(9)		$	(21)		$	—
Gains (losses) on cash flow hedges (e):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(30)		$	(8)		$	—		$	—
Other amounts related to interest settlements on derivatives			$	7		$	—		$	—		$	—
For the three months ended September 30, 2025
Total amounts reported on the Consolidated Income Statement			$	4,751		$	1,211		$	899		$	198
Gains (losses) on fair value hedges recognized on:
Hedged items (d)			$	—		$	25		$	(139)		$	—
Derivatives			$	—		$	(23)		$	139		$	—
Amounts related to interest settlements on derivatives			$	—		$	30		$	(106)		$	—
Gains (losses) on cash flow hedges (e):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(133)		$	(9)		$	—		$	—
Other amounts related to interest settlements on derivatives			$	(4)		$	—		$	—		$	—
For the nine months ended September 30, 2026
Total amounts reported on the Consolidated Income Statement			$	14,965		$	3,821		$	2,652		$	828
Gains (losses) on fair value hedges recognized on:
Hedged items (d)			$	—		$	(875)		$	1,787		$	—
Derivatives			$	—		$	871		$	(1,797)		$	—
Amounts related to interest settlements on derivatives			$	—		$	(20)		$	(85)		$	—
Gains (losses) on cash flow hedges (e):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(125)		$	(22)		$	—		$	(15)
Other amounts related to interest settlements on derivatives			$	7		$	—		$	—		$	—
For the nine months ended September 30, 2025
Total amounts reported on the Consolidated Income Statement			$	13,832		$	3,486		$	2,615		$	547
Gains (losses) on fair value hedges recognized on:
Hedged items (d)			$	—		$	536		$	(1,015)		$	—
Derivatives			$	—		$	(532)		$	1,020		$	—
Amounts related to interest settlements on derivatives			$	—		$	79		$	(301)		$	—
Gains (losses) on cash flow hedges (e):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(499)		$	(25)		$	—		$	2
Other amounts related to interest settlements on derivatives			$	(2)		$	—		$	—		$	—

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

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

(c)Gains (losses) on fair value hedges related to deposits are included in Deposits interest expense on our Consolidated Income Statement and were insignificant for all periods presented.

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

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

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

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

Table 83: Hedged Items - Fair Value Hedges

 

			September 30, 2026												December 31, 2025
In millions			Carrying Value of the Hedged Items						Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a)						Carrying Value of the Hedged Items						Cumulative Fair Value Hedge Adjustment  included in the Carrying  Value of Hedged Items (a)
Investment securities - available-for-sale (b)			$	13,580					$	(682)					$	22,651					$	174
Borrowed funds			$	38,821					$	(1,887)					$	39,945					$	(101)
Deposits			$	400					$	—					$	100					$	—

(a)Includes an insignificant amount of fair value hedge adjustments related to discontinued available-for-sale securities and borrowed funds hedge relationships at both September 30, 2026 and December 31, 2025.

(b)Carrying value shown represents amortized cost.

Net Investment Hedges

We enter into foreign currency forward contracts to hedge non-U.S. dollar net investments in foreign subsidiaries against adverse changes in foreign exchange rates. We assess whether the hedging relationship is highly effective in achieving offsetting changes in the value of the hedge and hedged item by qualitatively verifying that the critical terms of the hedge and hedged item match at the inception of the hedging relationship and on an ongoing basis. Net investment hedge derivatives are classified as foreign exchange contracts. There were no components of derivative gains or losses excluded from the assessment of the hedge effectiveness for the periods presented. Net gains (losses) on net investment hedge derivatives recognized in OCI were $1 million for the three months ended September 30, 2026 compared to $28 million for the three months ended September 30, 2025 and $21 million for the nine months ended September 30, 2026 compared to $(96) million for the same period in 2025.

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

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Derivatives Not Designated as Hedging Instruments

For additional information on derivatives not designated as hedging instruments under GAAP, see Note 15 Financial Derivatives in our 2025 Form 10-K.

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

Table 84: Gains (Losses) on Derivatives Not Designated for Hedging under GAAP

									Three months ended September 30									Nine months ended September 30
In millions												2026			2025						2026			2025
Derivatives used for mortgage banking activities:
Interest rate contracts (a)												$	(207)		$	14					$	(257)		$	133
Derivatives used for customer-related activities:
Interest rate contracts												144			12						176			(3)
Foreign exchange contracts and other												50			47						156			224
Gains from customer-related activities (b)												194			59						332			221
Derivatives used for other risk management activities:
Foreign exchange contracts and other (c)												20			61						96			(500)
Total gains (losses) from derivatives not designated as hedging instruments												$	7		$	134					$	171		$	(146)

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

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

(c)Included in Capital markets and advisory and Other noninterest income and Deposits interest expense on our Consolidated Income Statement.

Offsetting and Counterparty Credit Risk

We generally utilize a net presentation on the Consolidated Balance Sheet for those derivative financial instruments entered into with counterparties under legally enforceable master netting agreements. The master netting agreements reduce credit risk by permitting the closeout netting of all outstanding derivative instruments under the master netting agreement with the same counterparty upon the occurrence of an event of default. The master netting agreement also may require the exchange of cash or marketable securities to collateralize either party’s net position. For additional information on derivative offsetting and counterparty credit risk, see Note 15 Financial Derivatives in our 2025 Form 10-K.

Table 85 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities at September 30, 2026 and December 31, 2025. The table includes cash collateral held or pledged under legally enforceable master netting agreements. The table also includes the fair value of any securities collateral held or pledged under legally enforceable master netting agreements. Cash and securities collateral amounts are included in the table only to the extent of the related net derivative fair values.

Table 85 includes OTC derivatives not settled through an exchange (“OTC derivatives”) and OTC derivatives cleared through a central clearing house (“OTC cleared derivatives”). OTC derivatives represent contracts executed bilaterally with counterparties that are not settled through an organized exchange or directly cleared through a central clearing house. The majority of OTC derivatives are governed by the ISDA documentation or other legally enforceable master netting agreements. OTC cleared derivatives represent contracts executed bilaterally with counterparties in the OTC market that are novated to a central clearing house that then becomes our counterparty. OTC cleared derivative instruments are typically settled in cash each day based on the prior day value.

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

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Table 85: Derivative Assets and Liabilities Offsetting

In millions												Amounts Offset on the Consolidated Balance Sheet																								Securities Collateral Held/Pledged Under Master Netting Agreements
						Gross Fair Value						Fair Value Offset Amount						Cash Collateral						Net Fair Value																		Net Amounts
September 30, 2026
Derivative assets
Interest rate contracts
Over-the-counter cleared						$	142					$	—					$	—					$	142											$	—					$	142
Over-the-counter						1,903						628						748						527												9						518
Commodity contracts						909						371						212						326												2						324
Foreign exchange and other contracts						783						177						211						395												—						395
Total derivative assets						$	3,737					$	1,176					$	1,171					$	1,390					(a)						$	11					$	1,379
Derivative liabilities
Interest rate contracts
Over-the-counter cleared						$	67					$	—					$	—					$	67											$	—					$	67
Over-the-counter						4,955						330						1,089						3,536												55						3,481
Commodity contracts						888						531						45						312												—						312
Foreign exchange and other contracts						677						315						52						310												—						310
Total derivative liabilities						$	6,587					$	1,176					$	1,186					$	4,225					(b)						$	55					$	4,170
December 31, 2025
Derivative assets
Interest rate contracts
Over-the-counter cleared						$	10					$	—					$	—					$	10											$	—					$	10
Over-the-counter						1,608						715						353						540												61						479
Commodity contracts						549						328						96						125												13						112
Foreign exchange and other contracts						505						115						45						345												2						343
Total derivative assets						$	2,672					$	1,158					$	494					$	1,020					(a)						$	76					$	944
Derivative liabilities
Interest rate contracts
Over-the-counter cleared						$	17					$	—					$	—					$	17											$	—					$	17
Over-the-counter						2,503						615						616						1,272												29						1,243
Commodity contracts						522						305						8						209												—						209
Foreign exchange and other contracts						584						238						119						227												—						227
Total derivative liabilities						$	3,626					$	1,158					$	743					$	1,725					(b)						$	29					$	1,696

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

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

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

At September 30, 2026, cash and debt securities (primarily agency mortgage-backed securities) totaling $2.2 billion were pledged to us under master netting agreements and other collateral agreements to collateralize net derivative assets due from counterparties and to meet initial margin requirements, and we pledged cash and debt securities (primarily agency mortgage-backed securities) totaling $2.4 billion under these agreements to collateralize net derivative liabilities owed to counterparties and to meet initial margin requirements. These totals may differ from the amounts presented in the preceding offsetting table because these totals may include collateral exchanged under an agreement that does not qualify as a master netting agreement or because the total amount of collateral pledged exceeds the net derivative fair values with the counterparty as of the balance sheet date due to timing or other factors, such as initial margin. To the extent not netted against the derivative fair values under a master netting agreement, the receivable for cash pledged is included in Other assets and the obligation for cash held is included in Other liabilities on our Consolidated Balance Sheet. Securities pledged to us by counterparties are not recognized on our balance sheet. Likewise, securities we have pledged to counterparties remain on our balance sheet.

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

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Credit-Risk Contingent Features

Certain derivative agreements contain various credit-risk-related contingent provisions, such as those that require our debt to maintain a specified credit rating from one or more of the major credit rating agencies. If our debt ratings were to fall below such specified ratings, the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full collateralization on derivative instruments in net liability positions. The following table presents the aggregate fair value of derivative instruments with credit-risk-related contingent features, the associated collateral posted in the normal course of business and the maximum amount of collateral we would be required to post if the credit-risk-related contingent features underlying these agreements had been triggered on September 30, 2026 and December 31, 2025.

Table 86: Credit-Risk Contingent Features

In billions			September 30, 2026						December 31, 2025
Net derivative liabilities with credit-risk contingent features			$	4.9					$	2.3
Less: Collateral posted			1.3						0.8
Maximum additional amount of collateral exposure			$	3.6					$	1.5

NOTE 14 LEGAL PROCEEDINGS

We establish accruals for legal proceedings, including litigation and regulatory and governmental investigations and inquiries, when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances. When we are able to do so, we also determine estimates of reasonably possible losses or ranges of reasonably possible losses, whether in excess of any related accrued liability or where there is no accrued liability, for disclosed legal proceedings (“Disclosed Matters,” which are those matters disclosed in Note 20 Legal Proceedings in our 2025 Form 10-K and in Note 14 Legal Proceedings in our prior period 2026 Form 10-Qs (such prior disclosure referred to as “Prior Disclosure”)). For Disclosed Matters where we are able to estimate such possible losses or ranges of possible losses, as of September 30, 2026, we estimate that it is reasonably possible that we could incur losses in excess of related accrued liabilities, if any, in an aggregate amount less than $300 million. The estimates included in this amount are based on our analysis of currently available information and are subject to significant judgment and a variety of assumptions and uncertainties. As new information is obtained we may change our estimates. Due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to us from the legal proceedings in question. Thus, our exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or this aggregate amount.

As a result of the types of factors described in Note 20 Legal Proceedings in our 2025 Form 10-K, we are unable, at this time, to estimate the losses that are reasonably possible to be incurred or ranges of such losses with respect to some of the Disclosed Matters, and the aggregate estimated amount provided above does not include an estimate for every Disclosed Matter. Therefore, as the estimated aggregate amount disclosed above does not include all of the Disclosed Matters, the amount disclosed above does not represent our maximum reasonably possible loss exposure for all of the Disclosed Matters. The estimated aggregate amount also does not reflect any of our exposure to matters not so disclosed, as discussed below under “Other.”

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

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

Regulatory and Governmental Inquiries

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

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

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

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result in significant reputational harm or other adverse consequences. Our practice is to cooperate fully with regulatory and governmental investigations, audits and other inquiries.

Other

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

NOTE 15 SEGMENT REPORTING

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. Results of our reportable business segments are regularly reviewed by the CODM, our Chief Executive Officer. Specifically, the CODM reviews actual and forecasted quarterly financial reporting results, including net income, to assess performance and allocate resources accordingly. However, the CODM may use other metrics on an ad hoc basis as warranted.

The following describes the products and services of each business segment:

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

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

Asset Management Group provides private banking for high net worth and ultra-high net worth clients and institutional asset management. The Asset Management Group is composed of two operating units:

•PNC Private Bank provides products and services to emerging affluent, high net worth and ultra-high net worth individuals and their families including investment and retirement planning, customized investment management, credit and cash management solutions, trust management and administration. In addition, multi-generational family planning services are also provided to ultra-high net worth individuals and their families, which include estate, financial, tax, fiduciary and customized performance reporting.

•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.

The remaining corporate operations that do not meet the criteria for disclosure as a separate reportable business segment have been included in Other activities in Table 87 for reconciliation purposes. 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.

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

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Basis of Presentation

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

Funds Transfer Pricing

Net interest income in business segment results reflects our internal FTP methodology, which is designed to consider interest rate and liquidity risks. Under our methodology, assets receive a funding charge while liabilities and capital receive a funding credit based on market interest rates, product characteristics and other factors.

Our FTP framework considers the application of funding curves and methodologies consistently across the balance sheet. A residual gain or loss from FTP operations is not allocated to our reportable business segments. This residual gain or loss is reviewed by management quarterly, in accordance with the interagency guidance of the FDIC, Federal Reserve and OCC.

Segment Allocations

Financial results are presented, to the extent practicable, as if each business operated on a standalone basis, and includes expense allocations for corporate overhead services used by the business segments.

Certain costs are not allocated to our reportable business segments because they (i) are transitory or highly irregular in nature, (ii) exist solely to support corporate activities unrelated to business segment operations, or (iii) reflect residual costs for an exited business.

We have allocated the ALLL and the allowance for unfunded lending related commitments based on the loan exposures within each business segment’s portfolio.

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

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Results of our reportable business segments for the three and nine months ended September 30, 2026 and 2025 are as follows:

Table 87: Business Segment Results and Reconciliation to Consolidated Results

Three months ended September 30			Retail Banking						Corporate & Institutional Banking									Asset Management Group
In millions			2026			2025			2026						2025			2026			2025
Net interest income (a)			$	3,246		$	3,050		$	2,025					$	1,863		$	188		$	179
Noninterest income			842			790			1,167						1,132			271			254
Total revenue (a)			4,088			3,840			3,192						2,995			459			433
Provision for credit losses			115			126			76						44			(4)			4
Noninterest expense
Personnel			561			529			455						403			122			115
Segment allocations (b)			1,069			979			436						387			135			120
Depreciation and amortization			138			97			47						46			11			9
Other (c)			336			336			168						140			28			29
Total noninterest expense			2,104			1,941			1,106						976			296			273
Income before income taxes and noncontrolling interests (a)			1,869			1,773			2,010						1,975			167			156
Income taxes (a)			435			413			453						425			39			36
Net income (a)			1,434			1,360			1,557						1,550			128			120
Less: Net income attributable to noncontrolling interests			9			9			5						5			—			—
Net income excluding noncontrolling interests (a)			$	1,425		$	1,351		$	1,552					$	1,545		$	128		$	120
Average assets			$	127,602		$	114,146		$	276,846					$	238,338		$	15,185		$	14,575
Three months ended September 30									Other activities									Consolidated
In millions									2026						2025			2026			2025
Net interest income (a)									$	(1,253)					$	(1,444)		$	4,206		$	3,648
Noninterest income									76						91			2,356			2,267
Total revenue (a)									(1,177)						(1,353)			6,562			5,915
Provision for credit losses									2						(7)			189			167
Total noninterest expense									245						271			3,751			3,461
Income before income taxes and noncontrolling interests (a)									(1,424)						(1,617)			2,622			2,287
Income taxes (a)									(402)						(409)			525			465
Net income (a)									(1,022)						(1,208)			2,097			1,822
Less: Net income attributable to noncontrolling interests									2						—			16			14
Net income excluding noncontrolling interests (a)									$	(1,024)					$	(1,208)		$	2,081		$	1,808
Average Assets									$	209,253					$	204,474		$	628,886		$	571,533

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

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(Continued from previous page)
Nine months ended September 30			Retail Banking						Corporate & Institutional Banking									Asset Management Group
In millions			2026			2025			2026						2025			2026			2025
Net interest income (a)			$	9,771		$	8,933		$	5,918					$	5,398		$	572		$	541
Noninterest income			2,839			2,278			3,602						3,132			804			741
Total revenue (a)			12,610			11,211			9,520						8,530			1,376			1,282
Provision for credit losses			359			377			229						277			(2)			(8)
Noninterest expense
Personnel			1,683			1,606			1,417						1,149			367			351
Segment allocations (b)			3,247			2,924			1,278						1,151			390			355
Depreciation and amortization			408			270			143						146			32			27
Other (c)			992			933			475						436			88			87
Total noninterest expense			6,330			5,733			3,313						2,882			877			820
Income before income taxes and noncontrolling interests (a)			5,921			5,101			5,978						5,371			501			470
Income taxes (a)			1,376			1,188			1,343						1,161			117			110
Net income (a)			4,545			3,913			4,635						4,210			384			360
Less: Net income attributable to noncontrolling interests			24			28			15						14			—			—
Net income excluding noncontrolling interests (a)			$	4,521		$	3,885		$	4,620					$	4,196		$	384		$	360
Average Assets			$	129,546		$	114,447		$	263,615					$	233,307		$	15,014		$	14,562
Nine months ended September 30									Other activities									Consolidated
In millions									2026						2025			2026			2025
Net interest income (a)									$	(3,987)					$	(4,193)		$	12,274		$	10,679
Noninterest income									83			(d)			198			7,328			6,349
Total revenue (a)									(3,904)						(3,995)			19,602			17,028
Provision for credit losses									4						(6)			590			640
Total noninterest expense									1,097			(e)			796			11,617			10,231
Income before income taxes and noncontrolling interests (a)									(5,005)						(4,785)			7,395			6,157
Income taxes (a)									(1,365)						(1,266)			1,471			1,193
Net income (a)									(3,640)						(3,519)			5,924			4,964
Less: Net income attributable to noncontrolling interests									4						6			43			48
Net income excluding noncontrolling interests (a)									$	(3,644)					$	(3,525)		$	5,881		$	4,916
Average Assets									$	207,448					$	200,988		$	615,623		$	563,304

(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)Includes a $139 million securities loss related to the repositioning of the available-for-sale investment securities portfolio in the second quarter of 2026.

(e)Includes a $140 million expense related to a PNC Foundation contribution in the second quarter of 2026.

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

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NOTE 16 FEE-BASED REVENUE FROM CONTRACTS WITH CUSTOMERS

As more fully described in Note 23 Fee-based Revenue from Contracts with Customers in our 2025 Form 10-K, a subset of our noninterest income relates to certain fee-based revenue within the scope of ASC Topic 606 - Revenue from Contracts with Customers (Topic 606).

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

Table 88 presents the noninterest income recognized within the scope of Topic 606 for each of our three reportable business segments’ principal products and services, along with the relationship to the noninterest income revenue streams reported on our Consolidated Income Statement. For a description of the fee-based revenue and how it is recognized for each segment’s principal products and services, see Note 23 Fee-based Revenue from Contracts with Customers in our 2025 Form 10-K.

Table 88: Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income

						2026																		2025
Three months ended September 30 In millions						Retail Banking						Corporate & Institutional Banking						Asset Management Group						Retail Banking						Corporate & Institutional Banking						Asset Management Group
Asset management and brokerage
Asset management fees						$	—					$	—					$	268					$	—					$	—					$	250
Brokerage fees						178						—						1						154						—						—
Total asset management and brokerage						178						—						269						154						—						250
Card and cash management
Treasury management fees						11						422						—						10						398						—
Debit card fees						200						—						—						184						—						—
Net credit card fees (a)						52						—						—						56						—						—
Merchant services						35						19						—						38						20						—
Other						19						—						—						21						—						—
Total card and cash management						317						441						—						309						418						—
Lending and deposit services
Deposit account fees						187						—						—						175						—						—
Other						18						7						—						18						8						—
Total lending and deposit services						205						7						—						193						8						—
Residential and commercial mortgage (b)						—						26						—						—						33						—
Capital markets and advisory						—						336						—						—						297						—
Other						—						19						—						—						26						—
Total in-scope noninterest income						700						829						269						656						782						250
Out-of-scope noninterest income (c)						142						338						2						134						350						4
Noninterest income by business segment						$	842					$	1,167					$	271					$	790					$	1,132					$	254
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income																		$	1,798																	$	1,688
Out-of-scope business segment noninterest income (c)																		482																		488
Noninterest income from other activities (d)																		76																		91
Noninterest income as reported on the    Consolidated Income Statement																		$	2,356																	$	2,267

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

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(Continued from previous page)						2026																		2025
Nine months ended September 30 In millions						Retail Banking						Corporate & Institutional Banking						Asset Management Group						Retail Banking						Corporate & Institutional Banking						Asset Management Group
Asset management and brokerage
Asset management fees						$	—					$	—					$	795					$	—					$	—					$	730
Brokerage fees						511						—						1						456						—						—
Total asset management and brokerage						511						—						796						456						—						730
Card and cash management
Treasury management fees						33						1,246						—						31						1,192						—
Debit card fees						586						—						—						535						—						—
Net credit card fees (a)						159						—						—						147						—						—
Merchant services						103						57						—						115						55						—
Other						57						—						—						61						—						—
Total card and cash management						938						1,303						—						889						1,247						—
Lending and deposit services
Deposit account fees						544						—						—						501						—						—
Other						51						22						—						54						23						—
Total lending and deposit services						595						22						—						555						23						—
Residential and commercial mortgage (b)						—						84						—						—						89						—
Capital markets and advisory						—						1,069						—						—						730						—
Other						—						65						—						—						55						—
Total in-scope noninterest income						2,044						2,543						796						1,900						2,144						730
Out-of-scope noninterest income (c)						795						1,059						8						378						988						11
Noninterest income by business segment						$	2,839					$	3,602					$	804					$	2,278					$	3,132					$	741
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income																		$	5,383																	$	4,774
Out-of-scope business segment noninterest income (c)																		1,862																		1,377
Noninterest income from other activities (d)																		83																		198
Noninterest income as reported on the    Consolidated Income Statement																		$	7,328																	$	6,349

(a)Net credit card fees consist of interchange fees of $195 million and $176 million and credit card reward costs of $143 million and $120 million for the three months ended September 30, 2026 and 2025, respectively. Net credit card fees consist of interchange fees of $567 million and $515 million and credit card reward costs of $408 million and $368 million for the nine months ended September 30, 2026 and 2025, respectively.

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

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

(d)Includes residual activities from corporate operations. For additional information, see Note 15 Segment Reporting.

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

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NOTE 17 SUBSEQUENT EVENTS

On October 20, 2026, PNC redeemed all of the outstanding 6.615% senior fixed-to-floating rate notes due October 20, 2027 issued by PNC in the amount of $1.25 billion. The securities had an original scheduled maturity date of October 20, 2027. The redemption price was equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date.

On October 23, 2026, PNC issued $1.2 billion of senior fixed-to-floating rate notes with a maturity date of October 23, 2029 (the “Senior Fixed/Floating Notes”). Interest is payable on the Senior Fixed/Floating Notes semi-annually in arrears at a fixed rate of 5.463% per annum, on April 23 and October 23 of each year, commencing on April 23, 2027. Beginning on October 23, 2028, interest is payable on the Senior Fixed/Floating Notes quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), plus 0.777%, on January 23, 2029, April 23, 2029, July 23, 2029 and at the maturity date.

On October 23, 2026, PNC issued $300 million of senior floating rate notes with a maturity date of October 23, 2029 (the “Senior Floating Notes”). Interest is payable on the Senior Floating Notes quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), plus 0.770%, on January 23, April 23, July 23 and October 23 of each year, commencing on January 23, 2027 until the maturity date.

On November 1, 2026, PNC redeemed $525 million of depositary shares representing interests in PNC’s fixed-to-floating rate non-cumulative perpetual preferred stock, Series S. Each depositary share represented a 1/100th interest in a share of the Series S preferred stock. The depositary shares were redeemed at a redemption price of $1,000 per depositary share. The redemption price did not include any declared but unpaid dividends. The semiannual dividend declared but not paid prior to the redemption date was paid on the redemption date to holders of record on a date prior to the redemption set by the Board of Directors of PNC. All 525,000 depositary shares outstanding were redeemed.

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

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GLOSSARY

DEFINED TERMS

For a glossary of terms commonly used in our filings, please see the glossary of terms included in our 2025 Form 10-K.

ACRONYMS

ACL

Allowance for credit losses

LCR

Liquidity coverage ratio

AI

Artificial intelligence

LGD

Loss given default

ALCO

Asset and Liability Committee

LIHTC

Low income housing tax credit

ALLL

Allowance for loan and lease losses

LLC

Limited liability company

AOCI

Accumulated other comprehensive income

LTV

Loan-to-value ratio

ASC

Accounting Standards Codification

MSR

Mortgage servicing right

ASU

Accounting Standards Update

NII

Net interest income

BHC

Bank holding company

NMTC

New market tax credit

bps

Basis points

NSFR

Net stable funding ratio

CCAR

Comprehensive Capital Analysis and Review

OCC

Office of the Comptroller of the Currency

CECL

Current Expected Credit Losses

OCI

Other comprehensive income

CET1

Common equity tier 1

OREO

Other real estate owned

CODM

Chief operating decision maker

OTC

Over-the-counter

CRA

Community Reinvestment Act

PAM

Proportional amortization method

EVE

Economic value of equity

PCD

Purchased credit deteriorated

FDIC

Federal Deposit Insurance Corporation

PD

Probability of default

FDM

Financial difficulty modification

PSL

Purchased Seasoned Loan

FHLB

Federal Home Loan Bank

ROAP

Removal of account provisions

FHLMC

Federal Home Loan Mortgage Corporation

SCB

Stress capital buffer

FICO

Fair Isaac Corporation (credit score)

SEC

Securities and Exchange Commission

FNMA

Federal National Mortgage Association

S&P

Standard & Poor’s

FRB

Federal Reserve Bank

SOFR

Secured Overnight Financing Rate

FTP

Funds transfer pricing

SPE

Special purpose entity

GAAP

Accounting principles generally accepted in the United States of America

U.S.

United States of America

GDP

Gross domestic product

VaR

Value-at-risk

GNMA

Government National Mortgage Association

VIE

Variable interest entity

ISDA

International Swaps and Derivatives Association

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

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PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See the information set forth in Note 14 Legal Proceedings, which is incorporated by reference in response to this item.

ITEM 1A. RISK FACTORS

There are no material changes from any of the risk factors previously disclosed in our 2025 Form 10-K in response to Part I, Item 1A.

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

Unregistered Sales of Equity Securities

None.

Equity Security Repurchases

Details of our repurchases of PNC common stock during the third quarter of 2026 are included in the following table.

2026 period In thousands, except per share data			Total shares purchased (a)			Average price paid per share			Total shares purchased as part of publicly announced programs (b)			Maximum number of shares that may yet be purchased under the programs (b)
July 1 – 31			838			$	251.55		820			27,996
August 1 – 31			691			$	249.77		688			27,308
September 1 – 30			792			$	233.62		792			26,516
Total			2,321			$	244.90		2,300

(a)Includes PNC common stock purchased in connection with our various employee benefit plans generally related to forfeitures of unvested restricted stock awards and shares used to cover employee payroll tax withholding requirements. See Note 16 Employee Benefit Plans and Note 17 Stock Based Compensation Plans in our 2025 Form 10-K, which include additional information regarding our employee benefit and equity compensation plans that use PNC common stock.

(b)The SCB framework permits capital return in amounts in excess of SCB minimum levels. Consistent with this framework, PNC had approximately 27% of the 100 million common shares still available for repurchase at September 30, 2026 under the repurchase program previously approved by our Board of Directors. Share repurchase activity in the fourth quarter of 2026 is expected to approximate third 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 December 31, 2027.

ITEM 5. OTHER INFORMATION

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

During the three months ended September 30, 2026, none of PNC’s directors or executive officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.

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

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ITEM 6. EXHIBITS

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

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

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

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

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on November 3, 2026 on its behalf by the undersigned thereunto duly authorized.

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

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