10-Q 1 pnc-20240331.htm 10-Q pnc-20240331
false2024Q10000713676--12-310.01http://fasb.org/us-gaap/2023#InterestAndDividendIncomeSecurities http://fasb.org/us-gaap/2023#InterestExpensehttp://fasb.org/us-gaap/2023#InterestAndDividendIncomeSecurities http://fasb.org/us-gaap/2023#InterestExpenseREGULATORY MATTERS
FDIC Special Assessment Pursuant to Systemic Risk Determination
In May 2023, the FDIC proposed a rule to implement a special assessment, in connection with the systemic risk determination announced in March 2023, to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. Under the proposal, the FDIC would collect from PNC, along with other BHCs and insured depository institutions, special assessments at an annual rate of 12.5 basis points of PNC’s uninsured deposits reported as of December 31, 2022 (adjusted to exclude the first $5.0 billion), over eight quarterly assessment periods, beginning after the first quarter 2024. We expect the FDIC will enact a special deposit insurance assessment that will significantly increase our FDIC deposit insurance costs. The total cost and timing is subject to the pending finalization of the assessment.

Proposed Expanded Risk-Based Capital Rules
On July 27, 2023, the Federal Reserve, OCC, and FDIC proposed for public comment an interagency rule to implement the final components of the Basel III framework that would significantly revise the capital requirements for large banking organizations, including PNC and PNC Bank. The proposed rule will apply an expanded risk-based approach which leverages the Basel rules, including the calculation of risk-weighted assets, in addition to the current U.S. standardized approach. In addition, this proposal would align the regulatory capital elements and required deductions for Category III banking organizations such as PNC and PNC Bank with those currently applicable to Category I and II banking organizations. PNC and PNC Bank would be required to recognize most elements of AOCI in regulatory capital and deduct from CET1 capital, among other items, mortgage servicing assets and deferred tax assets that individually exceed 10% of CET1 capital or in the aggregate with other threshold items that exceed 15% of CET1 capital. PNC and PNC Bank would be required to calculate their risk-based capital ratios under the existing standardized approach and the expanded risk-based approach and would be subject to the lower of the two resulting ratios for their risk-based capital minimums and buffer requirements, including the SCB. The proposed effective date is July 1, 2025, with certain provisions—including the recognition of AOCI elements in regulatory capital and the increase in risk-weighted assets due to the expanded risk-based approach—having a three-year phase-in period. The closing date for the comment period for the proposal was extended from November 30, 2023 to January 16, 2024.
45500007136762024-01-012024-03-3100007136762024-04-15xbrli:sharesiso4217:USD00007136762023-01-012023-03-310000713676us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2024-01-012024-03-310000713676us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2023-01-012023-03-310000713676pnc:ConsumerServicesMember2024-01-012024-03-310000713676pnc:ConsumerServicesMember2023-01-012023-03-310000713676pnc:CorporateServicesMember2024-01-012024-03-310000713676pnc:CorporateServicesMember2023-01-012023-03-310000713676pnc:ResidentialMortgageBankingMember2024-01-012024-03-310000713676pnc:ResidentialMortgageBankingMember2023-01-012023-03-310000713676us-gaap:DepositAccountMember2024-01-012024-03-310000713676us-gaap:DepositAccountMember2023-01-012023-03-310000713676us-gaap:ProductAndServiceOtherMember2024-01-012024-03-310000713676us-gaap:ProductAndServiceOtherMember2023-01-012023-03-31iso4217:USDxbrli:shares00007136762024-03-3100007136762023-12-310000713676us-gaap:PortionAtFairValueFairValueDisclosureMember2024-03-310000713676us-gaap:PortionAtFairValueFairValueDisclosureMember2023-12-3100007136762022-12-3100007136762023-03-31pnc:country0000713676us-gaap:USTreasuryAndGovernmentMember2024-03-310000713676us-gaap:USTreasuryAndGovernmentMember2023-12-310000713676pnc:ResidentialMortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000713676pnc:ResidentialMortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000713676pnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-03-310000713676pnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000713676pnc:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000713676pnc:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000713676pnc:CommercialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-03-310000713676pnc:CommercialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000713676us-gaap:AssetBackedSecuritiesMember2024-03-310000713676us-gaap:AssetBackedSecuritiesMember2023-12-310000713676us-gaap:OtherDebtSecuritiesMember2024-03-310000713676us-gaap:OtherDebtSecuritiesMember2023-12-310000713676us-gaap:CreditConcentrationRiskMemberus-gaap:InvestmentsMemberpnc:FitchAAAORAARatingMember2023-01-012023-12-31xbrli:pure0000713676us-gaap:CreditConcentrationRiskMemberus-gaap:InvestmentsMemberpnc:FitchAAAORAARatingMember2024-01-012024-03-310000713676us-gaap:USTreasuryAndGovernmentMember2024-03-310000713676us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000713676us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-03-310000713676us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000713676us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000713676us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676us-gaap:OtherDebtSecuritiesMember2024-03-310000713676us-gaap:USTreasuryAndGovernmentMember2023-12-310000713676us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000713676us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000713676us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000713676us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000713676us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676us-gaap:OtherDebtSecuritiesMember2023-12-310000713676us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000713676us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-03-310000713676us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000713676us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-03-310000713676us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676pnc:OneYearOrLessMember2024-03-310000713676pnc:AfterOneYearThroughFiveYearsMember2024-03-310000713676pnc:AfterFiveYearsThroughTenYearsMember2024-03-310000713676pnc:AfterTenYearsMember2024-03-310000713676us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember2024-03-310000713676us-gaap:FederalHomeLoanMortgageCorporationFhlmcInsuredLoansMember2024-03-310000713676us-gaap:AssetPledgedAsCollateralMember2024-03-310000713676us-gaap:AssetPledgedAsCollateralMember2023-12-31pnc:portfolio_segment0000713676us-gaap:FinancialAssetNotPastDueMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:FinancingReceivables30To59DaysPastDueMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676pnc:CommercialAndIndustrialMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676pnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000713676us-gaap:FinancialAssetPastDueMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:NonperformingFinancingReceivableMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676pnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000713676us-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:FinancialAssetNotPastDueMemberpnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:FinancingReceivables30To59DaysPastDueMemberpnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676pnc:EquipmentLeaseFinancingMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676pnc:EquipmentLeaseFinancingMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:NonperformingFinancingReceivableMemberpnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676pnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000713676us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialRealEstateMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialRealEstateMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialRealEstateMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:FairValueOptionNonaccrualLoansMemberus-gaap:ResidentialRealEstateMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:HomeEquityLoanMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:HomeEquityLoanMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:HomeEquityLoanMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:FairValueOptionNonaccrualLoansMemberus-gaap:HomeEquityLoanMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:AutomobilesMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:AutomobilesMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:AutomobilesMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobilesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:AutomobilesMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:AutomobilesMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobilesMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CreditCardReceivablesMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CreditCardReceivablesMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancialAssetPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CreditCardReceivablesMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpnc:EducationMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpnc:EducationMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMemberus-gaap:FinancialAssetPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpnc:OtherConsumerLoansMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpnc:OtherConsumerLoansMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:OtherConsumerLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:OtherConsumerLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:OtherConsumerLoansMemberus-gaap:FinancialAssetPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberpnc:OtherConsumerLoansMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:OtherConsumerLoansMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:FairValueOptionNonaccrualLoansMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMember2024-03-310000713676us-gaap:FinancialAssetNotPastDueMember2024-03-310000713676us-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000713676us-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000713676us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000713676us-gaap:FinancialAssetPastDueMember2024-03-310000713676us-gaap:NonperformingFinancingReceivableMember2024-03-310000713676pnc:FairValueOptionNonaccrualLoansMember2024-03-310000713676us-gaap:FinancialAssetNotPastDueMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:FinancingReceivables30To59DaysPastDueMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676pnc:CommercialAndIndustrialMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676pnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000713676us-gaap:FinancialAssetPastDueMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:NonperformingFinancingReceivableMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676pnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000713676us-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:FinancialAssetNotPastDueMemberpnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:FinancingReceivables30To59DaysPastDueMemberpnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676pnc:EquipmentLeaseFinancingMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676pnc:EquipmentLeaseFinancingMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:NonperformingFinancingReceivableMemberpnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676pnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000713676us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialRealEstateMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialRealEstateMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialRealEstateMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:FairValueOptionNonaccrualLoansMemberus-gaap:ResidentialRealEstateMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:HomeEquityLoanMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:HomeEquityLoanMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:HomeEquityLoanMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:FairValueOptionNonaccrualLoansMemberus-gaap:HomeEquityLoanMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:AutomobilesMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:AutomobilesMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:AutomobilesMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobilesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:AutomobilesMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:AutomobilesMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobilesMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CreditCardReceivablesMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CreditCardReceivablesMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancialAssetPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CreditCardReceivablesMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpnc:EducationMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpnc:EducationMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMemberus-gaap:FinancialAssetPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpnc:OtherConsumerLoansMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpnc:OtherConsumerLoansMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:OtherConsumerLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:OtherConsumerLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:OtherConsumerLoansMemberus-gaap:FinancialAssetPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberpnc:OtherConsumerLoansMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:OtherConsumerLoansMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:FairValueOptionNonaccrualLoansMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMember2023-12-310000713676us-gaap:FinancialAssetNotPastDueMember2023-12-310000713676us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000713676us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000713676us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000713676us-gaap:FinancialAssetPastDueMember2023-12-310000713676us-gaap:NonperformingFinancingReceivableMember2023-12-310000713676pnc:FairValueOptionNonaccrualLoansMember2023-12-310000713676us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialRealEstateMember2023-12-310000713676us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialRealEstateMember2024-03-310000713676us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMemberus-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMemberus-gaap:FinancialAssetPastDueMember2023-12-310000713676us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMemberus-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMemberus-gaap:FinancialAssetPastDueMember2024-03-310000713676us-gaap:CollateralPledgedMember2023-12-310000713676us-gaap:CollateralPledgedMember2024-03-310000713676us-gaap:AssetPledgedAsCollateralWithoutRightMemberpnc:FederalReserveBankMember2024-03-310000713676us-gaap:AssetPledgedAsCollateralWithoutRightMemberpnc:FederalHomeLoanBankMember2024-03-310000713676us-gaap:AssetPledgedAsCollateralWithoutRightMemberpnc:FederalReserveBankMember2023-12-310000713676us-gaap:AssetPledgedAsCollateralWithoutRightMemberpnc:FederalHomeLoanBankMember2023-12-310000713676us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000713676us-gaap:NonperformingFinancingReceivableMember2024-03-310000713676us-gaap:NonperformingFinancingReceivableMember2023-12-310000713676srt:MinimumMemberpnc:UnsecuredConsumerLoansMember2024-03-310000713676srt:MaximumMemberpnc:UnsecuredConsumerLoansMember2024-03-310000713676us-gaap:PassMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:CriticizedMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676pnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:PassMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:CriticizedMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:PassMemberpnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676us-gaap:CriticizedMemberpnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000713676pnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:PassMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:CriticizedMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676pnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-12-310000713676us-gaap:PassMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:CriticizedMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-12-310000713676us-gaap:PassMemberpnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:CriticizedMemberpnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676pnc:EquipmentLeaseFinancingMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-12-310000713676us-gaap:CommercialPortfolioSegmentMember2023-01-012023-12-310000713676pnc:LTVGreaterThan100PercentMemberus-gaap:ResidentialRealEstateMember2024-03-310000713676pnc:LTVGreaterThanOrEqualTo80PercentToLessThan100PercentMemberus-gaap:ResidentialRealEstateMember2024-03-310000713676us-gaap:LtvLessThan80PercentMemberus-gaap:ResidentialRealEstateMember2024-03-310000713676pnc:NoLTVAvailableMemberus-gaap:ResidentialRealEstateMember2024-03-310000713676us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMemberus-gaap:ResidentialRealEstateMember2024-03-310000713676us-gaap:ResidentialRealEstateMember2024-03-310000713676pnc:FICOScoreGreaterThanOrEqualTo780Memberus-gaap:ResidentialRealEstateMember2024-03-310000713676pnc:FICOScore720To779Memberus-gaap:ResidentialRealEstateMember2024-03-310000713676us-gaap:ResidentialRealEstateMemberpnc:FICOScore660To719Member2024-03-310000713676pnc:FICOScoreLessThan660Memberus-gaap:ResidentialRealEstateMember2024-03-310000713676pnc:NoFICOScoreAvailableMemberus-gaap:ResidentialRealEstateMember2024-03-310000713676us-gaap:ResidentialRealEstateMember2024-01-012024-03-310000713676pnc:LTVGreaterThan100PercentMemberus-gaap:HomeEquityLoanMember2024-03-310000713676us-gaap:HomeEquityLoanMemberpnc:LTVGreaterThanOrEqualTo80PercentToLessThan100PercentMember2024-03-310000713676us-gaap:LtvLessThan80PercentMemberus-gaap:HomeEquityLoanMember2024-03-310000713676us-gaap:HomeEquityLoanMember2024-03-310000713676pnc:FICOScoreGreaterThanOrEqualTo780Memberus-gaap:HomeEquityLoanMember2024-03-310000713676pnc:FICOScore720To779Memberus-gaap:HomeEquityLoanMember2024-03-310000713676us-gaap:HomeEquityLoanMemberpnc:FICOScore660To719Member2024-03-310000713676us-gaap:HomeEquityLoanMemberpnc:FICOScoreLessThan660Member2024-03-310000713676pnc:NoFICOScoreAvailableMemberus-gaap:HomeEquityLoanMember2024-03-310000713676us-gaap:HomeEquityLoanMember2024-01-012024-03-310000713676pnc:LTVGreaterThan100PercentMemberus-gaap:ResidentialRealEstateMember2023-12-310000713676pnc:LTVGreaterThanOrEqualTo80PercentToLessThan100PercentMemberus-gaap:ResidentialRealEstateMember2023-12-310000713676us-gaap:LtvLessThan80PercentMemberus-gaap:ResidentialRealEstateMember2023-12-310000713676pnc:NoLTVAvailableMemberus-gaap:ResidentialRealEstateMember2023-12-310000713676us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMemberus-gaap:ResidentialRealEstateMember2023-12-310000713676us-gaap:ResidentialRealEstateMember2023-12-310000713676pnc:FICOScoreGreaterThanOrEqualTo780Memberus-gaap:ResidentialRealEstateMember2023-12-310000713676pnc:FICOScore720To779Memberus-gaap:ResidentialRealEstateMember2023-12-310000713676us-gaap:ResidentialRealEstateMemberpnc:FICOScore660To719Member2023-12-310000713676pnc:FICOScoreLessThan660Memberus-gaap:ResidentialRealEstateMember2023-12-310000713676pnc:NoFICOScoreAvailableMemberus-gaap:ResidentialRealEstateMember2023-12-310000713676us-gaap:ResidentialRealEstateMember2023-01-012023-12-310000713676pnc:LTVGreaterThan100PercentMemberus-gaap:HomeEquityLoanMember2023-12-310000713676us-gaap:HomeEquityLoanMemberpnc:LTVGreaterThanOrEqualTo80PercentToLessThan100PercentMember2023-12-310000713676us-gaap:LtvLessThan80PercentMemberus-gaap:HomeEquityLoanMember2023-12-310000713676us-gaap:HomeEquityLoanMember2023-12-310000713676pnc:FICOScoreGreaterThanOrEqualTo780Memberus-gaap:HomeEquityLoanMember2023-12-310000713676pnc:FICOScore720To779Memberus-gaap:HomeEquityLoanMember2023-12-310000713676us-gaap:HomeEquityLoanMemberpnc:FICOScore660To719Member2023-12-310000713676us-gaap:HomeEquityLoanMemberpnc:FICOScoreLessThan660Member2023-12-310000713676pnc:NoFICOScoreAvailableMemberus-gaap:HomeEquityLoanMember2023-12-310000713676us-gaap:HomeEquityLoanMember2023-01-012023-12-310000713676us-gaap:AutomobileLoanMemberpnc:FICOScoreGreaterThanOrEqualTo780Memberpnc:UsingFicoCreditMetricMember2024-03-310000713676us-gaap:AutomobileLoanMemberpnc:FICOScore720To779Memberpnc:UsingFicoCreditMetricMember2024-03-310000713676us-gaap:AutomobileLoanMemberpnc:UsingFicoCreditMetricMemberpnc:FICOScore660To719Member2024-03-310000713676us-gaap:AutomobileLoanMemberpnc:FICOScoreLessThan660Memberpnc:UsingFicoCreditMetricMember2024-03-310000713676us-gaap:AutomobileLoanMemberpnc:UsingFicoCreditMetricMember2024-03-310000713676us-gaap:AutomobileLoanMember2024-01-012024-03-310000713676pnc:FICOScoreGreaterThanOrEqualTo780Memberus-gaap:CreditCardReceivablesMemberpnc:UsingFicoCreditMetricMember2024-03-310000713676pnc:FICOScore720To779Memberus-gaap:CreditCardReceivablesMemberpnc:UsingFicoCreditMetricMember2024-03-310000713676us-gaap:CreditCardReceivablesMemberpnc:UsingFicoCreditMetricMemberpnc:FICOScore660To719Member2024-03-310000713676us-gaap:CreditCardReceivablesMemberpnc:FICOScoreLessThan660Memberpnc:UsingFicoCreditMetricMember2024-03-310000713676pnc:NoFicoScoreAvailableOrRequiredMemberus-gaap:CreditCardReceivablesMemberpnc:UsingFicoCreditMetricMember2024-03-310000713676us-gaap:CreditCardReceivablesMemberpnc:UsingFicoCreditMetricMember2024-03-310000713676us-gaap:CreditCardReceivablesMember2024-01-012024-03-310000713676pnc:FICOScoreGreaterThanOrEqualTo780Memberpnc:EducationMemberpnc:UsingFicoCreditMetricMember2024-03-310000713676pnc:FICOScore720To779Memberpnc:EducationMemberpnc:UsingFicoCreditMetricMember2024-03-310000713676pnc:EducationMemberpnc:UsingFicoCreditMetricMemberpnc:FICOScore660To719Member2024-03-310000713676pnc:EducationMemberpnc:FICOScoreLessThan660Memberpnc:UsingFicoCreditMetricMember2024-03-310000713676pnc:NoFicoScoreAvailableOrRequiredMemberpnc:EducationMemberpnc:UsingFicoCreditMetricMember2024-03-310000713676pnc:EducationMemberpnc:UsingFicoCreditMetricMember2024-03-310000713676pnc:EducationMemberpnc:OtherInternalCreditMetricsMember2024-03-310000713676pnc:EducationMember2024-03-310000713676pnc:EducationMember2024-01-012024-03-310000713676pnc:FICOScoreGreaterThanOrEqualTo780Memberpnc:OtherConsumerLoansMemberpnc:UsingFicoCreditMetricMember2024-03-310000713676pnc:FICOScore720To779Memberpnc:OtherConsumerLoansMemberpnc:UsingFicoCreditMetricMember2024-03-310000713676pnc:OtherConsumerLoansMemberpnc:UsingFicoCreditMetricMemberpnc:FICOScore660To719Member2024-03-310000713676pnc:FICOScoreLessThan660Memberpnc:OtherConsumerLoansMemberpnc:UsingFicoCreditMetricMember2024-03-310000713676pnc:OtherConsumerLoansMemberpnc:UsingFicoCreditMetricMember2024-03-310000713676pnc:OtherConsumerLoansMemberpnc:OtherInternalCreditMetricsMember2024-03-310000713676pnc:OtherConsumerLoansMember2024-03-310000713676pnc:OtherConsumerLoansMember2024-01-012024-03-310000713676us-gaap:AutomobileLoanMemberpnc:FICOScoreGreaterThanOrEqualTo780Memberpnc:UsingFicoCreditMetricMember2023-12-310000713676us-gaap:AutomobileLoanMemberpnc:FICOScore720To779Memberpnc:UsingFicoCreditMetricMember2023-12-310000713676us-gaap:AutomobileLoanMemberpnc:UsingFicoCreditMetricMemberpnc:FICOScore660To719Member2023-12-310000713676us-gaap:AutomobileLoanMemberpnc:FICOScoreLessThan660Memberpnc:UsingFicoCreditMetricMember2023-12-310000713676us-gaap:AutomobileLoanMemberpnc:UsingFicoCreditMetricMember2023-12-310000713676us-gaap:AutomobileLoanMember2023-01-012023-12-310000713676pnc:FICOScoreGreaterThanOrEqualTo780Memberus-gaap:CreditCardReceivablesMemberpnc:UsingFicoCreditMetricMember2023-12-310000713676pnc:FICOScore720To779Memberus-gaap:CreditCardReceivablesMemberpnc:UsingFicoCreditMetricMember2023-12-310000713676us-gaap:CreditCardReceivablesMemberpnc:UsingFicoCreditMetricMemberpnc:FICOScore660To719Member2023-12-310000713676us-gaap:CreditCardReceivablesMemberpnc:FICOScoreLessThan660Memberpnc:UsingFicoCreditMetricMember2023-12-310000713676pnc:NoFicoScoreAvailableOrRequiredMemberus-gaap:CreditCardReceivablesMemberpnc:UsingFicoCreditMetricMember2023-12-310000713676us-gaap:CreditCardReceivablesMemberpnc:UsingFicoCreditMetricMember2023-12-310000713676us-gaap:CreditCardReceivablesMember2023-01-012023-12-310000713676pnc:FICOScoreGreaterThanOrEqualTo780Memberpnc:EducationMemberpnc:UsingFicoCreditMetricMember2023-12-310000713676pnc:FICOScore720To779Memberpnc:EducationMemberpnc:UsingFicoCreditMetricMember2023-12-310000713676pnc:EducationMemberpnc:UsingFicoCreditMetricMemberpnc:FICOScore660To719Member2023-12-310000713676pnc:EducationMemberpnc:FICOScoreLessThan660Memberpnc:UsingFicoCreditMetricMember2023-12-310000713676pnc:NoFicoScoreAvailableOrRequiredMemberpnc:EducationMemberpnc:UsingFicoCreditMetricMember2023-12-310000713676pnc:EducationMemberpnc:UsingFicoCreditMetricMember2023-12-310000713676pnc:EducationMemberpnc:OtherInternalCreditMetricsMember2023-12-310000713676pnc:EducationMember2023-12-310000713676pnc:EducationMember2023-01-012023-12-310000713676pnc:FICOScoreGreaterThanOrEqualTo780Memberpnc:OtherConsumerLoansMemberpnc:UsingFicoCreditMetricMember2023-12-310000713676pnc:FICOScore720To779Memberpnc:OtherConsumerLoansMemberpnc:UsingFicoCreditMetricMember2023-12-310000713676pnc:OtherConsumerLoansMemberpnc:UsingFicoCreditMetricMemberpnc:FICOScore660To719Member2023-12-310000713676pnc:FICOScoreLessThan660Memberpnc:OtherConsumerLoansMemberpnc:UsingFicoCreditMetricMember2023-12-310000713676pnc:OtherConsumerLoansMemberpnc:UsingFicoCreditMetricMember2023-12-310000713676pnc:OtherConsumerLoansMemberpnc:OtherInternalCreditMetricsMember2023-12-310000713676pnc:OtherConsumerLoansMember2023-12-310000713676pnc:OtherConsumerLoansMember2023-01-012023-12-310000713676us-gaap:ExtendedMaturityMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676pnc:CommercialAndIndustrialMemberus-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676pnc:PaymentDeferralAndTermExtensionMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:ExtendedMaturityAndInterestRateReductionMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676pnc:PaymentDeferralAndExtendedMaturityMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676pnc:CommercialAndIndustrialMemberpnc:ModifiedOtherMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:ExtendedMaturityMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:CommercialRealEstateMemberus-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676pnc:PaymentDeferralAndTermExtensionMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:CommercialRealEstateMemberpnc:ModifiedOtherMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676pnc:PaymentDeferralAndTermExtensionMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:ExtendedMaturityAndInterestRateReductionMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676pnc:PaymentDeferralAndExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676pnc:ModifiedOtherMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:PaymentDeferralMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberpnc:ModifiedOtherMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PaymentDeferralMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberpnc:RepaymentPlansMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberpnc:ModifiedOtherMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberpnc:RepaymentPlansMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ExtendedMaturityMemberpnc:EducationMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PaymentDeferralMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:RepaymentPlansMember2024-01-012024-03-310000713676us-gaap:ExtendedMaturityAndInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:ModifiedOtherMember2024-01-012024-03-310000713676us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000713676us-gaap:ExtendedMaturityMember2024-01-012024-03-310000713676us-gaap:PaymentDeferralMember2024-01-012024-03-310000713676pnc:RepaymentPlansMember2024-01-012024-03-310000713676pnc:PaymentDeferralAndTermExtensionMember2024-01-012024-03-310000713676us-gaap:ExtendedMaturityAndInterestRateReductionMember2024-01-012024-03-310000713676pnc:PaymentDeferralAndExtendedMaturityMember2024-01-012024-03-310000713676pnc:ModifiedOtherMember2024-01-012024-03-310000713676us-gaap:PrincipalForgivenessMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676us-gaap:ExtendedMaturityMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676pnc:CommercialAndIndustrialMemberus-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676pnc:CommercialAndIndustrialMemberpnc:ModifiedOtherMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676pnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676us-gaap:ExtendedMaturityMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676us-gaap:CommercialRealEstateMemberus-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676us-gaap:CommercialRealEstateMemberpnc:ModifiedOtherMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676us-gaap:PrincipalForgivenessMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676pnc:ModifiedOtherMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676us-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PrincipalForgivenessMemberus-gaap:ResidentialRealEstateMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:PaymentDeferralMember2023-01-012023-03-310000713676us-gaap:ExtendedMaturityAndInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberpnc:ModifiedOtherMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PaymentDeferralMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberpnc:RepaymentPlansMember2023-01-012023-03-310000713676us-gaap:ExtendedMaturityAndInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberpnc:ModifiedOtherMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberpnc:RepaymentPlansMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ExtendedMaturityMemberpnc:EducationMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:OtherConsumerLoansMemberpnc:RepaymentPlansMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:OtherConsumerLoansMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PrincipalForgivenessMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PaymentDeferralMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:RepaymentPlansMember2023-01-012023-03-310000713676us-gaap:ExtendedMaturityAndInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:ModifiedOtherMember2023-01-012023-03-310000713676us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000713676us-gaap:PrincipalForgivenessMember2023-01-012023-03-310000713676us-gaap:ExtendedMaturityMember2023-01-012023-03-310000713676us-gaap:PaymentDeferralMember2023-01-012023-03-310000713676pnc:RepaymentPlansMember2023-01-012023-03-310000713676us-gaap:ExtendedMaturityAndInterestRateReductionMember2023-01-012023-03-310000713676pnc:ModifiedOtherMember2023-01-012023-03-310000713676pnc:TotalPrincipalForgivenessMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000713676srt:MinimumMemberpnc:ShortTermRepaymentPlanMember2024-01-012024-03-310000713676srt:MaximumMemberpnc:ShortTermRepaymentPlanMember2024-01-012024-03-310000713676pnc:ShortTermRepaymentPlanMember2024-01-012024-03-310000713676pnc:FullyAmortizedRepaymentPlansMember2024-01-012024-03-310000713676pnc:FullyAmortizedRepaymentPlansMembersrt:MinimumMember2024-01-012024-03-310000713676us-gaap:FinancialAssetNotPastDueMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000713676us-gaap:FinancingReceivables30To59DaysPastDueMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000713676pnc:CommercialAndIndustrialMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000713676pnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310000713676us-gaap:NonperformingFinancingReceivableMemberpnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000713676pnc:CommercialAndIndustrialMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000713676us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000713676us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000713676us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000713676us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000713676us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000713676us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000713676us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310000713676us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000713676us-gaap:CommercialPortfolioSegmentMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialRealEstateMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialRealEstateMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:HomeEquityLoanMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:HomeEquityLoanMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CreditCardReceivablesMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CreditCardReceivablesMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpnc:EducationMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpnc:EducationMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:EducationMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberpnc:OtherConsumerLoansMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberpnc:OtherConsumerLoansMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberpnc:OtherConsumerLoansMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2023-03-310000713676us-gaap:ConsumerPortfolioSegmentMember2023-03-310000713676us-gaap:FinancialAssetNotPastDueMember2023-03-310000713676us-gaap:FinancingReceivables30To59DaysPastDueMember2023-03-310000713676us-gaap:FinancingReceivables60To89DaysPastDueMember2023-03-310000713676us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310000713676us-gaap:NonperformingFinancingReceivableMember2023-03-310000713676us-gaap:CommercialPortfolioSegmentMember2022-12-310000713676us-gaap:ConsumerPortfolioSegmentMember2022-12-310000713676srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000713676srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310000713676srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000713676us-gaap:ConsumerPortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2023-12-310000713676srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2023-12-310000713676srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310000713676us-gaap:ConsumerPortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310000713676srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310000713676us-gaap:ResidentialMortgageMember2024-01-012024-03-310000713676pnc:CommercialMortgagesMember2024-01-012024-03-310000713676us-gaap:ResidentialMortgageMember2023-01-012023-03-310000713676pnc:CommercialMortgagesMember2023-01-012023-03-310000713676us-gaap:ResidentialMortgageMember2024-03-310000713676us-gaap:ResidentialMortgageMember2023-12-310000713676us-gaap:ResidentialMortgageMember2023-03-310000713676pnc:CommercialMortgagesMember2024-03-310000713676pnc:CommercialMortgagesMember2023-12-310000713676pnc:CommercialMortgagesMember2023-03-310000713676us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberpnc:MortgageBackedSecuritizationsMember2024-03-310000713676pnc:TaxCreditInvestmentsAndOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000713676us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000713676us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberpnc:MortgageBackedSecuritizationsMember2023-12-310000713676pnc:TaxCreditInvestmentsAndOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000713676us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000713676pnc:LowIncomeHousingTaxCreditInvestmentsMember2024-03-310000713676pnc:NewMarketTaxCreditMember2024-03-310000713676pnc:LowIncomeHousingTaxCreditInvestmentsMember2023-12-310000713676pnc:NewMarketTaxCreditMember2023-12-310000713676pnc:LowIncomeHousingTaxCreditAndMarketTaxCreditMember2024-01-012024-03-310000713676pnc:LowIncomeHousingTaxCreditInvestmentsMember2023-01-012023-03-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMember2023-12-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMember2022-12-310000713676us-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMember2023-12-310000713676us-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMember2022-12-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMemberpnc:OriginatedMsrsMember2024-01-012024-03-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMemberpnc:OriginatedMsrsMember2023-01-012023-03-310000713676us-gaap:ServicingContractsMemberpnc:OriginatedMsrsMemberus-gaap:ResidentialMortgageMember2024-01-012024-03-310000713676us-gaap:ServicingContractsMemberpnc:OriginatedMsrsMemberus-gaap:ResidentialMortgageMember2023-01-012023-03-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMemberpnc:PurchasedMsrsMember2024-01-012024-03-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMemberpnc:PurchasedMsrsMember2023-01-012023-03-310000713676us-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMemberpnc:PurchasedMsrsMember2024-01-012024-03-310000713676us-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMemberpnc:PurchasedMsrsMember2023-01-012023-03-310000713676pnc:ChangesInFairValueTimeAndPayoffsMemberus-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMember2024-01-012024-03-310000713676pnc:ChangesInFairValueTimeAndPayoffsMemberus-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMember2023-01-012023-03-310000713676pnc:ChangesInFairValueTimeAndPayoffsMemberus-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMember2024-01-012024-03-310000713676pnc:ChangesInFairValueTimeAndPayoffsMemberus-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMember2023-01-012023-03-310000713676pnc:ChangesInFairValueOtherMemberus-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMember2024-01-012024-03-310000713676pnc:ChangesInFairValueOtherMemberus-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMember2023-01-012023-03-310000713676pnc:ChangesInFairValueOtherMemberus-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMember2024-01-012024-03-310000713676pnc:ChangesInFairValueOtherMemberus-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMember2023-01-012023-03-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMember2024-03-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMember2023-03-310000713676us-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMember2024-03-310000713676us-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMember2023-03-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMember2024-01-012024-03-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMember2023-01-012023-12-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-03-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2023-12-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMemberus-gaap:MeasurementInputDiscountRateMember2024-03-310000713676us-gaap:ServicingContractsMemberus-gaap:CommercialRealEstateMemberus-gaap:MeasurementInputDiscountRateMember2023-12-310000713676us-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMember2024-01-012024-03-310000713676us-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMember2023-01-012023-12-310000713676us-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-03-310000713676us-gaap:ServicingContractsMemberus-gaap:ResidentialMortgageMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2023-12-310000713676srt:MinimumMemberus-gaap:SeniorNotesMembersrt:ParentCompanyMember2024-03-310000713676srt:MaximumMemberus-gaap:SeniorNotesMembersrt:ParentCompanyMember2024-03-310000713676us-gaap:SeniorNotesMembersrt:ParentCompanyMember2024-03-310000713676us-gaap:SeniorNotesMembersrt:ParentCompanyMember2023-12-310000713676srt:MinimumMembersrt:ParentCompanyMemberus-gaap:SubordinatedDebtMember2024-03-310000713676srt:MaximumMembersrt:ParentCompanyMemberus-gaap:SubordinatedDebtMember2024-03-310000713676srt:ParentCompanyMemberus-gaap:SubordinatedDebtMember2024-03-310000713676srt:ParentCompanyMemberus-gaap:SubordinatedDebtMember2023-12-310000713676us-gaap:JuniorSubordinatedDebtMembersrt:ParentCompanyMember2024-03-310000713676us-gaap:JuniorSubordinatedDebtMembersrt:ParentCompanyMember2023-12-310000713676srt:ParentCompanyMember2024-03-310000713676srt:ParentCompanyMember2023-12-310000713676srt:MinimumMembersrt:SubsidiariesMemberus-gaap:FederalHomeLoanBankBorrowingsMember2024-03-310000713676srt:MaximumMembersrt:SubsidiariesMemberus-gaap:FederalHomeLoanBankBorrowingsMember2024-03-310000713676srt:SubsidiariesMemberus-gaap:FederalHomeLoanBankBorrowingsMember2024-03-310000713676srt:SubsidiariesMemberus-gaap:FederalHomeLoanBankBorrowingsMember2023-12-310000713676srt:MinimumMemberus-gaap:SeniorNotesMembersrt:SubsidiariesMember2024-03-310000713676srt:MaximumMemberus-gaap:SeniorNotesMembersrt:SubsidiariesMember2024-03-310000713676us-gaap:SeniorNotesMembersrt:SubsidiariesMember2024-03-310000713676us-gaap:SeniorNotesMembersrt:SubsidiariesMember2023-12-310000713676srt:MinimumMembersrt:SubsidiariesMemberus-gaap:SubordinatedDebtMember2024-03-310000713676srt:MaximumMembersrt:SubsidiariesMemberus-gaap:SubordinatedDebtMember2024-03-310000713676srt:SubsidiariesMemberus-gaap:SubordinatedDebtMember2024-03-310000713676srt:SubsidiariesMemberus-gaap:SubordinatedDebtMember2023-12-310000713676srt:SubsidiariesMember2024-03-310000713676srt:SubsidiariesMember2023-12-310000713676us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommitmentsToExtendCreditMember2024-03-310000713676us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommitmentsToExtendCreditMember2023-12-310000713676us-gaap:HomeEquityMemberus-gaap:CommitmentsToExtendCreditMember2024-03-310000713676us-gaap:HomeEquityMemberus-gaap:CommitmentsToExtendCreditMember2023-12-310000713676us-gaap:CreditCardReceivablesMemberus-gaap:CommitmentsToExtendCreditMember2024-03-310000713676us-gaap:CreditCardReceivablesMemberus-gaap:CommitmentsToExtendCreditMember2023-12-310000713676pnc:OtherConsumerLoansMemberus-gaap:CommitmentsToExtendCreditMember2024-03-310000713676pnc:OtherConsumerLoansMemberus-gaap:CommitmentsToExtendCreditMember2023-12-310000713676us-gaap:CommitmentsToExtendCreditMember2024-03-310000713676us-gaap:CommitmentsToExtendCreditMember2023-12-310000713676us-gaap:FinancialStandbyLetterOfCreditMember2024-03-310000713676us-gaap:FinancialStandbyLetterOfCreditMember2023-12-310000713676us-gaap:GuaranteeOfIndebtednessOfOthersMember2024-03-310000713676us-gaap:GuaranteeOfIndebtednessOfOthersMember2023-12-310000713676pnc:OtherCommitmentMember2024-03-310000713676pnc:OtherCommitmentMember2023-12-310000713676pnc:RemarketingProgramsMemberus-gaap:FinancialStandbyLetterOfCreditMember2024-03-310000713676pnc:RemarketingProgramsMemberus-gaap:FinancialStandbyLetterOfCreditMember2023-12-310000713676srt:MinimumMember2024-01-012024-03-310000713676srt:MaximumMember2024-01-012024-03-310000713676us-gaap:CommonStockMember2022-12-310000713676us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2022-12-310000713676us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-12-310000713676us-gaap:RetainedEarningsMember2022-12-310000713676us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000713676us-gaap:TreasuryStockCommonMember2022-12-310000713676us-gaap:NoncontrollingInterestMember2022-12-310000713676srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2022-12-310000713676us-gaap:CommonStockMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310000713676us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310000713676us-gaap:CommonStockIncludingAdditionalPaidInCapitalMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310000713676us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310000713676us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310000713676us-gaap:TreasuryStockCommonMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310000713676us-gaap:NoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310000713676us-gaap:RetainedEarningsMember2023-01-012023-03-310000713676us-gaap:NoncontrollingInterestMember2023-01-012023-03-310000713676us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000713676us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2023-01-012023-03-310000713676us-gaap:CommonStockMember2023-01-012023-03-310000713676us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-01-012023-03-310000713676us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000713676us-gaap:CommonStockMember2023-03-310000713676us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2023-03-310000713676us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-03-310000713676us-gaap:RetainedEarningsMember2023-03-310000713676us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000713676us-gaap:TreasuryStockCommonMember2023-03-310000713676us-gaap:NoncontrollingInterestMember2023-03-310000713676us-gaap:CommonStockMember2023-12-310000713676us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2023-12-310000713676us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-12-310000713676us-gaap:RetainedEarningsMember2023-12-310000713676us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000713676us-gaap:TreasuryStockCommonMember2023-12-310000713676us-gaap:NoncontrollingInterestMember2023-12-310000713676us-gaap:RetainedEarningsMember2024-01-012024-03-310000713676us-gaap:NoncontrollingInterestMember2024-01-012024-03-310000713676us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000713676us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2024-01-012024-03-310000713676us-gaap:CommonStockMember2024-01-012024-03-310000713676us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-01-012024-03-310000713676us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000713676us-gaap:CommonStockMember2024-03-310000713676us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2024-03-310000713676us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-03-310000713676us-gaap:RetainedEarningsMember2024-03-310000713676us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000713676us-gaap:TreasuryStockCommonMember2024-03-310000713676us-gaap:NoncontrollingInterestMember2024-03-310000713676pnc:SeriesWPreferredStockMember2023-02-072023-02-070000713676pnc:SeriesWPreferredStockMember2023-02-070000713676us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-310000713676us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310000713676us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-03-310000713676us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-03-310000713676us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310000713676us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310000713676pnc:AOCIAttributabletoParentOtherMember2024-01-012024-03-310000713676pnc:AOCIAttributabletoParentOtherMember2023-01-012023-03-310000713676us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000713676us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000713676us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000713676pnc:AOCIAttributabletoParentOtherMember2022-12-310000713676us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310000713676us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-03-310000713676us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-03-310000713676pnc:AOCIAttributabletoParentOtherMember2023-03-310000713676us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000713676us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000713676us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000713676pnc:AOCIAttributabletoParentOtherMember2023-12-310000713676us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-310000713676us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-03-310000713676us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-310000713676pnc:AOCIAttributabletoParentOtherMember2024-03-310000713676us-gaap:SeriesBPreferredStockMember2024-01-012024-03-310000713676us-gaap:SeriesBPreferredStockMember2023-01-012023-03-310000713676pnc:SeriesOPreferredStockMember2024-01-012024-03-310000713676pnc:SeriesOPreferredStockMember2023-01-012023-03-310000713676pnc:SeriesRPreferredStockMember2024-01-012024-03-310000713676pnc:SeriesRPreferredStockMember2023-01-012023-03-310000713676pnc:SeriesTPreferredStockMember2024-01-012024-03-310000713676pnc:SeriesTPreferredStockMember2023-01-012023-03-310000713676pnc:SeriesUPreferredStockMember2024-01-012024-03-310000713676pnc:SeriesUPreferredStockMember2023-01-012023-03-310000713676pnc:SeriesVPreferredStockMember2024-01-012024-03-310000713676pnc:SeriesVPreferredStockMember2023-01-012023-03-310000713676pnc:SeriesWPreferredStockMember2024-01-012024-03-310000713676us-gaap:SubsequentEventMember2024-04-032024-04-030000713676us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMember2024-03-310000713676us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMember2024-03-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMember2023-12-310000713676us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMember2023-12-310000713676us-gaap:FairValueInputsLevel2Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000713676pnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000713676us-gaap:FairValueInputsLevel2Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000713676pnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000713676us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000713676us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000713676us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000713676us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000713676us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000713676us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-03-310000713676us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-03-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000713676us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000713676us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000713676us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000713676us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000713676us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-03-310000713676us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-03-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2023-12-310000713676us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2023-12-310000713676us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000713676us-gaap:FairValueMeasurementsRecurringMember2024-03-310000713676us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000713676us-gaap:FairValueMeasurementsRecurringMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpnc:ResidentialMortgageServingRightsMember2024-03-310000713676us-gaap:FairValueMeasurementsRecurringMemberpnc:ResidentialMortgageServingRightsMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpnc:ResidentialMortgageServingRightsMember2023-12-310000713676us-gaap:FairValueMeasurementsRecurringMemberpnc:ResidentialMortgageServingRightsMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpnc:CommercialMortgageServingRightsMember2024-03-310000713676us-gaap:FairValueMeasurementsRecurringMemberpnc:CommercialMortgageServingRightsMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpnc:CommercialMortgageServingRightsMember2023-12-310000713676us-gaap:FairValueMeasurementsRecurringMemberpnc:CommercialMortgageServingRightsMember2023-12-310000713676us-gaap:AssetsMemberus-gaap:AssetsTotalMemberpnc:AssetsAtFairValueMember2024-01-012024-03-310000713676us-gaap:AssetsMemberus-gaap:AssetsTotalMemberpnc:AssetsAtFairValueMember2023-01-012023-12-310000713676pnc:LevelThreeAssetsMemberus-gaap:AssetsMemberus-gaap:AssetsTotalMember2023-01-012023-12-310000713676pnc:LevelThreeAssetsMemberus-gaap:AssetsMemberus-gaap:AssetsTotalMember2024-01-012024-03-310000713676pnc:LevelThreeAssetsMemberus-gaap:AssetsMemberus-gaap:AssetsMember2023-01-012023-12-310000713676pnc:LevelThreeAssetsMemberus-gaap:AssetsMemberus-gaap:AssetsMember2024-01-012024-03-310000713676us-gaap:LiabilityMemberpnc:LiabilitiesAtFairValueMemberus-gaap:LiabilitiesTotalMember2023-01-012023-12-310000713676us-gaap:LiabilityMemberpnc:LiabilitiesAtFairValueMemberus-gaap:LiabilitiesTotalMember2024-01-012024-03-310000713676us-gaap:LiabilityMemberpnc:LevelThreeLiabilitiesMemberus-gaap:LiabilitiesTotalMember2024-01-012024-03-310000713676us-gaap:LiabilityMemberpnc:LevelThreeLiabilitiesMemberus-gaap:LiabilitiesTotalMember2023-01-012023-12-310000713676us-gaap:LiabilityMemberpnc:LevelThreeLiabilitiesMemberus-gaap:LiabilityMember2024-01-012024-03-310000713676us-gaap:LiabilityMemberpnc:LevelThreeLiabilitiesMemberus-gaap:LiabilityMember2023-01-012023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberpnc:LoansHeldForSaleMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberpnc:LoansHeldForSaleMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpnc:CommercialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpnc:CommercialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpnc:CommercialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-01-012024-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2023-12-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-01-012024-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansReceivableMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansReceivableMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansReceivableMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMemberus-gaap:ServicingContractsMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMemberus-gaap:ServicingContractsMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMemberus-gaap:ServicingContractsMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ServicingContractsMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ServicingContractsMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ServicingContractsMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherAssetsMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherAssetsMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherAssetsMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:OtherBorrowedFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:OtherBorrowedFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:OtherBorrowedFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherLiabilitiesMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherLiabilitiesMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherLiabilitiesMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMember2022-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMember2023-01-012023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMember2023-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberpnc:LoansHeldForSaleMember2022-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberpnc:LoansHeldForSaleMember2023-01-012023-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberpnc:LoansHeldForSaleMember2023-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-01-012023-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2022-12-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-01-012023-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2022-12-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2023-01-012023-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2023-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-03-310000713676us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansReceivableMember2022-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansReceivableMember2023-01-012023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LoansReceivableMember2023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2022-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2023-01-012023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityMethodInvestmentsMember2023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMemberus-gaap:ServicingContractsMember2022-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMemberus-gaap:ServicingContractsMember2023-01-012023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageMemberus-gaap:ServicingContractsMember2023-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ServicingContractsMember2022-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ServicingContractsMember2023-01-012023-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CommercialMortgagesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ServicingContractsMember2023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:OtherBorrowedFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:OtherBorrowedFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:OtherBorrowedFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherLiabilitiesMember2022-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherLiabilitiesMember2023-01-012023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherLiabilitiesMember2023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpnc:LoansHeldForSaleMember2024-03-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpnc:LoansHeldForSaleMember2024-03-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpnc:LoansHeldForSaleMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpnc:LoansHeldForSaleMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputDefaultRateMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputDefaultRateMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputLossSeverityMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputLossSeverityMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputLossSeverityMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMemberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMembersrt:WeightedAverageMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputConstantPrepaymentRateMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMembersrt:WeightedAverageMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberpnc:MeasurementInputCumulativeDefaultRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberpnc:MeasurementInputCumulativeDefaultRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnc:ResidentialRealEstateUninsuredMemberpnc:MeasurementInputCumulativeDefaultRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnc:ResidentialRealEstateUninsuredMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnc:ResidentialRealEstateUninsuredMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialRealEstateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ResidentialRealEstateMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ResidentialRealEstateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberpnc:MeasurementInputCumulativeDefaultRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberpnc:MeasurementInputCumulativeDefaultRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMembersrt:WeightedAverageMemberpnc:MeasurementInputCumulativeDefaultRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMembersrt:WeightedAverageMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueConsensusPricingModelMemberus-gaap:HomeEquityMember2024-03-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:CreditAndLiquidityDiscountMemberus-gaap:ValuationTechniqueConsensusPricingModelMemberus-gaap:HomeEquityMember2024-03-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:CreditAndLiquidityDiscountMemberus-gaap:ValuationTechniqueConsensusPricingModelMemberus-gaap:HomeEquityMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CreditAndLiquidityDiscountMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueConsensusPricingModelMemberus-gaap:HomeEquityMember2024-03-310000713676pnc:MultipleOfAdjustedEarningsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMember2024-03-310000713676pnc:MultipleOfAdjustedEarningsMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberpnc:MeasurementInputMultipleOfEarningsMember2024-03-310000713676pnc:MultipleOfAdjustedEarningsMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberpnc:MeasurementInputMultipleOfEarningsMember2024-03-310000713676pnc:MultipleOfAdjustedEarningsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityMethodInvestmentsMemberpnc:MeasurementInputMultipleOfEarningsMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-03-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-03-310000713676us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-03-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMemberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMemberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMembersrt:WeightedAverageMemberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-03-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-03-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676pnc:EstimatedConversionFactorMemberus-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeMemberpnc:EstimatedAnnualGrowthRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberpnc:InsignificantRecurringAssetsNetOfLiabilitiesMember2024-03-310000713676us-gaap:FairValueInputsLevel3Member2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpnc:LoansHeldForSaleMember2023-12-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpnc:LoansHeldForSaleMember2023-12-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpnc:LoansHeldForSaleMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpnc:LoansHeldForSaleMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputDefaultRateMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputDefaultRateMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputLossSeverityMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputLossSeverityMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputLossSeverityMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMemberpnc:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMembersrt:WeightedAverageMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputConstantPrepaymentRateMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676pnc:PricedByThirdPartyVendorUsingDiscountedCashFlowPricingModelMemberus-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMembersrt:WeightedAverageMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberpnc:MeasurementInputCumulativeDefaultRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberpnc:MeasurementInputCumulativeDefaultRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnc:ResidentialRealEstateUninsuredMemberpnc:MeasurementInputCumulativeDefaultRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnc:ResidentialRealEstateUninsuredMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:ResidentialRealEstateUninsuredMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnc:ResidentialRealEstateUninsuredMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialRealEstateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ResidentialRealEstateMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ResidentialRealEstateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberpnc:MeasurementInputCumulativeDefaultRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberpnc:MeasurementInputCumulativeDefaultRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMembersrt:WeightedAverageMemberpnc:MeasurementInputCumulativeDefaultRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMembersrt:WeightedAverageMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:HomeEquityFirstLienLineOfCreditMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueConsensusPricingModelMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueConsensusPricingModelMemberus-gaap:HomeEquityMember2023-12-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:CreditAndLiquidityDiscountMemberus-gaap:ValuationTechniqueConsensusPricingModelMemberus-gaap:HomeEquityMember2023-12-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:CreditAndLiquidityDiscountMemberus-gaap:ValuationTechniqueConsensusPricingModelMemberus-gaap:HomeEquityMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:CreditAndLiquidityDiscountMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueConsensusPricingModelMemberus-gaap:HomeEquityMember2023-12-310000713676pnc:MultipleOfAdjustedEarningsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMember2023-12-310000713676pnc:MultipleOfAdjustedEarningsMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberpnc:MeasurementInputMultipleOfEarningsMember2023-12-310000713676pnc:MultipleOfAdjustedEarningsMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberpnc:MeasurementInputMultipleOfEarningsMember2023-12-310000713676pnc:MultipleOfAdjustedEarningsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityMethodInvestmentsMemberpnc:MeasurementInputMultipleOfEarningsMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2023-12-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2023-12-310000713676us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2023-12-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMemberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMemberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:SpreadOverTheBenchmarkCurveMembersrt:WeightedAverageMemberus-gaap:ResidentialMortgageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2023-12-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2023-12-310000713676srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676pnc:EstimatedConversionFactorMemberus-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeMemberpnc:EstimatedAnnualGrowthRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberpnc:InsignificantRecurringAssetsNetOfLiabilitiesMember2023-12-310000713676us-gaap:FairValueInputsLevel3Member2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpnc:NonaccrualLoansMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpnc:NonaccrualLoansMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpnc:NonaccrualLoansMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpnc:NonaccrualLoansMember2023-01-012023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EquityMethodInvestmentsMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EquityMethodInvestmentsMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EquityMethodInvestmentsMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EquityMethodInvestmentsMember2023-01-012023-03-310000713676pnc:OREOandForeclosedAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310000713676pnc:OREOandForeclosedAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000713676pnc:OREOandForeclosedAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-03-310000713676pnc:OREOandForeclosedAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-01-012023-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpnc:LonglivedAssetsMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpnc:LonglivedAssetsMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpnc:LonglivedAssetsMember2024-01-012024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpnc:LonglivedAssetsMember2023-01-012023-03-310000713676us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310000713676us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310000713676us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-03-310000713676us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-03-310000713676us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000713676us-gaap:ResidentialMortgageMemberpnc:LoansLessThan90DaysPastDueMemberpnc:LoansHeldForSaleMember2024-03-310000713676us-gaap:ResidentialMortgageMemberpnc:LoansLessThan90DaysPastDueMemberpnc:LoansHeldForSaleMember2023-12-310000713676us-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMemberpnc:Loans90DaysOrMorePastDueMember2024-03-310000713676us-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMemberpnc:Loans90DaysOrMorePastDueMember2023-12-310000713676pnc:NonaccrualLoansMemberus-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMember2024-03-310000713676pnc:NonaccrualLoansMemberus-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMember2023-12-310000713676us-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMember2024-03-310000713676us-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMember2023-12-310000713676pnc:CommercialMortgagesMemberpnc:LoansLessThan90DaysPastDueMemberpnc:LoansHeldForSaleMember2024-03-310000713676pnc:CommercialMortgagesMemberpnc:LoansLessThan90DaysPastDueMemberpnc:LoansHeldForSaleMember2023-12-310000713676us-gaap:LoansReceivableMemberpnc:LoansLessThan90DaysPastDueMember2024-03-310000713676us-gaap:LoansReceivableMemberpnc:LoansLessThan90DaysPastDueMember2023-12-310000713676us-gaap:LoansReceivableMemberpnc:Loans90DaysOrMorePastDueMember2024-03-310000713676us-gaap:LoansReceivableMemberpnc:Loans90DaysOrMorePastDueMember2023-12-310000713676pnc:NonaccrualLoansMemberus-gaap:LoansReceivableMember2024-03-310000713676pnc:NonaccrualLoansMemberus-gaap:LoansReceivableMember2023-12-310000713676us-gaap:LoansReceivableMember2024-03-310000713676us-gaap:LoansReceivableMember2023-12-310000713676pnc:OtherAssetsFairValueMember2024-03-310000713676pnc:OtherAssetsFairValueMember2023-12-310000713676pnc:OtherBorrowedFundsMember2024-03-310000713676pnc:OtherBorrowedFundsMember2023-12-310000713676us-gaap:OtherLiabilitiesMember2024-03-310000713676us-gaap:OtherLiabilitiesMember2023-12-310000713676us-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMember2024-01-012024-03-310000713676us-gaap:ResidentialMortgageMemberpnc:LoansHeldForSaleMember2023-01-012023-03-310000713676pnc:CommercialMortgagesMemberpnc:LoansHeldForSaleMember2024-01-012024-03-310000713676pnc:CommercialMortgagesMemberpnc:LoansHeldForSaleMember2023-01-012023-03-310000713676us-gaap:LoansMember2024-01-012024-03-310000713676us-gaap:LoansMember2023-01-012023-03-310000713676pnc:OtherAssetsFairValueMember2024-01-012024-03-310000713676pnc:OtherAssetsFairValueMember2023-01-012023-03-310000713676pnc:OtherLiabilitiesFairValueDisclosureMember2024-01-012024-03-310000713676pnc:OtherLiabilitiesFairValueDisclosureMember2023-01-012023-03-310000713676us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000713676us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000713676us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-03-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000713676us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000713676us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000713676us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2023-12-310000713676us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000713676us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000713676us-gaap:FairValueHedgingMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-03-310000713676us-gaap:FairValueHedgingMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000713676us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-03-310000713676us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000713676us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-03-310000713676us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000713676us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-03-310000713676us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000713676us-gaap:DesignatedAsHedgingInstrumentMember2024-03-310000713676us-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000713676us-gaap:MortgageBankingMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:SwapMember2024-03-310000713676us-gaap:MortgageBankingMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:SwapMember2023-12-310000713676us-gaap:MortgageBankingMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:FutureMember2024-03-310000713676us-gaap:MortgageBankingMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:FutureMember2023-12-310000713676us-gaap:MortgageBankingMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpnc:MortgageCommitmentMember2024-03-310000713676us-gaap:MortgageBankingMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpnc:MortgageCommitmentMember2023-12-310000713676us-gaap:MortgageBankingMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:OtherContractMember2024-03-310000713676us-gaap:MortgageBankingMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:OtherContractMember2023-12-310000713676us-gaap:MortgageBankingMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2024-03-310000713676us-gaap:MortgageBankingMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2023-12-310000713676us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMemberus-gaap:SwapMember2024-03-310000713676us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMemberus-gaap:SwapMember2023-12-310000713676us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMemberus-gaap:FutureMember2024-03-310000713676us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMemberus-gaap:FutureMember2023-12-310000713676us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMemberpnc:MortgageCommitmentMember2024-03-310000713676us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMemberpnc:MortgageCommitmentMember2023-12-310000713676us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:OtherContractMemberus-gaap:CustomerContractsMember2024-03-310000713676us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:OtherContractMemberus-gaap:CustomerContractsMember2023-12-310000713676us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMember2024-03-310000713676us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMember2023-12-310000713676us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMemberus-gaap:SwapMember2024-03-310000713676us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMemberus-gaap:SwapMember2023-12-310000713676us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherContractMemberus-gaap:CustomerContractsMember2024-03-310000713676us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherContractMemberus-gaap:CustomerContractsMember2023-12-310000713676us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMember2024-03-310000713676us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMember2023-12-310000713676pnc:ForeignExchangeAndOtherContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMember2024-03-310000713676pnc:ForeignExchangeAndOtherContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMember2023-12-310000713676us-gaap:NondesignatedMemberus-gaap:CustomerContractsMember2024-03-310000713676us-gaap:NondesignatedMemberus-gaap:CustomerContractsMember2023-12-310000713676pnc:ForeignExchangeAndOtherContractMemberpnc:OtherRiskManagementActivityMemberus-gaap:NondesignatedMember2024-03-310000713676pnc:ForeignExchangeAndOtherContractMemberpnc:OtherRiskManagementActivityMemberus-gaap:NondesignatedMember2023-12-310000713676us-gaap:NondesignatedMember2024-03-310000713676us-gaap:NondesignatedMember2023-12-310000713676us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2024-01-012024-03-310000713676us-gaap:InterestIncomeMemberus-gaap:FairValueHedgingMemberpnc:InvestmentSecuritiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-310000713676us-gaap:BorrowingsMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-310000713676us-gaap:FairValueHedgingMemberpnc:InvestmentSecuritiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-310000713676us-gaap:BorrowingsMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-310000713676us-gaap:InterestIncomeMemberus-gaap:LoansReceivableMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-310000713676us-gaap:InterestIncomeMemberus-gaap:CashFlowHedgingMemberpnc:InvestmentSecuritiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-310000713676us-gaap:InterestIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-310000713676us-gaap:InterestIncomeMemberus-gaap:FairValueHedgingMemberpnc:InvestmentSecuritiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-03-310000713676us-gaap:BorrowingsMemberus-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-03-310000713676us-gaap:FairValueHedgingMemberpnc:InvestmentSecuritiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-03-310000713676us-gaap:BorrowingsMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-03-310000713676us-gaap:InterestIncomeMemberus-gaap:LoansReceivableMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-03-310000713676us-gaap:InterestIncomeMemberus-gaap:CashFlowHedgingMemberpnc:InvestmentSecuritiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-03-310000713676us-gaap:CashFlowHedgingMemberus-gaap:OtherIncomeMemberpnc:NoninterestIncomeMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-03-310000713676us-gaap:InterestIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-03-310000713676us-gaap:FairValueHedgingMemberpnc:InvestmentSecuritiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-03-310000713676us-gaap:FairValueHedgingMemberpnc:InvestmentSecuritiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000713676us-gaap:FairValueHedgingMemberus-gaap:BorrowingsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-03-310000713676us-gaap:FairValueHedgingMemberus-gaap:BorrowingsMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000713676us-gaap:FairValueHedgingMemberpnc:BorrowedFundsDiscontinuedRelationshipsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-03-310000713676us-gaap:FairValueHedgingMemberpnc:BorrowedFundsDiscontinuedRelationshipsMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000713676us-gaap:MortgageBankingMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2024-01-012024-03-310000713676us-gaap:MortgageBankingMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2023-01-012023-03-310000713676us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMember2024-01-012024-03-310000713676us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:CustomerContractsMember2023-01-012023-03-310000713676us-gaap:NondesignatedMemberus-gaap:CustomerContractsMemberpnc:ForeignExchangeAndOtherContractMember2024-01-012024-03-310000713676us-gaap:NondesignatedMemberus-gaap:CustomerContractsMemberpnc:ForeignExchangeAndOtherContractMember2023-01-012023-03-310000713676us-gaap:NondesignatedMemberus-gaap:CustomerContractsMember2024-01-012024-03-310000713676us-gaap:NondesignatedMemberus-gaap:CustomerContractsMember2023-01-012023-03-310000713676pnc:OtherRiskManagementActivityMemberus-gaap:NondesignatedMemberpnc:ForeignExchangeAndOtherContractMember2024-01-012024-03-310000713676pnc:OtherRiskManagementActivityMemberus-gaap:NondesignatedMemberpnc:ForeignExchangeAndOtherContractMember2023-01-012023-03-310000713676us-gaap:NondesignatedMember2024-01-012024-03-310000713676us-gaap:NondesignatedMember2023-01-012023-03-310000713676pnc:OverTheCounterClearedMemberus-gaap:InterestRateContractMember2024-03-310000713676us-gaap:InterestRateContractMemberus-gaap:OverTheCounterMember2024-03-310000713676us-gaap:CommodityContractMember2024-03-310000713676pnc:ForeignExchangeAndOtherContractMember2024-03-310000713676pnc:OverTheCounterClearedMemberus-gaap:InterestRateContractMember2023-12-310000713676us-gaap:InterestRateContractMemberus-gaap:OverTheCounterMember2023-12-310000713676us-gaap:CommodityContractMember2023-12-310000713676pnc:ForeignExchangeAndOtherContractMember2023-12-310000713676srt:MaximumMemberus-gaap:LegalReserveMember2024-03-31pnc:segmentpnc:operatingUnit0000713676us-gaap:OperatingSegmentsMemberpnc:RetailBanking1Member2024-01-012024-03-310000713676us-gaap:OperatingSegmentsMemberpnc:CorporateInstitutionalBankingMember2024-01-012024-03-310000713676us-gaap:OperatingSegmentsMemberpnc:AssetManagementGroupMember2024-01-012024-03-310000713676us-gaap:AllOtherSegmentsMember2024-01-012024-03-310000713676us-gaap:OperatingSegmentsMemberpnc:RetailBanking1Member2023-01-012023-03-310000713676us-gaap:OperatingSegmentsMemberpnc:CorporateInstitutionalBankingMember2023-01-012023-03-310000713676us-gaap:OperatingSegmentsMemberpnc:AssetManagementGroupMember2023-01-012023-03-310000713676us-gaap:AllOtherSegmentsMember2023-01-012023-03-310000713676pnc:AssetManagementFeesMemberpnc:AssetManagementGroupMemberpnc:AssetManagementFeesAndBrokerageFeesMember2024-01-012024-03-310000713676pnc:AssetManagementFeesAndBrokerageFeesMemberpnc:RetailBanking1Memberpnc:BrokerageFeesMember2024-01-012024-03-310000713676pnc:AssetManagementFeesAndBrokerageFeesMemberpnc:RetailBanking1Member2024-01-012024-03-310000713676pnc:AssetManagementGroupMemberpnc:AssetManagementFeesAndBrokerageFeesMember2024-01-012024-03-310000713676pnc:TreasuryManagementFeesMemberpnc:RetailBanking1Memberpnc:CashAndCashManagementFeesMember2024-01-012024-03-310000713676pnc:TreasuryManagementFeesMemberpnc:CorporateInstitutionalBankingMemberpnc:CashAndCashManagementFeesMember2024-01-012024-03-310000713676pnc:DebitCardFeesMemberpnc:RetailBanking1Memberpnc:CashAndCashManagementFeesMember2024-01-012024-03-310000713676pnc:NetCreditCardFeesMemberpnc:RetailBanking1Memberpnc:CashAndCashManagementFeesMember2024-01-012024-03-310000713676pnc:MerchantFeesMemberpnc:RetailBanking1Memberpnc:CashAndCashManagementFeesMember2024-01-012024-03-310000713676pnc:MerchantFeesMemberpnc:CorporateInstitutionalBankingMemberpnc:CashAndCashManagementFeesMember2024-01-012024-03-310000713676pnc:RetailBanking1Memberpnc:CashAndCashManagementFeesMemberpnc:OtherMember2024-01-012024-03-310000713676pnc:RetailBanking1Memberpnc:CashAndCashManagementFeesMember2024-01-012024-03-310000713676pnc:CorporateInstitutionalBankingMemberpnc:CashAndCashManagementFeesMember2024-01-012024-03-310000713676pnc:LendingAndDepositServicesMemberpnc:RetailBanking1Memberpnc:DepositAccountFeesMember2024-01-012024-03-310000713676pnc:LendingAndDepositServicesMemberpnc:OtherLendingAndDepositServicesMemberpnc:RetailBanking1Member2024-01-012024-03-310000713676pnc:LendingAndDepositServicesMemberpnc:OtherLendingAndDepositServicesMemberpnc:CorporateInstitutionalBankingMember2024-01-012024-03-310000713676pnc:LendingAndDepositServicesMemberpnc:RetailBanking1Member2024-01-012024-03-310000713676pnc:LendingAndDepositServicesMemberpnc:CorporateInstitutionalBankingMember2024-01-012024-03-310000713676pnc:CommercialAndResidentialMortgageBankingFeesMemberpnc:CorporateInstitutionalBankingMember2024-01-012024-03-310000713676pnc:CapitalMarketsRelatedMemberpnc:CorporateInstitutionalBankingMember2024-01-012024-03-310000713676us-gaap:ProductAndServiceOtherMemberpnc:CorporateInstitutionalBankingMember2024-01-012024-03-310000713676pnc:ContractWithCustomersMemberpnc:RetailBanking1Member2024-01-012024-03-310000713676pnc:ContractWithCustomersMemberpnc:CorporateInstitutionalBankingMember2024-01-012024-03-310000713676pnc:ContractWithCustomersMemberpnc:AssetManagementGroupMember2024-01-012024-03-310000713676pnc:OutofScopeRetailBankingNoninterestIncomeMemberpnc:RetailBanking1Member2024-01-012024-03-310000713676pnc:OutofScopeRetailBankingNoninterestIncomeMemberpnc:CorporateInstitutionalBankingMember2024-01-012024-03-310000713676pnc:OutofScopeRetailBankingNoninterestIncomeMemberpnc:AssetManagementGroupMember2024-01-012024-03-310000713676pnc:RetailBanking1Member2024-01-012024-03-310000713676pnc:CorporateInstitutionalBankingMember2024-01-012024-03-310000713676pnc:AssetManagementGroupMember2024-01-012024-03-310000713676pnc:ContractWithCustomersMember2024-01-012024-03-310000713676pnc:OutofScopeRetailBankingNoninterestIncomeMember2024-01-012024-03-310000713676pnc:AssetManagementFeesMemberpnc:AssetManagementGroupMemberpnc:AssetManagementFeesAndBrokerageFeesMember2023-01-012023-03-310000713676pnc:AssetManagementFeesAndBrokerageFeesMemberpnc:RetailBanking1Memberpnc:BrokerageFeesMember2023-01-012023-03-310000713676pnc:AssetManagementGroupMemberpnc:AssetManagementFeesAndBrokerageFeesMemberpnc:BrokerageFeesMember2023-01-012023-03-310000713676pnc:AssetManagementFeesAndBrokerageFeesMemberpnc:RetailBanking1Member2023-01-012023-03-310000713676pnc:AssetManagementGroupMemberpnc:AssetManagementFeesAndBrokerageFeesMember2023-01-012023-03-310000713676pnc:TreasuryManagementFeesMemberpnc:RetailBanking1Memberpnc:CashAndCashManagementFeesMember2023-01-012023-03-310000713676pnc:TreasuryManagementFeesMemberpnc:CorporateInstitutionalBankingMemberpnc:CashAndCashManagementFeesMember2023-01-012023-03-310000713676pnc:DebitCardFeesMemberpnc:RetailBanking1Memberpnc:CashAndCashManagementFeesMember2023-01-012023-03-310000713676pnc:NetCreditCardFeesMemberpnc:RetailBanking1Memberpnc:CashAndCashManagementFeesMember2023-01-012023-03-310000713676pnc:MerchantFeesMemberpnc:RetailBanking1Memberpnc:CashAndCashManagementFeesMember2023-01-012023-03-310000713676pnc:MerchantFeesMemberpnc:CorporateInstitutionalBankingMemberpnc:CashAndCashManagementFeesMember2023-01-012023-03-310000713676pnc:RetailBanking1Memberpnc:CashAndCashManagementFeesMemberpnc:OtherMember2023-01-012023-03-310000713676pnc:RetailBanking1Memberpnc:CashAndCashManagementFeesMember2023-01-012023-03-310000713676pnc:CorporateInstitutionalBankingMemberpnc:CashAndCashManagementFeesMember2023-01-012023-03-310000713676pnc:LendingAndDepositServicesMemberpnc:RetailBanking1Memberpnc:DepositAccountFeesMember2023-01-012023-03-310000713676pnc:LendingAndDepositServicesMemberpnc:OtherLendingAndDepositServicesMemberpnc:RetailBanking1Member2023-01-012023-03-310000713676pnc:LendingAndDepositServicesMemberpnc:OtherLendingAndDepositServicesMemberpnc:CorporateInstitutionalBankingMember2023-01-012023-03-310000713676pnc:LendingAndDepositServicesMemberpnc:RetailBanking1Member2023-01-012023-03-310000713676pnc:LendingAndDepositServicesMemberpnc:CorporateInstitutionalBankingMember2023-01-012023-03-310000713676pnc:CommercialAndResidentialMortgageBankingFeesMemberpnc:CorporateInstitutionalBankingMember2023-01-012023-03-310000713676pnc:CapitalMarketsRelatedMemberpnc:CorporateInstitutionalBankingMember2023-01-012023-03-310000713676us-gaap:ProductAndServiceOtherMemberpnc:CorporateInstitutionalBankingMember2023-01-012023-03-310000713676pnc:ContractWithCustomersMemberpnc:RetailBanking1Member2023-01-012023-03-310000713676pnc:ContractWithCustomersMemberpnc:CorporateInstitutionalBankingMember2023-01-012023-03-310000713676pnc:ContractWithCustomersMemberpnc:AssetManagementGroupMember2023-01-012023-03-310000713676pnc:OutofScopeRetailBankingNoninterestIncomeMemberpnc:RetailBanking1Member2023-01-012023-03-310000713676pnc:OutofScopeRetailBankingNoninterestIncomeMemberpnc:CorporateInstitutionalBankingMember2023-01-012023-03-310000713676pnc:OutofScopeRetailBankingNoninterestIncomeMemberpnc:AssetManagementGroupMember2023-01-012023-03-310000713676pnc:RetailBanking1Member2023-01-012023-03-310000713676pnc:CorporateInstitutionalBankingMember2023-01-012023-03-310000713676pnc:AssetManagementGroupMember2023-01-012023-03-310000713676pnc:ContractWithCustomersMember2023-01-012023-03-310000713676pnc:OutofScopeRetailBankingNoninterestIncomeMember2023-01-012023-03-310000713676pnc:CreditCardFeesNetMemberpnc:InScopeRetailBankingNoninterestIncomeMemberpnc:RetailBanking1Member2024-01-012024-03-310000713676pnc:CreditCardFeesNetMemberpnc:InScopeRetailBankingNoninterestIncomeMemberpnc:RetailBanking1Member2023-01-012023-03-310000713676srt:ScenarioForecastMemberus-gaap:SubsequentEventMember2024-04-082024-09-300000713676pnc:WilliamS.DemchakMember2024-01-012024-03-310000713676pnc:WilliamS.DemchakMember2024-03-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
______________________________________
FORM 10-Q
______________________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to         
    
Commission file number 001-09718
The PNC Financial Services Group, Inc.
(Exact name of registrant as specified in its charter)
___________________________________________________________
Pennsylvania 25-1435979
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
The Tower at PNC Plaza, 300 Fifth Avenue, Pittsburgh, Pennsylvania 15222-2401
(Address of principal executive offices, including zip code)

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

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

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)
 Name of Each Exchange
    on Which Registered    
Common Stock, par value $5.00PNCNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒  Accelerated filer ☐
Non-accelerated filer ☐  Smaller reporting company ☐
   Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
    Yes  ☐  No  ☒
As of April 15, 2024, there were 397,907,180 shares of the registrant’s common stock ($5 par value) outstanding.

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


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


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



FINANCIAL REVIEW
THE PNC FINANCIAL SERVICES GROUP, INC.

This Financial Review, including the Consolidated Financial Highlights, should be read together with our unaudited Consolidated Financial Statements and unaudited Statistical Information included elsewhere in this Quarterly Report on Form 10-Q (the “Report” or “Form 10-Q”) and with Items 6, 7, 8 and 9A of our 2023 Annual Report on Form 10-K (our “2023 Form 10-K”). For information regarding certain business, regulatory and legal risks, see the following: the Risk Management section of this Financial Review and of Item 7 in our 2023 Form 10-K; Item 1A Risk Factors included in our 2023 Form 10-K; and the Commitments and Legal Proceedings Notes included in this Report and Item 8 of our 2023 Form 10-K. Also, see the Cautionary Statement Regarding Forward-Looking Information section in this Financial Review and the Critical Accounting Estimates and Judgments section in this Financial Review and in our 2023 Form 10-K for certain other factors that could cause actual results or future events to differ, perhaps materially, from historical performance and from those anticipated in the forward-looking statements included in this Report. See Note 14 Segment Reporting for a reconciliation of total business segment earnings to total PNC consolidated net income as reported on a GAAP basis. In this Report, “PNC,” “we” or “us” refers to The PNC Financial Services Group, Inc. and its subsidiaries on a consolidated basis (except when referring to PNC as a public company, its common stock or other securities issued by PNC, which just refer to The PNC Financial Services Group, Inc.). References to The PNC Financial Services Group, Inc. or to any of its subsidiaries are specifically made where applicable.

See page 90 for a glossary of certain terms and acronyms used in this Report.

EXECUTIVE SUMMARY

Headquartered in Pittsburgh, Pennsylvania, we are one of the largest diversified financial institutions in the U.S. We have businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing many of our products and services nationally. Our retail branch network is located coast-to-coast. We also have strategic international offices in four countries outside the U.S.

Key Strategic Goals
At PNC we manage our company for the long term. We are focused on the fundamentals of growing customers, loans, deposits and revenue and improving profitability, while investing for the future and managing risk, expenses and capital. We continue to invest in our products, markets and brand, and embrace our commitments to our customers, shareholders, employees and the communities where we do business.

We strive to serve our customers and expand and deepen relationships by offering a broad range of deposit, credit and fee-based products and services. We are focused on delivering those products and services to our customers with the goal of addressing their financial objectives and needs. Our business model is built on customer loyalty and engagement, understanding our customers’ financial goals and offering our diverse products and services to help them achieve financial well-being. Our approach is concentrated on organically growing and deepening client relationships across our businesses that meet our risk/return measures.

We are focused on our strategic priorities, which are designed to enhance value over the long term, and consist of:
•Expanding our leading banking franchise to new markets and digital platforms,
•Deepening customer relationships by delivering a superior banking experience and financial solutions, and
•Leveraging technology to create efficiencies that help us better serve customers.

Our capital and liquidity priorities are to support customers, fund business investments and return excess capital to shareholders, while maintaining appropriate capital and liquidity in light of economic conditions, the Basel III framework and other regulatory expectations. For more detail, see the Capital Highlights portion of this Executive Summary, the Liquidity and Capital Management portion of the Risk Management section of this Financial Review and the Supervision and Regulation section in Item 1 Business of our 2023 Form 10-K.

Signature Bank Portfolio Acquisition

On October 2, 2023, PNC acquired a portfolio of capital commitments facilities from Signature Bridge Bank, N.A. through an agreement with the FDIC as receiver of the former Signature Bank, New York. The acquired portfolio represented approximately $16.0 billion in total commitments, including approximately $9.0 billion of funded loans, at the time of acquisition.

Workforce Reduction

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



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

FDIC Special Assessment

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

Selected Financial Data
The following tables include selected financial data, which should be reviewed in conjunction with the Consolidated Financial Statements and Notes included in Item 1 of this Report as well as the other disclosures in this Report concerning our historical financial performance, our future prospects and the risks associated with our business and financial performance.
Table 1: Summary of Operations, Per Common Share Data and Performance Ratios
Dollars in millions, except per share data
Unaudited		Three months ended
March 31December 31March 31
202420232023
Summary of Operations (a)
Net interest income$3,264 $3,403 $3,585 
Noninterest income1,881 1,958 2,018 
Total revenue5,145 5,361 5,603 
Provision for credit losses155 232 235 
Noninterest expense3,334 4,074 3,321 
Income before income taxes and noncontrolling interests
$1,656 $1,055 $2,047 
Income taxes
312 172 353 
Net income$1,344 $883 $1,694 
Net income attributable to common shareholders$1,247 $744 $1,607 
Per Common Share

Basic$3.10 $1.85 $3.98 
Diluted$3.10 $1.85 $3.98 
Book value per common share$113.30 $112.72 $104.76 
Performance Ratios
Net interest margin (b)2.57 %2.66 %2.84 %
Noninterest income to total revenue37 %37 %36 %
Efficiency65 %76 %59 %
Return on:
Average common shareholders’ equity11.39 %6.93 %16.11 %
Average assets0.97 %0.62 %1.22 %
(a)The Executive Summary and Consolidated Income Statement Review portions of this Financial Review section provide information regarding items impacting the comparability of the periods presented.
(b)See explanation and reconciliation of this non-GAAP measure in the Average Consolidated Balance Sheet and Net Interest Analysis and Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP) Statistical Information (Unaudited) section in Item 1 of this Report.




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


Table 2: Balance Sheet Highlights and Other Selected Ratios
Dollars in millions, except as noted
Unaudited		March 31
2024		December 31
2023		March 31
2023
Balance Sheet Highlights (a)
Assets$566,162 $561,580 $561,777 
Loans$319,781 $321,508 $326,475 
Allowance for loan and lease losses


$4,693 $4,791 $4,741 
Interest-earning deposits with banks$53,612 $43,804 $33,865 
Investment securities$130,460 $132,569 $138,239 
Total deposits$425,624 $421,418 $436,833 
Borrowed funds$72,707 $72,737 $60,822 
Total shareholders’ equity$51,340 $51,105 $49,044 
Common shareholders’ equity$45,097 $44,864 $41,809 
Other Selected Ratios
Common equity Tier 110.1 %9.9 %9.2 %
Loans to deposits75 %76 %75 %
Common shareholders’ equity to total assets8.0 %8.0 %7.4 %
(a)The Executive Summary and Consolidated Balance Sheet Review portions of this Financial Review provide information regarding items impacting the comparability of the periods presented.

Income Statement Highlights

Net income of $1.3 billion, or $3.10 per diluted common share, for the first quarter of 2024 increased $461 million, or 52%, compared to $0.9 billion, or $1.85 per diluted common share, for the fourth quarter of 2023, due to lower noninterest expense and a lower provision for credit losses, partially offset by lower net interest and noninterest income.
•For the three months ended March 31, 2024 compared to the three months ended December 31, 2023:
•Total revenue decreased $216 million, or 4%, to $5.1 billion.
•Net interest income of $3.3 billion decreased $139 million, or 4%, primarily due to increased funding costs, lower loan balances and one fewer day in the quarter.
•Net interest margin declined 9 basis points to 2.57%, primarily as a result of higher funding costs.
•Noninterest income decreased $77 million, or 4%, primarily due to lower capital markets and advisory activity and seasonal declines in card and cash management fees. The first quarter also included negative Visa Class B-1 derivative fair value adjustments of $7 million. Visa Class B-1 derivative fair value adjustments were negative $100 million in the fourth quarter of 2023.
•Provision for credit losses of $155 million in the first quarter of 2024 reflected portfolio activity and improved macroeconomic factors. The fourth quarter of 2023 included a provision for credit losses of $232 million.
•Noninterest expense decreased $740 million, or 18%, to $3.3 billion, driven by lower or stable expenses across all categories, reflecting a continued focus on expense management. The first quarter of 2024 included an additional pre-tax expense of $130 million related to the increase in the FDIC’s expected losses. The fourth quarter of 2023 included $515 million pertaining to the FDIC special assessment as well as $150 million of workforce reduction charges.

Net income decreased $350 million, or 21%, compared to $1.7 billion, or $3.98 per diluted common share, for the first quarter of 2023 driven by lower net interest and noninterest income, partially offset by a lower provision for credit losses.
•For the three months ended March 31, 2024 compared to the three months ended March 31, 2023:
•Total revenue decreased $458 million, or 8%, to $5.1 billion.
•Net interest income decreased $321 million, or 9%, as the benefit of higher interest-earning asset yields was more than offset by increased funding costs.
•Net interest margin decreased 27 basis points, primarily as a result of higher funding costs.
•Noninterest income decreased $137 million, or 7%, and included a decline in private equity revenue and residential and commercial mortgage revenue, partially offset by growth in card and cash management and asset management and brokerage fees. Visa Class B-1 derivative fair value adjustments were negative $45 million in the first quarter of 2023.
•Provision for credit losses of $155 million for the first three months of 2024 reflected portfolio activity and improved macroeconomic factors. The first three months of 2023 included a provision for credit losses of $235 million.
•Noninterest expense was stable compared to the first three months of 2023. The first quarter of 2024 included an additional pre-tax expense of $130 million related to the increase in the FDIC’s expected losses.

For additional detail, see the Consolidated Income Statement Review section of this Financial Review.
The PNC Financial Services Group, Inc. – Form 10-Q 3  

Balance Sheet Highlights
Our balance sheet was strong and well positioned at March 31, 2024. In comparison to December 31, 2023:
•Total assets of $566.2 billion increased modestly primarily due to higher balances held with the Federal Reserve Bank, partially offset by lower securities and loan balances.
•Total loans decreased $1.7 billion, or 1%, to $319.8 billion.
•Total commercial loans decreased $0.7 billion, to $218.8 billion, driven by paydowns outpacing new production and lower utilization of loan commitments.
•Total consumer loans declined $1.0 billion to $100.9 billion, as paydowns outpaced new originations and draws on existing accounts.
•Investment securities decreased $2.1 billion, or 2%, to $130.5 billion, primarily due to prepayments and maturities outpacing purchases.
•Interest-earning deposits with banks, primarily with the Federal Reserve Bank, increased $9.8 billion, or 22%, to $53.6 billion, primarily due to an increase in deposits and a decrease in securities and loans balances.
•Total deposits increased $4.2 billion, to $425.6 billion, reflecting higher commercial and consumer deposits. Noninterest-bearing deposit balances decreased driven by a decline in commercial noninterest-bearing balances. Interest-bearing deposits increased reflecting higher commercial and consumer interest-bearing balances.
•Borrowed funds were largely stable at $72.7 billion, as parent company senior debt issuances were offset by lower FHLB borrowings.

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

Credit Quality Highlights
The first quarter of 2024 reflected stable credit quality performance.
•At March 31, 2024 compared to December 31, 2023:
•Overall loan delinquencies of $1.3 billion decreased $109 million, or 8%, driven by lower consumer and commercial loan delinquencies.
•The ACL related to loans, which consists of the ALLL and the allowance for unfunded lending related commitments, totaled $5.4 billion and $5.5 billion at March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024, this reserve was driven by improved macroeconomic factors as well as portfolio activity. ACL to total loans was 1.68% and 1.70% at March 31, 2024 and December 31, 2023, respectively.
•Nonperforming assets increased $199 million, or 9%, to $2.4 billion, primarily due to higher commercial real estate nonperforming loans.
•Net charge-offs of $243 million, or 0.30% of average loans, in the first quarter of 2024 increased $43 million compared to the fourth quarter of 2023 primarily due to higher commercial net loan charge-offs.

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

Capital and Liquidity Highlights

We maintained our strong capital and liquidity positions.
•Common shareholders’ equity of $45.1 billion at March 31, 2024, increased $0.2 billion, compared to December 31, 2023 due to the benefit of net income, partially offset by common dividends paid, a decline in AOCI and common share repurchases.
•In the first quarter of 2024, PNC returned $0.8 billion of capital to shareholders, reflecting more than $0.6 billion of dividends on common shares and more than $0.1 billion of common share repurchases, representing 0.9 million shares.
•Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 44% were still available for repurchase at March 31, 2024. In light of the Federal banking agencies proposed rules to adjust the Basel III capital framework, second quarter 2024 share repurchase activity is expected to approximate recent quarterly average share repurchase levels. PNC continues to evaluate the potential impact of the proposed rules and may adjust share repurchase activity depending on market and economic conditions, as well as other factors. PNC’s SCB for the four-quarter period beginning October 1, 2023 is the regulatory minimum of 2.5%.
•On April 3, 2024, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.55 per share to be paid on May 6, 2024 to shareholders of record at the close of business April 15, 2024.
•Our CET1 ratio increased to 10.1% at March 31, 2024 from 9.9% at December 31, 2023.
•PNC elected a five-year transition provision effective March 31, 2020 to delay through December 31, 2021 the full impact of the CECL standard on regulatory capital, followed by a three-year transition period. Effective for the first quarter of 2022, PNC is now in the three-year transition period, and the full impact of the CECL standard is being



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


phased-in to regulatory capital through December 31, 2024. The fully implemented ratios reflect the full impact of CECL and exclude the benefits of this transition provision. The estimated CET1 fully implemented ratio was 10.0% at March 31, 2024 compared to 9.8% at December 31, 2023.

See the Liquidity and Capital Management portion of the Risk Management section of this Financial Review for more detail on our liquidity and capital actions as well as our capital ratios.

PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding an SCB established by the Federal Reserve Board in connection with the Federal Reserve Board’s CCAR process. For additional information, see Capital Management in the Risk Management section in this Financial Review and the Supervision and Regulation section in our 2023 Form 10-K.

Business Outlook
Statements regarding our business outlook are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting. These statements are based on our views that:
•PNC’s baseline forecast is for slower economic growth in 2024 as consumer spending growth slows and higher interest rates remain a drag on the economy. The ongoing strength of the labor market will continue to support consumer spending. The FOMC is indicating that it will start to cut the federal funds rate later this year, with rate cuts supporting economic growth toward the end of 2024.
•Real GDP growth this year will be close to its trend of 2% and the unemployment rate will increase modestly to just above 4% by the end of 2024. Inflation will continue to slow as wage pressures abate, moving back to the Federal Reserve’s 2% long-term objective by the end of 2025.
•PNC expects the federal funds rate to remain unchanged between 5.25% and 5.50% through at least the first half of 2024, with federal funds rate cuts starting in the third quarter as inflationary pressures ease further. PNC expects two federal funds rate cuts in 2024, with the rate ending this year in a range between 4.75% and 5.00%.

For the second quarter of 2024, compared to the first quarter of 2024, we expect:
•Average loans to be stable,
•Net interest income to be down approximately 1%,
•Fee income to be up 1% to 2%,
•Other noninterest income to be $150 million to $200 million,
•Revenue to be stable,
•Core noninterest expense to be up 2% to 4%, and
•Net loan charge-offs to be $225 million to $275 million.

For the full year 2024, compared to the full year of 2023, we expect:
•Average loans to be up approximately 1%,
•Net interest income to be down 4% to 5%,
•Noninterest income to be up 4% to 6%,
•Revenue to be stable to down 2%,
•Core noninterest expense to be stable, and
•The effective tax rate to be approximately 18.5%.

Core noninterest expense guidance excludes an additional pre-tax expense of $130 million related to the increase in the FDIC’s expected losses in the first quarter of 2024, and $515 million pertaining to the FDIC special assessment as well as $150 million of workforce reduction charges incurred in the fourth quarter of 2023. See the Statistical Information (Unaudited) – Reconciliation of Core Noninterest Expense (non-GAAP) section of this Report. Other noninterest income, noninterest income and revenue guidance excludes net securities gains and Visa activity.

We are unable to provide a meaningful or accurate reconciliation of forward-looking non-GAAP measures, without unreasonable effort, to their most directly comparable GAAP financial measures. This is due to the inherent difficulty of forecasting the timing and amounts necessary for the reconciliation when such amounts are subject to events that cannot be reasonably predicted, as noted in our Cautionary Statement. Accordingly, we cannot address the probable significance of unavailable information.

See the Cautionary Statement Regarding Forward-Looking Information section in this Financial Review and Item 1A Risk Factors included in our 2023 Form 10-K for other factors that could cause future events to differ, perhaps materially, from those anticipated in these forward-looking statements.

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

CONSOLIDATED INCOME STATEMENT REVIEW

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

Net income of $1.3 billion, or $3.10 per diluted common share, for the first quarter of 2024 increased $461 million, or 52%, compared to $0.9 billion, or $1.85 per diluted common share, for the fourth quarter of 2023, due to lower noninterest expense and a lower provision for credit losses, partially offset by lower net interest and noninterest income. Net income decreased $350 million, or 21%, compared to $1.7 billion, or $3.98 per diluted common share for the same period in 2023, driven by lower net interest and noninterest income, partially offset by a lower provision for credit losses.

Net Interest Income
Table 3: Summarized Average Balances and Net Interest Income (a)
 March 31, 2024December 31, 2023March 31, 2023
Three months ended
Dollars in millions		Average
Balances		Average
Yields/
Rates		Interest
Income/
Expense		Average
Balances		Average
Yields/
Rates		Interest
Income/
Expense		Average
Balances		Average
Yields/
Rates		Interest
Income/
Expense
Assets
Interest-earning assets
Investment securities$135,434 2.62 %$888 $137,388 2.59 %$890 $143,391 2.49 %$891 
Loans320,609 6.01 %4,848 324,569 5.94 %4,906 325,526 5.29 %4,290 
Interest-earning deposits with banks (b)48,250 5.47 %660 42,627 5.53 %590 34,054 4.58 %390 
Other8,002 6.92 %138 8,738 6.96 %152 8,806 5.75 %126 
Total interest-earning assets/interest income$512,295 5.08 %6,534 $513,322 5.03 %6,538 $511,777 4.46 %5,697 
Liabilities
Interest-bearing liabilities
Interest-bearing deposits$321,280 2.60 %2,077 $319,364 2.48 %1,995 $315,056 1.66 %1,291 
Borrowed funds75,590 6.07 %1,159 72,892 5.94 %1,104 62,968 4.98 %783 
Total interest-bearing liabilities/interest expense$396,870 3.24 %3,236 $392,256 3.10 %3,099 $378,024 2.20 %2,074 
Net interest margin/income (non-GAAP)2.57 %3,298 2.66 %3,439 2.84 %3,623 
Taxable-equivalent adjustments(34)(36)(38)
Net interest income (GAAP)$3,264   $3,403 $3,585 
(a)Interest income calculated as taxable-equivalent interest income. To provide more meaningful comparisons of interest income and yields for all interest-earning assets, as well as net interest margins, we use interest income on a taxable-equivalent basis in calculating average yields and net interest margins by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP on the Consolidated Income Statement. For more information, see Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP) in the Statistical Information (Unaudited) section in Item 1 of this Report.
(b)Interest income from Interest-earning deposits with banks primarily includes interest earned on our balances held with the Federal Reserve Bank and is reported as Other interest income on our Consolidated Income Statement.
Changes in net interest income and margin result from the interaction of the volume and composition of interest-earning assets and related yields, interest-bearing liabilities and related rates paid, and noninterest-bearing sources of funding. See the Statistical Information (Unaudited) – Average Consolidated Balance Sheet And Net Interest Analysis section of this Report for additional information.

Net interest income decreased $139 million, or 4%, for the first quarter of 2024 compared to the fourth quarter of 2023, primarily due to increased funding costs, lower loan balances and one fewer day in the quarter. Net interest income decreased $321 million, or 9%, for the first three months of 2024 compared to the same period in 2023, as the benefit of higher interest-earning asset yields was more than offset by increased funding costs. Net interest margin declined 9 basis points compared to the fourth quarter of 2023 and 27 basis points compared to the first quarter of 2023, primarily as a result of higher funding costs.

Average investment securities of $135.4 billion in the first quarter of 2024 declined $2.0 billion, or 1%, and $8.0 billion, or 6%, from the fourth quarter of 2023 and the first quarter of 2023, respectively. In both comparisons, limited purchase activity was more than offset by portfolio paydowns and maturities. Average investment securities represented 26% of average interest-earning assets for the first quarter of 2024 compared to 27% for the fourth quarter of 2023, and 28% for the first quarter of 2023.

Average loans for the first quarter of 2024 decreased $4.0 billion, compared to the fourth quarter of 2023, due to lower commercial and consumer loans. Compared to the first quarter of 2023, average loans decreased $4.9 billion, or 2%, primarily due to lower commercial loans. Average loans represented 63% of average interest-earning assets for both the first quarter of 2024 and the fourth quarter of 2023, compared to 64% for the first quarter of 2023.



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



Average interest-earning deposits with banks for the first quarter of 2024 increased $5.6 billion, or 13%, compared to the fourth quarter of 2023 driven by lower loan balances and higher borrowed funds, partially offset by lower deposits. Compared to the first quarter of 2023, average interest-earning deposits with banks increased $14.2 billion, or 42%, primarily due to higher borrowed funds and lower securities and loan balances, partially offset by lower deposits.

Average interest-bearing deposits increased $1.9 billion and $6.2 billion, compared to the fourth quarter of 2023 and the first quarter of 2023, respectively. The increase in both comparisons reflected the impact of the higher interest rate environment. In total, average interest-bearing deposits represented 81% of average interest-bearing liabilities for both the first quarter of 2024 and the fourth quarter of 2023, compared to 83% for the first quarter of 2023.

Average borrowed funds of $75.6 billion in the first quarter of 2024 increased $2.7, billion, or 4%, compared to the fourth quarter of 2023 and $12.6 billion, or 20%, compared to the first quarter of 2023. In both comparisons, the increase was driven primarily by parent company senior debt issuances.

Further details regarding average loans and deposits are included in the Business Segments Review section of this Financial Review.
Noninterest Income
Table 4: Noninterest Income
 Three months endedThree months ended
 March 31December 31ChangeMarch 31March 31Change
Dollars in millions20242023$%20242023$%
Noninterest income
Asset management and brokerage$364 $360 $4 1 %$364 $356 $8 2 %
Capital markets and advisory259 309 (50)(16)%259 262 (3)(1)%
Card and cash management671 688 (17)(2)%671 659 12 2 %
Lending and deposit services305 314 (9)(3)%305 306 (1)— 
Residential and commercial mortgage147 149 (2)(1)%147 177 (30)(17)%
Other135 138 (3)(2)%135 258 (123)(48)%
Total noninterest income
$1,881 $1,958 $(77)(4)%$1,881 $2,018 $(137)(7)%
 
Noninterest income as a percentage of total revenue was 37% for both the first quarter of 2024 and the fourth quarter of 2023, compared to 36% for the first quarter of 2023.

Asset management and brokerage fees increased compared to the fourth quarter of 2023 and the first quarter of 2023, primarily driven by the impact of higher average equity markets. PNC’s discretionary client assets under management increased $6 billion and $18 billion compared to December 31, 2023 and March 31, 2023, respectively. In both comparisons, the increase was primarily driven by higher spot equity markets.

Capital markets and advisory fees declined compared to the fourth quarter of 2023, driven by lower merger and acquisition advisory activity, partially offset by higher underwriting fees. The decrease compared to the first quarter of 2023 was primarily due to lower trading revenue, partially offset by higher underwriting fees.

Card and cash management revenue decreased compared to the fourth quarter of 2023, as seasonally lower consumer transaction volumes were partially offset by higher treasury management fees. The increase compared to the first three months of 2023 was primarily due to higher treasury management product revenue.

Lending and deposit services decreased compared to the fourth quarter of 2023, reflecting the reduction of certain checking product fees. Lending and deposit services were stable compared to the first quarter of 2023.

Residential and commercial mortgage decreased compared to the fourth quarter of 2023, and included lower residential mortgage activity. The decrease compared to the first quarter of 2023 was driven by lower revenue from commercial mortgage loans held for sale.

Other noninterest income decreased compared to the fourth quarter of 2023, and included lower gains on sales. The decrease compared to the first quarter of 2023 was primarily driven by a decline in private equity revenue. In both comparisons, the decrease was offset by lower negative Visa Class B-1 derivative fair value adjustments. Visa Class B-1 fair value adjustments were negative $7 million for the first quarter of 2024 compared to negative $100 million for the fourth quarter of 2023 and negative $45 million for the first quarter of 2023.
The PNC Financial Services Group, Inc. – Form 10-Q 7  


Noninterest Expense

Table 5: Noninterest Expense
 Three months endedThree months ended
 March 31December 31ChangeMarch 31March 31Change
Dollars in millions20242023$%20242023$%
Noninterest expense
Personnel$1,794 $1,983 $(189)(10)%$1,794 $1,826 $(32)(2)%
Occupancy244 243 1 — 244 251 (7)(3)%
Equipment341 365 (24)(7)%341 350 (9)(3)%
Marketing64 74 (10)(14)%64 74 (10)(14)%
Other891 1,409 (518)(37)%891 820 71 9 %
Total noninterest expense
$3,334 $4,074 $(740)(18)%$3,334 $3,321 $13 — 
 
Noninterest expense decreased compared to the fourth quarter of 2023, driven by lower or stable expenses across all categories, reflecting a continued focus on expense management. Noninterest expense was stable compared to the first three months of 2023. The first quarter of 2024 included an additional pre-tax expense of $130 million related to the increase in the FDIC’s expected losses. The fourth quarter of 2023 included $515 million pertaining to the FDIC special assessment as well as $150 million of workforce reduction charges.

Effective Income Tax Rate

The effective income tax rate was 18.8% in the first quarter of 2024, 16.3% in the fourth quarter of 2023 and 17.2% in the first quarter of 2023. The effective income tax rate in the fourth quarter of 2023 reflected certain tax credit benefits.

Provision For Credit Losses
Table 6: Provision for Credit Losses
 Three months endedThree months ended
March 31December 31ChangeMarch 31March 31Change
Dollars in millions20242023$20242023$
Provision for (recapture of) credit losses
Loans and leases$147 $221 $(74)$147 $229 $(82)
Unfunded lending related commitments9 23 (14)9 (22)31 
Investment securities1 (7)8 1 (1)2 
Other financial assets(2)(5)3 (2)29 (31)
Total provision for credit losses$155 $232 $(77)$155 $235 $(80)

Provision for credit losses of $155 million in the first quarter of 2024 reflected portfolio activity and improved macroeconomic factors.



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


CONSOLIDATED BALANCE SHEET REVIEW
The summarized balance sheet data in Table 7 is based upon our Consolidated Balance Sheet in Item 1 of this Report.
Table 7: Summarized Balance Sheet Data
 March 31December 31Change
Dollars in millions20242023$%
Assets    
Interest-earning deposits with banks$53,612 $43,804 $9,808 22 %
Loans held for sale743 734 9 1 %
Investment securities130,460 132,569 (2,109)(2)%
Loans319,781 321,508 (1,727)(1)%
Allowance for loan and lease losses(4,693)(4,791)98 2 %
Mortgage servicing rights3,762 3,686 76 2 %
Goodwill10,932 10,932  — 
Other51,565 53,138 (1,573)(3)%
Total assets$566,162 $561,580 $4,582 1 %
Liabilities
Deposits$425,624 $421,418 $4,206 1 %
Borrowed funds72,707 72,737 (30)— 
Allowance for unfunded lending related commitments672 663 9 1 %
Other15,785 15,621 164 1 %
Total liabilities514,788 510,439 4,349 1 %
Equity
Total shareholders’ equity51,340 51,105 235 — 
Noncontrolling interests34 36 (2)(6)%
Total equity51,374 51,141 233 — 
Total liabilities and equity$566,162 $561,580 $4,582 1 %

Our balance sheet was strong and well positioned at March 31, 2024. In comparison to December 31, 2023:
•Total assets increased modestly due to higher balances held with the Federal Reserve Bank, partially offset by lower securities and loan balances.
•Total liabilities increased modestly primarily due to higher deposits.
•Total equity increased due to the benefit of net income, partially offset by dividends paid, a decline in AOCI and common share repurchases.

The ACL related to loans totaled $5.4 billion and $5.5 billion at March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024, this reserve was driven by improved macroeconomic factors as well as portfolio activity. See the following for additional information regarding our ACL related to loans:
•Allowance for Credit Losses in the Credit Risk Management section of this Financial Review,
•Critical Accounting Estimates and Judgments section of this Financial Review, and
•Note 3 Loans and Related Allowance for Credit Losses.

The following discussion provides additional information about the major components of our balance sheet. Information regarding our capital and regulatory compliance is included in the Liquidity and Capital Management portion of the Risk Management section in this Financial Review and in Note 19 Regulatory Matters in our 2023 Form 10-K.
The PNC Financial Services Group, Inc. – Form 10-Q 9  

Loans
Table 8: Loans
 March 31December 31Change
Dollars in millions20242023$%
Commercial    
Commercial and industrial$176,792 $177,580 $(788)— 
Commercial real estate35,591 35,436155 — 
Equipment lease financing6,462 6,542(80)(1)%
Total commercial218,845 219,558 (713)— 
Consumer
Residential real estate47,386 47,544 (158)— 
Home equity25,896 26,150 (254)(1)%
Automobile14,788 14,860 (72)— 
Credit card6,887 7,180 (293)(4)%
Education1,859 1,945 (86)(4)%
Other consumer4,120 4,271 (151)(4)%
Total consumer100,936 101,950 (1,014)(1)%
Total loans$319,781 $321,508 $(1,727)(1)%

Commercial and consumer loans declined as paydowns outpaced originations and utilization.

For additional information regarding our loan portfolio see the Credit Risk Management portion of the Risk Management section in this Financial Review and Note 3 Loans and Related Allowance for Credit Losses.
Investment Securities

Investment securities of $130.5 billion at March 31, 2024 decreased $2.1 billion, or 2%, compared to December 31, 2023, primarily due to prepayments and maturities outpacing purchases.

The level and composition of the investment securities portfolio fluctuates over time based on many factors, including market conditions, loan and deposit growth and balance sheet management activities. We manage our investment securities portfolio to optimize returns, while providing a reliable source of liquidity for our banking and other activities, considering the LCR, NSFR and other internal and external guidelines and constraints.
Table 9: Investment Securities (a)
 March 31, 2024December 31, 2023
Dollars in millionsAmortized
Cost (b)		Fair
Value		Amortized
Cost (b)		Fair
Value
U.S. Treasury and government agencies$43,985 $42,008 $44,125 $42,348 
Agency residential mortgage-backed71,971 65,370 73,329 67,925 
Non-agency residential mortgage-backed819 903 844 938 
Agency commercial mortgage-backed2,726 2,560 2,619 2,471 
Non-agency commercial mortgage-backed (c)2,125 2,074 2,286 2,217 
Asset-backed (d)7,068 7,077 6,982 6,984 
Other (e) 5,730 5,589 5,952 5,850 
Total investment securities (f)$134,424 $125,581 $136,137 $128,733 
(a)Of our total securities portfolio, 97% were rated AAA/AA at both March 31, 2024 and December 31, 2023.
(b)Amortized cost is presented net of the allowance for investment securities, which totaled $93 million at March 31, 2024 and primarily related to non-agency commercial mortgage-backed securities. The comparable amount at December 31, 2023 was $92 million.
(c)Collateralized primarily by multifamily housing, office buildings, retail properties, lodging properties and industrial properties.
(d)Collateralized primarily by consumer credit products, corporate debt and government guaranteed education loans.
(e)Includes state and municipal securities and corporate bonds.
(f)Includes available for sale and held to maturity securities, which are recorded on our balance sheet at fair value and amortized cost, respectively.

Table 9 presents our investment securities portfolio by amortized cost and fair value. The relationship of fair value to amortized cost at March 31, 2024 was comparable to December 31, 2023 and primarily reflected the impact of higher interest rates on the valuation of fixed-rate securities. We continually monitor the credit risk in our portfolio and maintain the allowance for investment securities at an appropriate level to absorb expected credit losses on our investment securities portfolio for the remaining contractual term of the securities adjusted for expected prepayments. See Note 2 Investment Securities for additional details regarding the allowance for investment securities.

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


The duration of investment securities was 4.1 years and 4.2 years at March 31, 2024 and December 31, 2023, respectively. We estimate that at March 31, 2024 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, 2023 for the effective duration of investment securities were 4.1 years and 4.2 years, respectively.

Based on expected prepayment speeds, the weighted-average expected maturity of the investment securities portfolio was 5.2 years at March 31, 2024 compared to 5.5 years at December 31, 2023.

Table 10: Weighted-Average Expected Maturities of Mortgage and Asset-Backed Debt Securities
March 31, 2024Years
Agency residential mortgage-backed7.0 
Non-agency residential mortgage-backed9.8 
Agency commercial mortgage-backed4.9 
Non-agency commercial mortgage-backed1.0 
Asset-backed2.3 

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

Funding Sources

Table 11: Details of Funding Sources
March 31December 31Change
Dollars in millions20242023$%
Deposits    
Noninterest-bearing$98,061 $101,285 $(3,224)(3)%
Interest-bearing
Money market68,292 65,594 2,698 4 %
Demand126,395 124,848 1,547 1 %
Savings98,655 98,122 533 1 %
Time deposits34,221 31,569 2,652 8 %
Total interest-bearing deposits327,563 320,133 7,430 2 %
Total deposits425,624 421,418 4,206 1 %
Borrowed funds
Federal Home Loan Bank borrowings37,000 38,000 (1,000)(3)%
Senior debt27,907 26,836 1,071 4 %
Subordinated debt4,827 4,875 (48)(1)%
Other2,973 3,026 (53)(2)%
Total borrowed funds72,707 72,737 (30)— 
Total funding sources$498,331 $494,155 $4,176 1 %

Deposits are considered an attractive source of funding due to their stability and relatively low cost to fund. Compared to December 31, 2023, our funding source composition included higher deposit balances and relatively stable borrowed funds.

Total deposits increased reflecting higher commercial and consumer deposits. Noninterest-bearing deposit balances decreased driven by a decline in commercial noninterest-bearing balances. Interest-bearing deposits increased reflecting higher commercial and consumer interest-bearing balances. This shift in deposit composition, as well as higher deposit rates, contributed to an increase in funding costs compared to the fourth quarter of 2023. Our total brokered deposit balances of $10.6 billion at March 31, 2024 decreased compared to $11.0 billion at December 31, 2023, and were significantly below both our internal and regulatory guidelines and limits.

Borrowed funds were largely stable as parent company senior debt issuances were offset by lower FHLB borrowings.

The level and composition of borrowed funds fluctuates over time based on many factors, including market conditions, capital considerations, and funding needs, which are primarily driven by changes in loan, deposit and investment securities balances. While our largest source of liquidity on a consolidated basis is the customer deposit base generated by our banking businesses, we also manage our borrowed funds to provide a reliable source of liquidity for our banking and other activities, considering our LCR and NSFR requirements and other internal and external guidelines and constraints. See the Liquidity and Capital Management portion of the Risk Management section in this Financial Review for additional information regarding our liquidity and capital activities. See Note 7 Borrowed Funds in this Report and Note 9 Borrowed Funds in our 2023 Form 10-K for additional information related to our
The PNC Financial Services Group, Inc. – Form 10-Q 11  

borrowings. See Average Consolidated Balance Sheet and Net Interest Analysis in the Statistical Information section of this Report for additional information on volume and related funding cost changes.
Shareholders’ Equity

Total shareholders’ equity was $51.3 billion at March 31, 2024, an increase of $0.2 billion compared to December 31, 2023, as increases related to net income of $1.3 billion were partially offset by dividends paid of $0.7 billion, a decline in AOCI of $0.3 billion and more than $0.1 billion of common share repurchases.
BUSINESS SEGMENTS REVIEW

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

Total business segment financial results differ from total consolidated net income. The impact of these differences is reflected in Other, as shown in Table 77 in Note 14 Segment Reporting. Other includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, corporate overhead net of allocations, tax adjustments that are not allocated to business segments, exited businesses and the residual impact from funds transfer pricing operations.

Certain amounts included in this Business Segments Review differ from those amounts shown in Note 14, primarily due to the presentation in this Financial Review of business net interest income on a taxable-equivalent basis.

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































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


Retail Banking

Retail Banking’s core strategy is to build lifelong, primary relationships by creating a sense of financial well-being and ease for our clients. Over time, we seek to deepen those relationships by meeting the broad range of our clients’ financial needs across savings, liquidity, lending, payments, investment and retirement solutions. We work to deliver these solutions in the most seamless and efficient way possible, meeting our customers where they want to be met - whether in a branch, through digital channels, at an ATM or through our phone-based customer contact centers - while continuously optimizing the cost to sell and service. We believe that, over time, we can grow our customer base, enhance the breadth and depth of our client relationships and improve our efficiency through differentiated products and leading digital channels.

Table 12: Retail Banking Table
(Unaudited)
Three months ended March 31    Change
Dollars in millions, except as noted20242023$%
Income Statement
Net interest income$2,617 $2,281 $336 15 %
Noninterest income764 743 21 3 %
Total revenue3,381 3,024 357 12 %
Provision for credit losses118 238 (120)(50)%
Noninterest expense1,837 1,927 (90)(5)%
Pretax earnings1,426 859 567 66 %
Income taxes 333 202 131 65 %
Noncontrolling interests8 10 (2)(20)%
Earnings$1,085 $647 $438 68 %
Average Balance Sheet
Loans held for sale$478 $542 $(64)(12)%
Loans
Consumer
Residential real estate$34,600 $35,421 $(821)(2)%
Home equity24,462 24,571 (109)— 
Automobile14,839 14,918 (79)(1)%
Credit card6,930 6,904 26 — 
Education1,933 2,188 (255)(12)%
Other consumer1,771 1,990 (219)(11)%
Total consumer 84,535 85,992 (1,457)(2)%
Commercial 12,620 11,438 1,182 10 %
Total loans$97,155 $97,430 $(275)— 
Total assets$114,199 $115,384 $(1,185)(1)%
Deposits
Noninterest-bearing $53,395 $60,801 $(7,406)(12)%
Interest-bearing 195,615 201,720 (6,105)(3)%
Total deposits$249,010 $262,521 $(13,511)(5)%
Performance Ratios
Return on average assets3.85 %2.27 %
Noninterest income to total revenue23 %25 %
Efficiency54 %64 %  
Supplemental Noninterest Income Information
Asset management and brokerage$137 $131 $6 5 %
Card and cash management$306 $324 $(18)(6)%
Lending and deposit services$178 $181 $(3)(2)%
Residential and commercial mortgage$97 $104 $(7)(7)%
The PNC Financial Services Group, Inc. – Form 10-Q 13  

At or for three months ended March 31
    Change
Dollars in millions, except as noted20242023$%
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (a)
Serviced portfolio balance (b)$207 $188 $19 10 %
MSR asset value (b)$2.7 $2.2 $0.5 23 %
Servicing income: (in millions)
Servicing fees, net (c)$82 $78 $4 5 %
Mortgage servicing rights valuation, net of economic hedge$(6)$14 $(20)*
Residential mortgage loan statistics
Loan origination volume (in billions)$1.3 $1.4 $(0.1)(7)%
Loan sale margin percentage2.53 %2.26 %
Other Information
Credit-related statistics
Nonperforming assets (b)$841 $1,009 $(168)(17)%
Net charge-offs - loans and leases $139 $112 $27 24 %
Other statistics
Branches (b) (d)2,271 2,450 (179)(7)%
Brokerage account client assets (in billions) (b) (e)$81 $73 $8 11 %
*- Not Meaningful
(a) Represents mortgage loan servicing balances for third parties and the related income.
(b)As of March 31.
(c)Servicing fees net of impact of decrease in MSR value due to passage of time, including the impact from regularly scheduled loan principal payments, prepayments and loans paid off during the period.
(d)Reflects all branches excluding standalone mortgage offices and satellite offices (e.g., drive-ups, electronic branches and retirement centers) that provide limited products and/or services.
(e)Includes cash and money market balances.

Retail Banking earnings for the first three months of 2024 increased $0.4 billion compared to the same period in 2023 primarily due to higher revenue and a lower provision for credit losses, as well as lower noninterest expense.

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

Noninterest income increased in the comparison, reflecting lower negative Visa Class B-1 derivative fair value adjustments, partially offset by lower card and cash management fees.

Provision for credit losses reflected the impact of portfolio activity and improved macroeconomic factors.

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

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

Our focus on growing primary customer relationships is at the core of our deposit strategy in Retail, which is based on attracting and retaining stable, low-cost deposits as a key funding source for PNC. We have taken a disciplined approach to pricing, focused on retaining relationship-based balances and executing on targeted deposit growth and retention strategies aimed at more rate-sensitive customers. Our goal with regard to deposits is to optimize balances, economics and long-term customer growth. In the first three months of 2024, average total deposits decreased compared to the same period in 2023, reflecting the impact of quantitative tightening by the Federal Reserve and competitive pricing dynamics.

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

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

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


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 are offered nationally.

Table 13: Corporate & Institutional Banking Table
(Unaudited)
Three months ended March 31    Change
Dollars in millions, except as noted20242023$%
Income Statement
Net interest income$1,549 $1,414 $135 10 %
Noninterest income888 886 2 — 
Total revenue2,437 2,300 137 6 %
Provision for (recapture of) credit losses47 (28)75 *
Noninterest expense922 939 (17)(2)%
Pretax earnings1,468 1,389 79 6 %
Income taxes342 325 17 5 %
Noncontrolling interests5 5  — 
Earnings$1,121 $1,059 $62 6 %
Average Balance Sheet
Loans held for sale$151 $456 $(305)(67)%
Loans
Commercial
Commercial and industrial $163,326 $168,874 $(5,548)(3)%
Commercial real estate34,420 34,605 (185)(1)%
Equipment lease financing6,467 6,451 16 — 
Total commercial 204,213 209,930 (5,717)(3)%
Consumer3 7 (4)(57)%
Total loans$204,216 $209,937 $(5,721)(3)%
Total assets$228,698 $234,536 $(5,838)(2)%
Deposits
Noninterest-bearing$43,854 $58,529 $(14,675)(25)%
Interest-bearing98,841 86,832 12,009 14 %
Total deposits$142,695 $145,361 $(2,666)(2)%
Performance Ratios
Return on average assets1.99 %1.83 %
Noninterest income to total revenue36 %39 %
Efficiency38 %41 %  
Other Information
Consolidated revenue from: (a)
Treasury Management (b)$936 $785 $151 19 %
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (c)$10 $27 $(17)(63)%
Commercial mortgage loan servicing income (d)67 39 28 72 %
Commercial mortgage servicing rights valuation, net of economic hedge37 41 (4)(10)%
Total$114 $107 $7 7 %
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (e) (f)$287 $281 $6 2 %
MSR asset value (e)$1,075 $1,061 $14 1 %
Average loans by C&IB business (g)
Corporate Banking$116,845 $119,602 $(2,757)(2)%
Real Estate46,608 47,297 (689)(1)%
Business Credit28,929 30,180 (1,251)(4)%
Commercial Banking7,546 8,430 (884)(10)%
Other4,288 4,428 (140)(3)%
Total average loans$204,216 $209,937 $(5,721)(3)%
Credit-related statistics
Nonperforming assets (e) $1,419 $801 $618 77 %
Net charge-offs - loans and leases $108 $85 $23 27 %
*- Not Meaningful
The PNC Financial Services Group, Inc. – Form 10-Q 15  

(a)See the additional revenue discussion regarding treasury management and commercial mortgage banking activities in the Product Revenue section of this Corporate & Institutional Banking section.
(b)Amounts are reported in net interest income and noninterest income.
(c)Represents commercial mortgage banking income for valuations on commercial mortgage loans held for sale and related commitments, derivative valuations, origination fees, gains on sale of loans held for sale and net interest income on loans held for sale.
(d)Represents net interest income and noninterest income from loan servicing, net of reduction in commercial mortgage servicing rights due to time and payoffs. Commercial mortgage servicing rights valuation, net of economic hedge is shown separately.
(e)As of March 31.
(f)Represents balances related to capitalized servicing.
(g)As the result of a business realignment within C&IB during the second quarter of 2023, certain loans were reclassified from Other to Corporate Banking in the prior period to conform to the current period presentation.

Corporate & Institutional Banking earnings in the first three months of 2024 increased $62 million compared to the same period in 2023 driven by higher net interest income and a decline in noninterest expense, partially offset by a higher provision for credit losses.

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

Noninterest income remained stable, as higher treasury management product revenue was largely offset by lower commercial mortgage banking activities.

Provision for credit losses reflected portfolio activity and improved macroeconomic factors.

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

Average loans decreased compared with the three months ended March 31, 2023:
•Corporate Banking provides lending, equipment finance, treasury management and capital markets products and services to
mid-sized and large corporations, and government and not-for-profit entities. Average loans for this business decreased driven by lower average utilization of loan commitments and paydowns outpacing new production, partially offset by the acquisition of capital commitment facilities from Signature Bridge Bank in the fourth quarter of 2023.
•Real Estate provides banking, financing and servicing solutions for commercial real estate clients across the country. Average loans for this business declined largely due to paydowns outpacing new production, partially offset by a higher average utilization of loan commitments.
•Business Credit provides asset-based lending and equipment financing solutions. The loan and lease portfolio is mainly secured by business assets. Average loans for this business declined primarily driven by a lower average utilization of loan commitments.
•Commercial Banking provides lending, treasury management and capital markets related products and services to smaller corporations and businesses. Average loans for this business declined primarily driven by paydowns outpacing new production and a lower average utilization of loan commitments.

The deposit strategy of Corporate & Institutional Banking is to remain disciplined on pricing and focused on growing and retaining relationship-based balances over time, executing on customer and segment-specific deposit growth strategies and continuing to provide funding and liquidity to PNC. Average total deposits decreased compared to the three months ended March 31, 2023, reflecting the impact of quantitative tightening by the Federal Reserve and competitive pricing dynamics. We continue to actively monitor the interest rate environment and make adjustments to our deposit strategy in response to evolving market conditions, bank funding needs and client relationship dynamics.

Product Revenue
In addition to credit and deposit products for commercial customers, Corporate & Institutional Banking offers other services, including treasury management, capital markets and advisory products and services and commercial mortgage banking activities, for customers of all business segments. On a consolidated basis, the revenue from these other services is included in net interest income and noninterest income, as appropriate. From a business perspective, the majority of the revenue and expense related to these services is reflected in the Corporate & Institutional Banking segment results, and the remainder is reflected in the results of other businesses where the customer relationships exist. The Other Information section in Table 13 includes the consolidated revenue to PNC for treasury management and commercial mortgage banking services. A discussion of the consolidated revenue from these services follows.
The Treasury Management business provides corporations with cash and investment management services, receivables and disbursement management services, funds transfer services and access to online/mobile information management and reporting services. Treasury management revenue is reported in noninterest income and net interest income. Noninterest income includes treasury management product revenue less earnings credits provided to customers on compensating deposit balances used to pay for products and services. Net interest income includes funding credit from all treasury management customer deposit balances. Compared to the first three months of 2023, treasury management revenue increased due to wider interest rate spreads on the value of deposits and higher product revenue.


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


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

Capital markets and advisory includes services and activities primarily related to merger and acquisition advisory, equity capital markets advisory, asset-backed financing, loan syndication, securities underwriting and customer-related trading. The increase in capital markets and advisory fees in the comparison was mostly driven by higher underwriting fees and merger and acquisition advisory fees, partially offset by lower customer-related trading revenue for derivatives.
The PNC Financial Services Group, Inc. – Form 10-Q 17  

Asset Management Group

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

Table 14: Asset Management Group Table
(Unaudited)
Three months ended March 31    Change
Dollars in millions, except as noted20242023$%
Income Statement
Net interest income$157 $127 $30 24 %
Noninterest income230 230  — 
Total revenue387 357 30 8 %
Provision for (recapture of) credit losses(5)9 (14)*
Noninterest expense265 280 (15)(5)%
Pretax earnings127 68 59 87 %
Income taxes 30 16 14 88 %
Earnings$97 $52 $45 87 %
Average Balance Sheet
Loans
Consumer
Residential real estate $11,688 $9,174 $2,514 27 %
Other consumer3,758 4,156 (398)(10)%
Total consumer 15,446 13,330 2,116 16 %
Commercial849 1,246 (397)(32)%
Total loans$16,295 $14,576 $1,719 12 %
Total assets$16,728 $14,997 $1,731 12 %
Deposits
Noninterest-bearing $1,617 $1,846 $(229)(12)%
Interest-bearing27,064 26,337 727 3 %
Total deposits$28,681 $28,183 $498 2 %
Performance Ratios
Return on average assets2.35 %1.41 %
Noninterest income to total revenue59 %64 %
Efficiency68 %78 %  
Supplemental Noninterest Income Information
Asset management fees$227 $224 $3 1 %
Brokerage fees  2 $(2)(100)%
Total$227 $226 $1 — %
Other Information (a) (b)
Nonperforming assets $28 $42 $(14)(33)%
Client Assets Under Administration (in billions) (b) (c)
Discretionary client assets under management
PNC Private Bank$124 $108 $16 15 %
Institutional Asset Management71 69 2 3 %
Total discretionary clients assets under management195 177 $18 10 %
Nondiscretionary client assets under administration199 156 43 28 %
Total$394 $333 $61 18 %
*- Not Meaningful
(a)Net charge-offs - loans and leases were less than $0.5 million for the periods presented.
(b)As of March 31.
(c)Excludes brokerage account client assets. 

The Asset Management Group consists of two primary businesses: PNC Private Bank and Institutional Asset Management.

The PNC Private Bank is focused on being a premier private bank in each of the markets it serves. This business seeks to deliver high quality banking, trust and investment management services to our emerging affluent, high net worth and ultra-high net worth clients through a broad array of products and services.

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.

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


Asset Management Group earnings in the first three months of 2024 increased $45 million compared to the same period in 2023, primarily driven by higher net interest income, a decline in noninterest expense and a provision recapture.

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

Noninterest income was stable as increases in noninterest income from advances in the average equity markets were offset by the impact of client activity.

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

Average loans increased compared with the three months ended March 31, 2023, primarily driven by growth in residential mortgage loans.

Average deposits increased in the comparison reflecting growth in CD and deposit sweep balances, partially offset by the impact of quantitative tightening by the Federal Reserve and redeployment of funds to assets under management.

Discretionary client assets under management increased in comparison to the prior year, primarily due to higher equity markets as of March 31, 2024.

RISK MANAGEMENT

The Risk Management section included in Item 7 of our 2023 Form 10-K describes our enterprise risk management framework, including risk culture, enterprise strategy, risk governance and oversight framework, risk identification, risk assessments, risk controls and monitoring, and risk aggregation and reporting. Additionally, our 2023 Form 10-K provides an analysis of the firm’s Capital Management and our key areas of risk, which include, but are not limited to, Credit, Market, Liquidity and Operational (including Compliance and Information Security).

Credit Risk Management
Credit risk, including our credit risk management processes, is described in further detail in the Credit Risk Management section of our 2023 Form 10-K. The following provides additional information around our loan portfolio, which is our most significant concentration of credit risk.

Loan Portfolio Characteristics and Analysis
Table 15: Details of Loans
In billions
73
We use several credit quality indicators, as further detailed in Note 3 Loans and Related Allowance for Credit Losses, to monitor and measure our exposure to credit risk within our loan portfolio. The following provides additional information about the significant loan classes that comprise our Commercial and Consumer portfolio segments.
The PNC Financial Services Group, Inc. – Form 10-Q 19  

Commercial

Commercial and Industrial
Commercial and industrial loans comprised 55% of our total loan portfolio at both March 31, 2024 and December 31, 2023. The majority of our commercial and industrial loans are secured by collateral that provides a secondary source of repayment should a borrower experience cash generation difficulties. Examples of this collateral include short-term assets, such as accounts receivable, inventory and securities, and long-lived assets, such as equipment, owner-occupied real estate and other business assets.

We actively manage our commercial and industrial loans to assess any changes (both positive and negative) in the level of credit risk at both the borrower and portfolio level. To evaluate the level of credit risk, we assign internal risk ratings reflecting our estimates of the borrower’s PD and LGD for each related credit facility. This two-dimensional credit risk rating methodology provides granularity in the risk monitoring process and is updated on an ongoing basis through our credit risk management processes. In addition to monitoring the level of credit risk, we also monitor concentrations of credit risk pertaining to both specific industries and geographies that may exist in our portfolio. Our commercial and industrial portfolio is well-diversified across industries as shown in the following table (based on the North American Industry Classification System).

Table 16: Commercial and Industrial Loans by Industry
March 31, 2024December 31, 2023
Dollars in millionsAmount% of TotalAmount% of Total
Commercial and industrial
Manufacturing$29,402 17 %$28,989 16 %
Retail/wholesale trade28,923 16 28,198 16 
Financial services27,640 16 28,422 16 
Service providers21,413 12 21,354 12 
Real estate related (a)15,583 9 16,235 9 
Health care10,193 6 9,808 6 
Technology, media & telecommunications10,158 6 10,249 6 
Transportation and warehousing7,523 4 7,733 4 
Other industries25,957 14 26,592 15 
Total commercial and industrial loans$176,792 100 %$177,580 100 %
(a)    Represents loans to customers in the real estate and construction industries.

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

Commercial Real Estate
Commercial real estate loans comprised $20.8 billion related to commercial mortgages on income-producing properties, $8.5 billion of intermediate-term financing loans, and $6.3 billion of real estate construction project loans as of March 31, 2024. Comparable amounts as of December 31, 2023 were $21.0 billion, $8.0 billion, and $6.4 billion, respectively. Commercial real estate primarily consists of an investment in land and/or buildings held to generate income, that income serves as the primary source for the repayment of the loan. However, for all commercial real estate assets, the disposition of the assigned collateral serves as a secondary source of repayment for the loan should the borrower experience cash generation difficulties.
We monitor credit risk associated with our commercial real estate loans similar to commercial and industrial loans by analyzing PD and LGD. Additionally, risks associated with commercial real estate loans tend to be correlated to the loan structure, collateral location and quality, project progress and business environment. These attributes are also monitored and utilized in assessing credit risk. The portfolio is geographically diverse due to the nature of our business involving clients throughout the U.S.






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


The following table presents our commercial real estate loans by geography and property type:
Table 17: Commercial Real Estate Loans by Geography and Property Type
March 31, 2024December 31, 2023
Dollars in millionsAmount% of TotalAmount% of Total
Geography (a)
California$5,886 17 %$6,133 17 %
Texas3,911 11 3,733 11 
Florida3,855 11 3,738 11 
Virginia1,598 4 1,590 4 
Pennsylvania1,460 4 1,515 4 
Maryland1,327 4 1,344 4 
Arizona1,254 4 1,216 3 
Illinois1,189 3 1,201 3 
North Carolina1,162 3 1,142 3 
Ohio1,148 3 1,157 3 
Other12,801 36 12,667 37 
Total commercial real estate loans$35,591 100 %$35,436 100 %
Property Type (a)
Multifamily$16,058 45 %$15,590 44 %
Office7,803 22 8,019 23 
Industrial/warehouse4,116 12 4,089 12 
Retail2,335 7 2,490 7 
Seniors housing1,834 5 1,772 5 
Hotel/motel1,811 5 1,760 5 
Mixed use388 1 388 1 
Other1,246 3 1,328 3 
Total commercial real estate loans$35,591 100 %$35,436 100 %
(a)    Presented in descending order based on loan balances at March 31, 2024.

Commercial Real Estate: Office Portfolio
Given the foundational change in office demand driven by the acceptance of remote work, real estate performance related to the office sector continues to be an area of uncertainty. At March 31, 2024, our outstanding loan balances in the office portfolio totaled $7.8 billion, or 2.4% of total loans, while additional unfunded loan commitments totaled $0.3 billion. Also, the portfolio is well diversified geographically across our coast-to-coast franchise. Within the office portfolio at March 31, 2024, criticized loans totaled 26.4% and nonperforming loans totaled 10.5%, while delinquencies were zero. As measured at origination, the weighted average LTV for the office portfolio was 58%; however, updated appraisals have increased the weighted average LTV to 69% as of March 31, 2024. While LTV is one consideration, our risk assessment considers a number of factors in assessing the changing conditions affecting the portfolio. As of March 31, 2024, we have established reserves of 9.7% against office loans.

The greatest stress in our office portfolio is observed in multi-tenant office loans, which represents 57% of the portfolio at March 31, 2024. Within the multi-tenant classification, criticized levels were 45.1% while nonperforming loans totaled 18.1%, accounting for almost all of the nonperforming office population. The weighted average LTV for multi-tenant is 75% at March 31, 2024. Additionally, commercial real estate charge-offs since the beginning of 2023 have primarily been multi-tenant office loans. Given the higher level of stress, this segment has a proportionally higher reserve rate of 14.4%. The remaining 43% of the office portfolio is primarily comprised of single-tenant, medical and government tenant properties. This subset of the portfolio is performing considerably better, with approximately 1% of the book in the criticized and nonperforming loan categories. As of March 31, 2024, the weighted average LTV of this book is 59%.

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

Given the ongoing change in this area, we expect additional stress in the office sector, and a portion of this stress will bear itself out as we work through maturities that will approximate 42% over the next twelve months. Upon maturity, and where the balance is not paid in full, an extension may be granted because contractual extension terms are met; alternatively, an extension may be granted based on
The PNC Financial Services Group, Inc. – Form 10-Q 21  

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

Commercial Real Estate: Multifamily Portfolio
As of March 31, 2024, our outstanding loan balances in the multifamily portfolio totaled $16.1 billion, or 5.0% of total loans, while additional unfunded loan commitments totaled $3.8 billion. Although inflationary pressures and higher interest rates have impacted internal risk assessments and regulatory classification in this portfolio, we have not seen a notable change in loan performance at this time with regards to nonperformance, delinquency or charge-offs. We continue to closely monitor our exposure in this sector.

Consumer

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

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

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

Table 18: Residential Real Estate Loan Statistics
March 31, 2024December 31, 2023
Dollars in millionsAmount% of TotalAmount% of Total
Geography (a)
California$19,994 42 %$19,911 42 %
Texas3,950 8 4,009 8 
Washington3,497 7 3,467 7 
Florida3,292 7 3,356 7 
New Jersey1,899 4 1,909 4 
New York1,523 3 1,551 3 
Arizona1,410 3 1,431 3 
Pennsylvania1,218 3 1,229 3 
Colorado1,174 2 1,187 2 
North Carolina991 2 989 2 
Other8,438 19 8,505 19 
Total residential real estate loans
$47,386 100 %$47,544 100 %
March 31, 2024December 31, 2023
Weighted-average loan origination statistics (b)
Loan origination FICO score772772
LTV of loan originations73 %73 %
(a)Presented in descending order based on loan balances at March 31, 2024.
(b)Weighted-averages calculated for the twelve months ended March 31, 2024 and December 31, 2023, respectively.

We originate residential mortgage loans nationwide through our national mortgage business as well as within our branch network. Residential mortgage loans underwritten to agency standards, including conforming loan amount limits, are typically sold with servicing retained by us. We also originate nonconforming residential mortgage loans that do not meet agency standards, which we retain on our balance sheet. Our portfolio of originated nonconforming residential mortgage loans totaled $42.4 billion at March 31, 2024, with 46% located in California. Comparable amounts at December 31, 2023 were $42.4 billion and 45%, respectively.

Home Equity
Home equity loans comprised $20.6 billion of home equity lines of credit and $5.3 billion of closed-end home equity installment loans at March 31, 2024. Comparable amounts were $20.6 billion and $5.6 billion as of December 31, 2023, respectively. Home equity lines of credit are a variable interest rate product with fixed rate conversion options available to certain borrowers.

Similar to residential real estate loans, we track borrower performance of this portfolio on a monthly basis. We also segment the population into pools based on product type (e.g., home equity loans, legacy brokered home equity loans, home equity lines of credit or legacy brokered home equity lines of credit) and track the historical performance of any related mortgage loans regardless of

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


whether we hold such liens. This information is used for internal reporting and risk management. As part of our overall risk analysis and monitoring, we also segment the portfolio based upon loan delinquency, nonperforming status, modification and bankruptcy status, FICO scores, LTV, lien position and geographic concentration.

The credit performance of the majority of the home equity portfolio where we hold the first lien position is superior to the portion of the portfolio where we hold the second lien position but do not hold the first lien. Lien position information is generally determined at the time of origination and monitored on an ongoing basis for risk management purposes. We use a third-party service provider to obtain updated loan information, including lien and collateral data that is aggregated from public and private sources.

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

Table 19: Home Equity Loan Statistics
March 31, 2024December 31, 2023
Dollars in millionsAmount% of TotalAmount% of Total
Geography (a)
Pennsylvania$4,643 18 %$4,745 18 %
New Jersey3,145 12 3,184 12 
Florida2,225 9 2,230 9 
Ohio2,201 8 2,242 9 
California1,615 6 1,580 6 
Texas1,234 5 1,230 5 
Maryland1,223 5 1,237 5 
Michigan1,189 5 1,214 5 
Illinois1,046 4 1,069 4 
North Carolina1,000 4 1,001 4 
Other6,375 24 6,418 23 
Total home equity loans$25,896 100 %$26,150 100 %
Lien type
1st lien51 %52 %
2nd lien49 48 
Total100 %100 %
March 31, 2024December 31, 2023
Weighted-average loan origination statistics (b)
Loan origination FICO score772772
LTV of loan originations63 %64 %
(a)Presented in descending order based on loan balances at March 31, 2024.
(b)Weighted-averages calculated for the twelve months ended March 31, 2024 and December 31, 2023, respectively.

Automobile
Auto loans comprised $13.8 billion in the indirect auto portfolio and $1.0 billion in the direct auto portfolio as of March 31, 2024. Comparable amounts as of December 31, 2023 were $13.8 billion and $1.1 billion, respectively. The indirect auto portfolio consists of loans originated primarily through independent franchised dealers, including dealers located in our newer markets. This business is strategically aligned with our core retail banking business.

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

Table 20: Auto Loan Statistics
March 31, 2024December 31, 2023
Weighted-average loan origination FICO score (a) (b)
Indirect auto788788
Direct auto787787
Weighted-average term of loan originations - in months (a)
Indirect auto7373
Direct auto6565
(a)Weighted-averages calculated for the twelve months ended March 31, 2024 and December 31, 2023, respectively.
(b)Calculated using the auto enhanced FICO scale.

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

We continue to focus on borrowers with strong credit profiles as evidenced by the weighted-average loan origination FICO scores noted in Table 20. We offer both new and used auto financing to customers through our various channels. At March 31, 2024, the portfolio balance was composed of 43% new vehicle loans and 57% used vehicle loans. Comparable amounts at December 31, 2023 were 45% and 55%, respectively.

The auto loan portfolio’s performance is measured monthly, including both updated collateral values and FICO scores that are obtained at least quarterly. For internal reporting and risk management, we analyze the portfolio by product channel and product type and regularly evaluate default and delinquency experience. As part of our overall risk analysis and monitoring, we segment the portfolio by geography, channel, collateral attributes and credit metrics which include FICO score, LTV and term.

Nonperforming Assets and Loan Delinquencies
Nonperforming Assets
Nonperforming assets include nonperforming loans and leases, OREO and foreclosed assets. Nonperforming loans are those loans accounted for at amortized cost whose credit quality has deteriorated to the extent full collection of contractual principal and interest is not probable. Loans held for sale, certain government insured or guaranteed loans and loans accounted for under the fair value option are excluded from nonperforming loans. See Note 1 Accounting Policies in our 2023 Form 10-K for details on our nonaccrual policies.

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

Table 21: Nonperforming Assets by Type
 March 31, 2024December 31, 2023Change
Dollars in millions$%
Nonperforming loans
    
Commercial$1,514 $1,307 $207 16 %
Consumer (a)
866 873 (7)(1)%
Total nonperforming loans2,380 2,180 200 9 %
OREO and foreclosed assets35 36 (1)(3)%
Total nonperforming assets$2,415 $2,216 $199 9 %
Nonperforming loans to total loans0.74 %0.68 %
Nonperforming assets to total loans, OREO and foreclosed assets0.76 %0.69 %
Nonperforming assets to total assets0.43 %0.39 %
Allowance for loan and lease losses to nonperforming loans 197 %220 %  
Allowance for credit losses to nonperforming loans (b)
225 %250 %
(a)Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.
(b)Calculated excluding allowances for investment securities and other financial assets.

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

The following table provides details on the change in nonperforming assets for the three months ended March 31, 2024 and 2023:

Table 22: Change in Nonperforming Assets
In millions20242023
January 1$2,216 $2,019 
New nonperforming assets616 452 
Charge-offs and valuation adjustments(133)(122)
Principal activity, including paydowns and payoffs(188)(172)
Asset sales and transfers to loans held for sale(16)(46)
Returned to performing status(80)(83)
March 31$2,415 $2,048 

As of March 31, 2024, approximately 97% of total nonperforming loans were secured by collateral.



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


Loan Delinquencies
We regularly monitor the level of loan delinquencies and believe these levels are a key indicator of credit quality in our loan portfolio. Measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due are considered delinquent. Loan delinquencies include government insured or guaranteed loans, loans accounted for under the fair value option and PCD loans. Amounts exclude loans held for sale.

We manage credit risk based on the risk profile of the borrower, repayment sources, underlying collateral, and other support given current events, economic conditions and expectations. We refine our practices to meet the changing environment, such as inflation levels, industry specific risks, interest rate levels, the level of consumer savings and deposit balances, and structural and secular changes fostered by the pandemic. To mitigate losses and enhance customer support, we offer loan modifications and collection programs to assist our customers.
The following table presents a summary of accruing loans past due by delinquency status:
Table 23: Accruing Loans Past Due (a)
 Amount
  
% of Total Loans Outstanding
 March 31, 2024December 31, 2023ChangeMarch 31, 2024December 31, 2023
Dollars in millions$%
Early stage loan delinquencies      
Accruing loans past due 30 to 59 days$636 $685 $(49)(7)%0.20 %0.21 %
Accruing loans past due 60 to 89 days235 270 (35)(13)%0.07 %0.08 %
Total early stage loan delinquencies871 955 (84)(9)%0.27 %0.30 %
Late stage loan delinquencies
Accruing loans past due 90 days or more404 429 (25)(6)%0.13 %0.13 %
Total accruing loans past due$1,275 $1,384 $(109)(8)%0.40 %0.43 %
(a)Past due loan amounts include government insured or guaranteed loans of $0.4 billion at both March 31, 2024 and December 31, 2023.

Accruing loans past due 90 days or more continue to accrue interest because they are (i) well secured by collateral and are in the process of collection, (ii) managed in homogeneous portfolios with specified charge-off timeframes adhering to regulatory guidelines, or (iii) certain government insured or guaranteed loans. As such, they are excluded from nonperforming loans.

Loan Modifications
We provide relief to our customers experiencing financial hardships through a variety of solutions. Commercial loan and lease modifications are based on each individual borrower’s situation, while consumer loan modifications are evaluated under our hardship relief programs.

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

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

See Note 1 Accounting Policies and the Credit Risk Management section in our 2023 Form 10-K for additional discussion of our ACL, including details of our methodologies. See also the Critical Accounting Estimates and Judgments section of this Report for further discussion of the assumptions used in the determination of the ACL as of March 31, 2024.


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

The following table summarizes our ACL related to loans:

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

Dollars in millions		Allowance AmountTotal Loans% of Total LoansAllowance AmountTotal Loans% of Total Loans
Allowance for loans and lease losses
Commercial
Commercial and industrial$1,673 $176,792 0.95 %$1,806 $177,580 1.02 %
Commercial real estate1,468 35,591 4.12 %1,371 35,436 3.87 %
Equipment lease financing76 6,462 1.18 %82 6,542 1.25 %
Total commercial3,217 218,845 1.47 %3,259 219,558 1.48 %
Consumer
Residential real estate39 47,386 0.08 %61 47,544 0.13 %
Home equity272 25,896 1.05 %276 26,150 1.06 %
Automobile173 14,788 1.17 %173 14,860 1.16 %
Credit card749 6,887 10.88 %766 7,180 10.67 %
Education56 1,859 3.01 %56 1,945 2.88 %
Other consumer187 4,120 4.54 %200 4,271 4.68 %
Total consumer1,476 100,936 1.46 %1,532 101,950 1.50 %
Total 4,693 $319,781 1.47 %4,791 $321,508 1.49 %
Allowance for unfunded lending related commitments
672 663 
Allowance for credit losses
$5,365 $5,454 
Allowance for credit losses to total loans1.68 %1.70 %
Commercial1.71 %1.73 %
Consumer1.60 %1.62 %
(a)    Excludes allowances for investment securities and other financial assets, which together totaled $117 million and $120 million at March 31, 2024 and December 31, 2023, respectively.


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


The following table summarizes our loan charge-offs and recoveries:
Table 25: Loan Charge-Offs and Recoveries
Three months ended March 31Gross
Charge-offs		RecoveriesNet Charge-offs /
(Recoveries)		% of Average
Loans (Annualized)
Dollars in millions
2024
Commercial
Commercial and industrial$84 $19 $65 0.15 %
Commercial real estate56 2 54 0.61 %
Equipment lease financing8 2 6 0.37 %
Total commercial 148 23 125 0.23 %
Consumer
Residential real estate1 3 (2)(0.02)%
Home equity10 9 1 0.02 %
Automobile32 25 7 0.19 %
Credit card92 15 77 4.46 %
Education4 2 2 0.42 %
Other consumer43 10 33 3.16 %
Total consumer182 64 118 0.47 %
  Total$330 $87 $243 0.30 %
2023
Commercial
Commercial and industrial$104 $20 $84 0.19 %
Commercial real estate12 2 10 0.11 %
Equipment lease financing4 3 1 0.06 %
Total commercial120 25 95 0.17 %
Consumer
Residential real estate3 3   
Home equity6 11 (5)(0.08)%
Automobile33 24 9 0.24 %
Credit card74 11 63 3.70 %
Education4 2 2 0.37 %
Other consumer 42 11 31 2.57 %
Total consumer162 62 100 0.40 %
  Total$282 $87 $195 0.24 %

Total net charge-offs increased $48 million, or 25%, for the first three months of 2024 compared to the same period in 2023. The increase in the comparison was primarily attributable to higher commercial real estate net charge-offs.

See Note 1 Accounting Policies in our 2023 Form 10-K and Note 3 Loans and Related Allowance for Credit Losses of this Report for additional information.
Liquidity and Capital Management
Our liquidity risk framework and related monitoring measures and tools, including internal liquidity stress testing as well as compliance with internal and regulatory limits and guidelines, are described in further detail in the Liquidity and Capital Management section of our 2023 Form 10-K.

One of the ways we monitor our liquidity is by reference to the LCR, a regulatory minimum liquidity requirement designed to ensure that covered banking organizations maintain an adequate level of liquidity to meet net liquidity needs over the course of a hypothetical 30-day stress scenario. PNC and PNC Bank calculate the LCR daily and are required to maintain a regulatory minimum of 100%. The LCR for both PNC and PNC Bank exceeded the regulatory minimum requirement throughout the first quarter of 2024. Fluctuations in our average LCR result from changes to the components of the calculation, including high-quality liquid assets and net cash outflows, as a result of ongoing business activity.

The NSFR is designed to measure the stability of the maturity structure of assets and liabilities of banking organizations over a one-year time horizon. PNC and PNC Bank calculate the NSFR daily and are required to maintain a regulatory minimum of 100%. The NSFR for both PNC and PNC Bank exceeded the regulatory minimum requirement throughout the first quarter of 2024.

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

We provide additional information regarding regulatory liquidity requirements and their potential impact on us in the Supervision and Regulation section of Item 1 Business and Item 1A Risk Factors of our 2023 Form 10-K.

Sources of Liquidity
Our largest source of liquidity on a consolidated basis is the customer deposit base generated by our banking businesses. These deposits provide relatively stable and low-cost funding. Total deposits increased to $425.6 billion at March 31, 2024 from $421.4 billion at December 31, 2023. Noninterest-bearing deposit balances decreased driven by a decline in commercial noninterest-bearing balances. Interest-bearing deposits increased reflecting higher commercial and consumer interest-bearing balances. As of March 31, 2024, uninsured deposits represented approximately 43% of our total deposit base, which is estimated based on the regulatory instructions in the Consolidated Reports of Condition and Income - FFIEC 031. The majority of our uninsured deposits are related to commercial operating and relationship accounts, which we define as commercial deposit customers who utilize two or more PNC products. See the Funding Sources portion of the Consolidated Balance Sheet Review and Business Segments Review sections of this Financial Review for additional information on our deposits and related strategies.
We may also obtain liquidity through various forms of funding, including long-term debt (senior notes, subordinated debt and FHLB borrowings) and short-term borrowings (securities sold under repurchase agreements, commercial paper and other short-term borrowings). See the Funding Sources section of the Consolidated Balance Sheet Review in this Financial Review and Note 7 Borrowed Funds in this Report for additional information related to our borrowings.

Total senior and subordinated debt, on a consolidated basis, increased due to the following activity:
Table 26: Senior and Subordinated Debt
In billions2024
January 1$31.7 
Issuances2.5 
Calls and maturities(1.1)
Other(0.4)
March 31$32.7 

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

PNC defines our primary contingent liquidity sources as cash held at the Federal Reserve Bank, investment securities and unused borrowing capacity at the FHLB and Federal Reserve Bank. The following table summarizes our primary contingent liquidity sources at March 31, 2024 and December 31, 2023:
Table 27: Primary Contingent Liquidity Sources
In billions
March 31, 2024December 31, 2023
Cash balance with Federal Reserve Bank$53.2 $43.3 
Available investment securities (a)56.798.5
Unused borrowing capacity from FHLB (b)37.435.4
Unused borrowing capacity from Federal Reserve Bank (c)83.947.2
Total available contingent liquidity $231.2 $224.4 
(a)Represents the fair value of investment securities that can be used for pledging or to secure other sources of funding.
(b)At March 31, 2024, total FHLB borrowing capacity was $74.4 billion and total FHLB borrowings were $37.0 billion. Comparable amounts at December 31, 2023 were $73.4 billion and $38.0 billion, respectively.
(c)Total borrowing capacity with the Federal Reserve Bank was $83.9 billion at March 31, 2024 and $47.2 billion at December 31, 2023. PNC had no outstanding borrowings with the Federal Reserve Bank at March 31, 2024 and December 31, 2023.

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




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


Bank Liquidity
In addition to our primary contingent liquidity sources, under PNC Bank’s 2014 bank note program, as amended, PNC Bank may from time to time offer up to $40.0 billion aggregate principal amount outstanding at any one time of its unsecured senior and subordinated notes with maturity dates more than nine months (in the case of senior notes) and five years or more (in the case of subordinated notes) from their date of issue. At March 31, 2024, PNC Bank’s remaining capacity to issue under the program was $33.3 billion.

Under PNC Bank’s 2013 commercial paper program, PNC Bank has the ability to offer up to $10.0 billion of its commercial paper to provide additional liquidity. At March 31, 2024, there were no issuances outstanding under this program.

Additionally, PNC Bank may also access funding from the parent company through deposits placed at the bank or issuing intercompany senior unsecured notes.
Parent Company Liquidity
In addition to managing liquidity risk at the bank level, we manage the parent company’s liquidity. The parent company’s contractual obligations consist primarily of debt service related to parent company borrowings and funding non-bank affiliates. Additionally, the parent company maintains liquidity to fund discretionary activities such as paying dividends to our shareholders, share repurchases and acquisitions.

At March 31, 2024, available parent company liquidity totaled $21.7 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 March 31, 2024. See Note 19 Regulatory Matters in our 2023 Form 10-K for further discussion of these limitations.

In addition to dividends from PNC Bank, other sources of parent company liquidity include cash and investments, as well as dividends and loan repayments from other subsidiaries and dividends or distributions from equity investments. We can also generate liquidity for the parent company and PNC’s non-bank subsidiaries through the issuance of debt and equity securities, including certain capital instruments, in public or private markets and commercial paper. Under the parent company’s 2014 commercial paper program, the parent company has the ability to offer up to $5.0 billion of commercial paper to provide additional liquidity. At March 31, 2024, there were no issuances outstanding under this program.
The following table details parent company note issuances in the first quarter of 2024:

Table 28: Parent Company Notes Issued
Issuance DateAmountDescription of Issuance
January 22, 2024$1.0 billion$1.0 billion of senior fixed-to-floating notes with a maturity date of January 21, 2028. Interest is payable semi-annually in arrears at a fixed rate of 5.300% per annum, on January 21 and July 21 of each year, beginning on July 21, 2024. Beginning on January 21, 2027, 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 1.342%, on April 21, 2027, July 21, 2027, October 21, 2027 and at the maturity date.
January 22, 2024$1.5 billion$1.5 billion of senior fixed-to-floating notes with a maturity date of January 22, 2035. Interest is payable semi-annually in arrears at a fixed rate of 5.676% per annum, on January 22 and July 22 of each year, beginning on July 22, 2024. Beginning on January 22, 2034, 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 1.902%, on April 22, 2034, July 22, 2034, October 22, 2034 and at the maturity date.

Parent company senior and subordinated debt carrying value totaled $25.0 billion and $24.0 billion at March 31, 2024 and December 31, 2023, respectively.

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

Contractual Obligations and Commitments
We have contractual obligations representing required future payments on borrowed funds, time deposits, leases, pension and postretirement benefits and purchase obligations. See the Liquidity and Capital Management portion of the Risk Management section of our 2023 Form 10-K for more information on these future cash outflows. Additionally, in the normal course of business, we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. We provide information on our commitments in Note 8 Commitments.

Credit Ratings
PNC’s credit ratings affect the cost and availability of short and long-term funding, collateral requirements for certain derivative instruments and the ability to offer certain products.

In general, rating agencies base their ratings on many quantitative and qualitative factors, including capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current legislative and regulatory environment, including implied government support. A decrease, or potential decrease, in credit ratings could impact access to the capital markets and/or increase the cost of debt, and thereby adversely affect liquidity and financial condition. For additional information on the potential impacts from a downgrade to our credit ratings, see Item 1A Risk Factors in our 2023 Form 10-K.
The following table presents credit ratings and outlook for PNC as of March 31, 2024:
Table 29: Credit Ratings and Outlook
March 31, 2024
  
Moody’sStandard & Poor’sFitch
Parent Company
Senior debtA3A-A
Subordinated debtA3BBB+A-
Preferred stockBaa2BBB-BBB
PNC Bank
Senior debtA2AA+
Subordinated debtA3A-A
Long-term depositsAa3AAA-
Short-term depositsP-1A-1F1+
Short-term notesP-1A-1F1
PNC
Agency rating outlook
NegativeStableStable

Capital Management
Detailed information on our capital management processes and activities is included in the Supervision and Regulation section of Item 1 of our 2023 Form 10-K.

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

In the first quarter of 2024, PNC returned $0.8 billion of capital to shareholders, reflecting more than $0.6 billion of dividends on common shares and more than $0.1 billion of common share repurchases, representing 0.9 million shares. Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 44% were still available for repurchase at March 31, 2024. In light of the Federal banking agencies proposed rules to adjust the Basel III capital framework, second quarter of 2024 share repurchase activity is expected to approximate the recent quarterly average share repurchase levels. PNC continues to evaluate the potential impact of the proposed rules and may adjust share repurchase activity depending on market and economic conditions, as well as other factors. PNC’s SCB for the four-quarter period beginning October 1, 2023 is the regulatory minimum of 2.5%.

On April 3, 2024 the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.55 per share to be paid on May 6, 2024 to shareholders of record at the close of business April 15, 2024.


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


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

Table 30: Basel III Capital
March 31, 2024
Dollars in millionsBasel III (a) Fully Implemented
(estimated) (b)
Common equity Tier 1 capital
Common stock plus related surplus, net of treasury stock$(3,774)$(3,774)
Retained earnings57,154 56,913 
Goodwill, net of associated deferred tax liabilities(10,700)(10,700)
Other disallowed intangibles, net of deferred tax liabilities(282)(282)
Other adjustments/(deductions)(88)(90)
Common equity Tier 1 capital (c)$42,310 $42,067 
Additional Tier 1 capital
Preferred stock plus related surplus6,242 6,242 
Tier 1 capital$48,552 $48,309 
Additional Tier 2 capital
Qualifying subordinated debt2,874 2,874 
Eligible credit reserves includable in Tier 2 capital5,018 5,220 
Total Basel III capital$56,444 $56,403 
Risk-weighted assets
Basel III standardized approach risk-weighted assets (d)$420,342 $420,397 
Average quarterly adjusted total assets$556,568 $556,326 
Supplementary leverage exposure (e)$667,048 $667,047 
Basel III risk-based capital and leverage ratios (f)
Common equity Tier 110.1 %10.0 %
Tier 1 11.6 %11.5 %
Total 13.4 %13.4 %
Leverage (g)8.7 %8.7 %
Supplementary leverage ratio (e)7.3 %7.2 %
(a)The ratios are calculated to reflect PNC’s election to adopt the CECL five-year transition provisions. Effective for the first quarter 2022, PNC is now in the three-year transition period and the full impact of the CECL standard is being phased-in to regulatory capital through December 31, 2024.
(b)The ratios are calculated to reflect the full impact of CECL and exclude the benefits of the optional five-year transition.
(c)As permitted, PNC and PNC Bank have elected to exclude AOCI related to both available for sale securities and pension and other post-retirement plans from CET1 capital.
(d)Basel III standardized approach risk-weighted assets are based on the Basel III standardized approach rules and include credit and market risk-weighted assets.
(e)The Supplementary leverage ratio is calculated based on Tier 1 capital divided by Supplementary leverage exposure, which takes into account the quarterly average of both on balance sheet assets as well as certain off-balance sheet items, including loan commitments and potential future exposure under derivative contracts.
(f)All ratios are calculated using the regulatory capital methodology applicable to PNC and calculated based on the standardized approach.
(g)Leverage ratio is calculated based on Tier 1 capital divided by Average quarterly adjusted total assets.

PNC’s regulatory risk-based capital ratios are calculated using the standardized approach for determining risk-weighted assets. Under the standardized approach for determining credit risk-weighted assets, exposures are generally assigned a pre-defined risk weight. Exposures to high volatility commercial real estate, nonaccruals, FDMs, past due exposures and equity exposures are generally subject to higher risk weights than other types of exposures.
The regulatory agencies have adopted a rule permitting certain banks, including PNC, to delay the estimated impact on regulatory capital stemming from implementing CECL. CECL’s estimated impact on CET1 capital, as defined by the rule, is the change in retained earnings at adoption plus or minus 25% of the change in CECL ACL at the balance sheet date, excluding the allowance for PCD loans, compared to CECL ACL at adoption. Effective for the first quarter of 2022, PNC is now in the three-year transition period, and the full impact of the CECL standard is being phased-in to regulatory capital through December 31, 2024. See additional discussion of this rule in the Supervision and Regulation section of Item 1 Business and Item 1A Risk Factors of our 2023 Form 10-K.
At March 31, 2024, PNC and PNC Bank were considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements. To qualify as “well capitalized,” PNC must have Basel III capital ratios of at least 6% for Tier 1 risk-based capital and 10% for Total risk-based capital, and PNC Bank must have Basel III capital ratios of at least 6.5% for Common equity Tier 1 risk-based capital, 8% for Tier 1 risk-based capital, 10% for Total risk-based capital and a Leverage ratio of at least 5%.

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

Federal banking regulators have stated that they expect the largest U.S. BHCs, including PNC, to have a level of regulatory capital well in excess of the regulatory minimum and have required the largest U.S. BHCs, including PNC, to have a capital buffer sufficient to withstand losses and allow them to meet the credit needs of their customers through estimated stress scenarios. We seek to manage our capital consistent with these regulatory principles, and we believe that our March 31, 2024 capital levels were aligned with them.

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

Market Risk Management
See the Market Risk Management portion of the Risk Management section in our 2023 Form 10-K for additional discussion regarding market risk.

Market Risk Management – Interest Rate Risk
Interest rate risk results primarily from our traditional banking activities of gathering deposits and extending loans. Many factors, including economic and financial conditions, movements in interest rates and consumer preferences, affect the difference between the interest that we earn on assets and the interest that we pay on liabilities and the level of our noninterest-bearing funding sources. Due to the repricing term mismatches and embedded options inherent in certain of these products, changes in market interest rates not only affect expected near-term earnings, but also the economic values of these assets and liabilities.

Our Asset and Liability Management group centrally manages interest rate risk as prescribed in our market risk-related risk management policies, which are approved by management’s ALCO and the Risk Committee of the Board of Directors.

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

Table 31: Net Interest Income Sensitivity Analysis
First Quarter 2024First Quarter 2023
Net Interest Income Sensitivity Simulation (a)
Effect on NII in first year from shocked interest rate:
200 basis point instantaneous increase(0.2)%2.5 %
200 basis point instantaneous decrease(0.2)%(3.3)%
(a) The effect on NII in the first year from a 100 basis point instantaneous increase or decrease is not materially different from the 200 basis point scenarios as disclosed above.
When forecasting net interest income, we make certain key assumptions that can materially impact the resulting sensitivities, including the following:
Future Balance Sheet Composition: Our balance sheet composition is dynamic and based on our forecasted expectations. As of the first quarter of 2024, the projected balance sheet composition by the end of year one is generally consistent with the spot composition as of the first quarter of 2024.
Deposit Betas: Deposit pricing changes are primarily driven by changes in the Federal Funds rate, with the relationship between deposit rates and Federal Funds rate defined as deposit beta. We define cumulative deposit beta as the change in deposit rate paid on interest-bearing non-maturity deposits divided by the change in the upper level of the stated Federal Funds rate range since the first quarter of 2022, the start of the current rising rate cycle. As of March 31, 2024 PNC’s cumulative deposit beta was 45%, an increase from 35% at March 31, 2023. For interest rate risk modeling, PNC uses dynamic beta models to adjust assumed repricing sensitivity depending on market rate levels as well as other factors. The dynamic beta assumptions reflect historical experience and future expectations. Our scenario assumes that deposit betas increased slightly from current levels. Actual deposit rates paid may differ from modeled projections due to variables such as competition for deposits and customer behavior.

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

Impact of Derivatives: PNC uses interest rate derivatives to hedge floating rate commercial loans. PNC had $36.5 billion in receive fix / pay float swaps as of March 31, 2024, with a weighted average duration of 2.0 years and an average fixed rate of 2.30%. As of March 31, 2024 PNC also had collars in place, reflecting $12.5 billion of caps and $12.5 billion of floors, that are used to hedge these

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


commercial loans. Additionally, PNC utilizes receive fix / pay float swaps as a means of hedging fixed rate debt. See Note 12 Financial Derivatives in this report for additional information on how we use derivatives to hedge commercial loans and fixed rate debt.
EVE sensitivity results for the first quarter of 2024 and 2023 follow:
Table 32: Economic Value of Equity Sensitivity Analysis
First Quarter 2024First Quarter 2023
Economic Value of Equity Sensitivity Simulation
200 basis point instantaneous increase(5.7)%(4.3)%
200 basis point instantaneous decrease(1.6)%(4.9)%

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

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

Market Risk Management – Customer-Related Trading Risk
We engage in fixed income securities, derivatives and foreign exchange transactions to support our customers’ investing and hedging activities. These transactions, related hedges and the credit valuation adjustment related to our customer derivatives portfolio are marked-to-market daily and reported as customer-related trading activities. We do not engage in proprietary trading of these products.

We use VaR as the primary means to measure and monitor market risk in customer-related trading activities. VaR is used to estimate the probability of portfolio losses based on the statistical analysis of historical market risk factors. VaR is calculated for each of the portfolios that comprise our customer-related trading activities of which the majority are covered positions as defined by the Market Risk Rule. VaR is computed with positions and market risk factors updated daily to ensure each portfolio is operating within its acceptable limits. See the Market Risk Management – Customer-Related Trading Risk section of our 2023 Form 10-K for more information on our models used to calculate VaR and our backtesting process.

Customer-related trading revenue was $16 million for the three months ended March 31, 2024, compared to $84 million for the three months ended March 31, 2023. The decrease was primarily due to lower derivative client sales revenues, partially offset by securities underwriting client revenues.
Market Risk Management – Equity And Other Investment Risk
Equity investment risk is the risk of potential losses associated with investing in both private and public equity markets. In addition to extending credit, taking deposits, underwriting securities and trading financial instruments, we make and manage direct investments in a variety of transactions, including management buyouts, recapitalizations and growth financings in a variety of industries. We also have investments in affiliated and non-affiliated funds that make similar investments in private equity, consistent with regulatory limitations. The economic and/or book value of these investments and other assets are directly affected by changes in market factors.
Various PNC business units manage our equity and other investment activities. Our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines.
A summary of our equity investments follows:
Table 33: Equity Investments Summary
 March 31, 2024December 31, 2023Change
Dollars in millions$%
Tax credit investments$4,233 $4,331 $(98)(2)%
Private equity and other 4,047 3,983 64 2 %
Total$8,280 $8,314 $(34)— 



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

Tax Credit Investments
Included in our equity investments are direct tax credit investments and equity investments held by consolidated entities. These tax credit investment balances included unfunded commitments totaling $2.2 billion and $2.5 billion at March 31, 2024 and December 31, 2023, respectively. These unfunded commitments are included in Other liabilities on our Consolidated Balance Sheet.
Note 4 Loan Sale and Servicing Activities and Variable Interest Entities in our 2023 Form 10-K has further information on tax credit investments.

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

Included in our other equity investments are Visa Class B-1 common shares, which are recorded at cost. Visa Class B-1 common shares that we own are transferable only under limited circumstances until they can be converted into shares of the publicly-traded Class A common shares, which cannot happen until the resolution of the pending interchange litigation, subject to the exchange offer described in Note 16 Subsequent Events. Based upon the March 31, 2024 per share closing price of $279.08 for a Visa Class A common share, the estimated value of our total investment in the Class B-1 common shares was approximately $1.6 billion at the current conversion rate of Visa B-1 shares to Visa A shares, while our cost basis was insignificant. The estimated value does not represent fair value of the Visa B-1 common shares given the shares’ limited transferability and the lack of observable transactions in the marketplace. See Note 14 Fair Value and Note 20 Legal Proceedings in our 2023 Form 10-K and Note 13 Legal Proceedings in this Report for additional information regarding our Visa agreements. See Note 16 Subsequent Events for additional details on Visa’s recently announced exchange offer for Visa Class B-1 common stock.

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 (losses) related to these investments were $(6) million for the three months ended March 31, 2024 and $21 million for the three months ended March 31, 2023.

Financial Derivatives
We use a variety of financial derivatives as part of the overall asset and liability risk management process to help manage exposure to market (primarily interest rate) and credit risk inherent in our business activities. We also enter into derivatives with customers to facilitate their risk management activities.

Financial derivatives involve, to varying degrees, market and credit risk. Derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based on a notional and an underlying as specified in the contract. Therefore, cash requirements and exposure to credit risk are significantly less than the notional amount on these instruments.

Further information on our financial derivatives is presented in Note 1 Accounting Policies, Note 14 Fair Value and Note 15 Financial Derivatives in our 2023 Form 10-K and in Note 11 Fair Value and Note 12 Financial Derivatives in this Report.

Not all elements of market and credit risk are addressed through the use of financial derivatives, and such instruments may be ineffective for their intended purposes due to unanticipated market changes, among other reasons.

RECENT REGULATORY DEVELOPMENTS

Federal agencies and states, including the federal agencies responsible for the Federal Acquisition Regulations, California, and most recently in March 2024, the SEC, have separately proposed or finalized rules that would require certain companies or government contractors, such as PNC or PNC Bank, to disclose significant amounts of climate-related information. This information includes qualitative and quantitative disclosures of material climate-related risks and their impact, governance and management, targets and goals, and greenhouse gas emissions. The greenhouse gas emissions disclosures include the company’s direct emissions from owned or controlled sources (Scope 1) and indirect emissions from the company’s consumption of energy purchased from third parties (Scope 2), and in the case of the Federal Acquisition Regulations proposal for a “major contractor” and California laws, disclosures related to indirect emissions from upstream and downstream activities in the company’s value chain (Scope 3). If and when all the rules are finalized, PNC and PNC Bank may face potentially differing standards from the agencies or California. Numerous lawsuits have challenged the SEC and California rules, and on April 4, 2024, the SEC voluntarily stayed implementation of its final rules pending resolution of the lawsuits challenging the SEC rules.


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


CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
Our consolidated financial statements are prepared by applying certain accounting policies. Note 1 Accounting Policies in our 2023 Form 10-K describes the most significant accounting policies that we use. Certain of these policies require us to make estimates or economic assumptions that may vary under different assumptions or conditions, and such variations may significantly affect our reported results and financial position for the period or in future periods. The policies and judgments related to residential and commercial MSRs and Level 3 fair value measurements are described in Critical Accounting Estimates and Judgments in our 2023 Form 10-K. The following details the critical estimates and judgments around the ACL.

Allowance for Credit Losses

We maintain the ACL at levels that we believe to be appropriate as of the balance sheet date to absorb expected credit losses on our existing investment securities, loans, equipment finance leases, other financial assets and unfunded lending related commitments, for the remaining estimated contractual term of the assets or exposures, taking into consideration expected prepayments and estimated recoveries. Our determination of the ACL is based on historical loss and performance experience, as well as current borrower and transaction characteristics including collateral type and quality, current economic conditions, reasonable and supportable forecasts of future economic conditions and other relevant factors. We use methods sensitive to changes in economic conditions to interpret these factors and to estimate expected credit losses. We evaluate and, when appropriate, enhance the quality of our data and models and other methods used to estimate the ACL on an ongoing basis. We incorporate qualitative factors in the ACL that reflect our best estimate of expected losses that may not be adequately represented in our quantitative methods or economic assumptions. The major drivers of ACL estimates include, but are not limited to:
•Current economic conditions: Our forecast of expected losses depends on economic conditions as of the estimation date. As          current economic conditions evolve, forecasted losses could be materially affected.         
•Scenario weights and design: Our loss estimates are sensitive to the shape, direction and rate of change of macroeconomic forecasts and thus vary significantly between upside and downside scenarios. Changes to the probability weights assigned to these scenarios and the timing of peak business cycles reflected by the scenarios could materially affect our loss estimates.
•Current borrower quality: Our forecast of expected losses depends on current borrower and transaction characteristics, including credit metrics and collateral type/quality. As borrower quality evolves, forecasted losses could be materially affected.
•Portfolio composition: Changes to portfolio volume and mix could materially affect our estimates, as CECL reserves
would be recognized upon origination or acquisition and derecognized upon paydown, maturity or sale.

For all assets and unfunded lending related commitments within the scope of the CECL standard, the applicable ACL is composed of one or a combination of the following components: (i) collectively assessed or pooled reserves, (ii) individually assessed reserves, and
(iii) qualitative (judgmental) reserves. Our methodologies and key assumptions for each of these components are discussed in Note 1
Accounting Policies in our 2023 Form 10-K.

Reasonable and Supportable Economic Forecast
Pursuant to the CECL standard, we are required to consider reasonable and supportable forecasts in estimating expected credit losses. For this purpose, we have established a framework that includes a three-year forecast period and the use of four economic scenarios with associated probability weights, which in combination create a forecast of expected economic outcomes. Credit losses estimated in our reasonable and supportable forecast period are sensitive to the shape and severity of the scenarios used and weights assigned to them.

To forecast the distribution of economic outcomes over the reasonable and supportable forecast period, we generate four economic forecast scenarios using a combination of quantitative macroeconomic models, other measures of economic activity and forward-looking expert judgment. Each scenario is then given an associated probability (weight) to represent our current expectation within that distribution over the forecast period. This process is informed by current economic conditions, expected business cycle evolution and the expert judgment of PNC’s RAC. This approach seeks to provide a reasonable representation of the forecast of expected economic outcomes and is used to estimate expected credit losses across a variety of loans, securities and other financial assets. Each quarter, the scenarios and their respective weights are presented to RAC for approval.

The scenarios used for the period ended March 31, 2024 consider, among other factors, ongoing inflationary pressures and the corresponding tightness of monetary policy and credit availability. While recession risks remain elevated, our most-likely expectation at March 31, 2024 is that the U.S. economy narrowly avoids a recession in 2024.

We used a number of economic variables in our scenarios, with two of the most significant drivers being real GDP and the U.S. unemployment rate. The following table presents a comparison of these two economic variables based on the weighted-average scenario forecasts used in determining our ACL at March 31, 2024 and December 31, 2023.

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

Table 34: Key Macroeconomic Variables in CECL Weighted-Average Scenarios
Assumptions as of March 31, 2024
202420252026
U.S. real GDP (a)0.8%1.7%2.1%
U.S. unemployment rate (b)4.6%4.8%4.3%
Assumptions as of December 31, 2023
202420252026
U.S. real GDP (a) 0.1%1.5%2.0%
U.S. unemployment rate (b)4.5%4.6%4.2%
(a)Represents year-over-year growth (loss) rates.
(b)Represents quarterly average rate at December 31, 2024, 2025 and 2026, respectively.

Real GDP growth is expected to end 2024 at 0.8% on a weighted average basis, up from the 0.1% assumed at December 31, 2023, primarily due to stronger expected economic activity in 2024 than what was expected at the end of 2023. Growth then rises to 1.7% in 2025, before growing to 2.1% in 2026. The weighted-average unemployment rate is expected to end 2024 at 4.6%, up slightly from the 4.5% assumed at December 31, 2023. During the second half of 2025, the weighted-average unemployment increases to a peak of 5.0% before gradually improving to 4.8% by the fourth quarter of 2025. Further improvement is then expected in 2026 with the rate reaching 4.3% by the fourth quarter of 2026.

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

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

See the following for additional information related to our ACL:
•Allowance for Credit Losses in the Credit Risk Management section of this Financial Review,
•Note 2 Investment Securities, and Note 3 Loans and Related Allowance for Credit Losses in this Report, and
•Note 1 Accounting Policies in our 2023 Form 10-K.

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


Recently Issued Accounting Standards

Accounting Standards UpdateDescriptionFinancial Statement Impact
Improvements to Reportable Segment Disclosures - ASU 2023-07

Issued November 2023



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

Accounting Standards UpdateDescriptionFinancial Statement Impact
Improvements to Income Tax Disclosures - ASU 2023-09

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

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

INTERNAL CONTROLS AND DISCLOSURE CONTROLS AND PROCEDURES

As of March 31, 2024, we performed an evaluation under the supervision of and with the participation of our management, including the Chairman and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures and of changes in our internal control over financial reporting.

Based on that evaluation, our Chairman and Chief Executive Officer and our Executive Vice President and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) were effective as of March 31, 2024, and that there has been no change in PNC’s internal control over financial reporting that occurred
The PNC Financial Services Group, Inc. – Form 10-Q 37  

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

We make statements in this Report, and we may from time to time make other statements, regarding our outlook for financial performance, such as earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting us and our future business and operations, including our sustainability strategy, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as “believe,” “plan,” “expect,” “anticipate,” “see,” “look,” “intend,” “outlook,” “project,” “forecast,” “estimate,” “goal,” “will,” “should” and other similar words and expressions.
Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. Forward-looking statements speak only as of the date made. We do not assume any duty and do not undertake any obligation to update forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. As a result, we caution against placing undue reliance on any forward-looking statements.
Our forward-looking statements are subject to the following principal risks and uncertainties. 
•Our businesses, financial results and balance sheet values are affected by business and economic conditions, including:
–Changes in interest rates and valuations in debt, equity and other financial markets,
–Disruptions in the U.S. and global financial markets,
–Actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply, market interest rates and inflation,
–Changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives,
–Changes in customers’, suppliers’ and other counterparties’ performance and creditworthiness,
–Impacts of sanctions, tariffs and other trade policies of the U.S. and its global trading partners,
–Impacts of changes in federal, state and local governmental policy, including on the regulatory landscape, capital markets, taxes, infrastructure spending and social programs,
–Our ability to attract, recruit and retain skilled employees, and
–Commodity price volatility.
•Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting. These statements are based on our views that:
–PNC’s baseline forecast is for slower economic growth in 2024 as consumer spending growth slows and higher interest rates remain a drag on the economy. The ongoing strength of the labor market will continue to support consumer spending. The FOMC is indicating that it will start to cut the federal funds rate later this year, with rate cuts supporting economic growth toward the end of 2024.
–Real GDP growth this year will be close to its trend of 2% and the unemployment rate will increase modestly to just above 4% by the end of 2024. Inflation will continue to slow as wage pressures abate, moving back to the Federal Reserve’s 2% long-term objective by the end of 2025.
–PNC expects the federal funds rate to remain unchanged between 5.25% and 5.50% through at least the first half of 2024, with federal funds rate cuts starting in the third quarter as inflationary pressures ease further. PNC expects two federal funds rate cuts in 2024, with the rate ending this year in a range between 4.75% and 5.00%.
•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.

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


–Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries resulting in monetary losses, costs, or alterations in our business practices and potentially causing reputational harm to PNC.
–Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies.
–Costs associated with obtaining rights in intellectual property claimed by others and of adequacy of our intellectual property protection in general.
•Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques and to meet evolving regulatory capital and liquidity standards.
•Our reputation and business and operating results may be affected by our ability to appropriately meet or address environmental, social or governance targets, goals, commitments or concerns that may arise.
•We grow our business in part through acquisitions and new strategic initiatives. Risks and uncertainties include those presented by the nature of the business acquired or strategic initiative, including in some cases those associated with our entry into new businesses or new geographic or other markets and risks resulting from our inexperience in those new areas, as well as risks and uncertainties related to the acquisition transactions themselves, regulatory issues, the integration of the acquired businesses into PNC after closing or any failure to execute strategic or operational plans.
•Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands.
•Business and operating results can also be affected by widespread manmade, natural and other disasters (including severe weather events), health emergencies, dislocations, geopolitical instabilities or events, terrorist activities, system failures or disruptions, security breaches, cyberattacks, international hostilities, or other extraordinary events beyond PNC’s control through impacts on the economy and financial markets generally or on us or our counterparties, customers or third-party vendors and service providers specifically.
We provide greater detail regarding these as well as other factors in our 2023 Form 10-K and elsewhere in this Report, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes of the Notes To Consolidated Financial Statements in these reports. Our forward-looking statements may also be subject to other risks and uncertainties, including those discussed elsewhere in this Report or in our other filings with the SEC.



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

CONSOLIDATED INCOME STATEMENT
THE PNC FINANCIAL SERVICES GROUP, INC.
UnauditedThree months ended March 31
In millions, except per share data20242023
Interest Income
Loans$4,819 $4,258 
Investment securities883 885 
Other798 516 
Total interest income6,500 5,659 
Interest Expense
Deposits2,077 1,291 
Borrowed funds1,159 783 
Total interest expense3,236 2,074 
Net interest income3,264 3,585 
Noninterest Income
Asset management and brokerage364 356 
Capital markets and advisory259 262 
Card and cash management671 659 
Lending and deposit services305 306 
Residential and commercial mortgage147 177 
Other135 258 
Total noninterest income1,881 2,018 
Total revenue5,145 5,603 
Provision For Credit Losses155 235 
Noninterest Expense
Personnel1,794 1,826 
Occupancy244 251 
Equipment341 350 
Marketing64 74 
Other891 820 
Total noninterest expense3,334 3,321 
Income before income taxes and noncontrolling interests1,656 2,047 
Income taxes312 353 
Net income1,344 1,694 
Less: Net income attributable to noncontrolling interests14 17 
Preferred stock dividends81 68 
Preferred stock discount accretion and redemptions2 2 
Net income attributable to common shareholders$1,247 $1,607 
Earnings Per Common Share
Basic$3.10 $3.98 
Diluted$3.10 $3.98 
Average Common Shares Outstanding
Basic400 401 
Diluted400 402 
See accompanying Notes To Consolidated Financial Statements.

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


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited
In millions		Three months ended March 31
20242023
Net income $1,344 $1,694 
Other comprehensive income (loss), before tax and net of reclassifications into Net income
Net change in debt securities (179)869 
Net change in cash flow hedge derivatives(250)527 
Pension and other postretirement benefit plan adjustments(2)(10)
Net change in Other(2)4 
Other comprehensive income (loss), before tax and net of reclassifications into Net income(433)1,390 
Income tax benefit (expense) related to items of other comprehensive income103 (326)
Other comprehensive income (loss), after tax and net of reclassifications into Net income(330)1,064 
Comprehensive income 1,014 2,758 
Less: Comprehensive income attributable to noncontrolling interests1417
Comprehensive income attributable to PNC$1,000 $2,741 
See accompanying Notes To Consolidated Financial Statements.
The PNC Financial Services Group, Inc. – Form 10-Q 41  

CONSOLIDATED BALANCE SHEET
THE PNC FINANCIAL SERVICES GROUP, INC.
UnauditedMarch 31
2024		December 31
2023
In millions, except par value
Assets
Cash and due from banks$5,933 $6,921 
Interest-earning deposits with banks53,612 43,804 
Loans held for sale (a)743 734 
Investment securities – available for sale42,280 41,785 
Investment securities – held to maturity 88,180 90,784 
Loans (a)319,781 321,508 
Allowance for loan and lease losses (4,693)(4,791)
Net loans315,088 316,717 
Equity investments 8,280 8,314 
Mortgage servicing rights3,762 3,686 
Goodwill10,932 10,932 
Other (a) 37,352 37,903 
Total assets$566,162 $561,580 
Liabilities
Deposits
Noninterest-bearing$98,061 $101,285 
Interest-bearing327,563 320,133 
Total deposits425,624 421,418 
Borrowed funds
Federal Home Loan Bank borrowings37,000 38,000 
Senior debt27,907 26,836 
Subordinated debt4,827 4,875 
Other (b)2,973 3,026 
Total borrowed funds72,707 72,737 
Allowance for unfunded lending related commitments 672 663 
Accrued expenses and other liabilities (b)15,785 15,621 
Total liabilities514,788 510,439 
Equity
Preferred stock (c)
Common stock ($5 par value, Authorized 800,000,000 shares, issued 543,116,260 and 543,116,271 shares)
2,716 2,716 
Capital surplus19,032 19,020 
Retained earnings56,913 56,290 
Accumulated other comprehensive income (loss)(8,042)(7,712)
Common stock held in treasury at cost: 145,068,954 and 145,087,054 shares
(19,279)(19,209)
Total shareholders’ equity51,340 51,105 
Noncontrolling interests34 36 
Total equity51,374 51,141 
Total liabilities and equity$566,162 $561,580 
(a)Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $0.7 billion, Loans held for investment of $1.2 billion and Other assets of $0.1 billion at March 31, 2024. Comparable amounts at December 31, 2023 were $0.7 billion, $1.2 billion and $0.1 billion, respectively.
(b)Our consolidated liabilities included the following for which we have elected the fair value option: Other borrowed funds of less than $0.1 billion and Other liabilities of $0.1 billion at March 31, 2024. Comparable amounts at December 31, 2023 were less than $0.1 billion and $0.1 billion, respectively.
(c)Par value less than $0.5 million at each date.

See accompanying Notes To Consolidated Financial Statements.

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


CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited
In millions		Three months ended March 31
20242023
Operating Activities
Net income$1,344 $1,694 
Adjustments to reconcile net income to net cash provided (used) by operating activities
Provision for credit losses
155 235 
Depreciation, amortization and accretion37 65 
Deferred income taxes (benefit)(44)(30)
Changes in fair value of mortgage servicing rights(43)174 
Net change in
Trading securities and other short-term investments434 (385)
Loans held for sale and related securitization activity 11 (11)
Other assets(300)1,108 
Accrued expenses and other liabilities(263)(1,142)
Other operating activities, net427 168 
Net cash provided (used) by operating activities$1,758 $1,876 
Investing Activities
Sales
Securities available for sale$(63)$(73)
Loans96 215 
Repayments/maturities
Securities available for sale1,056 2,293 
Securities held to maturity2,883 1,502 
Purchases
Securities available for sale(1,766)(612)
Securities held to maturity(56)(1,324)
Loans(279)(261)
Net change in
Federal funds sold and resale agreements(4)32 
Interest-earning deposits with banks(9,808)(6,580)
Loans1,667 (587)
Other investing activities, net(91)(317)
Net cash provided (used) by investing activities$(6,365)$(5,712)
The PNC Financial Services Group, Inc. – Form 10-Q 43  

CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
(Continued from previous page)
Unaudited
In millions		Three months ended March 31
20242023
Financing Activities
Net change in
Noninterest-bearing deposits$(3,260)$(6,462)
Interest-bearing deposits7,430 7,023 
Federal funds purchased and repurchase agreements(167)(94)
Short-term Federal Home Loan Bank borrowings (50)
Other borrowed funds95 (74)
Sales/issuances
Senior debt2,490 2,743 
Other borrowed funds181 167 
Preferred stock 1,484 
Common and treasury stock24 26 
Repayments/maturities
Federal Home Loan Bank borrowings(1,000)(5)
Senior debt(1,050) 
Subordinated debt (750)
Other borrowed funds(196)(141)
Acquisition of treasury stock(223)(459)
Preferred stock cash dividends paid(81)(68)
Common stock cash dividends paid(624)(607)
Net cash provided (used) by financing activities$3,619 $2,733 
Net Increase (Decrease) In Cash And Due From Banks And Restricted Cash$(988)$(1,103)
Cash and due from banks and restricted cash at beginning of period 6,921 7,043 
Cash and due from banks and restricted cash at end of period$5,933 $5,940 
Cash And Due From Banks And Restricted Cash
Cash and due from banks at end of period (unrestricted cash)$4,999 $5,335 
Restricted cash934605
Cash and due from banks and restricted cash at end of period$5,933 $5,940 
Supplemental Disclosures
Interest paid$2,861 $1,691 
Income taxes paid$35 $56 
Income taxes refunded$6 $3 
Leased assets obtained in exchange for new operating lease liabilities$75 $45 
Non-cash Investing And Financing Items
Transfer from loans to loans held for sale, net$8 $106 
Transfer from loans to foreclosed assets$13 $16 
See accompanying Notes To Consolidated Financial Statements.














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


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

See page 90 for a glossary of certain terms and acronyms used in this Report.

BUSINESS

PNC is one of the largest diversified financial services companies in the U.S. and is headquartered in Pittsburgh, Pennsylvania.

We have businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing many of our products and services nationally. Our retail branch network is located coast-to-coast. We also have strategic international offices in four countries outside the U.S.
NOTE 1 ACCOUNTING POLICIES

Basis of Financial Statement Presentation

Our consolidated financial statements include the accounts of the parent company and its subsidiaries, most of which are wholly-owned, certain partnership interests and VIEs.

We prepared these consolidated financial statements in accordance with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior-year amounts to conform to the current period presentation, which did not have a
material impact on our consolidated financial condition or results of operations.

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.

When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2023 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2023 Form 10-K for a detailed description of significant accounting policies. These interim consolidated financial statements serve to update our 2023 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements. There have been no significant changes to our accounting policies as disclosed in our 2023 Form 10-K.

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
See Note 1 Accounting Policies in our 2023 Form 10-K for recently adopted accounting standards. We did not adopt any new accounting standards during the first quarter of 2024 that impacted our financial statements.
The PNC Financial Services Group, Inc. – Form 10-Q 45  

NOTE 2 INVESTMENT SECURITIES

The following table summarizes our available for sale and held to maturity portfolios by major security type:
Table 35: Investment Securities Summary (a)(b)
March 31, 2024December 31, 2023
In millionsAmortized
Cost (c)		UnrealizedFair
Value		Amortized
Cost (c)		UnrealizedFair
Value
GainsLossesGainsLosses
Securities Available for Sale
U.S. Treasury and government agencies$8,516 $14 $(650)$7,880 $7,596 $22 $(667)$6,951 
Residential mortgage-backed
Agency30,001 24 (3,183)26,842 30,643 46 (2,809)27,880 
Non-agency563 113 (8)668 585 118 (7)696 
Commercial mortgage-backed
Agency1,780 1 (142)1,639 1,680 1 (135)1,546 
Non-agency866  (32)834 913 1 (45)869 
Asset-backed1,804 25 (2)1,827 1,092 25 (1)1,116 
Other 2,714 43 (167)2,590 2,844 44 (161)2,727 
Total securities available for sale $46,244 $220 $(4,184)$42,280 $45,353 $257 $(3,825)$41,785 
Securities Held to Maturity
U.S. Treasury and government agencies$35,469 $1 $(1,342)$34,128 $36,529 $9 $(1,141)$35,397 
Residential mortgage-backed
Agency41,970 28 (3,470)38,528 42,686 92 (2,733)40,045 
Non-agency256 (21)235 259  (17)242 
Commercial mortgage-backed
Agency946 4 (29)921 939 9 (23)925 
Non-agency1,259 1 (20)1,240 1,373 2 (27)1,348 
Asset-backed5,264 20 (34)5,250 5,890 17 (39)5,868 
Other3,016 30 (47)2,999 3,108 50 (35)3,123 
Total securities held to maturity (d)$88,180 $84 $(4,963)$83,301 $90,784 $179 $(4,015)$86,948 
(a) At March 31, 2024, the accrued interest associated with our held to maturity and available for sale portfolios totaled $244 million and $140 million, respectively. The comparable amounts at December 31, 2023 were $281 million and $144 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.
(b) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. Of our total securities portfolio, 97% were rated AAA/AA at both March 31, 2024 and December 31, 2023.
(c) Amortized cost is presented net of allowance of $87 million for securities available for sale, primarily related to non-agency commercial mortgage-backed securities, and $6 million for securities held to maturity at March 31, 2024. The comparable amounts at December 31, 2023 were $86 million and $6 million, respectively.
(d) Held to maturity securities transferred from available for sale are included in held to maturity at fair value at the time of the transfer. The amortized cost of held to maturity securities included net unrealized losses of $4.0 billion at March 31, 2024 related to securities transferred, which are offset in AOCI, net of tax. The comparable amount at December 31, 2023 was $4.2 billion.

The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Securities available for sale are carried at fair value with net unrealized gains and losses included in Total shareholders’ equity as AOCI, unless credit-related. Net unrealized gains and losses are determined by taking the difference between the fair value of a security and its amortized cost, net of any allowance. Securities held to maturity are carried at amortized cost, net of any allowance. Investment securities at March 31, 2024 included $262 million of net unsettled purchases that represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. The comparable amount for March 31, 2023 was $30 million of net unsettled sales.

We maintain the allowance for investment securities at levels that we believe to be appropriate as of the balance sheet date to absorb expected credit losses on our portfolio. At March 31, 2024, the allowance for investment securities was $93 million and primarily related to non-agency commercial mortgage-backed securities in the available for sale portfolio. The comparable amount at December 31, 2023 was $92 million. See Note 1 Accounting Policies in our 2023 Form 10-K for a discussion of the methodologies used to determine the allowance for investment securities.

At March 31, 2024, AOCI included pretax losses of $289 million from derivatives that hedged the purchase of investment securities classified as held to maturity. The losses will be accreted to interest income as an adjustment of yield on the securities.

Table 36 presents the gross unrealized losses and fair value of securities available for sale that do not have an associated allowance for investment securities at March 31, 2024 and December 31, 2023. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair
46    The PNC Financial Services Group, Inc. – Form 10-Q

value declined below the amortized cost basis. All securities included in the table have been evaluated to determine if a credit loss exists. As part of that assessment, as of March 31, 2024, we concluded that we do not intend to sell and believe we will not be required to sell these securities prior to recovery of the amortized cost basis.
 
Table 36: Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses
Unrealized loss position
less than 12 months		Unrealized loss position
12 months or more		Total
In millionsUnrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value
March 31, 2024
U.S. Treasury and government agencies$(2)$663 $(648)$6,004 $(650)$6,667 
Residential mortgage-backed
Agency(18)1,965 (3,165)23,252 (3,183)25,217 
Non-agency(1)28 (5)83 (6)111 
Commercial mortgage-backed
Agency(1)186 (141)1,418 (142)1,604 
Non-agency(32)691 (32)691 
Asset-backed(1)411 (1)38 (2)449 
Other (2)109 (142)1,979 (144)2,088 
Total securities available for sale$(25)$3,362 $(4,134)$33,465 $(4,159)$36,827 
December 31, 2023
U.S. Treasury and government agencies  $(666)$6,035 $(666)$6,035 
Residential mortgage-backed
Agency$(4)$1,015 (2,805)24,306 (2,809)25,321 
Non-agency(1)15 (4)84 (5)99 
Commercial mortgage-backed
Agency  (135)1,495 (135)1,495 
Non-agency(45)731 (45)731 
Asset-backed  (1)9 (1)9 
Other(3)78 (136)2,106 (139)2,184 
Total securities available for sale$(8)$1,108 $(3,792)$34,766 $(3,800)$35,874 

Gross Gains (Losses) on Sales of Securities Available for Sale

Gross gains on sales of securities were less than $1 million for both the three months ended March 31, 2024 and March 31, 2023.

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

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at March 31, 2024:
Table 37: Contractual Maturity of Debt Securities
March 31, 2024
Dollars in millions		1 Year or LessAfter 1 Year
through 5 Years		After 5 Years
through 10 Years		After 10
Years		Total
Securities Available for Sale
U.S. Treasury and government agencies$2,194 $2,994 $1,153 $2,175 $8,516 
Residential mortgage-backed
Agency1 233 3,592 26,175 30,001 
Non-agency12 551 563 
Commercial mortgage-backed
Agency9 659 763 349 1,780 
Non-agency1 106 91 668 866 
Asset-backed523 258 1,023 1,804 
Other 276 1,969 316 153 2,714 
Total securities available for sale at amortized cost$2,481 $6,484 $6,185 $31,094 $46,244 
Fair value$2,442 $6,044 $5,873 $27,921 $42,280 
Weighted-average yield, GAAP basis (a)1.07 %2.44 %3.21 %3.18 %2.97 %
Securities Held to Maturity
U.S. Treasury and government agencies$8,727 $24,221 $1,629 $892 $35,469 
Residential mortgage-backed
Agency 10 325 41,635 41,970 
Non-agency256 256 
Commercial mortgage-backed
Agency150 528 268 946 
Non-agency29 50  1,180 1,259 
Asset-backed16 1,518 2,368 1,362 5,264 
Other256 985 473 1,302 3,016 
Total securities held to maturity at amortized cost$9,028 $26,934 $5,323 $46,895 $88,180 
Fair value$8,894 $25,924 $5,140 $43,343 $83,301 
Weighted-average yield, GAAP basis (a)0.98 %1.56 %3.92 %2.91 %2.36 %
(a)Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. Actual maturities and yields may differ as certain securities may be prepaid.
At March 31, 2024, there were no securities of a single issuer, other than FNMA and FHLMC, that exceeded 10% of total shareholders’ equity. The FNMA and FHLMC investments had a total amortized cost of $36.6 billion and $31.7 billion and fair value of $33.3 billion and $29.1 billion, respectively.
The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings:
Table 38: Fair Value of Securities Pledged and Accepted as Collateral
In millionsMarch 31, 2024December 31, 2023
Pledged to others$68,193 $29,878 
Accepted from others:
Permitted by contract or custom to sell or repledge$819 $755 
Permitted amount repledged to others$819 $755 

The securities pledged to others include positions held in our portfolio of investment securities, trading securities and securities accepted as collateral from others that we are permitted by contract or custom to sell or repledge, and were used to secure public and trust deposits, repurchase agreements and for other purposes. See Note 12 Financial Derivatives for information related to securities pledged and accepted as collateral for derivatives.





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

NOTE 3 LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES

Loan Portfolio

Our loan portfolio consists of two portfolio segments – Commercial and Consumer. Each of these segments comprises multiple loan classes. Classes are characterized by similarities in risk attributes and the manner in which we monitor and assess credit risk.
CommercialConsumer
• Commercial and industrial
• Residential real estate
• Commercial real estate
• Home equity
• Equipment lease financing
• Automobile
• Credit card
• Education
• Other consumer
See Note 1 Accounting Policies in our 2023 Form 10-K for additional information on our loan related policies.

Credit Quality
We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk within the loan portfolio based on our defined loan classes. In doing so, we use several credit quality indicators, including, but not limited to, trends in delinquency rates, nonperforming status, analyses of PD and LGD ratings, updated credit scores and originated and updated LTV ratios.
We manage credit risk based on the risk profile of the borrower, repayment sources, underlying collateral and other support given current events, economic conditions and expectations. We refine our practices to meet the changing environment such as inflation levels, industry specific risks, interest rate levels, the level of consumer savings and deposit balances, and structural and secular changes fostered by the pandemic. To mitigate losses and enhance customer support, we offer loan modifications and collection programs to assist our customers.

Table 39 presents the composition and delinquency status of our loan portfolio at March 31, 2024 and December 31, 2023. Loan delinquencies include government insured or guaranteed loans and loans accounted for under the fair value option.
The PNC Financial Services Group, Inc. – Form 10-Q 49  

Table 39: Analysis of Loan Portfolio (a) (b)
 Accruing    
Dollars in millionsCurrent or Less
Than 30 Days
Past Due		30-59
Days
Past Due		60-89
Days
Past Due		90 Days
or More
Past Due		Total
Past
Due (c) 		 Nonperforming
Loans		Fair Value
Option
Nonaccrual
Loans (d)		Total Loans
(e)(f)
March 31, 2024  
Commercial  
Commercial and industrial$175,964 $125 $35 $90 $250   $578 $176,792 
Commercial real estate34,666 2   2   923 35,591 
Equipment lease financing6,423 22 4 26   13 6,462 
Total commercial217,053 149 39 90 278   1,514 218,845 
Consumer 
Residential real estate46,072 257 92 175 524 (c)284 $506 47,386 
Home equity25,278 64 24 88 464 66 25,896 
Automobile
14,586 81 19 5 105   97 14,788 
Credit card6,706 49 37 82 168   13 6,887 
Education
1,774 25 17 43 85 (c)1,859 
Other consumer
4,085 11 7 9 27 8 4,120 
Total consumer98,501 487 196 314 997   866 572 100,936 
Total$315,554 $636 $235 $404 $1,275   $2,380 $572 $319,781 
Percentage of total loans98.68 %0.20 %0.07 %0.13 %0.40 %0.74 %0.18 %100.00 %
December 31, 2023
Commercial
Commercial and industrial$176,796 $104 $45 $76 $225 $559 $177,580 
Commercial real estate34,685 7  9 16 735 35,436 
Equipment lease financing6,480 41 8 49 13 6,542 
Total commercial217,961 152 53 85 290 1,307 219,558 
Consumer
Residential real estate46,159 282 101 192 575 (c)294 $516 47,544 
Home equity25,533 63 27 90 458 69 26,150 
Automobile
14,638 91 20 7 118 104 14,860 
Credit card6,991 54 39 86 179 10 7,180 
Education
1,850 27 19 49 95 (c)1,945 
Other consumer
4,227 16 11 10 37 7 4,271 
Total consumer99,398 533 217 344 1,094 873 585 101,950 
Total$317,359 $685 $270 $429 $1,384 $2,180 $585 $321,508 
Percentage of total loans98.71 %0.21 %0.08 %0.13 %0.43 %0.68 %0.18 %100.00 %
(a)Amounts in table represent loans held for investment and do not include any associated ALLL.
(b)The accrued interest associated with our loan portfolio totaled $1.5 billion at both March 31, 2024 and December 31, 2023. These amounts are included in Other assets on the Consolidated Balance Sheet.
(c)Past due loan amounts include government insured or guaranteed residential real estate loans and education loans totaling $0.3 billion and $0.1 billion at both March 31, 2024 and December 31, 2023.
(d)Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policy criteria. Given that these loans are not accounted for at amortized cost, they have been excluded from the nonperforming loan population.
(e)Includes unearned income, unamortized deferred fees and costs on originated loans and premiums or discounts on purchased loans totaling $0.9 billion and $1.0 billion at March 31, 2024 and December 31, 2023, respectively.
(f)Collateral dependent loans totaled $1.4 billion at both March 31, 2024 and December 31, 2023, respectively.
At March 31, 2024, we pledged $50.8 billion of commercial and other loans to the Federal Reserve Bank and $90.9 billion of residential real estate and other loans to the FHLB as collateral for the ability to borrow, if necessary. The comparable amounts at December 31, 2023 were $51.3 billion and $89.5 billion, respectively. Amounts pledged reflect the unpaid principal balances.
Nonperforming Assets
Nonperforming assets include nonperforming loans and leases, OREO and foreclosed assets. Nonperforming loans are those loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. Interest income is not recognized on these loans. Loans accounted for under the fair value option are reported as performing loans; however, when nonaccrual criteria is met, interest income is not recognized on these loans. Additionally, certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest are not reported as nonperforming loans and continue to accrue interest. See Note 1 Accounting Policies in our 2023 Form 10-K for additional information on our nonperforming loan and lease policies.
50    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents our nonperforming assets as of March 31, 2024 and December 31, 2023:
Table 40: Nonperforming Assets
Dollars in millionsMarch 31, 2024December 31, 2023
Nonperforming loans
Commercial$1,514 $1,307 
Consumer (a)866 873 
Total nonperforming loans (b)2,380 2,180 
OREO and foreclosed assets35 36 
Total nonperforming assets$2,415 $2,216 
Nonperforming loans to total loans0.74 %0.68 %
Nonperforming assets to total loans, OREO and foreclosed assets0.76 %0.69 %
Nonperforming assets to total assets0.43 %0.39 %
(a)Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.
(b)Nonperforming loans for which there is no related ALLL totaled $0.5 billion at both March 31, 2024 and December 31, 2023. This primarily includes loans with a fair value of collateral that exceeds the amortized cost basis.

Additional Credit Quality Indicators by Loan Class

Commercial Loan Classes
See Note 3 Loans and Related Allowance for Credit Losses in our 2023 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class.
The PNC Financial Services Group, Inc. – Form 10-Q 51  

The following table presents credit quality indicators for our commercial loan classes:
Table 41: Commercial Credit Quality Indicators (a)
 Term Loans by Origination Year  
March 31, 2024
In millions
20242023202220212020PriorRevolving LoansRevolving Loans Converted to TermTotal
Commercial and industrial
Pass Rated$5,497 $20,187 $23,601 $6,708 $5,544 $14,938 $88,965 $760 $166,200 
Criticized181 949 2,336 810 298 855 5,115 48 10,592 
Total commercial and industrial loans5,678 21,136 25,937 7,518 5,842 15,793 94,080 808 176,792 
Gross charge-offs (b)4 (c)8 9 17 1 2 42 1 84 
Commercial real estate
Pass Rated474 4,666 8,362 2,949 2,019 11,485 453 30,408 
Criticized87 183 1,549 507 503 2,302 1 51 5,183 
Total commercial real estate loans561 4,849 9,911 3,456 2,522 13,787 454 51 35,591 
Gross charge-offs (b)    1 55   56 
Equipment lease financing
Pass Rated307 1,456 1,360 642 637 1,648 6,050 
Criticized12 110 82 77 46 85 412 
Total equipment lease financing loans319 1,566 1,442 719 683 1,733 6,462 
Gross charge-offs (b) 2 2 2 1 1   8 
Total commercial loans$6,558 $27,551 $37,290 $11,693 $9,047 $31,313 $94,534 $859 $218,845 
Total commercial gross charge-offs$4 $10 $11 $19 $3 $58 $42 $1 $148 
 Term Loans by Origination Year  
December 31, 2023
In millions
20232022202120202019PriorRevolving LoansRevolving Loans Converted to TermTotal
Commercial and industrial
Pass Rated$23,019 $26,657 $7,562 $5,783 $4,110 $11,982 $88,467 $573 $168,153 
Criticized838 1,781 739 331 281 698 4,708 51 9,427 
Total commercial and industrial loans23,857 28,438 8,301 6,114 4,391 12,680 93,175 624 177,580 
Gross charge-offs (b)25 (c)32 33 8 3 26 105 12 244 
Commercial real estate
Pass Rated4,182 8,571 2,986 2,190 4,887 7,411 383 30,610 
Criticized155 1,300 455 490 622 1,753 51 4,826 
Total commercial real estate loans4,337 9,871 3,441 2,680 5,509 9,164 434 35,436 
Gross charge-offs (b)   12 31 137   180 
Equipment lease financing
Pass Rated1,522 1,424 689 690 452 1,378 6,155 
Criticized90 81 81 51 35 49 387 
Total equipment lease financing loans1,612 1,505 770 741 487 1,427 6,542 
Gross charge-offs (b)4 4 4 4 1 1   18 
Total commercial loans$29,806 $39,814 $12,512 $9,535 $10,387 $23,271 $93,609 $624 $219,558 
Total commercial gross charge-offs$29 $36 $37 $24 $35 $164 $105 $12 $442 
(a)Loans in our commercial portfolio are classified as Pass Rated or Criticized based on the regulatory definitions, which are driven by the PD and LGD ratings that we assign. The Criticized classification includes loans that were rated special mention, substandard or doubtful as of March 31, 2024 and December 31, 2023.
(b)Gross charge-offs are presented on a year-to-date basis, as of the period end date.
(c)Includes charge-offs of deposit overdrafts.

Consumer Loan Classes
See Note 3 Loans and Related Allowance for Credit Losses in our 2023 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class.



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

Residential Real Estate and Home Equity
The following table presents credit quality indicators for our residential real estate and home equity loan classes:
Table 42: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes
Term Loans by Origination Year
March 31, 2024
In millions
20242023202220212020PriorRevolving LoansRevolving Loans Converted to TermTotal
Residential real estate
Current estimated LTV ratios
Greater than 100% $33 $148 $82 $30 $38 $331 
Greater than or equal to 80% to 100%$307 902 1,727 937 219 150 4,242 
Less than 80%382 4,146 8,039 14,270 6,417 8,852 42,106 
No LTV available 49  13 4 66 
Government insured or guaranteed loans 15 21 16 65 524 641 
Total residential real estate loans$689 $5,145 $9,935 $15,318 $6,731 $9,568 $47,386 
Updated FICO scores
Greater than or equal to 780$286 $3,306 $7,574 $11,926 $4,840 $5,258 $33,190 
720 to 779354 1,241 1,740 2,442 1,178 1,827 8,782 
660 to 71949 337 518 707 364 887 2,862 
Less than 660 107 74 136 124 763 1,204 
No FICO score available 139 8 91 160 309 707 
Government insured or guaranteed loans 15 21 16 65 524 641 
Total residential real estate loans$689 $5,145 $9,935 $15,318 $6,731 $9,568 $47,386 
Gross charge-offs (a)   $1   $1 
Home equity
Current estimated LTV ratios
Greater than 100% $2 $14 $19 $330 $358 $723 
Greater than or equal to 80% to 100% 5 38 39 1,073 1,670 2,825 
Less than 80% 153 1,819 3,246 6,673 10,457 22,348 
Total home equity loans $160 $1,871 $3,304 $8,076 $12,485 $25,896 
Updated FICO scores
Greater than or equal to 780 $100 $1,211 $1,983 $4,507 $6,138 $13,939 
720 to 779 39 415 690 2,170 3,224 6,538 
660 to 719 16 176 354 1,179 1,917 3,642 
Less than 660 5 67 269 212 1,155 1,708 
No FICO score available  2 8 8 51 69 
Total home equity loans $160 $1,871 $3,304 $8,076 $12,485 $25,896 
Gross charge-offs (a)     $1 $4 $5 $10 
The PNC Financial Services Group, Inc. – Form 10-Q 53  

(Continued from previous page)Term Loans by Origination Year
December 31, 2023
In millions
20232022202120202019PriorRevolving LoansRevolving Loans Converted to TermTotal
Residential real estate
Current estimated LTV ratios
Greater than 100% $15 $139 $79 $31 $10 $28 $302 
Greater than or equal to 80% to 100% 1,665 1,928 955 221 69 92 4,930 
Less than 80%3,585 7,977 14,421 6,514 2,154 6,935 41,586 
No LTV available56  13   4 73 
Government insured or guaranteed loans14 20 16 66 37 500 653 
Total residential real estate loans$5,335 $10,064 $15,484 $6,832 $2,270 $7,559 $47,544 
Updated FICO scores
Greater than or equal to 780$3,206 $7,797 $12,197 $5,035 $1,492 $4,004 $33,731 
720 to 7791,482 1,659 2,389 1,107 432 1,388 8,457 
660 to 719400 508 657 334 171 721 2,791 
Less than 66093 71 133 122 82 680 1,181 
No FICO score available140 9 92 168 56 266 731 
Government insured or guaranteed loans14 20 16 66 37 500 653 
Total residential real estate loans$5,335 $10,064 $15,484 $6,832 $2,270 $7,559 $47,544 
Gross charge-offs (a) $2 $1 $1  $4 $8 
Home equity
Current estimated LTV ratios
Greater than 100%$1 $12 $6 $14 $306 $309 $648 
Greater than or equal to 80% to 100%4 40 17 22 1,116 1,743 2,942 
Less than 80%157 1,866 845 2,556 6,843 10,293 22,560 
Total home equity loans $162 $1,918 $868 $2,592 $8,265 $12,345 $26,150 
Updated FICO scores
Greater than or equal to 780$102 $1,254 $489 $1,605 $4,604 $6,083 $14,137 
720 to 77938 423 216 488 2,222 3,225 6,612 
660 to 71917 174 110 271 1,207 1,894 3,673 
Less than 6605 65 52 220 223 1,089 1,654 
No FICO score available 2 1 8 9 54 74 
Total home equity loans $162 $1,918 $868 $2,592 $8,265 $12,345 $26,150 
Gross charge-offs (a)     $4 $7 $10 $21 
(a)Gross charge-offs are presented on a year-to-date basis, as of the period end date.































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

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

Table 43: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes
Term Loans by Origination Year
March 31, 2024
In millions
20242023202220212020PriorRevolving LoansRevolving Loans Converted to TermTotal
Automobile
Updated FICO scores
Greater than or equal to 780$927 $2,230 $1,480 $1,288 $443 $340 $6,708 
720 to 779438 1,727 983 689 250 252 4,339 
660 to 719206 1,009 549 368 159 195 2,486 
Less than 66011 352 271 233 139 249 1,255 
Total automobile loans$1,582 $5,318 $3,283 $2,578 $991 $1,036 $14,788 
Gross charge-offs (a) $11 $6 $5 $3 $7 $32 
Credit card
Updated FICO scores
Greater than or equal to 780$1,938 $1 $1,939 
720 to 7791,879 4 1,883 
660 to 7191,901 14 1,915 
Less than 660989 51 1,040 
No FICO score available or required (b)107 3 110 
Total credit card loans$6,814 $73 $6,887 
Gross charge-offs (a)$83 $9 $92 
Education
Updated FICO scores
Greater than or equal to 780$1 $61 $85 $44 $37 $360 $588 
720 to 7794 44 45 23 18 146 280 
660 to 7194 17 17 7 6 60 111 
Less than 6601 3 3 1 1 23 32 
No FICO score available or required (b)3 8 5 3 2 1 22 
Total loans using FICO credit metric13 133 155 78 64 590 1,033 
Other internal credit metrics 826 826 
Total education loans$13 $133 $155 $78 $64 $1,416 $1,859 
Gross charge-offs (a)     $4 $4 
Other consumer
Updated FICO scores
Greater than or equal to 780$49 $219 $104 $37 $15 $17 $36 $1 $478 
720 to 77977 242 130 43 19 19 75 1 606 
660 to 71944 126 125 46 21 21 83 2 468 
Less than 660 28 51 27 14 16 42 1 179 
Total loans using FICO credit metric170 615 410 153 69 73 236 5 1,731 
Other internal credit metrics3 11 101 30 13 101 2,119 11 2,389 
Total other consumer loans$173 $626 $511 $183 $82 $174 $2,355 $16 $4,120 
Gross charge-offs (a)$17 (c)$6 $6 $5 $2 $4 $3  $43 

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

(Continued from previous page)Term Loans by Origination Year
December 31, 2023
In millions
20232022202120202019PriorRevolving LoansRevolving Loans Converted to TermTotal
Automobile
Updated FICO Scores
Greater than or equal to 780$2,722 $1,650 $1,483 $535 $368 $88 $6,846 
720 to 7791,797 1,104 778 301 250 80 4,310 
660 to 7191,014 604 408 186 186 70 2,468 
Less than 660264 272 243 152 200 105 1,236 
Total automobile loans$5,797 $3,630 $2,912 $1,174 $1,004 $343 $14,860 
Gross charge-offs (a)$8 $24 $22 $17 $30 $20   $121 
Credit card
Updated FICO scores
Greater than or equal to 780$2,017 $1 $2,018 
720 to 7791,976 4 1,980 
660 to 7191,979 13 1,992 
Less than 6601,036 48 1,084 
No FICO score available or required (b)103 3 106 
Total credit card loans$7,111 $69 $7,180 
Gross charge-offs (a)      $290 $29 $319 
Education
Updated FICO scores
Greater than or equal to 780$35 $88 $45 $40 $51 $331 $590 
720 to 77932 47 24 19 24 131 277 
660 to 71920 17 8 6 8 54 113 
Less than 6604 3 2 1 2 21 33 
No FICO score available or required (b)15 5 4 2 1 27 
Total loans using FICO credit metric106 160 83 68 85 538 1,040 
Other internal credit metrics 905 905 
Total education loans$106 $160 $83 $68 $85 $1,443 $1,945 
Gross charge-offs (a)  $1 $1 $2 $13   $17 
Other consumer
Updated FICO scores
Greater than or equal to 780$241 $127 $47 $21 $14 $11 $39 $1 $501 
720 to 779286 157 54 26 17 11 80 1 632 
660 to 719147 140 57 27 21 11 87 2 492 
Less than 66019 52 31 17 14 8 43 1 185 
Total loans using FICO credit metric693 476 189 91 66 41 249 5 1,810 
Other internal credit metrics 19 97 33 48 71 34 2,149 10 2,461 
Total other consumer loans$712 $573 $222 $139 $137 $75 $2,398 $15 $4,271 
Gross charge-offs (a)$75 (c)$23 $18 $14 $14 $8 $11 $1 $164 
(a)Gross charge-offs are presented on a year-to-date basis, as of the period end date.
(b)Loans where FICO scores are not available or required generally refers to new accounts issued to borrowers with limited credit history, accounts for which we cannot obtain an updated FICO score (e.g., recent profile changes), cards issued with a business name and/or cards secured by collateral. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
(c)Includes charge-offs of deposit overdrafts.


















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

Loan Modifications to Borrowers Experiencing Financial Difficulty

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

The following table presents the amortized cost basis, as of the period end date, of FDMs granted during the three months ended March 31, 2024 and 2023:

Table 44: Loan Modifications Granted to Borrowers Experiencing Financial Difficulty (a) (b)
Three months ended March 31, 2024
Dollars in millions
Term ExtensionPayment Delay Repayment Plan Payment Delay and Term ExtensionInterest Rate Reduction and Term ExtensionInterest Rate Reduction and Payment DelayOther (c)Total% of Loan Class
Commercial
Commercial and industrial$443 $85 $27 $10 $14 $31 $610 0.35 %
Commercial real estate387 5665 508 1.43 %
Total commercial830141921014311,118 0.51 %
Consumer
Residential real estate40  3 43 0.09 %
Home equity5 $1  5 11 0.04 %
Credit card22 22 0.32 %
Education 2 2 0.11 %
Total consumer2 45 23  8 78 0.08 %
Total$832 $186 $23 $92 $10 $14 $39 $1,196 0.37 %

Three months ended March 31, 2023
Dollars in millions
Principal ForgivenessTerm ExtensionPayment Delay Repayment Plan Interest Rate Reduction and Term ExtensionOther (c)Total% of Loan Class
Commercial
Commercial and industrial$1 $198 $20 $5 $224 0.12 %
Commercial real estate2732730.76 %
Total commercial1471205497 0.22 %
Consumer
Residential real estate46 $2 1 49 0.11 %
Home equity1 $2 2 5 0.02 %
Credit card13 13 0.19 %
Education 1 1 0.05 %
Other consumer1 1 0.02 %
Total consumer 1 47 16 2 3 69 0.07 %
Total$1 $472 $67 $16 $2 $8 $566 0.17 %
(a)The unfunded lending related commitments on FDMs granted during the three months ended March 31, 2024 and 2023 were $0.1 billion at both dates.
(b)Excludes the amortized cost basis of modified loans that were paid off, charged off or otherwise liquidated as of the period end date.
(c)Represents all other modifications, and includes trial modifications and loans where we have received notification that a borrower has filed for Chapter 7 bankruptcy relief, but specific instructions as to the terms of the relief have not been formally ruled upon by the court.
The PNC Financial Services Group, Inc. – Form 10-Q 57  

Table 45 presents the financial effect of FDMs granted during the three months ended March 31, 2024 and 2023.

Table 45: Financial Effect of FDMs (a)
Three months ended March 31, 2024
Dollars in millions
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension
(in Months)		Weighted-Average Payment Delay
(in Months)
Commercial
Commercial and industrial4.06 %115
Commercial real estate 128
Consumer
Residential real estate 8
Home equity 4
Education 10

Three Months Ended March 31, 2023
Dollars in millions
Total Principal ForgivenessWeighted-Average Interest Rate ReductionWeighted-Average Term Extension
(in Months)		Weighted-Average Payment Delay
(in Months)
Commercial
Commercial and industrial$252
Commercial real estate  13
Consumer
Residential real estate 1.71 %1458
Home equity  6
Education12
(a)Excludes the financial effects of modifications for loans that were paid off, charged off or otherwise liquidated as of the period end date.

Repayment plans are excluded from Table 45. The terms of these programs, which are offered for certain consumer products, are as follows:
•Credit card and unsecured lines of credit
•Short-term programs are granted for periods of 6 and 12 months. These programs are structurally similar such that the interest rate is reduced to a standard rate of 4.99% and the minimum payment percentage is adjusted to 1.90% of the outstanding balance. At the end of the 6 or 12 months, the borrower is returned to the original contractual interest rate and minimum payment amount specified in the original lending agreement.
•Fully-amortized repayment plans are also granted, the most common of which being a 60 month program. In this program, we convert the borrower’s drawn and unpaid balances into a fully-amortized repayment plan consisting of an interest rate of 4.99% and an adjusted minimum payment percentage of 1.90% of the outstanding balance. This fully-amortized program is designed in a manner that allows the drawn and unpaid amounts to be recaptured at the end of the 60 months.
•Home equity loans and lines of credit
•Fixed payment plan programs establish a modified monthly payment that is informed by the borrower’s financial situation and the current market environment at the time of modification, among other factors. As such, we may change the borrower’s interest rate, modify the term of the loan, and/or defer payment to arrive at the modified monthly payment. Each of the aforementioned terms may increase or decrease, and may vary from loan to loan, based on the individual loan and borrower characteristics.















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

After we modify a loan, we continue to track its performance under its most recent modified terms. The following table presents the performance, as of the period end date, of FDMs granted during the twelve months preceding March 31, 2024.

Table 46: Payment Performance of FDMs Modified in the Last 12 Months (a)
Twelve Months Ended March 31, 2024
Dollars in millions		Current or Less Than 30 Days Past Due30-59 Days Past Due60-89 Days Past Due90 Days
or More
Past Due		Nonperforming
Loans 		Total
Commercial
Commercial and industrial$1,126 $16 $2  $291 $1,435 
Commercial real estate816    367 1,183 
Total commercial1,942 16 2  658 2,618 
Consumer 
Residential real estate8  1 $1 92 102 
Home equity2    29 31 
Credit card44 4 4 7 1 60 
Education 5     5 
Other consumer    1 1 
Total consumer59 4 5 8 123 199 
Total$2,001 $20 $7 $8 $781 $2,817 
(a)Represents amortized cost basis.
The following table presents the performance as of March 31, 2023 for FDMs granted since January 1, 2023:

Table 47: Payment Performance of FDMs (a)
Three Months Ended March 31, 2023
Dollars in millions
Current or Less Than 30 Days
Past Due		30-59 Days
Past Due		60-89 Days
Past Due		90 Days
or More
Past Due		Nonperforming
Loans 		Total
Commercial
Commercial and industrial$193  $1 $30 $224 
Commercial real estate249 24 273 
Total commercial442  1  54 497 
Consumer 
Residential real estate10 $3  $1 35 49 
Home equity  5 5 
Credit card7 2 2 2 13 
Education 1 1 
Other consumer1 1 
Total consumer18 5 2 3 41 69 
Total$460 $5 $3 $3 $95 $566 
(a)Represents amortized cost basis.

We generally consider FDMs to have subsequently defaulted when they become 60 days past due after the most recent date the loan was modified. At March 31, 2024, loans that both (i) subsequently defaulted during the three months ended and (ii) were classified as FDMs during the twelve months preceding the default date were $49 million. Subsequently defaulted loans were not material during the three months ended March 31, 2023.

Allowance for Credit Losses

We maintain the ACL related to loans at levels that we believe to be appropriate to absorb expected credit losses in the portfolios as of the balance sheet date. See Note 1 Accounting Policies in our 2023 Form 10-K for a discussion of the methodologies used to determine this allowance. A rollforward of the ACL related to loans follows:

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

Table 48: Rollforward of Allowance for Credit Losses
Three months ended March 31
20242023
In millionsCommercialConsumerTotalCommercialConsumerTotal
Allowance for loan and lease losses
Beginning balance$3,259 $1,532 $4,791 $3,114 $1,627 $4,741 
Adoption of ASU 2022-02 (a) (35)(35)
Beginning balance, adjusted3,259 1,532 4,791 3,114 1,592 4,706 
Charge-offs(148)(182)(330)(120)(162)(282)
Recoveries23 64 87 25 62 87 
Net (charge-offs)(125)(118)(243)(95)(100)(195)
Provision for credit losses 85 62 147 25 204 229 
Other(2) (2)2 (1)1 
Ending balance$3,217 $1,476 $4,693 $3,046 $1,695 $4,741 
Allowance for unfunded lending related commitments (b)
 Beginning balance$545 $118 $663 $613 $81 $694 
Provision for (recapture of) credit losses(17)26 9 (53)31 (22)
Ending balance$528 $144 $672 $560 $112 $672 
Allowance for credit losses at March 31 (c)
$3,745 $1,620 $5,365 $3,606 $1,807 $5,413 
(a)Represents the impact of adopting ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures on January 1, 2023. As a result of adoption, we eliminated the accounting guidance for TDRs, including the use of a discounted cash flow approach to measure the allowance for TDRs.
(b)See Note 8 Commitments for additional information about the underlying commitments related to this allowance.
(c)Represents the ALLL plus allowance for unfunded lending related commitments and excludes allowances for investment securities and other financial assets, which together totaled $117 million and $205 million at March 31, 2024 and 2023, respectively.
The ACL related to loans totaled $5.4 billion at March 31, 2024 and $5.5 billion at December 31, 2023. During the three months ended March 31, 2024, this reserve was driven by improved macroeconomic factors as well as portfolio activity.

NOTE 4 LOAN SALE AND SERVICING ACTIVITIES AND VARIABLE INTEREST ENTITIES

Loan Sale and Servicing Activities

As more fully described in Note 4 Loan Sale and Servicing Activities and Variable Interest Entities in our 2023 Form 10-K, we have transferred residential and commercial mortgage loans in securitization or sales transactions in which we have continuing involvement. Our continuing involvement in the FNMA, FHLMC and GNMA securitizations, Non-agency securitizations and loan sale transactions generally consists of servicing, repurchasing previously transferred loans under certain conditions and loss share arrangements, and, in limited circumstances, holding of mortgage-backed securities issued by the securitization SPEs.

We earn servicing and other ancillary fees for our role as servicer and, depending on the contractual terms of the servicing arrangement, we can be terminated as servicer with or without cause. At the consummation date of each type of loan transfer where we retain the servicing, we recognize a servicing right at fair value. See Note 8 Commitments and Note 11 Fair Value for information on our servicing rights, including the carrying value of servicing assets.

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


The following table provides our loan sale and servicing activities:
Table 49: Loan Sale and Servicing Activities
In millionsResidential MortgagesCommercial Mortgages (a)
Cash Flows - Three months ended March 31, 2024
Sales of loans and related securitization activity (b)$525 $323 
Repurchases of previously transferred loans (c)$23 $9 
Servicing fees (d) $139 $47 
Servicing advances recovered/(funded), net$23 $24 
Cash flows on mortgage-backed securities held (e)$842 $74 
Cash Flows - Three months ended March 31, 2023
Sales of loans and related securitization activity (b)$516 $954 
Repurchases of previously transferred loans (c)$29 $9 
Servicing fees (d)$128 $46 
Servicing advances recovered/(funded), net$28 $(49)
Cash flows on mortgage-backed securities held (e)$603 $12 
(a)Represents both commercial mortgage loan transfer and servicing activities.
(b)Gains/losses recognized on sales of loans were insignificant for the periods presented.
(c)Includes both residential and commercial mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our ROAP option, as well as residential mortgage loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers.
(d)Includes contractually specified servicing fees, late charges and ancillary fees.
(e)Represents cash flows on securities where we transferred to and/or service loans for a securitization SPE and we hold securities issued by that SPE. The carrying values of such securities held were $19.8 billion, $20.4 billion and $21.6 billion in residential mortgage-backed securities at March 31, 2024, December 31, 2023 and March 31, 2023, respectively. The carrying values of commercial mortgage-backed securities were $0.7 billion at each March 31, 2024, December 31, 2023 and March 31, 2023.
Table 50 presents information about the principal balances of transferred loans that we service and are not recorded on our Consolidated Balance Sheet. We would only experience a loss on these transferred loans if we were required to repurchase a loan, where the repurchase price exceeded the loan’s fair value, due to a breach in representations and warranties or a loss sharing arrangement associated with our continuing involvement with these loans. The estimate of losses related to breaches in representations and warranties was insignificant at March 31, 2024 and December 31, 2023.
Table 50: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others
In millionsResidential MortgagesCommercial Mortgages (a)
March 31, 2024
Total principal balance$38,540 $56,409 
Delinquent loans (b)$310 $92 
December 31, 2023
Total principal balance$39,016 $57,492 
Delinquent loans (b)$329 $89 
Three months ended March 31, 2024
Net charge-offs (c)$1 $61 
Three months ended March 31, 2023
Net charge-offs (c)$2 $4 
(a)Represents information at the securitization level in which we have sold loans and we are the servicer for the securitization.
(b)Serviced delinquent loans are 90 days or more past due or are in process of foreclosure.
(c)Net charge-offs for Residential mortgages represent credit losses less recoveries distributed and as reported to investors during the period. Net charge-offs for commercial mortgages represent credit losses less recoveries distributed and as reported by the trustee for commercial mortgage-backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information.

Variable Interest Entities (VIEs)

As discussed in Note 4 Loan Sale and Servicing Activities and Variable Interest Entities included in our 2023 Form 10-K, we are involved with various entities in the normal course of business that are deemed to be VIEs.

The following table provides a summary of non-consolidated VIEs with which we have significant continuing involvement but are not the primary beneficiary. We have excluded certain transactions with non-consolidated VIEs from the balances presented in Table 51 where we have determined that our continuing involvement is insignificant. We do not consider our continuing involvement to be significant when it relates to a VIE where we only invest in securities issued by the VIE and were not involved in the design of the VIE or where no transfers have occurred between us and the VIE. In addition, where we only have lending arrangements in the normal course of business with entities that could be VIEs, we have excluded these transactions with non-consolidated entities from the
The PNC Financial Services Group, Inc. – Form 10-Q 61  

balances presented in Table 51. These loans are included as part of the credit quality disclosures that we make in Note 3 Loans and Related Allowance for Credit Losses.
Table 51: Non-Consolidated VIEs
In millionsPNC Risk of Loss (a)Carrying Value of AssetsCarrying Value of Liabilities
March 31, 2024 
Mortgage-backed securitizations (b) $20,918 $20,922 (c)   
Tax credit investments and other4,763 4,683 (d) (e)$1,960 
(f) (g)
Total$25,681 $25,605  $1,960  
December 31, 2023 
Mortgage-backed securitizations (b)$21,451 $21,453 (c)   
Tax credit investments and other4,709 4,631 (d) (e)$2,119 (f) (g)
Total$26,160 $26,084  $2,119  
(a)Represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). The risk of loss excludes any potential tax recapture associated with tax credit investments.
(b)Amounts reflect involvement with securitization SPEs where we transferred to and/or service loans for an SPE and we hold securities issued by that SPE. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings.
(c)Included in Investment securities, Mortgage servicing rights and Other assets on our Consolidated Balance Sheet.
(d)Included in Investment securities, Loans, Equity investments and Other assets on our Consolidated Balance Sheet.
(e)Amount includes $3.0 billion of LIHTCs and $0.2 billion of NMTCs at March 31, 2024, which are included in Equity investments on our Consolidated Balance Sheet. Comparable amounts at December 31, 2023 were $3.0 billion and $0.2 billion, respectively.
(f)Included in Deposits and Other liabilities on our Consolidated Balance Sheet.
(g)Amount includes $1.6 billion of LIHTCs and less than $0.1 billion of NMTCs at March 31, 2024, which are included in Other liabilities on our Consolidated Balance Sheet. Comparable amounts at December 31, 2023 were $1.6 billion and $0.2 billion, respectively.

We make certain equity investments in various tax credit limited partnerships or LLCs. The purpose of these investments is to achieve a satisfactory return on capital and to assist us in achieving goals associated with the Community Reinvestment Act. Within Income taxes, during the three months ended March 31, 2024, we recognized $0.1 billion of amortization, $0.1 billion of tax credits and less than $0.1 billion of other tax benefits associated with qualified investments in LIHTCs and NMTCs. During the three months ended March 31, 2023, we recognized less than $0.1 billion of amortization, tax credits and other tax benefits associated with qualified investments in LIHTCs.

NOTE 5 GOODWILL AND MORTGAGE SERVICING RIGHTS

Goodwill

See Note 5 Goodwill and Mortgage Servicing Rights in our 2023 Form 10-K for more information regarding our goodwill.

Mortgage Servicing Rights
We recognize the right to service mortgage loans for others as an intangible asset when the benefits of servicing are expected to be more than adequate compensation to a servicer for performing the servicing. MSRs are recognized either when purchased or when originated loans are sold with servicing retained. MSRs totaled $3.8 billion at March 31, 2024 and $3.7 billion at December 31, 2023, and consisted of loan servicing contracts for commercial and residential mortgages which are measured at fair value.

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

See the Sensitivity Analysis section of this Note 5 for more detail on our fair value measurement of MSRs. See Note 5 Goodwill and Mortgage Servicing Rights and Note 14 Fair Value in our 2023 Form 10-K for more detail on our fair value measurement and our accounting of MSRs.

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


Changes in the commercial and residential MSRs follow:

Table 52: Mortgage Servicing Rights
 Commercial MSRsResidential MSRs
In millions202420232024 2023
January 1 $1,032 $1,113 $2,654 $2,310 
Additions:
From loans sold with servicing retained3 13 5 5 
Purchases12 8 13 18 
Changes in fair value due to:
Time and payoffs (a)(79)(82)(57)(53)
Other (b)107 9 72 (48)
March 31$1,075 $1,061 $2,687 $2,232 
Related unpaid principal balance of loans serviced at March 31$286,922 $281,179 $206,544 $187,748 
Servicing advances at March 31$537 $470 $149 $137 
(a)Represents decrease in MSR value due to passage of time, including the impact from regularly scheduled loan principal payments, prepayments and loans that were paid off during the period.
(b)Includes MSR value changes resulting from changes in interest rates and other market-driven conditions.

Sensitivity Analysis
The fair value of commercial and residential MSRs and significant inputs to the valuation models as of March 31, 2024 and December 31, 2023 are shown in Tables 53 and 54. 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 53 and 54. 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 53: Commercial Mortgage Servicing Rights – Key Valuation Assumptions
Dollars in millionsMarch 31, 2024December 31, 2023
Fair value$1,075 $1,032 
Weighted-average life (years)3.93.9
Weighted-average constant prepayment rate5.24 %5.51 %
Decline in fair value from 10% adverse change$8 $9 
Decline in fair value from 20% adverse change$16 $17 
Effective discount rate9.94 %9.64 %
Decline in fair value from 10% adverse change$32 $31 
Decline in fair value from 20% adverse change$65 $61 

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

Table 54: Residential Mortgage Servicing Rights – Key Valuation Assumptions
Dollars in millions
March 31, 2024 December 31, 2023 
Fair value$2,687 $2,654  
Weighted-average life (years)8.18.1 
Weighted-average constant prepayment rate6.29 %6.42 %
Decline in fair value from 10% adverse change$58 $60  
Decline in fair value from 20% adverse change$113 $117  
Weighted-average option adjusted spread766 bps765 bps
Decline in fair value from 10% adverse change$83 $83  
Decline in fair value from 20% adverse change$162 $161  

Fees from mortgage loan servicing, which include contractually specified servicing fees, late fees and ancillary fees were $0.2 billion for both three months ended March 31, 2024 and 2023. We also generate servicing fees from activities provided to others for which we do not have an associated servicing asset. Fees from commercial and residential MSRs are reported within Noninterest income on our Consolidated Income Statement in Residential and commercial mortgage.

NOTE 6 LEASES
PNC’s lessor arrangements primarily consist of direct financing, sales-type and operating leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. For more information on lease accounting, see Note 1 Accounting Policies and Note 6 Leases in our 2023 Form 10-K.

Table 55: Lessor Income
Three months ended
March 31
In millions20242023
 Sales-type and direct financing leases (a)$84 $70 
 Operating leases (b)6 16 
Lease income $90 $86 
(a)Included in Loans interest income on the Consolidated Income Statement.
(b)Included in Lending and deposit services on the Consolidated Income Statement.

NOTE 7 BORROWED FUNDS
The following table shows the carrying value of total borrowed funds at March 31, 2024 (including adjustments related to accounting hedges, purchase accounting and unamortized original issuance discounts) by remaining contractual maturity:
Table 56: Borrowed Funds
In millions
Less than 1 year$27,205 
1 to 2 years15,243 
2 to 3 years6,927 
3 to 4 years4,572 
4 to 5 years2,386 
Over 5 years16,374 
Total$72,707 








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


The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of March 31, 2024, and the carrying values as of March 31, 2024 and December 31, 2023.
Table 57: FHLB Borrowings, Senior Debt and Subordinated Debt
 Stated RateMaturityCarrying Value
Dollars in millionsMarch 31, 2024March 31, 2024March 31, 2024December 31, 2023
Parent Company
Senior debt
1.15% - 6.88%
2024-2035$23,303 $22,221 
Subordinated debt
3.90% - 4.63%
2024-20331,530 1,544 
Junior subordinated debt6.17 %2028206 206 
Total Parent Company  25,039 23,971 
Bank
Federal Home Loan Bank borrowings (a)
5.52% - 5.92%
2024-202637,000 38,000 
Senior debt
2.50% - 6.07%
2024-20434,604 4,615 
Subordinated debt
2.70% - 5.90%
2025-20293,091 3,125 
Total Bank  44,695 45,740 
Total  $69,734 $69,711 
(a)FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities.
In Table 57, the carrying values for parent company senior and subordinated debt include basis adjustments of $(724) million and $(66) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(173) million and $(195) million, respectively, related to fair value accounting hedges as of March 31, 2024.
Certain borrowings are reported at fair value. Refer to Note 11 Fair Value for more information on those borrowings.
For further information regarding junior subordinated debentures, refer to Note 9 Borrowed Funds in our 2023 Form 10-K.

NOTE 8 COMMITMENTS
In the normal course of business, we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. The following table presents our outstanding commitments to extend credit along with other commitments as of March 31, 2024 and December 31, 2023, respectively.
Table 58: Commitments to Extend Credit and Other Commitments
In millionsMarch 31, 2024December 31, 2023
Commitments to extend credit
Commercial$201,828 $203,080 
Home equity24,170 23,970 
Credit card34,547 33,978 
Other7,542 7,363 
Total commitments to extend credit 268,087 268,391 
Net outstanding standby letters of credit (a)10,651 10,913 
Standby bond purchase agreements (b)1,194 1,078 
Other commitments (c)4,343 4,386 
Total commitments to extend credit and other commitments$284,275 $284,768 
(a)Net outstanding standby letters of credit include $3.5 billion and $3.9 billion at March 31, 2024 and December 31, 2023, respectively, which support remarketing programs.
(b)We enter into standby bond purchase agreements to support municipal bond obligations.
(c)Includes $2.1 billion related to investments in qualified affordable housing projects at both March 31, 2024 and December 31, 2023.

Commitments to Extend Credit

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

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

Net Outstanding Standby Letters of Credit

We issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions, in each case to support obligations of our customers to third parties, such as insurance requirements and the facilitation of transactions involving capital markets product execution. Approximately 97% of our net outstanding standby letters of credit were rated as Pass at March 31, 2024, with the remainder rated as Criticized. An internal credit rating of Pass indicates the expected risk of loss is currently low, while a rating of Criticized indicates a higher degree of risk.

If the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program, then upon a draw by a beneficiary, subject to the terms of the letter of credit, we would be obligated to make payment to them. The standby letters of credit outstanding on March 31, 2024 had terms ranging from less than one year to seven years.

As of March 31, 2024, assets of $1.1 billion secured certain specifically identified standby letters of credit. In addition, a portion of the remaining standby letters of credit issued on behalf of specific customers is secured by collateral or guarantees that secure the customers’ other obligations to us. The carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $0.2 billion at March 31, 2024 and is included in Other liabilities on our Consolidated Balance Sheet.

NOTE 9 TOTAL EQUITY AND OTHER COMPREHENSIVE INCOME

Activity in total equity for the three months ended March 31, 2024 and 2023 is as follows:
Table 59: Rollforward of Total Equity
  Shareholders’ Equity    
In millionsShares
Outstanding
Common
Stock		Common
Stock		Capital
Surplus -
Preferred
Stock		Capital
Surplus -
Common
Stock and
Other		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Non-
controlling
Interests		Total Equity
Three months ended
Balance at December 31, 2022 (a)401 $2,714 $5,746 $12,630 $53,572 $(10,172)$(18,716)$38 $45,812 
Cumulative effect of ASU adoptions (b)26 26 
Balance at January 1, 2023 (a)401$2,714 $5,746 $12,630 $53,598 $(10,172)$(18,716)$38 $45,838 
Net income1,677 17 1,694 
Other comprehensive income, net of tax1,064 1,064 
Cash dividends declared - Common(607)(607)
Cash dividends declared - Preferred(68)(68)
Preferred stock discount accretion2 (2) 
Preferred stock issuance (c)1,487 1,487 
Treasury stock activity(2)70 (308)(238)
Other(71)(25)(96)
Balance at March 31, 2023 (a)399 $2,714 $7,235 $12,629 $54,598 $(9,108)$(19,024)$30 $49,074 
Balance at December 31, 2023 (a)398$2,716 $6,241 $12,779 $56,290 $(7,712)$(19,209)$36 $51,141 
Net income 1,330 14 1,344 
Other comprehensive loss, net of tax(330)(330)
Cash dividends declared - Common(624)(624)
Cash dividends declared - Preferred(81)(81)
Preferred stock discount accretion2 (2) 
Treasury stock activity 71 (70)1 
Other(61)(16)(77)
Balance at March 31, 2024 (a)398 $2,716 $6,243 $12,789 $56,913 $(8,042)$(19,279)$34 $51,374 
(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)Represents the cumulative effect of adopting ASU 2022-02.
(c)On February 7, 2023, PNC issued 1,500,000 depositary shares each representing 1/100th ownership in a share of 6.250% fixed-rate reset non-cumulative perpetual preferred stock, Series W, with a par value of $1 per share.

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


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

Table 60: Other Comprehensive Income (Loss)
 Three months ended March 31
20242023
In millionsPre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Debt securities
Net unrealized gains (losses) on securities$(395)$95 $(300)$654 $(154)$500 
Less: Net realized (losses) reclassified to earnings (a)(216)52 (164)(215)51 (164)
Net change (179)43 (136)869 (205)664 
Cash flow hedge derivatives
Net unrealized gains (losses) on cash flow hedge derivatives(626)150 (476)197 (46)151 
Less: Net realized (losses) reclassified to earnings (a)(376)90 (286)(330)78 (252)
Net change(250)60 (190)527 (124)403 
Pension and other postretirement benefit plan adjustments
Net pension and other postretirement benefit plan activity and other reclassified to earnings (b)(2) (2)(10)2 (8)
Net change (2) (2)(10)2 (8)
Other
Net unrealized gains (losses) on other transactions(2) (2)4 1 5 
Net change (2) (2)4 1 5 
Total other comprehensive income (loss)$(433)$103 $(330)$1,390 $(326)$1,064 
(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 61: Accumulated Other Comprehensive Income (Loss) Components
In millions, after-taxDebt securities Cash flow hedge derivativesPension and  other postretirement benefit plan adjustmentsOtherTotal
Three months ended
Balance at December 31, 2022$(7,164)$(2,705)$(251)$(52)$(10,172)
Net activity664 403 (8)5 1,064 
Balance at March 31, 2023 (a)$(6,500)$(2,302)$(259)$(47)$(9,108)
Balance at December 31, 2023$(5,830)$(1,713)$(125)$(44)$(7,712)
Net activity (136)(190)(2)(2)(330)
Balance at March 31, 2024 (a)$(5,966)$(1,903)$(127)$(46)$(8,042)
(a)AOCI included pretax losses of $289 million and $305 million from derivatives that hedged the purchase of investment securities classified as held to maturity at March 31, 2024 and March 31, 2023, respectively.
The following table provides the dividends per share for PNC’s common and preferred stock:

Table 62: Dividends Per Share (a)
Three months ended March 31
20242023
Common Stock$1.55 $1.50 
Preferred Stock
   Series B$0.45 $0.45 
   Series O $2,074 
   Series R $2,194 
   Series T$850 $850 
Series U $1,500 $1,500 
Series V$1,550 $1,550 
Series W$1,563 
(a)     Dividends are payable quarterly.
On April 3, 2024, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.55 per share to be paid on May 6, 2024 to shareholders of record at the close of business April 15, 2024.

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

NOTE 10 EARNINGS PER SHARE

Table 63: Basic and Diluted Earnings Per Common Share
 Three months ended March 31
In millions, except per share data20242023
Basic
Net income$1,344 $1,694 
Less:
Net income attributable to noncontrolling interests14 17 
Preferred stock dividends81 68 
Preferred stock discount accretion and redemptions2 2 
Net income attributable to common shareholders1,247 1,607 
Less: Dividends and undistributed earnings allocated to nonvested restricted shares7 8 
Net income attributable to basic common shareholders$1,240 $1,599 
Basic weighted-average common shares outstanding400 401 
Basic earnings per common share (a)$3.10 $3.98 
Diluted
Net income attributable to diluted common shareholders
$1,240 $1,599 
Basic weighted-average common shares outstanding400 401
Dilutive potential common shares 1 
Diluted weighted-average common shares outstanding400 402 
Diluted earnings per common share (a)$3.10 $3.98 
(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).


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


NOTE 11 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 2023 Form 10-K.

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 2023 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 64: Fair Value Measurements – Recurring Basis Summary

 March 31, 2024December 31, 2023
In millionsLevel 1Level 2Level 3Total
Fair Value		Level 1Level 2Level 3Total
Fair Value
Assets
Residential mortgage loans held for sale$422 $98 $520 $371 $103 $474 
Commercial mortgage loans held for sale190 11 201 227 11 238 
Securities available for sale
U.S. Treasury and government agencies$6,962 918 7,880 $6,292 659 6,951 
Residential mortgage-backed
Agency26,842 26,842 27,880 27,880 
Non-agency668 668  696 696 
Commercial mortgage-backed
Agency1,639 1,639 1,546 1,546 
Non-agency731 103 834 766 103869 
Asset-backed1,727 100 1,827 1,014 102 1,116 
Other2,537 53 2,590 2,672 55 2,727 
Total securities available for sale6,962 34,394 924 42,280 6,292 34,537 956 41,785 
Loans504 713 1,217 512 726 1,238 
Equity investments (a) 511 2,030 2,739 574 1,952 2,717 
Residential mortgage servicing rights2,687 2,687 2,654 2,654 
Commercial mortgage servicing rights1,075 1,075 1,032 1,032 
Trading securities (b) 468 1,998 2,466 377 2,422 2,799 
Financial derivatives (b) (c)12 3,311 9 3,332 293,394 6 3,429 
Other assets425 100 8 533 403 85 8 496 
Total assets (d)$8,378 $40,919 $7,555 $57,050 $7,675 $41,548 $7,448 $56,862 
Liabilities
Other borrowed funds $861 $109 $9 $979 $724 $84 $9 $817 
Financial derivatives (c) (e) 9 6,243 113 6,365 11 5,736 152 5,899 
Other liabilities189 189 237 237 
Total liabilities (f) $870 $6,352 $311 $7,533 $735 $5,820 $398 $6,953 
(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 March 31, 2024 and December 31, 2023 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 12 Financial Derivatives for additional information related to derivative offsetting.
(d)Total assets at fair value as a percentage of total consolidated assets was 10% at both March 31, 2024 and December 31, 2023. Level 3 assets as a percentage of total assets at fair value was 13% at both March 31, 2024 and December 31, 2023. Level 3 assets as a percentage of total consolidated assets was 1% at both March 31, 2024 and December 31, 2023.
(e)Included in Other liabilities on the Consolidated Balance Sheet.
(f)Total liabilities at fair value as a percentage of total consolidated liabilities was 1% at both March 31, 2024 and December 31, 2023. Level 3 liabilities as a percentage of total liabilities at fair value was 4% and 6% at March 31, 2024 and December 31, 2023, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both March 31, 2024 and December 31, 2023.
The PNC Financial Services Group, Inc. – Form 10-Q 69  

Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2024 and 2023 are as follows:

Table 65: Reconciliation of Level 3 Assets and Liabilities
Three Months Ended March 31, 2024
   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
Mar. 31, 2024 (a) (c)
Level 3 Instruments Only
In millions		Fair Value Dec. 31, 2023Included in
Earnings		Included
in Other
comprehensive
income (b)		PurchasesSalesIssuancesSettlementsTransfers
into
Level 3		Transfers
out of
Level 3		Fair
Value Mar. 31, 2024
Assets             
Residential mortgage
    loans held for sale		$103 $(1) $2   $(2)$2 $(6)(d)$98 $(1) 
Commercial mortgage
    loans held for sale		11        11  
Securities available for sale     
Residential mortgage-
  backed non-agency		696 3 $(6)   (25) 668  
Commercial mortgage-
  backed non-agency
103        103  
Asset-backed102      (2) 100  
Other55 (2)1    (1) 53 (2) 
Total securities
    available for sale		956 1 (5) (28) 924 (2) 
Loans726 4  5   (20) (2)(d)713 5 
Equity investments1,952 (5) 89 $(6)    2,030 (5) 
Residential mortgage
    servicing rights		2,654 72  13  $5 (57) 2,687 72 
Commercial mortgage
    servicing rights		1,032 107  12  3 (79) 1,075 107  
Financial derivatives 6 9     (6) 9 9  
Other assets8    8  
Total assets $7,448 $187 $(5)$121 $(6)$8 $(192)$2 $(8)$7,555 $185 
Liabilities 
Other borrowed funds$9 $3 $(3)$9  
Financial derivatives 152 $8   (47)113 $9  
Other liabilities 237 (20)  13 (41)189 2  
Total liabilities $398 $(12) $16 $(91)$311 $11  
Net gains (losses) $199 (e)        $174 (f) 

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


(Continued from previous page)

Three Months Ended March 31, 2023
   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 Mar. 31, 2023 (a) (c)
Level 3 Instruments Only
In millions		Fair Value Dec. 31, 2022Included in EarningsIncluded in Other comprehensive income (b)PurchasesSalesIssuancesSettlementsTransfers into Level 3Transfers out of Level 3Fair Value Mar. 31, 2023
Assets             
Residential mortgage
   loans held for sale		$243 $4 $6 $(1)$(5)$3 $(8)(d)$242 $3 
Commercial mortgage
    loans held for sale		33 (1) 32 
Securities available for sale
Residential mortgage-
    backed non-agency		819 4 $(10)(26)787 
Commercial mortgage-backed non-agency3  3 
Asset-backed124  1 (4)121 
Other55 (4)  (1)3 53 
Total securities
    available for sale		1,001 4 (13)  (31)3 964 
Loans769 3 9  (22)(2)(d)757 3 
Equity investments 1,778 121 140 (70)(134)(g)1,835 117 
Residential mortgage
    servicing rights		2,310 (48)18 $5 (53)2,232 (47)
Commercial mortgage
    servicing rights		1,113 9 8 13 (82)1,061 9 
Financial derivatives5 17 1 (4)19 17 
Total assets$7,252 $109 $(13)$182 $(71)$18 $(197)$6 $(144)$7,142 $102 
Liabilities
Other borrowed funds$4 $3 $(2)$5 
Financial derivatives123 $39 $2 (67)97 $42 
Other liabilities294 24  18 (107)229 20 
Total liabilities$421 $63  $2 $21 $(176)$331 $62 
Net gains (losses)$46 (e)$40 (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 were included in Interest income on the Consolidated Income Statement and the remaining net gains (losses) realized and unrealized were 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 were included in Noninterest income on the Consolidated Income Statement.
(g)Transfers out of Level 3 during the prior period were due to valuation methodology changes for certain private company investments. See Note 1 Accounting Policies in our 2023 Form 10-K for more information on our accounting for private company investments.
The PNC Financial Services Group, Inc. – Form 10-Q 71  

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

Table 66: Fair Value Measurements – Recurring Quantitative Information

March 31, 2024
Level 3 Instruments Only
Dollars in millions		Fair ValueValuation TechniquesUnobservable InputsRange (Weighted-Average) (a)
Commercial mortgage loans held for sale$11 Discounted cash flowSpread over the benchmark curve (b)
580bps - 7,155bps (2,649bps)
Residential mortgage-backed
    non-agency securities		668 Priced by a third-party vendor using a discounted cash flow pricing modelConstant prepayment rate
1.0% - 27.9% (2.9%)
Constant default rate
0.0% - 12.0% (1.9%)
Loss severity
10.0% - 70.0% (42.3%)
Spread over the benchmark curve (b)
268bps weighted-average
Asset-backed securities100 Priced by a third-party vendor using a discounted cash flow pricing modelConstant prepayment rate
1.0% - 28.0% (4.1%)
Constant default rate
0.0% - 8.1% (1.6%)
Loss severity
30.0% - 100.0% (49.7%)
Spread over the benchmark curve (b)
227bps weighted-average
Loans - Residential real estate - Uninsured539 Consensus pricing (c)Cumulative default rate
3.6% - 100.0% (58.2%)
Loss severity
0.0% - 100.0% (5.3%)
Discount rate
5.5% - 7.5% (5.8%)
Loans - Residential real estate73 Discounted cash flowLoss severity
6.0% weighted-average
Discount rate
8.0% weighted-average
Loans - Home equity - First-lien17 Consensus pricing (c)Cumulative default rate
3.6% - 100.0% (60.7%)
Loss severity
0.0% - 100.0% (13.8%)
Discount rate
5.5% - 7.5% (6.1%)
Loans - Home equity84 Consensus pricing (c)Credit and liquidity discount
0.3% - 100.0% (43.7%)
Equity investments 2,030 Multiple of adjusted earningsMultiple of earnings
5.5x - 27.0x (10.4x)
Residential mortgage servicing rights2,687 Discounted cash flowConstant prepayment rate
0.0% - 40.1% (6.3%)
Spread over the benchmark curve (b)
337bps - 1,648bps (766bps)
Commercial mortgage servicing rights1,075 Discounted cash flowConstant prepayment rate
5.0% - 8.6% (5.2%)
Discount rate
8.0% - 10.3% (9.9%)
Financial derivatives - Swaps related to
    sales of certain Visa Class B-1
    common shares		(106)Discounted cash flowEstimated conversion factor of Visa Class B-1 shares into Class A shares
1.59 weighted-average
Estimated annual growth rate of Visa Class A share price
16.0%
Estimated litigation resolution date
Q3 2024
Insignificant Level 3 assets, net of
    liabilities (d)		66 
Total Level 3 assets, net of liabilities (e)$7,244 













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


(Continued from previous page)

December 31, 2023
Level 3 Instruments Only
Dollars in millions		Fair ValueValuation TechniquesUnobservable InputsRange (Weighted-Average) (a)
Commercial mortgage loans held for sale$11 Discounted cash flowSpread over the benchmark curve (b)
575bps - 3,610bps (1,647bps)
Residential mortgage-backed
    non-agency securities		696 Priced by a third-party vendor using a discounted cash flow pricing modelConstant prepayment rate
1.0% - 27.9% (3.7%)
Constant default rate
0.0% - 12.0% (2.7%)
Loss severity
10.0% - 69.0% (41.2%)
Spread over the benchmark curve (b)
285bps weighted-average
Asset-backed securities102 Priced by a third-party vendor using a discounted cash flow pricing modelConstant prepayment rate
1.0% - 28.0% (5.1%)
Constant default rate
0.0% - 4.3% (1.7%)
Loss severity
20.0% - 100.0% (49.5%)
Spread over the benchmark curve (b)
248bps weighted-average
Loans - Residential real estate - Uninsured546 Consensus pricing (c)Cumulative default rate
3.6% - 100.0% (59.1%)
Loss severity
0.0% - 100.0% (5.4%)
Discount rate
5.5% - 7.5% (5.8%)
Loans - Residential real estate75 Discounted cash flowLoss severity
6.0% weighted-average
Discount rate
7.8% weighted-average
Loans - Home equity - First-lien18 Consensus pricing (c)Cumulative default rate
3.6% - 100.0% (60.9%)
Loss severity
0.0% - 100.0% (14.4%)
Discount rate
5.5% - 7.5% (6.2%)
Loans - Home equity87 Consensus pricing (c)Credit and Liquidity discount
0.3% - 100.0% (43.8%)
Equity investments 1,952 Multiple of adjusted earningsMultiple of earnings
4.5x - 26.7x (10.1x)
Residential mortgage servicing rights2,654 Discounted cash flowConstant prepayment rate
0.0% - 33.6% (6.4%)
Spread over the benchmark curve (b)
337bps - 1,668bps (765bps)
Commercial mortgage servicing rights1,032 Discounted cash flowConstant prepayment rate
5.3% - 9.7% (5.5%)
Discount rate
7.6% - 10.0% (9.6%)
Financial derivatives - Swaps related to
    sales of certain Visa Class B-1
    common shares		(145)Discounted cash flowEstimated conversion factor of Visa Class B-1 shares into Class A shares
1.59 weighted-average
Estimated annual growth rate of Visa Class A share price
16.0%
Estimated litigation resolution date
Q3 2024
Insignificant Level 3 assets, net of
    liabilities (d) 		22  
Total Level 3 assets, net of liabilities (e)$7,050    
(a)Unobservable inputs were weighted by the relative fair value of the instruments.
(b)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.
(c)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.
(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, trading securities, other securities, residential mortgage loans held for sale, other assets, other borrowed funds and other liabilities.
(e)Consisted of total Level 3 assets of $7.6 billion and total Level 3 liabilities of $0.3 billion as of March 31, 2024 and $7.4 billion and $0.4 billion as of December 31, 2023, respectively.

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 67. 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 2023 Form 10-K.









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

Assets measured at fair value on a nonrecurring basis follow:

Table 67: Fair Value Measurements – Nonrecurring (a) (b) (c)
 Fair Value Gains (Losses)
Three months ended
In millionsMarch 31
2024		December 31
2023		March 31
2024		March 31
2023
Assets
Nonaccrual loans$602 $578 $(60)$(79)
Equity investments10 203 (10)(5)
OREO and foreclosed assets7 12  
Long-lived assets9 9 (3)(5)
Total assets$628 $802 $(73)$(89)
(a)All Level 3 for the periods presented, except for $30 million included in Equity investments which was categorized as Level 1 as of December 31, 2023.
(b)Valuation techniques applied were fair value of property or collateral.
(c)Unobservable inputs used were appraised value/sales price, broker opinions or projected income/required improvement costs. Additional quantitative information was not meaningful for the periods presented.

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 2023 Form 10-K.

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

Table 68: Fair Value Option – Fair Value and Principal Balances
March 31, 2024December 31, 2023
In millionsFair ValueAggregate Unpaid
Principal Balance		DifferenceFair ValueAggregate Unpaid
Principal Balance		Difference
Assets
Residential mortgage loans held for sale
Accruing loans less than 90 days past due$480 $481 $(1)$432 $429 $3 
Accruing loans 90 days or more past due5 5 6 6 
Nonaccrual loans35 42 (7)36 43 (7)
Total$520 $528 $(8)$474 $478 $(4)
Commercial mortgage loans held for sale (a) (b)
Accruing loans less than 90 days past due$201 $200 $1 $238 $228 $10 
Loans
Accruing loans less than 90 days past due$515 $527 $(12)$507 $520 $(13)
Accruing loans 90 days or more past due130 141 (11)146 156 (10)
Nonaccrual loans572 773 (201)585 793 (208)
Total$1,217 $1,441 $(224)$1,238 $1,469 $(231)
Other assets$101 $95 $6 $85 $69 $16 
Liabilities
Other borrowed funds$38 $39 $(1)$39 $40 $(1)
Other liabilities$98 $98 $124 $124 
(a)There were no accruing loans 90 days or more past due within this category at March 31, 2024 or December 31, 2023.
(b)There were no nonaccrual loans within this category at March 31, 2024 or December 31, 2023.
74    The PNC Financial Services Group, Inc. – Form 10-Q


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

Table 69: Fair Value Option – Changes in Fair Value (a)
Gains (Losses)
 Three months ended
March 31March 31
In millions20242023
Assets
Residential mortgage loans held for sale$8 $15 
Commercial mortgage loans held for sale$(5)$1 
Loans$6 $4 
Other assets$5 $(14)
Liabilities
Other liabilities$(2)$(20)
(a)The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts.

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 March 31, 2024 and December 31, 2023. For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 70, see Note 14 Fair Value in our 2023 Form 10-K.

Table 70: Additional Fair Value Information Related to Other Financial Instruments
 CarryingFair Value
In millionsAmountTotalLevel 1Level 2Level 3
March 31, 2024
Assets
Cash and due from banks$5,933 $5,933 $5,933 
Interest-earning deposits with banks53,612 53,612 $53,612 
Securities held to maturity88,185 83,301 29,696 53,451 $154 
Net loans (excludes leases)307,409 298,395 298,395 
Other assets5,769 5,769 5,760 9 
Total assets$460,908 $447,010 $35,629 $112,823 $298,558 
Liabilities
Time deposits$34,221 $34,246 $34,246 
Borrowed funds71,639 72,479 71,315 $1,164 
Unfunded lending related commitments672 672 672 
Other liabilities1,445 1,445 1,445 
Total liabilities$107,977 $108,842  $107,006 $1,836 
December 31, 2023
Assets
Cash and due from banks$6,921 $6,921 $6,921 
Interest-earning deposits with banks43,804 43,804 $43,804 
Securities held to maturity90,790 86,948 30,943 55,850 $155 
Net loans (excludes leases)308,936 299,645 299,645 
Other assets5,872 5,872 5,872  
Total assets$456,323 $443,190 $37,864 $105,526 $299,800 
Liabilities
Time deposits$31,569 $31,602 $31,602 
Borrowed funds71,816 72,369 71,194 $1,175 
Unfunded lending related commitments663 663 663 
Other liabilities1,091 1,091 1,091 
Total liabilities$105,139 $105,725 $103,887 $1,838 


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

The aggregate fair values in Table 70 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 64),
•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,
•MSRs,
•retail branch networks,
•fee-based businesses, such as asset management and brokerage,
•trademarks and brand names,
•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.
NOTE 12 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 regarding derivatives, see Note 1 Accounting Policies and Note 15 Financial Derivatives in our 2023 Form 10-K.



























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



The following tables presents the notional and gross fair value amounts of all derivative assets and liabilities held by us:
Table 71: Total Gross Derivatives (a)
 March 31, 2024December 31, 2023
In millionsNotional /
Contract Amount		Asset Fair
Value (b)		Liability Fair
Value (c)		Notional /
Contract Amount		Asset Fair
Value (b)		Liability Fair
Value (c)
Derivatives used for hedging
Interest rate contracts:
Fair value hedges (d)$34,824 $32,079 
Cash flow hedges (d)36,499  33,302 
Cash flow hedges - other (e)25,000 $250 $195 25,000 $327 $137 
Foreign exchange contracts:
Net investment hedges1,208 8  1,174 2 
Total derivatives designated for hedging $97,531 $258 $195 $91,555 $327 $139 
Derivatives not used for hedging
Derivatives used for mortgage banking activities (f):
Interest rate contracts:
Swaps$43,746  $43,450  
Futures (g)9,959 10,370 
Mortgage-backed commitments4,493 $59 $53 3,093 $66 $67 
Other16,737 22 12 15,544 46 22 
Total interest rate contracts74,935 81 65 72,457 112 89 
Derivatives used for customer-related activities:
Interest rate contracts:
Swaps 401,246 1,765 4,929 401,607 1,723 4,228 
Futures (g)166 73 
Mortgage-backed commitments4,020 5 6 2,592 9 25 
Other25,854 191 139 28,489 186 169 
Total interest rate contracts431,286 1,961 5,074 432,761 1,918 4,422 
Commodity contracts:
Swaps6,592 565 544 6,714 577 569 
Other5,078 159 158 4,797 188 188 
Total commodity contracts11,670 724 702 11,511 765 757 
Foreign exchange contracts and other32,307 254 214 32,885 295 239 
Total derivatives for customer-related activities475,263 2,939 5,990 477,157 2,978 5,418 
Derivatives used for other risk management activities:
Foreign exchange contracts and other15,357 54 115 14,882 12 253 
Total derivatives not designated for hedging $565,555 $3,074 $6,170 $564,496 $3,102 $5,760 
Total gross derivatives$663,086 $3,332 $6,365 $656,051 $3,429 $5,899 
Less: Impact of legally enforceable master netting agreements1,248 1,248 1,406 1,406 
Less: Cash collateral received/paid1,341 1,195  1,126 955 
Total derivatives $743 $3,922 $897 $3,538 
(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)Represents caps and floors.
(f)Includes both residential and commercial mortgage banking activities.
(g)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 12. 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 77  


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 debt 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 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 March 31, 2024, we expect to reclassify net derivative losses of $1.2 billion pretax, or $0.9 billion 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 March 31, 2024. As of March 31, 2024, the maximum length of time over which forecasted transactions are hedged is ten years.

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


Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table:
Table 72: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b)
 Location and Amount of Gains (Losses) Recognized in Income
Interest IncomeInterest ExpenseNoninterest Income
In millionsLoansInvestment SecuritiesBorrowed FundsOther
For the three months ended March 31, 2024
Total amounts in the Consolidated Income Statement$4,819 $883 $1,159 $135 
Gains (losses) on fair value hedges recognized on:
Hedged items (c)$(74)$413 
Derivatives$74 $(428)
Amounts related to interest settlements on derivatives$10 $(175)
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated
other comprehensive income 		$(369)$(7)
Other amounts related to interest settlements on derivatives$22 
For the three months ended March 31, 2023
Total amounts in the Consolidated Income Statement$4,258 $885 $783 $258 
Gains (losses) on fair value hedges recognized on:
Hedged items (c)$47 $(297)
Derivatives$(45)$291 
Amounts related to interest settlements on derivatives$5 $(113)
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated
other comprehensive income		$(325)$(5)
Other amounts related to interest settlements on derivatives$28 
(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)Includes an insignificant amount of fair value hedge adjustments related to discontinued hedge relationships.
(d)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.
Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table:

Table 73: Hedged Items - Fair Value Hedges
 
 March 31, 2024December 31, 2023
In millionsCarrying Value of the Hedged ItemsCumulative Fair
Value Hedge Adjustment
included in the Carrying
Value of Hedged Items (a)		Carrying Value of the Hedged ItemsCumulative Fair Value
Hedge Adjustment
 included in the Carrying
 Value of Hedged Items (a)
Investment securities - available for sale (b)$2,284 $(195)$2,076 $(122)
Borrowed funds$31,489 $(1,158)$30,503 $(737)
(a)Includes less than $(0.1) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships at both March 31, 2024 and December 31, 2023.
(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 insignificant for both the three months ended March 31, 2024 and 2023.

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 2023 Form 10-K.

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

Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table:
Table 74: Gains (Losses) on Derivatives Not Designated for Hedging
 Three months ended March 31
In millions20242023
Derivatives used for mortgage banking activities:
Interest rate contracts (a)$(123)$107 
Derivatives used for customer-related activities:
Interest rate contracts(16)2 
Foreign exchange contracts and other 29 56 
Gains from customer-related activities (b)13 58 
Derivatives used for other risk management activities:
Foreign exchange contracts and other (b)125 (77)
Total gains from derivatives not designated as hedging instruments$15 $88 
(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.

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 2023 Form 10-K.

Table 75 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities at March 31, 2024 and December 31, 2023. 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 75 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.

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


Table 75: 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
March 31, 2024
Derivative assets
Interest rate contracts:
Over-the-counter cleared $8 $8  $8 
Over-the-counter2,284 $864 $963 457  $30 427 
Commodity contracts724 286 247 191 191 
Foreign exchange and other contracts316 98 131 87  87 
Total derivative assets$3,332 $1,248 $1,341 $743 (a) $30 $713 
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared $12 $12  $12 
Over-the-counter5,322 $786 $1,195 3,341  $67 3,274 
Commodity contracts 702 359  343 343 
Foreign exchange and other contracts329 103  226  226 
Total derivative liabilities$6,365 $1,248 $1,195 $3,922 (b)$67 $3,855 
December 31, 2023
Derivative assets
Interest rate contracts:
Over-the-counter cleared$19 $19  $19 
Over-the-counter2,338 $976 $767 595  $61 534 
Commodity contracts765 316 283 166 5 161 
Foreign exchange and other contracts307 114 76 117   117 
Total derivative assets$3,429 $1,406 $1,126 $897 (a)$66 $831 
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared$36 $36  $36 
Over-the-counter4,612 $885 $942 2,785  $58 2,727 
Commodity contracts757 332  425  425 
Foreign exchange and other contracts494 189 13 292  292 
Total derivative liabilities$5,899 $1,406 $955 $3,538 (b)$58 $3,480 
(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 March 31, 2024, cash and debt securities (primarily agency mortgage-backed securities) totaling $2.7 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 $2.3 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.
The PNC Financial Services Group, Inc. – Form 10-Q 81  

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 March 31, 2024 and December 31, 2023.

Table 76: Credit-Risk Contingent Features
 In billionsMarch 31, 2024December 31, 2023
Net derivative liabilities with credit-risk contingent features$5.0 $4.2 
Less: Collateral posted 1.3 1.0 
Maximum additional amount of collateral exposure $3.7 $3.2 
NOTE 13 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 this Note 13 as well as those matters disclosed in Note 20 Legal Proceedings in our 2023 Form 10-K (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 March 31, 2024, 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 2023 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.

Interchange Litigation

In March 2024, the parties to the class action seeking equitable relief in the proceedings in the U.S. District Court for the Eastern District of New York under the caption In re Payment Card Interchange Fee and Merchant-Discount Antitrust Litigation (Master File No. 1:05-md-1720-MKB-JAM) entered into an agreement for certain rule and rate changes to resolve the matter. The settlement must be preliminarily approved by the district court prior to issuance of notice to the class and proceedings to consider final approval.

See Note 16 Subsequent Events for a discussion of Visa’s recently announced exchange offer for Visa Class B-1 common stock.
82    The PNC Financial Services Group, Inc. – Form 10-Q


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 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 14 SEGMENT REPORTING

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

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

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

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

The remaining corporate operations are reflected in Other:

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

Other includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, corporate overhead net of allocations, tax adjustments that are not allocated to business segments, exited businesses and the residual impact from funds transfer pricing operations. The decline in Other earnings for the first three months of 2024 compared to the same period in 2023 was driven by the residual impacts from funds transfer pricing due to the rising interest rate environment, along with the costs for the FDIC special assessment.

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 funds transfer pricing 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 transfer pricing framework considers the application of funding curves and methodologies consistently across the balance sheet. A residual gain or loss from funds transfer pricing operations is retained within Other. 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 retained within Other. These costs are not allocated to our 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. During the first quarter of 2024, Other noninterest expense for the Other category included an additional expense related to the increase in the FDIC’s expected losses. This cost was not allocated to our business segments due to its irregular nature.

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

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


Business Segment Results

Table 77: Results of Businesses
Three months ended March 31
In millions		Retail BankingCorporate &
Institutional
Banking		Asset
Management
Group		Other Consolidated (a) 
2024
Income Statement
Net interest income $2,617 $1,520 $157 $(1,030)$3,264 
Noninterest income764 888 230 (1)1,881 
Total revenue3,381 2,408 387 (1,031)5,145 
Provision for (recapture of) credit losses118 47 (5)(5)155 
Depreciation and amortization79 50 7 144 280 
Other noninterest expense1,758 872 258 166 3,054 
Income (loss) before income taxes (benefit) and noncontrolling interests1,426 1,439 127 (1,336)1,656 
Income taxes (benefit) 333 313 30 (364)312 
Net income (loss)1,093 1,126 97 (972)1,344 
Less: Net income attributable to noncontrolling interests8 5 1 14 
Net income (loss) excluding noncontrolling interests$1,085 $1,121 $97 $(973)$1,330 
Average Assets $114,199 $228,698 $16,728 $203,223 $562,848 
2023
Income Statement
Net interest income$2,281 $1,383 $127 $(206)$3,585 
Noninterest income743 886 230 159 2,018 
Total revenue3,024 2,269 357 (47)5,603 
Provision for (recapture of) credit losses238 (28)9 16 235 
Depreciation and amortization78 54 6 143 281 
Other noninterest expense1,849 885 274 32 3,040 
Income (loss) before income taxes (benefit) and noncontrolling interests859 1,358 68 (238)2,047 
Income taxes (benefit) 202 294 16 (159)353 
Net income (loss)657 1,064 52 (79)1,694 
Less: Net income attributable to noncontrolling interests10 5  2 17 
Net income (loss) excluding noncontrolling interests$647 $1,059 $52 $(81)$1,677 
Average Assets $115,384 $234,536 $14,997 $197,415 $562,332 
(a)There were no material intersegment revenues for the three months ended March 31, 2024 and 2023.
NOTE 15 FEE-BASED REVENUE FROM CONTRACTS WITH CUSTOMERS
As more fully described in Note 23 Fee-based Revenue from Contracts with Customers in our 2023 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 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 78 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 shown 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 2023 Form 10-K.




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

Table 78: Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income

Three months ended March 31
In millions		Retail BankingCorporate &
Institutional
Banking		Asset Management Group
2024
Asset management and brokerage
Asset management fees$227 
Brokerage fees$137  
Total asset management and brokerage 137 227 
Card and cash management
Treasury management fees10 $357 
Debit card fees167  
Net credit card fees (a)45  
Merchant services37 19 
Other 22  
Total card and cash management 281 376 
Lending and deposit services
Deposit account fees155 
Other 16 9 
Total lending and deposit services171 9 
Residential and commercial mortgage (b)30 
Capital markets and advisory190 
Other17 
Total in-scope noninterest income589 622 227 
Out-of-scope noninterest income (c)175 266 3 
Noninterest income by business segment$764 $888 $230 
Reconciliation to consolidated noninterest incomeFor the three months ended March 31, 2024
Total in-scope business segment noninterest income$1,438 
Out-of-scope business segment noninterest income (c)444 
Noninterest income from other segments(1)
Noninterest income as shown on the Consolidated Income Statement$1,881 
86    The PNC Financial Services Group, Inc. – Form 10-Q


(Continued from previous page)
Three months ended March 31
In millions		Retail BankingCorporate &
Institutional
Banking		Asset
Management
Group
2023
Asset management and brokerage
Asset management fees$224 
Brokerage fees$130 2 
Total asset management and brokerage 130 226 
Card and cash management
Treasury management fees10 $328 
Debit card fees165 
Net credit card fees (a)58 
Merchant services39 19 
Other24 
Total card and cash management 296 347 
Lending and deposit services
Deposit account fees155 
Other18 8 
Total lending and deposit services173 8 
Residential and commercial mortgage (b)42 
Capital markets and advisory156 
Other8 
Total in-scope noninterest income599 561 226 
Out-of-scope noninterest income (c)144 325 4 
Noninterest income by business segment$743 $886 $230 
Reconciliation to consolidated noninterest incomeFor the three months ended March 31, 2023
Total in-scope business segment noninterest income$1,386 
Out-of-scope business segment noninterest income (c)473 
Noninterest income from other segments159 
Noninterest income as shown on the Consolidated Income Statement$2,018 
(a)Net credit card fees consists of interchange fees of $158 million and $160 million and credit card reward costs of $113 million and $102 million for the three months ended March 31, 2024 and 2023, 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.

NOTE 16 SUBSEQUENT EVENTS

On April 8, 2024, Visa launched the first of its previously announced exchange offers allowing holders of the currently restricted outstanding shares of Visa Class B-1 common stock to exchange all or a portion of such shares for equal parts of Visa Class B-2 common stock and Visa Class C common stock, and cash in lieu of any fractional shares. The exchange period is set to close on or about May 3, 2024. Following the closing of this initial exchange offer, and acceptance by Visa of PNC’s request to fully participate in the exchange program, PNC would be able to liquidate 50 percent of its holdings in Visa during the second and third quarters of 2024 by transferring newly held Visa Class C common stock in certain transactions where such stock would convert into publicly traded Visa Class A common stock, which could then be sold in market transactions, subject to certain timing restrictions. The Visa Class B-2 common stock PNC receives in the initial exchange offer would remain subject to the same restrictions currently imposed on the Visa Class B-1 common stock. Participation in the exchange requires PNC to agree to a make-whole agreement that subjects PNC to the same indemnity obligations to Visa as are currently present. PNC has tendered its Class B-1 common stock to fully participate in the exchange program.
The PNC Financial Services Group, Inc. – Form 10-Q 87  

STATISTICAL INFORMATION (UNAUDITED)
THE PNC FINANCIAL SERVICES GROUP, INC.
Average Consolidated Balance Sheet And Net Interest Analysis (a) (b) (c)
  Three months ended March 31
 20242023
Taxable-equivalent basis
Dollars in millions		Average
Balances		Interest Income/ExpenseAverage Yields/RatesAverage
Balances		Interest Income/
Expense		Average Yields/
Rates
Assets
Interest-earning assets:
Investment securities
Securities available for sale
Residential mortgage-backed
Agency$30,411 $219 2.88 %$31,850 $213 2.67 %
Non-agency57814 9.65 %689 15 8.53 %
Commercial mortgage-backed2,62220 2.99 %3,102 20 2.62 %
Asset-backed1,41421 6.02 %218 4 7.04 %
U.S. Treasury and government agencies8,19955 2.67 %9,088 47 2.05 %
Other2,77618 2.63 %3,263 19 2.47 %
Total securities available for sale46,000347 3.01 %48,210 318 2.64 %
Securities held to maturity
Residential mortgage-backed42,633 295 2.77 %45,616 312 2.74 %
Commercial mortgage-backed2,252 31 5.46 %2,453 30 4.95 %
Asset-backed5,627 63 4.49 %7,026 70 3.97 %
U.S. Treasury and government agencies35,860 117 1.31 %36,748 122 1.33 %
Other3,06235 4.52 %3,338 39 4.62 %
Total securities held to maturity89,434541 2.42 %95,181 573 2.41 %
Total investment securities135,434888 2.62 %143,391 891 2.49 %
Loans
Commercial and industrial177,2582,771 6.18 %182,017 2,433 5.34 %
Commercial real estate35,522599 6.67 %36,110 543 6.02 %
Equipment lease financing6,46884 5.17 %6,452 69 4.28 %
Consumer53,933961 7.16 %55,020 861 6.34 %
Residential real estate47,428433 3.65 %45,927 384 3.35 %
Total loans320,6094,848 6.01 %325,526 4,290 5.29 %
Interest-earning deposits with banks48,250660 5.47 %34,054 390 4.58 %
Other interest-earning assets8,002138 6.92 %8,806 126 5.75 %
Total interest-earning assets/interest income512,2956,534 5.08 %511,777 5,697 4.46 %
Noninterest-earning assets50,55350,555 
Total assets$562,848 $562,332 
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market$67,838 582 3.45 %$65,753 389 2.40 %
Demand122,748690 2.26 %124,376 485 1.58 %
Savings97,719439 1.81 %104,408 264 1.03 %
Time deposits32,975366 4.44 %20,519 153 3.00 %
Total interest-bearing deposits321,2802,077 2.60 %315,056 1,291 1.66 %
Borrowed funds
Federal Home Loan Bank borrowings37,717539 5.65 %32,056 384 4.80 %
Senior debt28,475474 6.59 %19,679 265 5.39 %
Subordinated debt5,08285 6.64 %6,100 87 5.69 %
Other4,31661 5.59 %5,133 47 3.70 %
Total borrowed funds75,5901,159 6.07 %62,968 783 4.98 %
Total interest-bearing liabilities/interest expense396,8703,236 3.24 %378,024 2,074 2.20 %
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits98,875121,176 
Accrued expenses and other liabilities16,40416,014 
Equity50,69947,118 
Total liabilities and equity$562,848   $562,332   
Interest rate spread1.84 %2.26 %
Impact of noninterest-bearing sources  0.73  0.58 
Net interest income/margin $3,298 2.57 % $3,623 2.84 %
(continued on the following page)








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


Average Consolidated Balance Sheet And Net Interest Analysis (a) (b) (c) (Continued)
  Three months ended December 31
 2023
Taxable-equivalent basis
Dollars in millions		Average BalancesInterest Income/
Expense		Average Yields/
Rates
Assets
Interest-earning assets:
Investment securities
Securities available for sale
Residential mortgage-backed
Agency$30,980 $220 2.83 %
Non-agency599 13 9.15 %
Commercial mortgage-backed2,72720 3.00 %
Asset-backed1,08017 6.41 %
U.S. Treasury and government agencies7,78844 2.22 %
Other2,89919 2.61 %
Total securities available for sale46,073333 2.89 %
Securities held to maturity
Residential mortgage-backed43,336 298 2.75 %
Commercial mortgage-backed2,318 32 5.53 %
Asset-backed6,040 69 4.57 %
U.S. Treasury and government agencies36,457 120 1.32 %
Other3,16438 4.72 %
Total securities held to maturity91,315557 2.44 %
Total investment securities137,388890 2.59 %
Loans
Commercial and industrial180,5662,828 6.13 %
Commercial real estate35,617608 6.68 %
Equipment lease financing6,43080 4.98 %
Consumer54,512963 7.00 %
Residential real estate47,444427 3.60 %
Total loans324,5694,906 5.94 %
Interest-earning deposits with banks42,627590 5.53 %
Other interest-earning assets8,738152 6.96 %
Total interest-earning assets/interest income513,3226,538 5.03 %
Noninterest-earning assets48,997
Total assets$562,319 
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market$66,393 556 3.32 %
Demand124,124705 2.26 %
Savings98,490417 1.68 %
Time deposits30,357317 4.11 %
Total interest-bearing deposits319,3641,995 2.48 %
Borrowed funds
Federal Home Loan Bank borrowings37,783546 5.66 %
Senior debt26,634426 6.25 %
Subordinated debt5,09184 6.63 %
Other3,38448 5.55 %
Total borrowed funds72,8921,104 5.94 %
Total interest-bearing liabilities/interest expense392,2563,099 3.10 %
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits104,567
Accrued expenses and other liabilities16,328
Equity49,168
Total liabilities and equity$562,319   
Interest rate spread1.93 %
Impact of noninterest-bearing sources  0.73 
Net interest income/margin $3,439 2.66 %
The PNC Financial Services Group, Inc. – Form 10-Q 89  

(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. Basis adjustments related to hedged items are included in noninterest-earning assets and noninterest-bearing liabilities. Average balances of securities are based on amortized historical cost (excluding adjustments to fair value, which are included in other assets). Average balances for certain loans and borrowed funds accounted for at fair value are included in noninterest-earning assets and noninterest-bearing liabilities, with changes in fair value recorded in Noninterest income.
(b)Loan fees for the three months ended March 31, 2024, December 31, 2023 and March 31, 2023 were $47 million, $46 million and $46 million, respectively.
(c)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 margin by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP. See Reconciliation of Taxable-Equivalent Net Interest Income in this Statistical Information section for more information.


RECONCILIATION OF TAXABLE-EQUIVALENT NET INTEREST INCOME (non-GAAP) (a)
 Three months ended
In millionsMarch 31, 2024December 31, 2023March 31, 2023
Net interest income (GAAP)$3,264 $3,403 $3,585 
Taxable-equivalent adjustments34 36 38 
Net interest income (non-GAAP)$3,298 $3,439 $3,623 
(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.

RECONCILIATION OF CORE NONINTEREST EXPENSE (non-GAAP) (a)
Three months ended
Year ended
In millionsMarch 31, 2024December 31, 2023
Noninterest expense $3,334 $14,012 
Less non-core noninterest expense adjustments:
FDIC special assessment costs130 515 
Workforce reduction charges150 
Total non-core noninterest expense adjustments$130 $665 
Core noninterest expense (non-GAAP)
$3,204 $13,347 
(a)Core noninterest expense is a non-GAAP measure calculated based on Noninterest expense less costs related to the FDIC’s special assessment and the workforce reduction that were incurred outside of our core business operations. We believe this non-GAAP measure to be a useful tool for comparison of operating expenses incurred during the normal course of business.

GLOSSARY

DEFINED TERMS
For a glossary of terms commonly used in our filings, please see the glossary of terms included in our 2023 Form 10-K.






















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


ACRONYMS
ACLAllowance for credit lossesLGDLoss given default
ALCOPNC’s Asset and Liability CommitteeLIHTCLow income housing tax credit
ALLLAllowance for loan and lease lossesLLCLimited liability company
AOCIAccumulated other comprehensive incomeLTVLoan-to-value ratio
ASCAccounting Standards CodificationMD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
ASUAccounting Standards UpdateMSRMortgage servicing right
BHCBank holding company
NMTC
New market tax credit
bpsBasis pointsNSFRNet Stable Funding Ratio
CCARComprehensive Capital Analysis and ReviewOCCOffice of the Comptroller of the Currency
CECLCurrent expected credit lossesOREOOther real estate owned
CET1Common equity tier 1OTCOver-the-counter
FDICFederal Deposit Insurance CorporationPCDPurchased credit deteriorated
FDMFinancial Difficulty ModificationPDProbability of default
FHLBFederal Home Loan BankRACPNC’s Reserve Adequacy Committee
FHLMCFederal Home Loan Mortgage CorporationROAPRemoval of account provisions
FICOFair Isaac Corporation (credit score)SCBStress capital buffer
FNMAFederal National Mortgage AssociationSECSecurities and Exchange Commission
FOMCFederal Open Market CommitteeSOFRSecured Overnight Financing Rate
GAAPAccounting principles generally accepted in the United States of AmericaSPESpecial purpose entity
GDPGross Domestic ProductTDRTroubled debt restructuring
GNMAGovernment National Mortgage AssociationU.S.United States of America
ISDAInternational Swaps and Derivatives AssociationVaRValue-at-risk
LCRLiquidity Coverage RatioVIEVariable interest entity
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
See the information set forth in Note 13 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 2023 Form 10-K in response to Part I, Item 1A.
The PNC Financial Services Group, Inc. – Form 10-Q 91  

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 first quarter of 2024 are included in the following table:
2024 period
In thousands, except per share data 		Total shares purchased (a)Average price paid per shareTotal shares purchased as part of publicly announced programs (b)Maximum number of shares that may yet be purchased under the programs (b)
January 1 - 31181 $150.17 180 44,805 
February 1 - 29860 $147.55 424 44,381 
March 1 - 31302 $152.29 302 44,079 
Total1,343 $148.97 906  
(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 2023 Form 10-K, which include additional information regarding our employee benefit and equity compensation plans that use PNC common stock.
(b)Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 44% were still available for repurchase at March 31, 2024. In light of the Federal banking agencies proposed rules to adjust the Basel III capital framework, second quarter of 2024 share repurchase activity is expected to approximate the recent quarterly average share repurchase levels. PNC continues to evaluate the potential impact of the proposed rules and may adjust share repurchase activity depending on market and economic conditions, as well as other factors. PNC’s SCB for the four-quarter period beginning October 1, 2023 is the regulatory minimum of 2.5%.
ITEM 5. OTHER INFORMATION
Director or Executive Officer Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements
The following provides a description of Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934) adopted during the three months ended March 31, 2024, by any director or executive officer who is subject to the filing requirements of Section 16 of the Securities Exchange Act of 1934:

•On March 15, 2024, William S. Demchak, Chairman and Chief Executive Officer, adopted a trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c). The duration of the arrangement is from March 15, 2024 to June 13, 2025, and the maximum aggregate number of shares to be sold under the arrangement is 64,584 of the approximately 570,000 shares currently held by Mr. Demchak. Sales under the trading arrangement will not commence until completion of the required cooling off period under Rule 10b5-1.

During the three months ended March 31, 2024, none of PNC’s directors or executive officers adopted a non-Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934). Additionally, during the three months ended March 31, 2024, none of PNC’s directors or executive officers terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.
92    The PNC Financial Services Group, Inc. – Form 10-Q


ITEM 6. EXHIBITS
The following exhibit index lists Exhibits filed or furnished with this Quarterly Report on Form 10-Q:

EXHIBIT INDEX
22
31.1  
31.2  
32.1  
32.2  
101.INS  Inline XBRL Instance Document*
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
104Cover 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 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.
CORPORATE INFORMATION
The PNC Financial Services Group, Inc.
Internet Information

The PNC Financial Services Group, Inc.’s financial reports and information about its products and services are available on the internet at www.pnc.com. We provide information for investors on our corporate website under “About Us – Investor Relations.” We use our account with X, formerly known as Twitter, @pncnews, as an additional way of disseminating to the public information that may be relevant to investors.
We generally post the following under “About Us – Investor Relations” shortly before or promptly following its first use or release: financially-related press releases, including earnings releases and supplemental financial information, various SEC filings, including annual, quarterly and current reports and proxy statements, presentation materials associated with earnings and other investor conference calls or events, and access to live and recorded audio from earnings and other investor conference calls or events. In some cases, we may post the presentation materials for other investor conference calls or events several days prior to the call or event. For earnings and other conference calls or events, we generally include in our posted materials a cautionary statement regarding forward-looking and non-GAAP financial information and we provide GAAP reconciliations when we include non-GAAP financial information. Such GAAP reconciliations may be in materials for the applicable presentation, in materials for prior presentations or in our annual, quarterly or current reports.
When warranted, we will also use our website to expedite public access to time-critical information regarding PNC instead of using a press release or a filing with the SEC for first disclosure of the information. In some circumstances, the information may be relevant to investors but directed at customers, in which case it may be accessed directly through the home page rather than “About Us – Investor Relations.”
We are required to provide additional public disclosure regarding estimated income, losses and pro forma regulatory capital ratios under supervisory and PNC-developed hypothetical severely adverse economic scenarios, as well as information concerning our capital stress testing processes, pursuant to the stress testing regulations adopted by the Federal Reserve and the OCC. We are also required to make certain additional regulatory capital-related public disclosures about our capital structure, risk exposures, risk assessment processes, risk-weighted assets and overall capital adequacy, including market risk-related disclosures, under the
The PNC Financial Services Group, Inc. – Form 10-Q 93  

regulatory capital rules adopted by the Federal banking agencies. Similarly, the Federal Reserve’s rules require quantitative and qualitative disclosures about our LCR and NSFR. Under these regulations, we may satisfy these requirements through postings on our website, and we have done so and expect to continue to do so without also providing disclosure of this information through filings with the SEC.
Other information posted on our corporate website that may not be available in our filings with the SEC includes information relating to our corporate governance and annual communications from our chairman to shareholders.
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.
Financial Information
We are subject to the informational requirements of the Exchange Act and, in accordance with the Exchange Act, we file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC File Number is 001-09718. You can obtain copies of these and other filings, including exhibits, electronically at the SEC’s internet website at www.sec.gov or on our corporate internet website at www.pnc.com/secfilings. Shareholders and bond holders may also obtain copies of these filings without charge by contacting PNC Investor Relations at 800-843-2206, via the information request form at www.pnc.com/investorrelations for copies without exhibits, or via email to investor.relations@pnc.com for copies of exhibits, including financial statements and schedule exhibits where applicable. The interactive date file (XBRL) is only available electronically.
Corporate Governance at PNC
Information about our Board of Directors and its committees and corporate governance, including our PNC Code of Business Conduct and Ethics (as amended from time to time), is available on our website at www.pnc.com/corporategovernance. In addition, any future waivers from a provision of the PNC Code of Business Conduct and Ethics covering any of our directors or executive officers (including our principal executive officer, principal financial officer and principal accounting officer or controller) will be posted at this internet address.
Shareholders who would like to request printed copies of the PNC Code of Business Conduct and Ethics or our Corporate Governance Guidelines or the charters of our Board’s Audit, Nominating and Governance, Human Resources or Risk Committees (all of which are posted on our website at www.pnc.com/corporategovernance) may do so by sending their requests to our Corporate Secretary at The PNC Financial Services Group, Inc. at The Tower at PNC Plaza, 300 Fifth Avenue, Pittsburgh, Pennsylvania 15222-2401. Copies will be provided without charge.
Inquiries
For financial services, call 888-762-2265.
Registered shareholders should contact Shareholder Services at 800-982-7652. Hearing impaired: 800-952-9245.
Analysts and institutional investors should contact Bryan Gill, Executive Vice President, Director of Investor Relations, at 412-768-4143 or via email at investor.relations@pnc.com.
News media representatives should contact PNC Media Relations at 412-762-4550 or via email at media.relations@pnc.com.
Dividend Policy
Holders of PNC common stock are entitled to receive dividends when declared by our Board of Directors out of funds legally available for this purpose. Our Board of Directors may not pay or set apart dividends on the common stock until dividends for all past dividend periods on any series of outstanding preferred stock and certain outstanding capital securities issued by the parent company
have been paid or declared and set apart for payment. The Board of Directors currently intends to continue the policy of paying quarterly cash dividends. The amount of any future dividends will depend on economic and market conditions, our financial condition and operating results, and other factors, including contractual restrictions and applicable government regulations and policies (such as those relating to the ability of bank and non-bank subsidiaries to pay dividends to the parent company and regulatory capital limitations). The amount of our dividend is also currently subject to the results of the supervisory assessment of capital adequacy and capital planning processes undertaken by the Federal Reserve as part of the CCAR process, which includes setting PNC’s SCB, as described in the Capital Management portion of the Risk Management section of this Financial Review and in the Supervision and Regulation section in Item 1 of our 2023 Form 10-K.


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


Dividend Reinvestment and Stock Purchase Plan
The PNC Financial Services Group, Inc. Dividend Reinvestment and Stock Purchase Plan enables holders of our common stock to conveniently purchase additional shares of common stock. Obtain a prospectus and enroll at www.computershare.com/pnc or contact Computershare at 800-982-7652. Registered shareholders may also contact this phone number regarding dividends and other shareholder services.
Stock Transfer Agent and Registrar
Computershare
150 Royall Steet, Suite 101
Canton, MA 02021
800-982-7652
Hearing impaired: 800-952-9245
www.computershare.com/pnc
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on May 2, 2024 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 95