Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

January 16, 2024

Date of Report (Date of earliest event reported)

THE PNC FINANCIAL SERVICES GROUP, INC.

(Exact name of registrant as specified in its charter)

Commission File Number 001-09718


Pennsylvania			25-1435979
(State or other jurisdiction of			(I.R.S. Employer
incorporation)			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)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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


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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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. ☐

Item 2.02 Results of Operations and Financial Condition.

On January 16, 2024, The PNC Financial Services Group, Inc. (the “Corporation”) issued a press release regarding the Corporation’s earnings and business results for the fourth quarter and full year of 2023. A copy of the Corporation’s press release is included in this Report as Exhibit 99.1 and is furnished herewith.

In connection therewith, the Corporation provided supplementary financial information on its website. A copy of the Corporation’s supplementary financial information is included in this Report as Exhibit 99.2 and is furnished herewith.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Number	Description	Method of Filing
99.1	Press release dated January 16, 2024	Furnished herewith
99.2	Financial Supplement (unaudited) for the Fourth Quarter 2023	Furnished herewith
104	The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

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SIGNATURE

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


		THE PNC FINANCIAL SERVICES GROUP, INC. (Registrant)
Date:	January 16, 2024	By:	/s/ Gregory H. Kozich
			Gregory H. Kozich
			Senior Vice President and Controller

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Exhibit 99.1

PNC Reports Full Year 2023 Net Income of $5.6 Billion,

$12.79 Diluted EPS or $14.10 as Adjusted

Fourth quarter 2023 net income was $0.9 billion, $1.85 diluted EPS or $3.16 as adjusted Grew revenue; increased average loans and deposits

PITTSBURGH, Jan. 16, 2024 – The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:


	For the quarter						For the year
In millions, except per share data and as noted	4Q23			3Q23				2023			2022			Fourth Quarter Highlights
														▪
Financial Results														Comparisons reflect 4Q23 vs. 3Q23


Revenue	$	5,361		$	5,233			$	21,490		$	21,120		Income Statement ▪Revenue increased 2% due to strong noninterest income growth ▪Core noninterest expense increased 5% primarily reflecting higher business activity –Core noninterest expense excludes $515 million related to the FDIC special assessment and $150 million of workforce reduction charges ▪Provision for credit losses of $232 million Balance Sheet ▪Average loans increased 2% ▪Average deposits grew modestly ▪ACL to total loans of 1.7% was stable ▪Net loan charge-offs were $200 million, or 0.24% annualized to average loans ▪AOCI improved $2.6 billion to negative $7.7 billion, reflecting favorable interest rate movements ▪TBV increased to $85.08 ▪CET1 capital ratio of 9.9% –Repurchased $0.1 billion of common shares
Noninterest expense (NIE)	4,074			3,245				14,012			13,170
Non-core NIE adjustments	665			—				665			—
Core NIE (non-GAAP)	3,409			3,245				13,347			13,170






Pretax, pre-provision earnings - as adjusted (non-GAAP)	1,952			1,988				8,143			7,950
Provision for credit losses	232			129				742			477
Net income	883			1,570				5,647			6,113


Per Common Share
Diluted earnings	$	1.85		$	3.60			$	12.79		$	13.85
Impact from non-core NIE adjustments	1.31			—				1.31			—

Diluted earnings - as adjusted (non-GAAP)	3.16			3.60				14.10			13.85
Average diluted common shares outstanding	401			400				401			412
Book value	112.72			105.98				112.72			99.93
Tangible book value (TBV) (non-GAAP)	85.08			78.16				85.08			72.12


Balance Sheet & Credit Quality
Average loans In billions	$	324.6		$	319.5			$	323.5		$	307.7
Average deposits In billions	423.9			422.5				427.1			443.4
Accumulated other comprehensive income (loss) (AOCI) In billions	(7.7)			(10.3)				(7.7)			(10.2)
Net loan charge-offs	200			121				710			563
Allowance for credit losses (ACL) to total loans	1.70		%	1.70		%		1.70		%	1.67		%


Selected Ratios
Return on average common shareholders' equity	6.93		%	13.65		%		12.35		%	13.52		%
Return on average assets	0.62			1.12				1.01			1.11


Net interest margin (NIM) (non-GAAP)	2.66			2.71				2.76			2.65
Noninterest income to total revenue	37			35				35			38
Efficiency	76			62				65			62
Efficiency - as adjusted (non-GAAP)	64			62				62			62

Common equity Tier 1 (CET1) capital ratio	9.9			9.8				9.9			9.1



Core NIE is a non-GAAP measure calculated by excluding non-core NIE adjustments from noninterest expense. Non-core NIE adjustments include the pre-tax impact of the FDIC special assessment for the recovery of losses related to the closures of Silicon Valley Bank (SVB) and Signature Bank as well as workforce reduction charges incurred in the fourth quarter of 2023. See this and other non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release.

From Bill Demchak, PNC Chairman, President and Chief Executive Officer:

"During a challenging year for the banking industry, PNC demonstrated its strength and stability by growing customers, deepening relationships and managing the balance sheet for long-term success. We grew revenue, controlled core expenses, added to our loan portfolio and maintained strong credit metrics. We are well positioned for the year ahead to grow our businesses and deliver value for our stakeholders."

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 2

Income Statement Highlights

Fourth quarter 2023 compared with third quarter 2023

▪Total revenue of $5.4 billion increased $128 million, or 2%, due to higher noninterest income.

▪Net interest income of $3.4 billion was relatively stable.

–Net interest margin of 2.66% decreased 5 basis points.

▪Noninterest income of $2.0 billion increased $143 million, or 8%.

–Fee income of $1.8 billion increased $99 million, or 6%, primarily due to higher capital markets and advisory fees.

–Other noninterest income of $138 million increased $44 million, or 47%, and included favorable valuation adjustments and gains on sales. The fourth quarter also included negative Visa Class B derivative fair value adjustments of $100 million primarily related to the extension of anticipated litigation resolution timing. Visa Class B derivative fair value adjustments were negative $51 million in the third quarter.

▪Noninterest expense of $4.1 billion increased $829 million, or 26%, and included $515 million related to the FDIC special assessment as well as $150 million of workforce reduction charges. Excluding the impact of these items, core noninterest expense was $3.4 billion increasing $164 million, or 5%, reflecting the impact of increased business activity, seasonality and asset impairments.

▪Provision for credit losses was $232 million in the fourth quarter reflecting the impact of portfolio activity. The third quarter of 2023 included a provision for credit losses of $129 million.

▪Net income of $0.9 billion decreased $687 million, or 44% and included $525 million of post-tax expenses related to the FDIC special assessment and workforce reduction charges.

▪The effective tax rate was 16.3% for the fourth quarter and 15.5% for the third quarter.

Balance Sheet Highlights

Fourth quarter 2023 compared with third quarter 2023 or December 31, 2023 compared with September 30, 2023

▪Average loans of $324.6 billion increased $5.1 billion, or 2%.

–Average commercial loans of $222.6 billion increased $4.9 billion, driven by the acquisition of capital commitment facilities from Signature Bridge Bank, N.A. on October 2, 2023, partially offset by lower utilization of loan commitments and paydowns outpacing new production.

–Average consumer loans of $102.0 billion were relatively stable.

▪Credit quality performance:

–Delinquencies of $1.4 billion increased $97 million, or 8%, due to higher consumer and commercial loan delinquencies.

–Total nonperforming loans of $2.2 billion increased $57 million, or 3%, due to higher commercial nonperforming loans, partially offset by lower consumer nonperforming loans.

–Net loan charge-offs of $200 million increased $79 million, reflecting higher commercial and consumer net loan charge-offs.

–The allowance for credit losses of $5.5 billion was relatively unchanged. The allowance for credit losses to total loans was 1.70% at both December 31, 2023 and September 30, 2023.

▪Average deposits of $423.9 billion grew $1.4 billion as seasonal growth in commercial deposits more than offset a modest decline in consumer deposits.

–Deposits at December 31, 2023 of $421.4 billion decreased $2.2 billion, or 1%, reflecting a decline in commercial deposits at year end.

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 3

▪Average investment securities of $137.4 billion decreased $2.3 billion, or 2%.

▪Average Federal Reserve Bank balances of $42.2 billion increased $4.3 billion.

–Federal Reserve Bank balances at December 31, 2023 were $43.3 billion.

▪Average borrowed funds of $72.9 billion increased $5.4 billion, or 8%, due to higher Federal Home Loan Bank borrowings and parent company senior debt issuances.

▪PNC maintained a strong capital and liquidity position.

–On January 4, 2024, the PNC board of directors declared a quarterly cash dividend on common stock of $1.55 per share payable on February 5, 2024.

–PNC returned $0.7 billion of capital to shareholders, reflecting $0.6 billion of dividends on common shares and $0.1 billion of common share repurchases, representing 0.5 million shares.

–The Basel III common equity Tier 1 capital ratio was an estimated 9.9% at December 31, 2023 and 9.8% at September 30, 2023.

–PNC's average LCR for the three months ended December 31, 2023 was 107%, exceeding the regulatory minimum requirement throughout the quarter.

–PNC Bank average LCR for the three months ended December 31, 2023 was 127%.


Earnings Summary
In millions, except per share data	4Q23		3Q23		4Q22
Net income	$	883	$	1,570	$	1,548
Net income attributable to diluted common shares - as reported	$	740	$	1,440	$	1,400
Net income attributable to diluted common shares - as adjusted (non-GAAP)	$	1,265	$	1,440	$	1,400
Diluted earnings per common share - as reported	$	1.85	$	3.60	$	3.47
Diluted earnings per common share - as adjusted (non-GAAP)	$	3.16	$	3.60	$	3.47
Average diluted common shares outstanding	401		400		404




Cash dividends declared per common share	$	1.55	$	1.55	$	1.50

See non-GAAP financial measures included in the Consolidated Financial Highlights accompanying this news release

Fourth quarter 2023 net income of $0.9 billion, or $1.85 per diluted common share, included $525 million of post-tax expenses pertaining to the FDIC special assessment for the recovery of losses related to the closure of SVB and Signature Bank as well as workforce reduction charges. Excluding the impact of these items, adjusted diluted earnings per common share was $3.16.

The Consolidated Financial Highlights accompanying this news release include additional information regarding reconciliations of non-GAAP financial measures to reported (GAAP) amounts. This information supplements results as reported in accordance with GAAP and should not be viewed in isolation from, or as a substitute for, GAAP results. Information in this news release, including the financial tables, is unaudited.

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 4


CONSOLIDATED REVENUE REVIEW

Revenue							Change		Change
							4Q23 vs		4Q23 vs
In millions	4Q23		3Q23		4Q22		3Q23		4Q22
Net interest income	$	3,403	$	3,418	$	3,684	—		(8)	%
Noninterest income	1,958		1,815		2,079		8	%	(6)	%
Total revenue	$	5,361	$	5,233	$	5,763	2	%	(7)	%

Total revenue for the fourth quarter of 2023 increased $128 million from the third quarter of 2023 due to higher noninterest income. Compared with the fourth quarter of 2022, total revenue declined $402 million due to lower net interest income and noninterest income.

Net interest income of $3.4 billion for the fourth quarter of 2023 was relatively stable compared to the third quarter of 2023. Net interest margin was 2.66% in the fourth quarter of 2023, decreasing 5 basis points in comparison with the third quarter of 2023.

Compared to the fourth quarter of 2022, net interest income decreased $281 million and net interest margin declined 26 basis points. In both comparisons, the benefit of higher interest-earning asset yields was more than offset by increased funding costs.


Noninterest Income							Change		Change
							4Q23 vs		4Q23 vs
In millions	4Q23		3Q23		4Q22		3Q23		4Q22

Asset management and brokerage	$	360	$	348	$	345	3	%	4	%
Capital markets and advisory	309		168		336		84	%	(8)	%
Card and cash management	688		689		671		—		3	%
Lending and deposit services	314		315		296		—		6	%
Residential and commercial mortgage	149		201		184		(26)	%	(19)	%
Other	138		94		247		47	%	(44)	%
Total noninterest income	$	1,958	$	1,815	$	2,079	8	%	(6)	%

Noninterest income for the fourth quarter of 2023 increased $143 million compared with the third quarter of 2023. Asset management and brokerage revenue increased $12 million and included the impact from favorable market conditions. Capital markets and advisory revenue grew $141 million, driven by higher merger and acquisition advisory fees. Residential and commercial mortgage revenue declined $52 million due to a $61 million decrease in mortgage servicing rights valuation, net of economic hedge. Other noninterest income increased $44 million, and included positive valuation adjustments and gains on sales. The fourth quarter also included negative Visa Class B derivative fair value adjustments of $100 million primarily related to the extension of anticipated litigation resolution timing. Visa Class B derivative fair value adjustments were negative $51 million in the third quarter.

Noninterest income for the fourth quarter of 2023 decreased $121 million from the fourth quarter of 2022. Asset management and brokerage revenue grew $15 million and included the impact from favorable market conditions. Capital markets and advisory revenue declined $27 million driven by lower trading revenue. Card and cash management fees increased $17 million due to growth in treasury management product revenue. Lending and deposit services increased $18 million, reflecting increased customer activity. Residential and commercial mortgage

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 5

revenue declined $35 million primarily due to a decrease in mortgage servicing rights valuation, net of economic hedge. Other noninterest income decreased $109 million, primarily driven by lower private equity revenue. The fourth quarter of 2022 also included negative Visa Class B derivative fair value adjustments of $41 million.


CONSOLIDATED EXPENSE REVIEW

Noninterest Expense							Change		Change
							4Q23 vs		4Q23 vs
In millions	4Q23		3Q23		4Q22		3Q23		4Q22
Personnel	$	1,983	$	1,773	$	1,943	12	%	2	%
Occupancy	243		244		247		—		(2)	%
Equipment	365		347		369		5	%	(1)	%
Marketing	74		93		106		(20)	%	(30)	%
Other	1,409		788		809		79	%	74	%
Total noninterest expense	$	4,074	$	3,245	$	3,474	26	%	17	%
Non-core noninterest expense adjustments	665		—		—
Core noninterest expense (non-GAAP)	$	3,409	$	3,245	$	3,474	5	%	(2)	%
See non-GAAP financial measures included in the Consolidated Financial Highlights accompanying this news release

Noninterest expense for the fourth quarter of 2023 increased $829 million in comparison to the third quarter of 2023, and included $515 million pertaining to the FDIC special assessment for the recovery of losses related to the closure of SVB and Signature Bank as well as $150 million of workforce reduction charges. Excluding the impact of these items, core noninterest expense was $3.4 billion for the fourth quarter of 2023, increasing $164 million, or 5%, reflecting the impact of increased business activity, seasonality and asset impairments.

Noninterest expense increased $600 million from the fourth quarter of 2022 due to the FDIC special assessment and workforce reduction charges, partially offset by a continued focus on expense management.

The effective tax rate was 16.3% for the fourth quarter of 2023, 15.5% for the third quarter of 2023 and 17.7% for the fourth quarter of 2022.

CONSOLIDATED BALANCE SHEET REVIEW

Average total assets were $562.3 billion in the fourth quarter of 2023 compared with $555.0 billion in the third quarter of 2023 and $557.2 billion in the fourth quarter of 2022. In both comparisons, the increase was attributable to higher loans and Federal Reserve Bank balances, partially offset by lower investment securities.


Average Loans							Change		Change
							4Q23 vs		4Q23 vs
In billions	4Q23		3Q23		4Q22		3Q23		4Q22






Commercial	$	222.6	$	217.7	$	221.6	2	%	—
Consumer	102.0		101.8		100.3		—		2	%
Total	$	324.6	$	319.5	$	321.9	2	%	1	%

Average loans for the fourth quarter of 2023 increased $5.1 billion compared to the third quarter of 2023 and $2.7 billion in comparison to the fourth quarter of 2022. Average commercial loans increased $4.9 billion and $1.0 billion compared to the third quarter of 2023 and the fourth quarter of 2022, respectively, driven by the acquisition of capital commitment facilities from Signature Bridge Bank, N.A. on October 2, 2023, partially offset by lower utilization

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 6

of loan commitments and paydowns outpacing new production. Average consumer loans were relatively stable compared to the third quarter of 2023. Compared to the fourth quarter of 2022, average consumer loans increased $1.7 billion reflecting higher residential mortgage, home equity, and credit card loans.


Average Investment Securities							Change		Change
							4Q23 vs		4Q23 vs
In billions	4Q23		3Q23		4Q22		3Q23		4Q22







Available for sale	$	46.1	$	46.5	$	49.7	(1)	%	(7)	%
Held to maturity	91.3		93.2		93.2		(2)	%	(2)	%
Total	$	137.4	$	139.7	$	142.9	(2)	%	(4)	%

Average investment securities for the fourth quarter of 2023 of $137.4 billion declined $2.3 billion and $5.5 billion from the third quarter of 2023 and the fourth quarter of 2022, respectively, as limited purchase activity was more than offset by portfolio paydowns and maturities. The duration of the investment securities portfolio was 4.1 years at December 31, 2023, 4.2 years at September 30, 2023 and 4.5 years at December 31, 2022.

Net unrealized losses on available for sale securities were $3.6 billion at December 31, 2023 decreasing from $5.4 billion at September 30, 2023 and $4.4 billion at December 31, 2022. In both comparisons, the decrease primarily reflected the favorable impact of interest rate movements.

Average Federal Reserve Bank balances for the fourth quarter of 2023 were $42.2 billion, increasing $4.3 billion from the third quarter of 2023, primarily due to higher borrowed funds and lower investment securities, partially offset by higher loans outstanding. Average Federal Reserve Bank balances increased $12.2 billion from the fourth quarter of 2022, primarily due to higher borrowed funds and a decline in investment securities, partially offset by lower deposits.

Federal Reserve Bank balances at December 31, 2023 were $43.3 billion, increasing $2.2 billion from September 30, 2023.


Average Deposits							Change		Change
							4Q23 vs		4Q23 vs
In billions	4Q23		3Q23		4Q22		3Q23		4Q22

Commercial	$	207.0	$	204.7	$	215.8	1	%	(4)	%
Consumer	216.9		217.8		219.1		—		(1)	%
Total	$	423.9	$	422.5	$	434.9	—		(3)	%







IB % of total avg. deposits	75%		74%		69%
NIB % of total avg. deposits	25%		26%		31%
IB - Interest-bearing NIB - Noninterest-bearing

Average deposits for the fourth quarter of 2023 were $423.9 billion, increasing $1.4 billion from the third quarter of 2023 as seasonal growth in commercial deposits more than offset a modest decline in consumer deposits. Compared to the fourth quarter of 2022, average deposits decreased $11.0 billion due to lower commercial and consumer deposits, which included the impact of quantitative tightening by the Federal Reserve and increased customer spending. Noninterest-bearing balances as a percentage of average deposits decreased in both comparisons due to the continued shift into interest-bearing deposit products as interest rates have risen.

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 7

Deposits at December 31, 2023 of $421.4 billion decreased $2.2 billion, or 1%, from September 30, 2023 reflecting a decline in commercial deposits at year end.


Average Borrowed Funds							Change		Change
							4Q23 vs		4Q23 vs
In billions	4Q23		3Q23		4Q22		3Q23		4Q22

Total	$	72.9	$	67.5	$	59.2	8	%	23	%

Average borrowed funds of $72.9 billion in the fourth quarter of 2023 increased $5.4 billion compared to the third quarter of 2023 and $13.7 billion compared to the fourth quarter of 2022. In both comparisons, the increase was due to higher Federal Home Loan Bank borrowings and parent company senior debt issuances.


Capital	December 31, 2023			September 30, 2023			December 31, 2022

Common shareholders' equity In billions	$	44.9		$	42.2		$	40.0
Accumulated other comprehensive income (loss) In billions	$	(7.7)		$	(10.3)		$	(10.2)


Basel III common equity Tier 1 capital ratio *	9.9		%	9.8		%	9.1		%
Basel III common equity Tier 1 fully implemented capital ratio (estimated)	9.8		%	9.7		%	8.9		%


*December 31, 2023 ratio is estimated

PNC maintained a strong capital position. Common shareholders' equity at December 31, 2023 increased $2.7 billion from September 30, 2023, driven by an improvement in accumulated other comprehensive income and the benefit of net income, partially offset by dividends paid and share repurchases.

As a Category III institution, PNC has elected to exclude accumulated other comprehensive income related to both available for sale securities and pension and other post-retirement plans from CET1 capital. Accumulated other comprehensive income at December 31, 2023 improved $2.6 billion from September 30, 2023 and $2.5 billion from December 31, 2022. In both comparisons, the improvement reflected securities and swaps valuation changes related to the favorable impact of interest rate movements and the continued accretion of unrealized losses.

In the fourth quarter of 2023, PNC returned $0.7 billion of capital to shareholders, reflecting $0.6 billion of dividends on common shares and $0.1 billion of common share repurchases, representing 0.5 million shares. Consistent with the Stress Capital Buffer (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 45% were still available for repurchase at December 31, 2023.

In light of the Federal banking agencies proposed rules to adjust the Basel III capital framework, share repurchase activity is expected to remain modest during the first quarter of 2024. 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 January 4, 2024, the PNC board of directors declared a quarterly cash dividend on common stock of $1.55 per share payable on February 5, 2024.

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 8

At December 31, 2023, PNC was considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements. For additional information regarding PNC's Basel III capital ratios, see Capital Ratios in the Consolidated Financial Highlights. PNC elected a five-year transition provision effective March 31, 2020 to delay until December 31, 2021 the full impact of the Current Expected Credit Losses (CECL) standard on regulatory capital, followed by a three-year transition period. Effective for the first quarter of 2022, PNC is now in the three-year transition period, and the full impact of the CECL standard is being phased-in to regulatory capital through December 31, 2024. The fully implemented ratios reflect the full impact of CECL and exclude the benefits of this transition provision.


CREDIT QUALITY REVIEW

Credit Quality										Change			Change
	December 31, 2023			September 30, 2023			December 31, 2022			12/31/23 vs			12/31/23 vs
In millions										09/30/23			12/31/22
Provision for credit losses	$	232		$	129		$	408		$	103		$	(176)
Net loan charge-offs	$	200		$	121		$	224		65		%	(11)		%
Allowance for credit losses (a)	$	5,454		$	5,407		$	5,435		1		%	—

Total delinquencies (b)	$	1,384		$	1,287		$	1,490		8		%	(7)		%
Nonperforming loans	$	2,180		$	2,123		$	1,985		3		%	10		%


Net charge-offs to average loans (annualized)	0.24		%	0.15		%	0.28		%
Allowance for credit losses to total loans	1.70		%	1.70		%	1.67		%
Nonperforming loans to total loans	0.68		%	0.67		%	0.61		%
(a) Excludes allowances for investment securities and other financial assets (b) Total delinquencies represent accruing loans more than 30 days past due

Provision for credit losses was $232 million in the fourth quarter of 2023 reflecting the impact of portfolio activity. The third quarter of 2023 included a provision for credit losses of $129 million.

Net loan charge-offs of $200 million in the fourth quarter of 2023 increased $79 million compared to the third quarter of 2023, reflecting higher commercial and consumer net loan charge-offs. Compared to the fourth quarter of 2022, net loan charge-offs decreased $24 million, primarily reflecting lower commercial net loan charge-offs.

The allowance for credit losses was $5.5 billion at December 31, 2023 and $5.4 billion at both September 30, 2023 and December 31, 2022. The allowance for credit losses as a percentage of total loans was 1.70% at both December 31, 2023 and September 30, 2023 and 1.67% at December 31, 2022.

Delinquencies at December 31, 2023 were $1.4 billion, increasing $97 million from September 30, 2023 due to higher consumer and commercial loan delinquencies. Compared to December 31, 2022, delinquencies decreased $106 million due to lower commercial and consumer loan delinquencies.

Nonperforming loans at December 31, 2023 were $2.2 billion, increasing $57 million from September 30, 2023 and $195 million from December 31, 2022. In both comparisons, the increase was driven by higher commercial nonperforming loans, partially offset by lower consumer nonperforming loans.

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 9


BUSINESS SEGMENT RESULTS

Business Segment Income (Loss)
In millions	4Q23		3Q23		4Q22
Retail Banking	$	1,073	$	1,094	$	752
Corporate & Institutional Banking	1,213		960		982
Asset Management Group	72		73		52
Other	(1,494)		(573)		(258)
Net income excluding noncontrolling interests	$	864	$	1,554	$	1,528


Retail Banking							Change		Change
							4Q23 vs		4Q23 vs
In millions	4Q23		3Q23		4Q22		3Q23		4Q22
Net interest income	$	2,669	$	2,576	$	2,330	$	93	$	339
Noninterest income	$	722	$	784	$	749	$	(62)	$	(27)
Noninterest expense	$	1,848	$	1,876	$	1,892	$	(28)	$	(44)
Provision for credit losses	$	130	$	42	$	193	$	88	$	(63)
Earnings	$	1,073	$	1,094	$	752	$	(21)	$	321

In billions
Average loans	$	97.4	$	97.4	$	96.6	—		$	0.8
Average deposits	$	251.3	$	253.7	$	259.8	$	(2.4)	$	(8.5)




Net loan charge-offs In millions	$	128	$	114	$	108	$	14	$	20

Retail Banking Highlights

Fourth quarter 2023 compared with third quarter 2023

▪Earnings decreased 2%, driven by a higher provision for credit losses and lower noninterest income, partially offset by higher net interest income and lower noninterest expense.

–Noninterest income decreased 8%, due to negative Visa Class B derivative fair value adjustments of $100 million and lower residential mortgage banking activity, partially offset by increased brokerage fees reflecting the impact from favorable market conditions. The third quarter included negative Visa Class B derivative fair value adjustments of $51 million.

–Noninterest expense decreased 1%, primarily driven by a decline in marketing spend.

–Provision for credit losses of $130 million in the fourth quarter of 2023 reflected the impact of portfolio activity.

▪Average loans were stable.

▪Average deposits decreased 1%, as consumer spending levels have remained elevated.

Fourth quarter 2023 compared with fourth quarter 2022

▪Earnings increased 43%, primarily due to higher net interest income.

–Noninterest income decreased 4%, driven by negative Visa Class B derivative fair value adjustments, partially offset by higher lending and deposit related customer activity and increased brokerage fees. The fourth quarter of 2022 included negative Visa Class B derivative fair value adjustments of $41 million.

–Noninterest expense decreased 2%, driven by lower personnel expense and a continued focus on expense management.

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 10

▪Average loans increased 1%, as growth in commercial, home equity, and credit card loans was largely offset by declines in residential real estate, education and other consumer loans.

▪Average deposits decreased 3%, reflecting the impact of quantitative tightening by the Federal Reserve and increased customer spending.


Corporate & Institutional Banking							Change		Change
							4Q23 vs		4Q23 vs
In millions	4Q23		3Q23		4Q22		3Q23		4Q22
Net interest income	$	1,642	$	1,419	$	1,489	$	223	$	153
Noninterest income	$	995	$	835	$	962	$	160	$	33
Noninterest expense	$	975	$	895	$	990	$	80	$	(15)
Provision for credit losses	$	115	$	102	$	183	$	13	$	(68)
Earnings	$	1,213	$	960	$	982	$	253	$	231

In billions
Average loans	$	208.1	$	202.8	$	207.1	$	5.3	$	1.0
Average deposits	$	144.5	$	141.7	$	147.3	$	2.8	$	(2.8)




Net loan charge-offs In millions	$	76	$	12	$	100	$	64	$	(24)

Corporate & Institutional Banking Highlights

Fourth quarter 2023 compared with third quarter 2023

▪Earnings increased 26%, driven by higher net interest and noninterest income, partially offset by higher noninterest expense and an increase in provision for credit losses.

–Noninterest income increased 19%, due to higher capital markets and advisory fees and gains on sales, partially offset by a decrease in commercial mortgage servicing rights valuation, net of economic hedge.

–Noninterest expense increased 9%, reflecting higher variable compensation associated with increased business activity.

–Provision for credit losses of $115 million in the fourth quarter of 2023 reflected the impact of portfolio activity.

▪Average loans increased 3%, driven by the acquisition of capital commitment facilities from Signature Bridge Bank, N.A. on October 2, 2023, partially offset by lower utilization of loan commitments and paydowns outpacing new production.

▪Average deposits increased 2%, reflecting seasonality.

Fourth quarter 2023 compared with fourth quarter 2022

▪Earnings increased 24%, due to higher net interest and noninterest income, a lower provision for credit losses and a decline in noninterest expense.

–Noninterest income increased 3%, driven by higher capital markets and advisory fees and growth in treasury management product revenue, partially offset by lower commercial mortgage banking activities.

–Noninterest expense decreased 2%, reflecting a continued focus on expense management.

▪Average loans modestly increased, driven by the acquisition of capital commitment facilities from Signature Bridge Bank, N.A. on October 2, 2023, partially offset by lower utilization of loan commitments and paydowns outpacing new production.

▪Average deposits decreased 2%, and included the impact of quantitative tightening by the Federal Reserve.

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 11


Asset Management Group							Change		Change
							4Q23 vs		4Q23 vs
In millions	4Q23		3Q23		4Q22		3Q23		4Q22
Net interest income	$	156	$	139	$	152	$	17	$	4
Noninterest income	$	224	$	223	$	223	$	1	$	1
Noninterest expense	$	284	$	271	$	291	$	13	$	(7)
Provision for (recapture of) credit losses	$	2	$	(4)	$	17	$	6	$	(15)
Earnings	$	72	$	73	$	52	$	(1)	$	20

In billions
Discretionary client assets under management	$	189	$	176	$	173	$	13	$	16
Nondiscretionary client assets under administration	$	179	$	170	$	152	$	9	$	27
Client assets under administration at quarter end	$	368	$	346	$	325	$	22	$	43


In billions
Average loans	$	16.1	$	15.7	$	14.5	$	0.4	$	1.6
Average deposits	$	28.2	$	27.2	$	27.8	$	1.0	$	0.4




Net loan charge-offs (recoveries) In millions	$	(1)	—		$	18	$	(1)	$	(19)

Asset Management Group Highlights

Fourth quarter 2023 compared with third quarter 2023

▪Earnings decreased 1%, primarily due to higher noninterest expense and a provision for credit losses, partially offset by higher net interest income.

–Noninterest income was largely stable.

–Noninterest expense increased 5%, and included higher personnel costs and marketing spend.

▪Discretionary client assets under management increased 7%, driven by higher spot equity markets.

▪Average loans increased 3%, due to growth in residential mortgage loans.

▪Average deposits increased 4%, reflecting growth in deposit sweep balances.

Fourth quarter 2023 compared with fourth quarter 2022

▪Earnings increased 38%, primarily driven by a lower provision for credit losses, a decline in noninterest expense and higher net interest income.

–Noninterest income was relatively stable.

–Noninterest expense decreased 2%, reflecting a continued focus on expense management.

▪Discretionary client assets under management increased 9%, driven by higher spot equity markets.

▪Average loans increased 11%, driven by growth in residential mortgage loans.

▪Average deposits increased 1%, reflecting growth in deposit sweep and CD balances, partially offset by the impact of quantitative tightening by the Federal Reserve and the redeployment of funds to assets under management.

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 12

Other

The “Other” category, for the purposes of this release, 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, certain corporate overhead, tax adjustments that are not allocated to business segments, exited businesses and differences between business segment performance reporting and financial statement reporting under generally accepted accounting principles.

CONFERENCE CALL AND SUPPLEMENTAL FINANCIAL INFORMATION

PNC Chairman, President and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors today at 11:00 a.m. Eastern Time regarding the topics addressed in this news release and the related earnings materials. Dial-in numbers for the conference call are (800) 728-2056 and (312) 429-0440 (international) and Internet access to the live audio listen-only webcast of the call is available at www.pnc.com/investorevents. PNC's fourth quarter 2023 earnings materials to accompany the conference call remarks will be available at www.pnc.com/investorevents prior to the beginning of the call. A telephone replay of the call will be available for one week at (800) 633-8284 and (402) 977-9140 (international), Conference ID 22028514 and a replay of the audio webcast will be available on PNC's website for 30 days.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.


CONTACTS

MEDIA:						INVESTORS:
Timothy Miller						Bryan Gill
(412) 762-4550						(412) 768-4143
media.relations@pnc.com						investor.relations@pnc.com

[TABULAR MATERIAL FOLLOWS]

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 13


The PNC Financial Services Group, Inc.	Consolidated Financial Highlights (Unaudited)

FINANCIAL RESULTS		Three months ended									Year ended
Dollars in millions, except per share data		December 31			September 30			December 31			December 31			December 31
		2023			2023			2022			2023			2022
Revenue
Net interest income		$	3,403		$	3,418		$	3,684		$	13,916		$	13,014
Noninterest income		1,958			1,815			2,079			7,574			8,106
Total revenue		5,361			5,233			5,763			21,490			21,120
Provision for credit losses		232			129			408			742			477
Noninterest expense		4,074			3,245			3,474			14,012			13,170
Income before income taxes and noncontrolling interests		$	1,055		$	1,859		$	1,881		$	6,736		$	7,473
Income taxes		172			289			333			1,089			1,360




Net income		$	883		$	1,570		$	1,548		$	5,647		$	6,113
Less:
Net income attributable to noncontrolling interests		19			16			20			69			72
Preferred stock dividends (a)		118			104			120			417			301
Preferred stock discount accretion and redemptions		2			2			1			8			5
Net income attributable to common shareholders		$	744		$	1,448		$	1,407		$	5,153		$	5,735
Per Common Share
Basic		$	1.85		$	3.60		$	3.47		$	12.80		$	13.86


Diluted		$	1.85		$	3.60		$	3.47		$	12.79		$	13.85


Cash dividends declared per common share		$	1.55		$	1.55		$	1.50		$	6.10		$	5.75
Effective tax rate (b)		16.3		%	15.5		%	17.7		%	16.2		%	18.2		%
PERFORMANCE RATIOS
Net interest margin (c)		2.66		%	2.71		%	2.92		%	2.76		%	2.65		%
Noninterest income to total revenue		37		%	35		%	36		%	35		%	38		%
Efficiency (d)		76		%	62		%	60		%	65		%	62		%
Return on:
Average common shareholders' equity		6.93		%	13.65		%	14.19		%	12.35		%	13.52		%
Average assets		0.62		%	1.12		%	1.10		%	1.01		%	1.11		%

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

(b)The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax.

(c)Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources. To provide more meaningful comparisons of net interest margins, we use net interest income on a taxable-equivalent basis in calculating average yields used in the calculation of 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 generally accepted accounting principles (GAAP) in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022 were $36 million, $36 million and $36 million, respectively. The taxable-equivalent adjustments to net interest income for the twelve months ended December 31, 2023 and December 31, 2022 were $147 million and $112 million, respectively.

(d)Calculated as noninterest expense divided by total revenue.

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 14


The PNC Financial Services Group, Inc.	Consolidated Financial Highlights (Unaudited)

	December 31			September 30			December 31
	2023			2023			2022
BALANCE SHEET DATA
Dollars in millions, except per share data and as noted
Assets	$	561,580		$	557,334		$	557,263
Loans (a)	$	321,508		$	318,416		$	326,025
Allowance for loan and lease losses	$	4,791		$	4,767		$	4,741
Interest-earning deposits with banks	$	43,804		$	41,484		$	27,320
Investment securities	$	132,569		$	132,387		$	139,334








Total deposits	$	421,418		$	423,609		$	436,282
Borrowed funds (a)	$	72,737		$	66,167		$	58,713
Allowance for unfunded lending related commitments	$	663		$	640		$	694
Total shareholders' equity	$	51,105		$	49,454		$	45,774
Common shareholders' equity	$	44,864		$	42,215		$	40,028
Accumulated other comprehensive income (loss)	$	(7,712)		$	(10,261)		$	(10,172)
Book value per common share	$	112.72		$	105.98		$	99.93
Tangible book value per common share (non-GAAP) (b)	$	85.08		$	78.16		$	72.12
Period end common shares outstanding (In millions)	398			398			401
Loans to deposits	76		%	75		%	75		%
Common shareholders' equity to total assets	8.0		%	7.6		%	7.2		%
CLIENT ASSETS (In billions)
Discretionary client assets under management	$	189		$	176		$	173
Nondiscretionary client assets under administration	179			170			152
Total client assets under administration	368			346			325
Brokerage account client assets	80			78			74
Total client assets	$	448		$	424		$	399
CAPITAL RATIOS
Basel III (c) (d)
Common equity Tier 1	9.9		%	9.8		%	9.1		%
Common equity Tier 1 fully implemented (e)	9.8		%	9.7		%	8.9		%
Tier 1 risk-based	11.3		%	11.5		%	10.4		%
Total capital risk-based	13.2		%	13.4		%	12.3		%
Leverage	8.7		%	8.9		%	8.2		%
Supplementary leverage	7.2		%	7.6		%	6.9		%
ASSET QUALITY
Nonperforming loans to total loans	0.68		%	0.67		%	0.61		%
Nonperforming assets to total loans, OREO and foreclosed assets	0.69		%	0.68		%	0.62		%
Nonperforming assets to total assets	0.39		%	0.39		%	0.36		%
Net charge-offs to average loans (for the three months ended) (annualized)	0.24		%	0.15		%	0.28		%
Allowance for loan and lease losses to total loans	1.49		%	1.50		%	1.45		%
Allowance for credit losses to total loans (f)	1.70		%	1.70		%	1.67		%
Allowance for loan and lease losses to nonperforming loans	220		%	225		%	239		%
Total delinquencies (In millions) (g)	$	1,384		$	1,287		$	1,490

(a)Amounts include assets and liabilities for which we have elected the fair value option. Our 2023 Form 10-Qs included, and our 2023 Form 10-K will include, additional information regarding these Consolidated Balance Sheet line items.

(b)See the Tangible Book Value per Common Share table on page 18 for additional information.

(c)All ratios are calculated using the regulatory capital methodology applicable to PNC during each period presented and calculated based on the standardized approach. See Capital Ratios on page 15 for additional information. The ratios as of December 31, 2023 are estimated.

(d)The ratios are calculated to reflect PNC's election to adopt the CECL optional five-year transition provision.

(e)The estimated fully implemented ratios are calculated to reflect the full impact of CECL and exclude the benefits of the five-year transition provision.

(f)Excludes allowances for investment securities and other financial assets.

(g)Total delinquencies represent accruing loans more than 30 days past due.

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 15

The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)

CAPITAL RATIOS

PNC's regulatory risk-based capital ratios in 2023 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, past due exposures and equity exposures are generally subject to higher risk weights than other types of exposures.

PNC elected a five-year transition provision effective March 31, 2020 to delay until December 31, 2021 the full impact of the CECL standard on regulatory capital, followed by a three-year transition period. Effective for the first quarter 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 the table below for the September 30, 2023, December 31, 2022 and estimated December 31, 2023 ratios. For the full impact of PNC's adoption of CECL, which excludes the benefits of the five-year transition provision, see the December 31, 2023 and September 30, 2023 (Fully Implemented) estimates presented in the table below.

Our Basel III capital ratios may be impacted by changes to the regulatory capital rules and additional regulatory guidance or analysis.


Basel lll Common Equity Tier 1 Capital Ratios (a)
	Basel III
	December 31 2023 (estimated) (b)			September 30 2023 (b)			December 31 2022 (b)			December 31, 2023 (Fully Implemented) (estimated) (c)			September 30, 2023 (Fully Implemented) (estimated) (c)


Dollars in millions
Common stock, related surplus and retained earnings, net of treasury stock	$	53,059		$	52,958		$	50,924		$	52,576		$	52,476
Less regulatory capital adjustments:
Goodwill and disallowed intangibles, net of deferred tax liabilities	(10,999)			(11,083)			(11,138)			(10,999)			(11,083)
All other adjustments	(86)			(99)			(101)			(86)			(101)
Basel III Common equity Tier 1 capital	$	41,974		$	41,776		$	39,685		$	41,491		$	41,292
Basel III standardized approach risk-weighted assets (d)	$	424,905		$	425,131		$	435,537		$	425,050		$	425,323
Basel III Common equity Tier 1 capital ratio	9.9		%	9.8		%	9.1		%	9.8		%	9.7		%

(a)All ratios are calculated using the regulatory capital methodology applicable to PNC during each period presented.

(b)The ratios are calculated to reflect PNC's election to adopt the CECL optional five-year transition provisions.

(c)The December 31, 2023 and September 30, 2023 ratios are calculated to reflect the full impact of CECL and exclude the benefits of the five-year transition provisions.

(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.

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 16

The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)

NON-GAAP MEASURES


Core Noninterest Expense (non-GAAP) Efficiency Ratio - as adjusted (non-GAAP)	Three months ended						Year ended
	December 31			September 30			December 31			December 31
Dollars in millions	2023			2023			2023			2022
Noninterest expense	$	4,074		$	3,245		$	14,012		$	13,170
Less non-core noninterest expense adjustments:
FDIC special assessment costs	515						515
Workforce reduction charges	150						150
Total non-core noninterest expense adjustments	$	665					$	665
Core noninterest expense (non-GAAP)	$	3,409		$	3,245		$	13,347		$	13,170

Total revenue	$	5,361		$	5,233		$	21,490		$	21,120



Efficiency ratio (a)	76		%	62		%	65		%	62		%
Efficiency ratio - as adjusted (non-GAAP) (b)	64		%	62		%	62		%	62		%

(a)Calculated as noninterest expense divided by total revenue.

(b)Calculated as core noninterest expense divided by total revenue.

Core noninterest expense is a non-GAAP measure calculated based on noninterest expense less costs related to the FDIC special assessment related to the closures of Silicon Valley Bank (SVB) and Signature Bank as well as restructuring expenses incurred as part of the workforce reduction executed in the fourth quarter of 2023. We believe this non-GAAP measure to be a useful tool for comparison of operating expenses incurred during the normal course of business.

The efficiency ratio - as adjusted is a non-GAAP measure and excludes non-core noninterest expense adjustments comprised of costs related to the FDIC special assessment related to the closures of SVB and Signature Bank as well as restructuring expenses incurred as part of the workforce reduction executed in the fourth quarter of 2023. It is calculated based on adjusting the efficiency ratio calculation to use core noninterest expense which excludes the non-core noninterest expense adjustments. We believe that this non-GAAP measure is a useful tool for the purpose of evaluating PNC’s results. The exclusion of FDIC special assessment costs and workforce reduction charges increases comparability across periods, demonstrates the impact of significant items and provides a useful measure for determining PNC’s expenses that are core to our business operations and expected to recur over time.

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 17


The PNC Financial Services Group, Inc.						Consolidated Financial Highlights (Unaudited)


Pretax Pre-Provision Earnings (non-GAAP) Pretax Pre-Provision Earnings - as adjusted (non-GAAP)	Three months ended				Year ended
	December 31		September 30		December 31		December 31
Dollars in millions	2023		2023		2023		2022
Income before income taxes and noncontrolling interests	$	1,055	$	1,859	$	6,736	$	7,473
Provision for credit losses	232		129		742		477
Pretax pre-provision earnings (non-GAAP)	$	1,287	$	1,988	$	7,478	$	7,950



Total non-core noninterest expense adjustments	665				665
Pretax pre-provision earnings - as adjusted (non-GAAP)	$	1,952	$	1,988	$	8,143	$	7,950

Pretax pre-provision earnings is a non-GAAP measure and is based on adjusting income before income taxes and noncontrolling interests to exclude provision for credit losses. We believe that pretax, pre-provision earnings is a useful tool to help evaluate the ability to provide for credit costs through operations and provides an additional basis to compare results between periods by isolating the impact of provision for credit losses, which can vary significantly between periods.

Pretax pre-provision earnings - as adjusted is a non-GAAP measure and is based on adjusting pretax pre-provision earnings to exclude non-core noninterest expense adjustments comprised of costs related to the FDIC special assessment related to the closures of SVB and Signature Bank as well as restructuring expenses incurred as part of the workforce reduction executed in the fourth quarter of 2023. We believe that this non-GAAP measure is a useful tool in understanding PNC’s results by providing greater comparability between periods, as well as demonstrating the effect of significant items.


Diluted Earnings per Common Share - as adjusted (non-GAAP)	Three months ended				Year ended
	December 31		Per Common		December 31		Per Common
Dollars in millions, except per share data	2023		Share		2023		Share
Net income attributable to common shareholders	$	744			$	5,153
Dividends and undistributed earnings allocated to nonvested restricted shares	(4)				(27)
Net income attributable to diluted common shareholders	$	740	$	1.85	$	5,126	$	12.79


Total non-core noninterest expense adjustments after tax (a)	525		$	1.31	525		$	1.31
Net income attributable to diluted common shareholders - as adjusted (non-GAAP)	$	1,265	$	3.16	$	5,651	$	14.10
Average diluted common shares outstanding (In millions)	401				401

(a)Statutory tax rate of 21% used to calculate impacts.

The diluted earnings per common share - as adjusted is a non-GAAP measure and excludes non-core noninterest expense adjustments comprised of costs related to the FDIC special assessment related to the closures of SVB and Signature Bank as well as restructuring expenses incurred as part of the workforce reduction executed in the fourth quarter of 2023. It is calculated based on adjusting net income attributable to diluted common shareholders by removing post-tax non-core noninterest expense adjustments in the period. We believe this non-GAAP measure serves as a useful tool in understanding PNC’s results by providing greater comparability between periods, as well as demonstrating the effect of significant items.

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PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 18


The PNC Financial Services Group, Inc.						Consolidated Financial Highlights (Unaudited)


Tangible Book Value per Common Share (non-GAAP)
	December 31		September 30		December 31
Dollars in millions, except per share data	2023		2023		2022
Book value per common share	$	112.72	$	105.98	$	99.93
Tangible book value per common share
Common shareholders' equity	$	44,864	$	42,215	$	40,028
Goodwill and other intangible assets	(11,244)		(11,337)		(11,400)
Deferred tax liabilities on goodwill and other intangible assets	244		254		261
Tangible common shareholders' equity	$	33,864	$	31,132	$	28,889
Period-end common shares outstanding (In millions)	398		398		401
Tangible book value per common share (non-GAAP)	$	85.08	$	78.16	$	72.12

Tangible book value per common share is a non-GAAP measure and is calculated based on tangible common shareholders' equity divided by period-end common shares outstanding. We believe this non-GAAP measure serves as a useful tool to help evaluate the strength and discipline of a company’s capital management strategies and as an additional, conservative measure of total company value.


Taxable-Equivalent Net Interest Income (non-GAAP)	Three months ended				Year ended
	December 31		September 30			December 31		December 31
Dollars in millions	2023		2023			2023		2022
Net interest income	$	3,403	$	3,418		$	13,916	$	13,014
Taxable-equivalent adjustments	36		36			147		112
Net interest income (Fully Taxable-Equivalent - FTE) (non-GAAP)	$	3,439	$	3,454		$	14,063	$	13,126

The interest income earned on certain 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. Taxable-equivalent net interest income is only used for calculating net interest margin. Net interest income shown elsewhere in this presentation is GAAP net interest income.

- more -

PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 19

Cautionary Statement Regarding Forward-Looking Information

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

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

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

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

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

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

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

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

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

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

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

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

–Commodity price volatility.

▪Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting and do not take into account potential legal and regulatory contingencies. These statements are based on our views that:

–Economic growth accelerated in the first three quarters of 2023, but Federal Reserve monetary policy tightening to slow inflation is weighing on interest-rate sensitive industries. Sectors where interest rates play an outsized role, such as business investment and consumer spending on durable goods, will contract in 2024.

–PNC’s baseline outlook is for a mild recession starting in mid-2024, with a small contraction in real GDP of less than 1%, lasting into late 2024. The unemployment rate will increase throughout 2024, peaking at close to 5% in early 2025. Inflation will slow with weaker demand, moving back to the Federal Reserve's 2% objective by the second half of 2024.

–PNC expects the federal funds rate to remain unchanged in the near term, between 5.25% and 5.50% through mid-2024, with federal funds rate cuts starting in mid-2024 in response to the recession.

▪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 Comprehensive Capital Analysis and Review (CCAR) process.

▪PNC's regulatory capital ratios in the future will depend on, among other things, the company'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.

- more -

PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 As Adjusted – Page 20

Cautionary Statement Regarding Forward-Looking Information (Continued)

▪Legal and regulatory developments could have an impact on our ability to operate our businesses, financial condition, results of operations, competitive position, reputation, or pursuit of attractive acquisition opportunities. Reputational impacts could affect matters such as business generation and retention, liquidity, funding, and ability to attract and retain employees. These developments could include:

–Changes to laws and regulations, including changes affecting oversight of the financial services industry, changes in the enforcement and interpretation of such laws and regulations, and changes in accounting and reporting standards.

–Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries resulting in monetary losses, costs, or alterations in our business practices, and potentially causing reputational harm to PNC.

–Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies.

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

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

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

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

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

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

We provide greater detail regarding these as well as other factors in our 2022 Form 10-K and subsequent Form 10-Qs, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes of the Notes To Consolidated Financial Statements in those reports, and in our other subsequent SEC filings. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss elsewhere in this news release or in our SEC filings, accessible on the SEC's website at www.sec.gov and on our corporate website at www.pnc.com/secfilings. We have included these web addresses as inactive textual references only. Information on these websites is not part of this document.

###

Exhibit 99.2

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

(Unaudited)

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

(UNAUDITED)


Consolidated Results:			Page
Income Statement			1
Balance Sheet			2
Average Balance Sheet			3
Details of Net Interest Margin			4

Loans			5
Allowance for Credit Losses			6-7
Nonperforming Assets			8
Accruing Loans Past Due			9-11

Business Segment Results:
Descriptions			12
Period End Employees			12
Net Income and Revenue			13
Retail Banking			14-15
Corporate & Institutional Banking			16
Asset Management Group			17

Glossary of Terms			18-19

The information contained in this Financial Supplement is preliminary, unaudited and based on data available on January 16, 2024. This information speaks only as of the particular date or dates included in the schedules. We do not undertake any obligation to, and disclaim any duty to, correct or update any of the information provided in this Financial Supplement. Our future financial performance is subject to risks and uncertainties as described in our United States Securities and Exchange Commission (SEC) filings.

BUSINESS

PNC is one of the largest diversified financial services companies in the United States (U.S.) and is headquartered in Pittsburgh, Pennsylvania. PNC has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing many of its products and services nationally. PNC's retail branch network is located coast-to-coast. PNC also has strategic international offices in four countries outside the U.S.


THE PNC FINANCIAL SERVICES GROUP, INC.
Cross Reference Index to Fourth Quarter 2023 Financial Supplement (Unaudited)
Financial Supplement Table Reference

Table	Description	Page
1	Consolidated Income Statement	1
2	Consolidated Balance Sheet	2
3	Average Consolidated Balance Sheet	3
4	Details of Net Interest Margin	4

5	Details of Loans	5
6	Change in Allowance for Loan and Lease Losses	6
7	Components of the Provision for (Recapture of) Credit Losses	7
8	Allowance for Credit Losses by Loan Class	7
9	Nonperforming Assets by Type	8
10	Change in Nonperforming Assets	8
11	Accruing Loans Past Due 30 to 59 Days	9
12	Accruing Loans Past Due 60 to 89 Days	10
13	Accruing Loans Past Due 90 Days or More	11
14	Period End Employees	12
15	Summary of Business Segment Net Income and Revenue	13
16	Retail Banking	14-15
17	Corporate & Institutional Banking	16
18	Asset Management Group	17


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 1

Table 1: Consolidated Income Statement (Unaudited)


	Three months ended															Year ended
	December 31			September 30			June 30			March 31			December 31			December 31			December 31
In millions, except per share data	2023			2023			2023			2023			2022			2023			2022
Interest Income
Loans	$	4,875		$	4,643		$	4,523		$	4,258		$	3,860		$	18,299		$	11,795
Investment securities	885			892			883			885			836			3,545			2,726
Other	742			668			538			516			413			2,464			915
Total interest income	6,502			6,203			5,944			5,659			5,109			24,308			15,436
Interest Expense
Deposits	1,995			1,792			1,531			1,291			812			6,609			1,267
Borrowed funds	1,104			993			903			783			613			3,783			1,155
Total interest expense	3,099			2,785			2,434			2,074			1,425			10,392			2,422
Net interest income	3,403			3,418			3,510			3,585			3,684			13,916			13,014
Noninterest Income
Asset management and brokerage	360			348			348			356			345			1,412			1,444
Capital markets and advisory	309			168			213			262			336			952			1,296
Card and cash management	688			689			697			659			671			2,733			2,633
Lending and deposit services	314			315			298			306			296			1,233			1,134
Residential and commercial mortgage	149			201			98			177			184			625			647
Other (a) (b)	138			94			129			258			247			619			952
Total noninterest income	1,958			1,815			1,783			2,018			2,079			7,574			8,106
Total revenue	5,361			5,233			5,293			5,603			5,763			21,490			21,120
Provision For Credit Losses	232			129			146			235			408			742			477
Noninterest Expense
Personnel	1,983			1,773			1,846			1,826			1,943			7,428			7,244
Occupancy	243			244			244			251			247			982			992
Equipment	365			347			349			350			369			1,411			1,395
Marketing	74			93			109			74			106			350			355
Other	1,409			788			824			820			809			3,841			3,184
Total noninterest expense	4,074			3,245			3,372			3,321			3,474			14,012			13,170
Income before income taxes and noncontrolling interests	1,055			1,859			1,775			2,047			1,881			6,736			7,473
Income taxes	172			289			275			353			333			1,089			1,360




Net income	883			1,570			1,500			1,694			1,548			5,647			6,113
Less: Net income attributable to noncontrolling interests	19			16			17			17			20			69			72
Preferred stock dividends (c)	118			104			127			68			120			417			301
Preferred stock discount accretion and redemptions	2			2			2			2			1			8			5
Net income attributable to common shareholders	$	744		$	1,448		$	1,354		$	1,607		$	1,407		$	5,153		$	5,735
Earnings Per Common Share
Basic	$	1.85		$	3.60		$	3.36		$	3.98		$	3.47		$	12.80		$	13.86


Diluted	$	1.85		$	3.60		$	3.36		$	3.98		$	3.47		$	12.79		$	13.85


Average Common Shares Outstanding
Basic	400			400			401			401			404			401			412
Diluted	401			400			401			402			404			401			412
Efficiency	76		%	62		%	64		%	59		%	60		%	65		%	62		%
Noninterest income to total revenue	37		%	35		%	34		%	36		%	36		%	35		%	38		%
Effective tax rate (d)	16.3		%	15.5		%	15.5		%	17.2		%	17.7		%	16.2		%	18.2		%

(a)Includes net gains (losses) on sale of securities of less than $1 million, less than $1 million, $(2) million, less than $1 million and $(3) million for the quarters ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022 respectively, and $(2) million and $(7) million for the twelve months ended December 31, 2023 and December 31, 2022, respectively.

(b)Includes Visa Class B derivative fair value adjustments of $(100) million, $(51) million, $(83) million, $(45) million and $(41) million for the quarters ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022, respectively, and $(279) million and $(40) million for the twelve months ended December 31, 2023 and December 31, 2022, respectively.

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

(d)The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 2

Table 2: Consolidated Balance Sheet (Unaudited)


	December 31		September 30		June 30		March 31		December 31
In millions, except par value	2023		2023		2023		2023		2022
Assets
Cash and due from banks	$	6,921	$	5,300	$	6,191	$	5,940	$	7,043
Interest-earning deposits with banks (a)	43,804		41,484		38,259		33,865		27,320
Loans held for sale (b)	734		923		835		998		1,010
Investment securities – available for sale	41,785		40,590		41,787		43,220		44,159
Investment securities – held to maturity	90,784		91,797		93,874		95,019		95,175
Loans (b)	321,508		318,416		321,761		326,475		326,025
Allowance for loan and lease losses	(4,791)		(4,767)		(4,737)		(4,741)		(4,741)
Net loans	316,717		313,649		317,024		321,734		321,284
Equity investments	8,314		8,046		8,015		8,323		8,437
Mortgage servicing rights	3,686		4,006		3,455		3,293		3,423
Goodwill	10,932		10,987		10,987		10,987		10,987
Other (b)	37,903		40,552		37,780		38,398		38,425
Total assets	$	561,580	$	557,334	$	558,207	$	561,777	$	557,263
Liabilities
Deposits
Noninterest-bearing	$	101,285	$	105,672	$	110,527	$	118,014	$	124,486
Interest-bearing	320,133		317,937		316,962		318,819		311,796
Total deposits	421,418		423,609		427,489		436,833		436,282
Borrowed funds
Federal Home Loan Bank borrowings	38,000		36,000		34,000		32,020		32,075
Senior debt	26,836		22,407		22,005		19,622		16,657
Subordinated debt	4,875		4,728		5,548		5,630		6,307
Other (b)	3,026		3,032		3,831		3,550		3,674
Total borrowed funds	72,737		66,167		65,384		60,822		58,713
Allowance for unfunded lending related commitments	663		640		663		672		694
Accrued expenses and other liabilities (b)	15,621		17,437		15,325		14,376		15,762
Total liabilities	510,439		507,853		508,861		512,703		511,451
Equity
Preferred stock (c)
Common stock - $5 par value
Authorized 800,000,000 shares, issued 543,116,271, 543,012,047, 543,012,047, 542,874,855 and 542,874,829 shares	2,716		2,715		2,715		2,714		2,714
Capital surplus	19,020		19,971		19,934		19,864		18,376
Retained earnings	56,290		56,170		55,346		54,598		53,572
Accumulated other comprehensive income (loss)	(7,712)		(10,261)		(9,525)		(9,108)		(10,172)
Common stock held in treasury at cost: 145,087,054, 144,671,252, 144,763,739, 143,781,812 and 142,298,689 shares	(19,209)		(19,141)		(19,150)		(19,024)		(18,716)
Total shareholders’ equity	51,105		49,454		49,320		49,044		45,774
Noncontrolling interests	36		27		26		30		38
Total equity	51,141		49,481		49,346		49,074		45,812
Total liabilities and equity	$	561,580	$	557,334	$	558,207	$	561,777	$	557,263

(a)Amounts include balances held with the Federal Reserve Bank of $43.3 billion, $41.1 billion, $37.8 billion, $32.5 billion and $26.9 billion as of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.

(b)Amounts include assets and liabilities for which PNC has elected the fair value option. Our 2023 Form 10-Qs included, and our 2023 Form 10-K will include, additional information regarding these items.

(c)Par value less than $0.5 million at each date.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 3


Table 3: Average Consolidated Balance Sheet (Unaudited) (a) (b)
	Three months ended										Year ended
	December 31		September 30		June 30		March 31		December 31		December 31		December 31
In millions	2023		2023		2023		2023		2022		2023		2022
Assets
Interest-earning assets:
Investment securities
Securities available for sale
Residential mortgage-backed
Agency	$	30,980	$	31,020	$	31,180	$	31,850	$	31,818	$	31,255	$	42,151
Non-agency	599		627		663		689		714		644		842
Commercial mortgage-backed	2,727		2,880		2,948		3,102		3,377		2,913		4,107
Asset-backed	1,080		989		575		218		105		719		2,184
U.S. Treasury and government agencies	7,788		7,996		8,231		9,088		10,345		8,271		21,642
Other	2,899		2,931		2,997		3,263		3,370		3,021		3,982
Total securities available for sale	46,073		46,443		46,594		48,210		49,729		46,823		74,908
Securities held to maturity
Residential mortgage-backed	43,336		44,112		45,033		45,616		44,184		44,517		29,325
Commercial mortgage-backed	2,318		2,346		2,396		2,453		2,323		2,378		1,400
Asset-backed	6,040		6,463		6,712		7,026		6,995		6,557		4,446
U.S. Treasury and government agencies	36,457		37,043		36,912		36,748		36,441		36,790		25,074
Other	3,164		3,256		3,391		3,338		3,218		3,286		1,996
Total securities held to maturity	91,315		93,220		94,444		95,181		93,161		93,528		62,241
Total investment securities	137,388		139,663		141,038		143,391		142,890		140,351		137,149
Loans
Commercial and industrial	180,566		175,206		180,878		182,017		179,111		179,650		168,663
Commercial real estate	35,617		36,032		35,938		36,110		36,181		35,923		34,954
Equipment lease financing	6,430		6,441		6,364		6,452		6,275		6,423		6,196
Consumer	54,512		54,744		55,070		55,020		54,809		54,835		54,721
Residential real estate	47,444		47,081		46,284		45,927		45,499		46,689		43,165
Total loans	324,569		319,504		324,534		325,526		321,875		323,520		307,699
Interest-earning deposits with banks (c)	42,627		38,352		31,433		34,054		30,395		36,645		41,050
Other interest-earning assets	8,738		8,777		9,215		8,806		9,690		8,884		9,651
Total interest-earning assets	513,322		506,296		506,220		511,777		504,850		509,400		495,549
Noninterest-earning assets	48,997		48,667		49,287		50,555		52,356		49,370		55,103
Total assets	$	562,319	$	554,963	$	555,507	$	562,332	$	557,206	$	558,770	$	550,652
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market	$	66,393	$	64,310	$	63,691	$	65,753	$	63,944	$	65,037	$	61,376
Demand	124,124		123,730		124,111		124,376		122,501		124,084		118,749
Savings	98,490		100,643		102,415		104,408		102,020		101,470		106,577
Time deposits	30,357		25,872		22,342		20,519		12,982		24,802		12,340
Total interest-bearing deposits	319,364		314,555		312,559		315,056		301,447		315,393		299,042
Borrowed funds
Federal Home Loan Bank borrowings	37,783		34,109		33,752		32,056		30,640		34,440		13,674
Senior debt	26,634		23,479		20,910		19,679		16,312		22,696		16,265
Subordinated debt	5,091		5,293		5,850		6,100		6,933		5,580		7,081
Other	3,384		4,584		5,180		5,133		5,346		4,566		5,430
Total borrowed funds	72,892		67,465		65,692		62,968		59,231		67,282		42,450
Total interest-bearing liabilities	392,256		382,020		378,251		378,024		360,678		382,675		341,492
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits	104,567		107,981		113,178		121,176		133,461		111,670		144,382
Accrued expenses and other liabilities	16,328		15,629		15,063		16,014		17,461		15,759		16,414
Equity	49,168		49,333		49,015		47,118		45,606		48,666		48,364
Total liabilities and equity	$	562,319	$	554,963	$	555,507	$	562,332	$	557,206	$	558,770	$	550,652

(a)Calculated using average daily balances.

(b)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.

(c)Amounts include average balances held with the Federal Reserve Bank of $42.2 billion, $37.9 billion, $30.6 billion, $33.5 billion and $30.0 billion for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022 and $36.1 billion and $40.7 billion for the twelve months ended December 31, 2023 and December 31, 2022, respectively.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 4


Table 4: Details of Net Interest Margin (Unaudited)
	Three months ended										Year ended
	December 31		September 30		June 30		March 31		December 31		December 31		December 31
	2023		2023		2023		2023		2022		2023		2022
Average yields/rates (a)
Yield on interest-earning assets
Investment securities
Securities available for sale
Residential mortgage-backed
Agency	2.83	%	2.73	%	2.67	%	2.67	%	2.54	%	2.73	%	2.11	%
Non-agency	9.15	%	10.42	%	9.39	%	8.53	%	7.85	%	9.32	%	7.60	%
Commercial mortgage-backed	3.00	%	3.41	%	2.84	%	2.62	%	2.75	%	2.95	%	2.53	%
Asset-backed	6.41	%	6.30	%	6.56	%	7.04	%	11.98	%	6.40	%	1.69	%
U.S. Treasury and government agencies	2.22	%	2.28	%	2.20	%	2.05	%	1.96	%	2.21	%	1.45	%
Other	2.61	%	2.58	%	2.55	%	2.47	%	2.39	%	2.55	%	2.56	%
Total securities available for sale	2.89	%	2.87	%	2.73	%	2.64	%	2.52	%	2.78	%	2.02	%
Securities held to maturity
Residential mortgage-backed	2.75	%	2.72	%	2.72	%	2.74	%	2.60	%	2.73	%	2.31	%
Commercial mortgage-backed	5.53	%	5.55	%	5.35	%	4.95	%	4.57	%	5.34	%	3.64	%
Asset-backed	4.57	%	4.36	%	4.10	%	3.97	%	3.44	%	4.24	%	2.74	%
U.S. Treasury and government agencies	1.32	%	1.34	%	1.34	%	1.33	%	1.30	%	1.33	%	1.20	%
Other	4.72	%	4.57	%	4.65	%	4.62	%	4.47	%	4.63	%	4.31	%
Total securities held to maturity	2.44	%	2.42	%	2.41	%	2.41	%	2.27	%	2.42	%	1.99	%
Total investment securities	2.59	%	2.57	%	2.52	%	2.49	%	2.36	%	2.54	%	2.00	%
Loans
Commercial and industrial	6.13	%	5.86	%	5.70	%	5.34	%	4.70	%	5.84	%	3.60	%
Commercial real estate	6.68	%	6.59	%	6.37	%	6.02	%	5.28	%	6.50	%	3.97	%
Equipment lease financing	4.98	%	4.72	%	4.51	%	4.28	%	4.18	%	4.62	%	3.84	%
Consumer	7.00	%	6.89	%	6.57	%	6.34	%	5.88	%	6.70	%	5.14	%
Residential real estate	3.60	%	3.52	%	3.41	%	3.35	%	3.28	%	3.47	%	3.16	%
Total loans	5.94	%	5.75	%	5.57	%	5.29	%	4.75	%	5.69	%	3.86	%
Interest-earning deposits with banks	5.53	%	5.44	%	5.10	%	4.58	%	3.76	%	5.19	%	1.41	%
Other interest-earning assets	6.96	%	6.66	%	5.96	%	5.75	%	5.20	%	6.33	%	3.50	%
Total yield on interest-earning assets	5.03	%	4.87	%	4.70	%	4.46	%	4.02	%	4.80	%	3.14	%
Rate on interest-bearing liabilities
Interest-bearing deposits
Money market	3.32	%	3.10	%	2.79	%	2.40	%	1.75	%	2.91	%	0.72	%
Demand	2.26	%	2.15	%	1.89	%	1.58	%	1.14	%	1.97	%	0.49	%
Savings	1.68	%	1.49	%	1.26	%	1.03	%	0.50	%	1.36	%	0.17	%
Time deposits	4.11	%	3.67	%	3.26	%	3.00	%	1.45	%	3.60	%	0.52	%
Total interest-bearing deposits	2.48	%	2.26	%	1.96	%	1.66	%	1.07	%	2.10	%	0.42	%
Borrowed funds
Federal Home Loan Bank borrowings	5.66	%	5.55	%	5.28	%	4.80	%	3.92	%	5.41	%	3.22	%
Senior debt	6.25	%	6.17	%	5.91	%	5.39	%	4.30	%	6.05	%	2.47	%
Subordinated debt	6.63	%	6.52	%	6.19	%	5.69	%	4.79	%	6.24	%	2.91	%
Other	5.55	%	4.49	%	3.79	%	3.70	%	3.24	%	4.34	%	1.99	%
Total borrowed funds	5.94	%	5.77	%	5.44	%	4.98	%	4.07	%	5.62	%	2.72	%
Total rate on interest-bearing liabilities	3.10	%	2.86	%	2.56	%	2.20	%	1.55	%	2.72	%	0.71	%
Interest rate spread	1.93	%	2.01	%	2.14	%	2.26	%	2.47	%	2.08	%	2.43	%
Benefit from use of noninterest-bearing sources (b)	0.73	%	0.70	%	0.65	%	0.58	%	0.45	%	0.68	%	0.22	%
Net interest margin	2.66	%	2.71	%	2.79	%	2.84	%	2.92	%	2.76	%	2.65	%

(a)Yields and rates are calculated using the applicable annualized interest income or interest expense divided by the applicable average earning assets or interest-bearing liabilities. Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources. To provide more meaningful comparisons of net interest margins, we use net interest income on a taxable-equivalent basis in calculating average yields used in the calculation of 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 in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022 were $36 million, $36 million, $37 million, $38 million and $36 million, respectively. The taxable-equivalent adjustments to net interest income for the twelve months ended December 31, 2023 and December 31, 2022 were $147 million and $112 million, respectively.

(b)Represents the positive effects of investing noninterest-bearing sources in interest-earning assets.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 5

Table 5: Details of Loans (Unaudited)


	December 31		September 30		June 30		March 31		December 31
In millions	2023		2023		2023		2023		2022
Commercial
Commercial and industrial
Manufacturing	$	28,989	$	29,163	$	30,586	$	32,132	$	30,845
Financial services	28,422		22,770		21,823		22,534		21,320
Retail/wholesale trade	28,198		28,284		28,751		29,172		29,176
Service providers	21,354		21,680		22,277		23,186		23,548
Real estate related (a)	16,235		16,182		17,200		17,548		17,780
Technology, media & telecommunications	10,249		10,989		11,158		11,338		11,845
Health care	9,808		10,092		10,186		10,537		10,649
Transportation and warehousing	7,733		7,891		8,048		7,824		7,858
Other industries	26,592		27,112		27,600		28,726		29,198
Total commercial and industrial	177,580		174,163		177,629		182,997		182,219
Commercial real estate	35,436		35,776		35,928		35,991		36,316
Equipment lease financing	6,542		6,493		6,400		6,424		6,514
Total commercial	219,558		216,432		219,957		225,412		225,049
Consumer
Residential real estate	47,544		47,359		46,834		46,067		45,889
Home equity	26,150		26,159		26,200		26,203		25,983
Automobile	14,860		14,940		15,065		14,923		14,836
Credit card	7,180		7,060		7,092		6,961		7,069
Education	1,945		2,020		2,058		2,131		2,173
Other consumer	4,271		4,446		4,555		4,778		5,026
Total consumer	101,950		101,984		101,804		101,063		100,976
Total loans	$	321,508	$	318,416	$	321,761	$	326,475	$	326,025

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


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 6

Allowance for Credit Losses (Unaudited)

Table 6: Change in Allowance for Loan and Lease Losses


	Three months ended															Year ended
	December 31			September 30			June 30			March 31			December 31			December 31			December 31
Dollars in millions	2023			2023			2023			2023			2022			2023			2022
Allowance for loan and lease losses
Beginning balance	$	4,767		$	4,737		$	4,741		$	4,741		$	4,581		$	4,741		$	4,868
Adoption of ASU 2022-02 (a)										(35)						(35)
Beginning balance, adjusted	4,767			4,737			4,741			4,706			4,581			4,706			4,868
Gross charge-offs:
Commercial and industrial	(52)			(43)			(45)			(104)			(121)			(244)			(257)
Commercial real estate	(56)			(25)			(87)			(12)			(22)			(180)			(44)
Equipment lease financing	(7)			(4)			(3)			(4)			(2)			(18)			(6)
Residential real estate	(2)			(1)			(2)			(3)			(2)			(8)			(11)
Home equity	(6)			(4)			(5)			(6)			(6)			(21)			(15)
Automobile	(30)			(30)			(28)			(33)			(34)			(121)			(152)
Credit card	(87)			(78)			(80)			(74)			(62)			(319)			(256)
Education	(4)			(4)			(5)			(4)			(4)			(17)			(16)
Other consumer	(40)			(44)			(38)			(42)			(64)			(164)			(228)
Total gross charge-offs	(284)			(233)			(293)			(282)			(317)			(1,092)			(985)
Recoveries:
Commercial and industrial	24			45			33			20			33			122			101
Commercial real estate	2			2						2			2			6			5
Equipment lease financing	1			2			3			3			1			9			8
Residential real estate	3			3			4			3			2			13			17
Home equity	10			12			13			11			13			46			71
Automobile	23			26			27			24			24			100			124
Credit card	11			10			11			11			8			43			51
Education	2			1			2			2			1			7			5
Other consumer	8			11			6			11			9			36			40
Total recoveries	84			112			99			87			93			382			422
Net (charge-offs) / recoveries:
Commercial and industrial	(28)			2			(12)			(84)			(88)			(122)			(156)
Commercial real estate	(54)			(23)			(87)			(10)			(20)			(174)			(39)
Equipment lease financing	(6)			(2)						(1)			(1)			(9)			2
Residential real estate	1			2			2									5			6
Home equity	4			8			8			5			7			25			56
Automobile	(7)			(4)			(1)			(9)			(10)			(21)			(28)
Credit card	(76)			(68)			(69)			(63)			(54)			(276)			(205)
Education	(2)			(3)			(3)			(2)			(3)			(10)			(11)
Other consumer	(32)			(33)			(32)			(31)			(55)			(128)			(188)
Total net (charge-offs)	(200)			(121)			(194)			(195)			(224)			(710)			(563)
Provision for credit losses (b)	221			153			189			229			380			792			439
Other	3			(2)			1			1			4			3			(3)
Ending balance	$	4,791		$	4,767		$	4,737		$	4,741		$	4,741		$	4,791		$	4,741
Supplemental Information
Net charge-offs
Commercial net charge-offs	$	(88)		$	(23)		$	(99)		$	(95)		$	(109)		$	(305)		$	(193)
Consumer net charge-offs	(112)			(98)			(95)			(100)			(115)			(405)			(370)
Total net charge-offs	$	(200)		$	(121)		$	(194)		$	(195)		$	(224)		$	(710)		$	(563)
Net charge-offs to average loans (c)	0.24		%	0.15		%	0.24		%	0.24		%	0.28		%	0.22		%	0.18		%
Commercial	0.16		%	0.04		%	0.18		%	0.17		%	0.20		%	0.14		%	0.09		%
Consumer	0.44		%	0.38		%	0.38		%	0.40		%	0.45		%	0.40		%	0.38		%

(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. Our third quarter 2023 Form 10-Q included, and our 2023 Form 10-K will include additional information related to our adoption of this ASU.

(b)See Table 7 for the components of the Provision for credit losses being reported on the Consolidated Income Statement.

(c)Three month period percentages are annualized.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 7

Allowance for Credit Losses (Unaudited) (Continued)

Table 7: Components of the Provision for Credit Losses


	Three months ended										Year ended
	December 31		September 30		June 30		March 31		December 31		December 31		December 31
In millions	2023		2023		2023		2022		2022		2023		2022
Provision for credit losses
Loans and leases	$	221	$	153	$	189	$	229	$	380	$	792	$	439
Unfunded lending related commitments	23		(23)		(9)		(22)		12		(31)		32
Investment securities	(7)		(10)				(1)		10		(18)		17
Other financial assets	(5)		9		(34)		29		6		(1)		(11)
Total provision for credit losses	$	232	$	129	$	146	$	235	$	408	$	742	$	477

Table 8: Allowance for Credit Losses by Loan Class (a)


	December 31, 2023						September 30, 2023						December 31, 2022
Dollars in millions	Allowance Amount		Total Loans		% of Total Loans		Allowance Amount		Total Loans		% of Total Loans		Allowance Amount		Total Loans		% of Total Loans
Allowance for loan and lease losses
Commercial
Commercial and industrial	$	1,806	$	177,580	1.02	%	$	1,843	$	174,163	1.06	%	$	1,957	$	182,219	1.07	%
Commercial real estate	1,371		35,436		3.87	%	1,270		35,776		3.55	%	1,047		36,316		2.88	%
Equipment lease financing	82		6,542		1.25	%	109		6,493		1.68	%	110		6,514		1.69	%
Total commercial	3,259		219,558		1.48	%	3,222		216,432		1.49	%	3,114		225,049		1.38	%
Consumer
Residential real estate	61		47,544		0.13	%	62		47,359		0.13	%	92		45,889		0.20	%
Home equity	276		26,150		1.06	%	288		26,159		1.10	%	274		25,983		1.05	%
Automobile	173		14,860		1.16	%	169		14,940		1.13	%	226		14,836		1.52	%
Credit card	766		7,180		10.67	%	762		7,060		10.79	%	748		7,069		10.58	%
Education	56		1,945		2.88	%	56		2,020		2.77	%	63		2,173		2.90	%
Other consumer	200		4,271		4.68	%	208		4,446		4.68	%	224		5,026		4.46	%
Total consumer	1,532		101,950		1.50	%	1,545		101,984		1.51	%	1,627		100,976		1.61	%
Total	4,791		$	321,508	1.49	%	4,767		$	318,416	1.50	%	4,741		$	326,025	1.45	%
Allowance for unfunded lending related commitments	663						640						694
Allowance for credit losses	$	5,454					$	5,407					$	5,435

Supplemental Information
Allowance for credit losses to total loans					1.70	%					1.70	%					1.67	%
Commercial					1.73	%					1.73	%					1.66	%
Consumer					1.62	%					1.62	%					1.69	%

(a) Excludes allowances for investment securities and other financial assets, which together totaled $120 million, $131 million and $176 million at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 8

Details of Nonperforming Assets (Unaudited)

Table 9: Nonperforming Assets by Type


	December 31			September 30			June 30			March 31			December 31
Dollars in millions	2023			2023			2023			2023			2022
Nonperforming loans (a)
Commercial
Commercial and industrial
Service providers	$	157		$	162		$	114		$	128		$	174
Technology, media & telecommunications	156			51			55			22			20
Health care	36			37			60			57			50
Transportation and warehousing	35			44			33			24			27
Manufacturing	32			34			50			105			85
Retail/wholesale trade	30			41			41			82			151
Real estate related (b)	30			31			42			43			50
Other industries	83			58			75			87			106
Total commercial and industrial	559			458			470			548			663
Commercial real estate	735			723			350			337			189
Equipment lease financing	13			30			7			6			6
Total commercial	1,307			1,211			827			891			858
Consumer (c)
Residential real estate	294			330			429			432			424
Home equity	458			446			506			523			526
Automobile	104			114			133			145			155
Credit card	10			11			10			9			8
Other consumer	7			11			8			10			14
Total consumer	873			912			1,086			1,119			1,127
Total nonperforming loans (d)	2,180			2,123			1,913			2,010			1,985
OREO and foreclosed assets	36			35			36			38			34
Total nonperforming assets	$	2,216		$	2,158		$	1,949		$	2,048		$	2,019
Nonperforming loans to total loans	0.68		%	0.67		%	0.59		%	0.62		%	0.61		%
Nonperforming assets to total loans, OREO and foreclosed assets	0.69		%	0.68		%	0.61		%	0.63		%	0.62		%
Nonperforming assets to total assets	0.39		%	0.39		%	0.35		%	0.36		%	0.36		%
Allowance for loan and lease losses to nonperforming loans	220		%	225		%	248		%	236		%	239		%

(a)In connection with the adoption of ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, nonperforming loan amounts after January 1, 2023 include certain loans whose terms were modified as a result of a borrower’s financial difficulty. Amounts as of December 31, 2022 included nonperforming TDRs, for which accounting guidance was eliminated effective January 1, 2023. Our third quarter 2023 Form 10-Q included, and our 2023 Form 10-K will include additional information related to our adoption of this ASU.

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

(c)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.

(d)Nonperforming loans exclude certain government insured or guaranteed loans, loans held for sale and loans accounted for under the fair value option.

Table 10: Change in Nonperforming Assets


	October 1, 2023 -		July 1, 2023 -		April 1, 2023 -		January 1, 2023 -		October 1, 2022 -
In millions	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Beginning balance	$	2,158	$	1,949	$	2,048	$	2,019	$	2,101

New nonperforming assets	496		641		410		452		346
Charge-offs and valuation adjustments	(104)		(91)		(135)		(122)		(174)
Principal activity, including paydowns and payoffs	(250)		(112)		(297)		(172)		(139)
Asset sales and transfers to loans held for sale	(6)		(7)		(12)		(46)		(22)
Returned to performing status (a)	(78)		(222)		(65)		(83)		(93)
Ending balance	$	2,216	$	2,158	$	1,949	$	2,048	$	2,019

(a)Amounts for the three months ended September 30, 2023 included updates to our return to accrual guidelines to bring consistency across consumer loan classes as to how and when loans become eligible to return to performing status.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 9

Accruing Loans Past Due (Unaudited)

The CARES Act Credit reporting rules expired in the third quarter of 2023 and as such, delinquency status at December 31, 2023 and September 30, 2023 is being reported for all loans based on the contractual terms of the loan. Prior period amounts continue to be presented in accordance with the credit reporting rules under the CARES Act, which required certain loans modified due to pandemic related hardships to not be reported as past due based on the contractual terms of the loan, even when borrowers may not have made payments on their loans during the modification period.

Table 11: Accruing Loans Past Due 30 to 59 Days (a)



	December 31			September 30			June 30			March 31			December 31
Dollars in millions	2023			2023			2023			2023			2022
Commercial
Commercial and industrial	$	104		$	84		$	64		$	119		$	169
Commercial real estate	7			2			10			25			19
Equipment lease financing	41			25			14			33			20
Total commercial	152			111			88			177			208
Consumer
Residential real estate
Non government insured	201			179			151			167			190
Government insured	81			78			77			78			91
Home equity	63			59			56			48			53
Automobile	91			83			84			79			106
Credit card	54			50			49			48			50
Education
Non government insured	5			6			5			6			5
Government insured	22			26			28			29			29
Other consumer	16			15			17			13			15
Total consumer	533			496			467			468			539
Total	$	685		$	607		$	555		$	645		$	747
Supplemental Information
Total accruing loans past due 30-59 days to total loans	0.21		%	0.19		%	0.17		%	0.20		%	0.23		%
Commercial	0.07		%	0.05		%	0.04		%	0.08		%	0.09		%
Consumer	0.52		%	0.49		%	0.46		%	0.46		%	0.53		%

(a)Excludes loans held for sale.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 10

Accruing Loans Past Due (Unaudited) (Continued)

Table 12: Accruing Loans Past Due 60 to 89 Days (a)


	December 31			September 30			June 30			March 31			December 31
Dollars in millions	2023			2023			2023			2023			2022
Commercial
Commercial and industrial	$	45		$	32		$	47		$	21		$	27
Commercial real estate				2						1			4
Equipment lease financing	8			6			5			5			4
Total commercial	53			40			52			27			35
Consumer
Residential real estate
Non government insured	50			52			36			43			54
Government insured	51			51			50			55			58
Home equity	27			22			18			18			20
Automobile	20			19			20			18			25
Credit card	39			38			36			35			35
Education
Non government insured	3			3			2			4			2
Government insured	16			19			15			17			20
Other consumer	11			9			9			8			12
Total consumer	217			213			186			198			226
Total	$	270		$	253		$	238		$	225		$	261
Supplemental Information
Total accruing loans past due 60-89 days to total loans	0.08		%	0.08		%	0.07		%	0.07		%	0.08		%
Commercial	0.02		%	0.02		%	0.02		%	0.01		%	0.02		%
Consumer	0.21		%	0.21		%	0.18		%	0.20		%	0.22		%

(a)Excludes loans held for sale.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 11

Accruing Loans Past Due (Unaudited) (Continued)

Table 13: Accruing Loans Past Due 90 Days or More (a)


	December 31			September 30			June 30			March 31			December 31
Dollars in millions	2023			2023			2023			2023			2022
Commercial
Commercial and industrial	$	76		$	102		$	112		$	134		$	137
Commercial real estate	9
Total commercial	85			102			112			134			137
Consumer
Residential real estate
Non government insured	38			36			30			26			32
Government insured	154			146			144			152			167
Automobile	7			6			5			5			7
Credit card	86			80			71			74			70
Education
Non government insured	2			2			2			2			2
Government insured	47			46			46			54			57
Other consumer	10			9			9			9			10
Total consumer	344			325			307			322			345
Total	$	429		$	427		$	419		$	456		$	482
Supplemental Information
Total accruing loans past due 90 days or more to total loans	0.13		%	0.13		%	0.13		%	0.14		%	0.15		%
Commercial	0.04		%	0.05		%	0.05		%	0.06		%	0.06		%
Consumer	0.34		%	0.32		%	0.30		%	0.32		%	0.34		%
Total accruing loans past due	$	1,384		$	1,287		$	1,212		$	1,326		$	1,490
Commercial	$	290		$	253		$	252		$	338		$	380
Consumer	$	1,094		$	1,034		$	960		$	988		$	1,110
Total accruing loans past due to total loans	0.43		%	0.40		%	0.38		%	0.41		%	0.46		%
Commercial	0.13		%	0.12		%	0.11		%	0.15		%	0.17		%
Consumer	1.07		%	1.01		%	0.94		%	0.98		%	1.10		%

(a)Excludes loans held for sale.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 12

Business Segment Descriptions (Unaudited)

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, international payment 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, private real estate, cash and fixed income client solutions, retirement plan fiduciary investment services to institutional clients, including corporations, healthcare systems, insurance companies, unions, municipalities and non-profits.

Table 14: Period End Employees


	December 31	September 30	June 30	March 31	December 31
	2023	2023	2023	2023	2022
Full-time employees
Retail Banking	28,761	29,692	30,446	31,583	32,467
Other full-time employees	26,052	27,725	27,785	27,874	27,427
Total full-time employees	54,813	57,417	58,231	59,457	59,894
Part-time employees
Retail Banking	1,540	1,480	1,567	1,537	1,577
Other part-time employees	58	70	503	79	74
Total part-time employees	1,598	1,550	2,070	1,616	1,651
Total	56,411	58,967	60,301	61,073	61,545


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 13

Table 15: Summary of Business Segment Net Income and Revenue (Unaudited) (a)


	Three months ended										Year ended
	December 31		September 30		June 30		March 31		December 31		December 31		December 31
In millions	2023		2023		2023		2023		2022		2023		2022
Net Income
Retail Banking	$	1,073	$	1,094	$	954	$	647	$	752	$	3,768	$	1,974
Corporate & Institutional Banking	1,213		960		817		1,059		982		4,049		3,870
Asset Management Group	72		73		63		52		52		260		330
Other	(1,494)		(573)		(351)		(81)		(258)		(2,499)		(133)
Net income excluding noncontrolling interests	$	864	$	1,554	$	1,483	$	1,677	$	1,528	$	5,578	$	6,041

Revenue
Retail Banking	$	3,391	$	3,360	$	3,150	$	3,024	$	3,079	$	12,925	$	10,507
Corporate & Institutional Banking	2,637		2,254		2,202		2,300		2,451		9,393		8,891
Asset Management Group	380		362		353		357		375		1,452		1,544
Other	(1,047)		(743)		(412)		(78)		(142)		(2,280)		178
Total revenue	$	5,361	$	5,233	$	5,293	$	5,603	$	5,763	$	21,490	$	21,120

(a)Our business information is presented based on our internal management reporting practices. Net interest income in business segment results reflects PNC’s internal funds transfer pricing (FTP) methodology. Assets receive a funding charge and liabilities and capital receive a funding credit based on a transfer pricing methodology that incorporates product repricing characteristics, tenor and other factors.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 14

Table 16: Retail Banking (Unaudited) (a)


	Three months ended																	Year ended
	December 31			September 30				June 30				March 31			December 31			December 31			December 31
Dollars in millions	2023			2023				2023				2023			2022			2023			2022
Income Statement
Net interest income	$	2,669		$	2,576			$	2,448			$	2,281		$	2,330		$	9,974		$	7,540
Noninterest income	722			784				702				743			749			2,951			2,967
Total revenue	3,391			3,360				3,150				3,024			3,079			12,925			10,507
Provision for (recapture of) credit losses	130			42				(14)				238			193			396			259
Noninterest expense	1,848			1,876				1,904				1,927			1,892			7,555			7,598
Pretax earnings	1,413			1,442				1,260				859			994			4,974			2,650
Income taxes	329			337				295				202			232			1,163			621
Noncontrolling interests	11			11				11				10			10			43			55
Earnings	$	1,073		$	1,094		752	$	954		322	$	647		$	752		$	3,768		$	1,974
Average Balance Sheet
Loans held for sale	$	488		$	633			$	614			$	542		$	737		$	569		$	927
Loans
Consumer
Residential real estate	$	34,951		$	35,107			$	35,150			$	35,421		$	35,286		$	35,156		$	33,643
Home equity	24,569			24,591				24,663				24,571			24,126			24,598			23,221
Automobile	14,875			14,976				15,005				14,918			14,793			14,943			15,425
Credit card	7,084			7,075				7,015				6,904			6,882			7,020			6,620
Education	2,001			2,057				2,115				2,188			2,257			2,090			2,381
Other consumer	1,840			1,882				1,929				1,990			2,049			1,910			2,164
Total consumer	85,320			85,688				85,877				85,992			85,393			85,717			83,454
Commercial	12,088			11,733				11,708				11,438			11,181			11,744			11,177
Total loans	$	97,408		$	97,421			$	97,585			$	97,430		$	96,574		$	97,461		$	94,631
Total assets	$	114,730		$	114,724			$	114,826			$	115,384		$	115,827		$	114,914		$	113,829
Deposits
Noninterest-bearing	$	55,948		$	58,110			$	59,464			$	60,801		$	64,031		$	58,566		$	64,775
Interest-bearing	195,314			195,560				197,854				201,720			195,743			197,589			199,614
Total deposits	$	251,262		$	253,670			$	257,318			$	262,521		$	259,774		$	256,155		$	264,389
Performance Ratios
Return on average assets	3.71		%	3.78		%		3.33		%		2.27		%	2.58		%	3.28		%	1.73		%
Noninterest income to total revenue	21		%	23		%		22		%		25		%	24		%	23		%	28		%
Efficiency	54		%	56		%		60		%		64		%	61		%	58		%	72		%

(a)See note (a) on page 13.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 15

Retail Banking (Unaudited) (Continued)


	Three months ended															Year ended
	December 31			September 30			June 30			March 31			December 31			December 31			December 31
Dollars in millions, except as noted	2023			2023			2023			2023			2022			2023			2022
Supplemental Noninterest Income Information
Asset management and brokerage	$	139		$	130		$	123		$	131		$	128		$	523		$	528
Card and cash management	$	326		$	329		$	344		$	324		$	335		$	1,323		$	1,338
Lending and deposit services	$	186		$	193		$	176		$	181		$	172		$	736		$	670
Residential and commercial mortgage	$	117		$	128		$	75		$	104		$	111		$	424		$	319
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (a)
Serviced portfolio balance (b)	$	209		$	213		$	191		$	188		$	190
Serviced portfolio acquisitions	$	1		$	25		$	7		$	2		$	24		$	35		$	74
MSR asset value (b)	$	2.7		$	2.8		$	2.3		$	2.2		$	2.3
MSR capitalization value (in basis points) (b)	127			133			123			119			122
Servicing income: (in millions)
Servicing fees, net (c)	$	89		$	67		$	67		$	78		$	73		$	301		$	192
Mortgage servicing rights valuation net of economic hedge	$	11		$	37		$	(9)		$	14		$	24		$	53		$	9
Residential mortgage loan statistics
Loan origination volume (in billions)	$	1.5		$	2.1		$	2.4		$	1.4		$	2.1		$	7.4		$	15.1
Loan sale margin percentage	2.45		%	2.43		%	2.23		%	2.26		%	2.20		%	2.34		%	2.14		%
Percentage of originations represented by:
Purchase volume (d)	87		%	87		%	90		%	84		%	88		%	87		%	67		%
Refinance volume	13		%	13		%	10		%	16		%	12		%	13		%	33		%
Other Information (b)
Customer-related statistics (average)
Non-teller deposit transactions (e)	66		%	68		%	65		%	65		%	65		%	66		%	64		%
Digital consumer customers (f)	78		%	78		%	76		%	75		%	76		%	77		%	78		%
Credit-related statistics
Nonperforming assets	$	834		$	856		$	981		$	1,009		$	1,003
Net charge-offs - loans and leases	$	128		$	114		$	109		$	112		$	108		$	463		$	435
Other statistics
ATMs	8,447			8,476			8,566			8,697			8,933
Branches (g)	2,299			2,303			2,361			2,450			2,518
Brokerage account client assets (in billions) (h)	$	78		$	73		$	75		$	73		$	70

(a)Represents mortgage loan servicing balances for third parties and the related income.

(b)Presented as of period end, except for average customer-related statistics and net charge-offs, which are both shown for the three months and year ended, respectively.

(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)Mortgages with borrowers as part of residential real estate purchase transactions.

(e)Percentage of total consumer and business banking deposit transactions processed at an ATM or through our mobile banking application.

(f)Represents consumer checking relationships that process the majority of their transactions through non-teller channels.

(g)Reflects all branches and solution centers excluding standalone mortgage offices and satellite offices (e.g., drive-ups, electronic branches and retirement centers) that provide limited products and/or services.

(h)Includes cash and money market balances.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 16

Table 17: Corporate & Institutional Banking (Unaudited) (a)


	Three months ended															Year ended
	December 31			September 30			June 30			March 31			December 31			December 31			December 31
Dollars in millions	2023			2023			2023			2023			2022			2023			2022
Income Statement
Net interest income	$	1,642		$	1,419		$	1,381		$	1,414		$	1,489		$	5,856		$	5,270
Noninterest income	995			835			821			886			962			3,537			3,621
Total revenue	2,637			2,254			2,202			2,300			2,451			9,393			8,891
Provision for (recapture of) credit losses	115			102			209			(28)			183			398			198
Noninterest expense	975			895			921			939			990			3,730			3,651
Pretax earnings	1,547			1,257			1,072			1,389			1,278			5,265			5,042
Income taxes	330			292			250			325			291			1,197			1,155
Noncontrolling interests	4			5			5			5			5			19			17
Earnings	$	1,213		$	960		$	817		$	1,059		$	982		$	4,049		$	3,870
Average Balance Sheet
Loans held for sale	$	450		$	283		$	440		$	456		$	337		$	407		$	475
Loans
Commercial
Commercial and industrial	$	167,185		$	161,810		$	167,357		$	168,874		$	166,176		$	166,289		$	155,551
Commercial real estate	34,488			34,587			34,410			34,605			34,663			34,522			33,373
Equipment lease financing	6,430			6,441			6,364			6,451			6,274			6,422			6,195
Total commercial	208,103			202,838			208,131			209,930			207,113			207,233			195,119
Consumer	5			4			5			7			8			6			9
Total loans	$	208,108		$	202,842		$	208,136		$	209,937		$	207,121		$	207,239		$	195,128
Total assets	$	234,590		$	230,082		$	234,174		$	234,536		$	234,120		$	233,337		$	219,941
Deposits
Noninterest-bearing	$	46,880		$	48,123		$	51,948		$	58,529		$	67,340		$	51,329		$	76,956
Interest-bearing	97,660			93,563			89,068			86,832			79,916			91,815			71,388
Total deposits	$	144,540		$	141,686		$	141,016		$	145,361		$	147,256		$	143,144		$	148,344
Performance Ratios
Return on average assets	2.05		%	1.66		%	1.40		%	1.83		%	1.66		%	1.74		%	1.76		%
Noninterest income to total revenue	38		%	37		%	37		%	39		%	39		%	38		%	41		%
Efficiency	37		%	40		%	42		%	41		%	40		%	40		%	41		%
Other Information
Consolidated revenue from:
Treasury Management (b)	$	1,044		$	849		$	778		$	785		$	843		$	3,456		$	2,801
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (c)	$	17		$	17		$	13		$	27		$	15		$	74		$	77
Commercial mortgage loan servicing income (d)	59			43			44			39			52			185			256
Commercial mortgage servicing rights valuation, net of economic hedge	19			54			4			41			39			118			138
Total	$	95		$	114		$	61		$	107		$	106		$	377		$	471
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (e)	$	288		$	282		$	280		$	281		$	281
MSR asset value (e)	$	1,032		$	1,169		$	1,106		$	1,061		$	1,113
Average loans by C&IB business (f)
Corporate Banking	$	119,916		$	113,538		$	117,259		$	119,602		$	115,126		$	117,568		$	106,098
Real Estate	47,028			47,234			47,692			47,297			48,031			47,312			45,335
Business Credit	29,252			29,900			30,613			30,180			30,087			29,984			28,461
Commercial Banking	7,591			7,861			8,225			8,430			8,683			8,024			9,294
Other	4,321			4,309			4,347			4,428			5,194			4,351			5,940
Total average loans	$	208,108		$	202,842		$	208,136		$	209,937		$	207,121		$	207,239		$	195,128
Credit-related statistics
Nonperforming assets (e)	$	1,217		$	1,130		$	738		$	801		$	761
Net charge-offs - loans and leases	$	76		$	12		$	93		$	85		$	100		$	266		$	143

(a)See note (a) on page 13.

(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 amortization expense and payoffs. Commercial mortgage servicing rights valuation, net of economic hedge is shown separately.

(e)Presented as of period end.

(f)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 periods to conform to the current period presentation.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 17

Table 18: Asset Management Group (Unaudited) (a)


	Three months ended															Year ended
	December 31			September 30			June 30			March 31			December 31			December 31			December 31
Dollars in millions, except as noted	2023			2023			2023			2023			2022			2023			2022
Income Statement
Net interest income	$	156		$	139		$	125		$	127		$	152		$	547		$	608
Noninterest income	224			223			228			230			223			905			936
Total revenue	380			362			353			357			375			1,452			1,544
Provision for (recapture of) credit losses	2			(4)			(10)			9			17			(3)			28
Noninterest expense	284			271			280			280			291			1,115			1,086
Pretax earnings	94			95			83			68			67			340			430
Income taxes	22			22			20			16			15			80			100
Earnings	$	72		$	73		$	63		$	52		$	52		$	260		$	330
Average Balance Sheet
Loans
Consumer
Residential real estate	$	11,314		$	10,750		$	9,855		$	9,174		$	8,835		$	10,280		$	8,029
Other consumer	3,893			3,901			4,065			4,156			4,388			4,003			4,550
Total consumer	15,207			14,651			13,920			13,330			13,223			14,283			12,579
Commercial	867			1,090			1,229			1,246			1,291			1,107			1,505
Total loans	$	16,074		$	15,741		$	15,149		$	14,576		$	14,514		$	15,390		$	14,084
Total assets	$	16,505		$	16,161		$	15,562		$	14,997		$	14,935		$	15,812		$	14,505
Deposits
Noninterest-bearing	$	1,742		$	1,756		$	1,787		$	1,846		$	2,107		$	1,782		$	2,664
Interest-bearing	26,479			25,417			25,482			26,337			25,651			25,928			27,830
Total deposits	$	28,221		$	27,173		$	27,269		$	28,183		$	27,758		$	27,710		$	30,494
Performance Ratios
Return on average assets	1.73		%	1.79		%	1.62		%	1.41		%	1.38		%	1.64		%	2.28		%
Noninterest income to total revenue	59		%	62		%	65		%	64		%	59		%	62		%	61		%
Efficiency	75		%	75		%	79		%	78		%	78		%	77		%	70		%
Other Information
Nonperforming assets (b)	$	39		$	39		$	41		$	42		$	56
Net charge-offs (recoveries) - loans and leases	$	(1)					$	(2)					$	18		$	(3)		$	17
Client Assets Under Administration (in billions) (b) (c)
Discretionary client assets under management	$	189		$	176		$	176		$	177		$	173
Nondiscretionary client assets under administration	179			170			168			156			152
Total	$	368		$	346		$	344		$	333		$	325
Discretionary client assets under management
PNC Private Bank	$	117		$	109		$	111		$	108		$	105
Institutional Asset Management	72			67			65			69			68
Total	$	189		$	176		$	176		$	177		$	173

(a)See note (a) on page 13.

(b)As of period end.

(c)Excludes brokerage account client assets.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 18

Glossary of Terms

Allowance for credit losses (ACL) – A valuation account that is deducted from or added to the amortized cost basis of the related

financial assets to present the net carrying value at the amount expected to be collected on the financial asset.

Amortized cost basis – Amount at which a financial asset is originated or acquired, adjusted for applicable accretion or amortization of premiums, discounts and net deferred fees or costs, collection of cash, charge-offs, foreign exchange and fair value hedge accounting adjustments.

Basel III common equity Tier 1 (CET1) capital (Tailoring Rules) – Common stock plus related surplus, net of treasury stock, plus retained earnings, less goodwill, net of associated deferred tax liabilities, less other disallowed intangibles, net of deferred tax liabilities and plus/less other adjustments. Investments in unconsolidated financial institutions, as well as mortgage servicing rights and deferred tax assets, must then be deducted to the extent such items (net of associated deferred tax liabilities) individually exceed 25% of our adjusted Basel III common equity Tier 1 capital.

Basel III common equity Tier 1 capital ratio – Common equity Tier 1 capital divided by period-end risk-weighted assets (as applicable).

Basel III Tier 1 capital – Common equity Tier 1 capital, plus qualifying preferred stock, plus certain trust preferred capital securities, plus certain noncontrolling interests that are held by others and plus/less other adjustments.

Basel III Tier 1 capital ratio – Tier 1 capital divided by period-end risk-weighted assets (as applicable).

Basel III Total capital – Tier 1 capital plus qualifying subordinated debt, plus certain trust preferred securities, plus, under the Basel III transitional rules and the standardized approach, the allowance for loan and lease losses included in Tier 2 capital and other.

Basel III Total capital ratio – Basel III Total capital divided by period-end risk-weighted assets (as applicable).

Charge-off – Process of removing a loan or portion of a loan from our balance sheet because it is considered uncollectible. We also record a charge-off when a loan is transferred from portfolio holdings to held for sale by reducing the loan carrying amount to the fair value of the loan, if fair value is less than carrying amount.

Common shareholders’ equity – Total shareholders' equity less the liquidation value of preferred stock.

Credit valuation adjustment – Represents an adjustment to the fair value of our derivatives for our own and counterparties’ non-performance risk.

Criticized commercial loans – Loans with potential or identified weaknesses based upon internal risk ratings that comply with the regulatory classification definitions of “special mention,” “substandard” or “doubtful.”

Current Expected Credit Loss (CECL) – Methodology for estimating the allowance for credit losses on in-scope financial assets held at amortized cost and unfunded lending related commitments which uses a combination of expected losses over a reasonable and supportable forecast period, a reversion period and long run average credit losses for their estimated contractual term.

Discretionary client assets under management – Assets over which we have sole or shared investment authority for our customers/clients. We do not include these assets on our Consolidated Balance Sheet.

Earning assets – Assets that generate income, which include: interest-earning deposits with banks; loans held for sale; loans; investment securities; and certain other assets.

Effective duration – A measurement, expressed in years, that, when multiplied by a change in interest rates, would approximate the percentage change in value of on- and off- balance sheet positions.

Efficiency – Noninterest expense divided by total revenue.

Fair value – The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fee income – Refers to the following categories within Noninterest income: Asset management and brokerage, Capital markets and advisory, Card and cash management, Lending and deposit services, and Residential and commercial mortgage.

GAAP – Accounting principles generally accepted in the United States of America.

Leverage ratio – Basel III Tier 1 capital divided by average quarterly adjusted total assets.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 19

Nondiscretionary client assets under administration – Assets we hold for our customers/clients in a nondiscretionary, custodial capacity. We do not include these assets on our Consolidated Balance Sheet.

Nonperforming assets – Nonperforming assets include nonperforming loans, OREO and foreclosed assets. We do not accrue interest income on assets classified as nonperforming.

Nonperforming loans – 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 nonperforming loans. Nonperforming loans exclude certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest, loans held for sale and loans accounted for under the fair value option.

Operating leverage – The period to period dollar or percentage change in total revenue less the dollar or percentage change in noninterest expense. A positive variance indicates that revenue growth exceeded expense growth (i.e., positive operating leverage) while a negative variance implies expense growth exceeded revenue growth (i.e., negative operating leverage).

Other real estate owned (OREO) and foreclosed assets – Assets taken in settlement of troubled loans primarily through deed-in-lieu of foreclosure or foreclosure. Foreclosed assets include real and personal property. Certain assets that have a government-guarantee which are classified as other receivables are excluded.

Risk-weighted assets – Computed by the assignment of specific risk-weights (as defined by the Board of Governors of the Federal Reserve System) to assets and off-balance sheet instruments.

Servicing rights – Intangible assets or liabilities created by an obligation to service assets for others. Typical servicing rights include the right to receive a fee for collecting and forwarding payments on loans and related taxes and insurance premiums held in escrow.

Supplementary leverage ratio – Basel III Tier 1 capital divided by Supplementary leverage exposure.

Tailoring Rules – Rules adopted by the federal banking agencies to better tailor the application of their capital, liquidity, and enhanced prudential requirements for banking organizations to the asset size and risk profile (as measured by certain regulatory metrics) of the banking organization. Effective January 1, 2020, the agencies' capital and liquidity rules classify all BHCs with $100 billion or more in total assets into one of four categories (Category I, Category II, Category III, and Category IV).

Taxable-equivalent interest income – The interest income earned on certain assets that is completely or partially exempt from federal income tax. These tax-exempt instruments typically yield lower returns than taxable investments.

Troubled debt restructuring (TDR) – A loan whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties. On January 1, 2023, we adopted ASU 2022-02, which eliminated the accounting guidance for TDRs.

Unfunded lending related commitments – Standby letters of credit, financial guarantees, commitments to extend credit and similar unfunded obligations that are not unilaterally, unconditionally, cancelable at PNC’s option.

Cover Page	Jan. 16, 2024
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $5.00
Written Communications	false
Entity Incorporation, State or Country Code	PA
Document Type	8-K
Entity Central Index Key	0000713676
Amendment Flag	false
Document Period End Date	Jan. 16, 2024
Entity Registrant Name	PNC FINANCIAL SERVICES GROUP, INC.
Entity File Number	001-09718
Entity Tax Identification Number	25-1435979
Entity Address, Address Line One	300 Fifth Avenue
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15222-2401
City Area Code	888
Local Phone Number	762-2265
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Trading Symbol	PNC
Security Exchange Name	NYSE