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

October 6, 2023

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 October 13, 2023, The PNC Financial Services Group, Inc. (the “Corporation”) issued a press release regarding the Corporation’s earnings and business results for the third quarter 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 2.05 Costs Associated with Exit or Disposal Activities.

On October 6, 2023, as part of ongoing cost reduction initiatives, the Corporation committed to a workforce reduction expected to reduce its workforce by approximately 4 percent. Affected employees were informed of the workforce reduction beginning on October 6, 2023. The Corporation expects to incur one-time, pre-tax charges and costs associated with these actions of approximately $150 million, primarily related to cash severance, benefits and related termination costs. The Corporation expects that the majority of the charges will be incurred in the fourth quarter of 2023. The Corporation anticipates that implementation of the workforce reduction will be almost entirely complete in the fourth quarter of 2023, and will reduce personnel expenses by approximately $325 million, or 5 percent, annually (estimated based on the annualized pre-reduction personnel expense of affected employees, compared to total personnel expense).

Cautionary Statement Regarding Forward-Looking Information

This Report contains forward-looking statements regarding the Corporation’s anticipated size and timing of a workforce reduction, and the associated costs and cash expenditures and savings. 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. The forward-looking statements in this Report speak only as of the date of this Report, and we assume no duty, and do not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements. As a result, we caution against placing undue reliance on any forward-looking statements. Forward-looking statements in this Report are subject to risks and uncertainties that include the risk that timing for completion of these actions may be delayed or more difficult to achieve than anticipated, including as a result of legal requirements related to workforce reductions that vary by jurisdiction, or the risk that associated costs and cash expenditures may be more than anticipated and the savings may be less than anticipated. These forward-looking statements are also subject to the principal risks and uncertainties applicable to our businesses generally that are disclosed in our 2022 Form 10-K and in our subsequent filings with the Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Number	Description	Method of Filing
99.1	Press release dated October 13, 2023	Furnished herewith
99.2	Financial Supplement (unaudited) for the Third 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:	October 13, 2023	By:	/s/ Gregory H. Kozich
			Gregory H. Kozich
			Senior Vice President and Controller

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net Exhibit 99.1 PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS Generated positive operating leverage; increased pretax, pre-provision earnings Grew capital and tangible book value PITTSBURGH, Oct. 13, 2023 – The PNC Financial Services Group, Inc. (NYSE: PNC) today reported: For the quarter In millions, except per share data and as noted 3Q23 2Q23 3Q22 Third Quarter Highlights Financial Results Comparisons reflect 3Q23 vs. 2Q23 Revenue $ 5,233 $ 5,293 $ 5,549 Income Statement ▪ Generated positive operating leverage of 3% ▪ Revenue declined 1% ▪ Expenses were well controlled, decreasing 4% ▪ PPNR increased 3% ▪ Provision for credit losses of $129 million Balance Sheet ▪ Average loans decreased 2% ▪ Average deposits declined 1% ▪ Federal Reserve Bank balances averaged $37.9 billion, an increase of $7.3 billion ▪ ACL to total loans was stable ▪ Net loan charge-offs were $121 million, or 0.15% annualized to average loans ▪ AOCI was a negative $10.3 billion, reflecting the unfavorable impact of interest rate movements ▪ TBV increased to $78.16 ▪ CET1 capital ratio increased 30 basis points to 9.8% Noninterest expense 3,245 3,372 3,280 Pretax, pre-provision earnings (PPNR) (non-GAAP) 1,988 1,921 2,269 Provision for credit losses 129 146 241 Net income 1,570 1,500 1,640 Per Common Share Diluted earnings $ 3.60 $ 3.36 $ 3.78 Average diluted common shares outstanding 400 401 410 Book value 105.98 105.67 97.59 Tangible book value (TBV) (non-GAAP) 78.16 77.80 69.98 Balance Sheet & Credit Quality Average loans In billions $ 319.5 $ 324.5 $ 313.0 Average deposits In billions 422.5 425.7 439.2 Accumulated other comprehensive income (loss) (AOCI) In billions (10.3) (9.5) (10.5) Net loan charge-offs 121 194 119 Allowance for credit losses (ACL) to total loans 1.70 % 1.68 % 1.67 % Selected Ratios Return on average common shareholders' equity 13.65 % 13.01 % 14.97 % Return on average assets 1.12 1.08 1.19 Net interest margin (NIM) (non-GAAP) 2.71 2.79 2.82 Noninterest income to total revenue 35 34 37 Efficiency 62 64 59 Common equity Tier 1 (CET1) capital ratio 9.8 9.5 9.3 See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release. From Bill Demchak, PNC Chairman, President and Chief Executive Officer: "PNC delivered strong results in the third quarter. We generated positive operating leverage, controlled expenses well, maintained strong credit quality and further increased our capital levels. The strength of our balance sheet positions us well for the current economic environment, inclusive of proposed regulatory changes." - more -

Income Statement Highlights Third quarter 2023 compared with second quarter 2023 ▪ Net income of $1.6 billion increased $70 million, or 5%. ▪ Total revenue of $5.2 billion decreased $60 million, or 1%, as higher noninterest income was more than offset by lower net interest income. ▪ Net interest income of $3.4 billion decreased $92 million, or 3%, as higher yields on interest- earning assets were more than offset by increased funding costs. – Net interest margin of 2.71% decreased 8 basis points. ▪ Noninterest income of $1.8 billion increased $32 million, or 2%. – Fee income of $1.7 billion increased $67 million, or 4%, primarily due to higher residential and commercial mortgage revenue, partially offset by lower capital markets and advisory fees. – Other noninterest income of $94 million decreased $35 million, or 27%, reflecting lower private equity revenue. The third quarter also included negative Visa Class B derivative fair value adjustments of $51 million primarily related to the extension of anticipated litigation resolution timing. Visa Class B derivative fair value adjustments were negative $83 million in the second quarter. ▪ Noninterest expense of $3.2 billion decreased $127 million, or 4%, driven by lower or stable expenses across all categories, reflecting a continued focus on expense management. ▪ Provision for credit losses was $129 million in the third quarter. The second quarter of 2023 included a provision for credit losses of $146 million. ▪ The effective tax rate was 15.5% for both the third quarter and second quarter. Balance Sheet Highlights Third quarter 2023 compared with second quarter 2023 or September 30, 2023 compared with June 30, 2023 ▪ Average loans of $319.5 billion decreased $5.0 billion, or 2%. – Average commercial loans of $217.7 billion decreased $5.5 billion, driven by lower corporate banking balances, reflecting lower utilization and paydowns outpacing new production. – Average consumer loans of $101.8 billion increased $0.5 billion and included higher residential mortgage and credit card loans. ▪ Credit quality performance: – Delinquencies of $1.3 billion increased $75 million, or 6%, primarily due to higher consumer loan delinquencies. – Total nonperforming loans of $2.1 billion increased $210 million, or 11%, primarily due to an increase in commercial real estate nonperforming loans, partially offset by lower consumer nonperforming loans. – Net loan charge-offs of $121 million decreased $73 million, primarily reflecting lower commercial real estate net loan charge-offs. – The allowance for credit losses of $5.4 billion was stable. The allowance for credit losses to total loans was 1.70% at September 30, 2023 compared with 1.68% at June 30, 2023. ▪ Average deposits of $422.5 billion decreased $3.2 billion, or 1%, as growth in commercial deposits was more than offset by lower consumer deposits. ▪ Average investment securities of $139.7 billion decreased $1.3 billion, or 1%. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 2 - more -

▪ Average Federal Reserve Bank balances of $37.9 billion increased $7.3 billion. – Federal Reserve Bank balances at September 30, 2023 were $41.1 billion. ▪ Average borrowed funds of $67.5 billion increased $1.8 billion, or 3%, primarily due to parent company senior debt issuances near the end of the second quarter. ▪ PNC maintained a strong capital and liquidity position. – On October 2, 2023, the PNC board of directors declared a quarterly cash dividend on common stock of $1.55 per share. The dividend, with a payment date of November 5, 2023, will be payable the next business day. – PNC returned $0.6 billion of capital to shareholders through dividends on common shares. – The Basel III common equity Tier 1 capital ratio was an estimated 9.8% at September 30, 2023 and 9.5% at June 30, 2023. – PNC's average LCR for the three months ended September 30, 2023 was 107%, exceeding the regulatory minimum requirement throughout the quarter. – PNC Bank average LCR for the three months ended September 30, 2023 was 132%. Earnings Summary In millions, except per share data 3Q23 2Q23 3Q22 Net income $ 1,570 $ 1,500 $ 1,640 Net income attributable to diluted common shares $ 1,440 $ 1,347 $ 1,550 Diluted earnings per common share $ 3.60 $ 3.36 $ 3.78 Average diluted common shares outstanding 400 401 410 Cash dividends declared per common share $ 1.55 $ 1.50 $ 1.50 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. CONSOLIDATED REVENUE REVIEW Revenue Change Change 3Q23 vs 3Q23 vs In millions 3Q23 2Q23 3Q22 2Q23 3Q22 Net interest income $ 3,418 $ 3,510 $ 3,475 (3) % (2) % Noninterest income 1,815 1,783 2,074 2 % (12) % Total revenue $ 5,233 $ 5,293 $ 5,549 (1) % (6) % Total revenue for the third quarter of 2023 decreased $60 million from the second quarter of 2023, as higher noninterest income was more than offset by lower net interest income. Compared with the third quarter of 2022, total revenue declined $316 million due to lower noninterest income and net interest income. Net interest income of $3.4 billion for the third quarter of 2023 decreased $92 million and $57 million from the second quarter of 2023 and third quarter of 2022, respectively. Net interest margin PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 3 - more -

was 2.71% in the third quarter of 2023, decreasing 8 basis points in comparison with the second quarter of 2023 and 11 basis points compared to the third quarter of 2022. In all comparisons, higher yields on interest-earning assets were more than offset by increased funding costs. Noninterest Income Change Change 3Q23 vs 3Q23 vs In millions 3Q23 2Q23 3Q22 2Q23 3Q22 Asset management and brokerage $ 348 $ 348 $ 357 — (3) % Capital markets and advisory 168 213 299 (21) % (44) % Card and cash management 689 697 671 (1) % 3 % Lending and deposit services 315 298 287 6 % 10 % Residential and commercial mortgage 201 98 143 105 % 41 % Other 94 129 317 (27) % (70) % Total noninterest income $ 1,815 $ 1,783 $ 2,074 2 % (12) % Noninterest income for the third quarter of 2023 increased $32 million compared with the second quarter of 2023. Capital markets and advisory revenue decreased $45 million, driven by lower trading revenue. Card and cash management fees decreased $8 million as increased treasury management product revenue was more than offset by lower consumer transaction volumes. Lending and deposit services increased $17 million, reflecting increased customer activity. Residential and commercial mortgage revenue increased $103 million primarily due to a $97 million increase in mortgage servicing rights valuation, net of economic hedge. Other noninterest income decreased $35 million, reflecting lower private equity revenue. The third quarter also included negative Visa Class B derivative fair value adjustments of $51 million primarily related to the extension of anticipated litigation resolution timing. Visa Class B derivative fair value adjustments were negative $83 million in the second quarter. Noninterest income for the third quarter of 2023 decreased $259 million from the third quarter of 2022. Asset management and brokerage revenue decreased $9 million as a result of client activity, partially offset by higher average equity markets. Capital markets and advisory revenue decreased $131 million driven by lower trading, loan syndication and merger and acquisition advisory revenue. Card and cash management fees increased $18 million due to growth in treasury management product revenue. Lending and deposit services increased $28 million, reflecting increased customer activity. Residential and commercial mortgage revenue increased $58 million due to increased residential mortgage activity. Other noninterest income decreased $223 million, primarily driven by lower private equity revenue. The third quarter of 2022 included positive Visa Class B derivative fair value adjustments of $13 million. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 4 - more -

CONSOLIDATED EXPENSE REVIEW Noninterest Expense Change Change 3Q23 vs 3Q23 vs In millions 3Q23 2Q23 3Q22 2Q23 3Q22 Personnel $ 1,773 $ 1,846 $ 1,805 (4) % (2) % Occupancy 244 244 241 — 1 % Equipment 347 349 344 (1) % 1 % Marketing 93 109 93 (15) % — Other 788 824 797 (4) % (1) % Total noninterest expense $ 3,245 $ 3,372 $ 3,280 (4) % (1) % Noninterest expense for the third quarter of 2023 decreased $127 million in comparison to the second quarter of 2023, driven by lower or stable expenses across all categories, reflecting a continued focus on expense management. Noninterest expense decreased $35 million from the third quarter of 2022, primarily due to lower personnel costs, reflecting reduced variable compensation expenses. The effective tax rate was 15.5% for both the third quarter and second quarter of 2023 and 19.1% for the third quarter of 2022. The third quarter of 2023 included the favorable impact of certain tax matters. CONSOLIDATED BALANCE SHEET REVIEW Average total assets were $555.0 billion in the third quarter of 2023 compared with $555.5 billion in the second quarter of 2023 and $547.1 billion in the third quarter of 2022. In comparison to the third quarter of 2022, the increase was attributable to higher interest-earning assets. Average Loans Change Change 3Q23 vs 3Q23 vs In billions 3Q23 2Q23 3Q22 2Q23 3Q22 Commercial $ 217.7 $ 223.2 $ 214.1 (2) % 2 % Consumer 101.8 101.3 98.9 — 3 % Total $ 319.5 $ 324.5 $ 313.0 (2) % 2 % Average loans for the third quarter of 2023 decreased $5.0 billion compared to the second quarter of 2023. Average commercial loans decreased $5.5 billion, driven by lower corporate banking balances, reflecting lower utilization and paydowns outpacing new production. Average consumer loans grew $0.5 billion and included higher residential mortgage and credit card loans. Average loans for the third quarter of 2023 increased $6.5 billion in comparison to the third quarter of 2022. Average commercial loans increased $3.6 billion as a result of growth in PNC's corporate banking, real estate and business credit businesses. Average consumer loans increased $2.9 billion due to growth in residential mortgage, home equity and credit card loans. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 5 - more -

Average Investment Securities Change Change 3Q23 vs 3Q23 vs In billions 3Q23 2Q23 3Q22 2Q23 3Q22 Available for sale $ 46.5 $ 46.6 $ 52.1 — (11) % Held to maturity 93.2 94.4 84.9 (1) % 10 % Total $ 139.7 $ 141.0 $ 137.0 (1) % 2 % Average investment securities for the third quarter of 2023 of $139.7 billion declined $1.3 billion from the second quarter of 2023 as limited purchase activity during the quarter was more than offset by portfolio paydowns and maturities. Average investment securities increased $2.7 billion from the third quarter of 2022, reflecting net purchase activity. The duration of the investment securities portfolio was 4.2 years at September 30, 2023, 4.3 years at June 30, 2023 and 4.5 years at September 30, 2022. Net unrealized losses on available for sale securities were $5.4 billion at September 30, 2023 increasing from $4.2 billion at June 30, 2023 and $4.8 billion at September 30, 2022. In both comparisons, the increase reflected the unfavorable impact of interest rate movements. Average Federal Reserve Bank balances for the third quarter of 2023 were $37.9 billion, increasing $7.3 billion from the second quarter of 2023, primarily due to lower loan balances. Average Federal Reserve Bank balances increased $6.4 billion from the third quarter of 2022, primarily due to higher borrowed funds, largely offset by lower deposits and higher loans outstanding. Federal Reserve Bank balances at September 30, 2023 were $41.1 billion, increasing $3.3 billion from June 30, 2023. Average Deposits Change Change 3Q23 vs 3Q23 vs In billions 3Q23 2Q23 3Q22 2Q23 3Q22 Commercial $ 204.7 $ 204.1 $ 215.8 — (5) % Consumer 217.8 221.6 223.4 (2) % (3) % Total $ 422.5 $ 425.7 $ 439.2 (1) % (4) % IB % of total avg. deposits 74% 73% 68% NIB % of total avg. deposits 26% 27% 32% IB - Interest-bearing NIB - Noninterest-bearing Average deposits for the third quarter of 2023 were $422.5 billion, decreasing $3.2 billion from the second quarter of 2023 as growth in commercial deposits was more than offset by lower consumer deposits. Compared to the third quarter of 2022, average deposits decreased $16.7 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 total deposits decreased in both comparisons due to the continued shift into interest- bearing deposit products as interest rates have risen. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 6 - more -

Average Borrowed Funds Change Change 3Q23 vs 3Q23 vs In billions 3Q23 2Q23 3Q22 2Q23 3Q22 Total $ 67.5 $ 65.7 $ 44.3 3 % 52 % Average borrowed funds of $67.5 billion in the third quarter of 2023 increased $1.8 billion primarily due to parent company senior debt issuances near the end of the second quarter. Compared to the third quarter of 2022, average borrowed funds increased $23.2 billion due to higher Federal Home Loan Bank borrowings and parent company senior debt issuances. Capital September 30, 2023 June 30, 2023 September 30, 2022 Common shareholders' equity In billions $ 42.2 $ 42.1 $ 39.4 Accumulated other comprehensive income (loss) In billions $ (10.3) $ (9.5) $ (10.5) Basel III common equity Tier 1 capital ratio * 9.8 % 9.5 % 9.3 % Basel III common equity Tier 1 fully implemented capital ratio (estimated) 9.7 % 9.4 % 9.1 % *September 30, 2023 ratio is estimated PNC maintained a strong capital position. Common shareholders’ equity at September 30, 2023 increased $0.1 billion from June 30, 2023, driven by the benefit of net income, partially offset by a decline in accumulated other comprehensive income as well as dividends paid. 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 September 30, 2023 declined $0.8 billion from June 30, 2023 due to securities and swaps valuation changes as the benefit of paydowns and maturities was more than offset by the unfavorable impact of interest rate movements. Compared to September 30, 2022, accumulated other comprehensive income improved $0.2 billion, reflecting the benefit of paydowns and maturities. In the third quarter of 2023, PNC returned $0.6 billion of capital to shareholders through dividends on common 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 46% were still available for repurchase at September 30, 2023. In light of the Federal banking agencies proposed rules to adjust the Basel III capital framework, share repurchase activity is expected to remain paused during the fourth quarter of 2023. PNC continues to evaluate the potential impact of the proposed rules and may resume 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%. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 7 - more -

On October 2, 2023, the PNC board of directors declared a quarterly cash dividend on common stock of $1.55 per share. The dividend, with a payment date of November 5, 2023, will be payable the next business day. At September 30, 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 September 30, 2023 June 30, 2023 September 30, 2022 09/30/23 vs 09/30/23 vs In millions 06/30/23 09/30/22 Provision for credit losses $ 129 $ 146 $ 241 $ (17) $ (112) Net loan charge-offs $ 121 $ 194 $ 119 (38) % 2 % Allowance for credit losses (a) $ 5,407 $ 5,400 $ 5,263 — 3 % Total delinquencies (b) $ 1,287 $ 1,212 $ 1,626 6 % (21) % Nonperforming loans $ 2,123 $ 1,913 $ 2,068 11 % 3 % Net charge-offs to average loans (annualized) 0.15 % 0.24 % 0.15 % Allowance for credit losses to total loans 1.70 % 1.68 % 1.67 % Nonperforming loans to total loans 0.67 % 0.59 % 0.66 % (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 $129 million in the third quarter of 2023. The second quarter of 2023 included a provision for credit losses of $146 million. Net loan charge-offs of $121 million in the third quarter of 2023 decreased $73 million compared to the second quarter of 2023, primarily reflecting lower commercial real estate net loan charge-offs. Compared to the third quarter of 2022, net loan charge-offs were relatively stable. The allowance for credit losses was $5.4 billion at both September 30, 2023 and June 30, 2023 and $5.3 billion at September 30, 2022. The allowance for credit losses as a percentage of total loans was 1.70% at September 30, 2023, 1.68% at June 30, 2023 and 1.67% at September 30, 2022. Nonperforming loans at September 30, 2023 were $2.1 billion, increasing $210 million from June 30, 2023 and $55 million from September 30, 2022. In both comparisons, the increase was primarily due to higher commercial real estate nonperforming loans, partially offset by lower consumer nonperforming loans. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 8 - more -

Delinquencies at September 30, 2023 were $1.3 billion, increasing $75 million from June 30, 2023 primarily due to higher consumer loan delinquencies. Compared to September 30, 2022 delinquencies decreased $339 million due to lower commercial and consumer loan delinquencies. BUSINESS SEGMENT RESULTS Business Segment Income (Loss) In millions 3Q23 2Q23 3Q22 Retail Banking $ 1,094 $ 954 $ 560 Corporate & Institutional Banking 960 817 929 Asset Management Group 73 63 90 Other (573) (351) 45 Net income excluding noncontrolling interests $ 1,554 $ 1,483 $ 1,624 Retail Banking Change Change 3Q23 vs 3Q23 vs In millions 3Q23 2Q23 3Q22 2Q23 3Q22 Net interest income $ 2,576 $ 2,448 $ 2,017 $ 128 $ 559 Noninterest income $ 784 $ 702 $ 725 $ 82 $ 59 Noninterest expense $ 1,876 $ 1,904 $ 1,901 $ (28) $ (25) Provision for (recapture of) credit losses $ 42 $ (14) $ 92 $ 56 $ (50) Earnings $ 1,094 $ 954 $ 560 $ 140 $ 534 In billions Average loans $ 97.4 $ 97.6 $ 94.9 $ (0.2) $ 2.5 Average deposits $ 253.7 $ 257.3 $ 264.4 $ (3.6) $ (10.7) Net loan charge-offs In millions $ 114 $ 109 $ 98 $ 5 $ 16 Retail Banking Highlights Third quarter 2023 compared with second quarter 2023 ▪ Earnings increased 15%, driven by higher net interest income, an increase in noninterest income and lower noninterest expense, partially offset by a provision for credit losses. – Noninterest income increased 12%, reflecting increased residential mortgage servicing rights valuation, net of economic hedge, and lower negative Visa Class B derivative fair value adjustments of $51 million. The second quarter included negative Visa Class B derivative fair value adjustments of $83 million. – Noninterest expense decreased modestly, driven by a decline in personnel and marketing expenses, reflecting a continued focus on expense management. ▪ Average loans were relatively stable. ▪ Average deposits decreased 1%, as consumer spending levels have remained elevated. Third quarter 2023 compared with third quarter 2022 ▪ Earnings increased 95%, primarily due to higher net interest income. – Noninterest income increased 8%, driven by higher residential mortgage banking activity and increased lending and deposit related customer activity, partially offset by negative Visa Class PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 9 - more -

B derivative fair value adjustments. The third quarter of 2022 included positive Visa Class B derivative fair value adjustments of $13 million. – Noninterest expense decreased modestly. ▪ Average loans increased 3%, driven by growth in home equity, commercial, residential mortgage and credit card loans. ▪ Average deposits decreased 4%, reflecting the impact of increased spending and quantitative tightening by the Federal Reserve. Corporate & Institutional Banking Change Change 3Q23 vs 3Q23 vs In millions 3Q23 2Q23 3Q22 2Q23 3Q22 Net interest income $ 1,419 $ 1,381 $ 1,368 $ 38 $ 51 Noninterest income $ 835 $ 821 $ 887 $ 14 $ (52) Noninterest expense $ 895 $ 921 $ 890 $ (26) $ 5 Provision for credit losses $ 102 $ 209 $ 150 $ (107) $ (48) Earnings $ 960 $ 817 $ 929 $ 143 $ 31 In billions Average loans $ 202.8 $ 208.1 $ 199.9 $ (5.3) $ 2.9 Average deposits $ 141.7 $ 141.0 $ 145.4 $ 0.7 $ (3.7) Net loan charge-offs In millions $ 12 $ 93 $ 33 $ (81) $ (21) Corporate & Institutional Banking Highlights Third quarter 2023 compared with second quarter 2023 ▪ Earnings increased 18%, driven by a decrease in the provision for credit losses, higher net interest and noninterest income and lower noninterest expense. – Noninterest income increased 2%, due to a $51 million increase in commercial mortgage servicing rights valuation, net of economic hedge, and higher treasury management product revenue, partially offset by lower capital markets and advisory fees. – Noninterest expense decreased 3%, reflecting a continued focus on expense management and lower business activity. ▪ Average loans decreased 3%, driven by lower corporate banking balances, reflecting lower utilization of loan commitments and paydowns outpacing new production. ▪ Average deposits increased modestly. Third quarter 2023 compared with third quarter 2022 ▪ Earnings increased 3%, primarily driven by higher net interest income and a lower provision for credit losses, partially offset by a decline in noninterest income. – Noninterest income decreased 6%, driven by lower loan syndication fees, lower commercial mortgage banking activities and a decline in merger and acquisition advisory fees, partially offset by higher treasury management product revenue. – Noninterest expense increased modestly. ▪ Average loans increased 1%, as growth in PNC's corporate banking, real estate and business credit businesses was partially offset by a decline in commercial banking. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 10 - more -

▪ Average deposits decreased 3%, and included the impact of quantitative tightening by the Federal Reserve. Asset Management Group Change Change 3Q23 vs 3Q23 vs In millions 3Q23 2Q23 3Q22 2Q23 3Q22 Net interest income $ 139 $ 125 $ 165 $ 14 $ (26) Noninterest income $ 223 $ 228 $ 231 $ (5) $ (8) Noninterest expense $ 271 $ 280 $ 274 $ (9) $ (3) Provision for (recapture of) credit losses $ (4) $ (10) $ 4 $ 6 $ (8) Earnings $ 73 $ 63 $ 90 $ 10 $ (17) In billions Discretionary client assets under management $ 176 $ 176 $ 166 — $ 10 Nondiscretionary client assets under administration $ 170 $ 168 $ 148 $ 2 $ 22 Client assets under administration at quarter end $ 346 $ 344 $ 314 $ 2 $ 32 Brokerage client account assets $ 5 $ 5 $ 4 — $ 1 In billions Average loans $ 15.7 $ 15.1 $ 14.4 $ 0.6 $ 1.3 Average deposits $ 27.2 $ 27.3 $ 29.3 $ (0.1) $ (2.1) Net loan charge-offs (recoveries) In millions — $ (2) $ (2) $ 2 $ 2 Asset Management Group Highlights Third quarter 2023 compared with second quarter 2023 ▪ Earnings increased 16%, due to higher net interest income and lower noninterest expense, partially offset by a lower provision recapture and a decline in noninterest income. – Noninterest income decreased 2%, reflecting the impact of client activity, partially offset by higher average equity markets. – Noninterest expense decreased 3% and included the impact of a continued focus on expense management. ▪ Discretionary client assets under management were stable. ▪ Average loans increased 4%, driven by growth in residential mortgage loans. ▪ Average deposits were stable. Third quarter 2023 compared with third quarter 2022 ▪ Earnings decreased 19%, driven by a decline in net interest and noninterest income, partially offset by a provision recapture and lower noninterest expense. – Noninterest income decreased 3%, reflecting the impact of client activity, partially offset by higher average equity markets. – Noninterest expense decreased 1%. ▪ Discretionary client assets under management increased 6%, driven by higher spot equity markets. ▪ Average loans increased 9%, driven by growth in residential mortgage loans. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 11 - more -

▪ Average deposits decreased 7%, and included the impact of quantitative tightening by the Federal Reserve as well as the redeployment of funds to assets under management. 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 (877) 272-3498 and (303) 223-4380 (international) and Internet access to the live audio listen-only webcast of the call is available at www.pnc.com/investorevents. PNC’s third 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 22027858 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] PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 12 - more -

2 The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited) FINANCIAL RESULTS Three months ended Nine months ended Dollars in millions, except per share data September 30 June 30 September 30 September 30 September 30 2023 2023 2022 2023 2022 Revenue Net interest income $ 3,418 $ 3,510 $ 3,475 $ 10,513 $ 9,330 Noninterest income 1,815 1,783 2,074 5,616 6,027 Total revenue 5,233 5,293 5,549 16,129 15,357 Provision for credit losses 129 146 241 510 69 Noninterest expense 3,245 3,372 3,280 9,938 9,696 Income before income taxes and noncontrolling interests $ 1,859 $ 1,775 $ 2,028 $ 5,681 $ 5,592 Income taxes 289 275 388 917 1,027 Net income $ 1,570 $ 1,500 $ 1,640 $ 4,764 $ 4,565 Less: Net income attributable to noncontrolling interests 16 17 16 50 52 Preferred stock dividends (a) 104 127 65 299 181 Preferred stock discount accretion and redemptions 2 2 1 6 4 Net income attributable to common shareholders $ 1,448 $ 1,354 $ 1,558 $ 4,409 $ 4,328 Per Common Share Basic $ 3.60 $ 3.36 $ 3.78 $ 10.95 $ 10.39 Diluted $ 3.60 $ 3.36 $ 3.78 $ 10.94 $ 10.39 Cash dividends declared per common share $ 1.55 $ 1.50 $ 1.50 $ 4.55 $ 4.25 Effective tax rate (b) 15.5 % 15.5 % 19.1 % 16.1 % 18.4 % PERFORMANCE RATIOS Net interest margin (c) 2.71 % 2.79 % 2.82 % 2.78 % 2.54 % Noninterest income to total revenue 35 % 34 % 37 % 35 % 39 % Efficiency (d) 62 % 64 % 59 % 62 % 63 % Return on: Average common shareholders' equity 13.65 % 13.01 % 14.97 % 14.23 % 13.31 % Average assets 1.12 % 1.08 % 1.19 % 1.14 % 1.11 % (a) Dividends are payable quarterly other than Series R and Series S preferred stock, which are 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 September 30, 2023, June 30, 2023 and September 30, 2022 were $36 million, $37 million and $29 million, respectively. The taxable-equivalent adjustments to net interest income for the nine months ended September 30, 2023 and September 30, 2022 were $111 million and $76 million, respectively. (d) Calculated as noninterest expense divided by total revenue. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 13 - more -

The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited) September 30 June 30 September 30 2023 2023 2022 BALANCE SHEET DATA Dollars in millions, except per share data and as noted Assets $ 557,334 $ 558,207 $ 559,477 Loans (a) $ 318,416 $ 321,761 $ 315,400 Allowance for loan and lease losses $ 4,767 $ 4,737 $ 4,581 Interest-earning deposits with banks $ 41,484 $ 38,259 $ 40,278 Investment securities $ 132,387 $ 135,661 $ 136,451 Total deposits $ 423,609 $ 427,489 $ 438,194 Borrowed funds (a) $ 66,167 $ 65,384 $ 54,633 Allowance for unfunded lending related commitments $ 640 $ 663 $ 682 Total shareholders' equity $ 49,454 $ 49,320 $ 46,688 Common shareholders' equity $ 42,215 $ 42,083 $ 39,444 Accumulated other comprehensive income (loss) $ (10,261) $ (9,525) $ (10,486) Book value per common share $ 105.98 $ 105.67 $ 97.59 Tangible book value per common share (non-GAAP) (b) $ 78.16 $ 77.80 $ 69.98 Period end common shares outstanding (In millions) 398 398 404 Loans to deposits 75 % 75 % 72 % Common shareholders' equity to total assets 7.6 % 7.5 % 7.1 % CLIENT ASSETS (In billions) Discretionary client assets under management $ 176 $ 176 $ 166 Nondiscretionary client assets under administration 170 168 148 Total client assets under administration 346 344 314 Brokerage account client assets 78 80 71 Total client assets $ 424 $ 424 $ 385 CAPITAL RATIOS Basel III (c) (d) Common equity Tier 1 9.8 % 9.5 % 9.3 % Common equity Tier 1 fully implemented (e) 9.7 % 9.4 % 9.1 % Tier 1 risk-based 11.5 % 11.2 % 11.0 % Total capital risk-based 13.3 % 13.1 % 12.9 % Leverage 8.9 % 8.8 % 8.6 % Supplementary leverage 7.6 % 7.4 % 7.3 % ASSET QUALITY Nonperforming loans to total loans 0.67 % 0.59 % 0.66 % Nonperforming assets to total loans, OREO and foreclosed assets 0.68 % 0.61 % 0.67 % Nonperforming assets to total assets 0.39 % 0.35 % 0.38 % Net charge-offs to average loans (for the three months ended) (annualized) 0.15 % 0.24 % 0.15 % Allowance for loan and lease losses to total loans 1.50 % 1.47 % 1.45 % Allowance for credit losses to total loans (f) 1.70 % 1.68 % 1.67 % Allowance for loan and lease losses to nonperforming loans 225 % 248 % 222 % Total delinquencies (In millions) (g) $ 1,287 $ 1,212 $ 1,626 (a) Amounts include assets and liabilities for which we have elected the fair value option. Our second quarter 2023 Form 10-Q included, and our third quarter 2023 Form 10- Q will include, additional information regarding these Consolidated Balance Sheet line items. (b) See the Tangible Book Value per Common Share table on page 16 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 September 30, 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. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 14 - more -

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 June 30, 2023, September 30, 2022 and estimated September 30, 2023 ratios. For the full impact of PNC's adoption of CECL, which excludes the benefits of the five-year transition provision, see the September 30, 2023 and June 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 Basel III (a) September 30 2023 (estimated) (b) June 30 2023 (b) September 30 2022 (b) September 30, 2023 (Fully Implemented) (estimated) (c) June 30, 2023 (Fully Implemented) (estimated) (c)Dollars in millions Common stock, related surplus and retained earnings, net of treasury stock $ 52,958 $ 52,091 $ 50,654 $ 52,476 $ 51,608 Less regulatory capital adjustments: Goodwill and disallowed intangibles, net of deferred tax liabilities (11,083) (11,101) (11,159) (11,083) (11,101) All other adjustments (99) (89) (123) (101) (90) Basel III Common equity Tier 1 capital $ 41,776 $ 40,901 $ 39,372 $ 41,292 $ 40,417 Basel III standardized approach risk-weighted assets (d) $ 425,924 $ 429,634 $ 423,446 $ 426,117 $ 429,826 Basel III Common equity Tier 1 capital ratio 9.8 % 9.5 % 9.3 % 9.7 % 9.4 % (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 September 30, 2023 and June 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. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 15 - more -

The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited) NON-GAAP MEASURES Pretax Pre-Provision Earnings (non-GAAP) Three months ended September 30 June 30 September 30 Dollars in millions 2023 2023 2022 Income before income taxes and noncontrolling interests $ 1,859 $ 1,775 $ 2,028 Provision for credit losses 129 146 241 Pretax pre-provision earnings (non-GAAP) $ 1,988 $ 1,921 $ 2,269 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. Tangible Book Value per Common Share (non-GAAP) September 30 June 30 September 30 Dollars in millions, except per share data 2023 2023 2022 Book value per common share $ 105.98 $ 105.67 $ 97.59 Tangible book value per common share Common shareholders' equity $ 42,215 $ 42,083 $ 39,444 Goodwill and other intangible assets (11,337) (11,357) (11,423) Deferred tax liabilities on goodwill and other intangible assets 254 256 263 Tangible common shareholders' equity $ 31,132 $ 30,982 $ 28,284 Period-end common shares outstanding (In millions) 398 398 404 Tangible book value per common share (non-GAAP) $ 78.16 $ 77.80 $ 69.98 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 September 30 June 30 September 30 Dollars in millions 2023 2023 2022 Net interest income $ 3,418 $ 3,510 $ 3,475 Taxable-equivalent adjustments 36 37 29 Net interest income (Fully Taxable-Equivalent - FTE) $ 3,454 $ 3,547 $ 3,504 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 and net interest income shown elsewhere in this presentation is GAAP net interest income. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 16 - more -

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 half of 2023, but ongoing 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 into 2024. – PNC’s baseline outlook is for a mild recession starting in the first half of 2024, with a small contraction in real GDP of less than 1%, lasting into the second half of 2024. The unemployment rate will increase through the rest of 2023 and 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 mid-2024. – PNC expects the federal funds rate to remain unchanged in the near term, between 5.25% and 5.50% through mid-2024, when PNC expects federal funds rate cuts 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 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. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 17 - more -

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 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. PNC Reports Third Quarter 2023 Net Income of $1.6 Billion, $3.60 Diluted EPS – Page 18 ###

Exhibit 99.2

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

(Unaudited)

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

THIRD 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 October 13, 2023. 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.

PRESENTATION OF NONINTEREST INCOME

In the fourth quarter of 2022, PNC updated the name of the noninterest income line item “Capital markets related” to “Capital markets and advisory.” This update did not impact the components of the category. All periods presented herein reflect these changes. For a description of each updated noninterest income revenue stream, see Note 1 Accounting Policies in our 2022 Form 10-K.


THE PNC FINANCIAL SERVICES GROUP, INC.
Cross Reference Index to Third 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															Nine months ended
	September 30			June 30			March 31			December 31			September 30			September 30			September 30
In millions, except per share data	2023			2023			2023			2022			2022			2023			2022
Interest Income
Loans	$	4,643		$	4,523		$	4,258		$	3,860		$	3,138		$	13,424		$	7,935
Investment securities	892			883			885			836			715			2,660			1,890
Other	668			538			516			413			279			1,722			502
Total interest income	6,203			5,944			5,659			5,109			4,132			17,806			10,327
Interest Expense
Deposits	1,792			1,531			1,291			812			340			4,614			455
Borrowed funds	993			903			783			613			317			2,679			542
Total interest expense	2,785			2,434			2,074			1,425			657			7,293			997
Net interest income	3,418			3,510			3,585			3,684			3,475			10,513			9,330
Noninterest Income
Asset management and brokerage	348			348			356			345			357			1,052			1,099
Capital markets and advisory	168			213			262			336			299			643			960
Card and cash management	689			697			659			671			671			2,045			1,962
Lending and deposit services	315			298			306			296			287			919			838
Residential and commercial mortgage	201			98			177			184			143			476			463
Other (a) (b)	94			129			258			247			317			481			705
Total noninterest income	1,815			1,783			2,018			2,079			2,074			5,616			6,027
Total revenue	5,233			5,293			5,603			5,763			5,549			16,129			15,357
Provision For Credit Losses	129			146			235			408			241			510			69
Noninterest Expense
Personnel	1,773			1,846			1,826			1,943			1,805			5,445			5,301
Occupancy	244			244			251			247			241			739			745
Equipment	347			349			350			369			344			1,046			1,026
Marketing	93			109			74			106			93			276			249
Other	788			824			820			809			797			2,432			2,375
Total noninterest expense	3,245			3,372			3,321			3,474			3,280			9,938			9,696
Income before income taxes and noncontrolling interests	1,859			1,775			2,047			1,881			2,028			5,681			5,592
Income taxes	289			275			353			333			388			917			1,027




Net income	1,570			1,500			1,694			1,548			1,640			4,764			4,565
Less: Net income attributable to noncontrolling interests	16			17			17			20			16			50			52
Preferred stock dividends (c)	104			127			68			120			65			299			181
Preferred stock discount accretion and redemptions	2			2			2			1			1			6			4
Net income attributable to common shareholders	$	1,448		$	1,354		$	1,607		$	1,407		$	1,558		$	4,409		$	4,328
Earnings Per Common Share
Basic	$	3.60		$	3.36		$	3.98		$	3.47		$	3.78		$	10.95		$	10.39


Diluted	$	3.60		$	3.36		$	3.98		$	3.47		$	3.78		$	10.94		$	10.39


Average Common Shares Outstanding
Basic	400			401			401			404			410			401			414
Diluted	400			401			402			404			410			401			415
Efficiency	62		%	64		%	59		%	60		%	59		%	62		%	63		%
Noninterest income to total revenue	35		%	34		%	36		%	36		%	37		%	35		%	39		%
Effective tax rate (d)	15.5		%	15.5		%	17.2		%	17.7		%	19.1		%	16.1		%	18.4		%

(a)Includes net gains (losses) on sale of securities of less than $1 million, $(2) million, less than $1 million, $(3) million and less than $1 million for the quarters ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $(2) million and $(4) million for the nine months ended September 30, 2023 and September 30, 2022, respectively.

(b)Includes Visa Class B derivative fair value adjustments of $(51) million, $(83) million, $(45) million, $(41) million and $13 million for the quarters ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $(179) million and $1 million for the nine months ended September 30, 2023 and September 30, 2022, respectively.

(c)Dividends are payable quarterly other than Series R and Series S preferred stock, which are 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)


	September 30		June 30		March 31		December 31		September 30
In millions, except par value	2023		2023		2023		2022		2022
Assets
Cash and due from banks	$	5,300	$	6,191	$	5,940	$	7,043	$	6,548
Interest-earning deposits with banks (a)	41,484		38,259		33,865		27,320		40,278
Loans held for sale (b)	923		835		998		1,010		1,126
Investment securities – available for sale	40,590		41,787		43,220		44,159		45,798
Investment securities – held to maturity	91,797		93,874		95,019		95,175		90,653
Loans (b)	318,416		321,761		326,475		326,025		315,400
Allowance for loan and lease losses	(4,767)		(4,737)		(4,741)		(4,741)		(4,581)
Net loans	313,649		317,024		321,734		321,284		310,819
Equity investments	8,046		8,015		8,323		8,437		8,130
Mortgage servicing rights	4,006		3,455		3,293		3,423		3,206
Goodwill	10,987		10,987		10,987		10,987		10,987
Other (b)	40,552		37,780		38,398		38,425		41,932
Total assets	$	557,334	$	558,207	$	561,777	$	557,263	$	559,477
Liabilities
Deposits
Noninterest-bearing	$	105,672	$	110,527	$	118,014	$	124,486	$	138,423
Interest-bearing	317,937		316,962		318,819		311,796		299,771
Total deposits	423,609		427,489		436,833		436,282		438,194
Borrowed funds
Federal Home Loan Bank borrowings	36,000		34,000		32,020		32,075		30,075
Senior debt	22,407		22,005		19,622		16,657		13,357
Subordinated debt	4,728		5,548		5,630		6,307		7,286
Other (b)	3,032		3,831		3,550		3,674		3,915
Total borrowed funds	66,167		65,384		60,822		58,713		54,633
Allowance for unfunded lending related commitments	640		663		672		694		682
Accrued expenses and other liabilities (b)	17,437		15,325		14,376		15,762		19,245
Total liabilities	507,853		508,861		512,703		511,451		512,754
Equity
Preferred stock (c)
Common stock - $5 par value
Authorized 800,000,000 shares, issued 543,012,047, 543,012,047, 542,874,855, 542,874,829 and 542,768,817 shares	2,715		2,715		2,714		2,714		2,714
Capital surplus	19,971		19,934		19,864		18,376		19,810
Retained earnings	56,170		55,346		54,598		53,572		52,777
Accumulated other comprehensive income (loss)	(10,261)		(9,525)		(9,108)		(10,172)		(10,486)
Common stock held in treasury at cost: 144,671,252, 144,763,739, 143,781,812, 142,298,689 and 138,582,781 shares	(19,141)		(19,150)		(19,024)		(18,716)		(18,127)
Total shareholders’ equity	49,454		49,320		49,044		45,774		46,688
Noncontrolling interests	27		26		30		38		35
Total equity	49,481		49,346		49,074		45,812		46,723
Total liabilities and equity	$	557,334	$	558,207	$	561,777	$	557,263	$	559,477

(a)Amounts include balances held with the Federal Reserve Bank of $41.1 billion, $37.8 billion, $32.5 billion, $26.9 billion and $39.8 billion as of September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.

(b)Amounts include assets and liabilities for which PNC has elected the fair value option. Our second quarter 2023 Form 10-Q included, and our third quarter 2023 Form 10-Q 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										Nine months ended
	September 30		June 30		March 31		December 31		September 30		September 30		September 30
In millions	2023		2023		2023		2022		2022		2023		2022
Assets
Interest-earning assets:
Investment securities
Securities available for sale
Residential mortgage-backed
Agency	$	31,020	$	31,180	$	31,850	$	31,818	$	32,500	$	31,347	$	45,633
Non-agency	627		663		689		714		748		659		885
Commercial mortgage-backed	2,880		2,948		3,102		3,377		3,489		2,976		4,354
Asset-backed	989		575		218		105		110		597		2,885
U.S. Treasury and government agencies	7,996		8,231		9,088		10,345		11,789		8,434		25,448
Other	2,931		2,997		3,263		3,370		3,506		3,062		4,189
Total securities available for sale	46,443		46,594		48,210		49,729		52,142		47,075		83,394
Securities held to maturity
Residential mortgage-backed	44,112		45,033		45,616		44,184		39,329		44,914		24,317
Commercial mortgage-backed	2,346		2,396		2,453		2,323		2,069		2,398		1,089
Asset-backed	6,463		6,712		7,026		6,995		6,571		6,732		3,587
U.S. Treasury and government agencies	37,043		36,912		36,748		36,441		34,279		36,902		21,243
Other	3,256		3,391		3,338		3,218		2,600		3,329		1,585
Total securities held to maturity	93,220		94,444		95,181		93,161		84,848		94,275		51,821
Total investment securities	139,663		141,038		143,391		142,890		136,990		141,350		135,215
Loans
Commercial and industrial	175,206		180,878		182,017		179,111		172,788		179,342		165,142
Commercial real estate	36,032		35,938		36,110		36,181		35,140		36,026		34,541
Equipment lease financing	6,441		6,364		6,452		6,275		6,202		6,419		6,168
Consumer	54,744		55,070		55,020		54,809		54,563		54,944		54,692
Residential real estate	47,081		46,284		45,927		45,499		44,333		46,435		42,378
Total loans	319,504		324,534		325,526		321,875		313,026		323,166		302,921
Interest-earning deposits with banks (c)	38,352		31,433		34,054		30,395		31,892		34,629		44,641
Other interest-earning assets	8,777		9,215		8,806		9,690		9,560		8,933		9,637
Total interest-earning assets	506,296		506,220		511,777		504,850		491,468		508,078		492,414
Noninterest-earning assets	48,667		49,287		50,555		52,356		55,629		49,496		56,029
Total assets	$	554,963	$	555,507	$	562,332	$	557,206	$	547,097	$	557,574	$	548,443
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market	$	64,310	$	63,691	$	65,753	$	63,944	$	60,934	$	64,579	$	60,510
Demand	123,730		124,111		124,376		122,501		120,358		124,070		117,485
Savings	100,643		102,415		104,408		102,020		106,761		102,475		108,112
Time deposits	25,872		22,342		20,519		12,982		10,020		22,931		12,125
Total interest-bearing deposits	314,555		312,559		315,056		301,447		298,073		314,055		298,232
Borrowed funds
Federal Home Loan Bank borrowings	34,109		33,752		32,056		30,640		16,708		33,313		7,957
Senior debt	23,479		20,910		19,679		16,312		14,597		21,370		16,249
Subordinated debt	5,293		5,850		6,100		6,933		7,614		5,745		7,131
Other	4,584		5,180		5,133		5,346		5,342		4,964		5,457
Total borrowed funds	67,465		65,692		62,968		59,231		44,261		65,392		36,794
Total interest-bearing liabilities	382,020		378,251		378,024		360,678		342,334		379,447		335,026
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits	107,981		113,178		121,176		133,461		141,167		114,063		148,062
Accrued expenses and other liabilities	15,629		15,063		16,014		17,461		15,699		15,567		16,061
Equity	49,333		49,015		47,118		45,606		47,897		48,497		49,294
Total liabilities and equity	$	554,963	$	555,507	$	562,332	$	557,206	$	547,097	$	557,574	$	548,443

(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 $37.9 billion, $30.6 billion, $33.5 billion, $30.0 billion and $31.5 billion for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 and $34.0 billion and $44.2 billion for the nine months ended September 30, 2023 and September 30,2022, respectively.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 4


Table 4: Details of Net Interest Margin (Unaudited)
	Three months ended										Nine months ended
	September 30		June 30		March 31		December 31		September 30		September 30		September 30
	2023		2023		2023		2022		2022		2023		2022
Average yields/rates (a)
Yield on interest-earning assets
Investment securities
Securities available for sale
Residential mortgage-backed
Agency	2.73	%	2.67	%	2.67	%	2.54	%	2.36	%	2.69	%	2.01	%
Non-agency	10.42	%	9.39	%	8.53	%	7.85	%	7.62	%	9.42	%	7.57	%
Commercial mortgage-backed	3.41	%	2.84	%	2.62	%	2.75	%	2.70	%	2.95	%	2.49	%
Asset-backed	6.30	%	6.56	%	7.04	%	11.98	%	6.31	%	6.44	%	1.56	%
U.S. Treasury and government agencies	2.28	%	2.20	%	2.05	%	1.96	%	1.73	%	2.17	%	1.36	%
Other	2.58	%	2.55	%	2.47	%	2.39	%	2.47	%	2.53	%	2.61	%
Total securities available for sale	2.87	%	2.73	%	2.64	%	2.52	%	2.33	%	2.75	%	1.91	%
Securities held to maturity
Residential mortgage-backed	2.72	%	2.72	%	2.74	%	2.60	%	2.30	%	2.73	%	2.14	%
Commercial mortgage-backed	5.55	%	5.35	%	4.95	%	4.57	%	3.50	%	5.28	%	3.04	%
Asset-backed	4.36	%	4.10	%	3.97	%	3.44	%	2.58	%	4.14	%	2.31	%
U.S. Treasury and government agencies	1.34	%	1.34	%	1.33	%	1.30	%	1.19	%	1.34	%	1.14	%
Other	4.57	%	4.65	%	4.62	%	4.47	%	4.10	%	4.61	%	4.12	%
Total securities held to maturity	2.42	%	2.41	%	2.41	%	2.27	%	1.96	%	2.41	%	1.82	%
Total investment securities	2.57	%	2.52	%	2.49	%	2.36	%	2.10	%	2.52	%	1.88	%
Loans
Commercial and industrial	5.86	%	5.70	%	5.34	%	4.70	%	3.69	%	5.64	%	3.14	%
Commercial real estate	6.59	%	6.37	%	6.02	%	5.28	%	4.27	%	6.33	%	3.44	%
Equipment lease financing	4.72	%	4.51	%	4.28	%	4.18	%	3.85	%	4.51	%	3.73	%
Consumer	6.89	%	6.57	%	6.34	%	5.88	%	5.32	%	6.60	%	4.89	%
Residential real estate	3.52	%	3.41	%	3.35	%	3.28	%	3.21	%	3.43	%	3.12	%
Total loans	5.75	%	5.57	%	5.29	%	4.75	%	3.98	%	5.54	%	3.50	%
Interest-earning deposits with banks	5.44	%	5.10	%	4.58	%	3.76	%	2.32	%	5.05	%	0.87	%
Other interest-earning assets	6.66	%	5.96	%	5.75	%	5.20	%	3.94	%	6.12	%	2.92	%
Total yield on interest-earning assets	4.87	%	4.70	%	4.46	%	4.02	%	3.35	%	4.68	%	2.80	%
Rate on interest-bearing liabilities
Interest-bearing deposits
Money market	3.10	%	2.79	%	2.40	%	1.75	%	0.85	%	2.76	%	0.36	%
Demand	2.15	%	1.89	%	1.58	%	1.14	%	0.59	%	1.87	%	0.26	%
Savings	1.49	%	1.26	%	1.03	%	0.50	%	0.09	%	1.26	%	0.06	%
Time deposits	3.67	%	3.26	%	3.00	%	1.45	%	0.26	%	3.34	%	0.18	%
Total interest-bearing deposits	2.26	%	1.96	%	1.66	%	1.07	%	0.45	%	1.96	%	0.20	%
Borrowed funds
Federal Home Loan Bank borrowings	5.55	%	5.28	%	4.80	%	3.92	%	2.60	%	5.22	%	2.20	%
Senior debt	6.17	%	5.91	%	5.39	%	4.30	%	2.96	%	5.85	%	1.80	%
Subordinated debt	6.52	%	6.19	%	5.69	%	4.79	%	3.43	%	6.12	%	2.30	%
Other	4.49	%	3.79	%	3.70	%	3.24	%	2.20	%	3.98	%	1.54	%
Total borrowed funds	5.77	%	5.44	%	4.98	%	4.07	%	2.81	%	5.41	%	1.95	%
Total rate on interest-bearing liabilities	2.86	%	2.56	%	2.20	%	1.55	%	0.75	%	2.54	%	0.39	%
Interest rate spread	2.01	%	2.14	%	2.26	%	2.47	%	2.60	%	2.14	%	2.41	%
Benefit from use of noninterest-bearing sources (b)	0.70	%	0.65	%	0.58	%	0.45	%	0.22	%	0.64	%	0.13	%
Net interest margin	2.71	%	2.79	%	2.84	%	2.92	%	2.82	%	2.78	%	2.54	%

(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 September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 were $36 million, $37 million, $38 million, $36 million and $29 million, respectively. The taxable-equivalent adjustments to net interest income for the nine months ended September 30, 2023 and September 30, 2022 were $111 million and $76 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)


	September 30		June 30		March 31		December 31		September 30
In millions	2023		2023		2023		2022		2022
Commercial
Commercial and industrial
Manufacturing	$	29,163	$	30,586	$	32,132	$	30,845	$	28,629
Retail/wholesale trade	28,284		28,751		29,172		29,176		27,532
Financial services	22,770		21,823		22,534		21,320		21,590
Service providers	21,680		22,277		23,186		23,548		22,043
Real estate related (a)	16,182		17,200		17,548		17,780		17,513
Technology, media & telecommunications	10,989		11,158		11,338		11,845		11,366
Health care	10,092		10,186		10,537		10,649		10,420
Transportation and warehousing	7,891		8,048		7,824		7,858		7,977
Other industries	27,112		27,600		28,726		29,198		26,743
Total commercial and industrial	174,163		177,629		182,997		182,219		173,813
Commercial real estate	35,776		35,928		35,991		36,316		35,592
Equipment lease financing	6,493		6,400		6,424		6,514		6,192
Total commercial	216,432		219,957		225,412		225,049		215,597
Consumer
Residential real estate	47,359		46,834		46,067		45,889		45,057
Home equity	26,159		26,200		26,203		25,983		25,367
Automobile	14,940		15,065		14,923		14,836		15,025
Credit card	7,060		7,092		6,961		7,069		6,774
Education	2,020		2,058		2,131		2,173		2,287
Other consumer	4,446		4,555		4,778		5,026		5,293
Total consumer	101,984		101,804		101,063		100,976		99,803
Total loans	$	318,416	$	321,761	$	326,475	$	326,025	$	315,400

(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															Nine months ended
	September 30			June 30			March 31			December 31			September 30			September 30			September 30
Dollars in millions	2023			2023			2023			2022			2022			2023			2022
Allowance for loan and lease losses
Beginning balance	$	4,737		$	4,741		$	4,741		$	4,581		$	4,462		$	4,741		$	4,868
Adoption of ASU 2022-02 (a)							(35)									(35)
Beginning balance, adjusted	4,737			4,741			4,706			4,581			4,462			4,706			4,868
Gross charge-offs:
Commercial and industrial	(43)			(45)			(104)			(121)			(65)			(192)			(136)
Commercial real estate	(25)			(87)			(12)			(22)			(7)			(124)			(22)
Equipment lease financing	(4)			(3)			(4)			(2)			(1)			(11)			(4)
Residential real estate	(1)			(2)			(3)			(2)			(2)			(6)			(9)
Home equity	(4)			(5)			(6)			(6)			(3)			(15)			(9)
Automobile	(30)			(28)			(33)			(34)			(32)			(91)			(118)
Credit card	(78)			(80)			(74)			(62)			(59)			(232)			(194)
Education	(4)			(5)			(4)			(4)			(4)			(13)			(12)
Other consumer	(44)			(38)			(42)			(64)			(49)			(124)			(164)
Total gross charge-offs	(233)			(293)			(282)			(317)			(222)			(808)			(668)
Recoveries:
Commercial and industrial	45			33			20			33			23			98			68
Commercial real estate	2						2			2			1			4			3
Equipment lease financing	2			3			3			1			1			8			7
Residential real estate	3			4			3			2			4			10			15
Home equity	12			13			11			13			19			36			58
Automobile	26			27			24			24			30			77			100
Credit card	10			11			11			8			12			32			43
Education	1			2			2			1			1			5			4
Other consumer	11			6			11			9			12			28			31
Total recoveries	112			99			87			93			103			298			329
Net (charge-offs) / recoveries:
Commercial and industrial	2			(12)			(84)			(88)			(42)			(94)			(68)
Commercial real estate	(23)			(87)			(10)			(20)			(6)			(120)			(19)
Equipment lease financing	(2)						(1)			(1)						(3)			3
Residential real estate	2			2									2			4			6
Home equity	8			8			5			7			16			21			49
Automobile	(4)			(1)			(9)			(10)			(2)			(14)			(18)
Credit card	(68)			(69)			(63)			(54)			(47)			(200)			(151)
Education	(3)			(3)			(2)			(3)			(3)			(8)			(8)
Other consumer	(33)			(32)			(31)			(55)			(37)			(96)			(133)
Total net (charge-offs)	(121)			(194)			(195)			(224)			(119)			(510)			(339)
Provision for credit losses (b)	153			189			229			380			241			571			59
Other	(2)			1			1			4			(3)						(7)
Ending balance	$	4,767		$	4,737		$	4,741		$	4,741		$	4,581		$	4,767		$	4,581
Supplemental Information
Net charge-offs
Commercial net charge-offs	$	(23)		$	(99)		$	(95)		$	(109)		$	(48)		$	(217)		$	(84)
Consumer net charge-offs	(98)			(95)			(100)			(115)			(71)			(293)			(255)
Total net charge-offs	$	(121)		$	(194)		$	(195)		$	(224)		$	(119)		$	(510)		$	(339)
Net charge-offs to average loans (annualized)	0.15		%	0.24		%	0.24		%	0.28		%	0.15		%	0.21		%	0.15		%
Commercial	0.04		%	0.18		%	0.17		%	0.20		%	0.09		%	0.13		%	0.05		%
Consumer	0.38		%	0.38		%	0.40		%	0.45		%	0.28		%	0.39		%	0.35		%

(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 second quarter 2023 Form 10-Q included, and our third quarter 2023 Form 10-Q 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.


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										Nine months ended
	September 30		June 30		March 31		December 31		September 30		September 30		September 30
In millions	2023		2023		2023		2022		2022		2023		2022
Provision for credit losses
Loans and leases	$	153	$	189	$	229	$	380	$	241	$	571	$	59
Unfunded lending related commitments	(23)		(9)		(22)		12		1		(54)		20
Investment securities	(10)				(1)		10		3		(11)		7
Other financial assets	9		(34)		29		6		(4)		4		(17)
Total provision for credit losses	$	129	$	146	$	235	$	408	$	241	$	510	$	69

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


	September 30, 2023						June 30, 2023						September 30, 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	$	1,843	$	174,163	1.06	%	$	1,836	$	177,629	1.03	%	$	1,974	$	173,813	1.14	%
Commercial real estate	1,270		35,776		3.55	%	1,206		35,928		3.36	%	994		35,592		2.79	%
Equipment lease financing	109		6,493		1.68	%	100		6,400		1.56	%	93		6,192		1.50	%
Total commercial	3,222		216,432		1.49	%	3,142		219,957		1.43	%	3,061		215,597		1.42	%
Consumer
Residential real estate	62		47,359		0.13	%	72		46,834		0.15	%	50		45,057		0.11	%
Home equity	288		26,159		1.10	%	294		26,200		1.12	%	215		25,367		0.85	%
Automobile	169		14,940		1.13	%	188		15,065		1.25	%	214		15,025		1.42	%
Credit card	762		7,060		10.79	%	765		7,092		10.79	%	732		6,774		10.81	%
Education	56		2,020		2.77	%	61		2,058		2.96	%	64		2,287		2.80	%
Other consumer	208		4,446		4.68	%	215		4,555		4.72	%	245		5,293		4.63	%
Total consumer	1,545		101,984		1.51	%	1,595		101,804		1.57	%	1,520		99,803		1.52	%
Total	4,767		$	318,416	1.50	%	4,737		$	321,761	1.47	%	4,581		$	315,400	1.45	%
Allowance for unfunded lending related commitments	640						663						682
Allowance for credit losses	$	5,407					$	5,400					$	5,263

Supplemental Information
Allowance for credit losses to total loans					1.70	%					1.68	%					1.67	%
Commercial					1.73	%					1.68	%					1.70	%
Consumer					1.62	%					1.67	%					1.60	%

(a) Excludes allowances for investment securities and other financial assets, which together totaled $131 million, $171 million and $162 million at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 8

Details of Nonperforming Assets (Unaudited)

Table 9: Nonperforming Assets by Type


	September 30			June 30			March 31			December 31			September 30
Dollars in millions	2023			2023			2023			2022			2022
Nonperforming loans (a)
Commercial
Commercial and industrial
Service providers	$	162		$	114		$	128		$	174		$	223
Technology, media & telecommunications	51			55			22			20			20
Transportation and warehousing	44			33			24			27			29
Retail/wholesale trade	41			41			82			151			158
Health care	37			60			57			50			45
Manufacturing	34			50			105			85			88
Real estate related (b)	31			42			43			50			47
Other industries	58			75			87			106			138
Total commercial and industrial	458			470			548			663			748
Commercial real estate	723			350			337			189			148
Equipment lease financing	30			7			6			6			7
Total commercial	1,211			827			891			858			903
Consumer (c)
Residential real estate	330			429			432			424			429
Home equity	446			506			523			526			530
Automobile	114			133			145			155			167
Credit card	11			10			9			8			6
Other consumer	11			8			10			14			33
Total consumer	912			1,086			1,119			1,127			1,165
Total nonperforming loans (d)	2,123			1,913			2,010			1,985			2,068
OREO and foreclosed assets	35			36			38			34			33
Total nonperforming assets	$	2,158		$	1,949		$	2,048		$	2,019		$	2,101
Nonperforming loans to total loans	0.67		%	0.59		%	0.62		%	0.61		%	0.66		%
Nonperforming assets to total loans, OREO and foreclosed assets	0.68		%	0.61		%	0.63		%	0.62		%	0.67		%
Nonperforming assets to total assets	0.39		%	0.35		%	0.36		%	0.36		%	0.38		%
Allowance for loan and lease losses to nonperforming loans	225		%	248		%	236		%	239		%	222		%

(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. Prior year amounts included nonperforming TDRs, for which accounting guidance was eliminated effective January 1, 2023. Our second quarter 2023 Form 10-Q included, and our third quarter 2023 Form 10-Q 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


	July 1, 2023 -		April 1, 2023 -		January 1, 2023 -		October 1, 2022 -		July 1, 2022 -
In millions	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Beginning balance	$	1,949	$	2,048	$	2,019	$	2,101	$	2,075

New nonperforming assets	641		410		452		346		438
Charge-offs and valuation adjustments	(91)		(135)		(122)		(174)		(79)
Principal activity, including paydowns and payoffs	(112)		(297)		(172)		(139)		(182)
Asset sales and transfers to loans held for sale	(7)		(12)		(46)		(22)		(3)
Returned to performing status (a)	(222)		(65)		(83)		(93)		(148)
Ending balance	$	2,158	$	1,949	$	2,048	$	2,019	$	2,101

(a)Amounts for the three months ended September 30, 2023 include 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 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)



	September 30			June 30			March 31			December 31			September 30
Dollars in millions	2023			2023			2023			2022			2022
Commercial
Commercial and industrial	$	84		$	64		$	119		$	169		$	321
Commercial real estate	2			10			25			19			11
Equipment lease financing	25			14			33			20			6
Total commercial	111			88			177			208			338
Consumer
Residential real estate
Non government insured	179			151			167			190			223
Government insured	78			77			78			91			75
Home equity	59			56			48			53			46
Automobile	83			84			79			106			96
Credit card	50			49			48			50			44
Education
Non government insured	6			5			6			5			6
Government insured	26			28			29			29			30
Other consumer	15			17			13			15			21
Total consumer	496			467			468			539			541
Total	$	607		$	555		$	645		$	747		$	879
Supplemental Information
Total accruing loans past due 30-59 days to total loans	0.19		%	0.17		%	0.20		%	0.23		%	0.28		%
Commercial	0.05		%	0.04		%	0.08		%	0.09		%	0.16		%
Consumer	0.49		%	0.46		%	0.46		%	0.53		%	0.54		%

(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)


	September 30			June 30			March 31			December 31			September 30
Dollars in millions	2023			2023			2023			2022			2022
Commercial
Commercial and industrial	$	32		$	47		$	21		$	27		$	55
Commercial real estate	2						1			4			4
Equipment lease financing	6			5			5			4			6
Total commercial	40			52			27			35			65
Consumer
Residential real estate
Non government insured	52			36			43			54			49
Government insured	51			50			55			58			46
Home equity	22			18			18			20			16
Automobile	19			20			18			25			21
Credit card	38			36			35			35			30
Education
Non government insured	3			2			4			2			4
Government insured	19			15			17			20			22
Other consumer	9			9			8			12			15
Total consumer	213			186			198			226			203
Total	$	253		$	238		$	225		$	261		$	268
Supplemental Information
Total accruing loans past due 60-89 days to total loans	0.08		%	0.07		%	0.07		%	0.08		%	0.08		%
Commercial	0.02		%	0.02		%	0.01		%	0.02		%	0.03		%
Consumer	0.21		%	0.18		%	0.20		%	0.22		%	0.20		%

(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)


	September 30			June 30			March 31			December 31			September 30
Dollars in millions	2023			2023			2023			2022			2022
Commercial
Commercial and industrial	$	102		$	112		$	134		$	137		$	139
Commercial real estate													5
Total commercial	102			112			134			137			144
Consumer
Residential real estate
Non government insured	36			30			26			32			30
Government insured	146			144			152			167			166
Automobile	6			5			5			7			6
Credit card	80			71			74			70			58
Education
Non government insured	2			2			2			2			2
Government insured	46			46			54			57			61
Other consumer	9			9			9			10			12
Total consumer	325			307			322			345			335
Total	$	427		$	419		$	456		$	482		$	479
Supplemental Information
Total accruing loans past due 90 days or more to total loans	0.13		%	0.13		%	0.14		%	0.15		%	0.15		%
Commercial	0.05		%	0.05		%	0.06		%	0.06		%	0.07		%
Consumer	0.32		%	0.30		%	0.32		%	0.34		%	0.34		%
Total accruing loans past due	$	1,287		$	1,212		$	1,326		$	1,490		$	1,626
Commercial	$	253		$	252		$	338		$	380		$	547
Consumer	$	1,034		$	960		$	988		$	1,110		$	1,079
Total accruing loans past due to total loans	0.40		%	0.38		%	0.41		%	0.46		%	0.52		%
Commercial	0.12		%	0.11		%	0.15		%	0.17		%	0.25		%
Consumer	1.01		%	0.94		%	0.98		%	1.10		%	1.08		%

(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


	September 30	June 30	March 31	December 31	September 30
	2023	2023	2023	2022	2022
Full-time employees
Retail Banking	29,692	30,446	31,583	32,467	33,288
Other full-time employees	27,725	27,785	27,874	27,427	26,328
Total full-time employees	57,417	58,231	59,457	59,894	59,616
Part-time employees
Retail Banking	1,480	1,567	1,537	1,577	1,520
Other part-time employees	70	503	79	74	77
Total part-time employees	1,550	2,070	1,616	1,651	1,597
Total	58,967	60,301	61,073	61,545	61,213


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 13

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


	Three months ended										Nine months ended
	September 30		June 30		March 31		December 31		September 30		September 30		September 30
In millions	2023		2023		2023		2022		2022		2023		2022
Net Income
Retail Banking	$	1,094	$	954	$	647	$	752	$	560	$	2,695	$	1,222
Corporate & Institutional Banking	960		817		1,059		982		929		2,836		2,888
Asset Management Group	73		63		52		52		90		188		278
Other	(573)		(351)		(81)		(258)		45		(1,005)		125
Net income excluding noncontrolling interests	$	1,554	$	1,483	$	1,677	$	1,528	$	1,624	$	4,714	$	4,513

Revenue
Retail Banking	$	3,360	$	3,150	$	3,024	$	3,079	$	2,742	$	9,534	$	7,428
Corporate & Institutional Banking	2,254		2,202		2,300		2,451		2,255		6,756		6,440
Asset Management Group	362		353		357		375		396		1,072		1,169
Other	(743)		(412)		(78)		(142)		156		(1,233)		320
Total revenue	$	5,233	$	5,293	$	5,603	$	5,763	$	5,549	$	16,129	$	15,357

(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 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																	Nine months ended
	September 30			June 30				March 31				December 31			September 30			September 30			September 30
Dollars in millions	2023			2023				2023				2022			2022			2023			2022
Income Statement
Net interest income	$	2,576		$	2,448			$	2,281			$	2,330		$	2,017		$	7,305		$	5,210
Noninterest income	784			702				743				749			725			2,229			2,218
Total revenue	3,360			3,150				3,024				3,079			2,742			9,534			7,428
Provision for (recapture of) credit losses	42			(14)				238				193			92			266			66
Noninterest expense	1,876			1,904				1,927				1,892			1,901			5,707			5,706
Pretax earnings	1,442			1,260				859				994			749			3,561			1,656
Income taxes	337			295				202				232			175			834			389
Noncontrolling interests	11			11				10				10			14			32			45
Earnings	$	1,094		$	954		752	$	647		322	$	752		$	560		$	2,695		$	1,222
Average Balance Sheet
Loans held for sale	$	633		$	614			$	542			$	737		$	837		$	597		$	991
Loans
Consumer
Residential real estate	$	35,107		$	35,150			$	35,421			$	35,286		$	34,465		$	35,225		$	33,088
Home equity	24,591			24,663				24,571				24,126			23,393			24,608			22,916
Automobile	14,976			15,005				14,918				14,793			15,088			14,966			15,638
Credit card	7,075			7,015				6,904				6,882			6,684			6,999			6,532
Education	2,057			2,115				2,188				2,257			2,327			2,119			2,422
Other consumer	1,882			1,929				1,990				2,049			2,092			1,934			2,204
Total consumer	85,688			85,877				85,992				85,393			84,049			85,851			82,800
Commercial	11,733			11,708				11,438				11,181			10,881			11,628			11,176
Total loans	$	97,421		$	97,585			$	97,430			$	96,574		$	94,930		$	97,479		$	93,976
Total assets	$	114,724		$	114,826			$	115,384			$	115,827		$	114,619		$	114,975		$	113,157
Deposits
Noninterest-bearing	$	58,110		$	59,464			$	60,801			$	64,031		$	65,405		$	59,448		$	65,026
Interest-bearing	195,560			197,854				201,720				195,743			198,956			198,356			200,918
Total deposits	$	253,670		$	257,318			$	262,521			$	259,774		$	264,361		$	257,804		$	265,944
Performance Ratios
Return on average assets	3.78		%	3.33		%		2.27		%		2.58		%	1.94		%	3.13		%	1.44		%
Noninterest income to total revenue	23		%	22		%		25		%		24		%	26		%	23		%	30		%
Efficiency	56		%	60		%		64		%		61		%	69		%	60		%	77		%

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


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 15

Retail Banking (Unaudited) (Continued)


	Three months ended															Nine months ended
	September 30			June 30			March 31			December 31			September 30			September 30			September 30
Dollars in millions, except as noted	2023			2023			2023			2022			2022			2023			2022
Supplemental Noninterest Income Information
Asset management and brokerage	$	130		$	123		$	131		$	128		$	131		$	384		$	400
Card and cash management	$	329		$	344		$	324		$	335		$	344		$	997		$	1,003
Lending and deposit services	$	193		$	176		$	181		$	172		$	167		$	550		$	498
Residential and commercial mortgage	$	128		$	75		$	104		$	111		$	38		$	307		$	208
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (a)
Serviced portfolio balance (b)	$	213		$	191		$	188		$	190		$	170
Serviced portfolio acquisitions	$	25		$	7		$	2		$	24		$	29		$	34		$	50
MSR asset value (b)	$	2.8		$	2.3		$	2.2		$	2.3		$	2.1
MSR capitalization value (in basis points) (b)	133			123			119			122			122
Servicing income: (in millions)
Servicing fees, net (c)	$	67		$	67		$	78		$	73		$	50		$	212		$	119
Mortgage servicing rights valuation net of economic hedge	$	37		$	(9)		$	14		$	24		$	(30)		$	42		$	(15)
Residential mortgage loan statistics
Loan origination volume (in billions)	$	2.1		$	2.4		$	1.4		$	2.1		$	3.1		$	5.9		$	13.0
Loan sale margin percentage	2.43		%	2.23		%	2.26		%	2.20		%	1.97		%	2.31		%	2.13		%
Percentage of originations represented by:
Purchase volume (d)	87		%	90		%	84		%	88		%	85		%	87		%	64		%
Refinance volume	13		%	10		%	16		%	12		%	15		%	13		%	36		%
Other Information (b)
Customer-related statistics (average)
Non-teller deposit transactions (e)	68		%	65		%	65		%	65		%	65		%	66		%	64		%
Digital consumer customers (f)	78		%	76		%	75		%	76		%	78		%	77		%	78		%
Credit-related statistics
Nonperforming assets	$	856		$	981		$	1,009		$	1,003		$	1,027
Net charge-offs - loans and leases	$	114		$	109		$	112		$	108		$	98		$	335		$	327
Other statistics
ATMs	8,476			8,566			8,697			8,933			9,169
Branches (g)	2,303			2,361			2,450			2,518			2,527
Brokerage account client assets (in billions) (h)	$	73		$	75		$	73		$	70		$	67

(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 and nine months ended.

(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															Nine months ended
	September 30			June 30			March 31			December 31			September 30			September 30			September 30
Dollars in millions	2023			2023			2023			2022			2022			2023			2022
Income Statement
Net interest income	$	1,419		$	1,381		$	1,414		$	1,489		$	1,368		$	4,214		$	3,781
Noninterest income	835			821			886			962			887			2,542			2,659
Total revenue	2,254			2,202			2,300			2,451			2,255			6,756			6,440
Provision for (recapture of) credit losses	102			209			(28)			183			150			283			15
Noninterest expense	895			921			939			990			890			2,755			2,661
Pretax earnings	1,257			1,072			1,389			1,278			1,215			3,718			3,764
Income taxes	292			250			325			291			281			867			864
Noncontrolling interests	5			5			5			5			5			15			12
Earnings	$	960		$	817		$	1,059		$	982		$	929		$	2,836		$	2,888
Average Balance Sheet
Loans held for sale	$	283		$	440		$	456		$	337		$	449		$	392		$	522
Loans
Commercial
Commercial and industrial	$	161,810		$	167,357		$	168,874		$	166,176		$	160,140		$	165,987		$	151,971
Commercial real estate	34,587			34,410			34,605			34,663			33,525			34,534			32,938
Equipment lease financing	6,441			6,364			6,451			6,274			6,202			6,419			6,168
Total commercial	202,838			208,131			209,930			207,113			199,867			206,940			191,077
Consumer	4			5			7			8			7			6			9
Total loans	$	202,842		$	208,136		$	209,937		$	207,121		$	199,874		$	206,946		$	191,086
Total assets	$	230,082		$	234,174		$	234,536		$	234,120		$	224,984		$	232,914		$	215,163
Deposits
Noninterest-bearing	$	48,123		$	51,948		$	58,529		$	67,340		$	73,523		$	52,829		$	80,197
Interest-bearing	93,563			89,068			86,832			79,916			71,925			89,845			68,514
Total deposits	$	141,686		$	141,016		$	145,361		$	147,256		$	145,448		$	142,674		$	148,711
Performance Ratios
Return on average assets	1.66		%	1.40		%	1.83		%	1.66		%	1.64		%	1.63		%	1.79		%
Noninterest income to total revenue	37		%	37		%	39		%	39		%	39		%	38		%	41		%
Efficiency	40		%	42		%	41		%	40		%	39		%	41		%	41		%
Other Information
Consolidated revenue from:
Treasury Management (b)	$	849		$	778		$	785		$	843		$	753		$	2,412		$	1,958
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (c)	$	17		$	13		$	27		$	15		$	26		$	57		$	62
Commercial mortgage loan servicing income (d)	43			44			39			52			66			126			204
Commercial mortgage servicing rights valuation, net of economic hedge	54			4			41			39			53			99			99
Total	$	114		$	61		$	107		$	106		$	145		$	282		$	365
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (e)	$	282		$	280		$	281		$	281		$	282
MSR asset value (e)	$	1,169		$	1,106		$	1,061		$	1,113		$	1,132
Average loans by C&IB business (f)
Corporate Banking	$	113,538		$	117,259		$	119,602		$	115,126		$	110,665		$	116,777		$	103,055
Real Estate	47,234			47,692			47,297			48,031			45,837			47,407			44,427
Business Credit	29,900			30,613			30,180			30,087			28,930			30,230			27,913
Commercial Banking	7,861			8,225			8,430			8,683			9,008			8,170			9,500
Other	4,309			4,347			4,428			5,194			5,434			4,362			6,191
Total average loans	$	202,842		$	208,136		$	209,937		$	207,121		$	199,874		$	206,946		$	191,086
Credit-related statistics
Nonperforming assets (e)	$	1,130		$	738		$	801		$	761		$	779
Net charge-offs - loans and leases	$	12		$	93		$	85		$	100		$	33		$	190		$	43

(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															Nine months ended
	September 30			June 30			March 31			December 31			September 30			September 30			September 30
Dollars in millions, except as noted	2023			2023			2023			2022			2022			2023			2022
Income Statement
Net interest income	$	139		$	125		$	127		$	152		$	165		$	391		$	456
Noninterest income	223			228			230			223			231			681			713
Total revenue	362			353			357			375			396			1,072			1,169
Provision for (recapture of) credit losses	(4)			(10)			9			17			4			(5)			11
Noninterest expense	271			280			280			291			274			831			795
Pretax earnings	95			83			68			67			118			246			363
Income taxes	22			20			16			15			28			58			85
Earnings	$	73		$	63		$	52		$	52		$	90		$	188		$	278
Average Balance Sheet
Loans
Consumer
Residential real estate	$	10,750		$	9,855		$	9,174		$	8,835		$	8,430		$	9,932		$	7,756
Other consumer	3,901			4,065			4,156			4,388			4,640			4,040			4,605
Total consumer	14,651			13,920			13,330			13,223			13,070			13,972			12,361
Commercial	1,090			1,229			1,246			1,291			1,328			1,188			1,577
Total loans	$	15,741		$	15,149		$	14,576		$	14,514		$	14,398		$	15,160		$	13,938
Total assets	$	16,161		$	15,562		$	14,997		$	14,935		$	14,820		$	15,578		$	14,360
Deposits
Noninterest-bearing	$	1,756		$	1,787		$	1,846		$	2,107		$	2,286		$	1,796		$	2,852
Interest-bearing	25,417			25,482			26,337			25,651			27,054			25,742			28,564
Total deposits	$	27,173		$	27,269		$	28,183		$	27,758		$	29,340		$	27,538		$	31,416
Performance Ratios
Return on average assets	1.79		%	1.62		%	1.41		%	1.38		%	2.41		%	1.61		%	2.59		%
Noninterest income to total revenue	62		%	65		%	64		%	59		%	58		%	64		%	61		%
Efficiency	75		%	79		%	78		%	78		%	69		%	78		%	68		%
Other Information
Nonperforming assets (b)	$	39		$	41		$	42		$	56		$	95
Net charge-offs (recoveries) - loans and leases				$	(2)					$	18		$	(2)		$	(2)		$	(1)
Brokerage account client assets (in billions) (b)	$	5		$	5		$	4		$	4		$	4
Client Assets Under Administration (in billions) (b) (c)
Discretionary client assets under management	$	176		$	176		$	177		$	173		$	166
Nondiscretionary client assets under administration	170			168			156			152			148
Total	$	346		$	344		$	333		$	325		$	314
Discretionary client assets under management
PNC Private Bank	$	109		$	111		$	108		$	105		$	99
Institutional Asset Management	67			65			69			68			67
Total	$	176		$	176		$	177		$	173		$	166

(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

2019 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).

Adjusted average total assets – Primarily consisted of total average quarterly (or annual) assets plus/less unrealized losses (gains) on investment securities, less goodwill and certain other intangible assets (net of eligible deferred taxes).

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.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 19

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.

FICO score – A credit bureau-based industry standard score created by Fair Isaac Co. which predicts the likelihood of borrower default. We use FICO scores both in underwriting and assessing credit risk in our consumer lending portfolio. Lower FICO scores indicate likely higher risk of default, while higher FICO scores indicate likely lower risk of default.

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.

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.

Purchased credit deteriorated assets (PCD) – Acquired loans or debt securities that, at acquisition, are determined to have experienced a more-than-insignificant deterioration in credit quality since origination or issuance.

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.

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.

Yield curve – A graph showing the relationship between the yields on financial instruments or market indices of the same credit quality with different maturities. For example, a “normal” or “positive” yield curve exists when long-term bonds have higher yields than short-term bonds. A “flat” yield curve exists when yields are the same for short-term and long-term bonds. A “steep” yield curve exists when yields on long-term bonds are significantly higher than on short-term bonds. An “inverted” or “negative” yield curve exists when short-term bonds have higher yields than long-term bonds.

Cover Page	Oct. 13, 2023
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	Oct. 13, 2023
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