PNC 10-Q Quarterly Report June 30, 2023 | Alphaminr
PNC FINANCIAL SERVICES GROUP, INC.
ALPHAMINR

PNC 10-Q Quarter ended June 30, 2023

Balance Sheet
Cash Flow
Income Statement
Debt
PNC FINANCIAL SERVICES GROUP, INC.
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pnc-20230630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
______________________________________
FORM 10-Q
______________________________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to
Commission file number 001-09718
The PNC Financial Services Group, Inc.
(Exact name of registrant as specified in its charter)
___________________________________________________________
Pennsylvania 25-1435979
(State or other jurisdiction of
incorporation or organization) 		(I.R.S. Employer
Identification No.)
The Tower at PNC Plaza , 300 Fifth Avenue , Pittsburgh , Pennsylvania 15222-2401
(Address of principal executive offices, including zip code)

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

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

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s)
Name of Each Exchange
on Which Registered
Common Stock, par value $5.00 PNC New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐  No ☒
As of July 17, 2023, there were 398,254,594 shares of the registrant’s common stock ($5 par value) outstanding.

T HE PNC F INANCIAL S ERVICES G ROUP , I NC .
Cross-Reference Index to Second Quarter 2023 Form 10-Q
Pages
PART I – FINANCIAL INFORMATION
Item 1.   Financial Statements (Unaudited).
Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A).
Item 3. Quantitative and Qualitative Disclosures about Market Risk. 21-38, 49-50,
83-89
Item 4. Controls and Procedures.


MD&A TABLE REFERENCE
Table Description Page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS TABLE REFERENCE
Table Description Page
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80



FINANCIAL REVIEW
T HE PNC F INANCIAL S ERVICES G ROUP , I NC .

This Financial Review, including the Consolidated Financial Highlights, should be read together with our unaudited Consolidated Financial Statements and unaudited Statistical Information included elsewhere in this Quarterly Report on Form 10-Q (the “Report” or “Form 10-Q”) and with Items 6, 7, 8 and 9A of our 2022 Annual Report on Form 10-K (our “2022 Form 10-K”). For information regarding certain business, regulatory and legal risks, see the following: the Risk Management section of this Financial Review and of Item 7 in our 2022 Form 10-K; Item 1A Risk Factors included in our first quarter 2023 Form 10-Q and our 2022 Form 10-K; and the Commitments and Legal Proceedings Notes included in this Report and Item 8 of our 2022 Form 10-K. Also, see the Cautionary Statement Regarding Forward-Looking Information section in this Financial Review and the Critical Accounting Estimates and Judgments section in this Financial Review and in our 2022 Form 10-K for certain other factors that could cause actual results or future events to differ, perhaps materially, from historical performance and from those anticipated in the forward-looking statements included in this Report. See Note 14 Segment Reporting for a reconciliation of total business segment earnings to total PNC consolidated net income as reported on a GAAP basis. In this Report, “PNC,” “we” or “us” refers to The PNC Financial Services Group, Inc. and its subsidiaries on a consolidated basis (except when referring to PNC as a public company, its common stock or other securities issued by PNC, which just refer to The PNC Financial Services Group, Inc.). References to The PNC Financial Services Group, Inc. or to any of its subsidiaries are specifically made where applicable.

See page 107 for a glossary of certain terms and acronyms used in this Report.

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

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

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

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

Our capital and liquidity priorities are to support customers, fund business investments and return excess capital to shareholders, while maintaining appropriate capital and liquidity in light of economic conditions, the Basel III framework and other regulatory expectations. For more detail, see the Capital Highlights portion of this Executive Summary, the Liquidity and Capital Management portion of the Risk Management section of this Financial Review and the Supervision and Regulation section in Item 1 Business of our 2022 Form 10-K.

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.

Selected Financial Data
The following tables include selected financial data, which should be reviewed in conjunction with the Consolidated Financial Statements and Notes included in Item 1 of this Report as well as the other disclosures in this Report concerning our historical financial performance, our future prospects and the risks associated with our business and financial performance.
1 The PNC Financial Services Group, Inc. – Form 10-Q

Table 1: Summary of Operations, Per Common Share Data and Performance Ratios
Dollars in millions, except per share data
Unaudited 		Three months ended Six months ended
June 30 March 31 June 30 June 30 June 30
2023 2023 2022 2023 2022
Summary of Operations (a)
Net interest income $ 3,510 $ 3,585 $ 3,051 $ 7,095 $ 5,855
Noninterest income 1,783 2,018 2,065 3,801 3,953
Total revenue 5,293 5,603 5,116 10,896 9,808
Provision for (recapture of) credit losses 146 235 36 381 (172)
Noninterest expense 3,372 3,321 3,244 6,693 6,416
Income before income taxes and noncontrolling interests
$ 1,775 $ 2,047 $ 1,836 $ 3,822 $ 3,564
Income taxes
275 353 340 628 639
Net income $ 1,500 $ 1,694 $ 1,496 $ 3,194 $ 2,925
Net income attributable to common shareholders $ 1,354 $ 1,607 $ 1,409 $ 2,961 $ 2,770
Per Common Share

Basic $ 3.36 $ 3.98 $ 3.39 $ 7.35 $ 6.62
Diluted $ 3.36 $ 3.98 $ 3.39 $ 7.34 $ 6.61
Book value per common share $ 105.67 $ 104.76 $ 101.39
Performance Ratios
Net interest margin (b) 2.79 % 2.84 % 2.50 % 2.81 % 2.39 %
Noninterest income to total revenue 34 % 36 % 40 % 35 % 40 %
Efficiency 64 % 59 % 63 % 61 % 65 %
Return on:
Average common shareholders’ equity 13.01 % 16.11 % 13.52 % 14.53 % 12.53 %
Average assets 1.08 % 1.22 % 1.10 % 1.15 % 1.07 %
(a) The Executive Summary and Consolidated Income Statement Review portions of this Financial Review section provide information regarding items impacting the comparability of the periods presented.
(b) See explanation and reconciliation of this non-GAAP measure in the Average Consolidated Balance Sheet and Net Interest Analysis and Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP) in the Statistical Information (Unaudited) section in Item 1 of this Report.

Table 2: Balance Sheet Highlights and Other Selected Ratios
Dollars in millions, except as noted
Unaudited 		June 30
2023 		December 31
2022 		June 30
2022
Balance Sheet Highlights (a)
Assets $ 558,207 $ 557,263 $ 540,786
Loans $ 321,761 $ 326,025 $ 310,800
Allowance for loan and lease losses


$ 4,737 $ 4,741 $ 4,462
Interest-earning deposits with banks $ 38,259 $ 27,320 $ 28,404
Investment securities $ 135,661 $ 139,334 $ 132,732
Total deposits $ 427,489 $ 436,282 $ 440,811
Borrowed funds $ 65,384 $ 58,713 $ 35,984
Total shareholders’ equity $ 49,320 $ 45,774 $ 47,652
Common shareholders’ equity $ 42,083 $ 40,028 $ 41,648
Other Selected Ratios
Common equity Tier 1 9.5 % 9.1 % 9.6 %
Loans to deposits 75 % 75 % 71 %
Common shareholders’ equity to total assets 7.5 % 7.2 % 7.7 %
(a) The Executive Summary and Consolidated Balance Sheet Review portions of this Financial Review provide information regarding items impacting the comparability of the periods presented.

Income Statement Highlights

Net income of $1.5 billion, or $3.36 per diluted common share, for the second quarter of 2023 decreased $194 million, or 11%, compared to $1.7 billion, or $3.98 per diluted common share, for the first quarter of 2023, primarily due to lower noninterest income, net interest income and increased expenses, partially offset by a lower provision for credit losses.
• For the three months ended June 30, 2023 compared to the three months ended March 31, 2023:
• Total revenue decreased $310 million, or 6%, to $5.3 billion.
• Net interest income of $3.5 billion decreased $75 million, or 2%, as higher yields on interest-earning assets were more than offset by increased funding costs as well as lower loan and securities balances.



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


• Net interest margin decreased 5 basis points to 2.79% as the change in yields on interest-earning assets was more than offset by the change in rates on funding costs.
• Noninterest income decreased $235 million, or 12%, due to lower private equity revenue, a decrease in mortgage servicing rights valuation, net of economic hedge and lower revenue from market sensitive businesses, partially offset by seasonally higher consumer transaction volumes and increased treasury management product revenue. The decrease also included negative Visa Class B derivative fair value adjustments of $83 million related to litigation escrow funding and other valuation changes. The first quarter of 2023 included negative Visa Class B derivative fair value adjustments of $45 million.
• Provision for credit losses of $146 million in the second quarter of 2023 reflected portfolio activity and changes in macroeconomic variables. The first quarter of 2023 included a provision for credit losses of $235 million.
• Noninterest expense increased $51 million, or 2%, to $3.4 billion, primarily due to seasonally higher marketing spend and the full quarter impact of annual employee merit increases.

Net income of $3.2 billion, or $7.34 per diluted common share, for the first six months of 2023 increased $269 million, or 9%, compared to $2.9 billion, or $6.61 per diluted common share, for the six months ended 2022, primarily as a result of higher net interest income, partially offset by a higher provision for credit losses and increased expenses.
• For the six months ended June 30, 2023 compared to the six months ended June 30, 2022:
• Total revenue increased $1.1 billion, or 11%, to $10.9 billion.
• Net interest income increased $1.2 billion, or 21%, as a result of higher interest-earning asset yields and balances, partially offset by higher funding costs.
• Net interest margin increased 42 basis points reflecting the benefit of higher yields on interest-earning assets.
• Noninterest income decreased $152 million, or 4%, and included lower merger and acquisition advisory activity.
• Provision for credit losses of $381 million for the first six months of 2023 included the impact of our updated economic outlook and changes in portfolio composition and quality. The first six months of 2022 included a recapture of credit losses of $172 million.
• Noninterest expense increased $277 million, or 4%, due to higher personnel costs, an increased FDIC assessment rate and higher marketing and technology costs to support business growth.

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

Balance Sheet Highlights
Our balance sheet was strong and well positioned at June 30, 2023. In comparison to December 31, 2022:
• Total assets of $558.2 billion were stable.
• Total loans decreased $4.3 billion, or 1%, to $321.8 billion.
• Total commercial loans decreased $5.1 billion, or 2%, to $220.0 billion driven by a lower utilization of loan commitments in addition to paydowns outpacing new production.
• Total consumer loans increased $828 million to $101.8 billion as growth in residential mortgages, automobile, home equity and credit card loans were partially offset by declines in the remaining portfolios as paydowns outpaced new originations.
• Investment securities decreased $3.7 billion, or 3%, to $135.7 billion, primarily due to prepayments and maturities outpacing purchases.
• Interest-earning deposits with banks, primarily with the Federal Reserve Bank, increased $10.9 billion, or 40%, to $38.3 billion, primarily due to higher borrowed funds and a decrease in loans, partially offset by lower deposits.
• Total deposits decreased $8.8 billion, or 2%, to $427.5 billion as a result of lower consumer and commercial deposits, reflecting seasonal declines and the impact of quantitative tightening by the Federal Reserve. In addition, noninterest-bearing balances decreased due to the continued shift into interest-bearing deposit products as interest rates have risen.
• Borrowed funds increased $6.7 billion, or 11%, to $65.4 billion due to parent company senior debt issuances and higher FHLB borrowings.

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

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

Credit Quality Highlights
The second quarter of 2023 reflected strong credit quality performance.
• At June 30, 2023 compared to December 31, 2022:
• Nonperforming assets decreased $70 million, or 3%, to $1.9 billion.
• Overall loan delinquencies of $1.2 billion decreased $278 million, or 19%, driven by lower consumer and commercial loan delinquencies.
• The ACL related to loans, which consists of the ALLL and the allowance for unfunded lending related commitments, totaled $5.4 billion at both June 30, 2023 and December 31, 2022. During the six months ended June 30, 2023, reserves reflected our updated economic outlook and changes in portfolio composition and quality. ACL to total loans was 1.68% and 1.67% at June 30, 2023 and December 31, 2022, respectively.
• Net charge-offs of $194 million, or 0.24% of average loans, in the second quarter of 2023 were stable compared to the first quarter of 2023.

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

Capital and Liquidity Highlights

We maintained our strong capital and liquidity positions.
• Common shareholders’ equity of $42.1 billion at June 30, 2023, increased $2.1 billion, or 5%, compared to December 31, 2022, increased due to the benefit of net income and an improvement in AOCI, partially offset by common dividends paid and common share repurchases.
• In the second quarter of 2023, PNC returned $0.7 billion of capital to shareholders, as a result of $0.6 billion of dividends on common shares and $0.1 billion of common share repurchases, representing 1.1 million shares.
• Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 46% were still available for repurchase at June 30, 2023. PNC’s SCB through September 30, 2023 is 2.9%. Based on the results of the Federal Reserve’s 2023 annual stress test, PNC’s SCB for the four-quarter period beginning October 1, 2023 will improve to the regulatory minimum of 2.5%.
• On July 3, 2023, the PNC Board of Directors raised the quarterly cash dividend on common stock to $1.55 per share, an increase of 5 cents per share. The dividend, with a payment date of August 5, 2023, will be payable the next business day.
• Our CET1 ratio increased to 9.5% at June 30, 2023 from 9.1% at December 31, 2022.
• 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 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. The estimated CET1 fully implemented ratio was 9.4% at June 30, 2023 compared to 8.9% at December 31, 2022.
• PNC’s average LCR for the three months ended June 30, 2023 was 109% and exceeded the regulatory minimum requirement throughout the quarter.

See the Liquidity and Capital Management portion of the Risk Management section of this Financial Review for more detail on our 2023 liquidity and capital actions as well as our capital ratios.

PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding an SCB established by the Federal Reserve Board in connection with the Federal Reserve Board’s CCAR process. For additional information, see Capital Management in the Risk Management section in this Financial Review and the Supervision and Regulation section in our 2022 Form 10-K.

Business Outlook
Statements regarding our business outlook are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting and do not take into account the potential impact of legal and regulatory contingencies. These statements are based on our views that:
• The economy continued to expand in the first half of 2023, but economic growth is slowing in response to the ongoing Federal Reserve monetary policy tightening to slow inflation. This has led to large increases in both short- and long-term interest rates. The housing market stabilized in the first half of 2023 as the Federal Reserve signaled a potential end to its federal funds rate hiking cycle. However, given the upward trajectory in mortgage rates and declining affordability, PNC continues to expect slower activity in the housing market in the second half of 2023 with a recovery in early 2024 as the



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


Federal Reserve starts cutting the federal funds rate.
• PNC’s baseline outlook is for a mild recession starting in late 2023 or early 2024, with a smaller contraction in real GDP of less than 1%, lasting into mid-2024. The unemployment rate will increase in the second half of this year, ending 2023 at above 4%, and then peak slightly above 5% in early 2025. Inflation will slow with weaker demand, moving back to the Federal Reserve’s 2% objective by this time next year.
• PNC expects the federal funds rate to remain between 5.25% and 5.50% through March 2024, when it is expected that the Federal Reserve will cut rates in response to the recession.

For the third quarter of 2023, compared to the second quarter of 2023, we expect:
• Average loans to be down approximately 1%,
• Net interest income to be down 3% to 4%,
• Noninterest income, excluding net securities gains and Visa activity, to be up 10% to 11%,
• Revenue to be up approximately 1%,
• Noninterest expense, excluding the proposed FDIC special assessment, to be stable, and
• Net loan charge-offs to be $200 million to $250 million.

For the full year 2023, compared to the full year of 2022, we expect:
• Period-end loans to be stable,
• Average loans to be up 5% to 6%,
• Net interest income to be up 5% to 6%,
• Noninterest income, excluding net securities gains and Visa activity, to be down 2% to 4%,
• Revenue to be up 2% to 2.5%,
• Noninterest expense, excluding the proposed FDIC special assessment, to be up approximately 2%, and
• The effective tax rate to be approximately 18%.

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

See the Cautionary Statement Regarding Forward-Looking Information section in this Financial Review and Item 1A Risk Factors included in our first quarter 2023 Form 10-Q and 2022 Form 10-K for other factors that could cause future events to differ, perhaps materially, from those anticipated in these forward-looking statements.
C ONSOLIDATED I NCOME S TATEMENT R EVIEW

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

Net income of $1.5 billion, or $3.36 per diluted common share, for the second quarter of 2023 decreased $194 million, or 11%, compared to $1.7 billion, or $3.98 per diluted common share, for the first quarter of 2023, primarily due to lower noninterest income, net interest income and increased expenses, partially offset by a lower provision for credit losses. Net income of $3.2 billion, or $7.34 per diluted common share for the first six months of 2023 increased $269 million, or 9%, compared to $2.9 billion, or $6.61 per diluted common share for the same period in 2022, primarily as a result of higher net interest income, partially offset by a higher provision for credit losses and increased expenses.















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

Net Interest Income
Table 3: Summarized Average Balances and Net Interest Income (a)
June 30, 2023 March 31, 2023
Three months ended
Dollars in millions 		Average
Balances 		Average
Yields/
Rates 		Interest
Income/
Expense 		Average
Balances 		Average
Yields/
Rates 		Interest
Income/
Expense
Assets
Interest-earning assets
Investment securities $ 141,038 2.52 % $ 889 $ 143,391 2.49 % $ 891
Loans 324,534 5.57 % 4,554 325,526 5.29 % 4,290
Interest-earning deposits with banks 31,433 5.10 % 400 34,054 4.58 % 390
Other 9,215 5.96 % 138 8,806 5.75 % 126
Total interest-earning assets/interest income $ 506,220 4.70 % 5,981 $ 511,777 4.46 % 5,697
Liabilities
Interest-bearing liabilities
Interest-bearing deposits $ 312,559 1.96 % 1,531 $ 315,056 1.66 % 1,291
Borrowed funds 65,692 5.44 % 903 62,968 4.98 % 783
Total interest-bearing liabilities/interest expense $ 378,251 2.56 % 2,434 $ 378,024 2.20 % 2,074
Net interest margin/income (non-GAAP) 2.79 % 3,547 2.84 % 3,623
Taxable-equivalent adjustments (37) (38)
Net interest income (GAAP) $ 3,510 $ 3,585
June 30, 2023 June 30, 2022
Six months ended
Dollars in millions 		Average
Balances 		Average
Yields/
Rates 		Interest
Income/
Expense 		Average
Balances 		Average
Yields/
Rates 		Interest
Income/
Expense
Assets
Interest-earning assets
Investment securities $ 142,208 2.50 % $ 1,780 $ 134,313 1.76 % $ 1,184
Loans 325,027 5.43 % 8,844 297,785 3.24 % 4,835
Interest-earning deposits with banks 32,736 4.83 % 790 51,120 0.42 % 107
Other 9,012 5.86 % 264 9,677 2.42 % 116
Total interest-earning assets/interest income $ 508,983 4.58 % 11,678 $ 492,895 2.53 % 6,242
Liabilities
Interest-bearing liabilities
Interest-bearing deposits $ 313,801 1.81 % 2,822 $ 298,313 0.08 % 115
Borrowed funds 64,337 5.22 % 1,686 32,998 1.36 % 225
Total interest-bearing liabilities/interest expense $ 378,138 2.38 % 4,508 $ 331,311 0.20 % 340
Net interest margin/income (non-GAAP) 2.81 % 7,170 2.39 % 5,902
Taxable-equivalent adjustments (75) (47)
Net interest income (GAAP) $ 7,095 $ 5,855
(a) Interest income calculated as taxable-equivalent interest income. To provide more meaningful comparisons of interest income and yields for all interest-earning assets, as well as net interest margins, we use interest income on a taxable-equivalent basis in calculating average yields and net interest margins by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP on the Consolidated Income Statement. For more information, see Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP) in the Statistical Information (Unaudited) section in Item 1 of this Report.
Changes in net interest income and margin result from the interaction of the volume and composition of interest-earning assets and related yields, interest-bearing liabilities and related rates paid, and noninterest-bearing sources of funding. See the Statistical Information (Unaudited) – Average Consolidated Balance Sheet And Net Interest Analysis section of this Report for additional information.

Net interest income decreased $75 million, or 2%, for the second quarter of 2023 compared to the first quarter of 2023, as higher yields on interest-earning assets were more than offset by increased funding costs as well as lower loan and securities balances. Net interest income increased $1.2 billion, or 21%, for the first six months of 2023 compared to the same period in 2022, as a result of higher interest-earning asset yields and balances, partially offset by higher funding costs. Net interest margin decreased 5 basis points compared to the first quarter of 2023 as the change in yields on interest-earning assets was more than offset by the change in rates on funding costs. Net interest margin increased 42 basis points in the year-to-date comparison reflecting the benefit of higher yields on interest-earning assets.




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


Average investment securities for the second quarter of 2023 decreased $2.4 billion, or 2% compared to the first quarter of 2023 primarily due to prepayments and maturities outpacing purchases. Average investment securities increased $7.9 billion, or 6% in the year-to-date comparison, due to net securities purchases, primarily of agency residential mortgage-backed securities. Average investment securities represented 28% of average interest-earning assets for both the second and first quarters of 2023, and 28% for the first six months of 2023 compared to 27% for the first six months of 2022.

Average loans for the second quarter of 2023 were stable compared to the first quarter of 2023. Average loans increased $27.2 billion, or 9% in the year-to-date comparison, reflecting growth in both commercial and consumer loans. Average loans represented 64% of average interest-earning assets for both the second and first quarters of 2023, and 64% for the first six months of 2023 compared to 60% for the first six months of 2022.

Average interest-earning deposits with banks for the second quarter of 2023 decreased $2.6 billion, or 8%, compared to the first quarter of 2023, reflecting lower deposit balances. In the year-to-date comparison, average interest-earning deposits with banks decreased $18.4 billion, or 36%, primarily due to higher loan balances and lower deposits, partially offset by higher borrowed funds.

Average interest-bearing deposits for the second quarter of 2023 decreased $2.5 billion, or 1%, compared to the first quarter of 2023, reflecting increased consumer spending, the impact of quantitative tightening by the Federal Reserve and consumer tax payments. Average interest-bearing deposits increased $15.5 billion, or 5%, in the year-to-date comparison, reflecting the continued shift from noninterest-bearing to interest-bearing as deposit rates have risen. In total, average interest-bearing deposits represented 83% of average interest-bearing liabilities for both the second and first quarters of 2023 and 83% for the first six months of 2023 compared to 90%, for the first six months of 2022.

Average borrowed funds increased $2.7 billion, or 4%, and $31.3 billion, or 95% in the quarterly and year-to-date comparisons, respectively. The increase in both comparisons was due to higher FHLB borrowings and parent company senior debt issuances.

Further details regarding average loans and deposits are included in the Business Segments Review section of this Financial Review.
Noninterest Income
Table 4: Noninterest Income
Three months ended Six months ended
June 30 March 31 Change June 30 June 30 Change
Dollars in millions 2023 2023 $ % 2023 2022 $ %
Noninterest income
Asset management and brokerage $ 348 $ 356 $ (8) (2) % $ 704 $ 742 $ (38) (5) %
Capital markets and advisory 213 262 (49) (19) % 475 661 (186) (28) %
Card and cash management 697 659 38 6 % 1,356 1,291 65 5 %
Lending and deposit services 298 306 (8) (3) % 604 551 53 10 %
Residential and commercial mortgage 98 177 (79) (45) % 275 320 (45) (14) %
Other 129 258 (129) (50) % 387 388 (1) —
Total noninterest income
$ 1,783 $ 2,018 $ (235) (12) % $ 3,801 $ 3,953 $ (152) (4) %
Noninterest income as a percentage of total revenue was 34% for the second quarter of 2023 compared to 36% for the first quarter of 2023, and 35% for the first six months of 2023 compared to 40% for the same period in 2022.

Asset management and brokerage fees decreased compared to the first quarter of 2023, and included lower annuity sales. The decrease in the year-to-date comparison reflected the impact of lower average equity markets and annuity sales. PNC’s discretionary client assets under management of $176 billion at June 30, 2023 decreased from $177 billion at March 31, 2023, and included the impact of client activity, partially offset by higher spot equity markets. PNC’s discretionary client assets under management increased from $167 billion at June 30, 2022, driven by higher spot equity markets, partially offset by client activity.

Capital markets and advisory fees decreased compared to the first quarter of 2023 driven by lower merger and acquisition advisory fees and a decline in loan syndication revenue. The decrease in the year-to-date comparison was primarily due to lower merger and acquisition advisory fees.

Card and cash management revenue increased compared to the first quarter of 2023, reflecting seasonally higher consumer transaction volumes and increased treasury management product revenue. The increase compared to the first six months of 2022 was due to increased treasury management product revenue and higher customer transaction volumes.

Lending and deposit services decreased compared to the first quarter of 2023 and increased in the year-to-date comparison, reflecting client-related activity. In comparison to the first six months of 2022, the increase was also driven by growth in loan commitment fees.
The PNC Financial Services Group, Inc. – Form 10-Q 7

Residential and commercial mortgage decreased compared to the first quarter of 2023 primarily due to a $58 million decrease in mortgage servicing rights valuation, net of economic hedge. The decrease compared to the first six months of 2022 was driven by lower commercial mortgage banking activities.

Other noninterest income decreased in the quarterly comparison and was stable in the year-to-date comparison. Both comparisons included lower private equity revenue and the impact of negative Visa Class B derivative fair value adjustments related to litigation escrow funding and other valuation changes. Negative Visa Class B fair value adjustments were $83 million for the second quarter of 2023 compared to $45 million for the first quarter of 2023, and $128 million for the first six months of 2023 compared to $12 million for the same period in 2022.

Noninterest Expense

Table 5: Noninterest Expense
Three months ended Six months ended
June 30 March 31 Change June 30 June 30 Change
Dollars in millions 2023 2023 $ % 2023 2022 $ %
Noninterest expense
Personnel $ 1,846 $ 1,826 $ 20 1 % $ 3,672 $ 3,496 $ 176 5 %
Occupancy 244 251 (7) (3) % 495 504 (9) (2) %
Equipment 349 350 (1) — 699 682 17 2 %
Marketing 109 74 35 47 % 183 156 27 17 %
Other 824 820 4 — 1,644 1,578 66 4 %
Total noninterest expense
$ 3,372 $ 3,321 $ 51 2 % $ 6,693 $ 6,416 $ 277 4 %
Noninterest expense increased compared to the first quarter of 2023, primarily due to seasonally higher marketing spend and the full quarter impact of annual employee merit increases. The increase compared to the first six months of 2022 was due to higher personnel costs, an increased FDIC assessment rate and higher marketing and technology costs to support business growth.

In July 2023, we raised our continuous improvement program savings goal from $400 million to $450 million for 2023.

We expect the FDIC will enact a special deposit insurance assessment in the second half of 2023 that will significantly increase our FDIC deposit insurance costs. Based on the current proposal, PNC estimates our total cost to be approximately $468 million pre-tax, or $370 million after-tax, which would be incurred in the quarter the FDIC finalizes the rule. The total cost and timing is subject to change pending the assessment’s finalization. See the Recent Regulatory Developments section in this Financial Review and Note 16 Regulatory Matters for additional details on this FDIC special deposit insurance assessment.

Effective Income Tax Rate

The effective income tax rate was 15.5% in the second quarter of 2023, compared to 17.2% in the first quarter of 2023, and 16.4% in the first six months of 2023 compared to 17.9% for the same period in 2022. The second quarter of 2023 included the favorable impact of certain tax matters.

Provision For (Recapture of) Credit Losses
Table 6: Provision for (Recapture of) Credit Losses
Three months ended Six months ended
June 30 March 31 Change June 30 June 30 Change
Dollars in millions 2023 2023 $ 2023 2022 $
Provision for (recapture of) credit losses
Loans and leases $ 189 $ 229 $ (40) $ 418 $ (182) $ 600
Unfunded lending related commitments (9) (22) 13 (31) 19 (50)
Investment securities (1) 1 (1) 4 (5)
Other financial assets (34) 29 (63) (5) (13) 8
Total provision for (recapture of) credit losses $ 146 $ 235 $ (89) $ 381 $ (172) $ 553

Provision for credit losses of $146 million in the second quarter of 2023 reflected portfolio activity and changes in macroeconomic variables. The first quarter of 2023 included a provision for credit losses of $235 million. Provision for credit losses of $381 million for the first six months of 2023 included the impact of our updated economic outlook and changes in portfolio composition and quality. The first six months of 2022 included a recapture of credit losses of $172 million.




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


C ONSOLIDATED B ALANCE S HEET R EVIEW
The summarized balance sheet data in Table 7 is based upon our Consolidated Balance Sheet in Item 1 of this Report.
Table 7: Summarized Balance Sheet Data
June 30 December 31 Change
Dollars in millions 2023 2022 $ %
Assets
Interest-earning deposits with banks $ 38,259 $ 27,320 $ 10,939 40 %
Loans held for sale 835 1,010 (175) (17) %
Investment securities 135,661 139,334 (3,673) (3) %
Loans 321,761 326,025 (4,264) (1) %
Allowance for loan and lease losses (4,737) (4,741) 4 —
Mortgage servicing rights 3,455 3,423 32 1 %
Goodwill 10,987 10,987 —
Other 51,986 53,905 (1,919) (4) %
Total assets $ 558,207 $ 557,263 $ 944 —
Liabilities
Deposits $ 427,489 $ 436,282 $ (8,793) (2) %
Borrowed funds 65,384 58,713 6,671 11 %
Allowance for unfunded lending related commitments 663 694 (31) (4) %
Other 15,325 15,762 (437) (3) %
Total liabilities 508,861 511,451 (2,590) (1) %
Equity
Total shareholders’ equity 49,320 45,774 3,546 8 %
Noncontrolling interests 26 38 (12) (32) %
Total equity 49,346 45,812 3,534 8 %
Total liabilities and equity $ 558,207 $ 557,263 $ 944 —

Our balance sheet was strong and well positioned at June 30, 2023. In comparison to December 31, 2022:
• Total assets were stable.
• Total liabilities decreased due to lower deposits, partially offset by increased borrowed funds.
• Total equity increased due to the benefit of net income, a preferred stock issuance and an improvement in AOCI, partially offset by dividends paid and common share repurchases.

The ACL related to loans totaled $5.4 billion at both June 30, 2023 and December 31, 2022. During the six months ended June 30, 2023, reserves reflected our updated economic outlook and changes in portfolio composition and quality. See the following for additional information regarding our ACL related to loans:
• Allowance for Credit Losses in the Credit Risk Management section of this Financial Review,
• Critical Accounting Estimates and Judgments section of this Financial Review, and
• Note 3 Loans and Related Allowance for Credit Losses.

The following discussion provides additional information about the major components of our balance sheet. Information regarding our capital and regulatory compliance is included in the Liquidity and Capital Management portion of the Risk Management section in this Financial Review and in Note 20 Regulatory Matters in our 2022 Form 10-K.
The PNC Financial Services Group, Inc. – Form 10-Q 9

Loans
Table 8: Loans
June 30 December 31 Change
Dollars in millions 2023 2022 $ %
Commercial
Commercial and industrial $ 177,629 $ 182,219 $ (4,590) (3) %
Commercial real estate 35,928 36,316 (388) (1) %
Equipment lease financing 6,400 6,514 (114) (2) %
Total commercial 219,957 225,049 (5,092) (2) %
Consumer
Residential real estate 46,834 45,889 945 2 %
Home equity 26,200 25,983 217 1 %
Automobile 15,065 14,836 229 2 %
Credit card 7,092 7,069 23 —
Education 2,058 2,173 (115) (5) %
Other consumer 4,555 5,026 (471) (9) %
Total consumer 101,804 100,976 828 1 %
Total loans $ 321,761 $ 326,025 $ (4,264) (1) %

Commercial loans decreased driven by a lower utilization of loan commitments in addition to paydowns outpacing new production.

Consumer loans increased as growth in residential mortgages, automobile, home equity and credit card loans were partially offset by declines in the remaining portfolios as paydowns outpaced new originations.

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




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


Investment Securities

Investment securities of $135.7 billion at June 30, 2023 decreased $3.7 billion, or 3%, compared to December 31, 2022, primarily due to prepayments and maturities outpacing purchases.

The level and composition of the investment securities portfolio fluctuates over time based on many factors, including market conditions, loan and deposit growth and balance sheet management activities. We manage our investment securities portfolio to optimize returns, while providing a reliable source of liquidity for our banking and other activities, considering the LCR, NSFR and other internal and external guidelines and constraints.
Table 9: Investment Securities (a)
June 30, 2023 December 31, 2022
Dollars in millions Amortized
Cost (b) 		Fair
Value 		Amortized
Cost (b) 		Fair
Value
U.S. Treasury and government agencies $ 44,848 $ 42,403 $ 45,767 $ 43,330
Agency residential mortgage-backed 75,145 68,874 77,385 71,073
Non-agency residential mortgage-backed 911 1,015 973 1,074
Agency commercial mortgage-backed 2,598 2,405 2,693 2,501
Non-agency commercial mortgage-backed (c) 2,563 2,458 2,992 2,883
Asset-backed (d) 7,555 7,472 7,291 7,183
Other (e) 6,271 6,056 6,642 6,394
Total investment securities (f) $ 139,891 $ 130,683 $ 143,743 $ 134,438
(a) Of our total securities portfolio, 97% were rated AAA/AA at both June 30, 2023 and December 31, 2022.
(b) Amortized cost is presented net of the allowance for investment securities, which totaled $148 million at June 30, 2023 and primarily related to non-agency commercial mortgage-backed securities. The comparable amount at December 31, 2022 was $149 million.
(c) Collateralized primarily by office buildings, multifamily housing, retail properties, lodging properties and industrial properties.
(d) Collateralized primarily by corporate debt, government guaranteed education loans and other consumer credit products.
(e) Includes state and municipal securities.
(f) Includes available for sale and held to maturity securities, which are recorded on our balance sheet at fair value and amortized cost, respectively.

Table 9 presents our investment securities portfolio by amortized cost and fair value. The relationship of fair value to amortized cost at June 30, 2023 was comparable to December 31, 2022 due primarily to the impact of higher interest rates on the valuation of fixed-rate securities offset by the passage of time. We continually monitor the credit risk in our portfolio and maintain the allowance for investment securities at an appropriate level to absorb expected credit losses on our investment securities portfolio for the remaining contractual term of the securities adjusted for expected prepayments. See Note 2 Investment Securities for additional details regarding the allowance for investment securities.

The duration of investment securities was 4.3 years and 4.5 years at June 30, 2023 and December 31, 2022, respectively. We estimate that at June 30, 2023 the effective duration of investment securities was 4.3 years for an immediate 50 basis points parallel increase in interest rates and 4.3 years for an immediate 50 basis points parallel decrease in interest rates. Comparable amounts at December 31, 2022 for the effective duration of investment securities were 4.4 years and 4.5 years, respectively.

Based on expected prepayment speeds, the weighted-average expected maturity of the investment securities portfolio was 5.7 years at June 30, 2023 compared to 6.0 years at December 31, 2022.

Table 10: Weighted-Average Expected Maturities of Mortgage and Asset-Backed Debt Securities
June 30, 2023 Years
Agency residential mortgage-backed 7.7
Non-agency residential mortgage-backed 9.9
Agency commercial mortgage-backed 5.2
Non-agency commercial mortgage-backed 1.3
Asset-backed 2.3

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

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

Funding Sources
Table 11: Details of Funding Sources
June 30 December 31 Change
Dollars in millions 2023 2022 $ %
Deposits
Noninterest-bearing $ 110,527 $ 124,486 $ (13,959) (11) %
Interest-bearing
Money market 63,607 64,150 (543) (1) %
Demand 128,942 126,143 2,799 2 %
Savings 101,549 103,033 (1,484) (1) %
Time deposits 22,864 18,470 4,394 24 %
Total interest-bearing deposits 316,962 311,796 5,166 2 %
Total deposits 427,489 436,282 (8,793) (2) %
Borrowed funds
Federal Home Loan Bank borrowings 34,000 32,075 1,925 6 %
Senior debt 22,005 16,657 5,348 32 %
Subordinated debt 5,548 6,307 (759) (12) %
Other 3,831 3,674 157 4 %
Total borrowed funds 65,384 58,713 6,671 11 %
Total funding sources $ 492,873 $ 494,995 $ (2,122) —

Total deposits decreased as a result of lower consumer and commercial deposits, reflecting seasonal declines and the impact of quantitative tightening by the Federal Reserve. In addition, noninterest-bearing balances decreased due to the continued shift into interest-bearing deposit products as interest rates have risen.

Borrowed funds increased due to parent company senior debt issuances and higher FHLB borrowings.

The level and composition of borrowed funds fluctuates over time based on many factors, including market conditions, loan, investment securities and deposit growth and capital considerations. We manage our borrowed funds to provide a reliable source of liquidity for our banking and other activities, considering our LCR and NSFR requirements and other internal and external guidelines and constraints. See the Liquidity and Capital Management portion of the Risk Management section in this Financial Review for additional information regarding our liquidity and capital acti vities. See Note 7 Borrowed Funds in this Report and Note 10 Borrowed Funds in our 2022 Form 10-K for additional information related to our borrowings.
Shareholders’ Equity

Total shareholders’ equity was $49.3 billion at June 30, 2023, an increase of $3.5 billion compared to December 31, 2022, as increases related to net income of $3.2 billion, a preferred stock issuance of $1.5 billion and an improvement in AOCI of $0.6 billion were partially offset by dividends paid of $1.4 billion and common share repurchases of $0.5 billion.

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


B USINESS S EGMENTS R EVIEW

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

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

Net interest income in business segment results reflects our 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.
Total business segment financial results differ from total consolidated net income. The impact of these differences is reflected in the “Other” category as shown in Table 79 in Note 14 Segment Reporting. “Other” includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities, including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, 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 (GAAP).




































The PNC Financial Services Group, Inc. – Form 10-Q 13

Retail Banking

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

Table 12: Retail Banking Table
(Unaudited)
Six months ended June 30 Change
Dollars in millions, except as noted 2023 2022 $ %
Income Statement
Net interest income $ 4,729 $ 3,193 $ 1,536 48 %
Noninterest income 1,445 1,493 (48) (3) %
Total revenue 6,174 4,686 1,488 32 %
Provision for (recapture of) credit losses 224 (26) 250 *
Noninterest expense 3,831 3,805 26 1 %
Pretax earnings 2,119 907 1,212 134 %
Income taxes 497 214 283 132 %
Noncontrolling interests 21 31 (10) (32) %
Earnings $ 1,601 $ 662 $ 939 142 %
Average Balance Sheet
Loans held for sale $ 578 $ 1,070 $ (492) (46) %
Loans
Consumer
Residential real estate $ 35,285 $ 32,389 $ 2,896 9 %
Home equity 24,617 22,673 1,944 9 %
Automobile 14,962 15,918 (956) (6) %
Credit card 6,960 6,455 505 8 %
Education 2,151 2,470 (319) (13) %
Other consumer 1,959 2,261 (302) (13) %
Total consumer 85,934 82,166 3,768 5 %
Commercial 11,574 11,325 249 2 %
Total loans $ 97,508 $ 93,491 $ 4,017 4 %
Total assets $ 115,103 $ 112,415 $ 2,688 2 %
Deposits
Noninterest-bearing $ 60,129 $ 64,833 $ (4,704) (7) %
Interest-bearing 199,776 201,916 (2,140) (1) %
Total deposits $ 259,905 $ 266,749 $ (6,844) (3) %
Performance Ratios
Return on average assets 2.80 % 1.19 %
Noninterest income to total revenue 23 % 32 %
Efficiency 62 % 81 %

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


At or for six months ended June 30
Change
Dollars in millions, except as noted 2023 2022 $ %
Supplemental Noninterest Income Information
Asset management and brokerage $ 254 $ 269 $ (15) (6) %
Card and cash management $ 668 $ 659 $ 9 1 %
Lending and deposit services $ 357 $ 331 $ 26 8 %
Residential and commercial mortgage $ 179 $ 170 $ 9 5 %
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (a)
Serviced portfolio balance (b) $ 191 $ 145 $ 46 32 %
Serviced portfolio acquisitions $ 9 $ 21 $ (12) (57) %
MSR asset value (b) $ 2.3 $ 1.6 $ 0.7 44 %
MSR capitalization value (in basis points) (b) 123 112 11 10 %
Servicing income: (in millions)
Servicing fees, net (c) $ 145 $ 69 $ 76 110 %
Mortgage servicing rights valuation, net of economic hedge $ 5 $ 15 $ (10) (67) %
Residential mortgage loan statistics
Loan origination volume (in billions) $ 3.8 $ 9.9 $ (6.1) (62) %
Loan sale margin percentage 2.24 % 2.18 %
Percentage of originations represented by:
Purchase volume (d) 88 % 57 %
Refinance volume 12 % 43 %
Other Information (b)
Customer-related statistics (average)
Non-teller deposit transactions (e) 65 % 64 %
Digital consumer customers (f) 74 % 78 %
Credit-related statistics
Nonperforming assets $ 981 $ 1,088 $ (107) (10) %
Net charge-offs - loans and leases $ 221 $ 229 $ (8) (3) %
Other statistics
ATMs 8,566 9,301 (735) (8) %
Branches (g) 2,361 2,535 (174) (7) %
Brokerage account client assets (in billions) (h) $ 75 $ 68 $ 7 10 %
*- Not Meaningful
(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 six 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.

Retail Banking earnings for the first six months of 2023 increased $939 million compared to the same period in 2022 primarily due to increased net interest income, partially offset by an increased provision for credit losses and lower noninterest income.

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

Noninterest income decreased primarily due to the impact of higher negative Visa Class B fair value adjustments compared to the same period in 2022.

Provision for credit losses included the impact of our updated economic outlook and changes in portfolio composition and quality.

Noninterest expense increased, and included increased technology costs and higher marketing spend, partially offset by lower non-credit losses and personnel.

Retail Banking average total loans increased in the first six months of 2023 compared to the same period in 2022. Average consumer loans increased 5% driven by higher residential real estate and home equity loans as a result of new volume and draws on existing
The PNC Financial Services Group, Inc. – Form 10-Q 15

accounts outpacing liquidations, as well as growth in credit card loans due to new account production and purchase volume increases. The increase was partially offset by a decline in automobile, education and other consumer loans as paydowns outpaced new originations. Average commercial loans increased due to growth in automobile dealer segment balances, partially offset by forgiveness of PPP loans.

Our focus on growing primary customer relationships is at the core of our deposit strategy in Retail, which is based on attracting and retaining stable, low-cost deposits as a key funding source for PNC. We have taken a disciplined approach to pricing, focused on retaining relationship-based balances and executing on targeted deposit growth and retention strategies aimed at more rate sensitive customers. Our goal with regard to deposits is to optimize balances, economics and long-term customer growth. In the first six months of 2023, average total deposits decreased compared to the same period in 2022, reflecting the impact of increased consumer spending and quantitative tightening by the Federal Reserve.

As part of our strategic focus on growing customers and meeting their financial needs, we have established a coast-to-coast network of retail branches, solution centers and ATMs that operate alongside PNC’s suite of digital capabilities.

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



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


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

Table 13: Corporate & Institutional Banking Table
(Unaudited)
Six months ended June 30 Change
Dollars in millions, except as noted 2023 2022 $ %
Income Statement
Net interest income $ 2,795 $ 2,413 $ 382 16 %
Noninterest income 1,707 1,772 (65) (4) %
Total revenue 4,502 4,185 317 8 %
Provision for (recapture of) credit losses 181 (135) 316 *
Noninterest expense 1,860 1,771 89 5 %
Pretax earnings 2,461 2,549 (88) (3) %
Income taxes 575 583 (8) (1) %
Noncontrolling interests 10 7 3 43 %
Earnings $ 1,876 $ 1,959 $ (83) (4) %
Average Balance Sheet
Loans held for sale $ 448 $ 559 $ (111) (20) %
Loans
Commercial
Commercial and industrial $ 168,110 $ 147,819 $ 20,291 14 %
Commercial real estate 34,507 32,640 1,867 6 %
Equipment lease financing 6,408 6,150 258 4 %
Total commercial 209,025 186,609 22,416 12 %
Consumer 7 11 (4) (36) %
Total loans $ 209,032 $ 186,620 $ 22,412 12 %
Total assets $ 234,354 $ 210,171 $ 24,183 12 %
Deposits
Noninterest-bearing $ 55,221 $ 83,589 $ (28,368) (34) %
Interest-bearing 87,956 66,780 21,176 32 %
Total deposits $ 143,177 $ 150,369 $ (7,192) (5) %
Performance Ratios
Return on average assets 1.61 % 1.88 %
Noninterest income to total revenue 38 % 42 %
Efficiency 41 % 42 %
Other Information
Consolidated revenue from: (a)
Treasury Management (b) $ 1,563 $ 1,205 $ 358 30 %
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (c) $ 40 $ 36 $ 4 11 %
Commercial mortgage loan servicing income (d) 83 138 (55) (40) %
Commercial mortgage servicing rights valuation, net of economic hedge 45 46 (1) (2) %
Total $ 168 $ 220 $ (52) (24) %
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (e) $ 280 $ 282 $ (2) (1) %
MSR asset value (e) $ 1,106 $ 988 $ 118 12 %
Average loans by C&IB business (f)
Corporate Banking $ 118,424 $ 99,187 $ 19,237 19 %
Real Estate 47,495 43,710 3,785 9 %
Business Credit 30,398 27,395 3,003 11 %
Commercial Banking 8,327 9,751 (1,424) (15) %
Other 4,388 6,577 (2,189) (33) %
Total average loans $ 209,032 $ 186,620 $ 22,412 12 %
Credit-related statistics
Nonperforming assets (e) $ 738 $ 674 $ 64 9 %
Net charge-offs - loans and leases $ 178 $ 10 $ 168 *
*- Not Meaningful
(a) See the additional revenue discussion regarding treasury management and commercial mortgage banking activities in the Product Revenue section of this Corporate & Institutional Banking section.
The PNC Financial Services Group, Inc. – Form 10-Q 17

(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) As of June 30.
(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.

Corporate & Institutional Banking earnings in the first six months of 2023 decreased $83 million compared to the same period in 2022 driven by higher provision for credit losses, increased noninterest expense and lower noninterest income, partially offset by higher net interest income.

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

Noninterest income decreased in the comparison driven by lower capital markets and advisory fees and lower commercial mortgage banking activities, partially offset by growth in treasury management product revenue.

Provision for credit losses included the impact of our updated economic outlook and changes in portfolio composition and quality.

Noninterest expense increased in the comparison due to continued investments to support business growth and the impact of a higher FDIC assessment rate.

Average loans increased compared with the six months ended June 30, 2022 due to increases in Corporate Banking, Real Estate and Business Credit, partially offset by a decrease in Commercial Banking:
• Corporate Banking provides lending, equipment finance, treasury management and capital markets products and services to mid-sized and large corporations, and government and not-for-profit entities. Average loans for this business increased driven by strong new production throughout 2022 and higher average utilization of loan commitments.
• Real Estate provides banking, financing and servicing solutions for commercial real estate clients across the country. Average loans for this business increased largely due to new production throughout 2022, partially offset by a lower average utilization of loan commitments.
• Business Credit provides asset-based lending and equipment financing solutions. The loan and lease portfolio is relatively high yielding, with acceptable risk as the loans are mainly secured by business assets. Average loans for this business increased primarily driven by new production, partially offset by lower average utilization of loan commitments.
• Commercial Banking provides lending, treasury management and capital markets related products and services to smaller corporations and businesses. Average loans for this business declined primarily driven by PPP loan forgiveness and lower average utilization of loan commitments.

The deposit strategy of Corporate & Institutional Banking is to remain disciplined on pricing and focused on growing and retaining relationship-based balances over time, executing on customer and segment-specific deposit growth strategies and continuing to provide funding and liquidity to PNC. Average total deposits decreased compared to the six months ended June 30, 2022, reflecting the impact of quantitative tightening by the Federal Reserve. We continue to actively monitor the interest rate environment and make adjustments to our deposit strategy in response to evolving market conditions, bank funding needs and client relationship dynamics.

Following the BBVA acquisition in 2021 and our de novo expansion efforts, we are now a coast-to-coast franchise and have a presence in the largest 30 U.S. metropolitan statistical areas. These expanded locations complement Corporate & Institutional Banking’s existing national businesses with a significant presence in these cities, and our full suite of commercial products and services are offered nationally.

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

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


deposit balances used to pay for products and services. Net interest income includes funding credit from all treasury management customer deposit balances. Compared to the first six months of 2022, treasury management revenue increased due to wider interest rate spreads on the value of deposits and higher product revenue.

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

Capital markets and advisory includes services and activities primarily related to merger and acquisition advisory, equity capital markets advisory, asset-backed financing, loan syndication, securities underwriting and customer-related trading. The decrease in capital markets and advisory fees in the comparison was mostly driven by lower merger and acquisition advisory fees, partially offset by higher customer-related trading revenue for derivatives, foreign exchange and fixed income.
The PNC Financial Services Group, Inc. – Form 10-Q 19

Asset Management Group

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

Table 14: Asset Management Group Table
(Unaudited)
Six months ended June 30 Change
Dollars in millions, except as noted 2023 2022 $ %
Income Statement
Net interest income $ 252 $ 291 $ (39) (13) %
Noninterest income 458 482 (24) (5) %
Total revenue 710 773 (63) (8) %
Provision for (recapture of) credit losses (1) 7 (8) *
Noninterest expense 560 521 39 7 %
Pretax earnings 151 245 (94) (38) %
Income taxes 36 57 (21) (37) %
Earnings $ 115 $ 188 $ (73) (39) %
Average Balance Sheet
Loans
Consumer
Residential real estate $ 9,517 $ 7,414 $ 2,103 28 %
Other consumer 4,110 4,587 (477) (10) %
Total consumer 13,627 12,001 1,626 14 %
Commercial 1,237 1,704 (467) (27) %
Total loans $ 14,864 $ 13,705 $ 1,159 8 %
Total assets $ 15,282 $ 14,126 $ 1,156 8 %
Deposits
Noninterest-bearing $ 1,817 $ 3,140 $ (1,323) (42) %
Interest-bearing 25,907 29,331 (3,424) (12) %
Total deposits $ 27,724 $ 32,471 $ (4,747) (15) %
Performance Ratios
Return on average assets 1.52 % 2.68 %
Noninterest income to total revenue 65 % 62 %
Efficiency 79 % 67 %
Supplemental Noninterest Income Information
Asset management fees $ 446 $ 469 $ (23) (5) %
Brokerage fees 4 4 —
Total $ 450 $ 473 $ (23) (5) %
Other Information
Nonperforming assets (a) $ 41 $ 114 $ (73) (64) %
Net charge-offs - loans and leases $ (2) $ 1 $ (3) *
Brokerage account client assets (in billions) (a) $ 5 $ 4 $ 1 25 %
Client Assets Under Administration (in billions) (a) (b)
Discretionary client assets under management $ 176 $ 167 $ 9 5 %
Nondiscretionary client assets under administration 168 153 15 10 %
Total $ 344 $ 320 $ 24 8 %
Discretionary client assets under management
PNC Private Bank $ 111 $ 103 $ 8 8 %
Institutional Asset Management 65 64 1 2 %
Total $ 176 $ 167 $ 9 5 %
*- Not Meaningful
(a) As of June 30.
(b) Excludes brokerage account client assets.

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

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


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


Institutional Asset Management provides outsourced chief investment officer, custody, cash and fixed income client solutions, and retirement plan fiduciary investment services to institutional clients, including corporations, healthcare systems, insurance companies, municipalities and non-profits.

Asset Management Group earnings in the first six months of 2023 decreased $73 million compared to the same period in 2022, primarily driven by higher noninterest expense, lower net interest income and a decrease in noninterest income.

Net interest income decreased in the comparison due to a decline in average deposits as well as narrower interest rate spreads on the value of loans.

Noninterest income decreased in the comparison and is primarily attributable to the asset management fee impact from lower average equity markets and the impact of client activity.

Noninterest expense increased in the comparison reflecting continued investments to support business growth.

Discretionary client assets under management increased in comparison to the prior year, primarily due to higher equity markets as of June 30, 2023.

R ISK M ANAGEMENT

The Risk Management section included in Item 7 of our 2022 Form 10-K describes our enterprise risk management framework, including risk culture, enterprise strategy, risk governance and oversight framework, risk identification, risk assessments, risk controls and monitoring, and risk aggregation and reporting. Additionally, our 2022 Form 10-K provides an analysis of the firm’s Capital Management and our key areas of risk, which include, but are not limited to, Credit, Market, Liquidity and Operational (including Compliance and Information Security).

Credit Risk Management
Credit risk, including our credit risk management processes, is described in further detail in the Credit Risk Management section of our 2022 Form 10-K. The following provides additional information around our loan portfolio, which is our most significant concentration of credit risk.

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



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

Commercial

Commercial and Industrial
Commercial and industrial loans comprised 55% and 56% of our total loan portfolio at June 30, 2023 and December 31, 2022, respectively. The majority of our commercial and industrial loans are secured by collateral that provides a secondary source of repayment for a loan should a borrower experience cash generation difficulties. Examples of this collateral include short-term assets, such as accounts receivable, inventory and securities, and long-lived assets, such as equipment, owner-occupied real estate and other business assets.

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

Table 16: Commercial and Industrial Loans by Industry
June 30, 2023 December 31, 2022
Dollars in millions Amount % of Total Amount % of Total
Commercial and industrial
Manufacturing $ 30,586 17 % $ 30,845 17 %
Retail/wholesale trade 28,751 16 29,176 16
Service providers 22,277 13 23,548 13
Financial services 21,823 12 21,320 12
Real estate related (a) 17,200 10 17,780 10
Technology, media & telecommunications 11,158 6 11,845 7
Health care 10,186 6 10,649 6
Transportation and warehousing 8,048 5 7,858 4
Other industries 27,600 15 29,198 15
Total commercial and industrial loans $ 177,629 100 % $ 182,219 100 %
(a)    Represents loans to customers in the real estate and construction industries.

Commercial Real Estate
Commercial real estate loans comprised $22.1 billion related to commercial mortgages on income-producing properties, $7.2 billion of real estate construction project loans and $6.6 billion of intermediate-term financing loans as of June 30, 2023. Comparable amounts as of December 31, 2022 were $22.3 billion, $6.4 billion and $7.6 billion, respectively.
We monitor credit risk associated with our commercial real estate loans similar to commercial and industrial loans by analyzing PD and LGD. Additionally, risks associated with commercial real estate loans tend to be correlated to the loan structure, collateral location and quality, project progress and business environment. These attributes are also monitored and utilized in assessing credit risk. The portfolio is geographically diverse due to the nature of our business involving clients throughout the U.S.













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


The following table presents our commercial real estate loans by geography and property type:
Table 17: Commercial Real Estate Loans by Geography and Property Type
June 30, 2023 December 31, 2022
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
California $ 6,190 17 % $ 6,224 17 %
Texas 3,686 10 3,871 11
Florida 3,584 10 3,275 9
Pennsylvania 1,648 5 1,638 5
Virginia 1,550 4 1,638 5
Maryland 1,416 4 1,496 4
Illinois 1,267 4 1,321 4
Colorado 1,218 3 1,336 4
Ohio 1,172 3 1,236 3
North Carolina 1,146 3 1,150 3
Other 13,051 37 13,131 35
Total commercial real estate loans $ 35,928 100 % $ 36,316 100 %
Property Type (a)
Multifamily $ 14,835 41 % $ 13,738 38 %
Office 8,685 24 9,123 25
Industrial/warehouse 3,907 11 4,035 11
Retail 2,807 8 2,855 8
Seniors housing 1,835 5 2,228 6
Hotel/motel 1,768 5 1,896 5
Mixed use 266 1 701 2
Other 1,825 5 1,740 5
Total commercial real estate loans $ 35,928 100 % $ 36,316 100 %
(a)    Presented in descending order based on loan balances at June 30, 2023.

As remote work continues to be a feasible alternative and notable portions of leased space remain unoccupied, real estate related to the office sector is an area of continuing uncertainty. We continue to closely monitor and manage our office portfolio for elevated levels of credit risk given the ongoing shift in office demand.

At June 30, 2023, our outstanding loan balances in the office portfolio totaled $8.7 billion, or 2.7% of total loans, while additional unfunded loan commitments totaled $0.4 billion. Nonperforming loans totaled 3.3% of total office loans outstanding at June 30, 2023, while criticized loans totaled 22.5% of this portfolio. At June 30, 2023, there were no office loans outstanding that were 30 or more days delinquent. We have established reserves against these loans that we believe appropriately reflect the expected credit losses in the portfolio as of June 30, 2023.

Our office portfolio is well diversified geographically across our coast-to-coast franchise. From a tenancy category perspective, 57% of this portfolio represents multi-tenant properties at June 30, 2023, which is an area where we have noted increased stress. The remaining 43% of the portfolio is comprised of single-tenant, government tenant, and medical office tenant.

Consumer

Residential Real Estate
Residential real estate loans primarily consisted of residential mortgage loans at both June 30, 2023 and December 31, 2022.

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

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

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

Table 18: Residential Real Estate Loan Statistics
June 30, 2023 December 31, 2022
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
California $ 19,281 41 % $ 18,609 41 %
Texas 4,112 9 4,194 9
Florida 3,376 7 3,360 7
Washington 3,246 7 3,009 7
New Jersey 1,905 4 1,925 4
New York 1,557 3 1,558 3
Arizona 1,449 3 1,436 3
Pennsylvania 1,197 3 1,188 3
Colorado 1,193 3 1,192 3
North Carolina 974 2 965 2
Other 8,544 18 8,453 18
Total residential real estate loans
$ 46,834 100 % $ 45,889 100 %
June 30, 2023 December 31, 2022
Weighted-average loan origination statistics (b)
Loan origination FICO score 771 770
LTV of loan originations 73 % 71 %
(a) Presented in descending order based on loan balances at June 30, 2023.
(b) Weighted-averages calculated for the twelve months ended June 30, 2023 and December 31, 2022, respectively.

We originate residential mortgage loans nationwide through our national mortgage business as well as within our branch network. Residential mortgage loans underwritten to agency standards, including conforming loan amount limits, are typically sold with servicing retained by us. We also originate nonconforming residential mortgage loans that do not meet agency standards, which we retain on our balance sheet. Our portfolio of originated nonconforming residential mortgage loans totaled $41.6 billion at June 30, 2023 with 45% located in California. Comparable amounts at December 31, 2022 were $40.6 billion and 44%, respectively.

Home Equity
Home equity loans comprised $20.2 billion of home equity lines of credit and $6.0 billion of closed-end home equity installment loans at June 30, 2023. Comparable amounts were $19.5 billion and $6.5 billion as of December 31, 2022, respectively. Home equity lines of credit are a variable interest rate product with fixed rate conversion options available to certain borrowers.

Similar to residential real estate loans, we track borrower performance of this portfolio on a monthly basis. We also segment the population into pools based on product type ( e.g. , home equity loans, legacy brokered home equity loans, home equity lines of credit, or legacy brokered home equity lines of credit) and track the historical performance of any related mortgage loans regardless of whether we hold such liens. This information is used for internal reporting and risk management. As part of our overall risk analysis and monitoring, we also segment the portfolio based upon loan delinquency, nonperforming status, modification and bankruptcy status, FICO scores, LTV, lien position and geographic concentration.

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


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


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

Table 19: Home Equity Loan Statistics
June 30, 2023 December 31, 2022
Dollars in millions Amount % of Total Amount % of Total
Geography (a)
Pennsylvania $ 4,876 19 % $ 5,051 19 %
New Jersey 3,237 12 3,266 13
Ohio 2,302 9 2,352 9
Florida 2,178 8 2,082 8
California 1,450 6 1,247 5
Maryland 1,243 5 1,254 5
Michigan 1,238 5 1,263 5
Texas 1,195 5 1,144 4
Illinois 1,095 4 1,126 4
North Carolina 1,010 4 995 4
Other 6,376 23 6,203 24
Total home equity loans $ 26,200 100 % $ 25,983 100 %
Lien type
1st lien 55 % 58 %
2nd lien 45 42
Total 100 % 100 %
Weighted-average loan origination statistics (b) June 30, 2023 December 31, 2022
Loan origination FICO score 772 774
LTV of loan originations 66 % 67 %
(a) Presented in descending order based on loan balances at June 30, 2023.
(b) Weighted-averages calculated for the twelve months ended June 30, 2023 and December 31, 2022, respectively.

Automobile
Auto loans comprised $14.0 billion in the indirect auto portfolio and $1.1 billion in the direct auto portfolio as of June 30, 2023. Comparable amounts as of December 31, 2022 were $13.7 billion and $1.1 billion, respectively. The indirect auto portfolio consists of loans originated primarily through franchised dealers, including from expansion into newer markets. This business is strategically aligned with our core retail banking business.

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

Table 20: Auto Loan Statistics
June 30, 2023 December 31, 2022
Weighted-average loan origination FICO score (a) (b)
Indirect auto 781 784
Direct auto 779 776
Weighted-average term of loan originations - in months (a)
Indirect auto 73 73
Direct auto 63 63
(a) Weighted-averages calculated for the twelve months ended June 30, 2023 and December 31, 2022, respectively.
(b) Calculated using the auto enhanced FICO scale.

We continue to focus on borrowers with strong credit profiles as evidenced by the weighted-average loan origination FICO scores noted in Table 20. We offer both new and used auto financing to customers through our various channels. At June 30, 2023, the portfolio balance was composed of 48% new vehicle loans and 52% used vehicle loans. Comparable amounts at December 31, 2022 were 50% and 50%, respectively.

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


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

Nonperforming Assets and Loan Delinquencies
Nonperforming Assets
Nonperforming assets include nonperforming loans and leases for which ultimate collectability of the full amount of contractual principal and interest is not probable and include nonperforming loans whose terms were modified as a result of a borrower’s financial difficulty and PCD loans, OREO and foreclosed assets. Loans held for sale, certain government insured or guaranteed loans and loans accounted for under the fair value option are excluded from nonperforming loans. See Note 1 Accounting Policies of this Report for details on our nonaccrual policies.

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

Table 21: Nonperforming Assets by Type
June 30, 2023 December 31, 2022 Change
Dollars in millions $ %
Nonperforming loans (a)
Commercial $ 827 $ 858 $ (31) (4) %
Consumer (b) 1,086 1,127 (41) (4) %
Total nonperforming loans 1,913 1,985 (72) (4) %
OREO and foreclosed assets 36 34 2 6 %
Total nonperforming assets $ 1,949 $ 2,019 $ (70) (3) %
Nonperforming loans to total loans 0.59 % 0.61 %
Nonperforming assets to total loans, OREO and foreclosed assets 0.61 % 0.62 %
Nonperforming assets to total assets 0.35 % 0.36 %
Allowance for loan and lease losses to nonperforming loans 248 % 239 %
Allowance for credit losses to nonperforming loans (c) 282 % 274 %
(a) In connection with the adoption of ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, nonperforming loans as of June 30, 2023 include certain loans where terms were modified as a result of a borrower’s financial difficulty. Prior period amounts included nonperforming TDRs, for which accounting guidance was eliminated effective January 1, 2023. See Note 1 Accounting Policies and the Loan Modifications to Borrowers Experiencing Financial Difficulty section of Note 3 Loans and Related Allowance for more information on our adoption of this ASU.
(b) 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.
(c) Calculated excluding allowances for investment securities and other financial assets.

The following table provides details on the change in nonperforming assets for the six months ended June 30, 2023 and 2022:

Table 22: Change in Nonperforming Assets
In millions 2023 2022
January 1 $ 2,019 $ 2,506
New nonperforming assets 862 739
Charge-offs and valuation adjustments (257) (117)
Principal activity, including paydowns and payoffs (469) (547)
Asset sales and transfers to loans held for sale (58) (27)
Returned to performing status (148) (479)
June 30 $ 1,949 $ 2,075

As of June 30, 2023, approximately 98% of total nonperforming loans were secured by collateral, which lessened reserve requirements and is expected to reduce credit losses.

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

We manage credit risk based on the risk profile of the borrower, repayment sources, underlying collateral, and other support given current events, economic conditions and expectations. We refine our practices to meet the changing environment resulting from elevated inflation levels, labor-related supply chain pressures, higher interest rates and structural and secular changes fostered by the pandemic. To mitigate losses and enhance customer support, we offer loan modifications and collection programs to assist our

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


customers. Under the CARES Act credit reporting rules, certain loans modified due to pandemic related hardships are not being reported as past due as of June 30, 2023 and December 31, 2022 based on the contractual terms of the loan, even where borrowers may not be making payments on their loans during the modification period. The CARES Act credit reporting rules expire in the third quarter of 2023.
The following table presents a summary of accruing loans past due by delinquency status:
Table 23: Accruing Loans Past Due (a)
Amount
% of Total Loans Outstanding
June 30
2023 		December 31
2022 		Change June 30
2023 		December 31
2022
Dollars in millions $ %
Early stage loan delinquencies
Accruing loans past due 30 to 59 days $ 555 $ 747 $ (192) (26) % 0.17 % 0.23 %
Accruing loans past due 60 to 89 days 238 261 (23) (9) % 0.07 % 0.08 %
Total early stage loan delinquencies 793 1,008 (215) (21) % 0.25 % 0.31 %
Late stage loan delinquencies
Accruing loans past due 90 days or more 419 482 (63) (13) % 0.13 % 0.15 %
Total accruing loans past due $ 1,212 $ 1,490 $ (278) (19) % 0.38 % 0.46 %
(a) Past due loan amounts include government insured or guaranteed loans of $0.4 billion at both June 30, 2023 and December 31, 2022.

The decrease in accruing loans past due from December 31, 2022 was the result of lower delinquencies in both the consumer and commercial portfolios.

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

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

On January 1, 2023, we adopted ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , which eliminates the accounting guidance for TDRs and enhances the disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. Refer to Note 1 Accounting Policies and Note 3 Loans and Related Allowance for Credit Losses for additional information on our adoption of this ASU.

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

See Note 1 Accounting Policies for additional discussion of our ACL, including details of our methodologies. Also see the Critical Accounting Estimates and Judgments section of this Report for further discussion of the assumptions used in the determination of the ACL as of June 30, 2023.


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

The following table summarizes our ACL related to loans:

Table 24: Allowance for Credit Losses by Loan Class (a)
June 30, 2023 December 31, 2022

Dollars in millions 		Allowance Amount Total Loans % of Total Loans Allowance Amount Total Loans % of Total Loans
Allowance for loans and lease losses
Commercial
Commercial and industrial $ 1,836 $ 177,629 1.03 % $ 1,957 $ 182,219 1.07 %
Commercial real estate 1,206 35,928 3.36 % 1,047 36,316 2.88 %
Equipment lease financing 100 6,400 1.56 % 110 6,514 1.69 %
Total commercial 3,142 219,957 1.43 % 3,114 225,049 1.38 %
Consumer
Residential real estate 72 46,834 0.15 % 92 45,889 0.20 %
Home equity 294 26,200 1.12 % 274 25,983 1.05 %
Automobile 188 15,065 1.25 % 226 14,836 1.52 %
Credit card 765 7,092 10.79 % 748 7,069 10.58 %
Education 61 2,058 2.96 % 63 2,173 2.90 %
Other consumer 215 4,555 4.72 % 224 5,026 4.46 %
Total consumer 1,595 101,804 1.57 % 1,627 100,976 1.61 %
Total 4,737 $ 321,761 1.47 % 4,741 $ 326,025 1.45 %
Allowance for unfunded lending related commitments
663 694
Allowance for credit losses
$ 5,400 $ 5,435
Allowance for credit losses to total loans 1.68 % 1.67 %
Commercial 1.68 % 1.66 %
Consumer 1.67 % 1.69 %
(a)    Excludes allowances for investment securities and other financial assets, which together totaled $171 million and $176 million at June 30, 2023 and December 31, 2022, respectively.


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


The following table summarizes our loan charge-offs and recoveries:
Table 25: Loan Charge-Offs and Recoveries
Six months ended June 30 Gross
Charge-offs 		Recoveries Net Charge-offs /
(Recoveries) 		% of Average
Loans (Annualized)
Dollars in millions
2023
Commercial
Commercial and industrial $ 149 $ 53 $ 96 0.11 %
Commercial real estate 99 2 97 0.54 %
Equipment lease financing 7 6 1 0.03 %
Total commercial 255 61 194 0.17 %
Consumer
Residential real estate 5 7 (2) (0.01) %
Home equity 11 24 (13) (0.10) %
Automobile 61 51 10 0.13 %
Credit card 154 22 132 3.82 %
Education 9 4 5 0.47 %
Other consumer 80 17 63 2.65 %
Total consumer 320 125 195 0.39 %
Total $ 575 $ 186 $ 389 0.24 %
2022
Commercial
Commercial and industrial $ 71 $ 45 $ 26 0.03 %
Commercial real estate 15 2 13 0.08 %
Equipment lease financing 3 6 (3) (0.10) %
Total commercial 89 53 36 0.04 %
Consumer
Residential real estate 7 11 (4) (0.02) %
Home equity 6 39 (33) (0.27) %
Automobile 86 70 16 0.20 %
Credit card 135 31 104 3.24 %
Education 8 3 5 0.41 %
Other consumer 115 19 96 3.45 %
Total consumer 357 173 184 0.39 %
Total $ 446 $ 226 $ 220 0.15 %

Total net charge-offs increased $169 million, or 77%, for the first six months of 2023 compared to the same period in 2022. The increase in the comparison was primarily attributable to higher net charge-offs in our commercial portfolio.

See Note 1 Accounting Policies in our 2022 Form 10-K and Note 3 Loans and Related Allowance for Credit Losses of this Report for additional information.
Liquidity and Capital Management
Liquidity risk, including our liquidity monitoring measures and tools, is described in further detail in the Liquidity and Capital Management section of our 2022 Form 10-K.

One of the ways we monitor our liquidity is by reference to the LCR, a regulatory minimum liquidity requirement designed to ensure that covered banking organizations maintain an adequate level of liquidity to meet net liquidity needs over the course of a hypothetical 30-day stress scenario. PNC and PNC Bank calculate the LCR daily and are required to maintain a regulatory minimum of 100%. The LCR for each of PNC and PNC Bank exceeded the regulatory minimum requirement throughout the second quarter of 2023. Fluctuations in our average LCR result from changes to the components of the calculation, including high-quality liquid assets and net cash outflows, as a result of ongoing business activity.

The NSFR is designed to measure the stability of the maturity structure of assets and liabilities of banking organizations over a one-year time horizon. PNC and PNC Bank calculate the NSFR on an ongoing basis and are required to maintain a regulatory minimum of 100%. The NSFR for each of PNC and PNC Bank exceeded the regulatory minimum requirement throughout the second quarter of 2023.

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

We provide additional information regarding regulatory liquidity requirements and their potential impact on us in the Supervision and Regulation section of Item 1 Business and Item 1A Risk Factors of our 2022 Form 10-K.

Sources of Liquidity
Our largest source of liquidity on a consolidated basis is the customer deposit base generated by our banking businesses. These deposits provide relatively stable and low-cost funding. Total deposits decreased to $427.5 billion at June 30, 2023 from $436.3 billion at December 31, 2022, and included a continued shift from noninterest-bearing to interest-bearing deposit products, as interest rates have risen. As of June 30, 2023, uninsured deposits represented approximately 46% of our total deposit base. The majority of our uninsured deposits are related to commercial operating and relationship accounts, which we define as commercial deposit customers who utilize two or more PNC products. See the Funding Sources portion of the Consolidated Balance Sheet Review and Business Segments Review sections of this Financial Review for additional information on our deposits and related strategies.

We also obtain liquidity through various forms of funding, including long-term debt (senior notes, subordinated debt and FHLB borrowings) and short-term borrowings (securities sold under repurchase agreements, commercial paper and other short-term borrowings). See the Funding Sources section of the Consolidated Balance Sheet Review in this Financial Review, Note 7 Borrowed Funds included in this Report and Note 10 Borrowed Funds in our 2022 Form 10-K for additional information related to our borrowings.

Total senior and subordinated debt, on a consolidated basis, increased due to the following activity:
Table 26: Senior and Subordinated Debt
In billions 2023
January 1 $ 23.0
Issuances 6.2
Calls and maturities (1.5)
Other (0.1)
June 30 $ 27.6

Additionally, certain liquid assets and unused borrowing capacity from a number of sources are also available to manage our liquidity position. The following table summarizes our contingent liquidity from on-balance sheet and off-balance sheet funding sources:
Table 27:Contingent Liquidity Sources
Dollars in billions June 30, 2023 December 31, 2022
Cash balance with Federal Reserve Bank $ 37.8 $ 26.9
Available investment securities (a) 103.1 109.8
Unused borrowing capacity from FHLB and Federal Reserve Bank 86.4 67.2
Total available contingent liquidity $ 227.3 $ 203.9
(a) Available investment securities represents the fair value of investment securities that are available for sale or that can be used for pledging or to secure other sources of funding.
Bank Liquidity
Under PNC Bank’s 2014 bank note program, as amended, PNC Bank may from time to time offer up to $40.0 billion aggregate
principal amount outstanding at any one time of its unsecured senior and subordinated notes with maturity dates more than nine months (in the case of senior notes) and five years or more (in the case of subordinated notes) from their date of issue. At June 30, 2023, PNC Bank had $7.0 billion of notes outstanding under this program of which $3.9 billion were senior notes and $3.1 billion were subordinated notes.

Under PNC Bank’s 2013 commercial paper program, PNC Bank has the ability to offer up to $10.0 billion of its commercial paper to provide additional liquidity. At June 30, 2023, there were no issuances outstanding under this program.

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


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


At June 30, 2023, available parent company liquidity totaled $17.2 billion. Parent company liquidity is held in intercompany cash and investments. For investments with longer durations, the related maturities are aligned with scheduled cash needs, such as the maturity of parent company debt obligations.

The principal source of parent company liquidity is the dividends or other capital distributions it receives from PNC Bank, which may be impacted by the following:
• Bank-level capital needs,
• Laws, regulations and the results of supervisory activities,
• Corporate policies,
• Contractual restrictions, and
• Other factors.

There are statutory and regulatory limitations on the ability of a national bank to pay dividends or make other capital distributions or to extend credit to the parent company or its non-bank subsidiaries. The amount available for dividend payments by PNC Bank to the parent company without prior regulatory approval was $5.2 billion at June 30, 2023. See Note 20 Regulatory Matters in our 2022 Form 10-K for further discussion of these limitations.

In addition to dividends from PNC Bank, other sources of parent company liquidity include cash and investments, as well as dividends and loan repayments from other subsidiaries and dividends or distributions from equity investments. We can also generate liquidity for the parent company and PNC’s non-bank subsidiaries through the issuance of debt and equity securities, including certain capital instruments, in public or private markets and commercial paper. Under the parent company’s 2014 commercial paper program, the parent company has the ability to offer up to $5.0 billion of commercial paper to provide additional liquidity. At June 30, 2023, there were no issuances outstanding under this program.
The following table details Parent Company note issuances in the second quarter of 2023:

Table 28: Parent Company Notes Issued
Issuance Date Amount Description of Issuance
June 12, 2023 $1.0 billion $1.0 billion of senior fixed-to-floating notes with a maturity date of June 12, 2026. Interest is payable semi-annually in arrears at a fixed rate of 5.812% per annum, on June 12 and December 12 of each year, beginning on December 12, 2023. Beginning on June 12, 2025, interest is payable quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), plus 1.322%, on September 12, 2025, December 12, 2025, March 12, 2026 and at the maturity date.
June 12, 2023 $2.5 billion $2.5 billion of senior fixed-to-floating notes with a maturity date of June 12, 2029. Interest is payable semi-annually in arrears at a fixed rate of 5.582% per annum, on June 12 and December 12 of each year, beginning on December 12, 2023. Beginning on June 12, 2028, interest is payable quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), plus 1.841%, on September 12, 2028, December 12, 2028, March 12, 2029 and at the maturity date.

Parent company senior and subordinated debt outstanding totaled $19.2 billion and $13.1 billion at June 30, 2023 and December 31, 2022, respectively.

Contractual Obligations and Commitments
We have contractual obligations representing required future payments on borrowed funds, time deposits, leases, pension and postretirement benefits and purchase obligations. See the Liquidity and Capital Management portion of the Risk Management section of our 2022 Form 10-K for more information on these future cash outflows. Additionally, in the normal course of business, we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. We provide information on our commitments in Note 8 Commitments.

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

In general, rating agencies base their ratings on many quantitative and qualitative factors, including capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current legislative and regulatory environment, including implied government support. A decrease, or potential decrease, in credit ratings could impact access to the capital markets and/or increase the cost of debt, and thereby adversely affect liquidity and financial condition.
The PNC Financial Services Group, Inc. – Form 10-Q 31

The following table presents credit ratings for PNC and PNC Bank as of June 30, 2023:
Table 29: Credit Ratings for PNC and PNC Bank
June 30, 2023
Moody’s Standard & Poor’s Fitch
PNC
Senior debt A3 A- A
Subordinated debt A3 BBB+ A-
Preferred stock Baa2 BBB- BBB
PNC Bank
Senior debt A2 A A+
Subordinated debt A3 A- A
Long-term deposits Aa3 A AA-
Short-term deposits P-1 A-1 F1+
Short-term notes P-1 A-1 F1

Capital Management
Detailed information on our capital management processes and activities is included in the Supervision and Regulation section of Item 1 of our 2022 Form 10-K.

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

In the second quarter of 2023, PNC returned $0.7 billion of capital to shareholders, as a result of $0.6 billion of dividends on common shares and $0.1 billion of common share repurchases, representing 1.1 million shares. Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels (the regulatory minimum (4.5%) plus our SCB), 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 June 30, 2023. PNC’s SCB through September 30, 2023 is 2.9%. Based on the results of the Federal Reserve’s 2023 annual stress test, PNC’s SCB for the four-quarter period beginning October 1, 2023 will improve to the regulatory minimum of 2.5%.

Due to the proposed rules issued by the Federal banking agencies on July 27, 2023 to adjust the Basel III capital framework, share repurchase activity is expected to be reduced in the third quarter of 2023 compared to recent prior quarters. PNC continues to evaluate and may adjust share repurchase activity, as actual amounts and timing are dependent on market and economic conditions, as well as other factors.

On July 3, 2023, the PNC Board of Directors raised the quarterly cash dividend on common stock to $1.55 per share, an increase of 5 cents per share. The dividend, with a payment date of August 5, 2023, will be payable the next business day.





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


The following table summarizes our Basel III Capital balances and ratios as of June 30, 2023:

Table 30: Basel III Capital
June 30, 2023
Dollars in millions Basel III (a) Fully Implemented
(estimated) (b)
Common equity Tier 1 capital
Common stock plus related surplus, net of treasury stock $ (3,738) $ (3,738)
Retained earnings 55,829 55,346
Goodwill, net of associated deferred tax liabilities (10,755) (10,755)
Other disallowed intangibles, net of deferred tax liabilities (346) (346)
Other adjustments/(deductions) (89) (90)
Common equity Tier 1 capital (c) $ 40,901 $ 40,417
Additional Tier 1 capital
Preferred stock plus related surplus 7,237 7,237
Tier 1 capital $ 48,138 $ 47,654
Additional Tier 2 capital
Qualifying subordinated debt 3,222 3,222
Eligible credit reserves includable in Tier 2 capital 4,764 5,241
Total Basel III capital $ 56,124 $ 56,117
Risk-weighted assets
Basel III standardized approach risk-weighted assets (d) $ 429,634 $ 429,826
Average quarterly adjusted total assets $ 549,471 $ 548,987
Supplementary leverage exposure (e) $ 651,342 $ 651,341
Basel III risk-based capital and leverage ratios (f)
Common equity Tier 1 9.5 % 9.4 %
Tier 1 11.2 % 11.1 %
Total 13.1 % 13.1 %
Leverage (g) 8.8 % 8.7 %
Supplementary leverage ratio (e) 7.4 % 7.3 %
(a) The ratios are calculated to reflect PNC’s election to adopt the CECL five-year transition provisions. Effective for the first quarter 2022, PNC is now in the three-year transition period and the full impact of the CECL standard is being phased-in to regulatory capital through December 31, 2024.
(b) The ratios are calculated to reflect the full impact of CECL and exclude the benefits of the optional five-year transition.
(c) As permitted, PNC and PNC Bank have elected to exclude AOCI related to both available for sale securities and pension and other post-retirement plans from CET1 capital.
(d) Basel III standardized approach risk-weighted assets are based on the Basel III standardized approach rules and include credit and market risk-weighted assets.
(e) The Supplementary leverage ratio is calculated based on Tier 1 capital divided by Supplementary leverage exposure, which takes into account the quarterly average of both on balance sheet assets as well as certain off-balance sheet items, including loan commitments and potential future exposure under derivative contracts.
(f) All ratios are calculated using the regulatory capital methodology applicable to PNC and calculated based on the standardized approach.
(g) Leverage ratio is calculated based on Tier 1 capital divided by Average quarterly adjusted total assets.

PNC’s regulatory risk-based capital ratios are calculated using the standardized approach for determining risk-weighted assets. Under the standardized approach for determining credit risk-weighted assets, exposures are generally assigned a pre-defined risk weight. Exposures to high volatility commercial real estate, nonaccruals, FDMs, past due exposures and equity exposures are generally subject to higher risk weights than other types of exposures.
The regulatory agencies have adopted a rule permitting certain banks, including PNC, to delay the estimated impact on regulatory capital stemming from implementing CECL. CECL’s estimated impact on CET1 capital, as defined by the rule, is the change in retained earnings at adoption plus or minus 25% of the change in CECL ACL at the balance sheet date, excluding the allowance for PCD loans, compared to CECL ACL at adoption. Effective for the first quarter of 2022, PNC is now in the three-year transition period, and the full impact of the CECL standard is being phased-in to regulatory capital through December 31, 2024. See additional discussion of this rule in the Supervision and Regulation section of Item 1 Business and Item 1A Risk Factors of our 2022 Form 10-K.
At June 30, 2023, PNC and PNC Bank were considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements. To qualify as “well capitalized,” PNC must have Basel III capital ratios of at least 6% for Tier 1 risk-based capital and 10% for Total risk-based capital, and PNC Bank must have Basel III capital ratios of at least 6.5% for Common equity Tier 1 risk-based capital, 8% for Tier 1 risk-based capital, 10% for Total risk-based capital and a Leverage ratio of at least 5%. For more information on the interagency proposed expanded risk-based capital rules, see the Recent Regulatory Developments section.

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

Federal banking regulators have stated that they expect the largest U.S. BHCs, including PNC, to have a level of regulatory capital well in excess of the regulatory minimum and have required the largest U.S. BHCs, including PNC, to have a capital buffer sufficient to withstand losses and allow them to meet the credit needs of their customers through estimated stress scenarios. We seek to manage our capital consistent with these regulatory principles, and we believe that our June 30, 2023 capital levels were aligned with them.

We provide additional information regarding regulatory capital requirements and some of their potential impacts on us in the Supervision and Regulation section of Item 1 Business, Item 1A Risk Factors and Note 20 Regulatory Matters in the Notes To Consolidated Financial Statements in Item 8 of our 2022 Form 10-K.

Market Risk Management
See the Market Risk Management portion of the Risk Management Section in our 2022 Form 10-K for additional discussion regarding market risk.

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

Our Asset and Liability Management group centrally manages interest rate risk as prescribed in our market risk-related risk management policies, which are approved by management’s Asset and Liability Committee and the Risk Committee of the Board of Directors.
Sensitivity results and market interest rate benchmarks for the second quarters of 2023 and 2022 follow:

Table 31: Interest Sensitivity Analysis
Second Quarter 2023 Second Quarter 2022
Net Interest Income Sensitivity Simulation
Effect on net interest income in first year from gradual parallel interest rate change over the
following 12 months of:
100 basis point increase 0.0 % 3.2 %
100 basis point decrease 0.0 % (3.4) %
Effect on net interest income in second year from gradual parallel interest rate change over the
preceding 12 months of:
100 basis point increase 1.4 % 5.6 %
100 basis point decrease (1.6) % (6.4) %
In addition to measuring the effect on net interest income assuming parallel changes in current interest rates, we routinely simulate the effects of a number of nonparallel interest rate environments. Table 32 reflects the percentage change in net interest income over the next two twelve-month periods, assuming (i) the PNC Economist’s most likely rate forecast, (ii) implied market forward rates, and (iii) yield curve slope flattening (a 100 basis point yield curve slope flattening between one-month and ten-year rates superimposed on current base rates) scenario.

All changes in forecasted net interest income are relative to results in a base rate scenario where current market rates are assumed to remain unchanged over the forecast horizon.
Table 32: Net Interest Income Sensitivity to Alternative Rate Scenarios
June 30, 2023
PNC
Economist 		Market
Forward 		Slope
Flattening
First year sensitivity (0.9) % 0.0 % (0.5) %
Second year sensitivity 0.2 % (0.7) % (2.4) %

When forecasting net interest income, we make assumptions about interest rates and the shape of the yield curve, the volume and characteristics of new business and the behavior of existing on- and off-balance sheet positions. These assumptions determine the future level of simulated net interest income in the base interest rate scenario and the other interest rate scenarios presented in Tables 31 and 32. These simulations assume that as assets and liabilities mature, they are replaced or repriced at then-current market rates.

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


The following graph presents the SOFR curves for the base rate scenario and each of the alternate scenarios one year forward:
Table 33: Alternate Interest Rate Scenarios: One Year Forward

nii final.jpg

The second quarter 2023 interest sensitivity analyses indicate that our Consolidated Balance Sheet is positioned to benefit from an increase in interest rates over the longer term and an upward sloping interest rate yield curve. We believe that we have the deposit funding base and balance sheet flexibility to adjust, where appropriate and permissible, to changing interest rates and market conditions.

Market Risk Management – Customer-Related Trading Risk
We engage in fixed income securities, derivatives and foreign exchange transactions to support our customers’ investing and hedging activities. These transactions, related hedges and the credit valuation adjustment related to our customer derivatives portfolio are marked-to-market daily and reported as customer-related trading activities. We do not engage in proprietary trading of these products.
We use VaR as the primary means to measure and monitor market risk in customer-related trading activities. VaR is used to estimate the probability of portfolio losses based on the statistical analysis of historical market risk factors. VaR is calculated for each of the portfolios that comprise our customer-related trading activities of which the majority are covered positions as defined by the Market Risk Rule. VaR is computed with positions and market risk factors updated daily to ensure each portfolio is operating within its acceptable limits. See the Market Risk Management – Customer-Related Trading Risk section of our 2022 Form 10-K for more information on our models used to calculate VaR and our backtesting process.

Customer-related trading revenue was $107 million for the six months ended June 30, 2023, compared to $198 million for the six months ended June 30, 2022. The decrease was mainly due to higher funding costs on the trading positions inventory and lower derivative client sales revenues, partially offset by improved foreign exchange client revenues.
Market Risk Management – Equity And Other Investment Risk
Equity investment risk is the risk of potential losses associated with investing in both private and public equity markets. In addition to extending credit, taking deposits, underwriting securities and trading financial instruments, we make and manage direct investments in a variety of transactions, including management buyouts, recapitalizations and growth financings in a variety of industries. We also have investments in affiliated and non-affiliated funds that make similar investments in private equity, consistent with regulatory limitations. The economic and/or book value of these investments and other assets are directly affected by changes in market factors.
Various PNC business units manage our equity and other investment activities. Our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines.
The PNC Financial Services Group, Inc. – Form 10-Q 35

A summary of our equity investments follows:
Table 34: Equity Investments Summary
June 30
2023 		December 31
2022 		Change
Dollars in millions $ %
Tax credit investments $ 4,267 $ 4,308 $ (41) (1) %
Private equity and other 3,748 4,129 (381) (9) %
Total $ 8,015 $ 8,437 $ (422) (5) %

Tax Credit Investments
Included in our equity investments are direct tax credit investments and equity investments held by consolidated entities. These tax credit investment balances included unfunded commitments totaling $2.4 billion and $2.5 billion at June 30, 2023 and December 31, 2022, respectively. These unfunded commitments are included in Other liabilities on our Consolidated Balance Sheet.

Note 5 Loan Sale and Servicing Activities and Variable Interest Entities in our 2022 Form 10-K has further information on tax credit investments.

Private Equity and Other
The largest component of our other equity investments is our private equity portfolio. The private equity portfolio is an illiquid portfolio consisting of mezzanine and equity investments that vary by industry, stage and type of investment. Private equity investments carried at estimated fair value totaled $1.8 billion at both June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, $1.6 billion was invested directly in a variety of companies and $0.2 billion was invested indirectly through various private equity funds.

Included in our other equity investments are Visa Class B common shares, which are recorded at cost. Visa Class B common shares that we own are transferable only under limited circumstances until they can be converted into shares of the publicly-traded Class A common shares, which cannot happen until the resolution of the pending interchange litigation. Based upon the June 30, 2023 per share closing price of $237.48 for a Visa Class A common share, the estimated value of our total investment in the Class B common shares was approximately $1.3 billion at the current conversion rate of Visa B shares to Visa A shares, while our cost basis was insignificant. See Note 15 Fair Value and Note 21 Legal Proceedings in our 2022 Form 10-K for additional information regarding our Visa agreements. The estimated value does not represent fair value of the Visa B common shares given the shares’ limited transferability and the lack of observable transactions in the marketplace.

We also have certain other equity investments, the majority of which represent investments in affiliated and non-affiliated funds with both traditional and alternative investment strategies. Net gains related to these investments were $19 million for the six months ended June 30, 2023 and $23 million for the six months ended June 30, 2022.

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

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

Further information on our financial derivatives is presented in Note 1 Accounting Policies, Note 15 Fair Value and Note 16 Financial Derivatives in our 2022 Form 10-K and in Note 11 Fair Value and Note 12 Financial Derivatives in this Report.

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

LIBOR Transition
The cessation after June 30, 2023 of the requirement that banks submit rates for the calculation of LIBOR presents risks to the financial instruments originated, held or serviced by PNC that use LIBOR as a reference rate. For more discussion regarding the transition from LIBOR, see Item 1 Risk Factors and the Risk Management section in Item 7 of our 2022 Form 10-K.
As previously announced, PNC’s Series O, Series R and Series S preferred stock will transition to three-month CME Term SOFR plus a tenor spread adjustment of 0.26161% per annum (“Adjusted three-month CME Term SOFR”) as the replacement reference rate. Adjusted three-month CME Term SOFR will be used with respect to applicable floating-rate dividend periods with dividend

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


determination dates occurring after June 30, 2023. The calculation of interest on the junior subordinated debentures issued by The PNC Financial Services Group, Inc. and owned by PNC Capital Trust C, a wholly-owned finance subsidiary of The PNC Financial Services Group, Inc., as well as the calculation of distributions on the trust preferred securities issued by PNC Capital Trust C will transition to a replacement reference rate of Adjusted three-month CME Term SOFR for interest or distribution periods, as applicable, with determination dates occurring after June 30, 2023. Further, two series of debt securities issued by a predecessor banking subsidiary, National City Bank, will also transition the calculation of interest. The National City Bank Notes due April 1, 2043 will use Adjusted three-month CME Term SOFR as the replacement reference rate for interest periods with determination dates occurring after June 30, 2023. The National City Bank Notes due April 1, 2037 will use one-month CME Term SOFR plus a tenor spread adjustment of 0.11448% per annum as the replacement reference rate with respect to interest periods with determination dates occurring after June 30, 2023.

As of June 30, 2023, PNC had approximately $32.1 billion in loans and securities and $347.8 billion notional value in derivatives tied to LIBOR. The vast majority of PNC’s LIBOR exposures have already transitioned or will transition to a non-LIBOR rate on their next reset date. As previously anticipated, a small subset of these exposures will leverage the Adjustable Interest Rate LIBOR Act for its intended purpose to address difficult exposures when necessary or will transition to “synthetic LIBOR,” a substitute version of LIBOR to be published through the end of September 2024 and calculated under an alternative methodology based on CME Term SOFR plus the applicable tenor spread adjustment.

R ECENT R EGULATORY D EVELOPMENTS

Bank Failures and Resolutions
Following the bank failures in March 2023 of Silicon Valley Bank, Santa Clara, California, and Signature Bank, New York, New York, and after recommendations by the boards of the FDIC and Federal Reserve and a determination by the Secretary of the Treasury in consultation with the President, the FDIC invoked the systemic risk exception to certain resolution-related and Deposit Insurance Fund restrictions in order to fully protect all depositors of both institutions, including uninsured deposits. The FDIC currently estimates the cost of protecting the uninsured depositors to the Deposit Insurance Fund at approximately $15.8 billion. By law, any losses to the Deposit Insurance Fund to support uninsured depositors under the systemic risk exception must be recovered by one or more special assessments on insured depository institutions or depository institution holding companies, or both. In May 2023, the FDIC proposed a rule to implement the special assessment. Under the proposal, the FDIC would collect from PNC, along with other BHCs and insured depository institutions, special assessments at an annual rate of 12.5 basis points of PNC’s uninsured deposits reported as of December 31, 2022 (adjusted to exclude the first $5 billion), over eight quarterly assessment periods, beginning after the first quarter 2024. See Note 16 Regulatory Matters for additional information.

Capital, Capital Planning, and Liquidity
In June 2023, the Federal Reserve announced the results of its supervisory stress tests conducted as part of the 2023 CCAR process. PNC remained well above its risk-based minimum capital requirements in the supervisory stress tests, and PNC’s SCB for the four-quarter period beginning October 1, 2023, will improve to the regulatory minimum of 2.5%. See the Liquidity and Capital Management portion of the Risk Management section in this Financial Review for a discussion of PNC’s capital actions.

Proposed Expanded Risk-Based Capital Rules
On July 27, 2023, the Federal Reserve, OCC, and FDIC proposed for public comment an interagency rule to implement the final components of the Basel III framework that would significantly revise the capital requirements for large banking organizations, including PNC and PNC Bank. In general, the proposed rule would align the regulatory capital elements and required deductions for Category III banking organizations such as PNC and PNC Bank with those currently applicable to Category I and II banking organizations and apply a new expanded risk-based approach which leverages the Basel rules, including the calculation of risk-weighted assets (the “expanded risk-based approach”) in addition to the current U.S. standardized approach. Our review of the proposal is ongoing. Among other impacts, PNC and PNC Bank would be required to recognize most elements of AOCI in regulatory capital and deduct from CET1 capital, among other items, mortgage servicing assets and deferred tax assets that individually exceed 10 percent of CET1 capital or in the aggregate with other threshold items that exceed 15 percent of CET1 capital. The new expanded risk-based approach to calculating risk-weighted assets would apply more granular and standardized risk-weighting methodologies for credit, operational, market, equity and credit valuation adjustment risks. PNC and PNC Bank would be required to calculate their risk-based capital ratios under the existing standardized approach and the expanded risk-based approach and would be subject to the lower of the two resulting ratios for their risk-based capital minimums and buffer requirements, including the SCB. Based on our initial review of the proposal, we expect the proposal, if finalized in its current form, would result in lower pro forma capital ratios for PNC and PNC Bank that would remain above current minimum capital and buffer requirements. The proposal indicates the effective date of the final rule would be July 1, 2025, with certain provisions—including the recognition of AOCI elements in regulatory capital and the increase in risk-weighted assets due to the expanded risk-based approach—having a three-year phase-in period. Comments on the proposal are due by November 30, 2023.





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

C RITICAL A CCOUNTING E STIMATES AND J UDGMENTS

Our consolidated financial statements are prepared by applying certain accounting policies. Note 1 Accounting Policies in our 2022 Form 10-K describes the most significant accounting policies that we use. Certain of these policies require us to make estimates or economic assumptions that may vary under different assumptions or conditions, and such variations may significantly affect our reported results and financial position for the period or in future periods. The policies and judgments related to residential and commercial MSRs and Level 3 fair value measurements are described in Critical Accounting Estimates and Judgments in our 2022 Form 10-K. The following details the critical estimates and judgments around the ACL.

Allowance for Credit Losses

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

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

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

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

The scenarios used for the period ended June 30, 2023 reflect a slight increase in downside risk compared to December 31, 2022. The current outlook considers, among other factors, the ongoing inflationary pressures and the corresponding tightening of monetary policy and credit availability. Our most-likely expectation at June 30, 2023 is that the U.S. economy will be impacted by a mild recession starting in late 2023 or early 2024.

We used a number of economic variables in our scenarios, with two of the most significant drivers being real GDP and the U.S. unemployment rate. The following table presents a comparison of these two economic variables based on the weighted-average scenario forecasts used in determining our ACL at June 30, 2023 and December 31, 2022.


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


Table 35: Key Macroeconomic Variables in CECL Weighted-Average Scenarios
Assumptions as of June 30, 2023
2023 2024 2025
U.S. real GDP (a) 0.9% (0.1)% 1.9%
U.S. unemployment rate (b) 4.0% 4.9% 4.5%
Assumptions as of December 31, 2022
2023 2024 2025
U.S. real GDP (a) (0.4)% 1.4% 1.9%
U.S. unemployment rate (b) 4.9% 4.9% 4.4%
(a) Represents year-over-year growth (loss) rates.
(b) Represents quarterly average rate at December 31, 2023, 2024 and 2025, respectively.

Real GDP growth is expected to end 2023 at 0.9% on a weighted average basis, up from the (0.4%) assumed at December 31, 2022 primarily due to stronger economic activity at the start of 2023. Growth then drops to (0.1)% in 2024, before jumping to 1.9% in 2025. In line with stronger-than-anticipated job growth at the start of 2023, the weighted-average projection of the unemployment rate is expected to end 2023 at 4.0%, down from the 4.9% assumed at December 31, 2022. In line with the slowing in overall economic activity, the weighted-average unemployment rate is expected to increase through the end of 2023 and 2024, reaching 4.9% by year-end 2024, and gradually improving to 4.5% by the fourth quarter of 2025.

The current state of the economy reflects an environment with receding pandemic-related risks and labor-related supply chain pressures. However, heightened uncertainty remains due to structural and secular changes fostered by the pandemic for certain sectors of the economy combined with inflation and rising interest rates. As such, for both our commercial and consumer loan portfolios, PNC identified and performed significant analysis around segments impacted by such uncertainties to ensure our reserves are adequate, given our current macroeconomic expectations.

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

See the following for additional details on the components of our ACL:
• Allowance For Credit Losses in the Credit Risk Management section of this Financial Review, and
• Note 2 Investment Securities and Note 3 Loans and Related Allowance for Credit Losses in this Report.


























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

Recently Issued Accounting Standards

Accounting Standards Update
Description
Financial Statement Impact
Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method – ASU 2023-02

Issued March 2023
• Required effective date of January 1, 2024; early adoption is permitted.
• The amendments in this Update must be applied on either a modified retrospective or a retrospective basis.
• The amendments in this Update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met.
• A reporting entity makes an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments.
• We are currently evaluating when to adopt the amendments in ASU 2023-02 and the impact of the ASU on our consolidated results of operations and our consolidated financial position.

Recently Adopted Accounting Pronouncements

See Note 1 Accounting Policies regarding the impact of new accounting pronouncements that we have adopted.

I NTERNAL C ONTROLS A ND D ISCLOSURE C ONTROLS A ND P ROCEDURES

As of June 30, 2023, we performed an evaluation under the supervision of and with the participation of our management, including the Chairman, President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures and of changes in our internal control over financial reporting.

Based on that evaluation, our Chairman, President and Chief Executive Officer and our Executive Vice President and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) were effective as of June 30, 2023, and that there has been no change in PNC’s internal control over financial reporting that occurred during the second quarter of 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

C AUTIONARY S TATEMENT R EGARDING F ORWARD -L OOKING I NFORMATION

We make statements in this Report, and we may from time to time make other statements, regarding our outlook for financial performance, such as earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting us and our future business and operations, including our sustainability strategy, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as “believe,” “plan,” “expect,” “anticipate,” “see,” “look,” “intend,” “outlook,” “project,” “forecast,” “estimate,” “goal,” “will,” “should” and other similar words and expressions.
Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. Forward-looking statements speak only as of the date made. We do not assume any duty and do not undertake any obligation to update forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. As a result, we caution against placing undue reliance on any forward-looking statements.
Our forward-looking statements are subject to the following principal risks and uncertainties.
• Our businesses, financial results and balance sheet values are affected by business and economic conditions, including:
– Changes in interest rates and valuations in debt, equity and other financial markets,

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


– 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,
– A continuation of turmoil in the banking industry, responsive measures to mitigate and manage it and related supervisory and regulatory actions and costs,
– Impacts of changes in federal, state and local governmental policy, including on the regulatory landscape, capital markets, taxes, infrastructure spending and social programs,
– PNC’s 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 the potential impact of legal and regulatory contingencies. These statements are based on our views that:
– The economy continued to expand in the first half of 2023, but economic growth is slowing in response to the ongoing Federal Reserve monetary policy tightening to slow inflation. This has led to large increases in both short- and long-term interest rates. The housing market stabilized in the first half of 2023 as the Federal Reserve signaled a potential end to its federal funds rate hiking cycle. However, given the upward trajectory in mortgage rates and declining affordability, PNC continues to expect slower activity in the housing market in the second half of 2023 with a recovery in early 2024 as the Federal Reserve starts cutting the federal funds rate.
– PNC’s baseline outlook is for a mild recession starting in late 2023 or early 2024, with a smaller contraction in real GDP of less than 1%, lasting into mid-2024. The unemployment rate will increase in the second half of this year, ending 2023 at above 4%, and then peak slightly above 5% in early 2025. Inflation will slow with weaker demand, moving back to the Federal Reserve’s 2% objective by this time next year.
– PNC expects the federal funds rate to remain between 5.25% and 5.50% through March 2024, when it is expected that the Federal Reserve will cut rates in response to the recession.
• PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding minimum capital levels, including an SCB established by the Federal Reserve Board in connection with the Federal Reserve Board’s CCAR process.
• PNC’s regulatory capital ratios in the future will depend on, among other things, 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.
• 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.
The PNC Financial Services Group, Inc. – Form 10-Q 41

• Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands.
• Business and operating results can also be affected by widespread manmade, natural and other disasters (including severe weather events), health emergencies, dislocations, geopolitical instabilities or events, terrorist activities, system failures or disruptions, security breaches, cyberattacks, international hostilities, or other extraordinary events beyond PNC’s control through impacts on the economy and financial markets generally or on us or our counterparties, customers or third-party vendors and service providers specifically.
We provide greater detail regarding these as well as other factors in our 2022 Form 10-K and subsequent Form 10-Qs and elsewhere in this Report, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes of the Notes To Consolidated Financial Statements in these reports. Our forward-looking statements may also be subject to other risks and uncertainties, including those discussed elsewhere in this Report or in our other filings with the SEC.




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


CONSOLIDATED INCOME STATEMENT
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited Three months ended
June 30 		Six months ended
June 30
In millions, except per share data 2023 2022 2023 2022
Interest Income
Loans $ 4,523 $ 2,504 $ 8,781 $ 4,797
Investment securities 883 631 1,768 1,175
Other 538 146 1,054 223
Total interest income 5,944 3,281 11,603 6,195
Interest Expense
Deposits 1,531 88 2,822 115
Borrowed funds 903 142 1,686 225
Total interest expense 2,434 230 4,508 340
Net interest income 3,510 3,051 7,095 5,855
Noninterest Income
Asset management and brokerage 348 365 704 742
Capital markets and advisory 213 409 475 661
Card and cash management 697 671 1,356 1,291
Lending and deposit services 298 282 604 551
Residential and commercial mortgage 98 161 275 320
Other 129 177 387 388
Total noninterest income 1,783 2,065 3,801 3,953
Total revenue 5,293 5,116 10,896 9,808
Provision For (Recapture of) Credit Losses 146 36 381 ( 172 )
Noninterest Expense
Personnel 1,846 1,779 3,672 3,496
Occupancy 244 246 495 504
Equipment 349 351 699 682
Marketing 109 95 183 156
Other 824 773 1,644 1,578
Total noninterest expense 3,372 3,244 6,693 6,416
Income before income taxes and noncontrolling interests 1,775 1,836 3,822 3,564
Income taxes 275 340 628 639
Net income 1,500 1,496 3,194 2,925
Less: Net income attributable to noncontrolling interests 17 15 34 36
Preferred stock dividends 127 71 195 116
Preferred stock discount accretion and redemptions 2 1 4 3
Net income attributable to common shareholders $ 1,354 $ 1,409 $ 2,961 $ 2,770
Earnings Per Common Share
Basic $ 3.36 $ 3.39 $ 7.35 $ 6.62
Diluted $ 3.36 $ 3.39 $ 7.34 $ 6.61
Average Common Shares Outstanding
Basic 401 414 401 417
Diluted 401 414 401 417
See accompanying Notes To Consolidated Financial Statements.
The PNC Financial Services Group, Inc. – Form 10-Q 43

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited
In millions 		Three months ended
June 30 		Six Months Ended
June 30
2023 2022 2023 2022
Net income $ 1,500 $ 1,496 $ 3,194 $ 2,925
Other comprehensive income (loss), before tax and net of reclassifications into Net income
Net change in debt securities ( 241 ) ( 2,715 ) 628 ( 9,030 )
Net change in cash flow hedge derivatives ( 316 ) ( 701 ) 211 ( 2,459 )
Pension and other postretirement benefit plan adjustments 6 8 ( 4 ) 62
Net change in Other 3 ( 4 ) 7 ( 7 )
Other comprehensive income (loss), before tax and net of reclassifications into Net income ( 548 ) ( 3,412 ) 842 ( 11,434 )
Income tax benefit (expense) related to items of other comprehensive income 131 785 ( 195 ) 2,667
Other comprehensive income (loss), after tax and net of reclassifications into Net income ( 417 ) ( 2,627 ) 647 ( 8,767 )
Comprehensive income (loss) 1,083 ( 1,131 ) 3,841 ( 5,842 )
Less: Comprehensive income attributable to noncontrolling interests 17 15 34 36
Comprehensive income (loss) attributable to PNC $ 1,066 $ ( 1,146 ) $ 3,807 $ ( 5,878 )
See accompanying Notes To Consolidated Financial Statements.

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


CONSOLIDATED BALANCE SHEET
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited June 30
2023 		December 31
2022
In millions, except par value
Assets
Cash and due from banks $ 6,191 $ 7,043
Interest-earning deposits with banks 38,259 27,320
Loans held for sale (a) 835 1,010
Investment securities – available for sale 41,787 44,159
Investment securities – held to maturity 93,874 95,175
Loans (a) 321,761 326,025
Allowance for loan and lease losses ( 4,737 ) ( 4,741 )
Net loans 317,024 321,284
Equity investments 8,015 8,437
Mortgage servicing rights 3,455 3,423
Goodwill 10,987 10,987
Other (a) 37,780 38,425
Total assets $ 558,207 $ 557,263
Liabilities
Deposits
Noninterest-bearing $ 110,527 $ 124,486
Interest-bearing 316,962 311,796
Total deposits 427,489 436,282
Borrowed funds
Federal Home Loan Bank borrowings 34,000 32,075
Senior debt 22,005 16,657
Subordinated debt 5,548 6,307
Other (b) 3,831 3,674
Total borrowed funds 65,384 58,713
Allowance for unfunded lending related commitments 663 694
Accrued expenses and other liabilities (b) 15,325 15,762
Total liabilities 508,861 511,451
Equity
Preferred stock (c)
Common stock ($ 5 par value, Authorized 800 shares, issued 543 shares)
2,715 2,714
Capital surplus 19,934 18,376
Retained earnings 55,346 53,572
Accumulated other comprehensive income (loss) ( 9,525 ) ( 10,172 )
Common stock held in treasury at cost: 145 and 142 shares
( 19,150 ) ( 18,716 )
Total shareholders’ equity 49,320 45,774
Noncontrolling interests 26 38
Total equity 49,346 45,812
Total liabilities and equity $ 558,207 $ 557,263
(a) Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $ 0.8 billion, Loans held for investment of $ 1.3 billion and Other assets of $ 0.1 billion at June 30, 2023. Comparable amounts at December 31, 2022 were $ 0.9 billion, $ 1.3 billion and $ 0.1 billion, respectively.
(b) Our consolidated liabilities included the following for which we have elected the fair value option: Other borrowed funds of less than $ 0.1 billion and Other liabilities of $ 0.1 billion at June 30, 2023. Comparable amounts at December 31, 2022 were less than $ 0.1 billion and $ 0.2 billion, respectively.
(c) Par value less than $ 0.5 million at each date.

See accompanying Notes To Consolidated Financial Statements.
The PNC Financial Services Group, Inc. – Form 10-Q 45

CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
Unaudited
In millions 		Six months ended June 30
2023 2022
Operating Activities
Net income $ 3,194 $ 2,925
Adjustments to reconcile net income to net cash provided (used) by operating activities
Provision for (recapture of) credit losses 381 ( 172 )
Depreciation, amortization and accretion 125 529
Deferred income taxes (benefit) ( 75 ) 203
Net losses on sales of securities 2 4
Changes in fair value of mortgage servicing rights 136 ( 435 )
Net change in
Trading securities and other short-term investments ( 601 ) ( 1,325 )
Loans held for sale and related securitization activity 522 997
Other assets 1,410 ( 2,989 )
Accrued expenses and other liabilities ( 494 ) 1,491
Other 532 415
Net cash provided (used) by operating activities $ 5,132 $ 1,643
Investing Activities
Sales
Securities available for sale $ ( 70 ) $ 2,575
Loans 605 525
Repayments/maturities
Securities available for sale 4,038 9,403
Securities held to maturity 3,076 1,395
Purchases
Securities available for sale ( 1,272 ) ( 22,145 )
Securities held to maturity ( 1,513 ) ( 1,289 )
Loans ( 416 ) ( 1,298 )
Net change in
Federal funds sold and resale agreements 229 ( 919 )
Interest-earning deposits with banks ( 10,794 ) 45,846
Loans 3,305 ( 21,929 )
Other ( 590 ) ( 1,147 )
Net cash provided (used) by investing activities $ ( 3,402 ) $ 11,017

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


CONSOLIDATED STATEMENT OF CASH FLOWS
THE PNC FINANCIAL SERVICES GROUP, INC.
(Continued from previous page)
Unaudited
In millions 		Six months ended June 30
2023 2022
Financing Activities
Net change in
Noninterest-bearing deposits $ ( 13,982 ) $ ( 8,717 )
Interest-bearing deposits 5,166 ( 7,730 )
Federal funds purchased and repurchase agreements 94 ( 5 )
Other borrowed funds ( 35 ) 1,098
Sales/issuances
Federal Home Loan Bank borrowings 2,000 10,000
Senior debt 6,235
Subordinated debt 847
Other borrowed funds 486 435
Preferred stock 1,484 990
Common and treasury stock 36 34
Repayments/maturities
Federal Home Loan Bank borrowings ( 75 )
Senior debt ( 750 ) ( 5,250 )
Subordinated debt ( 750 )
Other borrowed funds ( 495 ) ( 435 )
Acquisition of treasury stock ( 588 ) ( 2,076 )
Preferred stock cash dividends paid ( 195 ) ( 116 )
Common stock cash dividends paid ( 1,213 ) ( 1,157 )
Net cash provided (used) by financing activities $ ( 2,582 ) $ ( 12,082 )
Net Increase (Decrease) In Cash And Due From Banks And Restricted Cash $ ( 852 ) $ 578
Cash and due from banks and restricted cash at beginning of period 7,043 8,004
Cash and due from banks and restricted cash at end of period $ 6,191 $ 8,582
Cash And Due From Banks And Restricted Cash
Cash and due from banks at end of period (unrestricted cash) $ 5,604 $ 7,950
Restricted cash 587 632
Cash and due from banks and restricted cash at end of period $ 6,191 $ 8,582
Supplemental Disclosures
Interest paid $ 2,586 $ 420
Income taxes paid $ 719 $ 62
Income taxes refunded $ 824 $ 8
Leased assets obtained in exchange for new operating lease liabilities $ 113 $ 103
Non-cash Investing And Financing Items
Transfer from securities available for sale to securities held to maturity $ 83,419
Transfer from loans to loans held for sale, net $ 712 $ 330
Transfer from loans to foreclosed assets $ 32 $ 25
See accompanying Notes To Consolidated Financial Statements.










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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
T HE PNC F INANCIAL S ERVICES G ROUP , I NC .
Unaudited

See page 107 for a glossary of certain terms and acronyms used in this Report.

B USINESS

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

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

Basis of Financial Statement Presentation

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

We prepared these consolidated financial statements in accordance with GAAP. We have eliminated intercompany accounts and transactions.

In our opinion, the unaudited interim consolidated financial statements reflect all normal, recurring adjustments needed to state fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.

We have also considered the impact of subsequent events on these consolidated financial statements.

When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2022 Form 10-K. These interim consolidated financial statements serve to update our 2022 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements. There have been changes to certain of our accounting policies as disclosed in our 2022 Form 10-K due to the adoption of ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02) in the first quarter of 2023. The updated policies impacted by this adoption are included in this Note 1. Reference is made to Note 1 Accounting Policies in our 2022 Form 10-K for a detailed description of all other significant accounting policies.

Use of Estimates

We prepared these consolidated financial statements using financial information available at the time of preparation, which requires us to make estimates and assumptions that affect the amounts reported. Our most significant estimates pertain to the ACL and our fair value measurements. Actual results may differ from the estimates and the differences may be material to the consolidated financial statements.

Loans
Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Management’s intent and view of the foreseeable future may change based on changes in business strategies, the economic environment, market conditions and the availability of government programs.

Measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due in terms of payment are considered delinquent. Under the CARES Act credit reporting rules, certain loans modified due to pandemic related hardships are not being reported as past due based on the contractual terms of the loan, even where borrowers may not be making payments on their loans during the modification period. The CARES Act credit reporting rules expire in the third quarter of 2023.

Loans held for investment, excluding PCD loans, are recorded at amortized cost basis unless we elect to measure these under the fair value option. Amortized cost basis represents principal amounts outstanding, net of unearned income, unamortized deferred fees and costs on originated loans, premiums or discounts on purchased loans and charge-offs. Amortized cost basis does not include accrued interest, as we include accrued interest in Other assets on our Consolidated Balance Sheet. Interest on performing loans is accrued

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


based on the principal amount outstanding and recorded in Interest income as earned using the constant effective yield method over the contractual life. Loan origination fees, direct loan origination costs, and loan premiums and discounts are deferred and accreted or amortized into Net interest income using the constant effective yield method, over the contractual life of the loan. The processing fee received for loans originated through PPP lending under the CARES Act is deferred and accreted into Net interest income using the effective yield method, over the contractual life of the loan. Loans under the fair value option are reported at their fair value, with any changes to fair value reported as Noninterest income on the Consolidated Income Statement, and are excluded from the measurement of ALLL.

In addition to originating loans, we also acquire loans through the secondary loan market, portfolio purchases or acquisitions of other financial services companies. Certain acquired loans that have experienced a more-than-insignificant deterioration of credit quality since origination ( i.e. , PCD) are recognized at an amortized cost basis equal to their purchase price plus an ALLL measured at the acquisition date. PNC considers a variety of factors in connection with the identification of more-than-insignificant deterioration in credit quality, including but not limited to nonperforming status, delinquency, risk ratings and other qualitative factors that indicate deterioration in credit quality since origination. Subsequent decreases in expected cash flows that are attributable, at least in part, to credit quality are recognized through a charge to the provision for credit losses resulting in an increase in the ALLL. Subsequent increases in expected cash flows are recognized as a provision recapture of previously recorded ALLL .

We consider a loan to be collateral dependent when we determine that substantially all of the expected cash flows will be generated
from the operation or sale of the collateral underlying the loan, or when the borrower is experiencing financial difficulty and we have elected to measure the loan at the estimated fair value of collateral (less costs to sell if sale or foreclosure of the property is expected).
Additionally, we consider a loan to be collateral dependent when foreclosure or liquidation of the underlying collateral is probable.

On January 1, 2023, we adopted ASU 2022-02, which eliminates the accounting guidance for TDRs. See Note 1 Accounting Policies in our 2022 Form 10-K for a description of our accounting policies for TDRs that were in effect prior to adoption.

Loan modifications to borrowers experiencing financial difficulty, or FDMs, result from our loss mitigation activities and include principal forgiveness, interest rate reductions, term extensions, payment delays, repayment plans or combinations thereof. FDMs continue to be subject to our existing nonaccrual policies. Expected losses or recoveries on FDMs have been factored into the ALLL estimates for each loan class under the methodologies described in this Note. Refer to Note 3 Loans and Related Allowance for Credit Losses for more information on FDMs.

See the following for additional information related to loans, including further discussion regarding our policies, the methodologies and significant inputs used to determine the ALLL and additional details on the composition of our loan portfolio:
• Nonperforming Loans and Leases section of this Note 1,
• Allowance for Credit Losses section of this Note 1,
• Note 3 Loans and Related Allowance for Credit Losses in this Report, and
• Note 4 Loans and Related Allowance for Credit Losses in our 2022 Form 10-K.

Nonperforming Loans and Leases
The matrix that follows summarizes our policies for classifying certain loans as nonperforming loans and/or discontinuing the accrual of loan interest income.

Commercial
Loans classified as nonperforming and accounted for as nonaccrual
•  Loans accounted for at amortized cost where:
– The loan is 90 days or more past due.
– The loan is rated substandard or worse due to the determination that full collection of principal and interest is not probable as demonstrated by the following conditions:
• The collection of principal or interest is 90 days or more past due,
• Reasonable doubt exists as to the certainty of the borrower’s future debt service ability, according to the terms of the credit arrangement, regardless of whether 90 days have passed or not,
• The borrower has filed, or will likely file for bankruptcy, and it is not probable the borrower will be able to repay contractual payments due under the loan,
• The bank advances additional funds to cover principal or interest,
• We are in the process of liquidating a commercial borrower, or
• We are pursuing remedies under a guarantee.
Loans excluded from nonperforming classification but accounted for as nonaccrual
•  Loans accounted for under the fair value option and full collection of principal and interest is not probable.
•  Loans accounted for at the lower of cost or market less costs to sell (held for sale) and full collection of
principal and interest is not probable.
Loans excluded from nonperforming classification and nonaccrual accounting
•  Loans that are well secured and in the process of collection.
• Certain government insured or guaranteed loans where substantially all principal and interest is insured.
• Commercial purchasing card assets that do not accrue interest.
The PNC Financial Services Group, Inc. – Form 10-Q 49

Consumer
Loans classified as nonperforming and accounted for as nonaccrual
•  Loans accounted for at amortized cost where full collection of contractual principal and interest is not
deemed probable as demonstrated in the policies below:
–  The loan is 90 days past due for home equity and installment loans, and 180 days past due for well
secured residential real estate loans,
–  The loan has been modified due to a borrower experiencing financial difficulty and is not government
insured or guaranteed,
– The loan has been modified to defer prior payments in forbearance to the end of the loan term,
–  Notification of bankruptcy has been received,
–  The bank holds a subordinate lien position in the loan and the first lien mortgage loan is seriously
stressed ( i.e. , 90 days or more past due),
–  Other loans within the same borrower relationship have been placed on nonaccrual or charge-offs have
been taken on them,
–  The bank has ordered the repossession of non-real estate collateral securing the loan, or
–  The bank has charged-off the loan to the value of the collateral.
Loans excluded from nonperforming classification but accounted for as nonaccrual
•  Loans accounted for under the fair value option and full collection of principal and interest is not probable.
•  Loans accounted for at the lower of cost or market less costs to sell (held for sale) and full collection of
principal and interest is not probable.
Loans excluded from nonperforming classification and nonaccrual accounting
• Certain government insured or guaranteed loans where substantially all principal and interest is insured.
•  Residential real estate loans that are well secured and in the process of collection.
•  Consumer loans and lines of credit, not secured by residential real estate or automobiles, as permitted by
regulatory guidance.

Commercial
We generally charge-off commercial (commercial and industrial, commercial real estate and equipment lease financing) nonperforming loans when we determine that a specific loan, or portion thereof, is uncollectible. This determination is based on the specific facts and circumstances of the individual loans. In making this determination, we consider the viability of the business or project as a going concern, the past due status when the asset is not well-secured, the expected cash flows to repay the loan, the value of the collateral and the ability and willingness of any guarantors to perform. For commercial loans and leases less than a defined dollar threshold, balances are generally charged-off in full after 180 days for loans and 120 days for leases.

Consumer
We generally charge-off secured consumer (home equity, residential real estate and automobile) nonperforming loans to the fair
value of collateral less costs to sell if the fair value is lower than the amortized cost basis of the loan outstanding and the delinquency of the loan, combined with other risk factors such as bankruptcy or lien position, indicates that the loan (or a portion thereof) is uncollectible as per our historical experience. These nonperforming loans would also be charged-off when the collateral has been repossessed. We charge-off secured consumer loans no later than 180 days past due. Most consumer loans and lines of credit, not secured by automobiles or residential real estate, are charged-off once they have reached 120-180 days past due.

For secured collateral dependent loans, collateral values are updated at least annually and subsequent declines in collateral values are charged-off resulting in incremental provision for credit loss. Subsequent increases in collateral values may be reflected as an adjustment to the ALLL to reflect the expectation of recoveries in an amount greater than previously expected, limited to amounts previously charged-off.

Accounting for Nonperforming Assets and Leases and Other Nonaccrual Loans
For nonaccrual loans, interest income accrual and deferred fee/cost recognition is discontinued. Additionally, depending on whether the accrued interest has been incorporated into the ACL estimates, as discussed in the Accrued Interest section of this Note 1, the accrued and uncollected interest is either reversed through Net interest income (if a CECL reserve is not maintained for accrued interest) or charged-off against the allowance (if a CECL reserve is maintained for accrued interest), except for credit cards, where we reverse any accrued interest through Net interest income at the time of charge-off, as per industry standard practice. Nonaccrual loans that are also collateral dependent may be charged-off to reduce the basis to the fair value of collateral less costs to sell.
If payment is received on a nonaccrual loan, generally the payment is first applied to the remaining principal balance. Payments are then applied to recover any charged-off amounts related to the loan. Finally, if both principal balance and any charge-offs have been recovered, then the payment will be recorded as fee and interest income. For certain consumer loans, the receipt of interest payments is recognized as interest income on a cash basis. Cash basis income recognition is applied if a loan’s amortized cost basis is deemed fully collectible and the loan has performed for at least six months. For loans modified due to a borrower experiencing financial difficulty, payments are applied based upon their contractual terms unless the related loan is deemed nonperforming. Loans modified due to a borrower experiencing financial difficulty are generally included in nonperforming and nonaccrual loans if they are not government insured or guaranteed. However, after a reasonable period of time, generally six months, in which the loan performs under modified terms and meets other performance indicators, it is returned to performing/accruing status. This return to performing/accruing status demonstrates that the bank expects to collect all of the loan’s remaining contractual principal and interest. Loan modifications granted

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


to borrowers experiencing financial difficulty resulting from (i) borrowers that have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to us, and (ii) borrowers that are not currently obligated to make both principal and interest payments under the modified terms are not returned to accrual status.
Other nonaccrual loans are generally not returned to accrual status until the borrower has performed in accordance with the contractual terms and other performance indicators for at least six months, the period of time which was determined to demonstrate the expected collection of the loan’s remaining contractual principal and interest. Nonaccrual loans with partially charged-off principal are not returned to accrual. When a nonperforming loan is returned to accrual status, it is then considered a performing loan.
Foreclosed assets consist of any asset seized or property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure. OREO comprises principally residential and commercial real estate properties obtained in partial or total satisfaction of loan obligations. After obtaining a foreclosure judgment, or in some jurisdictions the initiation of proceedings under a power of sale in the loan instruments, the property will be sold. When we are awarded title or completion of deed-in-lieu of foreclosure, we transfer the loan to foreclosed assets included in Other assets on our Consolidated Balance Sheet. Property obtained in satisfaction of a loan is initially recorded at estimated fair value less cost to sell. Based upon the estimated fair value less cost to sell, the amortized cost basis of the loan is adjusted and a charge-off/recovery is recognized to the ALLL. We estimate fair values primarily based on appraisals, or sales agreements with third parties. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or estimated fair value less cost to sell. Valuation adjustments on these assets and gains or losses realized from disposition of such property are reflected in Other noninterest expense.
For certain mortgage loans that have a government guarantee, we establish a separate other receivable upon foreclosure. The receivable is measured based on the loan balance (inclusive of principal and interest) that is expected to be recovered from the guarantor.
See Note 3 Loans and Related Allowance for Credit Losses for additional information on FDMs, nonperforming assets and credit quality indicators related to our loan portfolio.
Allowance for Credit Losses

Our ACL is based on historical loss experience, current borrower risk characteristics, current economic conditions, reasonable and supportable forecasts of future conditions and other relevant factors. We maintain the ACL at an appropriate level for expected losses on our existing investment securities, loans, equipment finance leases, other financial assets and unfunded lending related commitments, for the estimated contractual term of the assets or exposures as of the balance sheet date. The remaining contractual term of assets in scope of CECL is estimated considering contractual maturity dates, prepayment expectations, utilization or draw expectations and any contractually embedded extension options that do not allow us to unilaterally cancel the extension options. For products without a fixed contractual maturity date ( e.g ., credit cards), we rely on historical payment behavior to determine the length of the paydown or default time period.

We estimate expected losses on a pooled basis using a combination of (i) the expected losses over a reasonable and supportable forecast period, (ii) a period of reversion to long-run average expected losses, where applicable and (iii) the long-run average expected losses for the remaining estimated contractual term. For all assets and unfunded lending related commitments in the scope of CECL, the ACL also includes individually assessed reserves and qualitative reserves, as applicable.

We use forward-looking information in estimating expected credit losses for our reasonable and supportable forecast period. For this purpose, we use forecasted scenarios produced by PNC’s Economics Team, which are designed to reflect business cycles and their related estimated probabilities. The forecast length that we have currently determined to be reasonable and supportable is three years. As noted in the methodology discussions that follow, forward-looking information is incorporated into the expected credit loss estimates. Such forward looking information includes forecasted relevant macroeconomic variables, which are estimated using quantitative macroeconomic models, analysis from PNC economists and management judgment.

The reversion period is used to bridge our three-year reasonable and supportable forecast period and the long-run average expected credit losses. We consider a number of factors in determining the duration of the reversion period, such as contractual maturity of the asset, observed historical patterns and the estimated credit loss rates at the end of the forecast period relative to the beginning of the long-run average period. The reversion period is typically one to three years, if not immediate.

The long-run average expected credit losses are derived from long-run historical credit loss information adjusted for the credit quality of the current portfolio and, therefore, do not consider current and forecasted economic conditions.




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

See the following sections related to loans and unfunded lending related commitments for details about specific methodologies.

Allowance for Loan and Lease Losses
Our pooled expected loss methodology is based upon the quantification of risk parameters, such as PD, LGD and EAD for a loan, loan segment or lease. We also consider the impact of prepayments and amortization on contractual maturity in our expected loss estimates. We use historical credit loss information, current borrower risk characteristics and forecasted economic variables for the reasonable and supportable forecast period, coupled with analytical methods, to estimate these risk parameters by loan, loan segment or lease. PD, LGD and EAD parameters are calculated for each forecasted scenario and the long-run average period, and combined to generate expected loss estimates by scenario. The following matrix provides key credit risk characteristics that we use to estimate these risk parameters.

Loan Class Probability of Default Loss Given Default Exposure at Default
Commercial
Commercial and industrial / Equipment lease financing
• For wholesale obligors: internal risk ratings based on borrower characteristics and industry
• For retail small balance obligors: credit score, delinquency status, and product type




• Collateral type, LTV, industry, size and outstanding exposure for secured loans
• Capital structure, industry and size for unsecured loans
• For retail small balance obligors, product type and credit scores






• Outstanding balances, commitment, contractual maturities and historical prepayment experience for loans
• Current utilization and historical pre-default draw experience for lines



Commercial real estate (CRE)
• Property performance metrics, property type, market and risk pool for the forecast period
• For the long-run average period, internal risk ratings based on borrower characteristics

• Property type, LTV and costs to sell
• Outstanding balances, commitment, contractual maturities and historical prepayment experience for loans
Consumer
Home equity / Residential real estate
• Borrower credit scores, delinquency status, origination vintage, LTV and contractual maturity
• Collateral characteristics, LTV and costs to sell
• Outstanding balances, contractual maturities and historical prepayment experience for loans
• Current utilization and historical pre-default draw experience for lines
Automobile
• Borrower credit scores, delinquency status, borrower income, LTV and contractual maturity
• New vs. used, LTV and borrower credit scores
• Outstanding balances, contractual maturities and historical prepayment experience
Credit card
• Borrower credit scores, delinquency status, utilization, payment behavior and months on book
• Borrower credit scores and credit line amount
• Pay-down curves are developed using a pro-rata method and estimated using borrower behavior segments, payment ratios and borrower credit scores
Education / Other consumer
• Modeled using either discrete risk parameters or net charge-off and pay-down rates














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


The following matrix describes the key economic variables that are consumed during our forecast period by loan class, as well as other assumptions that are used for our reversion and long-run average approaches.
Loan Class Forecast Period - Key Economic Variables Reversion Method Long-Run Average
Commercial
Commercial and industrial / Equipment lease financing
• GDP and Gross Domestic Investment measures, employment related variables and personal income and consumption measures

• Immediate reversion

• Average parameters determined based on internal and external historical data
• Modeled parameters using long-run economic conditions for retail small balance obligors

Commercial real estate (CRE) • CRE Price Index, unemployment rates, GDP, corporate bond yield and interest rates • Immediate reversion • Average parameters determined based on internal and external historical data
Consumer
Home equity / Residential real estate
• Unemployment rates, HPI and interest rates
• Straight-line over 3 years
• Modeled parameters using long-run economic conditions
Automobile
• Unemployment rates, HPI, personal consumption expenditure and Manheim used car index

• Straight-line over 1 year

• Average parameters determined based on internal and external historical data

Credit card
• Unemployment rates, personal consumption expenditure and HPI

• Straight-line over 2 years

• Modeled parameters using long-run economic conditions

Education / Other consumer
• Modeled using either discrete risk parameters or net charge-off and pay-down rates

After the forecast period, we revert to the long-run average over the reversion period noted above, which is the period between the end of the forecast period and when losses are estimated to have completely reverted to the long-run average.

Once we have developed a combined estimate of credit losses ( i.e. , for the forecast period, reversion period and long-run average) under each of the forecasted scenarios, we produce a probability-weighted credit loss estimate by loan class. We then add or deduct any qualitative components and other adjustments, such as individually assessed loans, to produce the ALLL. See the Individually Assessed Component and Qualitative Component discussions that follow in this Note 1 for additional information about those adjustments.
Discounted Cash Flow
Prior to January 1, 2023, we used a discounted cash flow methodology for our home equity and residential real estate loan classes. Effective January 1, 2023, we discontinued our use of a discounted cash flow methodology, and we now use a pooled expected loss methodology based upon the quantification of risk parameters, such as PD, LGD and EAD for a loan or loan segment. See Note 1 Accounting Policies in our 2022 Form 10-K for a description of our use of a discounted cash flow methodology prior to January 1, 2023.
Individually Assessed Component
Loans and leases that do not share similar risk characteristics with a pool of loans are individually assessed as follows:
• For commercial nonperforming loans greater than or equal to a defined dollar threshold, reserves are based on an analysis of the present value of the loan’s expected future cash flows or the fair value of the collateral, if appropriate under our policy for collateral dependent loans. Nonperforming commercial loans below the defined threshold are reserved for under a pooled basis.
• For consumer nonperforming loans classified as collateral dependent, charge-off and ALLL related to recovery of amounts previously charged-off are evaluated through an analysis of the fair value of the collateral less costs to sell.

Qualitative Component
While our reserve methodologies strive to reflect all relevant credit risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between expected and actual outcomes. We may hold additional reserves that are designed to provide coverage for losses
The PNC Financial Services Group, Inc. – Form 10-Q 53

attributable to such risks. The ACL also takes into account factors that may not be directly measured in the determination of individually assessed or pooled reserves. Such qualitative factors may include, but are not limited to:
• Industry concentrations and conditions,
• Changes in market conditions, including regulatory and legal requirements,
• Changes in the nature and volume of our portfolio,
• Recent credit quality trends,
• Recent loss experience in particular portfolios, including specific and unique events,
• Recent macroeconomic factors that may not be reflected in the forecast information,
• Limitations of available input data, including historical loss information and recent data such as collateral values,
• Model imprecision and limitations,
• Changes in lending policies and procedures, including changes in loss recognition and mitigation policies and procedures, and
• Timing of available information.

See Note 3 Loans and Related Allowance for Credit Losses for additional information about our loan portfolio and the related allowance.
Accrued Interest
When accrued interest is reversed or charged-off in a timely manner, the CECL standard provides a practical expedient to exclude
accrued interest from ACL measurement. We consider our nonaccrual and charge-off policies to be timely for all of our investment
securities, loans and leases, with the exception of consumer credit cards, education loans and certain unsecured consumer lines of credit. We consider the length of time before nonaccrual/charge-off and the use of appropriate other triggering events for nonaccrual and charge-offs in making this determination. Pursuant to these policy elections, we calculate reserves for accrued interest on credit cards, education loans and certain unsecured consumer lines of credit, which are then included within the ALLL. See the Debt Securities section of Note 1 Accounting Policies in our 2022 Form 10-K and the Nonperforming Loans and Leases section of this Note 1 for additional information on our nonaccrual and charge-off policies.

See Note 1 Accounting Policies in our 2022 Form 10-K for a description of the accounting policies related to the applicable reserves on accrued interest for our home equity and residential real estate loan classes prior to January 1, 2023.
Purchased Credit Deteriorated Loans or Securities
The allowance for PCD loans or securities is determined at the time of acquisition, as the estimated expected credit loss of the outstanding balance or par value, based on the methodologies described previously for loans and securities. In accordance with CECL, the allowance recognized at acquisition is added to the acquisition date purchase price to determine the asset’s amortized cost basis.
Allowance for Unfunded Lending Related Commitments
We maintain the allowance for unfunded lending related commitments on off-balance sheet credit exposures that are not unconditionally cancelable ( e.g. , unfunded loan commitments, letters of credit and certain financial guarantees), at a level we believe is appropriate as of the balance sheet date to absorb expected credit losses on these exposures. Other than the estimation of the probability of funding, this reserve is estimated in a manner similar to the methodology used for determining reserves for loans and leases. See the Allowance for Loan and Lease Losses section of this Note 1 for the key credit risk characteristics for unfunded lending related commitments. The allowance for unfunded lending related commitments is recorded as a liability on the Consolidated Balance Sheet. Net adjustments to this reserve are included in the provision for credit losses.

See Note 3 Loans and Related Allowance for Credit Losses for additional information about this allowance.











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


Recently Adopted Accounting Standards
Accounting Standards Update Description Financial Statement Impact
Reference Rate Reform - ASU 2020-04

Issued March 2020

Reference Rate Reform Scope - ASU 2021-01

Issued January 2021

Reference Rate Reform Deferral of Sunset Date – ASU 2022-06

Issued December 2022



• Provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform (codified in ASC 848).
• Includes optional expedients related to contract modifications that allow an entity to account for modifications (if certain criteria are met) as if the modifications were only minor (assets within the scope of ASC 310, Receivables), were not substantial (assets within the scope of ASC 470, Debt) and/or did not result in remeasurements or reclassifications (assets within the scope of ASC 842, Leases, and other Topics) of the existing contract.
• Includes optional expedients related to hedging relationships within the scope of ASC 815, Derivatives & Hedging, whereby changes to the critical terms of a hedging relationship do not require dedesignation if certain criteria are met. In addition, potential sources of ineffectiveness as a result of reference rate reform may be disregarded when performing some effectiveness assessments.
• Includes optional expedients and exceptions for contract modifications and hedge accounting that apply to derivative instruments impacted by the market-wide discounting transition.
• Guidance in these ASUs is effective as of March 12, 2020 through December 31, 2024.




• ASU 2020-04 was adopted March 12, 2020. ASU 2021-01 was retrospectively adopted October 1, 2020. ASU 2022-06 was adopted upon issuance.
• Refer to Note 1 Accounting Policies in our 2022 Form 10-K for more information on elections of optional expedients that occurred in 2020, 2021 and 2022. We applied these optional expedients consistently to all eligible LIBOR cessation-related contract modifications and hedging relationships since election.
• During the second quarter of 2023, we elected and applied certain optional expedients for contract modifications and hedging relationships impacted by the central clearing counterparties conversion processes for LIBOR-indexed derivative instruments. These optional expedients remove the requirement to remeasure contract modifications or dedesignate hedging relationships due to reference rate reform. The elections made apply only to derivatives instruments impacted by the central clearinghouse conversion process.
• During the second quarter of 2023, we applied certain optional expedients for investment security, debt and preferred stock instrument contract modifications impacted by LIBOR cessation. These optional expedients remove the requirement to remeasure contract modifications.
• We may elect additional optional expedients for contract modifications and hedge relationships affected by reference rate reform through the effective date of this guidance.

Accounting Standards Update Description Financial Statement Impact
Troubled Debt Restructurings and Vintage Disclosures - ASU 2022-02

Issued March 2022
• Eliminates the accounting guidance for TDRs and requires an entity to apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan.
• Eliminates the requirement to use a discounted cash flow approach to measure the allowance for credit losses for TDRs.
• Enhances disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty.
• Requires disclosure of current-period gross charge-offs by year of origination for financing receivables and net investments in leases within the scope of CECL.
• Requires a prospective transition approach to all amendments except those related to the recognition and measurement of TDRs (which allow the option to apply a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings in the period of adoption).
• Adopted January 1, 2023 using a modified retrospective transition approach for the amendments related to the recognition and measurement of TDRs.
• The impact of adoption resulted in a decrease to the beginning period ALLL of $35 million, resulting in an increase to Retained Earnings of $26 million, net of tax, as of January 1, 2023.
• The presentation of our loan modification disclosures have been updated to reflect information on loan modifications given to borrowers experiencing financial difficulty and can be found within Note 3 Loans and Related Allowance for Credit Losses. TDR disclosures are presented for comparative periods only and are not required to be updated in current periods. Additionally, our vintage disclosure has been updated to reflect gross charge-offs by year of origination.

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

N OTE 2 I NVESTMENT S ECURITIES

The following table summarizes our available for sale and held to maturity portfolios by major security type:
Table 36: Investment Securities Summary (a)(b)
June 30, 2023 December 31, 2022
In millions Amortized
Cost (c) 		Unrealized Fair
Value 		Amortized
Cost (c) 		Unrealized Fair
Value
Gains Losses Gains Losses
Securities Available for Sale
U.S. Treasury and government agencies $ 7,863 $ 7 $ ( 760 ) $ 7,110 $ 9,196 $ 10 $ ( 836 ) $ 8,370
Residential mortgage-backed
Agency 30,867 6 ( 3,218 ) 27,655 32,114 13 ( 3,304 ) 28,823
Non-agency 642 133 ( 7 ) 768 697 131 ( 9 ) 819
Commercial mortgage-backed
Agency 1,759 1 ( 167 ) 1,593 1,845 ( 170 ) 1,675
Non-agency 1,014 ( 67 ) 947 1,325 ( 69 ) 1,256
Asset-backed 910 28 ( 4 ) 934 103 27 ( 1 ) 129
Other 2,962 39 ( 221 ) 2,780 3,288 44 ( 245 ) 3,087
Total securities available for sale $ 46,017 $ 214 $ ( 4,444 ) $ 41,787 $ 48,568 $ 225 $ ( 4,634 ) $ 44,159
Securities Held to Maturity
U.S. Treasury and government agencies $ 36,985 $ 3 $ ( 1,695 ) $ 35,293 $ 36,571 $ 6 $ ( 1,617 ) $ 34,960
Residential mortgage-backed
Agency 44,278 60 ( 3,119 ) 41,219 45,271 74 ( 3,095 ) 42,250
Non-agency 269 ( 22 ) 247 276 ( 21 ) 255
Commercial mortgage-backed
Agency 839 3 ( 30 ) 812 848 4 ( 26 ) 826
Non-agency 1,549 ( 38 ) 1,511 1,667 ( 40 ) 1,627
Asset-backed 6,645 5 ( 112 ) 6,538 7,188 6 ( 140 ) 7,054
Other 3,309 27 ( 60 ) 3,276 3,354 25 ( 72 ) 3,307
Total securities held to maturity (d) $ 93,874 $ 98 $ ( 5,076 ) $ 88,896 $ 95,175 $ 115 $ ( 5,011 ) $ 90,279
(a) At June 30, 2023, the accrued interest associated with our held to maturity and available for sale portfolios totaled $ 288 million and $ 143 million, respectively. The comparable amounts at December 31, 2022 were $ 282 million and $ 144 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.
(b) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. Of our total securities portfolio, 97 % were rated AAA/AA at both June 30, 2023 and December 31, 2022.
(c) Amortized cost is presented net of allowance of $ 141 million for securities available for sale, primarily related to non-agency commercial mortgage-backed securities and $ 7 million for securities held to maturity at June 30, 2023. The comparable amounts at December 31, 2022 were $ 142 million and $ 7 million, respectively.
(d) Held to maturity securities transferred from available for sale are included in held to maturity at fair value at the time of the transfer. The amortized cost of held to maturity securities included net unrealized losses of $ 4.7 billion at June 30, 2023 related to securities transferred, which are offset in AOCI, net of tax.

The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Securities available for sale are carried at fair value with net unrealized gains and losses included in Total shareholders’ equity as AOCI, unless credit-related. Net unrealized gains and losses are determined by taking the difference between the fair value of a security and its amortized cost, net of any allowance. Securities held to maturity are carried at amortized cost, net of any allowance. Investment securities at June 30, 2023 included $ 0.2 billion of net unsettled purchases that represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. The comparable amount for June 30, 2022 was $ 0.4 billion of net unsettled purchases.

We maintain the allowance for investment securities at levels that we believe to be appropriate as of the balance sheet date to absorb expected credit losses on our portfolio. At June 30, 2023, the allowance for investment securities was $ 148 million and primarily related to non-agency commercial mortgage-backed securities in the available for sale portfolio. The comparable amount at December 31, 2022 was $ 149 million. See Note 1 Accounting Policies in our 2022 Form 10-K for a discussion of the methodologies used to determine the allowance for investment securities.

At June 30, 2023, AOCI included pretax losses of $ 301 million from derivatives that hedged the purchase of investment securities classified as held to maturity. The losses will be accreted to interest income as an adjustment of yield on the securities.

Table 37 presents the gross unrealized losses and fair value of securities available for sale that do not have an associated allowance for investment securities at June 30, 2023 and December 31, 2022. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities included in the table have been evaluated to determine if a credit loss
56 The PNC Financial Services Group, Inc. – Form 10-Q

exists. As part of that assessment, as of June 30, 2023, we concluded that we do not intend to sell and believe we will not be required to sell these securities prior to recovery of the amortized cost basis.
Table 37: Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses
Unrealized loss position
less than 12 months 		Unrealized loss position
12 months or more 		Total
In millions Unrealized
Loss 		Fair
Value 		Unrealized
Loss 		Fair
Value 		Unrealized
Loss 		Fair
Value
June 30, 2023
U.S. Treasury and government agencies $ ( 9 ) $ 898 $ ( 751 ) $ 5,983 $ ( 760 ) $ 6,881
Residential mortgage-backed
Agency ( 51 ) 2,309 ( 3,167 ) 24,700 ( 3,218 ) 27,009
Non-agency ( 1 ) 46 ( 6 ) 67 ( 7 ) 113
Commercial mortgage-backed
Agency ( 2 ) 89 ( 165 ) 1,485 ( 167 ) 1,574
Non-agency ( 57 ) 808 ( 57 ) 808
Asset-backed ( 3 ) 502 ( 1 ) 12 ( 4 ) 514
Other ( 6 ) 243 ( 180 ) 2,022 ( 186 ) 2,265
Total securities available for sale $ ( 72 ) $ 4,087 $ ( 4,327 ) $ 35,077 $ ( 4,399 ) $ 39,164
December 31, 2022
U.S. Treasury and government agencies $ ( 601 ) $ 5,868 $ ( 235 ) $ 2,208 $ ( 836 ) $ 8,076
Residential mortgage-backed
Agency ( 1,744 ) 19,036 ( 1,560 ) 8,971 ( 3,304 ) 28,007
Non-agency ( 6 ) 112 ( 2 ) 17 ( 8 ) 129
Commercial mortgage-backed
Agency ( 125 ) 1,283 ( 45 ) 372 ( 170 ) 1,655
Non-agency ( 44 ) 750 ( 18 ) 394 ( 62 ) 1,144
Asset-backed ( 1 ) 5 ( 1 ) 5
Other ( 96 ) 1,418 ( 112 ) 1,144 ( 208 ) 2,562
Total securities available for sale $ ( 2,616 ) $ 28,467 $ ( 1,973 ) $ 13,111 $ ( 4,589 ) $ 41,578

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

Table 38: Gains (Losses) on Sales of Securities Available for Sale
Six months ended June 30
In millions 		Gross Gains Gross Losses Net Gains (Losses) Tax Expense (Benefit)
2023 $ ( 2 ) $ ( 2 )
2022 $ 11 $ ( 15 ) $ ( 4 ) $ ( 1 )











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

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at June 30, 2023:
Table 39: Contractual Maturity of Debt Securities
June 30, 2023
Dollars in millions 		1 Year or Less After 1 Year
through 5 Years 		After 5 Years
through 10 Years 		After 10
Years 		Total
Securities Available for Sale
U.S. Treasury and government agencies $ 1,230 $ 2,918 $ 1,724 $ 1,991 $ 7,863
Residential mortgage-backed
Agency 1 134 3,675 27,057 30,867
Non-agency 8 634 642
Commercial mortgage-backed
Agency 49 409 905 396 1,759
Non-agency 119 100 795 1,014
Asset-backed 249 106 555 910
Other 307 2,008 495 152 2,962
Total securities available for sale at amortized cost $ 1,587 $ 5,837 $ 7,013 $ 31,580 $ 46,017
Fair value $ 1,550 $ 5,460 $ 6,385 $ 28,392 $ 41,787
Weighted-average yield, GAAP basis (a) 2.01 % 2.17 % 2.39 % 2.98 % 2.75 %
Securities Held to Maturity
U.S. Treasury and government agencies $ 2,075 $ 31,522 $ 2,477 $ 911 $ 36,985
Residential mortgage-backed
Agency 7 333 43,938 44,278
Non-agency 269 269
Commercial mortgage-backed
Agency 133 430 276 839
Non-agency 43 49 1,457 1,549
Asset-backed 11 2,103 1,949 2,582 6,645
Other 230 1,116 603 1,360 3,309
Total securities held to maturity at amortized cost $ 2,359 $ 34,930 $ 5,792 $ 50,793 $ 93,874
Fair value $ 2,330 $ 33,471 $ 5,526 $ 47,569 $ 88,896
Weighted-average yield, GAAP basis (a) 1.30 % 1.39 % 3.65 % 2.93 % 2.36 %
(a) Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. Actual maturities and yields may differ as certain securities may be prepaid.
At June 30, 2023, there were no securities of a single issuer, other than FNMA and FHLMC, that exceeded 10% of Total shareholders’ equity. The FNMA and FHLMC investments had a total amortized cost of $ 38.5 billion and $ 32.4 billion and fair value of $ 35.3 billion and $ 30.0 billion, respectively.
The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings:
Table 40: Fair Value of Securities Pledged and Accepted as Collateral
In millions June 30, 2023 December 31, 2022
Pledged to others $ 27,347 $ 24,708
Accepted from others:
Permitted by contract or custom to sell or repledge $ 1,160 $ 1,266
Permitted amount repledged to others $ 1,160 $ 1,266

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





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

N OTE 3 L OANS A ND R ELATED A LLOWANCE F OR C REDIT L OSSES

Loan Portfolio

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

Credit Quality
We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk within the loan portfolio based on our defined loan classes. In doing so, we use several credit quality indicators, including trends in delinquency rates, nonperforming status, analysis of PD and LGD ratings, updated credit scores and originated and updated LTV ratios.
We manage credit risk based on the risk profile of the borrower, repayment sources, underlying collateral and other support given current events, economic conditions and expectations. We refine our practices to meet the changing environment resulting from elevated inflation levels, labor-related supply chain pressures, higher interest rates, and structural and secular changes fostered by the pandemic. To mitigate losses and enhance customer support, we offer loan modifications and collection programs to assist our customers.

Table 41 presents the composition and delinquency status of our loan portfolio at June 30, 2023 and December 31, 2022. Loan delinquencies include government insured or guaranteed loans and loans accounted for under the fair value option.
The PNC Financial Services Group, Inc. – Form 10-Q 59

Table 41: Analysis of Loan Portfolio (a) (b) (c)
Accruing
Dollars in millions Current or Less
Than 30 Days
Past Due 		30-59
Days
Past Due 		60-89
Days
Past Due 		90 Days
or More
Past Due 		Total
Past
Due (d) 		Nonperforming
Loans 		Fair Value
Option
Nonaccrual
Loans (e) 		Total Loans
(f)(g)
June 30, 2023
Commercial
Commercial and industrial $ 176,936 $ 64 $ 47 $ 112 $ 223 $ 470 $ 177,629
Commercial real estate 35,568 10 10 350 35,928
Equipment lease financing 6,374 14 5 19 7 6,400
Total commercial 218,878 88 52 112 252 827 219,957
Consumer
Residential real estate 45,374 228 86 174 488 (d) 429 $ 543 46,834
Home equity 25,546 56 18 74 506 74 26,200
Automobile
14,823 84 20 5 109 133 15,065
Credit card 6,926 49 36 71 156 10 7,092
Education
1,960 33 17 48 98 (d) 2,058
Other consumer
4,512 17 9 9 35 8 4,555
Total consumer 99,141 467 186 307 960 1,086 617 101,804
Total $ 318,019 $ 555 $ 238 $ 419 $ 1,212 $ 1,913 $ 617 $ 321,761
Percentage of total loans 98.84 % 0.17 % 0.07 % 0.13 % 0.38 % 0.59 % 0.19 % 100.00 %
December 31, 2022
Commercial
Commercial and industrial $ 181,223 $ 169 $ 27 $ 137 $ 333 $ 663 $ 182,219
Commercial real estate 36,104 19 4 23 189 36,316
Equipment lease financing 6,484 20 4 24 6 6,514
Total commercial 223,811 208 35 137 380 858 225,049
Consumer
Residential real estate 44,306 281 112 199 592 (d) 424 $ 567 45,889
Home equity 25,305 53 20 73 526 79 25,983
Automobile
14,543 106 25 7 138 155 14,836
Credit card 6,906 50 35 70 155 8 7,069
Education
2,058 34 22 59 115 (d) 2,173
Other consumer
4,975 15 12 10 37 14 5,026
Total consumer 98,093 539 226 345 1,110 1,127 646 100,976
Total $ 321,904 $ 747 $ 261 $ 482 $ 1,490 $ 1,985 $ 646 $ 326,025
Percentage of total loans 98.73 % 0.23 % 0.08 % 0.15 % 0.46 % 0.61 % 0.20 % 100.00 %
(a) Amounts in table represent loans held for investment and do not include any associated ALLL.
(b) Under the CARES Act credit reporting rules, certain loans modified due to pandemic related hardships are not being reported as past due as of June 30, 2023 and December 31, 2022 based on the contractual terms of the loan, even where borrowers may not be making payments on their loans during the modification period. The CARES Act credit reporting rules expire in the third quarter of 2023.
(c) The accrued interest associated with our loan portfolio totaled $ 1.3 billion and $ 1.2 billion at June 30, 2023 and December 31, 2022, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.
(d) Past due loan amounts include government insured or guaranteed Residential real estate loans and Education loans totaling $ 0.3 billion and $ 0.1 billion at both June 30, 2023 and December 31, 2022.
(e) Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policy criteria. Given that these loans are not accounted for at amortized cost, they have been excluded from the nonperforming loan population.
(f) Includes unearned income, unamortized deferred fees and costs on originated loans and premiums or discounts on purchased loans totaling $ 0.8 billion and $ 0.9 billion at June 30, 2023 and December 31, 2022, respectively.
(g) Collateral dependent loans totaled $ 1.2 billion and $ 1.3 billion at June 30, 2023 and December 31, 2022, respectively.
At June 30, 2023, we pledged $ 48.3 billion of commercial and other loans to the Federal Reserve Bank and $ 92.5 billion of residential real estate and other loans to the FHLB as collateral for the ability to borrow, if necessary. The comparable amounts at December 31, 2022 were $ 28.1 billion and $ 90.4 billion, respectively. Amounts pledged reflect the unpaid principal balances.




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

Nonperforming Assets
Nonperforming assets include nonperforming loans and leases, OREO and foreclosed assets. Nonperforming loans are those loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. Interest income is not recognized on these loans. Loans accounted for under the fair value option are reported as performing loans; however, when nonaccrual criteria is met, interest income is not recognized on these loans. Additionally, certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest are not reported as nonperforming loans and continue to accrue interest. See Note 1 Accounting Policies for additional information on our nonperforming loan and lease policies.
The following table presents our nonperforming assets as of June 30, 2023 and December 31, 2022, respectively:
Table 42: Nonperforming Assets
Dollars in millions June 30, 2023 December 31, 2022
Nonperforming loans (a)
Commercial $ 827 $ 858
Consumer (b) 1,086 1,127
Total nonperforming loans (c) 1,913 1,985
OREO and foreclosed assets 36 34
Total nonperforming assets $ 1,949 $ 2,019
Nonperforming loans to total loans 0.59 % 0.61 %
Nonperforming assets to total loans, OREO and foreclosed assets 0.61 % 0.62 %
Nonperforming assets to total assets 0.35 % 0.36 %
(a) In connection with the adoption of ASU 2022-02, nonperforming loans as of June 30, 2023 include certain loans where terms were modified as a result of a borrower’s financial difficulty. Prior period amounts included nonperforming TDRs, for which accounting guidance was eliminated effective January 1, 2023. See Note 1 Accounting Policies and the Loan Modifications to Borrowers Experiencing Financial Difficulty section of this Note 3 for more information on our adoption of this ASU.
(b) 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.
(c) Nonperforming loans for which there is no related ALLL totaled $ 0.8 billion at June 30, 2023 and primarily include loans with a fair value of collateral that exceeds the amortized cost basis. The comparable amount at December 31, 2022 was $ 0.7 billion.

Additional Credit Quality Indicators by Loan Class

Commercial Loan Classes
See Note 4 Loans and Related Allowance for Credit Losses in our 2022 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class.
The PNC Financial Services Group, Inc. – Form 10-Q 61

The following table presents credit quality indicators for our commercial loan classes:
Table 43: Commercial Credit Quality Indicators (a) (b)
Term Loans by Origination Year
June 30, 2023
In millions
2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total
Commercial and industrial
Pass Rated $ 15,699 $ 32,220 $ 8,328 $ 6,279 $ 4,694 $ 14,114 $ 88,198 $ 61 $ 169,593
Criticized 102 1,820 556 344 268 819 4,092 35 8,036
Total commercial and industrial loans $ 15,801 $ 34,040 $ 8,884 $ 6,623 $ 4,962 $ 14,933 $ 92,290 $ 96 $ 177,629
Gross charge-offs $ 10 (c) $ 9 $ 27 $ 6 $ 1 $ 14 $ 74 $ 8 $ 149
Commercial real estate
Pass Rated $ 2,589 $ 9,428 $ 3,773 $ 2,513 $ 5,139 $ 8,571 $ 339 $ 32,352
Criticized 59 294 253 321 668 1,963 18 3,576
Total commercial real estate loans $ 2,648 $ 9,722 $ 4,026 $ 2,834 $ 5,807 $ 10,534 $ 357 $ 35,928
Gross charge-offs $ 12 $ 87 $ 99
Equipment lease financing
Pass Rated $ 658 $ 1,673 $ 845 $ 819 $ 559 $ 1,567 $ 6,121
Criticized 30 64 50 53 37 45 279
Total equipment lease financing loans $ 688 $ 1,737 $ 895 $ 872 $ 596 $ 1,612 $ 6,400
Gross charge-offs $ 1 $ 1 $ 3 $ 1 $ 1 $ 7
Total commercial loans $ 19,137 $ 45,499 $ 13,805 $ 10,329 $ 11,365 $ 27,079 $ 92,647 $ 96 $ 219,957
Total commercial gross charge-offs $ 10 $ 10 $ 28 $ 9 $ 14 $ 102 $ 74 $ 8 $ 255
Term Loans by Origination Year
December 31, 2022
In millions
2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total
Loans
Commercial and industrial
Pass Rated $ 41,685 $ 12,493 $ 8,134 $ 6,261 $ 4,209 $ 13,165 $ 89,384 $ 69 $ 175,400
Criticized 1,259 423 277 299 297 551 3,682 31 6,819
Total commercial and industrial 42,944 12,916 8,411 6,560 4,506 13,716 93,066 100 182,219
Commercial real estate
Pass Rated 8,835 4,153 3,266 5,511 3,005 7,454 450 32,674
Criticized 348 37 322 758 807 1,367 3 3,642
Total commercial real estate 9,183 4,190 3,588 6,269 3,812 8,821 453 36,316
Equipment lease financing
Pass Rated 1,797 962 942 670 410 1,495 6,276
Criticized 60 55 56 39 17 11 238
Total equipment lease financing 1,857 1,017 998 709 427 1,506 6,514
Total commercial $ 53,984 $ 18,123 $ 12,997 $ 13,538 $ 8,745 $ 24,043 $ 93,519 $ 100 $ 225,049
(a) Loans in our commercial portfolio are classified as Pass Rated or Criticized based on the regulatory definitions, which are driven by the PD and LGD ratings that we assign. The Criticized classification includes loans that were rated special mention, substandard or doubtful as of June 30, 2023 and December 31, 2022.
(b) Gross charge-offs are presented on a year-to-date basis, as of the reporting date.
(c) Includes charge-offs of deposit overdrafts.

Consumer Loan Classes
See Note 4 Loans and Related Allowance for Credit Losses in our 2022 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk
associated with each loan class.





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

Residential Real Estate and Home Equity
The following table presents credit quality indicators for our residential real estate and home equity loan classes:
Table 44: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes (a)
Term Loans by Origination Year
June 30, 2023
In millions
2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total
Residential real estate
Current estimated LTV ratios
Greater than 100% $ 22 $ 129 $ 122 $ 40 $ 11 $ 38 $ 362
Greater than or equal to 80% to 100% 1,191 4,612 1,441 249 79 127 7,699
Less than 80% 1,804 5,571 14,351 6,715 2,232 7,367 38,040
No LTV available 52 13 5 70
Government insured or guaranteed loans 4 16 17 69 38 519 663
Total residential real estate loans $ 3,073 $ 10,328 $ 15,944 $ 7,073 $ 2,360 $ 8,056 $ 46,834
Updated FICO scores
Greater than or equal to 780 $ 1,570 $ 7,692 $ 12,519 $ 5,207 $ 1,565 $ 4,253 $ 32,806
720 to 779 1,090 2,033 2,508 1,172 446 1,500 8,749
660 to 719 201 511 691 338 162 786 2,689
Less than 660 81 63 114 110 90 710 1,168
No FICO score available 127 13 95 177 59 288 759
Government insured or guaranteed loans 4 16 17 69 38 519 663
Total residential real estate loans $ 3,073 $ 10,328 $ 15,944 $ 7,073 $ 2,360 $ 8,056 $ 46,834
Gross charge-offs $ 1 $ 1 $ 3 $ 5
Home equity
Current estimated LTV ratios
Greater than 100% $ 3 $ 15 $ 8 $ 16 $ 325 $ 292 $ 659
Greater than or equal to 80% to 100% 6 53 26 32 1,315 2,074 3,506
Less than 80% 163 1,963 895 2,819 6,937 9,258 22,035
Total home equity loans $ 172 $ 2,031 $ 929 $ 2,867 $ 8,577 $ 11,624 $ 26,200
Updated FICO scores
Greater than or equal to 780 $ 110 $ 1,319 $ 522 $ 1,770 $ 4,854 $ 6,020 $ 14,595
720 to 779 39 467 230 554 2,230 3,109 6,629
660 to 719 18 188 123 295 1,168 1,656 3,448
Less than 660 5 55 53 239 313 780 1,445
No FICO score available 2 1 9 12 59 83
Total home equity loans $ 172 $ 2,031 $ 929 $ 2,867 $ 8,577 $ 11,624 $ 26,200
Gross charge-offs $ 2 $ 9 $ 11
The PNC Financial Services Group, Inc. – Form 10-Q 63

(Continued from previous page) Term Loans by Origination Year
December 31, 2022
In millions
2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total Loans
Residential real estate
Current estimated LTV ratios
Greater than 100% $ 4 $ 52 $ 20 $ 10 $ 4 $ 41 $ 131
Greater than or equal to 80% to 100% 1,185 678 232 84 24 92 2,295
Less than 80% 9,396 15,844 7,074 2,346 822 7,220 42,702
No LTV available 61 3 4 68
Government insured or guaranteed loans 9 15 66 39 28 536 693
Total residential real estate $ 10,594 $ 16,650 $ 7,392 $ 2,482 $ 878 $ 7,893 $ 45,889
Updated FICO scores
Greater than or equal to 780 $ 6,825 $ 12,596 $ 5,276 $ 1,623 $ 463 $ 4,027 $ 30,810
720 to 779 3,172 3,024 1,369 476 180 1,457 9,678
660 to 719 514 744 378 189 98 796 2,719
Less than 660 63 108 110 88 71 740 1,180
No FICO score available 11 163 193 67 38 337 809
Government insured or guaranteed loans 9 15 66 39 28 536 693
Total residential real estate $ 10,594 $ 16,650 $ 7,392 $ 2,482 $ 878 $ 7,893 $ 45,889
Home equity
Current estimated LTV ratios
Greater than 100% $ 4 $ 14 $ 9 $ 2 $ 15 $ 268 $ 137 $ 449
Greater than or equal to 80% to 100% 4 51 27 4 31 854 1,149 2,120
Less than 80% 172 2,078 961 285 2,851 7,780 9,287 23,414
Total home equity $ 180 $ 2,143 $ 997 $ 291 $ 2,897 $ 8,902 $ 10,573 $ 25,983
Updated FICO scores
Greater than or equal to 780 $ 110 $ 1,357 $ 554 $ 155 $ 1,791 $ 5,093 $ 5,545 $ 14,605
720 to 779 47 515 248 64 567 2,305 2,843 6,589
660 to 719 19 211 140 42 288 1,146 1,449 3,295
Less than 660 4 57 54 29 242 342 671 1,399
No FICO score available 3 1 1 9 16 65 95
Total home equity $ 180 $ 2,143 $ 997 $ 291 $ 2,897 $ 8,902 $ 10,573 $ 25,983
(a) Gross charge-offs are presented on a year-to-date basis, as of the reporting date.






























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

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

Table 45: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes (a)
Term Loans by Origination Year
June 30, 2023
In millions
2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total
Automobile
Updated FICO scores
Greater than or equal to 780 $ 1,706 $ 1,907 $ 1,846 $ 728 $ 554 $ 180 $ 6,921
720 to 779 1,066 1,426 1,005 411 374 160 4,442
660 to 719 538 766 510 251 275 137 2,477
Less than 660 74 254 260 185 272 180 1,225
Total automobile loans $ 3,384 $ 4,353 $ 3,621 $ 1,575 $ 1,475 $ 657 $ 15,065
Gross charge-offs $ 10 $ 12 $ 9 $ 17 $ 13 $ 61
Credit card
Updated FICO scores
Greater than or equal to 780 $ 1,954 $ 1 $ 1,955
720 to 779 2,022 5 2,027
660 to 719 1,967 13 1,980
Less than 660 983 38 1,021
No FICO score available or required (b) 106 3 109
Total credit card loans $ 7,032 $ 60 $ 7,092
Gross charge-offs $ 141 $ 13 $ 154
Education
Updated FICO scores
Greater than or equal to 780 $ 15 $ 94 $ 50 $ 44 $ 56 $ 373 $ 632
720 to 779 14 51 26 22 27 147 287
660 to 719 6 16 7 7 8 59 103
Less than 660 1 3 1 1 2 23 31
No FICO score available or required (b) 4 6 5 5 2 1 23
Total loans using FICO credit metric 40 170 89 79 95 603 1,076
Other internal credit metrics 982 982
Total education loans $ 40 $ 170 $ 89 $ 79 $ 95 $ 1,585 $ 2,058
Gross charge-offs $ 1 $ 1 $ 7 $ 9
Other consumer
Updated FICO scores
Greater than or equal to 780 $ 136 $ 183 $ 69 $ 34 $ 27 $ 19 $ 41 $ 2 $ 511
720 to 779 186 224 85 41 35 19 82 1 673
660 to 719 70 166 80 45 39 19 88 2 509
Less than 660 5 49 39 26 25 14 42 2 202
Total loans using FICO credit metric 397 622 273 146 126 71 253 7 1,895
Other internal credit metrics 21 116 31 19 74 26 2,358 15 2,660
Total other consumer loans $ 418 $ 738 $ 304 $ 165 $ 200 $ 97 $ 2,611 $ 22 $ 4,555
Gross charge-offs $ 32 (c) $ 9 $ 10 $ 8 $ 9 $ 5 $ 6 $ 1 $ 80

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

(Continued from previous page) Term Loans by Origination Year
December 31, 2022
In millions
2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total Loans
Updated FICO Scores
Automobile
Greater than or equal to 780 $ 2,390 $ 2,162 $ 922 $ 760 $ 241 $ 75 $ 6,550
720 to 779 1,702 1,312 561 538 222 69 4,404
660 to 719 854 660 341 401 187 56 2,499
Less than 660 193 290 230 368 228 74 1,383
Total automobile $ 5,139 $ 4,424 $ 2,054 $ 2,067 $ 878 $ 274 $ 14,836
Credit card
Greater than or equal to 780 $ 1,954 $ 2 $ 1,956
720 to 779 1,994 6 2,000
660 to 719 1,957 13 1,970
Less than 660 1,001 35 1,036
No FICO score available or required (b) 104 3 107
Total credit card $ 7,010 $ 59 $ 7,069
Education
Greater than or equal to 780 $ 42 $ 53 $ 48 $ 61 $ 51 $ 357 $ 612
720 to 779 39 27 24 30 24 143 287
660 to 719 21 8 8 9 8 59 113
Less than 660 4 1 1 2 2 24 34
No FICO score available or required (b) 20 8 7 3 1 39
Education loans using FICO credit metric 126 97 88 105 85 584 1,085
Other internal credit metrics 1,088 1,088
Total education $ 126 $ 97 $ 88 $ 105 $ 85 $ 1,672 $ 2,173
Other consumer
Greater than or equal to 780 $ 224 $ 97 $ 53 $ 46 $ 14 $ 18 $ 47 $ 2 $ 501
720 to 779 302 122 68 62 20 15 89 2 680
660 to 719 229 110 68 66 28 8 95 2 606
Less than 660 32 48 37 40 20 6 44 2 229
Other consumer loans using FICO credit metric 787 377 226 214 82 47 275 8 2,016
Other internal credit metrics 125 43 40 34 7 29 2,720 12 3,010
Total other consumer $ 912 $ 420 $ 266 $ 248 $ 89 $ 76 $ 2,995 $ 20 $ 5,026
(a) Gross charge-offs are presented on a year-to-date basis, as of the reporting date.
(b) Loans with no FICO score available or required generally refers to new accounts issued to borrowers with limited credit history, accounts for which we cannot obtain an updated FICO score ( e.g. , recent profile changes), cards issued with a business name and/or cards secured by collateral. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
(c) Includes charge-offs of deposit overdrafts.




























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

Loan Modifications to Borrowers Experiencing Financial Difficulty

On January 1, 2023, we adopted ASU 2022-02, which eliminates the accounting guidance for TDRs and enhances the disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty (FDMs).

FDMs occur as a result of our loss mitigation activities. A variety of solutions are offered to borrowers, including loan modifications that may result in principal forgiveness, interest rate reductions, term extensions, payment delays, repayment plans or combinations thereof:
• Principal forgiveness includes principal and accrued interest forgiveness.
• Interest rate reductions include modifications where the interest rate is reduced and/or interest is deferred.
• Term extensions extend the original contractual maturity date of the loan.
• Payment delays consist of modifications where we expect to collect contractual amounts due, but that result in a delay in the receipt of payments specified under the original loan terms. We generally consider payment delays to be insignificant when the delay is three months or less.
• Repayment plans are offered for some of our credit card and unsecured line of credit products, which provide for a reduced payment and interest rate for a specific period of time.
Additionally, modifications to borrowers experiencing financial difficulty also result from borrowers that have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their obligations to us, and those that enter into trial modifications.

FDMs exclude loans held for sale and loans accounted for under the fair value option. Our disclosed FDM population also excludes government insured or guaranteed education loans as loss mitigation activities for these loans are either required by law or they are considered separate from PNC’s loss mitigation treatments. Commercial loans with an appraised value of collateral that exceeds the loan value, loans with guarantor support, and residential mortgage government insured or guaranteed loans are included in our disclosed population of FDMs when those loan modifications are granted to a borrower experiencing financial difficulty.

Refer to Note 1 Accounting Policies for additional information around our adoption of ASU 2022-02.
































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

The following table presents the amortized cost basis, as of June 30, 2023, of FDMs granted during the three and six months ended June 30, 2023:

Table 46: Loan Modifications Granted to Borrowers Experiencing Financial Difficulty (a)
Three months ended June 30, 2023
Dollars in millions
Principal Forgiveness Interest Rate Reduction Term Extension Payment Delay Repayment Plan Interest Rate Reduction and Term Extension Other (b) Total % of Loan Class
Commercial
Commercial and industrial $ 366 $ 59 $ 87 $ 512 0.29 %
Commercial real estate 228 60 288 0.80 %
Total commercial 594 59 147 800 0.36 %
Consumer
Residential real estate $ 1 35 $ 1 2 39 0.08 %
Home equity 3 2 5 10 0.04 %
Credit card $ 18 18 0.25 %
Education 1 1 0.05 %
Other consumer 1 1 0.02 %
Total consumer 1 1 38 19 3 7 69 0.07 %
Total $ 1 $ 595 $ 97 $ 19 $ 3 $ 154 $ 869 0.27 %
Six months ended June 30, 2023
Dollars in millions
Commercial
Commercial and industrial $ 1 $ 432 $ 72 $ 91 $ 596 0.34 %
Commercial real estate 493 60 553 1.54 %
Total commercial 1 925 72 151 1,149 0.52 %
Consumer
Residential real estate $ 1 72 $ 2 3 78 0.17 %
Home equity 4 5 6 15 0.06 %
Credit card $ 30 30 0.42 %
Education 2 2 0.10 %
Other consumer 1 1 0.02 %
Total consumer 1 2 76 31 7 9 126 0.12 %
Total $ 1 $ 1 $ 927 $ 148 $ 31 $ 7 $ 160 $ 1,275 0.40 %
(a) At June 30, 2023, there were $ 0.1 billion of unfunded lending related commitments associated with FDMs.
(b) Includes loans where we have received notification that a borrower has filed for Chapter 7 bankruptcy relief, but specific instructions as to the terms of the relief have not been formally ruled upon by the court. Amounts also include trial modifications.

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

Table 47 presents the financial effect of FDMs granted during the three and six months ended June 30, 2023:

Table 47: Financial Effect of FDMs (a)
Three months ended June 30, 2023
Dollars in millions
Total Principal Forgiveness Weighted-Average Interest Rate Reduction Weighted-Average Term Extension
(in Months) 		Weighted-Average Payment Delay
(in Months)
Commercial
Commercial and industrial 9 10
Commercial real estate 20
Consumer
Residential real estate 1.17 % 123 8
Home equity 1.29 % 66 3
Education 19
Six months ended June 30, 2023
Dollars in millions
Commercial
Commercial and industrial $ 2 10 6
Commercial real estate 17
Consumer
Residential real estate 1.34 % 111 8
Home equity 1.41 % 58 4
Education 17
(a) Excludes the financial effects of modifications for loans that were paid off, charged-off or otherwise liquidated as of period end.

Repayment plans are excluded from Table 47. The terms of these programs, which are offered for certain credit card and unsecured line of credit products, are as follows:
• Short-term programs are granted for periods of 6 and 12 months. These programs are structurally similar such that the interest rate is reduced to a standard rate of 4.99 % and the minimum payment percentage is adjusted to 1.90 % of the outstanding balance. At the end of the 6 or 12 months, the borrower is returned to the original contractual interest rate and minimum payment amount specified in the original lending agreement.
• Fully-amortized repayment plans are also granted, the most common of which being a 60-month program. In this program, we convert the borrower’s drawn and unpaid balances into a fully-amortized repayment plan consisting of an interest rate of 4.99 % and a minimum payment amount of 1.90 %. This fully-amortized program is designed in a manner that allows the drawn and unpaid amounts to be recaptured at the end of the 60 months.
After we modify a loan, we continue to track its performance under its most recent modified terms. The following table presents the performance, as of June 30, 2023, of FDMs granted during the six months ended June 30, 2023:

Table 48: Delinquency Status of FDMs (a)
Six months ended June 30, 2023
Dollars in millions
Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days
or More
Past Due 		Nonperforming
Loans 		Total
Commercial
Commercial and industrial $ 494 $ 4 $ 1 $ 97 $ 596
Commercial real estate 520 33 553
Total commercial 1,014 4 1 130 1,149
Consumer
Residential real estate 1 77 78
Home equity 15 15
Credit card 20 $ 3 3 4 30
Education 2 2
Other consumer 1 1
Total consumer 23 3 3 4 93 126
Total $ 1,037 $ 3 $ 7 $ 5 $ 223 $ 1,275
(a) Represents amortized cost basis.

We generally consider FDMs to have subsequently defaulted when they become 60 days past due after the most recent date the loan was modified. Loans that were both (i) modified due to a financial difficulty during the period, and (ii) subsequently defaulted during the three and six months ended June 30, 2023 were $ 46 million and $ 48 million, respectively.

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

Troubled Debt Restructuring Disclosures Prior to the Adoption of ASU 2022-02

Table 49 quantifies the number of loans that were classified as TDRs as well as the change in the loans’ balance as a result of becoming a TDR during the three and six months ended June 30, 2022. Additionally, the table provides information about the types of TDR concessions. See Note 1 Accounting Policies and Note 4 Loans and Related Allowance for Credit Losses in our 2022 Form 10-K for additional discussion of TDRs.

Table 49: Financial Impact and TDRs by Concession Type (a)
Pre-TDR
Amortized Cost Basis (b) 		Post-TDR Amortized Cost Basis (c)
During the three months ended June 30, 2022
Dollars in millions
Number
of Loans 		Principal
Forgiveness 		Rate
Reduction 		Other Total
Commercial 15 $ 35 $ 9 $ 22 $ 31
Consumer 3,025 50 $ 40 5 45
Total TDRs 3,040 $ 85 $ 9 $ 40 $ 27 $ 76
During the six months ended June 30, 2022
Dollars in millions
Commercial 27 $ 88 $ 9 $ 68 $ 77
Consumer 5,920 86 $ 66 12 78
Total TDRs 5,947 $ 174 $ 9 $ 66 $ 80 $ 155
(a) Impact of partial charge-offs at TDR date is included in this table.
(b) Represents the amortized cost basis of the loans as of the quarter end prior to TDR designation.
(c) Represents the amortized cost basis of the TDRs as of the end of the quarter in which the TDR occurred.
After a loan was determined to be a TDR, we continued to track its performance under its most recent restructured terms. We considered a TDR to have subsequently defaulted when it became 60 days past due after the most recent date the loan was restructured. Loans that were both (i) classified as TDRs within the last twelve months from the balance sheet date, and (ii) subsequently defaulted during the three and six months ended June 30, 2022 totaled $ 20 million and $ 27 million, respectively.

Allowance for Credit Losses

We maintain the ACL related to loans at levels that we believe to be appropriate to absorb expected credit losses in the portfolios as of the balance sheet date. See Note 1 Accounting Policies for a discussion of the methodologies used to determine this allowance. A rollforward of the ACL related to loans follows:
Table 50: Rollforward of Allowance for Credit Losses
Three months ended June 30 Six months ended June 30
2023 2022 2023 2022
In millions Commercial Consumer Total Commercial Consumer Total Commercial Consumer Total Commercial Consumer Total
Allowance for loan and lease losses
Beginning balance $ 3,046 $ 1,695 $ 4,741 $ 3,003 $ 1,555 $ 4,558 $ 3,114 $ 1,627 $ 4,741 $ 3,185 $ 1,683 $ 4,868
Adoption of ASU 2022-02 (a) ( 35 ) ( 35 )
Beginning balance, adjusted 3,046 1,695 4,741 3,003 1,555 4,558 3,114 1,592 4,706 3,185 1,683 4,868
Charge-offs ( 135 ) ( 158 ) ( 293 ) ( 37 ) ( 158 ) ( 195 ) ( 255 ) ( 320 ) ( 575 ) ( 89 ) ( 357 ) ( 446 )
Recoveries 36 63 99 19 93 112 61 125 186 53 173 226
Net (charge-offs) ( 99 ) ( 95 ) ( 194 ) ( 18 ) ( 65 ) ( 83 ) ( 194 ) ( 195 ) ( 389 ) ( 36 ) ( 184 ) ( 220 )
Provision for (recapture of) credit losses 195 ( 6 ) 189 ( 45 ) 35 ( 10 ) 220 198 418 ( 208 ) 26 ( 182 )
Other 1 1 ( 3 ) ( 3 ) 2 2 ( 4 ) ( 4 )
Ending balance $ 3,142 $ 1,595 $ 4,737 $ 2,937 $ 1,525 $ 4,462 $ 3,142 $ 1,595 $ 4,737 $ 2,937 $ 1,525 $ 4,462
Allowance for unfunded lending related commitments (b)
Beginning balance $ 560 $ 112 $ 672 $ 587 $ 52 $ 639 $ 613 $ 81 $ 694 $ 564 $ 98 $ 662
Provision for (recapture of) credit losses ( 5 ) ( 4 ) ( 9 ) 43 ( 1 ) 42 ( 58 ) 27 ( 31 ) 66 ( 47 ) 19
Ending balance $ 555 $ 108 $ 663 $ 630 $ 51 $ 681 $ 555 $ 108 $ 663 $ 630 $ 51 $ 681
Allowance for credit losses at June 30 (c)
$ 3,697 $ 1,703 $ 5,400 $ 3,567 $ 1,576 $ 5,143 $ 3,697 $ 1,703 $ 5,400 $ 3,567 $ 1,576 $ 5,143
(a) Represents the impact of adopting ASU 2022-02 on January 1, 2023. As a result of adoption, we eliminated the accounting guidance for TDRs, including the use of a discounted cash flow approach to measure the allowance for TDRs.
(b) See Note 8 Commitments for additional information about the underlying commitments related to this allowance.
(c) Represents the ALLL plus allowance for unfunded lending related commitments and excludes allowances for investment securities and other financial assets, which together totaled $ 171 million and $ 163 million at June 30, 2023 and 2022, respectively.
70 The PNC Financial Services Group, Inc. – Form 10-Q

The ACL related to loans totaled $ 5.4 billion at both June 30, 2023 and December 31, 2022. During the six months ended June 30, 2023, reserves reflected our updated economic outlook and changes in portfolio composition and quality.

N OTE 4 L OAN S ALE AND S ERVICING A CTIVITIES AND V ARIABLE I NTEREST E NTITIES

Loan Sale and Servicing Activities

As more fully described in Note 5 Loan Sale and Servicing Activities and Variable Interest Entities in our 2022 Form 10-K, we have transferred residential and commercial mortgage loans in securitization or sales transactions in which we have continuing involvement. Our continuing involvement in the FNMA, FHLMC and GNMA securitizations, Non-agency securitizations and loan sale transactions generally consists of servicing, repurchasing previously transferred loans under certain conditions and loss share arrangements, and, in limited circumstances, holding of mortgage-backed securities issued by the securitization SPEs.

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

The following table provides our loan sale and servicing activities:
Table 51: Loan Sale and Servicing Activities
In millions Residential Mortgages Commercial Mortgages (a)
Cash Flows - Three months ended June 30, 2023
Sales of loans and related securitization activity (b) $ 655 $ 1,202
Repurchases of previously transferred loans (c) $ 22
Servicing fees (d) $ 127 $ 49
Servicing advances recovered/(funded), net $ 11 $ ( 15 )
Cash flows on mortgage-backed securities held (e) $ 695 $ 18
Cash Flows - Three months ended June 30, 2022
Sales of loans and related securitization activity (b) $ 1,454 $ 929
Repurchases of previously transferred loans (c) $ 57
Servicing fees (d) $ 91 $ 47
Servicing advances recovered/(funded), net $ 1 $ ( 17 )
Cash flows on mortgage-backed securities held (e) $ 1,029 $ 14
Cash Flows - Six months ended June 30, 2023
Sales of loans and related securitization activity (b) $ 1,171 $ 2,156
Repurchases of previously transferred loans (c) $ 51 $ 9
Servicing fees (d) $ 255 $ 95
Servicing advances recovered/(funded), net $ 39 $ ( 64 )
Cash flows on mortgage-backed securities held (e) $ 1,298 $ 30
Cash Flows - Six months ended June 30, 2022
Sales of loans and related securitization activity (b) $ 3,348 $ 1,839
Repurchases of previously transferred loans (c) $ 105 $ 27
Servicing fees (d) $ 184 $ 89
Servicing advances recovered/(funded), net $ 33 $ 4
Cash flows on mortgage-backed securities held (e) $ 2,325 $ 28
(a) Represents both commercial mortgage loan transfer and servicing activities.
(b) Gains/losses recognized on sales of loans were insignificant for the periods presented.
(c) Includes both residential and commercial mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our ROAP option, as well as residential mortgage loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers.
(d) Includes contractually specified servicing fees, late charges and ancillary fees.
(e) Represents cash flows on securities where we transferred to and/or service loans for a securitization SPE and we hold securities issued by that SPE. The carrying values of such securities held were $ 21.2 billion, $ 21.4 billion and $ 19.1 billion in residential mortgage-backed securities and $ 0.7 billion, $ 0.7 billion and $ 0.8 billion in commercial mortgage-backed securities at June 30, 2023, December 31, 2022 and June 30, 2022, respectively.
Table 52 presents information about the principal balances of transferred loans that we service and are not recorded on our Consolidated Balance Sheet. We would only experience a loss on these transferred loans if we were required to repurchase a loan, where the repurchase price exceeded the loan’s fair value, due to a breach in representations and warranties or a loss sharing arrangement associated with our continuing involvement with these loans. The estimate of losses related to breaches in representations and warranties was insignificant at June 30, 2023.
The PNC Financial Services Group, Inc. – Form 10-Q 71

Table 52: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others
In millions Residential Mortgages Commercial Mortgages (a)
June 30, 2023
Total principal balance $ 39,893 $ 39,306
Delinquent loans (b) $ 317
December 31, 2022
Total principal balance $ 41,031 $ 57,974
Delinquent loans (b) $ 346
Three months ended June 30, 2022 (c)
Net charge-offs (d) $ 1 $ 3
Six months ended June 30, 2023
Net charge-offs (d) $ 2 $ 4
Six months ended June 30, 2022
Net charge-offs (d) $ 2 $ 3
(a) Represents information at the securitization level in which we have sold loans and we are the servicer for the securitization.
(b) Serviced delinquent loans are 90 days or more past due or are in process of foreclosure.
(c) There were no net charge-offs for Residential or Commercial mortgages for the three months ended June 30, 2023.
(d) Net charge-offs for Residential mortgages represent credit losses less recoveries distributed and as reported to investors during the period. Net charge-offs for commercial mortgages represent credit losses less recoveries distributed and as reported by the trustee for commercial mortgage-backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information.

Variable Interest Entities (VIEs)

As discussed in Note 5 Loan Sale and Servicing Activities and Variable Interest Entities included in our 2022 Form 10-K, we are involved with various entities in the normal course of business that are deemed to be VIEs.

The following table provides a summary of non-consolidated VIEs with which we have significant continuing involvement but are not the primary beneficiary. We have excluded certain transactions with non-consolidated VIEs from the balances presented in Table 53 where we have determined that our continuing involvement is insignificant. We do not consider our continuing involvement to be significant when it relates to a VIE where we only invest in securities issued by the VIE and were not involved in the design of the VIE or where no transfers have occurred between us and the VIE. In addition, where we only have lending arrangements in the normal course of business with entities that could be VIEs, we have excluded these transactions with non-consolidated entities from the balances presented in Table 53. These loans are included as part of the credit quality disclosures that we make in Note 3 Loans and Related Allowance for Credit Losses.
Table 53: Non-Consolidated VIEs
In millions PNC Risk of Loss (a) Carrying Value of Assets
Owned by PNC 		Carrying Value of Liabilities
Owned by PNC
June 30, 2023
Mortgage-backed securitizations (b) $ 22,732 $ 22,735 (c) $ 1
Tax credit investments and other 4,424 4,263 (d) 2,047 (e)
Total $ 27,156 $ 26,998 $ 2,048
December 31, 2022
Mortgage-backed securitizations (b) $ 22,666 $ 22,670 (c) $ 1
Tax credit investments and other 4,411 4,240 (d) 2,063 (e)
Total $ 27,077 $ 26,910 $ 2,064
(a) Represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). The risk of loss excludes any potential tax recapture associated with tax credit investments.
(b) Amounts reflect involvement with securitization SPEs where we transferred to and/or service loans for an SPE and we hold securities issued by that SPE. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings.
(c) Included in Investment securities, Mortgage servicing rights and Other assets on our Consolidated Balance Sheet.
(d) Included in Investment securities, Loans, Equity investments and Other assets on our Consolidated Balance Sheet.
(e) Included in Deposits and Other liabilities on our Consolidated Balance Sheet.

We make certain equity investments in various tax credit limited partnerships or LLCs. The purpose of these investments is to achieve a satisfactory return on capital and to assist us in achieving goals associated with the Community Reinvestment Act. Within Income taxes, during the six months ended June 30, 2023, we recognized $ 0.2 billion of amortization, $ 0.2 billion of tax credits and less than $ 0.1 billion of other tax benefits associated with qualified investments in LIHTCs. During the six months ended June 30, 2022, we recognized less than $ 0.1 billion of amortization, tax credits and other tax benefits associated with qualified investments in LIHTCs.

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


N OTE 5 G OODWILL AND M ORTGAGE S ERVICING R IGHTS

Goodwill

See Note 6 Goodwill and Mortgage Servicing Rights in our 2022 Form 10-K for more information regarding our goodwill.

Mortgage Servicing Rights
We recognize the right to service mortgage loans for others as an intangible asset when the benefits of servicing are expected to be more than adequate compensation to a servicer for performing the servicing. MSRs are recognized either when purchased or when originated loans are sold with servicing retained. MSRs totaled $ 3.5 billion at June 30, 2023 and $ 3.4 billion at December 31, 2022, and consisted of loan servicing contracts for commercial and residential mortgages which are measured at fair value.

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

See the Sensitivity Analysis section of this Note 5 for more detail on our fair value measurement of MSRs. See Note 6 Goodwill and Mortgage Servicing Rights and Note 15 Fair Value in our 2022 Form 10-K for more detail on our fair value measurement and our accounting of MSRs.

Changes in the commercial and residential MSRs follow:

Table 54: Mortgage Servicing Rights
Commercial MSRs Residential MSRs
In millions 2023 2022 2023 2022
January 1 $ 1,113 $ 740 $ 2,310 $ 1,078
Additions:
From loans sold with servicing retained 32 35 10 38
Purchases 17 25 109 257
Changes in fair value due to:
Time and payoffs (a) ( 164 ) ( 74 ) ( 113 ) ( 123 )
Other (b) 108 262 33 370
June 30 $ 1,106 $ 988 $ 2,349 $ 1,620
Related unpaid principal balance of loans serviced at June 30 $ 280,023 $ 281,671 $ 191,274 $ 144,533
Servicing advances at June 30 $ 485 $ 459 $ 126 $ 143
(a) Represents decrease in MSR value due to passage of time, including the impact from regularly scheduled loan principal payments, prepayments and loans that were paid off during the period.
(b) Represents MSR value changes resulting primarily from market-driven changes in interest rates.

Sensitivity Analysis
The fair value of commercial and residential MSRs and significant inputs to the valuation models as of June 30, 2023 and December 31, 2022 are shown in Tables 55 and 56. The expected and actual rates of mortgage loan prepayments are significant factors driving the fair value. Management uses both internal proprietary models and a third-party model to estimate future commercial mortgage loan prepayments and a third-party model to estimate future residential mortgage loan prepayments. These models have been refined based on current market conditions and management judgment. Future interest rates are another important factor in the valuation of MSRs. Management utilizes market implied forward interest rates to estimate the future direction of mortgage and discount rates. The forward rates utilized are derived from the current yield curve for U.S. dollar interest rate swaps and are consistent with pricing of capital markets instruments. Changes in the shape and slope of the forward curve in future periods may result in volatility in the fair value estimate.

A sensitivity analysis of the hypothetical effect on the fair value of MSRs to adverse changes in key assumptions is presented in Tables 55 and 56. These sensitivities do not include the impact of the related hedging activities. Changes in fair value generally cannot be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the MSRs is calculated independently without changing any other assumption. In reality, changes in one factor may result in changes in another ( e.g. , changes in mortgage interest rates, which drive changes in prepayment rate estimates, could result in changes in the interest rate spread), which could either magnify or counteract the sensitivities.
The PNC Financial Services Group, Inc. – Form 10-Q 73

The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions:

Table 55: Commercial Mortgage Servicing Rights – Key Valuation Assumptions
Dollars in millions June 30, 2023 December 31, 2022
Fair value $ 1,106 $ 1,113
Weighted-average life (years) 3.9 4.0
Weighted-average constant prepayment rate 4.38 % 4.28 %
Decline in fair value from 10% adverse change $ 7 $ 8
Decline in fair value from 20% adverse change $ 14 $ 15
Effective discount rate 9.89 % 9.77 %
Decline in fair value from 10% adverse change $ 33 $ 34
Decline in fair value from 20% adverse change $ 65 $ 68

Table 56: Residential Mortgage Servicing Rights – Key Valuation Assumptions
Dollars in millions
June 30, 2023 December 31, 2022
Fair value $ 2,349 $ 2,310
Weighted-average life (years) 7.8 8.0
Weighted-average constant prepayment rate 6.91 % 6.72 %
Decline in fair value from 10% adverse change $ 56 $ 55
Decline in fair value from 20% adverse change $ 108 $ 107
Weighted-average option adjusted spread 767 bps 766 bps
Decline in fair value from 10% adverse change $ 69 $ 69
Decline in fair value from 20% adverse change $ 135 $ 134

Fees from mortgage loan servicing, which include contractually specified servicing fees, late fees and ancillary fees were $ 0.2 billion for both the three months ended June 30, 2023 and 2022, and $ 0.4 billion and $ 0.3 billion for the six months ended June 30, 2023 and 2022, respectively. We also generate servicing fees from fee-based activities provided to others for which we do not have an associated servicing asset. Fees from commercial and residential MSRs are reported within Noninterest income on our Consolidated Income Statement in Residential and commercial mortgage.

N OTE 6 L EASES
PNC’s lessor arrangements primarily consist of direct financing, sales-type and operating leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. For more information on lease accounting, see Note 1 Accounting Policies and Note 7 Leases in our 2022 Form 10-K.

Table 57: Lessor Income
Three months ended
June 30 		Six months ended June 30
In millions 2023 2022 2023 2022
Sales-type and direct financing leases (a) $ 73 $ 57 $ 143 $ 116
Operating leases (b) 15 16 31 33
Lease income $ 88 $ 73 $ 174 $ 149
(a) Included in Loans interest income on the Consolidated Income Statement.
(b) Included in Lending and deposit services on the Consolidated Income Statement.


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


N OTE 7 B ORROWED F UNDS
The following table shows the carrying value of total borrowed funds at June 30, 2023 (including adjustments related to accounting hedges, purchase accounting and unamortized original issuance discounts) by remaining contractual maturity:
Table 58: Borrowed Funds
In millions
Less than 1 year $ 7,487
1 to 2 years 26,319
2 to 3 years 11,611
3 to 4 years 3,492
4 to 5 years 1,805
Over 5 years 14,670
Total $ 65,384

The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of June 30, 2023, and the carrying values as of June 30, 2023 and December 31, 2022.
Table 59: FHLB Borrowings, Senior Debt and Subordinated Debt
Stated Rate Maturity Carrying Value
Dollars in millions June 30, 2023 June 30, 2023 June 30, 2023 December 31, 2022
Parent Company
Senior debt
1.15 % - 6.04 %
2024-2034 $ 17,480 $ 11,374
Subordinated debt
3.90 % - 4.63 %
2024-2033 1,526 1,524
Junior subordinated debt 6.07 % 2028 206 205
Total Parent Company 19,212 13,103
Bank
Federal Home Loan Bank borrowings (a)
5.25 % - 5.48 %
2024-2026 34,000 32,075
Senior debt
2.50 % - 5.88 %
2024-2043 4,525 5,283
Subordinated debt
2.70 % - 5.90 %
2023-2029 3,816 4,578
Total Bank 42,341 41,936
Total $ 61,553 $ 55,039
(a) FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities.
In Table 59, the carrying values for Parent Company senior and subordinated debt include basis adjustments of $( 869 ) million and $( 70 ) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $( 249 ) million and $( 229 ) million, respectively, related to fair value accounting hedges as of June 30, 2023.
Certain borrowings are reported at fair value. Refer to Note 11 Fair Value for more information on those borrowings.
For further information regarding junior subordinated debentures, refer to Note 10 Borrowed Funds in our 2022 Form 10-K.


















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

N OTE 8 C OMMITMENTS
In the normal course of business, we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. The following table presents our outstanding commitments to extend credit along with other commitments as of June 30, 2023 and December 31, 2022, respectively.
Table 60: Commitments to Extend Credit and Other Commitments
In millions June 30, 2023 December 31, 2022
Commitments to extend credit
Commercial $ 196,185 $ 198,542
Home equity 23,939 22,783
Credit card 33,932 33,066
Other 7,849 7,337
Total commitments to extend credit 261,905 261,728
Net outstanding standby letters of credit (a) 10,157 10,575
Standby bond purchase agreements (b) 1,184 1,208
Other commitments (c) 3,322 3,661
Total commitments to extend credit and other commitments $ 276,568 $ 277,172
(a) Net outstanding standby letters of credit include $ 3.4 billion and $ 3.6 billion at June 30, 2023 and December 31, 2022, respectively, which support remarketing programs.
(b) We enter into standby bond purchase agreements to support municipal bond obligations.
(c) Includes $ 2.1 billion and $ 2.2 billion related to investments in qualified affordable housing projects at June 30, 2023 and December 31, 2022, respectively.

Commitments to Extend Credit

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

Net Outstanding Standby Letters of Credit

We issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions, in each case to support obligations of our customers to third parties, such as insurance requirements and the facilitation of transactions involving capital markets product execution. Approximately 98 % of our net outstanding standby letters of credit were rated as Pass at June 30, 2023, with the remainder rated as Criticized. An internal credit rating of Pass indicates the expected risk of loss is currently low, while a rating of Criticized indicates a higher degree of risk.

If the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program, then upon a draw by a beneficiary, subject to the terms of the letter of credit, we would be obligated to make payment to them. The standby letters of credit outstanding on June 30, 2023 had terms ranging from less than one year to eight years .

As of June 30, 2023, assets of $ 1.2 billion secured certain specifically identified standby letters of credit. In addition, a portion of the remaining standby letters of credit issued on behalf of specific customers is secured by collateral or guarantees that secure the customers’ other obligations to us. The carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $ 0.2 billion at June 30, 2023 and is included in Other liabilities on our Consolidated Balance Sheet.












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


N OTE 9 T OTAL E QUITY A ND O THER C OMPREHENSIVE I NCOME

Activity in total equity for the three months ended June 30, 2023 and 2022 is as follows:
Table 61: Rollforward of Total Equity
Shareholders’ Equity
In millions Shares
Outstanding
Common
Stock 		Common
Stock 		Capital
Surplus -
Preferred
Stock 		Capital
Surplus -
Common
Stock and
Other 		Retained
Earnings 		Accumulated
Other
Comprehensive
Income (Loss) 		Treasury
Stock 		Non-
controlling
Interests 		Total Equity
Three months ended
Balance at March 31, 2022 (a) 415 $ 2,713 $ 5,011 $ 12,476 $ 51,058 $ ( 5,731 ) $ ( 16,346 ) $ 35 $ 49,216
Net income 1,481 15 1,496
Other comprehensive income (loss), net of tax ( 2,627 ) ( 2,627 )
Cash dividends declared - Common ( 626 ) ( 626 )
Cash dividends declared - Preferred ( 71 ) ( 71 )
Preferred stock discount accretion 1 ( 1 )
Preferred stock issuance (b) 992 992
Common Stock activity 1 14 15
Treasury stock activity ( 4 ) 5 ( 730 ) ( 725 )
Other 32 ( 14 ) 18
Balance at June 30, 2022 (a) 411 $ 2,714 $ 6,004 $ 12,527 $ 51,841 $ ( 8,358 ) $ ( 17,076 ) $ 36 $ 47,688
Balance at March 31, 2023 (a) 399 $ 2,714 $ 7,235 $ 12,629 $ 54,598 $ ( 9,108 ) $ ( 19,024 ) $ 30 $ 49,074
Net income 1,483 17 1,500
Other comprehensive income (loss), net of tax ( 417 ) ( 417 )
Cash dividends declared - Common ( 606 ) ( 606 )
Cash dividends declared - Preferred ( 127 ) ( 127 )
Preferred stock discount accretion 2 ( 2 )
Common stock activity 1 16 17
Treasury stock activity ( 1 ) 3 ( 126 ) ( 123 )
Other 49 ( 21 ) 28
Balance at June 30, 2023 (a) 398 $ 2,715 $ 7,237 $ 12,697 $ 55,346 $ ( 9,525 ) $ ( 19,150 ) $ 26 $ 49,346
Six months ended
Balance at December 31, 2021 (a) 420 $ 2,713 $ 5,009 $ 12,448 $ 50,228 $ 409 $ ( 15,112 ) $ 31 $ 55,726
Net income 2,889 36 2,925
Other comprehensive income (loss), net of tax ( 8,767 ) ( 8,767 )
Cash dividends declared - Common ( 1,157 ) ( 1,157 )
Cash dividends declared - Preferred ( 116 ) ( 116 )
Preferred stock discount accretion 3 ( 3 )
Preferred stock issuance (b) 992 992
Common stock activity 1 14 15
Treasury stock activity ( 9 ) 50 ( 1,964 ) ( 1,914 )
Other 15 ( 31 ) ( 16 )
Balance at June 30, 2022 (a) 411 $ 2,714 $ 6,004 $ 12,527 $ 51,841 $ ( 8,358 ) $ ( 17,076 ) $ 36 $ 47,688
Balance at December 31, 2022 (a) 401 $ 2,714 $ 5,746 $ 12,630 $ 53,572 $ ( 10,172 ) $ ( 18,716 ) $ 38 $ 45,812
Cumulative effect of ASU adoptions (c) 26 26
Balance at January 1, 2023 (a) 401 $ 2,714 $ 5,746 $ 12,630 $ 53,598 $ ( 10,172 ) $ ( 18,716 ) $ 38 $ 45,838
Net income 3,160 34 3,194
Other comprehensive income (loss), net of tax 647 647
Cash dividends declared - Common ( 1,213 ) ( 1,213 )
Cash dividends declared - Preferred ( 195 ) ( 195 )
Preferred stock discount accretion 4 ( 4 )
Preferred stock issuance (d) 1,487 1,487
Common stock activity 1 16 17
Treasury stock activity ( 3 ) 73 ( 434 ) ( 361 )
Other ( 22 ) ( 46 ) ( 68 )
Balance at June 30, 2023 (a) 398 $ 2,715 $ 7,237 $ 12,697 $ 55,346 $ ( 9,525 ) $ ( 19,150 ) $ 26 $ 49,346
(a) The par value of our preferred stock outstanding was less than $ 0.5 million at each date and, therefore, is excluded from this presentation.
(b) On April 26, 2022, PNC issued 1,000,000 depositary shares each representing 1/100th ownership in a share of 6.000 % fixed-rate reset non-cumulative perpetual preferred stock, Series U, with a par value of $ 1 per share.
(c) Represents the cumulative effect of adopting ASU 2022-02.
(d) On February 7, 2023, PNC issued 1,500,000 depositary shares each representing 1/100th ownership in a share of 6.250 % fixed-rate reset non-cumulative perpetual preferred stock, Series W, with a par value of $ 1 per share.

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

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

Table 62: Other Comprehensive Income (Loss)

Three months ended June 30 Six months ended June 30
2023 2022 2023 2022
In millions Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax
Debt securities
Net unrealized gains (losses) on securities $ ( 476 ) $ 112 $ ( 364 ) $ ( 2,929 ) $ 690 $ ( 2,239 ) $ 178 $ ( 42 ) $ 136 $ ( 9,247 ) $ 2,179 $ ( 7,068 )
Less: Net realized gains (losses) reclassified to
earnings (a)
( 235 ) 55 ( 180 ) ( 214 ) 50 ( 164 ) ( 450 ) 106 ( 344 ) ( 217 ) 51 ( 166 )
Net change ( 241 ) 57 ( 184 ) ( 2,715 ) 640 ( 2,075 ) 628 ( 148 ) 480 ( 9,030 ) 2,128 ( 6,902 )
Cash flow hedge derivatives
Net unrealized gains (losses) on cash flow hedge derivatives ( 689 ) 162 ( 527 ) ( 676 ) 159 ( 517 ) ( 492 ) 116 ( 376 ) ( 2,332 ) 549 ( 1,783 )
Less: Net realized gains (losses) reclassified to earnings (a) ( 373 ) 88 ( 285 ) 25 ( 6 ) 19 ( 703 ) 166 ( 537 ) 127 ( 30 ) 97
Net change ( 316 ) 74 ( 242 ) ( 701 ) 165 ( 536 ) 211 ( 50 ) 161 ( 2,459 ) 579 ( 1,880 )
Pension and other postretirement benefit plan adjustments
Net pension and other postretirement benefit plan activity and other reclassified to earnings (b) 6 ( 1 ) 5 8 ( 2 ) 6 ( 4 ) 1 ( 3 ) 62 ( 15 ) 47
Net change 6 ( 1 ) 5 8 ( 2 ) 6 ( 4 ) 1 ( 3 ) 62 ( 15 ) 47
Other
Net unrealized gains (losses) on other transactions 3 1 4 ( 4 ) ( 18 ) ( 22 ) 7 2 9 ( 7 ) ( 25 ) ( 32 )
Net change 3 1 4 ( 4 ) ( 18 ) ( 22 ) 7 2 9 ( 7 ) ( 25 ) ( 32 )
Total other comprehensive income (loss) $ ( 548 ) $ 131 $ ( 417 ) $ ( 3,412 ) $ 785 $ ( 2,627 ) $ 842 $ ( 195 ) $ 647 $ ( 11,434 ) $ 2,667 $ ( 8,767 )
(a) Reclassifications for pre-tax debt securities and cash flow hedges are recorded in Interest income and Noninterest income on the Consolidated Income Statement.
(b) Reclassifications include amortization of actuarial losses (gains) and amortization of prior period services costs (credits) which are recorded in Noninterest expense on the Consolidated Income Statement.


Table 63: Accumulated Other Comprehensive Income (Loss) Components
In millions, after-tax Debt securities Cash flow hedge derivatives Pension and  other postretirement benefit plan adjustments Other Total
Three months ended
Balance at March 31, 2022 $ ( 4,238 ) $ ( 1,545 ) $ 68 $ ( 16 ) $ ( 5,731 )
Net activity ( 2,075 ) ( 536 ) 6 ( 22 ) ( 2,627 )
Balance at June 30, 2022 (a) $ ( 6,313 ) $ ( 2,081 ) $ 74 $ ( 38 ) $ ( 8,358 )
Balance at March 31, 2023 $ ( 6,500 ) $ ( 2,302 ) $ ( 259 ) $ ( 47 ) $ ( 9,108 )
Net activity ( 184 ) ( 242 ) 5 4 ( 417 )
Balance at June 30, 2023 (a) $ ( 6,684 ) $ ( 2,544 ) $ ( 254 ) $ ( 43 ) $ ( 9,525 )
Six months ended
Balance at December 31, 2021 $ 589 $ ( 201 ) $ 27 $ ( 6 ) $ 409
Net activity ( 6,902 ) ( 1,880 ) 47 ( 32 ) ( 8,767 )
Balance at June 30, 2022 (a) $ ( 6,313 ) $ ( 2,081 ) $ 74 $ ( 38 ) $ ( 8,358 )
Balance at December 31, 2022 $ ( 7,164 ) $ ( 2,705 ) $ ( 251 ) $ ( 52 ) $ ( 10,172 )
Net activity 480 161 ( 3 ) 9 647
Balance at June 30, 2023 (a) $ ( 6,684 ) $ ( 2,544 ) $ ( 254 ) $ ( 43 ) $ ( 9,525 )
(a) AOCI included pretax losses of $ 301 million and $ 141 million from derivatives that hedged the purchase of investment securities classified as held to maturity at June 30, 2023 and June 30, 2022, respectively.
78 The PNC Financial Services Group, Inc. – Form 10-Q


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

Table 64: Dividends Per Share (a)
Three months ended June 30 Six months ended June 30
2023 2022 2023 2022
Common Stock $ 1.50 $ 1.50 $ 3.00 $ 2.75
Preferred Stock
Series B $ 0.45 $ 0.45 $ 0.90 $ 0.90
Series O $ 2,100 $ 987 $ 4,174 $ 1,961
Series P $ 1,532 $ 3,063
Series R $ 2,425 $ 2,425 $ 2,425 $ 2,425
Series S $ 2,500 $ 2,500 $ 2,500 $ 2,500
Series T $ 850 $ 850 $ 1,700 $ 1,700
Series U $ 1,500 $ 3,000
Series V $ 1,550 $ 3,100
Series W $ 2,222 $ 2,222
(a)     Dividends are payable quarterly other than Series R and S preferred stock, which are payable semiannually.

On July 3, 2023, the PNC Board of Directors raised the quarterly cash dividend on common stock to $ 1.55 per share, an increase of 5 cents per share. The dividend, with a payment date of August 5, 2023, will be payable the next business day.

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

N OTE 10 E ARNINGS P ER S HARE

Table 65: Basic and Diluted Earnings Per Common Share
Three months ended June 30 Six months ended June 30
In millions, except per share data 2023 2022 2023 2022
Basic
Net income $ 1,500 $ 1,496 $ 3,194 $ 2,925
Less:
Net income attributable to noncontrolling interests 17 15 34 36
Preferred stock dividends 127 71 195 116
Preferred stock discount accretion and redemptions 2 1 4 3
Net income attributable to common shareholders 1,354 1,409 2,961 2,770
Less: Dividends and undistributed earnings allocated to nonvested restricted shares 7 7 15 13
Net income attributable to basic common shareholders $ 1,347 $ 1,402 $ 2,946 $ 2,757
Basic weighted-average common shares outstanding 401 414 401 417
Basic earnings per common share (a) $ 3.36 $ 3.39 $ 7.35 $ 6.62
Diluted
Net income attributable to diluted common shareholders
$ 1,347 $ 1,402 $ 2,946 $ 2,757
Basic weighted-average common shares outstanding 401 414 401 417
Dilutive potential common shares
Diluted weighted-average common shares outstanding 401 414 401 417
Diluted earnings per common share (a) $ 3.36 $ 3.39 $ 7.34 $ 6.61
(a) Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities).


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


N OTE 11 F AIR V ALUE

Fair Value Measurement

We measure certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability on the measurement date and is determined using an exit price in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair value hierarchy established by GAAP requires us to maximize the use of observable inputs when measuring fair value. For more information regarding the fair value hierarchy, see Note 15 Fair Value in our 2022 Form 10-K.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

For more information on the valuation methodologies used to measure assets and liabilities at fair value on a recurring basis, see Note 15 Fair Value in our 2022 Form 10-K. The following table summarizes our assets and liabilities measured at fair value on a recurring basis, including instruments for which we have elected the fair value option.

Table 66: Fair Value Measurements – Recurring Basis Summary

June 30, 2023 December 31, 2022
In millions Level 1 Level 2 Level 3 Total
Fair Value 		Level 1 Level 2 Level 3 Total
Fair Value
Assets
Residential mortgage loans held for sale $ 495 $ 191 $ 686 $ 411 $ 243 $ 654
Commercial mortgage loans held for sale 39 25 64 243 33 276
Securities available for sale
U.S. Treasury and government agencies $ 6,874 236 7,110 $ 8,108 262 8,370
Residential mortgage-backed
Agency 27,655 27,655 28,823 28,823
Non-agency 768 768 819 819
Commercial mortgage-backed
Agency 1,593 1,593 1,675 1,675
Non-agency 944 3 947 1,253 3 1,256
Asset-backed 817 117 934 5 124 129
Other 2,726 54 2,780 3,032 55 3,087
Total securities available for sale 6,874 33,971 942 41,787 8,108 35,050 1,001 44,159
Loans 514 745 1,259 541 769 1,310
Equity investments (a) 807 1,623 2,610 1,173 1,778 3,147
Residential mortgage servicing rights 2,349 2,349 2,310 2,310
Commercial mortgage servicing rights 1,106 1,106 1,113 1,113
Trading securities (b) 570 1,999 2,569 798 1,168 1,966
Financial derivatives (b) (c) 2 3,212 6 3,220 16 3,747 5 3,768
Other assets 387 65 452 352 80 432
Total assets (d) $ 8,640 $ 40,295 $ 6,987 $ 56,102 $ 10,447 $ 41,240 $ 7,252 $ 59,135
Liabilities
Other borrowed funds $ 1,139 $ 100 $ 5 $ 1,244 $ 1,230 $ 232 $ 4 $ 1,466
Financial derivatives (c) (e) 1 6,862 140 7,003 4 7,491 123 7,618
Other liabilities 239 239 294 294
Total liabilities (f) $ 1,140 $ 6,962 $ 384 $ 8,486 $ 1,234 $ 7,723 $ 421 $ 9,378
(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(b) Included in Other assets on the Consolidated Balance Sheet.
(c) Amounts at June 30, 2023 and December 31, 2022 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See Note 12 Financial Derivatives for additional information related to derivative offsetting.
(d) Total assets at fair value as a percentage of total consolidated assets was 10 % and 11 % as of June 30, 2023 and December 31, 2022, respectively. Level 3 assets as a percentage of total assets at fair value was 12 % at both June 30, 2023 and December 31, 2022. Level 3 assets as a percentage of total consolidated assets was 1 % at both June 30, 2023 and December 31, 2022.
(e) Included in Other liabilities on the Consolidated Balance Sheet.
(f) Total liabilities at fair value as a percentage of total consolidated liabilities was 2 % at both June 30, 2023 and December 31, 2022. Level 3 liabilities as a percentage of total liabilities at fair value was 5 % and 4 % at June 30, 2023 and December 31, 2022, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1 % at both June 30, 2023 and December 31, 2022.
The PNC Financial Services Group, Inc. – Form 10-Q 81

Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2023 and 2022 are as follows:

Table 67: Reconciliation of Level 3 Assets and Liabilities
Three Months Ended June 30, 2023
Total realized / unrealized
gains or losses for the
period (a) 		Unrealized
gains / losses for the period
on assets and
liabilities held on
Consolidated
Balance Sheet at
June 30, 2023 (a) (c)
Level 3 Instruments Only
In millions 		Fair Value Mar. 31, 2023 Included in
Earnings 		Included
in Other
comprehensive
income (b) 		Purchases Sales Issuances Settlements Transfers
into
Level 3 		Transfers
out of
Level 3 		Fair
Value June 30, 2023
Assets
Residential mortgage
loans held for sale 		$ 242 $ ( 4 ) $ 3 $ ( 41 ) $ ( 2 ) $ ( 7 ) (e) $ 191 $ ( 3 )
Commercial mortgage
loans held for sale 		32 1 ( 8 ) 25
Securities available for sale
Residential mortgage-
backed non-agency 		787 4 $ 14 ( 37 ) 768
Commercial mortgage-
backed non-agency
3 3
Asset-backed 121 1 ( 1 ) ( 4 ) 117
Other 53 3 ( 2 ) 54
Total securities
available for sale 		964 5 13 3 ( 43 ) 942
Loans 757 3 11 ( 1 ) ( 28 ) $ 8 ( 5 ) (e) 745 3
Equity investments 1,835 24 92 ( 328 ) 1,623 2
Residential mortgage
servicing rights 		2,232 81 91 $ 5 ( 60 ) 2,349 80
Commercial mortgage
servicing rights 		1,061 99 9 19 ( 82 ) 1,106 100
Financial derivatives 19 ( 10 ) 2 ( 5 ) 6 4
Total assets $ 7,142 $ 199 $ 13 $ 211 $ ( 370 ) $ 24 $ ( 228 ) $ 8 $ ( 12 ) $ 6,987 $ 186
Liabilities
Other borrowed funds $ 5 $ 3 $ ( 3 ) $ 5
Financial derivatives 97 $ 79 $ 1 ( 37 ) 140 $ 80
Other liabilities 229 31 89 ( 110 ) 239 21
Total liabilities $ 331 $ 110 $ 1 $ 92 $ ( 150 ) $ 384 $ 101
Net gains (losses) $ 89 (f) $ 85 (g)

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


(Continued from previous page)

Three Months Ended June 30, 2022
Total realized / unrealized
gains or losses for the
period (a) 		Unrealized gains/losses on assets and liabilities held on Consolidated Balance Sheet at June 30, 2022 (a) (c)
Level 3 Instruments Only
In millions 		Fair Value Mar. 31, 2022 Included in Earnings Included in Other comprehensive income (b) Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value June 30, 2022
Assets
Residential mortgage
loans held for sale 		$ 108 $ ( 1 ) $ 8 $ ( 30 ) $ ( 4 ) $ 9 $ ( 7 ) (e) $ 83 $ ( 1 )
Commercial mortgage
loans held for sale 		45 ( 7 ) 38
Securities available for sale
Residential mortgage-
backed non-agency 		1,019 7 $ ( 43 ) ( 58 ) 925
Commercial mortgage-backed non-agency 3 3
Asset-backed 152 1 ( 9 ) ( 6 ) 138
Other 66 ( 1 ) 2 67
Total securities
available for sale 		1,240 8 ( 53 ) 2 ( 64 ) 1,133
Loans 851 10 7 ( 1 ) ( 48 ) ( 15 ) (e) 804 9
Equity investments 1,751 92 87 ( 63 ) 1,867 94
Residential mortgage
servicing rights 		1,322 163 181 $ 17 ( 63 ) 1,620 163
Commercial mortgage
servicing rights 		886 111 17 14 ( 40 ) 988 111
Financial derivatives 10 7 2 ( 6 ) 13 13
Total assets $ 6,213 $ 390 $ ( 53 ) $ 304 $ ( 94 ) $ 31 $ ( 232 ) $ 9 $ ( 22 ) $ 6,546 $ 389
Liabilities
Other borrowed funds $ 3 $ 2 $ ( 2 ) $ 3
Financial derivatives 234 $ 18 $ 3 ( 42 ) 213 $ 19
Other liabilities 158 14 171 ( 161 ) 182 10
Total liabilities $ 395 $ 32 $ 3 $ 173 $ ( 205 ) $ 398 $ 29
Net gains (losses) $ 358 (f) $ 360 (g)


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

(Continued from previous page)

Six Months Ended June 30, 2023

Total realized / unrealized
gains or losses for the
period (a) 		Unrealized
gains / losses for the period
on assets and
liabilities held on
Consolidated
Balance Sheet at
June 30, 2023 (a) (c)
Level 3 Instruments Only
In millions 		Fair
Value
Dec. 31,
2022 		Included in
Earnings 		Included
in Other
comprehensive
income (b) 		Purchases Sales Issuances Settlements Transfers
into
Level 3 		Transfers
out of
Level 3 		Fair
Value June 30, 2023
Assets
Residential mortgage
loans held for sale 		$ 243 $ 9 $ ( 42 ) $ ( 7 ) $ 3 $ ( 15 ) (e) $ 191 $ 1
Commercial mortgage
loans held for sale 		33 ( 8 ) 25
Securities available for sale
Residential mortgage-
backed non-agency 		819 $ 8 $ 4 ( 63 ) 768
Commercial mortgage-
backed non-agency 		3 3
Asset-backed 124 1 ( 8 ) 117
Other 55 ( 4 ) 3 ( 3 ) 3 54
Total securities
available for sale 		1,001 9 3 ( 74 ) 3 942
Loans 769 6 20 ( 1 ) ( 50 ) 15 ( 14 ) (e) 745 6
Equity investments 1,778 145 232 ( 398 ) ( 134 ) (d) 1,623 119
Residential mortgage
servicing rights 		2,310 33 109 $ 10 ( 113 ) 2,349 33
Commercial mortgage
servicing rights 		1,113 108 17 32 ( 164 ) 1,106 108
Financial derivatives 5 7 3 ( 9 ) 6 10
Total assets $ 7,252 $ 308 $ 393 $ ( 441 ) $ 42 $ ( 425 ) $ 21 $ ( 163 ) $ 6,987 $ 277
Liabilities
Other borrowed funds $ 4 $ 6 $ ( 5 ) $ 5
Financial derivatives 123 $ 118 $ 3 ( 104 ) 140 $ 122
Other liabilities 294 55 107 ( 217 ) 239 42
Total liabilities $ 421 $ 173 $ 3 $ 113 $ ( 326 ) $ 384 $ 164
Net gains (losses) $ 135 (f) $ 113 (g)


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


(Continued from previous page)

Six Months Ended June 30, 2022
Total realized / unrealized
gains or losses for the
period (a) 		Unrealized
gains / losses for the period
on assets and
liabilities held on
Consolidated
Balance Sheet at
June 30, 2022
(a) (c)
Level 3 Instruments Only
In millions 		Fair
Value
Dec. 31,
2021 		Included in
Earnings 		Included
in Other
comprehensive
income (b) 		Purchases Sales Issuances Settlements Transfers
into
Level 3 		Transfers
out of
Level 3 		Fair Value June 30, 2022
Assets
Residential mortgage
loans held for sale 		$ 81 $ ( 2 ) $ 45 $ ( 32 ) $ ( 9 ) $ 14 $ ( 14 ) (e) $ 83 $ ( 2 )
Commercial mortgage
loans held for sale 		49 ( 4 ) ( 7 ) 38 ( 4 )
Other consumer loans held for sale
Securities available for sale
Residential mortgage-
backed non-agency 		1,097 15 $ ( 66 ) ( 121 ) 925
Commercial mortgage-
backed non-agency 		3 3
Asset-backed 163 1 ( 13 ) ( 13 ) 138
Other 69 ( 2 ) 3 ( 3 ) 67
Total securities
available for sale 		1,332 16 ( 81 ) 3 ( 137 ) 1,133
Loans 884 21 20 ( 8 ) ( 97 ) ( 16 ) (e) 804 21
Equity investments 1,680 145 116 ( 74 ) 1,867 146
Residential mortgage
servicing rights 		1,078 370 257 $ 38 ( 123 ) 1,620 371
Commercial mortgage
servicing rights 		740 262 25 35 ( 74 ) 988 262
Financial derivatives 38 ( 6 ) 3 ( 22 ) 13 12
Total assets $ 5,882 $ 802 $ ( 81 ) $ 469 $ ( 114 ) $ 73 $ ( 469 ) $ 14 $ ( 30 ) $ 6,546 $ 806
Liabilities
Other borrowed funds $ 3 $ 4 $ ( 4 ) $ 3
Financial derivatives 285 $ 23 $ 6 ( 101 ) 213 $ 18
Other liabilities 175 21 242 ( 256 ) 182 15
Total liabilities $ 463 $ 44 $ 6 $ 246 $ ( 361 ) $ 398 $ 33
Net gains (losses) $ 758 (f) $ 773 (g)
(a) Losses for assets are bracketed while losses for liabilities are not.
(b) The difference in unrealized gains and losses for the period included in Other comprehensive income and changes in unrealized gains and losses for the period included in Other comprehensive income for securities available for sale held at the end of the reporting period were insignificant.
(c) The amount of the total gains or losses for the period included in earnings that is attributable to the change in unrealized gains or losses related to those assets and liabilities held at the end of the reporting period.
(d) Transfers out of Level 3 during the current period were due to valuation methodology changes for certain private company investments. See Note 1 Accounting Policies in our 2022 Form 10-K for more information on our accounting for private company investments.
(e) Residential mortgage loan transfers out of Level 3 are primarily driven by residential mortgage loans transferring to OREO as well as reclassification of mortgage loans held for sale to held for investment.
(f) Net gains (losses) realized and unrealized included in earnings related to Level 3 assets and liabilities included amortization and accretion. The amortization and accretion amounts were included in Interest income on the Consolidated Income Statement and the remaining net gains (losses) realized and unrealized were included in Noninterest income on the Consolidated Income Statement.
(g) Net unrealized gains (losses) related to assets and liabilities held at the end of the reporting period were included in Noninterest income on the Consolidated Income Statement.

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



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

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

Table 68: Fair Value Measurements – Recurring Quantitative Information

June 30, 2023
Level 3 Instruments Only
Dollars in millions 		Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a)
Commercial mortgage loans held for sale $ 25 Discounted cash flow Spread over the benchmark curve (b)
590 bps - 2,440 bps ( 1,275 bps)
Residential mortgage-backed
non-agency securities 		768 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate
1.0 % - 27.9 % ( 4.7 %)
Constant default rate
0.0 % - 12.0 % ( 3.0 %)
Loss severity
15.0 % - 83.3 % ( 45.5 %)
Spread over the benchmark curve (b)
231 bps weighted-average
Asset-backed securities 117 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate
1.0 % - 40.0 % ( 6.1 %)
Constant default rate
0.0 % - 7.3 % ( 2.0 %)
Loss severity
30.0 % - 100.0 % ( 50.6 %)
Spread over the benchmark curve (b)
285 bps weighted-average
Loans - Residential real estate - Uninsured 556 Consensus pricing (c) Cumulative default rate
3.6 % - 100.0 % ( 61.0 %)
Loss severity
0.0 % - 100.0 % ( 5.7 %)
Discount rate
5.5 % - 7.5 % ( 5.8 %)
Loans - Residential real estate 76 Discounted cash flow Loss severity
6.0 % weighted-average
Discount rate
8.4 % weighted-average
Loans - Home equity - First-lien 21 Consensus pricing (c) Cumulative default rate
3.6 % - 100.0 % ( 68.2 %)
Loss severity
0.0 % - 100.0 % ( 15.9 %)
Discount rate
5.5 % - 7.5 % ( 6.3 %)
Loans - Home equity 92 Consensus pricing (c) Credit and liquidity discount
0.4 % - 100.0 % ( 45.0 %)
Equity investments 1,623 Multiple of adjusted earnings Multiple of earnings
4.5 x - 20.0 x ( 9.3 x)
Residential mortgage servicing rights 2,349 Discounted cash flow Constant prepayment rate
0.0 % - 41.9 % ( 6.9 %)
Spread over the benchmark curve (b)
254 bps - 1,652 bps ( 767 bps)
Commercial mortgage servicing rights 1,106 Discounted cash flow Constant prepayment rate
4.0 % - 11.1 % ( 4.4 %)
Discount rate
6.7 % - 10.3 % ( 9.9 %)
Financial derivatives - Swaps related to
sales of certain Visa Class B
common shares 		( 131 ) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares
159.0 % weighted-average
Estimated annual growth rate of Visa Class A share price
16.0 %
Estimated litigation resolution date
Q4 2023
Insignificant Level 3 assets, net of
liabilities (d) 		1
Total Level 3 assets, net of liabilities (e) $ 6,603













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


(Continued from previous page)

December 31, 2022
Level 3 Instruments Only
Dollars in millions 		Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a)
Commercial mortgage loans held for sale $ 33 Discounted cash flow Spread over the benchmark curve (b)
585 bps - 2,465 bps ( 959 bps)
Residential mortgage-backed
non-agency securities 		819 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate
1.0 % - 27.9 % ( 9.9 %)
Constant default rate
0.0 % - 13.0 % ( 4.0 %)
Loss severity
15.0 % - 80.0 % ( 46.1 %)
Spread over the benchmark curve (b)
289 bps weighted-average
Asset-backed securities 124 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate
1.0 % - 40.0 % ( 7.5 %)
Constant default rate
0.0 % - 7.3 % ( 2.1 %)
Loss severity
20.0 % - 100.0 % ( 49.0 %)
Spread over the benchmark curve (b)
296 bps weighted-average
Loans - Residential real estate - Uninsured 570 Consensus pricing (c) Cumulative default rate
3.6 % - 100.0 % ( 66.2 %)
Loss severity
0.0 % - 100.0 % ( 6.2 %)
Discount rate
5.5 % - 7.5 % ( 5.9 %)
Loans - Residential real estate 76 Discounted cash flow Loss severity
6.0 % weighted-average
Discount rate
7.9 % weighted-average
Loans - Home equity - First-lien 25 Consensus pricing (c) Cumulative default rate
3.6 % - 100.0 % ( 72.5 %)
Loss severity
0.0 % - 100.0 % ( 15.3 %)
Discount rate
5.5 % - 7.5 % ( 6.5 %)
Loans - Home equity 98 Consensus pricing (c) Credit and Liquidity discount
0.4 % - 100.0 % ( 46.2 %)
Equity investments 1,778 Multiple of adjusted earnings Multiple of earnings
4.5 x - 25.0 x ( 9.1 x)
Residential mortgage servicing rights 2,310 Discounted cash flow Constant prepayment rate
0.0 % - 34.5 % ( 6.7 %)
Spread over the benchmark curve (b)
254 bps - 1,653 bps ( 766 bps)
Commercial mortgage servicing rights 1,113 Discounted cash flow Constant prepayment rate
3.9 % - 9.8 % ( 4.3 %)
Discount rate
7.8 % - 10.1 % ( 9.8 %)
Financial derivatives - Swaps related to
sales of certain Visa Class B
common shares 		( 107 ) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares
160.6 % weighted-average
Estimated annual growth rate of Visa Class A share price
16.0 %
Estimated litigation resolution date
Q2 2023
Insignificant Level 3 assets, net of
liabilities (d) 		( 8 )
Total Level 3 assets, net of liabilities (e) $ 6,831
(a) Unobservable inputs were weighted by the relative fair value of the instruments.
(b) The assumed yield spread over the benchmark curve for each instrument is generally intended to incorporate non-interest rate risks, such as credit and liquidity risks.
(c) Consensus pricing refers to fair value estimates that are generally internally developed using information such as dealer quotes or other third-party provided valuations or comparable asset prices.
(d) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain financial derivative assets and liabilities, trading securities, other securities, residential mortgage loans held for sale, other assets, other borrowed funds and other liabilities.
(e) Consisted of total Level 3 assets of $ 7.0 billion and total Level 3 liabilities of $ 0.4 billion as of June 30, 2023 and $ 7.3 billion and $ 0.4 billion as of December 31, 2022, respectively.

Financial Assets Accounted for at Fair Value on a Nonrecurring Basis

We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment and are included in Table 69. For more information regarding the valuation methodologies of our financial assets measured at fair value on a nonrecurring basis, see Note 15 Fair Value in our 2022 Form 10-K.









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

Assets measured at fair value on a nonrecurring basis follow:

Table 69: Fair Value Measurements – Nonrecurring (a) (b) (c)
Fair Value Gains (Losses)
Three months ended 		Gains (Losses)
Six months ended
In millions June 30
2023 		December 31
2022 		June 30
2023 		June 30
2022 		June 30
2023 		June 30
2022
Assets
Nonaccrual loans $ 373 $ 280 $ ( 99 ) $ ( 19 ) $ ( 174 ) $ ( 28 )
Equity investments 87 135 ( 5 ) 1 ( 8 )
OREO and foreclosed assets 8 10 ( 1 )
Long-lived assets 435 23 ( 10 ) ( 3 ) ( 15 ) ( 5 )
Total assets $ 903 $ 448 $ ( 114 ) $ ( 21 ) $ ( 198 ) $ ( 33 )
(a) All Level 3 for the periods presented, except for $ 22 million and $ 42 million included in Equity investments which were categorized as Level 1 as of June 30, 2023 and December 31, 2022, respectively.
(b) Valuation techniques applied were fair value of property or collateral.
(c) Unobservable inputs used were appraised value/sales price, broker opinions or projected income/required improvement costs. Additional quantitative information was not meaningful for the periods presented.

Financial Instruments Accounted for under Fair Value Option

We elect the fair value option to account for certain financial instruments. For more information on these financial instruments for which the fair value option election has been made, see Note 15 Fair Value in our 2022 Form 10-K.

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

Table 70: Fair Value Option – Fair Value and Principal Balances
June 30, 2023 December 31, 2022
In millions Fair Value Aggregate Unpaid
Principal Balance 		Difference Fair Value Aggregate Unpaid
Principal Balance 		Difference
Assets
Residential mortgage loans held for sale
Accruing loans less than 90 days past due $ 651 $ 671 $ ( 20 ) $ 609 $ 633 $ ( 24 )
Accruing loans 90 days or more past due 2 2 5 5
Nonaccrual loans 33 40 ( 7 ) 40 49 ( 9 )
Total $ 686 $ 713 $ ( 27 ) $ 654 $ 687 $ ( 33 )
Commercial mortgage loans held for sale (a)
Accruing loans less than 90 days past due $ 49 $ 51 $ ( 2 ) $ 261 $ 256 $ 5
Nonaccrual loans 15 44 ( 29 ) 15 44 ( 29 )
Total $ 64 $ 95 $ ( 31 ) $ 276 $ 300 $ ( 24 )
Loans
Accruing loans less than 90 days past due $ 510 $ 523 $ ( 13 ) $ 509 $ 521 $ ( 12 )
Accruing loans 90 days or more past due 132 143 ( 11 ) 155 167 ( 12 )
Nonaccrual loans 617 841 ( 224 ) 646 880 ( 234 )
Total $ 1,259 $ 1,507 $ ( 248 ) $ 1,310 $ 1,568 $ ( 258 )
Other assets $ 64 $ 65 $ ( 1 ) $ 80 $ 80
Liabilities
Other borrowed funds $ 32 $ 33 $ ( 1 ) $ 31 $ 32 $ ( 1 )
Other liabilities $ 127 $ 127 $ 196 $ 196
(a) There were no accruing loans 90 days or more past due within this category at June 30, 2023 or December 31, 2022 .
88 The PNC Financial Services Group, Inc. – Form 10-Q


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

Table 71: Fair Value Option – Changes in Fair Value (a)
Gains (Losses) Gains (Losses)
Three months ended Six months ended
June 30 June 30 June 30 June 30
In millions 2023 2022 2023 2022
Assets
Residential mortgage loans held for sale $ 2 $ ( 23 ) $ 17 $ ( 63 )
Commercial mortgage loans held for sale $ 22 $ 14 $ 23 $ 20
Loans $ 5 $ 15 $ 9 $ 36
Other assets $ 2 $ ( 11 ) $ ( 12 ) $ ( 18 )
Liabilities
Other liabilities $ ( 21 ) $ ( 10 ) $ ( 41 ) $ ( 16 )
(a) The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts.

Additional Fair Value Information Related to Financial Instruments Not Recorded at Fair Value
The following table presents the carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of all other financial instruments that are not recorded on our Consolidated Balance Sheet at fair value as of June 30, 2023 and December 31, 2022. For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 72, see Note 15 Fair Value in our 2022 Form 10-K.

Table 72: Additional Fair Value Information Related to Other Financial Instruments
Carrying Fair Value
In millions Amount Total Level 1 Level 2 Level 3
June 30, 2023
Assets
Cash and due from banks $ 6,191 $ 6,191 $ 6,191
Interest-earning deposits with banks 38,259 38,259 $ 38,259
Securities held to maturity 93,879 88,896 30,939 57,808 $ 149
Net loans (excludes leases) 309,365 301,597 301,597
Other assets 5,971 5,971 5,958 13
Total assets $ 453,665 $ 440,914 $ 37,130 $ 102,025 $ 301,759
Liabilities
Time deposits $ 22,864 $ 22,696 $ 22,696
Borrowed funds 64,060 64,278 62,441 $ 1,837
Unfunded lending related commitments 663 663 663
Other liabilities 948 948 948
Total liabilities $ 88,535 $ 88,585 $ 86,085 $ 2,500
December 31, 2022
Assets
Cash and due from banks $ 7,043 $ 7,043 $ 7,043
Interest-earning deposits with banks 27,320 27,320 $ 27,320
Securities held to maturity 95,183 90,279 30,748 59,377 $ 154
Net loans (excludes leases) 313,460 310,864 310,864
Other assets 6,022 6,022 6,020 2
Total assets $ 449,028 $ 441,528 $ 37,791 $ 92,717 $ 311,020
Liabilities
Time deposits $ 18,470 $ 18,298 $ 18,298
Borrowed funds 57,182 57,557 55,922 $ 1,635
Unfunded lending related commitments 694 694 694
Other liabilities 660 660 660
Total liabilities $ 77,006 $ 77,209 $ 74,880 $ 2,329


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

The aggregate fair values in Table 72 represent only a portion of the total market value of our assets and liabilities as, in accordance with the guidance related to fair values about financial instruments, we exclude the following:
• financial instruments recorded at fair value on a recurring basis (as they are disclosed in Table 66),
• investments accounted for under the equity method,
• equity securities without a readily determinable fair value that apply for the alternative measurement approach to fair value under ASU 2016-01,
• real and personal property,
• lease financing,
• loan customer relationships,
• deposit customer intangibles,
• MSRs,
• retail branch networks,
• fee-based businesses, such as asset management and brokerage,
• trademarks and brand names,
• trade receivables and payables due in one year or less,
• deposit liabilities with no defined or contractual maturities under ASU 2016-01, and
• insurance contracts.
N OTE 12 F INANCIAL D ERIVATIVES

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

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

For more information regarding derivatives see Note 1 Accounting Policies and Note 16 Financial Derivatives in our 2022 Form 10-K.




























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


T able 73 presents the notional and gross fair value amounts of all derivative assets and liabilities held by us.

During the second quarter, in anticipation of LIBOR’s cessation on June 30, 2023, LIBOR-indexed interest-rate swap contracts with central clearing counterparties were subject to a conversion process whereby an individual LIBOR swap contract was exchanged for a SOFR replacement swap contract, along with one or more overlay swap contracts replicating the final LIBOR cash flows on the original swap contract. The swap contracts exchanged were substantially economically equivalent. Conversion-related valuation differences were settled in cash on the conversion dates and were not material. The SOFR replacement and overlay swaps are considered separate contracts, and the overlay swaps will result in a gross-up of the notional amounts presented until those swaps mature upon settlement of the final LIBOR payment. The majority of overlay swaps will mature in the third quarter of 2023.
Table 73: Total Gross Derivatives (a)
June 30, 2023 December 31, 2022
In millions Notional /
Contract Amount 		Asset Fair
Value (b) 		Liability Fair
Value (c) 		Notional /
Contract Amount 		Asset Fair
Value (b) 		Liability Fair
Value (c)
Derivatives used for hedging
Interest rate contracts (d):
Fair value hedges (e) $ 48,088 $ 24,231
Cash flow hedges (e) 86,922 $ 3 40,310 $ 1
Foreign exchange contracts:
Net investment hedges 1,101 22 1,120 $ 24
Total derivatives designated for hedging $ 136,111 $ 25 $ 65,661 $ 24 $ 1
Derivatives not used for hedging
Derivatives used for mortgage banking activities (f):
Interest rate contracts:
Swaps (g) $ 73,477 $ 1 $ 47,908 $ 7 $ 1
Futures (h) 8,026 5,537
Mortgage-backed commitments 5,277 $ 68 63 4,516 85 89
Other 12,561 65 12 18,017 90 14
Total interest rate contracts 99,341 133 76 75,978 182 104
Derivatives used for customer-related activities:
Interest rate contracts:
Swaps (g) 811,705 1,798 5,501 354,150 1,597 5,397
Futures (h) 72 32
Mortgage-backed commitments 3,531 11 5 2,799 10 6
Other 28,779 314 292 29,071 334 321
Total interest rate contracts 844,087 2,123 5,798 386,052 1,941 5,724
Commodity contracts:
Swaps 6,084 525 552 5,792 1,003 1,067
Other 3,251 97 97 4,488 205 202
Total commodity contracts 9,335 622 649 10,280 1,208 1,269
Foreign exchange contracts and other 30,426 308 256 30,512 366 293
Total derivatives for customer-related activities 883,848 3,053 6,703 426,844 3,515 7,286
Derivatives used for other risk management activities:
Foreign exchange contracts and other 21,875 34 199 12,785 47 227
Total derivatives not designated for hedging $ 1,005,064 $ 3,220 $ 6,978 $ 515,607 $ 3,744 $ 7,617
Total gross derivatives $ 1,141,175 $ 3,220 $ 7,003 $ 581,268 $ 3,768 $ 7,618
Less: Impact of legally enforceable master netting agreements 1,303 1,303 1,523 1,523
Less: Cash collateral received/paid 1,134 1,135 714 1,571
Total derivatives $ 783 $ 4,565 $ 1,531 $ 4,524
(a) Centrally cleared derivatives are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet .
(b) Included in Other assets on our Consolidated Balance Sheet.
(c) Included in Other liabilities on our Consolidated Balance Sheet.
(d) Represents primarily swaps.
(e) At June 30, 2023, the gross-up of the notional amounts due to overlay swap contracts for fair value and cash flow hedges were $ 18.8 billion and $ 47.0 billion, respectively.
(f) Includes both residential and commercial mortgage banking activities.
(g) At June 30, 2023, the gross-up of the notional amounts due to overlay swap contracts used for mortgage banking and customer-related activities were $ 26.0 billion and $ 423.0 billion, respectively.
(h) Futures contracts are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet.

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

All derivatives are carried on our Consolidated Balance Sheet at fair value. Derivative balances are presented on the Consolidated Balance Sheet on a net basis taking into consideration the effects of legally enforceable master netting agreements and, when appropriate, any related cash collateral exchanged with counterparties. Further discussion regarding the offsetting rights associated with these legally enforceable master netting agreements is included in the Offsetting and Counterparty Credit Risk section of this Note 12. Any nonperformance risk, including credit risk, is included in the determination of the estimated net fair value of the derivatives.

Derivatives Designated As Hedging Instruments

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

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

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

In the 12 months that follow June 30, 2023, we expect to reclassify net derivative losses of $ 1.5 billion pretax, or $ 1.2 billion after-tax, from AOCI to interest income for these cash flow hedge strategies. This reclassified amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to June 30, 2023. As of June 30, 2023, the maximum length of time over which forecasted transactions are hedged is ten years .

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


Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table:
Table 74: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b)
Location and Amount of Gains (Losses) Recognized in Income
Interest Income Interest Expense Noninterest Income
In millions Loans Investment Securities Borrowed Funds Other
For the three months ended June 30, 2023
Total amounts in the Consolidated Income Statement $ 4,523 $ 883 $ 903 $ 129
Gains (losses) on fair value hedges recognized on:
Hedged items (c) $ ( 48 ) $ 432
Derivatives $ 50 $ ( 439 )
Amounts related to interest settlements on derivatives $ 7 $ ( 147 )
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated
other comprehensive income 		$ ( 365 ) $ ( 8 )
For the three months ended June 30, 2022
Total amounts in the Consolidated Income Statement $ 2,504 $ 631 $ 142 $ 177
Gains (losses) on fair value hedges recognized on:
Hedged items (c) $ ( 28 ) $ 443
Derivatives $ 30 $ ( 451 )
Amounts related to interest settlements on derivatives $ ( 2 ) $ 74
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated
other comprehensive income 		$ 25
For the six months ended June 30, 2023
Total amounts on the Consolidated Income Statement $ 8,781 $ 1,768 $ 1,686 $ 387
Gains (losses) on fair value hedges recognized on:
Hedged items (c) $ ( 1 ) $ 135
Derivatives $ 5 $ ( 148 )
Amounts related to interest settlements on derivatives $ 12 $ ( 260 )
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated
other comprehensive income 		$ ( 690 ) $ ( 13 )
For the six months ended June 30, 2022
Total amounts on the Consolidated Income Statement $ 4,797 $ 1,175 $ 225 $ 388
Gains (losses) on fair value hedges recognized on:
Hedged items (c) $ ( 46 ) $ 1,377
Derivatives $ 49 $ ( 1,395 )
Amounts related to interest settlements on derivatives $ ( 3 ) $ 184
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated
other comprehensive income 		$ 117 $ 10
(a) For all periods presented, there were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for any of the fair value or cash flow hedge strategies.
(b) All cash flow and fair value hedge derivatives were interest rate contracts for the periods presented.
(c) Includes an insignificant amount of fair value hedge adjustments related to discontinued hedge relationships.
(d) For all periods presented, there were no gains or losses from cash flow hedge derivatives reclassified to income because it became probable that the original forecasted transaction would not occur.







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

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

Table 75: Hedged Items - Fair Value Hedges
June 30, 2023 December 31, 2022
In millions Carrying Value of the Hedged Items Cumulative Fair
Value Hedge Adjustment
included in the Carrying
Value of Hedged Items (a) 		Carrying Value of the Hedged Items Cumulative Fair Value
Hedge Adjustment
included in the Carrying
Value of Hedged Items (a)
Investment securities - available for sale (b) $ 1,915 $ ( 124 ) $ 2,376 $ ( 121 )
Borrowed funds $ 26,360 $ ( 1,417 ) $ 21,781 $ ( 1,283 )
(a) Includes less than $( 0.1 ) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships at both June 30, 2023 and December 31, 2022.
(b) Carrying value shown represents amortized cost.

Net Investment Hedges
We enter into foreign currency forward contracts to hedge non-U.S. dollar net investments in foreign subsidiaries against adverse changes in foreign exchange rates. We assess whether the hedging relationship is highly effective in achieving offsetting changes in the value of the hedge and hedged item by qualitatively verifying that the critical terms of the hedge and hedged item match at the inception of the hedging relationship and on an ongoing basis. Net investment hedge derivatives are classified as foreign exchange contracts. There were no components of derivative gains or losses excluded from the assessment of the hedge effectiveness for the periods presented. Net gains (losses) on net investment hedge derivatives recognized in OCI were $( 28 ) million and $( 46 ) million for the three and six months ended June 30, 2023, respectively, and insignificant for both the three and six months ended June 30, 2022.

Derivatives Not Designated As Hedging Instruments

For additional information on derivatives not designated as hedging instruments under GAAP, see Note 16 Financial Derivatives in our 2022 Form 10-K.

Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table:
Table 76: Gains (Losses) on Derivatives Not Designated for Hedging
Three months ended
June 30 		Six months ended
June 30
In millions 2023 2022 2023 2022
Derivatives used for mortgage banking activities:
Interest rate contracts (a) $ ( 184 ) $ ( 190 ) $ ( 77 ) $ ( 455 )
Derivatives used for customer-related activities:
Interest rate contracts 33 69 35 166
Foreign exchange contracts and other 58 ( 20 ) 114 24
Gains from customer-related activities (b) 91 49 149 190
Derivatives used for other risk management activities:
Foreign exchange contracts and other (b) ( 137 ) 216 ( 214 ) 263
Total gains (losses) from derivatives not designated as hedging instruments $ ( 230 ) $ 75 $ ( 142 ) $ ( 2 )
(a) Included in Residential and commercial mortgage noninterest income on our Consolidated Income Statement.
(b) Included in Capital markets and advisory and Other noninterest income on our Consolidated Income Statement.

Offsetting and Counterparty Credit Risk

We generally utilize a net presentation on the Consolidated Balance Sheet for those derivative financial instruments entered into with counterparties under legally enforceable master netting agreements. The master netting agreements reduce credit risk by permitting the closeout netting of all outstanding derivative instruments under the master netting agreement with the same counterparty upon the occurrence of an event of default. The master netting agreement also may require the exchange of cash or marketable securities to collateralize either party’s net position. For additional information on derivative offsetting and counterparty credit risk, see Note 16 Financial Derivatives in our 2022 Form 10-K.

Table 77 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities at June 30, 2023 and December 31, 2022. The table includes cash collateral held or pledged under legally enforceable master netting agreements. The table also includes the fair value of any securities collateral held or pledged under legally enforceable master netting agreements. Cash and securities collateral amounts are included in the table only to the extent of the related net derivative fair values.
94 The PNC Financial Services Group, Inc. – Form 10-Q


Table 77 includes OTC derivatives not settled through an exchange (“OTC derivatives”) and OTC derivatives cleared through a central clearing house (“OTC cleared derivatives”). OTC derivatives represent contracts executed bilaterally with counterparties that are not settled through an organized exchange or directly cleared through a central clearing house. The majority of OTC derivatives are governed by the ISDA documentation or other legally enforceable master netting agreements. OTC cleared derivatives represent contracts executed bilaterally with counterparties in the OTC market that are novated to a central clearing house that then becomes our counterparty. OTC cleared derivative instruments are typically settled in cash each day based on the prior day value.

Table 77: Derivative Assets and Liabilities Offsetting

In millions Amounts Offset on the
Consolidated Balance Sheet 		Securities Collateral Held/Pledged Under Master Netting Agreements
Gross
Fair Value 		Fair Value
Offset Amount 		Cash
Collateral 		Net
Fair Value 		Net Amounts
June 30, 2023
Derivative assets
Interest rate contracts:
Over-the-counter cleared $ 26 $ 26 $ 26
Over-the-counter 2,230 $ 846 $ 911 473 $ 75 398
Commodity contracts 622 337 104 181 181
Foreign exchange and other contracts 342 120 119 103 103
Total derivative assets $ 3,220 $ 1,303 $ 1,134 $ 783 (a) $ 75 $ 708
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared $ 19 $ 19 $ 19
Over-the-counter 5,858 $ 633 $ 1,104 4,121 $ 75 4,046
Commodity contracts 649 497 23 129 129
Foreign exchange and other contracts 477 173 8 296 296
Total derivative liabilities $ 7,003 $ 1,303 $ 1,135 $ 4,565 (b) $ 75 $ 4,490
December 31, 2022
Derivative assets
Interest rate contracts:
Over-the-counter cleared $ 23 $ 23 $ 23
Over-the-counter 2,100 $ 974 $ 630 496 $ 34 462
Commodity contracts 1,208 335 2 871 871
Foreign exchange and other contracts 437 214 82 141 141
Total derivative assets $ 3,768 $ 1,523 $ 714 $ 1,531 (a) $ 34 $ 1,497
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared $ 28 $ 28 $ 28
Over-the-counter 5,801 $ 625 $ 1,041 4,135 $ 78 4,057
Commodity contracts 1,269 679 520 70 4 66
Foreign exchange and other contracts 520 219 10 291 291
Total derivative liabilities $ 7,618 $ 1,523 $ 1,571 $ 4,524 (b) $ 82 $ 4,442
(a) Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet.
(b) Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet.

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

At June 30, 2023, cash and debt securities (primarily agency mortgage-backed securities) totaling $ 2.1 billion were pledged to us under master netting agreements and other collateral agreements to collateralize net derivative assets due from counterparties and to meet initial margin requirements, and we pledged cash and debt securities (primarily agency mortgage-backed securities) totaling $ 2.1 billion under these agreements to collateralize net derivative liabilities owed to counterparties and to meet initial margin requirements. These totals may differ from the amounts presented in the preceding offsetting table because these totals may include collateral
The PNC Financial Services Group, Inc. – Form 10-Q 95

exchanged under an agreement that does not qualify as a master netting agreement or because the total amount of collateral pledged exceeds the net derivative fair values with the counterparty as of the balance sheet date due to timing or other factors, such as initial margin. To the extent not netted against the derivative fair values under a master netting agreement, the receivable for cash pledged is included in Other assets and the obligation for cash held is included in Other liabilities on our Consolidated Balance Sheet. Securities pledged to us by counterparties are not recognized on our balance sheet. Likewise, securities we have pledged to counterparties remain on our balance sheet.
Credit-Risk Contingent Features

Certain derivative agreements contain various credit-risk-related contingent provisions, such as those that require our debt to maintain a specified credit rating from one or more of the major credit rating agencies. If our debt ratings were to fall below such specified ratings, the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full collateralization on derivative instruments in net liability positions. The following table presents the aggregate fair value of derivative instruments with credit-risk-related contingent features, the associated collateral posted in the normal course of business and the maximum amount of collateral we would be required to post if the credit-risk-related contingent features underlying these agreements had been triggered on June 30, 2023 and December 31, 2022.

Table 78: Credit-Risk Contingent Features
In billions June 30, 2023 December 31, 2022
Net derivative liabilities with credit-risk contingent features $ 5.4 $ 5.8
Collateral posted 1.2 1.7
Maximum additional amount of collateral exposure $ 4.2 $ 4.1
N OTE 13 L EGAL P ROCEEDINGS
We establish accruals for legal proceedings, including litigation and regulatory and governmental investigations and inquiries, when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances. When we are able to do so, we also determine estimates of reasonably possible losses or ranges of reasonably possible losses, whether in excess of any related accrued liability or where there is no accrued liability, for disclosed legal proceedings (“Disclosed Matters,” which are those matters disclosed in this Note 13 as well as those matters disclosed in Note 21 Legal Proceedings in our 2022 Form 10-K and in Note 13 Legal Proceedings in our first quarter 2023 Form 10-Q (such prior disclosure referred to as “Prior Disclosure”)). For Disclosed Matters where we are able to estimate such possible losses or ranges of possible losses, as of June 30, 2023, we estimate that it is reasonably possible that we could incur losses in excess of related accrued liabilities, if any, in an aggregate amount less than $ 300 million. The estimates included in this amount are based on our analysis of currently available information and are subject to significant judgment and a variety of assumptions and uncertainties. As new information is obtained we may change our estimates. Due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to us from the legal proceedings in question. Thus, our exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or this aggregate amount.

As a result of the types of factors described in Note 21 Legal Proceedings in our 2022 Form 10-K, we are unable, at this time, to estimate the losses that are reasonably possible to be incurred or ranges of such losses with respect to some of the matters disclosed, and the aggregate estimated amount provided above does not include an estimate for every Disclosed Matter. Therefore, as the estimated aggregate amount disclosed above does not include all of the Disclosed Matters, the amount disclosed above does not represent our maximum reasonably possible loss exposure for all of the Disclosed Matters. The estimated aggregate amount also does not reflect any of our exposure to matters not so disclosed, as discussed below under “Other.”

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

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



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


USAA Patent Infringement Litigation

In April 2023, in United Services Automobile Association v. PNC Bank N.A. (Case No. 2:21-cv-246) (the “third Texas case”) and the case for PNC’s patent infringement counterclaims (originally asserted in United Services Automobile Association v. PNC Bank N.A. (Case No. 2:20-cv-319)) (the “first Texas case”) (together, the “second consolidated cases”), USAA noticed a cross-appeal to the U.S. Court of Appeals for the Federal Circuit regarding the final judgment in the second consolidated cases. This appeal was consolidated with PNC’s previously noticed appeal to the U.S. Court of Appeals for the Federal Circuit regarding the final judgment in the second consolidated cases as United Services Automobile Association v. PNC Bank N.A. (Case No. 23-1639).

In May and June 2023, USAA appealed the Final Written Decisions of the Patent Trial and Appeal Board that concluded that the claims in three of the patents originally at issue in United Services Automobile Association v. PNC Bank N.A . (Case No. 2:21-cv-110) and the first Texas case (together, the “first consolidated cases”) and in United Services Automobile Association v. BBVA USA (Case No. 2:21-cv-311) were unpatentable. Because of USAA’s case narrowing in the first consolidated cases, only one of these three patents was presented to the jury in the first consolidated cases.

Also in May 2023, the Patent Trial and Appeal Board entered its Final Written Decision concluding that most of the claims of one of the patents presented to the jury in the third Texas case were unpatentable and other claims were not unpatentable. In June 2023, the Patent Trial and Appeal Board entered its Final Written Decision concluding that all of the claims of the other patent subject to inter partes review, but not ultimately presented to the jury in the third Texas Case, were unpatentable.

Regulatory and Governmental Inquiries

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

Our practice is to cooperate fully with regulatory and governmental investigations, audits and other inquiries.

Other

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
















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

N OTE 14 S EGMENT R EPORTING

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

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

Total business segment financial results differ from total consolidated net income. These differences are reflected in the “Other” category in Table 79. “Other” includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities, including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, 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 (GAAP). Assets, revenue and earnings attributable to foreign activities were not material in the periods presented for comparison.

Financial results are presented, to the extent practicable, as if each business operated on a standalone basis. Additionally, we have aggregated the results for corporate support functions within “Other” for financial reporting purposes.

Net interest income in business segment results reflects our 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.

We have allocated the ALLL and the allowance for unfunded lending related commitments based on the loan exposures within each business segment’s portfolio. Key reserve assumptions and estimation processes react to and are influenced by observed changes in loan portfolio performance experience, the financial strength of the borrower and economic conditions. Key reserve assumptions are periodically updated.



























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


Business Segment Results

Table 79: Results of Businesses
Three months ended June 30
In millions 		Retail Banking Corporate &
Institutional
Banking 		Asset
Management
Group 		Other Consolidated (a)
2023
Income Statement
Net interest income $ 2,448 $ 1,349 $ 125 $ ( 412 ) $ 3,510
Noninterest income 702 821 228 32 1,783
Total revenue 3,150 2,170 353 ( 380 ) 5,293
Provision for (recapture of) credit losses ( 14 ) 209 ( 10 ) ( 39 ) 146
Depreciation and amortization 81 53 7 143 284
Other noninterest expense 1,823 868 273 124 3,088
Income (loss) before income taxes (benefit) and noncontrolling interests 1,260 1,040 83 ( 608 ) 1,775
Income taxes (benefit) 295 218 20 ( 258 ) 275
Net income (loss) 965 822 63 ( 350 ) 1,500
Less: Net income attributable to noncontrolling interests 11 5 1 17
Net income (loss) excluding noncontrolling interests $ 954 $ 817 $ 63 $ ( 351 ) $ 1,483
Average Assets $ 114,826 $ 234,174 $ 15,562 $ 190,945 $ 555,507
2022
Income Statement
Net interest income $ 1,662 $ 1,232 $ 153 $ 4 $ 3,051
Noninterest income 748 968 234 115 2,065
Total revenue 2,410 2,200 387 119 5,116
Provision for (recapture of) credit losses 55 ( 17 ) 5 ( 7 ) 36
Depreciation and amortization 83 51 8 147 289
Other noninterest expense 1,830 883 262 ( 20 ) 2,955
Income (loss) before income taxes (benefit) and noncontrolling interests 442 1,283 112 ( 1 ) 1,836
Income taxes (benefit) 105 277 26 ( 68 ) 340
Net income 337 1,006 86 67 1,496
Less: Net income (loss) attributable to noncontrolling interests 15 3 ( 3 ) 15
Net income excluding noncontrolling interests $ 322 $ 1,003 $ 86 $ 70 $ 1,481
Average Assets $ 113,068 $ 219,513 $ 14,449 $ 199,848 $ 546,878
The PNC Financial Services Group, Inc. – Form 10-Q 99

(Continued from previous page)
Six months ended June 30
In millions 		Retail
Banking 		Corporate &
Institutional
Banking 		Asset
Management
Group 		Other Consolidated (a)
2023
Income Statement
Net interest income $ 4,729 $ 2,732 $ 252 $ ( 618 ) $ 7,095
Noninterest income 1,445 1,707 458 191 3,801
Total revenue 6,174 4,439 710 ( 427 ) 10,896
Provision for (recapture of) credit losses 224 181 ( 1 ) ( 23 ) 381
Depreciation and amortization 159 107 13 286 565
Other noninterest expense 3,672 1,753 547 156 6,128
Income (loss) before income taxes (benefit) and noncontrolling interests 2,119 2,398 151 ( 846 ) 3,822
Income taxes (benefit) 497 512 36 ( 417 ) 628
Net income (loss) 1,622 1,886 115 ( 429 ) 3,194
Less: Net income (loss) attributable to noncontrolling interests 21 10 3 34
Net income (loss) excluding noncontrolling interests $ 1,601 $ 1,876 $ 115 $ ( 432 ) $ 3,160
Average Assets $ 115,103 $ 234,354 $ 15,282 $ 194,162 $ 558,901
2022
Income Statement
Net interest income $ 3,193 $ 2,375 $ 291 $ ( 4 ) $ 5,855
Noninterest income 1,493 1,772 482 206 3,953
Total revenue 4,686 4,147 773 202 9,808
Provision for (recapture of) credit losses ( 26 ) ( 135 ) 7 ( 18 ) ( 172 )
Depreciation and amortization 157 103 14 292 566
Other noninterest expense 3,648 1,668 507 27 5,850
Income (loss) before income taxes (benefit) and noncontrolling interests 907 2,511 245 ( 99 ) 3,564
Income taxes (benefit) 214 545 57 ( 177 ) 639
Net income 693 1,966 188 78 2,925
Less: Net income (loss) attributable to noncontrolling interests 31 7 ( 2 ) 36
Net income excluding noncontrolling interests $ 662 $ 1,959 $ 188 $ 80 $ 2,889
Average Assets $ 112,415 $ 210,171 $ 14,126 $ 212,415 $ 549,127
(a) There were no material intersegment revenues for the three and six months ended June 30, 2023 and 2022.
Business Segment Products and Services
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.
100 The PNC Financial Services Group, Inc. – Form 10-Q


• 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.

N OTE 15 F EE - BASED R EVENUE FROM C ONTRACTS WITH C USTOMERS
As more fully described in Note 24 Fee-based Revenue from Contracts with Customers in our 2022 Form 10-K, a subset of our noninterest income relates to certain fee-based revenue within the scope of ASC Topic 606 - Revenue from Contracts with Customers (Topic 606).
Fee-based revenue within the scope of Topic 606 is recognized within our three reportable business segments: Retail Banking, Corporate & Institutional Banking and Asset Management Group. Interest income, income from lease contracts, fair value gains from financial instruments (including derivatives), income from mortgage servicing rights and guarantee products, letter of credit fees, non-refundable fees associated with acquiring or originating a loan and gains from the sale of financial assets are outside of the scope of Topic 606.
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.

Table 80 presents the noninterest income recognized within the scope of Topic 606 for each of our three reportable business segments’ principal products and services, along with the relationship to the noninterest income revenue streams shown on our Consolidated Income Statement. For a description of the fee-based revenue and how it is recognized for each segment’s principal products and services, see Note 24 Fee-based Revenue from Contracts with Customers in our 2022 Form 10-K.





















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

Table 80: Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income
Three Months Ended
June 30, 2023 		Three Months Ended
June 30, 2022

In millions 		Retail Banking Corporate &
Institutional
Banking 		Asset Management Group Retail Banking Corporate &
Institutional
Banking 		Asset Management Group
Asset management and brokerage
Asset management fees $ 222 $ 228
Brokerage fees $ 124 2 $ 135 2
Total asset management and brokerage 124 224 135 230
Card and cash management
Treasury management fees 11 $ 345 10 $ 327
Debit card fees 178 177
Net credit card fees (a) 61 63
Merchant services 45 19 52 14
Other 25 27
Total card and cash management 320 364 329 341
Lending and deposit services
Deposit account fees 151 145
Other 18 8 17 9
Total lending and deposit services 169 8 162 9
Residential and commercial mortgage (b) 40 33
Capital markets and advisory 130 272
Other 14 9
Total in-scope noninterest income 613 556 224 626 664 230
Out-of-scope noninterest income (c) 89 265 4 122 304 4
Noninterest income by business segment $ 702 $ 821 $ 228 $ 748 $ 968 $ 234
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income $ 1,393 $ 1,520
Out-of-scope business segment noninterest income (c) 358 430
Noninterest income from other segments 32 115
Noninterest income as shown on the Consolidated Income Statement $ 1,783 $ 2,065
102 The PNC Financial Services Group, Inc. – Form 10-Q


(Continued from previous page) Six Months Ended
June 30, 2023 		Six Months Ended
June 30, 2022

In millions 		Retail Banking Corporate &
Institutional
Banking 		Asset
Management
Group 		Retail Banking Corporate &
Institutional
Banking 		Asset
Management
Group
Asset management and brokerage
Asset management fees $ 446 $ 469
Brokerage fees $ 254 4 $ 269 4
Total asset management and brokerage 254 450 269 473
Card and cash management
Treasury management fees 21 $ 673 19 $ 629
Debit card fees 343 338
Net credit card fees (a) 119 118
Merchant services 84 38 93 31
Other 49 50
Total card and cash management 616 711 618 660
Lending and deposit services
Deposit account fees 306 287
Other 36 16 34 17
Total lending and deposit services 342 16 321 17
Residential and commercial mortgage (b) 82 64
Capital markets and advisory 286 409
Other 22 22
Total in-scope noninterest income 1,212 1,117 450 1,208 1,172 473
Out-of-scope noninterest income (c) 233 590 8 285 600 9
Noninterest income by business segment $ 1,445 $ 1,707 $ 458 $ 1,493 $ 1,772 $ 482
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income $ 2,779 $ 2,853
Out-of-scope business segment noninterest income (c) 831 894
Noninterest income from other segments 191 206
Noninterest income as shown on the Consolidated Income Statement $ 3,801 $ 3,953
(a) Net credit card fees consists of interchange fees of $ 173 million and $ 172 million and credit card reward costs of $ 112 million and $ 109 million for the three months ended June 30, 2023 and 2022, respectively. Net credit card fees consists of interchange fees of $ 333 million and $ 320 million and credit card reward costs of $ 214 million and $ 202 million for the six months ended June 30, 2023 and 2022, respectively.
(b) Residential mortgage noninterest income falls under the scope of other accounting and disclosure requirements outside of Topic 606 and is included within the out-of-scope noninterest income line for the Retail Banking segment.
(c) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606.

N OTE 16 R EGULATORY M ATTERS

FDIC Special Assessment Pursuant to Systemic Risk Determination
In May 2023, the FDIC proposed a rule to implement a special assessment, in connection with the systemic risk determination announced in March 2023, to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. Under the proposal, the FDIC would collect from PNC, along with other BHCs and insured depository institutions, special assessments at an annual rate of 12.5 basis points of PNC’s uninsured deposits reported as of December 31, 2022 (adjusted to exclude the first $5 billion), over eight quarterly assessment periods, beginning after the first quarter 2024. We expect the FDIC will enact a special deposit insurance assessment in the second half of 2023 that will significantly increase our FDIC deposit insurance costs. Based on the current proposal, PNC estimates our total cost to be approximately $ 468 million pre-tax, or $ 370 million after-tax, which would be incurred in the quarter the FDIC finalizes the rule. The total cost and timing is subject to change pending the assessment’s finalization.

Proposed Expanded Risk-Based Capital Rules
On July 27, 2023, the Federal Reserve, OCC, and FDIC proposed for public comment an interagency rule to implement the final components of the Basel III framework that would significantly revise the capital requirements for large banking organizations, including PNC and PNC Bank. The proposed rule will apply an expanded risk-based approach which leverages the Basel rules, including the calculation of risk-weighted assets, in addition to the current U.S. standardized approach. In addition, this proposal would align the regulatory capital elements and required deductions for Category III banking organizations such as PNC and PNC Bank with those currently applicable to Category I and II banking organizations. PNC and PNC Bank would be required to recognize most elements of AOCI in regulatory capital and deduct from CET1 capital, among other items, mortgage servicing assets and deferred tax assets that individually exceed 10 percent of CET1 capital or in the aggregate with other threshold items that exceed 15 percent of CET1 capital . PNC and PNC Bank would be required to calculate their risk-based capital ratios under the existing
The PNC Financial Services Group, Inc. – Form 10-Q 103

standardized approach and the expanded risk-based approach and would be subject to the lower of the two resulting ratios for their risk-based capital minimums and buffer requirements, including the SCB. The proposed effective date is July 1, 2025, with certain provisions—including the recognition of AOCI elements in regulatory capital and the increase in risk-weighted assets due to the expanded risk-based approach—having a three-year phase-in period.
104 The PNC Financial Services Group, Inc. – Form 10-Q


STATISTICAL INFORMATION (UNAUDITED)
THE PNC FINANCIAL SERVICES GROUP, INC.
Average Consolidated Balance Sheet And Net Interest Analysis (a) (b) (c)
Six months ended June 30
2023 2022
Taxable-equivalent basis
Dollars in millions 		Average
Balances 		Interest Income/Expense Average Yields/Rates Average
Balances 		Interest Income/
Expense 		Average Yields/
Rates
Assets
Interest-earning assets:
Investment securities
Securities available for sale
Residential mortgage-backed
Agency $ 31,513 $ 421 2.67 % $ 52,308 $ 495 1.89 %
Non-agency 676 30 8.95 % 954 36 7.55 %
Commercial mortgage-backed 3,025 41 2.72 % 4,793 58 2.40 %
Asset-backed 397 13 6.67 % 4,296 32 1.49 %
U.S. Treasury and government agencies 8,657 92 2.12 % 32,391 210 1.29 %
Other 3,129 40 2.51 % 4,536 60 2.67 %
Total securities available for sale 47,397 637 2.69 % 99,278 891 1.79 %
Securities held to maturity
Residential mortgage-backed 45,323 618 2.73 % 16,687 164 1.96 %
Commercial mortgage-backed 2,424 62 5.15 % 591 7 2.29 %
Asset-backed 6,868 138 4.03 % 2,071 20 1.91 %
U.S. Treasury and government agencies 36,831 245 1.33 % 14,618 80 1.09 %
Other 3,365 80 4.63 % 1,068 22 4.19 %
Total securities held to maturity 94,811 1,143 2.41 % 35,035 293 1.67 %
Total investment securities 142,208 1,780 2.50 % 134,313 1,184 1.76 %
Loans
Commercial and industrial 181,444 5,041 5.52 % 161,256 2,297 2.83 %
Commercial real estate 36,023 1,121 6.19 % 34,237 518 3.01 %
Equipment lease financing 6,408 141 4.40 % 6,150 113 3.68 %
Consumer 55,045 1,762 6.46 % 54,757 1,271 4.68 %
Residential real estate 46,107 779 3.38 % 41,385 636 3.07 %
Total loans 325,027 8,844 5.43 % 297,785 4,835 3.24 %
Interest-earning deposits with banks 32,736 790 4.83 % 51,120 107 0.42 %
Other interest-earning assets 9,012 264 5.86 % 9,677 116 2.42 %
Total interest-earning assets/interest income 508,983 11,678 4.58 % 492,895 6,242 2.53 %
Noninterest-earning assets 49,918 56,232
Total assets $ 558,901 $ 549,127
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market $ 64,716 832 2.59 % $ 60,295 31 0.10 %
Demand 124,243 1,069 1.74 % 116,024 51 0.09 %
Savings 103,406 585 1.14 % 108,799 22 0.04 %
Time deposits 21,436 336 3.14 % 13,195 11 0.15 %
Total interest-bearing deposits 313,801 2,822 1.81 % 298,313 115 0.08 %
Borrowed funds
Federal Home Loan Bank borrowings 32,909 835 5.04 % 3,508 22 1.24 %
Bank notes and senior debt 20,298 577 5.66 % 17,089 112 1.30 %
Subordinated debt 5,974 177 5.94 % 6,886 58 1.68 %
Other 5,156 97 3.74 % 5,515 33 1.22 %
Total borrowed funds 64,337 1,686 5.22 % 32,998 225 1.36 %
Total interest-bearing liabilities/interest expense 378,138 4,508 2.38 % 331,311 340 0.20 %
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits 117,155 151,567
Accrued expenses and other liabilities 15,536 16,245
Equity 48,072 50,004
Total liabilities and equity $ 558,901 $ 549,127
Interest rate spread 2.20 % 2.33 %
Impact of noninterest-bearing sources 0.61 0.06
Net interest income/margin $ 7,170 2.81 % $ 5,902 2.39 %


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

STATISTICAL INFORMATION (UNAUDITED)
THE PNC FINANCIAL SERVICES GROUP, INC.
Average Consolidated Balance Sheet And Net Interest Analysis (a) (b) (c)
(Continued from previous page) Three months ended June 30
2023 2022
Taxable-equivalent basis
Dollars in millions 		Average
Balances 		Interest Income/Expense Average Yields/Rates Average
Balances 		Interest Income/
Expense 		Average Yields/
Rates
Assets
Interest-earning assets:
Investment securities
Securities available for sale
Residential mortgage-backed
Agency $ 31,180 $ 208 2.67 % $ 37,285 $ 202 2.17 %
Non-agency 663 15 9.39 % 902 17 7.56 %
Commercial mortgage-backed 2,948 21 2.84 % 4,362 27 2.45 %
Asset-backed 575 9 6.56 % 2,388 11 1.84 %
U.S. Treasury and government agencies 8,231 45 2.20 % 17,480 70 1.60 %
Other 2,997 21 2.55 % 4,200 28 2.59 %
Total securities available for sale 46,594 319 2.73 % 66,617 355 2.13 %
Securities held to maturity
Residential mortgage-backed 45,033 306 2.72 % 33,086 164 1.98 %
Commercial mortgage-backed 2,396 32 5.35 % 1,175 7 2.30 %
Asset-backed 6,712 68 4.10 % 4,119 20 1.92 %
U.S. Treasury and government agencies 36,912 123 1.34 % 28,167 74 1.05 %
Other 3,391 41 4.65 % 1,560 16 4.21 %
Total securities held to maturity 94,444 570 2.41 % 68,107 281 1.65 %
Total investment securities 141,038 889 2.52 % 134,724 636 1.89 %
Loans
Commercial and industrial 180,878 2,608 5.70 % 166,968 1,225 2.90 %
Commercial real estate 35,938 578 6.37 % 34,467 276 3.15 %
Equipment lease financing 6,364 72 4.51 % 6,200 56 3.62 %
Consumer 55,070 901 6.57 % 54,551 637 4.68 %
Residential real estate 46,284 395 3.41 % 42,604 330 3.11 %
Total loans 324,534 4,554 5.57 % 304,790 2,524 3.29 %
Interest-earning deposits with banks 31,433 400 5.10 % 39,689 78 0.79 %
Other interest-earning assets 9,215 138 5.96 % 9,935 68 2.76 %
Total interest-earning assets/interest income 506,220 5,981 4.70 % 489,138 3,306 2.69 %
Noninterest-earning assets 49,287 57,740
Total assets $ 555,507 $ 546,878
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market $ 63,691 $ 443 2.79 % $ 58,019 $ 27 0.19 %
Demand 124,111 584 1.89 % 119,636 44 0.15 %
Savings 102,415 321 1.26 % 109,063 12 0.04 %
Time deposits 22,342 183 3.26 % 10,378 5 0.18 %
Total interest-bearing deposits 312,559 1,531 1.96 % 297,096 88 0.12 %
Borrowed funds
Federal Home Loan Bank borrowings 33,752 451 5.28 % 6,978 22 1.24 %
Bank notes and senior debt 20,910 312 5.91 % 16,172 66 1.61 %
Subordinated debt 5,850 90 6.19 % 6,998 34 1.94 %
Other 5,180 50 3.79 % 5,508 20 1.46 %
Total borrowed funds 65,692 903 5.44 % 35,656 142 1.58 %
Total interest-bearing liabilities/interest expense 378,251 2,434 2.56 % 332,752 230 0.27 %
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits 113,178 149,432
Accrued expenses and other liabilities 15,063 17,116
Equity 49,015 47,578
Total liabilities and equity $ 555,507 $ 546,878
Interest rate spread 2.14 % 2.42 %
Impact of noninterest-bearing sources 0.65 0.08
Net interest income/margin $ 3,547 2.79 % $ 3,076 2.50 %
(a) Nonaccrual loans are included in loans, net of unearned income. The impact of financial derivatives used in interest rate risk management is included in the interest income/expense and average yields/rates of the related assets and liabilities. Basis adjustments related to hedged items are included in noninterest-earning assets and noninterest-bearing liabilities. Average balances of securities are based on amortized historical cost (excluding adjustments to fair value, which are included in other assets). Average balances for certain loans and borrowed funds accounted for at fair value are included in noninterest-earning assets and noninterest-bearing liabilities, with changes in fair value recorded in Noninterest income.
(b) Loan fees for the three months ended June 30, 2023 and June 30, 2022 were $44 million and $38 million, respectively. Loan fees for the six months ended June 30, 2023 and June 30, 2022 were $90 million and $98 million, respectively.
(c) Interest income calculated as taxable-equivalent interest income. To provide more meaningful comparisons of interest income and yields for all interest-earning assets, as well as net interest margins, we use interest income on a taxable-equivalent basis in calculating average yields and net interest margin by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP. See Reconciliation of Taxable-Equivalent Net Interest Income in this Statistical Information section for more information.
106 The PNC Financial Services Group, Inc. – Form 10-Q


R ECONCILIATION O F T AXABLE -E QUIVALENT N ET I NTEREST I NCOME (non-GAAP) (a)
Six months ended Three months ended
In millions June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022
Net interest income (GAAP) $ 7,095 $ 5,855 $ 3,510 $ 3,051
Taxable-equivalent adjustments 75 47 37 25
Net interest income (non-GAAP) $ 7,170 $ 5,902 $ 3,547 $ 3,076
(a) The interest income earned on certain interest-earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP.

G LOSSARY
D EFINED T ERMS
For a glossary of terms commonly used in our filings, please see the glossary of terms included in our 2022 Form 10-K.

A CRONYMS
ACL Allowance for credit losses LCR Liquidity Coverage Ratio
ALLL Allowance for loan and lease losses LGD Loss given default
AOCI Accumulated other comprehensive income LIBOR London Interbank Offered Rate
ASC Accounting Standards Codification LIHTC Low income housing tax credit
ASU Accounting Standards Update LLC Limited liability company
BHC Bank holding company LTV Loan-to-value ratio
bps Basis points MD&A Management’s Discussion and Analysis of Financial Condition and Results of Operations
BSBY Bloomberg Short-Term Bank Yield Index MSR Mortgage servicing right
CARES Act Coronavirus Aid, Relief and Economic Security Act NSFR Net Stable Funding Ratio
CCAR Comprehensive Capital Analysis and Review OCC Office of the Comptroller of the Currency
CECL Current expected credit losses OREO Other real estate owned
CET1 Common equity tier 1 OTC Over-the-counter
CFPB Consumer Financial Protection Bureau PCD Purchased credit deteriorated
FDIC Federal Deposit Insurance Corporation PD Probability of default
FDM Financial Difficulty Modification PPP Paycheck Protection Program
FHLB Federal Home Loan Bank RAC PNC’s Reserve Adequacy Committee
FHLMC Federal Home Loan Mortgage Corporation ROAP Removal of account provisions
FICO Fair Isaac Corporation (credit score) SCB Stress capital buffer
FNMA Federal National Mortgage Association SEC Securities and Exchange Commission
FOMC Federal Open Market Committee SOFR Secured Overnight Financing Rate
GAAP Accounting principles generally accepted in the United States of America SPE Special purpose entity
GDP Gross Domestic Product TDR Troubled debt restructuring
GNMA Government National Mortgage Association U.S. United States of America
GSIB Globally systemically important bank VaR Value-at-risk
HPI Home price index VIE Variable interest entity
ISDA International Swaps and Derivatives Association
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
See the information set forth in Note 13 Legal Proceedings, which is incorporated by reference in response to this item.




The PNC Financial Services Group, Inc. – Form 10-Q 107

ITEM 1A. RISK FACTORS
There are no material changes from any of the risk factors previously disclosed in our first quarter 2023 Form 10-Q and 2022 Form 10-K in response to Part II, Item 1A and Part I, Item 1A, respectively.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Unregistered Sales of Equity Securities
None.

Equity Security Repurchases
Details of our repurchases of PNC common stock during the second quarter of 2023 are included in the following table.
2023 period
In thousands, except per share data 		Total shares purchased (a) Average price paid per share Total shares purchased as part of publicly announced programs (b) Maximum number of shares that may yet be purchased under the programs (b)
April 1 - 30 95 $ 125.31 79 46,524
May 1 - 31 188 $ 117.13 188 46,336
June 1 - 30 836 $ 125.64 836 45,500
Total 1,119 $ 124.18 1,103
(a) Includes PNC common stock purchased in connection with our various employee benefit plans generally related to forfeitures of unvested restricted stock awards and shares used to cover employee payroll tax withholding requirements. See Note 17 Employee Benefit Plans and Note 18 Stock Based Compensation Plans in our 2022 Form 10-K, which include additional information regarding our employee benefit and equity compensation plans that use PNC common stock.
(b) Consistent with the SCB framework, which allows for capital returns in amounts in excess of the SCB minimum levels (the regulatory minimum (4.5%) plus our SCB), 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 June 30, 2023. PNC's SCB through September 30, 2023 is 2.9%. Based on the results of the Federal Reserve's 2023 annual stress test, PNC's SCB for the four-quarter period beginning October 1, 2023 will improve to the regulatory minimum of 2.5%.

ITEM 5. OTHER INFORMATION
Director or Executive Officer Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements
During the three months ended June 30, 2023, none of PNC’s directors or executive officers adopted , terminated , or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.
108 The PNC Financial Services Group, Inc. – Form 10-Q


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

E XHIBIT I NDEX
10.33
10.34
10.35
10.36
22
31.1
31.2
32.1
32.2
101.INS Inline XBRL Instance Document*
101.SCH Inline XBRL Taxonomy Extension Schema Document
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
*The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL.

You can obtain copies of these Exhibits electronically at the SEC’s website at www.sec.gov. The Exhibits are also available as part of this Form 10-Q on PNC’s corporate website at www.pnc.com/secfilings. Shareholders and bondholders may also obtain copies of Exhibits, without charge, by contacting Investor Relations at 800-843-2206 or via e-mail at investor.relations@pnc.com.
CORPORATE INFORMATION
The PNC Financial Services Group, Inc.
Internet Information

The PNC Financial Services Group, Inc.’s financial reports and information about its products and services are available on the internet at www.pnc.com. We provide information for investors on our corporate website under “About Us – Investor Relations.” We use our Twitter account, @pncnews, as an additional way of disseminating to the public information that may be relevant to investors.
We generally post the following under “About Us – Investor Relations” shortly before or promptly following its first use or release: financially-related press releases, including earnings releases and supplemental financial information, various SEC filings, including annual, quarterly and current reports and proxy statements, presentation materials associated with earnings and other investor conference calls or events, and access to live and recorded audio from earnings and other investor conference calls or events. In some cases, we may post the presentation materials for other investor conference calls or events several days prior to the call or event. For earnings and other conference calls or events, we generally include in our posted materials a cautionary statement regarding forward-looking and non-GAAP financial information, and we provide GAAP reconciliations when we include non-GAAP financial information. Such GAAP reconciliations may be in materials for the applicable presentation, in materials for prior presentations or in our annual, quarterly or current reports.
When warranted, we will also use our website to expedite public access to time-critical information regarding PNC instead of using a press release or a filing with the SEC for first disclosure of the information. In some circumstances, the information may be relevant to investors but directed at customers, in which case it may be accessed directly through the home page rather than “About Us – Investor Relations.”
The PNC Financial Services Group, Inc. – Form 10-Q 109

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


described in the Capital Management portion of the Risk Management section of the Financial Review of this Report and in the Supervision and Regulation section in Item 1 of our 2022 Form 10-K.
Dividend Reinvestment and Stock Purchase Plan
The PNC Financial Services Group, Inc. Dividend Reinvestment and Stock Purchase Plan enables holders of our common stock to conveniently purchase additional shares of common stock. Obtain a prospectus and enroll at www.computershare.com/pnc or contact Computershare at 800-982-7652. Registered shareholders may also contact this phone number regarding dividends and other shareholder services.
Stock Transfer Agent and Registrar
Computershare
150 Royall Steet, Suite 101
Canton, MA 02021
800-982-7652
Hearing impaired: 800-952-9245
www.computershare.com/pnc
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on August 2, 2023 on its behalf by the undersigned thereunto duly authorized.
/s/ Robert Q. Reilly
Robert Q. Reilly
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

The PNC Financial Services Group, Inc. – Form 10-Q 111
TABLE OF CONTENTS
Note 3 Loans and Related Allowance For Credit LossesprintNote 2 Investment Securities and Note 3 Loans and Related Allowance For Credit Losses in This ReportprintNote 1 Accounting PoliciesprintNote 3 Loans and Related Allowance For Credit Losses in This Report, andprintNote 4 Loans and Related Allowance For Credit Losses in Our 2022 Form 10-kprintNote 2 Investment SecuritiesprintNote 4 Loan Sale and Servicing Activities and Variable Interest EntitiesprintNote 5 Goodwill and Mortgage Servicing RightsprintNote 6 LeasesprintNote 7 Borrowed FundsprintNote 8 CommitmentsprintNote 9 Total Equity and Other Comprehensive IncomeprintNote 10 Earnings Per ShareprintNote 11 Fair ValueprintNote 12 Financial DerivativesprintNote 13 Legal ProceedingsprintNote 14 Segment ReportingprintNote 15 Fee-based Revenue From Contracts with CustomersprintNote 16 Regulatory MattersprintPart II Other InformationprintItem 1. Legal ProceedingsprintItem 1A. Risk FactorsprintItem 2. Unregistered Sales Of Equity Securities and Use Of ProceedsprintItem 5. Other InformationprintItem 6. Exhibitsprint

Exhibits

10.33 2023 Form of Performance Share Units Award Agreement 10.34 2023 Form of Restricted Share Units Award Agreement 10.35 2023 Form of Restricted Share Units Award Agreement Senior Leader Program 10.36 2023 Form of Five-Year Restricted Share Units Award Agreement 22 Subsidiary Issuers of Guaranteed Securities 31.1 Certification of Chief Executive Officer pursuant to Section302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of Chief Financial Officer pursuant to Section302 of the Sarbanes-Oxley Act of 2002 32.1 Certification by Chief Executive Officer pursuant to 18 U.S.C. Section1350 32.2 Certification by Chief Financial Officer pursuant to 18 U.S.C. Section1350