PNC FINANCIAL SERVICES GROUP INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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Consolidated Balance Sheet
| December 31 | December 31 | |
|---|---|---|
| In millions, except par value | 2023 | 2022 |
| Assets | ||
| Cash and due from banks | $6,921 | $7,043 |
| Interest-earning deposits with banks | 43,804 | 27,320 |
| Loans held for sale (a) | 734 | 1,010 |
| Investment securities – available for sale | 41,785 | 44,159 |
| Investment securities – held to maturity | 90,784 | 95,175 |
| Loans (a) | 321,508 | 326,025 |
| Allowance for loan and lease losses | (4,791) | (4,741) |
| Net loans | 316,717 | 321,284 |
| Equity investments | 8,314 | 8,437 |
| Mortgage servicing rights | 3,686 | 3,423 |
| Goodwill | 10,932 | 10,987 |
| Other (a) | 37,903 | 38,425 |
| Total assets | $561,580 | $557,263 |
| Liabilities | ||
| Deposits | ||
| Noninterest-bearing | $101,285 | $124,486 |
| Interest-bearing | 320,133 | 311,796 |
| Total deposits | 421,418 | 436,282 |
| Borrowed funds | ||
| Federal Home Loan Bank borrowings | 38,000 | 32,075 |
| Senior debt | 26,836 | 16,657 |
| Subordinated debt | 4,875 | 6,307 |
| Other (b) | 3,026 | 3,674 |
| Total borrowed funds | 72,737 | 58,713 |
| Allowance for unfunded lending related commitments | 663 | 694 |
| Accrued expenses and other liabilities (b) | 15,621 | 15,762 |
| Total liabilities | 510,439 | 511,451 |
| Equity | ||
| Preferred stock (c) | ||
| Common stock ($5 par value, Authorized 800,000,000 shares, issued 543,116,271 and 542,874,829 shares) | 2,716 | 2,714 |
| Capital surplus | 19,020 | 18,376 |
| Retained earnings | 56,290 | 53,572 |
| Accumulated other comprehensive income (loss) | (7,712) | (10,172) |
| Common stock held in treasury at cost: 145,087,054 and 142,298,689 shares | (19,209) | (18,716) |
| Total shareholders’ equity | 51,105 | 45,774 |
| Noncontrolling interests | 36 | 38 |
| Total equity | 51,141 | 45,812 |
| Total liabilities and equity | $561,580 | $557,263 |
(a)Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $0.7 billion, Loans of $1.2 billion and Other assets of $0.1 billion at December 31, 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 December 31, 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.
The PNC Financial Services Group, Inc. –2023 Form 10-K 87
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