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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Fair Value Measurements – Recurring Basis Summary
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 78: Fair Value Measurements – Recurring Basis Summary
| December 31, 2023 · December 31, 2022 | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions · Level 1 · Level 2 · Level 3 · TotalFair Value · Level 1 · Level 2 · Level 3 · TotalFair Value | ||||||||||||||||||||
| Assets | ||||||||||||||||||||
| Residential mortgage loans held for sale | $371 | $103 | $474 | $411 | $243 | $654 | ||||||||||||||
| Commercial mortgage loans held for sale | 227 | 11 | 238 | 243 | 33 | 276 | ||||||||||||||
| Securities available for sale | ||||||||||||||||||||
| U.S. Treasury and government agencies | $6,292 | 659 | 6,951 | $8,108 | 262 | 8,370 | ||||||||||||||
| Residential mortgage-backed | ||||||||||||||||||||
| Agency | 27,880 | 27,880 | 28,823 | 28,823 | ||||||||||||||||
| Non-agency | 696 | 696 | 819 | 819 | ||||||||||||||||
| Commercial mortgage-backed | ||||||||||||||||||||
| Agency | 1,546 | 1,546 | 1,675 | 1,675 | ||||||||||||||||
| Non-agency | 766 | 103 | 869 | 1,253 | 3 | 1,256 | ||||||||||||||
| Asset-backed | 1,014 | 102 | 1,116 | 5 | 124 | 129 | ||||||||||||||
| Other | 2,672 | 55 | 2,727 | 3,032 | 55 | 3,087 | ||||||||||||||
| Total securities available for sale | 6,292 | 34,537 | 956 | 41,785 | 8,108 | 35,050 | 1,001 | 44,159 | ||||||||||||
| Loans | 512 | 726 | 1,238 | 541 | 769 | 1,310 | ||||||||||||||
| Equity investments (a) | 574 | 1,952 | 2,717 | 1,173 | 1,778 | 3,147 | ||||||||||||||
| Residential mortgage servicing rights | 2,654 | 2,654 | 2,310 | 2,310 | ||||||||||||||||
| Commercial mortgage servicing rights | 1,032 | 1,032 | 1,113 | 1,113 | ||||||||||||||||
| Trading securities (b) | 377 | 2,422 | 2,799 | 798 | 1,168 | 1,966 | ||||||||||||||
| Financial derivatives (b) (c) | 29 | 3,394 | 6 | 3,429 | 16 | 3,747 | 5 | 3,768 | ||||||||||||
| Other assets | 403 | 85 | 8 | 496 | 352 | 80 | 432 | |||||||||||||
| Total assets (d) | $7,675 | $41,548 | $7,448 | $56,862 | $10,447 | $41,240 | $7,252 | $59,135 | ||||||||||||
| Liabilities | ||||||||||||||||||||
| Other borrowed funds | $724 | $84 | $9 | $817 | $1,230 | $232 | $4 | $1,466 | ||||||||||||
| Financial derivatives (c) (e) | 11 | 5,736 | 152 | 5,899 | 4 | 7,491 | 123 | 7,618 | ||||||||||||
| Other liabilities | 237 | 237 | 294 | 294 | ||||||||||||||||
| Total liabilities (f) | $735 | $5,820 | $398 | $6,953 | $1,234 | $7,723 | $421 | $9,378 | ||||||||||||
(a)Certain investments that are measured at fair value using the NAV 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 December 31, 2023 and 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 15 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% at December 31, 2023 and 2022, respectively. Level 3 assets as a percentage of total assets at fair value was 13% and 12% as of December 31, 2023 and 2022, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both December 31, 2023 and 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 1% and 2% at December 31, 2023 and 2022, respectively. Level 3 liabilities as a percentage of total liabilities at fair value was 6% and 4% as of December 31, 2023 and 2022, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both December 31, 2023 and 2022.
The PNC Financial Services Group, Inc. –2023 Form 10-K 143
Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for 2023 and 2022 are as follows:
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