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
PNC$231.300.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statement of Cash Flows
| In millions | 2023 | 2022 | 2021 |
|---|---|---|---|
| Operating Activities | |||
| Net income | $5,647 | $6,113 | $5,725 |
| Adjustments to reconcile net income to net cash provided (used) by operating activities | |||
| Provision for (recapture of) credit losses | 742 | 477 | (779) |
| Depreciation, amortization and accretion | 217 | 651 | 1,773 |
| Deferred income taxes (benefit) | (252) | 351 | 178 |
| Changes in fair value of mortgage servicing rights | 298 | (543) | 85 |
| Net change in | |||
| Trading securities and other short-term investments | (767) | 433 | 671 |
| Loans held for sale and related securitization activity | 210 | 1,041 | (480) |
| Other assets | 2,312 | (877) | (454) |
| Accrued expenses and other liabilities | 507 | 599 | 753 |
| Other operating activities, net | 1,197 | 838 | (258) |
| Net cash provided (used) by operating activities | $10,111 | $9,083 | $7,214 |
| Investing Activities | |||
| Sales | |||
| Securities available for sale | $36 | $4,137 | $26,329 |
| Loans | 979 | 5,643 | 1,843 |
| Repayments/maturities | |||
| Securities available for sale | 6,916 | 13,324 | 30,691 |
| Securities held to maturity | 7,003 | 5,115 | 131 |
| Purchases | |||
| Securities available for sale | (3,805) | (25,582) | (85,496) |
| Securities held to maturity | (1,857) | (15,423) | (87) |
| Loans | (10,195) | (2,074) | (1,891) |
| Net change in | |||
| Federal funds sold and resale agreements | 573 | (718) | (24) |
| Interest-earning deposits with banks | (16,519) | 46,930 | 24,236 |
| Loans | 12,440 | (41,735) | 15,616 |
| Net cash paid for acquisition (a) | (10,511) | ||
| Purchases of bank owned life insurance | (50) | (950) | |
| Other investing activities, net | (1,950) | (2,995) | (2,682) |
| Net cash provided (used) by investing activities | $(6,379) | $(13,428) | $(2,795) |
The PNC Financial Services Group, Inc. –2023 Form 10-K 89
| (Continued from previous page) | Year ended December 31 | |||
|---|---|---|---|---|
| In millions · 2023 · 2022 · 2021 | ||||
| Financing Activities | ||||
| Net change in | ||||
| Noninterest-bearing deposits | $(23,189) | $(30,662) | $6,697 | |
| Interest-bearing deposits | 8,337 | 9,693 | (320) | |
| Federal funds purchased and repurchase agreements | 359 | (2) | (46) | |
| Other borrowed funds | (549) | 636 | 44 | |
| Sales/issuances | ||||
| Federal Home Loan Bank borrowings | 6,000 | 32,075 | ||
| Senior debt | 10,464 | 3,688 | 1,692 | |
| Subordinated debt | 847 | |||
| Other borrowed funds | 824 | 796 | 822 | |
| Preferred stock | 1,484 | 2,225 | 1,484 | |
| Common and treasury stock | 72 | 68 | 66 | |
| Repayments/maturities | ||||
| Federal Home Loan Bank borrowings | (75) | (3,680) | ||
| Senior debt | (750) | (6,250) | (6,000) | |
| Subordinated debt | (1,500) | (1,000) | ||
| Other borrowed funds | (802) | (807) | (823) | |
| Preferred stock redemption | (1,000) | (1,500) | ||
| Acquisition of treasury stock | (651) | (3,731) | (1,079) | |
| Preferred stock cash dividends paid | (417) | (301) | (233) | |
| Common stock cash dividends paid | (2,461) | (2,391) | (2,056) | |
| Net cash provided (used) by financing activities | $(3,854) | $3,384 | $(3,432) | |
| Net Increase (Decrease) In Cash And Due From Banks And Restricted Cash | $(122) | $(961) | $987 | |
| Cash and due from banks and restricted cash at beginning of period | 7,043 | 8,004 | 7,017 | |
| Cash and due from banks and restricted cash at end of period | $6,921 | $7,043 | $8,004 | |
| Cash And Due From Banks And Restricted Cash | ||||
| Cash and due from banks at end of period (unrestricted cash) | $5,936 | $6,446 | $7,431 | |
| Restricted cash | 985 | 597 | 573 | |
| Cash and due from banks and restricted cash at end of period | $6,921 | $7,043 | $8,004 | |
| Supplemental Disclosures | ||||
| Interest paid | $9,451 | $2,172 | $582 | |
| Income taxes paid | $997 | $197 | $675 | |
| Income taxes refunded | $832 | $26 | $73 | |
| Leased assets obtained in exchange for new operating lease liabilities | $237 | $326 | $337 | |
| Non-cash Investing And Financing Items | ||||
| Transfer from securities available for sale to securities held to maturity | $88,605 | |||
| Transfer from loans to loans held for sale, net | $380 | $435 | $869 | |
| Transfer from loans to foreclosed assets | $56 | $58 | $27 | |
| Adjustment to assets and liabilities related to partially financed investment exits | $834 | |||
(a)During the year ended December 31, 2021, cash paid to acquire BBVA was $11,480 million. The amount of $10,511 million represents the cash paid for the acquisition less $969 million in cash acquired.
See accompanying Notes To Consolidated Financial Statements.
90 The PNC Financial Services Group, Inc. –2023 Form 10-K
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