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Midas Edge

PNC FINANCIAL SERVICES GROUP INC

For the period ended Dec 31, 2023. Filed Feb 21, 2024.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 21, 2024

PNC$231.30+2.6%Stored close · as of Nov 9, 2026

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Contents

Noninterest Expense

Table 5: Noninterest Expense

Year ended December 31Change
Dollars in millions20232022$%
Noninterest expense
Personnel$7,428$7,244$1843%
Occupancy982992(10)(1)%
Equipment1,4111,395161%
Marketing350355(5)(1)%
Other3,8413,18465721%
Total noninterest expense$14,012$13,170$8426%

Noninterest expense increased compared to 2022 primarily due to higher other noninterest expense, which included $515 million pertaining to the FDIC special assessment as well as higher personnel costs, which included expenses of $150 million of workforce reduction charges.

We exceeded our 2023 continuous improvement program savings goal of $450 million, which included a $50 million mid-year increase. In 2024, our continuous improvement program goal will be $425 million.

Effective Income Tax Rate

The effective income tax rate was 16.2% for 2023 compared with 18.2% for 2022. The decrease was due to the favorable impact of certain tax matters in 2023.

The effective tax rate is generally lower than the statutory rate primarily due to tax credits we receive from our investments in low- income housing and new markets investments, as well as earnings on other tax exempt investments. Additional information regarding our effective tax rate is included in the Reconciliation of Statutory and Effective Tax Rates table in Note 18 Income Taxes.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.