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
Contents
Summarized Balance Sheet Data
Table 7: Summarized Balance Sheet Data
| December 31 · December 31 · Change | ||||
|---|---|---|---|---|
| Dollars in millions | 2023 | 2022 | $ | % |
| Assets | ||||
| Interest-earning deposits with banks | $43,804 | $27,320 | $16,484 | 60% |
| Loans held for sale | 734 | 1,010 | (276) | (27)% |
| Investment securities | 132,569 | 139,334 | (6,765) | (5)% |
| Loans | 321,508 | 326,025 | (4,517) | (1)% |
| Allowance for loan and lease losses | (4,791) | (4,741) | (50) | (1)% |
| Mortgage servicing rights | 3,686 | 3,423 | 263 | 8% |
| Goodwill | 10,932 | 10,987 | (55) | (1)% |
| Other | 53,138 | 53,905 | (767) | (1)% |
| Total assets | $561,580 | $557,263 | $4,317 | 1% |
| Liabilities | ||||
| Deposits | $421,418 | $436,282 | $(14,864) | (3)% |
| Borrowed funds | 72,737 | 58,713 | 14,024 | 24% |
| Allowance for unfunded lending related commitments | 663 | 694 | (31) | (4)% |
| Other | 15,621 | 15,762 | (141) | (1)% |
| Total liabilities | 510,439 | 511,451 | (1,012) | — |
| Equity | ||||
| Total shareholders’ equity | 51,105 | 45,774 | 5,331 | 12% |
| Noncontrolling interests | 36 | 38 | (2) | (5)% |
| Total equity | 51,141 | 45,812 | 5,329 | 12% |
| Total liabilities and equity | $561,580 | $557,263 | $4,317 | 1% |
Our balance sheet was strong and well-positioned at December 31, 2023. In comparison to December 31, 2022:
Total assets increased modestly due to higher balances held with the Federal Reserve Bank, partially offset by lower securities and loan balances.
Total liabilities were largely stable and included lower deposits, mostly offset by higher borrowed funds.
Total equity increased due to the benefit of net income, an improvement in AOCI and net preferred stock issuances, partially offset by dividends paid and common share repurchases.
The ACL related to loans totaled $5.5 billion at December 31, 2023, and was relatively stable in comparison to reserves at December 31, 2022. The slight increase in reserves was primarily driven by portfolio activity, including changes in credit quality related to the commercial real estate portfolio, partially offset by an updated economic outlook. See the following for additional information regarding our ACL related to loans:
Allowance for Credit Losses in the Credit Risk Management section of this Item 7,
Critical Accounting Estimates and Judgments section of this Item 7, and
Note 1 Accounting Policies 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 of this Item 7 and in Note 19 Regulatory Matters.
The PNC Financial Services Group, Inc. –2023 Form 10-K 45
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