PNC FINANCIAL SERVICES GROUP INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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Consolidated Balance Sheet
| Unaudited | March 312024 | December 312023 |
|---|---|---|
| In millions, except par value | ||
| Assets | ||
| Cash and due from banks | $5,933 | $6,921 |
| Interest-earning deposits with banks | 53,612 | 43,804 |
| Loans held for sale (a) | 743 | 734 |
| Investment securities – available for sale | 42,280 | 41,785 |
| Investment securities – held to maturity | 88,180 | 90,784 |
| Loans (a) | 319,781 | 321,508 |
| Allowance for loan and lease losses | (4,693) | (4,791) |
| Net loans | 315,088 | 316,717 |
| Equity investments | 8,280 | 8,314 |
| Mortgage servicing rights | 3,762 | 3,686 |
| Goodwill | 10,932 | 10,932 |
| Other (a) | 37,352 | 37,903 |
| Total assets | $566,162 | $561,580 |
| Liabilities | ||
| Deposits | ||
| Noninterest-bearing | $98,061 | $101,285 |
| Interest-bearing | 327,563 | 320,133 |
| Total deposits | 425,624 | 421,418 |
| Borrowed funds | ||
| Federal Home Loan Bank borrowings | 37,000 | 38,000 |
| Senior debt | 27,907 | 26,836 |
| Subordinated debt | 4,827 | 4,875 |
| Other (b) | 2,973 | 3,026 |
| Total borrowed funds | 72,707 | 72,737 |
| Allowance for unfunded lending related commitments | 672 | 663 |
| Accrued expenses and other liabilities (b) | 15,785 | 15,621 |
| Total liabilities | 514,788 | 510,439 |
| Equity | ||
| Preferred stock (c) | ||
| Common stock ($5 par value, Authorized 800,000,000 shares, issued 543,116,260 and 543,116,271 shares) | 2,716 | 2,716 |
| Capital surplus | 19,032 | 19,020 |
| Retained earnings | 56,913 | 56,290 |
| Accumulated other comprehensive income (loss) | (8,042) | (7,712) |
| Common stock held in treasury at cost: 145,068,954 and 145,087,054 shares | (19,279) | (19,209) |
| Total shareholders’ equity | 51,340 | 51,105 |
| Noncontrolling interests | 34 | 36 |
| Total equity | 51,374 | 51,141 |
| Total liabilities and equity | $566,162 | $561,580 |
(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 held for investment of $1.2 billion and Other assets of $0.1 billion at March 31, 2024. Comparable amounts at December 31, 2023 were $0.7 billion, $1.2 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 March 31, 2024. Comparable amounts at December 31, 2023 were less than $0.1 billion and $0.1 billion, respectively.
(c)Par value less than $0.5 million at each date.
42 The PNC Financial Services Group, Inc. –Form 10-Q
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