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Midas Edge

PNC FINANCIAL SERVICES GROUP INC

For the period ended Mar 31, 2024. Filed May 2, 2024.

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About this filing

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

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

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Contents

Fair Value Measurements – Recurring Basis Summary

Assets and Liabilities Measured at Fair Value on a Recurring Basis

For more information on the valuation methodologies used to measure assets and liabilities at fair value on a recurring basis, see Note 14 Fair Value in our 2023 Form 10-K. 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 64: Fair Value Measurements – Recurring Basis Summary

March 31, 2024 · December 31, 2023
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$422$98$520$371$103$474
Commercial mortgage loans held for sale1901120122711238
Securities available for sale
U.S. Treasury and government agencies$6,9629187,880$6,2926596,951
Residential mortgage-backed
Agency26,84226,84227,88027,880
Non-agency668668696696
Commercial mortgage-backed
Agency1,6391,6391,5461,546
Non-agency731103834766103869
Asset-backed1,7271001,8271,0141021,116
Other2,537532,5902,672552,727
Total securities available for sale6,96234,39492442,2806,29234,53795641,785
Loans5047131,2175127261,238
Equity investments (a)5112,0302,7395741,9522,717
Residential mortgage servicing rights2,6872,6872,6542,654
Commercial mortgage servicing rights1,0751,0751,0321,032
Trading securities (b)4681,9982,4663772,4222,799
Financial derivatives (b) (c)123,31193,332293,39463,429
Other assets4251008533403858496
Total assets (d)$8,378$40,919$7,555$57,050$7,675$41,548$7,448$56,862
Liabilities
Other borrowed funds$861$109$9$979$724$84$9$817
Financial derivatives (c) (e)96,2431136,365115,7361525,899
Other liabilities189189237237
Total liabilities (f)$870$6,352$311$7,533$735$5,820$398$6,953

(a)Certain investments that are measured at fair value using the net asset value 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 March 31, 2024 and December 31, 2023 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 12 Financial Derivatives for additional information related to derivative offsetting.

(d)Total assets at fair value as a percentage of total consolidated assets was 10% at both March 31, 2024 and December 31, 2023. Level 3 assets as a percentage of total assets at fair value was 13% at both March 31, 2024 and December 31, 2023. Level 3 assets as a percentage of total consolidated assets was 1% at both March 31, 2024 and December 31, 2023.

(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% at both March 31, 2024 and December 31, 2023. Level 3 liabilities as a percentage of total liabilities at fair value was 4% and 6% at March 31, 2024 and December 31, 2023, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both March 31, 2024 and December 31, 2023.

The PNC Financial Services Group, Inc. –Form 10-Q 69

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