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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FHLB Borrowings, Senior Debt and Subordinated Debt
The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of March 31, 2024, and the carrying values as of March 31, 2024 and December 31, 2023.
Table 57: FHLB Borrowings, Senior Debt and Subordinated Debt
| Stated Rate · Maturity · Carrying Value | ||||
|---|---|---|---|---|
| Dollars in millions | March 31, 2024 | March 31, 2024 | March 31, 2024 | December 31, 2023 |
| Parent Company | ||||
| Senior debt | 1.15% - 6.88% | 2024-2035 | $23,303 | $22,221 |
| Subordinated debt | 3.90% - 4.63% | 2024-2033 | 1,530 | 1,544 |
| Junior subordinated debt | 6.17% | 2028 | 206 | 206 |
| Total Parent Company | 25,039 | 23,971 | ||
| Bank | ||||
| Federal Home Loan Bank borrowings (a) | 5.52% - 5.92% | 2024-2026 | 37,000 | 38,000 |
| Senior debt | 2.50% - 6.07% | 2024-2043 | 4,604 | 4,615 |
| Subordinated debt | 2.70% - 5.90% | 2025-2029 | 3,091 | 3,125 |
| Total Bank | 44,695 | 45,740 | ||
| Total | $69,734 | $69,711 | ||
(a)FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities.
In Table 57, the carrying values for parent company senior and subordinated debt include basis adjustments of $(724) million and $(66) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(173) million and $(195) million, respectively, related to fair value accounting hedges as of March 31, 2024.
Certain borrowings are reported at fair value. Refer to Note 11 Fair Value for more information on those borrowings.
For further information regarding junior subordinated debentures, refer to Note 9 Borrowed Funds in our 2023 Form 10-K.
NOTE 8 COMMITMENTS
In the normal course of business, we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. The following table presents our outstanding commitments to extend credit along with other commitments as of March 31, 2024 and December 31, 2023, respectively.
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