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
Contents
Summarized Balance Sheet Data
Table 7: Summarized Balance Sheet Data
| March 31 · December 31 · Change | ||||
|---|---|---|---|---|
| Dollars in millions | 2024 | 2023 | $ | % |
| Assets | ||||
| Interest-earning deposits with banks | $53,612 | $43,804 | $9,808 | 22% |
| Loans held for sale | 743 | 734 | 9 | 1% |
| Investment securities | 130,460 | 132,569 | (2,109) | (2)% |
| Loans | 319,781 | 321,508 | (1,727) | (1)% |
| Allowance for loan and lease losses | (4,693) | (4,791) | 98 | 2% |
| Mortgage servicing rights | 3,762 | 3,686 | 76 | 2% |
| Goodwill | 10,932 | 10,932 | — | |
| Other | 51,565 | 53,138 | (1,573) | (3)% |
| Total assets | $566,162 | $561,580 | $4,582 | 1% |
| Liabilities | ||||
| Deposits | $425,624 | $421,418 | $4,206 | 1% |
| Borrowed funds | 72,707 | 72,737 | (30) | — |
| Allowance for unfunded lending related commitments | 672 | 663 | 9 | 1% |
| Other | 15,785 | 15,621 | 164 | 1% |
| Total liabilities | 514,788 | 510,439 | 4,349 | 1% |
| Equity | ||||
| Total shareholders’ equity | 51,340 | 51,105 | 235 | — |
| Noncontrolling interests | 34 | 36 | (2) | (6)% |
| Total equity | 51,374 | 51,141 | 233 | — |
| Total liabilities and equity | $566,162 | $561,580 | $4,582 | 1% |
Our balance sheet was strong and well positioned at March 31, 2024. In comparison to December 31, 2023:
Total assets increased modestly due to higher balances held with the Federal Reserve Bank, partially offset by lower securities and loan balances.
Total liabilities increased modestly primarily due to higher deposits.
Total equity increased due to the benefit of net income, partially offset by dividends paid, a decline in AOCI and common share repurchases.
The ACL related to loans totaled $5.4 billion and $5.5 billion at March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024, this reserve was driven by improved macroeconomic factors as well as portfolio activity. See the following for additional information regarding our ACL related to loans:
Allowance for Credit Losses in the Credit Risk Management section of this Financial Review,
Critical Accounting Estimates and Judgments section of this Financial Review, 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 in this Financial Review and in Note 19 Regulatory Matters in our 2023 Form 10-K.
The PNC Financial Services Group, Inc. –Form 10-Q 9
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