PNC FINANCIAL SERVICES GROUP INC
For the period ended Jun 30, 2024. Filed Aug 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.
Jun 30, 2024 · Filed Aug 2, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statement of Cash Flows
| UnauditedIn millions | Six months ended June 30 | |
|---|---|---|
| 2024 | 2023 | |
| Operating Activities | ||
| Net income | $2,821 | $3,194 |
| Adjustments to reconcile net income to net cash provided (used) by operating activities | ||
| Provision for credit losses | 390 | 381 |
| Depreciation, amortization and accretion | 74 | 125 |
| Deferred income taxes (benefit) | (21) | (75) |
| Net losses on sales of securities | 499 | 2 |
| Changes in fair value of mortgage servicing rights | 23 | 136 |
| Gain on Visa shares exchange program | (754) | |
| Net change in | ||
| Trading securities and other short-term investments | 416 | (601) |
| Loans held for sale and related securitization activity | (238) | 522 |
| Other assets | (142) | 1,410 |
| Accrued expenses and other liabilities | (934) | (494) |
| Other operating activities, net | 659 | 532 |
| Net cash provided (used) by operating activities | $2,793 | $5,132 |
| Investing Activities | ||
| Sales | ||
| Securities available for sale | $3,745 | $(70) |
| Loans | 237 | 605 |
| Repayments/maturities | ||
| Securities available for sale | 2,747 | 4,038 |
| Securities held to maturity | 4,714 | 3,076 |
| Purchases | ||
| Securities available for sale | (16,246) | (1,272) |
| Securities held to maturity | (933) | (1,513) |
| Loans | (865) | (416) |
| Net change in | ||
| Federal funds sold and resale agreements | 167 | 229 |
| Loans | 206 | 3,305 |
| Other investing activities, net | (357) | (445) |
| Net cash provided (used) by investing activities | $(6,585) | $7,537 |
44 The PNC Financial Services Group, Inc. –Form 10-Q
CONSOLIDATED STATEMENT OF CASH FLOWS
| (Continued from previous page) | |||
|---|---|---|---|
| UnauditedIn millions | Six months ended June 30 | ||
| 2024 | 2023 | ||
| Financing Activities | |||
| Net change in | |||
| Noninterest-bearing deposits | $(6,755) | $(13,982) | |
| Interest-bearing deposits | 1,716 | 5,166 | |
| Federal funds purchased and repurchase agreements | (178) | 94 | |
| Other borrowed funds | (129) | (35) | |
| Sales/issuances | |||
| Federal Home Loan Bank borrowings | 2,000 | ||
| Senior debt | 4,236 | 6,235 | |
| Other borrowed funds | 338 | 486 | |
| Preferred stock | 1,484 | ||
| Common and treasury stock | 33 | 36 | |
| Repayments/maturities | |||
| Federal Home Loan Bank borrowings | (3,000) | (75) | |
| Senior debt | (1,050) | (750) | |
| Subordinated debt | (750) | (750) | |
| Other borrowed funds | (354) | (495) | |
| Acquisition of treasury stock | (336) | (588) | |
| Preferred stock cash dividends paid | (176) | (195) | |
| Common stock cash dividends paid | (1,247) | (1,213) | |
| Net cash provided (used) by financing activities | $(7,652) | $(2,582) | |
| Net Increase (Decrease) In Cash, Cash Equivalents And Restricted Cash (a) | $(11,444) | $10,087 | |
| Cash, cash equivalents and restricted cash at beginning of period | 50,725 | 34,363 | |
| Cash, cash equivalents and restricted cash at end of period | $39,281 | $44,450 | |
| Cash, Cash Equivalents And Restricted Cash | |||
| Cash and cash equivalents at end of period (unrestricted cash) | $38,407 | $43,863 | |
| Restricted cash | 874 | 587 | |
| Cash, cash equivalents and restricted cash at end of period | $39,281 | $44,450 | |
| Supplemental Disclosures | |||
| Interest paid | $6,314 | $2,586 | |
| Income taxes paid | $288 | $719 | |
| Income taxes refunded | $44 | $824 | |
| Leased assets obtained in exchange for new operating lease liabilities | $129 | $113 | |
| Non-cash Investing And Financing Items | |||
| Transfer from loans to loans held for sale, net | $58 | $712 | |
| Transfer from loans to foreclosed assets | $24 | $32 | |
(a)In the second quarter of 2024, we updated our policy for cash and cash equivalents to include interest-earning deposits with banks. See Note 1 Accounting Policies for additional information regarding this change to our cash and cash equivalents policy.
The PNC Financial Services Group, Inc. –Form 10-Q 45
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