PNC FINANCIAL SERVICES GROUP INC
For the period ended Jun 30, 2024. Filed Aug 2, 2024.
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Jun 30, 2024 · Filed Aug 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 June 30, 2024, and the carrying values as of June 30, 2024 and December 31, 2023.
Table 59: FHLB Borrowings, Senior Debt and Subordinated Debt
| Stated Rate · Maturity · Carrying Value | ||||
|---|---|---|---|---|
| Dollars in millions | June 30, 2024 | June 30, 2024 | June 30, 2024 | December 31, 2023 |
| Parent Company | ||||
| Senior debt | 1.15% - 6.88% | 2024-2035 | $24,979 | $22,221 |
| Subordinated debt | 4.63% | 2033 | 778 | 1,544 |
| Junior subordinated debt | 6.18% | 2028 | 206 | 206 |
| Total Parent Company | 25,963 | 23,971 | ||
| Bank | ||||
| Federal Home Loan Bank borrowings (a) | 5.53% - 5.93% | 2024-2026 | 35,000 | 38,000 |
| Senior debt | 2.50% - 6.07% | 2024-2043 | 4,622 | 4,615 |
| Subordinated debt | 2.70% - 5.90% | 2025-2029 | 3,094 | 3,125 |
| Total Bank | 42,716 | 45,740 | ||
| Total | $68,679 | $69,711 | ||
(a)FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities.
In Table 59, the carrying values for parent company senior and subordinated debt include basis adjustments of $(766) million and $(68) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(151) million and $(187) million, respectively, related to fair value accounting hedges as of June 30, 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.
The PNC Financial Services Group, Inc. –Form 10-Q 69
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 June 30, 2024 and December 31, 2023, respectively.
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