PNC FINANCIAL SERVICES GROUP INC
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
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Sep 30, 2024 · Filed Nov 1, 2024
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Change in Nonperforming Assets
The following table provides details on the change in nonperforming assets for the nine months ended September 30, 2024 and 2023:
Table 22: Change in Nonperforming Assets
| In millions | 2024 | 2023 |
|---|---|---|
| January 1 | $2,216 | $2,019 |
| New nonperforming assets | 1,848 | 1,503 |
| Charge-offs and valuation adjustments | (511) | (348) |
| Principal activity, including paydowns and payoffs | (711) | (581) |
| Asset sales and transfers to loans held for sale | (38) | (65) |
| Returned to performing status | (195) | (370) |
| September 30 | $2,609 | $2,158 |
As of September 30, 2024, approximately 97% of total nonperforming loans were secured by collateral.
Loan Delinquencies
We regularly monitor the level of loan delinquencies and believe these levels are a key indicator of credit quality in our loan portfolio. Measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due are considered delinquent. Loan delinquencies include government insured or guaranteed loans, loans accounted for under the fair value option and PCD loans. Amounts exclude loans held for sale.
We manage credit risk based on the risk profile of the borrower, repayment sources, underlying collateral, and other support given current events, economic conditions and expectations. We refine our practices to address operating environment changes such as inflation levels, industry specific risks, interest rate levels, the level of consumer savings and deposit balances, and structural and secular changes such as those arising from the pandemic. To mitigate losses and enhance customer support, we offer loan modifications and collection programs to assist our customers.
The PNC Financial Services Group, Inc. –Form 10-Q 27
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