PNC FINANCIAL SERVICES GROUP INC
For the period ended Sep 30, 2024. Filed Nov 1, 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.
Sep 30, 2024 · Filed Nov 1, 2024
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Fair Value Measurements – Nonrecurring
Assets measured at fair value on a nonrecurring basis follow:
Table 69: Fair Value Measurements – Nonrecurring (a) (b) (c)
| Fair Value · Gains (Losses)Three months ended · Gains (Losses)Nine months ended | ||||||
|---|---|---|---|---|---|---|
| In millions | September 302024 | December 312023 | September 302024 | September 302023 | September 302024 | September 302023 |
| Assets | ||||||
| Nonaccrual loans | $795 | $578 | $(180) | $(84) | $(333) | $(260) |
| Equity investments | 47 | 203 | 1 | (15) | (1) | (19) |
| OREO and foreclosed assets | 7 | 12 | (1) | (1) | (1) | |
| Long-lived assets | 9 | 9 | (1) | (3) | (7) | (17) |
| Total assets | $858 | $802 | $(180) | $(103) | $(342) | $(297) |
(a)All Level 3 for the periods presented, except for $30 million included in Equity investments which was categorized as Level 1 as of December 31, 2023.
(b)Valuation techniques applied were fair value of property or collateral.
(c)Unobservable inputs used were appraised value/sales price, broker opinions or projected income/required improvement costs. Additional quantitative information was not meaningful for the periods presented.
Financial Instruments Accounted for under Fair Value Option
We elect the fair value option to account for certain financial instruments. For more information on these financial instruments for which the fair value option election has been made, see Note 14 Fair Value in our 2023 Form 10-K.
Fair values and aggregate unpaid principal balances of items for which we elected the fair value option are as follows:
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