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 – Recurring Basis Summary
Assets and Liabilities Measured at Fair Value on a Recurring Basis
For more information on the valuation methodologies used to measure assets and liabilities at fair value on a recurring basis, see Note 14 Fair Value in our 2023 Form 10-K. The following table summarizes our assets and liabilities measured at fair value on a recurring basis, including instruments for which we have elected the fair value option.
Table 66: Fair Value Measurements – Recurring Basis Summary
| September 30, 2024 · December 31, 2023 | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions · Level 1 · Level 2 · Level 3 · TotalFair Value · Level 1 · Level 2 · Level 3 · TotalFair Value | ||||||||||||||||||||
| Assets | ||||||||||||||||||||
| Residential mortgage loans held for sale | $588 | $70 | $658 | $371 | $103 | $474 | ||||||||||||||
| Commercial mortgage loans held for sale | 73 | 4 | 77 | 227 | 11 | 238 | ||||||||||||||
| Securities available for sale | ||||||||||||||||||||
| U.S. Treasury and government agencies | $21,584 | 1,055 | 22,639 | $6,292 | 659 | 6,951 | ||||||||||||||
| Residential mortgage-backed | ||||||||||||||||||||
| Agency | 29,661 | 29,661 | 27,880 | 27,880 | ||||||||||||||||
| Non-agency | 628 | 628 | 696 | 696 | ||||||||||||||||
| Commercial mortgage-backed | ||||||||||||||||||||
| Agency | 1,892 | 1,892 | 1,546 | 1,546 | ||||||||||||||||
| Non-agency | 631 | 103 | 734 | 766 | 103 | 869 | ||||||||||||||
| Asset-backed | 2,193 | 96 | 2,289 | 1,014 | 102 | 1,116 | ||||||||||||||
| Other | 2,441 | 54 | 2,495 | 2,672 | 55 | 2,727 | ||||||||||||||
| Total securities available for sale | 21,584 | 37,873 | 881 | 60,338 | 6,292 | 34,537 | 956 | 41,785 | ||||||||||||
| Loans | 489 | 684 | 1,173 | 512 | 726 | 1,238 | ||||||||||||||
| Equity investments (a) | 976 | 2,063 | 3,242 | 574 | 1,952 | 2,717 | ||||||||||||||
| Residential mortgage servicing rights | 2,528 | 2,528 | 2,654 | 2,654 | ||||||||||||||||
| Commercial mortgage servicing rights | 975 | 975 | 1,032 | 1,032 | ||||||||||||||||
| Trading securities (b) | 1,000 | 1,967 | 2,967 | 377 | 2,422 | 2,799 | ||||||||||||||
| Financial derivatives (b) (c) | 21 | 3,275 | 12 | 3,308 | 29 | 3,394 | 6 | 3,429 | ||||||||||||
| Other assets | 453 | 114 | 8 | 575 | 403 | 85 | 8 | 496 | ||||||||||||
| Total assets (d) | $24,034 | $44,379 | $7,225 | $75,841 | $7,675 | $41,548 | $7,448 | $56,862 | ||||||||||||
| Liabilities | ||||||||||||||||||||
| Other borrowed funds | $1,383 | $162 | $8 | $1,553 | $724 | $84 | $9 | $817 | ||||||||||||
| Financial derivatives (c) (e) | 6 | 4,340 | 281 | 4,627 | 11 | 5,736 | 152 | 5,899 | ||||||||||||
| Other liabilities | 176 | 176 | 237 | 237 | ||||||||||||||||
| Total liabilities (f) | $1,389 | $4,502 | $465 | $6,356 | $735 | $5,820 | $398 | $6,953 | ||||||||||||
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(b)Included in Other assets on the Consolidated Balance Sheet.
(c)Amounts at September 30, 2024 and December 31, 2023 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See Note 12 Financial Derivatives for additional information related to derivative offsetting.
(d)Total assets at fair value as a percentage of total consolidated assets was 13% and 10% at September 30, 2024 and December 31, 2023, respectively. Level 3 assets as a percentage of total assets at fair value was 10% and 13% at September 30, 2024 and December 31, 2023, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both September 30, 2024 and December 31, 2023.
(e)Included in Other liabilities on the Consolidated Balance Sheet.
(f)Total liabilities at fair value as a percentage of total consolidated liabilities was 1% at both September 30, 2024 and December 31, 2023. Level 3 liabilities as a percentage of total liabilities at fair value was 7% and 6% at September 30, 2024 and December 31, 2023, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both September 30, 2024 and December 31, 2023.
The PNC Financial Services Group, Inc. –Form 10-Q 77
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