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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Loans
Table 8: Loans
| September 30 · December 31 · Change | ||||
|---|---|---|---|---|
| Dollars in millions | 2024 | 2023 | $ | % |
| Commercial | ||||
| Commercial and industrial | $178,891 | $177,580 | $1,311 | 1% |
| Commercial real estate | 35,104 | 35,436 | (332) | (1)% |
| Equipment lease financing | 6,726 | 6,542 | 184 | 3% |
| Total commercial | 220,721 | 219,558 | 1,163 | 1% |
| Consumer | ||||
| Residential real estate | 46,972 | 47,544 | (572) | (1)% |
| Home equity | 25,970 | 26,150 | (180) | (1)% |
| Automobile | 15,135 | 14,860 | 275 | 2% |
| Credit card | 6,827 | 7,180 | (353) | (5)% |
| Education | 1,693 | 1,945 | (252) | (13)% |
| Other consumer | 4,063 | 4,271 | (208) | (5)% |
| Total consumer | 100,660 | 101,950 | (1,290) | (1)% |
| Total loans | $321,381 | $321,508 | $(127) | — |
Commercial loans increased due to new production, largely related to multi family agency warehouse lending.
Consumer loans decreased as growth in automobile loans was more than offset by declines in the remaining portfolios as paydowns outpaced originations as well as lower utilization.
For additional information regarding our loan portfolio see the Credit Risk Management portion of the Risk Management section in this Financial Review and Note 3 Loans and Related Allowance for Credit Losses.
Investment Securities
Investment securities of $144.2 billion at September 30, 2024 increased $11.6 billion, or 9%, compared to December 31, 2023 due to increased net purchase activity, primarily of U.S. Treasury securities, partially offset by portfolio paydowns and maturities.
In the second quarter of 2024, we repositioned the investment securities portfolio and sold available for sale securities with a market value of $3.8 billion and a weighted average yield of approximately 1.5%. The sale of these securities resulted in a loss of $497 million. We deployed the sale proceeds into available-for-sale securities with a market value of $3.8 billion and a weighted average yield of approximately 5.5%.
The level and composition of the investment securities portfolio fluctuates over time based on many factors, including market conditions, loan and deposit growth and balance sheet management activities. We manage our investment securities portfolio to optimize returns, while providing a reliable source of liquidity for our banking and other activities, considering the LCR, NSFR and other internal and external guidelines and constraints.
The PNC Financial Services Group, Inc. –Form 10-Q 11
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.