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
Contents
Subsequently Defaulted FDMs
Table 49: Subsequently Defaulted FDMs (a)
| Three months ended September 30, 2024Dollars in millions · Term Extension · Payment Delay · Repayment Plan · Payment Delay and Term Extension · All Other Modifications (b) · Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Commercial | |||||||||
| Commercial and industrial | $35 | $3 | $3 | $41 | |||||
| Commercial real estate | 27 | 27 | |||||||
| Total commercial | 62 | 3 | 3 | 68 | |||||
| Consumer | |||||||||
| Residential real estate | 14 | $3 | 17 | ||||||
| Home equity | 1 | 2 | 3 | ||||||
| Credit card | $8 | 8 | |||||||
| Total consumer | 15 | 8 | 5 | 28 | |||||
| Total | $62 | $18 | $8 | $3 | $5 | $96 | |||
| Nine months ended September 30, 2024Dollars in millions · Term Extension · Payment Delay · Repayment Plan · Payment Delay and Term Extension · All Other Modifications (b) · Total | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Commercial | ||||||||||
| Commercial and industrial | $61 | $12 | $3 | $76 | ||||||
| Commercial real estate | 28 | 33 | 37 | 98 | ||||||
| Total commercial | 89 | 45 | 40 | 174 | ||||||
| Consumer | ||||||||||
| Residential real estate | 33 | $5 | 38 | |||||||
| Home equity | 2 | $1 | 7 | 10 | ||||||
| Credit card | 24 | 24 | ||||||||
| Total consumer | 35 | 25 | 12 | 72 | ||||||
| Total | $89 | $80 | $25 | $40 | $12 | $246 | ||||
(b)Includes the following modification categories: interest rate reduction, combination of interest rate reduction/payment delay, combination of interest rate reduction/term extension, and other.
Subsequently defaulted loans during the three and nine months ended September 30, 2023 were $36 million and $84 million, respectively.
The PNC Financial Services Group, Inc. –Form 10-Q 65
We maintain the ACL related to loans at levels that we believe to be appropriate to absorb expected credit losses in the portfolios as of the balance sheet date. See Note 1 Accounting Policies in our 2023 Form 10-K for a discussion of the methodologies used to determine this allowance. A rollforward of the ACL related to loans follows:
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