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
Summarized Balance Sheet Data
Table 7: Summarized Balance Sheet Data
| September 30 · December 31 · Change | ||||
|---|---|---|---|---|
| Dollars in millions | 2024 | 2023 | $ | % |
| Assets | ||||
| Interest-earning deposits with banks | $35,024 | $43,804 | $(8,780) | (20)% |
| Loans held for sale | 750 | 734 | 16 | 2% |
| Investment securities | 144,183 | 132,569 | 11,614 | 9% |
| Loans | 321,381 | 321,508 | (127) | — |
| Allowance for loan and lease losses | (4,589) | (4,791) | 202 | 4% |
| Mortgage servicing rights | 3,503 | 3,686 | (183) | (5)% |
| Goodwill | 10,932 | 10,932 | — | |
| Other | 53,697 | 53,138 | 559 | 1% |
| Total assets | $564,881 | $561,580 | $3,301 | 1% |
| Liabilities | ||||
| Deposits | $423,966 | $421,418 | $2,548 | 1% |
| Borrowed funds | 68,069 | 72,737 | (4,668) | (6)% |
| Allowance for unfunded lending related commitments | 725 | 663 | 62 | 9% |
| Other | 16,392 | 15,621 | 771 | 5% |
| Total liabilities | 509,152 | 510,439 | (1,287) | — |
| Equity | ||||
| Total shareholders’ equity | 55,689 | 51,105 | 4,584 | 9% |
| Noncontrolling interests | 40 | 36 | 4 | 11% |
| Total equity | 55,729 | 51,141 | 4,588 | 9% |
| Total liabilities and equity | $564,881 | $561,580 | $3,301 | 1% |
Our balance sheet was well positioned at September 30, 2024. In comparison to December 31, 2023:
Total assets were stable reflecting higher securities balances, partially offset by lower balances held with the Federal Reserve Bank.
Total liabilities were stable.
Total equity increased due to the benefit of net income and an improvement in AOCI, partially offset by dividends paid and common shares repurchased.
The ACL related to loans totaled $5.3 billion and $5.5 billion at September 30, 2024 and December 31, 2023, respectively. The decrease in the comparison was driven by improved macroeconomic factors as well as portfolio activity. See the following for additional information regarding our ACL related to loans:
Allowance for Credit Losses in the Credit Risk Management section of this Financial Review,
Critical Accounting Estimates and Judgments section of this Financial Review, and
Note 3 Loans and Related Allowance for Credit Losses.
10 The PNC Financial Services Group, Inc. –Form 10-Q
The following discussion provides additional information about the major components of our balance sheet. Information regarding our capital and regulatory compliance is included in the Liquidity and Capital Management portion of the Risk Management section in this Financial Review and in Note 19 Regulatory Matters in our 2023 Form 10-K.
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