PNC FINANCIAL SERVICES GROUP INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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Average Consolidated Balance Sheet and Net Interest Analysis
The following tables show PNC’s average consolidated balance sheet results and analysis of net interest income, as well as the year-to-year changes in net interest income.
Table 38: Average Consolidated Balance Sheet and Net Interest Analysis (a) (b) (c)
| 2024 · 2023 · 2022 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Taxable-equivalent basisDollars in millions · AverageBalances · InterestIncome/Expense · AverageYields/Rates · AverageBalances · InterestIncome/Expense · AverageYields/Rates · AverageBalances · InterestIncome/Expense · AverageYields/Rates | |||||||||||||||||
| Assets | |||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Investment securities | |||||||||||||||||
| Securities available-for-sale | |||||||||||||||||
| Residential mortgage-backed | $31,535 | $1,040 | 3.30% | $31,899 | $912 | 2.86% | $42,993 | $953 | 2.22% | ||||||||
| Commercial mortgage-backed | 2,706 | 83 | 3.07% | 2,913 | 86 | 2.95% | 4,107 | 104 | 2.53% | ||||||||
| Asset-backed | 1,982 | 116 | 5.85% | 719 | 46 | 6.40% | 2,184 | 37 | 1.69% | ||||||||
| U.S. Treasury and government agencies | 16,010 | 740 | 4.62% | 8,271 | 183 | 2.21% | 21,642 | 314 | 1.45% | ||||||||
| Other | 2,603 | 69 | 2.65% | 3,021 | 77 | 2.55% | 3,982 | 102 | 2.56% | ||||||||
| Total securities available-for-sale | 54,836 | 2,048 | 3.73% | 46,823 | 1,304 | 2.78% | 74,908 | 1,510 | 2.02% | ||||||||
| Securities held-to-maturity | |||||||||||||||||
| Residential mortgage-backed | 41,846 | 1,173 | 2.80% | 44,517 | 1,217 | 2.73% | 29,325 | 677 | 2.31% | ||||||||
| Commercial mortgage-backed | 2,090 | 111 | 5.31% | 2,378 | 127 | 5.34% | 1,400 | 51 | 3.64% | ||||||||
| Asset-backed | 4,697 | 213 | 4.53% | 6,557 | 278 | 4.24% | 4,446 | 122 | 2.74% | ||||||||
| U.S. Treasury and government agencies | 34,360 | 463 | 1.35% | 36,790 | 490 | 1.33% | 25,074 | 300 | 1.20% | ||||||||
| Other | 2,913 | 136 | 4.67% | 3,286 | 152 | 4.63% | 1,996 | 87 | 4.31% | ||||||||
| Total securities held-to-maturity | 85,906 | 2,096 | 2.44% | 93,528 | 2,264 | 2.42% | 62,241 | 1,237 | 1.99% | ||||||||
| Total investment securities | 140,742 | 4,144 | 2.94% | 140,351 | 3,568 | 2.54% | 137,149 | 2,747 | 2.00% | ||||||||
| Loans | |||||||||||||||||
| Commercial and industrial | 177,210 | 11,087 | 6.26% | 179,650 | 10,494 | 5.84% | 168,663 | 6,079 | 3.60% | ||||||||
| Commercial real estate | 35,241 | 2,352 | 6.67% | 35,923 | 2,336 | 6.50% | 34,954 | 1,389 | 3.97% | ||||||||
| Equipment lease financing | 6,557 | 356 | 5.43% | 6,423 | 297 | 4.62% | 6,196 | 238 | 3.84% | ||||||||
| Consumer | 53,678 | 3,914 | 7.29% | 54,835 | 3,675 | 6.70% | 54,721 | 2,814 | 5.14% | ||||||||
| Residential real estate | 47,108 | 1,747 | 3.71% | 46,689 | 1,621 | 3.47% | 43,165 | 1,366 | 3.16% | ||||||||
| Total loans | 319,794 | 19,456 | 6.08% | 323,520 | 18,423 | 5.69% | 307,699 | 11,886 | 3.86% | ||||||||
| Interest-earning deposits with banks | 43,145 | 2,303 | 5.34% | 36,645 | 1,902 | 5.19% | 41,050 | 578 | 1.41% | ||||||||
| Other interest-earning assets | 9,135 | 612 | 6.70% | 8,884 | 562 | 6.33% | 9,651 | 337 | 3.50% | ||||||||
| Total interest-earning assets/interest income | 512,816 | 26,515 | 5.17% | 509,400 | 24,455 | 4.80% | 495,549 | 15,548 | 3.14% | ||||||||
| Noninterest-earning assets | 52,067 | 49,370 | 55,103 | ||||||||||||||
| Total assets | $564,883 | $558,770 | $550,652 | ||||||||||||||
| Liabilities and Equity | |||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||
| Money market | $70,331 | 2,392 | 3.40% | $65,037 | 1,890 | 2.91% | $61,376 | 444 | 0.72% | ||||||||
| Demand | 122,095 | 2,706 | 2.22% | 124,084 | 2,444 | 1.97% | 118,749 | 583 | 0.49% | ||||||||
| Savings | 96,708 | 1,746 | 1.81% | 101,470 | 1,381 | 1.36% | 106,577 | 176 | 0.17% | ||||||||
| Time deposits | 35,301 | 1,557 | 4.41% | 24,802 | 894 | 3.60% | 12,340 | 64 | 0.52% | ||||||||
| Total interest-bearing deposits | 324,435 | 8,401 | 2.59% | 315,393 | 6,609 | 2.10% | 299,042 | 1,267 | 0.42% | ||||||||
| Borrowed funds | |||||||||||||||||
| Federal Home Loan Bank advances | 32,345 | 1,821 | 5.63% | 34,440 | 1,864 | 5.41% | 13,674 | 440 | 3.22% | ||||||||
| Senior debt | 30,751 | 2,022 | 6.58% | 22,696 | 1,373 | 6.05% | 16,265 | 401 | 2.47% | ||||||||
| Subordinated debt | 4,574 | 300 | 6.56% | 5,580 | 348 | 6.24% | 7,081 | 206 | 2.91% | ||||||||
| Other | 6,391 | 341 | 5.34% | 4,566 | 198 | 4.34% | 5,430 | 108 | 1.99% | ||||||||
| Total borrowed funds | 74,061 | 4,484 | 6.05% | 67,282 | 3,783 | 5.62% | 42,450 | 1,155 | 2.72% | ||||||||
| Total interest-bearing liabilities/interest expense | 398,496 | 12,885 | 3.23% | 382,675 | 10,392 | 2.72% | 341,492 | 2,422 | 0.71% | ||||||||
| Noninterest-bearing liabilities and equity: | |||||||||||||||||
| Noninterest-bearing deposits | 96,772 | 111,670 | 144,382 | ||||||||||||||
| Accrued expenses and other liabilities | 17,004 | 15,759 | 16,414 | ||||||||||||||
| Equity | 52,611 | 48,666 | 48,364 | ||||||||||||||
| Total liabilities and equity | $564,883 | $558,770 | $550,652 | ||||||||||||||
| Interest rate spread | 1.94% | 2.08% | 2.43% | ||||||||||||||
| Benefit from use of noninterest bearing sources | 0.72 | 0.68 | 0.22 | ||||||||||||||
| Net interest income/margin | $13,630 | 2.66% | $14,063 | 2.76% | $13,126 | 2.65% | |||||||||||
(a)Nonaccrual loans are included in loans, net of unearned income. The impact of financial derivatives used in interest rate risk management is included in the interest income/expense and average yields/rates of the related assets and liabilities. Basis adjustments related to hedged items are included in noninterest-earning assets and noninterest-bearing liabilities. Average balances of securities are based on amortized historical cost (excluding adjustments to fair value, which are included in other assets). Average balances for certain loans and borrowed funds accounted for at fair value are included in noninterest-earning assets and noninterest-bearing liabilities, with changes in fair value recorded in Noninterest income.
(b)Loan fees for the years ended December 31, 2024, 2023 and 2022 were $189 million, $183 million and $188 million, respectively.
(c)Interest income calculated as taxable-equivalent interest income. See Reconciliation of Taxable-Equivalent Net Interest Income in the Non-GAAP Financial Information section for more information.
The PNC Financial Services Group, Inc. –2024 Form 10-K 81
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