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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Consolidated Balance Sheet
| December 31 | December 31 | |
|---|---|---|
| In millions, except par value | 2024 | 2023 |
| Assets | ||
| Cash and due from banks | $6,904 | $6,921 |
| Interest-earning deposits with banks | 39,347 | 43,804 |
| Loans held for sale (a) | 850 | 734 |
| Investment securities – available-for-sale | 62,039 | 41,785 |
| Investment securities – held-to-maturity | 77,693 | 90,784 |
| Loans (a) | 316,467 | 321,508 |
| Allowance for loan and lease losses | (4,486) | (4,791) |
| Net loans | 311,981 | 316,717 |
| Equity investments | 9,600 | 8,314 |
| Mortgage servicing rights | 3,711 | 3,686 |
| Goodwill | 10,932 | 10,932 |
| Other (a) | 36,981 | 37,903 |
| Total assets | $560,038 | $561,580 |
| Liabilities | ||
| Deposits | ||
| Noninterest-bearing | $92,641 | $101,285 |
| Interest-bearing | 334,097 | 320,133 |
| Total deposits | 426,738 | 421,418 |
| Borrowed funds | ||
| Federal Home Loan Bank advances | 22,000 | 38,000 |
| Senior debt | 32,497 | 26,836 |
| Subordinated debt | 4,104 | 4,875 |
| Other (b) | 3,072 | 3,026 |
| Total borrowed funds | 61,673 | 72,737 |
| Allowance for unfunded lending related commitments | 719 | 663 |
| Accrued expenses and other liabilities (b) | 16,439 | 15,621 |
| Total liabilities | 505,569 | 510,439 |
| Equity | ||
| Preferred stock (c) | ||
| Common stock ($5 par value, Authorized 800,000,000 shares, issued 543,310,646 and 543,116,271 shares) | 2,717 | 2,716 |
| Capital surplus | 18,710 | 19,020 |
| Retained earnings | 59,282 | 56,290 |
| Accumulated other comprehensive income (loss) | (6,565) | (7,712) |
| Common stock held in treasury at cost: 147,373,633 and 145,087,054 shares | (19,719) | (19,209) |
| Total shareholders’ equity | 54,425 | 51,105 |
| Noncontrolling interests | 44 | 36 |
| Total equity | 54,469 | 51,141 |
| Total liabilities and equity | $560,038 | $561,580 |
(a)Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $0.8 billion, Loans of $1.2 billion and Other assets of $0.1 billion at December 31, 2024. Comparable amounts at December 31, 2023 were $0.7 billion, $1.2 billion and $0.1 billion, respectively.
(b)Our consolidated liabilities included the following for which we have elected the fair value option: Other borrowed funds of less than $0.1 billion and Other liabilities of $0.1 billion at both December 31, 2024 and December 31, 2023.
(c)Par value less than $0.5 million at each date.
The PNC Financial Services Group, Inc. –2024 Form 10-K 93
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