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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Item 8. Consolidated Statement of Cash Flows
| In millions | 2024 | 2023 | 2022 |
|---|---|---|---|
| Operating Activities | |||
| Net income | $5,953 | $5,647 | $6,113 |
| Adjustments to reconcile net income to net cash provided (used) by operating activities | |||
| Provision for credit losses | 789 | 742 | 477 |
| Depreciation, amortization and accretion | 259 | 217 | 651 |
| Deferred income taxes (benefit) | (30) | (252) | 351 |
| Net losses on sales of securities | 500 | 2 | 7 |
| Changes in fair value of mortgage servicing rights | 154 | 298 | (543) |
| Gain on Visa shares exchange program | (754) | ||
| Net change in | |||
| Trading securities and other short-term investments | 41 | (767) | 433 |
| Loans held for sale and related securitization activity | (151) | 210 | 1,041 |
| Other assets | 896 | 2,312 | (877) |
| Accrued expenses and other liabilities | (1,373) | 507 | 599 |
| Other operating activities, net | 1,596 | 1,195 | 831 |
| Net cash provided (used) by operating activities | $7,880 | $10,111 | $9,083 |
| Investing Activities | |||
| Sales | |||
| Securities available-for-sale | $4,259 | $36 | $4,137 |
| Loans | 636 | 979 | 5,643 |
| Repayments/maturities | |||
| Securities available-for-sale | 6,622 | 6,916 | 13,324 |
| Securities held-to-maturity | 15,711 | 7,003 | 5,115 |
| Purchases | |||
| Securities available-for-sale | (30,366) | (3,805) | (25,582) |
| Securities held-to-maturity | (1,745) | (1,857) | (15,423) |
| Loans | (1,915) | (10,195) | (2,074) |
| Net change in | |||
| Federal funds sold and resale agreements | (387) | 573 | (718) |
| Loans | 5,056 | 12,440 | (41,735) |
| Purchases of bank owned life insurance | (50) | ||
| Other investing activities, net | (1,103) | (1,985) | (2,995) |
| Net cash provided (used) by investing activities | $(3,232) | $10,105 | $(60,358) |
The PNC Financial Services Group, Inc. –2024 Form 10-K 95
| (Continued from previous page) | Year ended December 31 | ||||
|---|---|---|---|---|---|
| In millions · 2024 · 2023 · 2022 | |||||
| Financing Activities | |||||
| Net change in | |||||
| Noninterest-bearing deposits | $(8,660) | $(23,189) | $(30,662) | ||
| Interest-bearing deposits | 13,964 | 8,337 | 9,693 | ||
| Federal funds purchased and repurchase agreements | (74) | 359 | (2) | ||
| Other borrowed funds | 431 | (549) | 636 | ||
| Sales/issuances | |||||
| Federal Home Loan Bank advances | 3,000 | 6,000 | 32,075 | ||
| Senior debt | 9,974 | 10,464 | 3,688 | ||
| Subordinated debt | 847 | ||||
| Other borrowed funds | 824 | 796 | |||
| Preferred stock | 1,484 | 2,225 | |||
| Common and treasury stock | 69 | 72 | 68 | ||
| Repayments/maturities | |||||
| Federal Home Loan Bank advances | (19,000) | (75) | |||
| Senior debt | (4,000) | (750) | (6,250) | ||
| Subordinated debt | (750) | (1,500) | (1,000) | ||
| Other borrowed funds | (802) | (807) | |||
| Preferred stock redemption | (500) | (1,000) | (1,500) | ||
| Acquisition of treasury stock | (687) | (651) | (3,731) | ||
| Preferred stock cash dividends paid | (352) | (417) | (301) | ||
| Common stock cash dividends paid | (2,537) | (2,461) | (2,391) | ||
| Net cash provided (used) by financing activities | $(9,122) | $(3,854) | $3,384 | ||
| Net Increase (Decrease) In Cash, Cash Equivalents And Restricted Cash (a) | $(4,474) | $16,362 | $(47,891) | ||
| Cash, cash equivalents and restricted cash at beginning of period | 50,725 | 34,363 | 82,254 | ||
| Cash, cash equivalents and restricted cash at end of period | $46,251 | $50,725 | $34,363 | ||
| Cash, Cash Equivalents And Restricted Cash | |||||
| Cash and cash equivalents at end of period (unrestricted cash) | $45,283 | $49,740 | $33,766 | ||
| Restricted cash | 968 | 985 | 597 | ||
| Cash, cash equivalents and restricted cash at end of period | $46,251 | $50,725 | $34,363 | ||
| Supplemental Disclosures | |||||
| Interest paid | $13,052 | $9,451 | $2,172 | ||
| Income taxes paid | $434 | $997 | $197 | ||
| Income taxes refunded | $45 | $832 | $26 | ||
| Leased assets obtained in exchange for new operating lease liabilities | $247 | $237 | $326 | ||
| Non-cash Investing And Financing Items | |||||
| Transfer from securities available-for-sale to securities held-to-maturity | $88,605 | ||||
| Transfer from loans to loans held for sale, net | $122 | $380 | $435 | ||
| Transfer from loans to foreclosed assets | $40 | $56 | $58 | ||
| Adjustment to assets and liabilities related to partially financed investment exits | $834 | ||||
(a)In the second quarter of 2024, we updated our policy for cash and cash equivalents to include interest-earning deposits with banks. See Note 1 Accounting Policies for additional information regarding this change to our cash and cash equivalents policy.
See accompanying Notes To Consolidated Financial Statements.
96 The PNC Financial Services Group, Inc. –2024 Form 10-K
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