PNC FINANCIAL SERVICES GROUP INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 21, 2025
Contents
Summarized Balance Sheet Data
Table 7: Summarized Balance Sheet Data
| December 31 · December 31 · Change | ||||
|---|---|---|---|---|
| Dollars in millions | 2024 | 2023 | $ | % |
| Assets | ||||
| Interest-earning deposits with banks | $39,347 | $43,804 | $(4,457) | (10)% |
| Loans held for sale | 850 | 734 | 116 | 16% |
| Investment securities | 139,732 | 132,569 | 7,163 | 5% |
| Loans | 316,467 | 321,508 | (5,041) | (2)% |
| Allowance for loan and lease losses | (4,486) | (4,791) | 305 | 6% |
| Mortgage servicing rights | 3,711 | 3,686 | 25 | 1% |
| Goodwill | 10,932 | 10,932 | — | |
| Other | 53,485 | 53,138 | 347 | 1% |
| Total assets | $560,038 | $561,580 | $(1,542) | — |
| Liabilities | ||||
| Deposits | $426,738 | $421,418 | $5,320 | 1% |
| Borrowed funds | 61,673 | 72,737 | (11,064) | (15)% |
| Allowance for unfunded lending related commitments | 719 | 663 | 56 | 8% |
| Other | 16,439 | 15,621 | 818 | 5% |
| Total liabilities | 505,569 | 510,439 | (4,870) | (1)% |
| Equity | ||||
| Total shareholders’ equity | 54,425 | 51,105 | 3,320 | 6% |
| Noncontrolling interests | 44 | 36 | 8 | 22% |
| Total equity | 54,469 | 51,141 | 3,328 | 7% |
| Total liabilities and equity | $560,038 | $561,580 | $(1,542) | — |
Our balance sheet was well positioned at December 31, 2024. In comparison to December 31, 2023:
Total assets were stable reflecting higher securities balances, partially offset by lower loans outstanding and lower balances held with the Federal Reserve Bank.
Total liabilities were stable and included lower borrowed funds, partially offset by higher deposits.
Total equity increased due to the benefit of net income and an improvement in AOCI, partially offset by dividends paid, common shares repurchased and a preferred stock redemption.
The ACL related to loans totaled $5.2 billion and $5.5 billion at December 31, 2024 and 2023, respectively. The reserve change 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 Item 7,
Critical Accounting Estimates and Judgments section of this Item 7, and
Note 1 Accounting Policies and Note 3 Loans and Related Allowance for Credit Losses.
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 of this Item 7 and in Note 19 Regulatory Matters.
44 The PNC Financial Services Group, Inc. –2024 Form 10-K
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.