PNC FINANCIAL SERVICES GROUP INC
For the period ended Mar 31, 2025. Filed May 2, 2025.
View on SEC.govAbout this filing
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.
Mar 31, 2025 · Filed May 2, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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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:
Table 34: Average Consolidated Balance Sheet and Net Interest Analysis (a) (b) (c)
| Three months ended March 31 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 | ||||||||||||||
| Taxable-equivalent basisDollars in millions · AverageBalances · Interest Income/Expense · Average Yields/Rates · AverageBalances · Interest Income/Expense · Average Yields/Rates | ||||||||||||||
| Assets | ||||||||||||||
| Interest-earning assets: | ||||||||||||||
| Investment securities | ||||||||||||||
| Securities available-for-sale | ||||||||||||||
| Residential mortgage-backed | $33,793 | $311 | 3.68% | $30,989 | $233 | 3.00% | ||||||||
| Commercial mortgage-backed | 2,899 | 21 | 2.92% | 2,622 | 20 | 2.99% | ||||||||
| Asset-backed | 2,322 | 32 | 5.46% | 1,414 | 21 | 6.02% | ||||||||
| U.S. Treasury and government agencies | 24,382 | 274 | 4.50% | 8,199 | 55 | 2.67% | ||||||||
| Other | 2,284 | 16 | 2.73% | 2,776 | 18 | 2.63% | ||||||||
| Total securities available-for-sale | 65,680 | 654 | 3.98% | 46,000 | 347 | 3.01% | ||||||||
| Securities held-to-maturity | ||||||||||||||
| Residential mortgage-backed | 40,045 | 284 | 2.84% | 42,633 | 295 | 2.77% | ||||||||
| Commercial mortgage-backed | 1,687 | 20 | 4.70% | 2,252 | 31 | 5.46% | ||||||||
| Asset-backed | 3,158 | 31 | 3.97% | 5,627 | 63 | 4.49% | ||||||||
| U.S. Treasury and government agencies | 28,931 | 108 | 1.49% | 35,860 | 117 | 1.31% | ||||||||
| Other | 2,680 | 32 | 4.69% | 3,062 | 35 | 4.52% | ||||||||
| Total securities held-to-maturity | 76,501 | 475 | 2.48% | 89,434 | 541 | 2.42% | ||||||||
| Total investment securities | 142,181 | 1,129 | 3.17% | 135,434 | 888 | 2.62% | ||||||||
| Loans | ||||||||||||||
| Commercial and industrial | 177,333 | 2,543 | 5.74% | 177,258 | 2,771 | 6.18% | ||||||||
| Commercial real estate | 33,067 | 490 | 5.94% | 35,522 | 599 | 6.67% | ||||||||
| Equipment lease financing | 6,692 | 85 | 5.05% | 6,468 | 84 | 5.17% | ||||||||
| Consumer | 53,421 | 941 | 7.14% | 53,933 | 961 | 7.16% | ||||||||
| Residential real estate | 46,111 | 436 | 3.78% | 47,428 | 433 | 3.65% | ||||||||
| Total loans | 316,624 | 4,495 | 5.70% | 320,609 | 4,848 | 6.01% | ||||||||
| Interest-earning deposits with banks | 34,614 | 381 | 4.42% | 48,250 | 660 | 5.47% | ||||||||
| Other interest-earning assets | 10,147 | 153 | 6.02% | 8,002 | 138 | 6.92% | ||||||||
| Total interest-earning assets/interest income | 503,566 | 6,158 | 4.90% | 512,295 | 6,534 | 5.08% | ||||||||
| Noninterest-earning assets | 52,811 | 50,553 | ||||||||||||
| Total assets | $556,377 | $562,848 | ||||||||||||
| Liabilities and Equity | ||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||
| Interest-bearing deposits | ||||||||||||||
| Money market | $73,063 | 539 | 2.99% | $67,838 | 582 | 3.45% | ||||||||
| Demand | 125,046 | 577 | 1.87% | 122,748 | 690 | 2.26% | ||||||||
| Savings | 97,409 | 393 | 1.64% | 97,719 | 439 | 1.81% | ||||||||
| Time deposits | 32,763 | 299 | 3.69% | 32,975 | 366 | 4.44% | ||||||||
| Total interest-bearing deposits | 328,281 | 1,808 | 2.23% | 321,280 | 2,077 | 2.60% | ||||||||
| Borrowed funds | ||||||||||||||
| Federal Home Loan Bank advances | 19,703 | 233 | 4.73% | 37,717 | 539 | 5.65% | ||||||||
| Senior debt | 34,933 | 493 | 5.64% | 28,475 | 474 | 6.59% | ||||||||
| Subordinated debt | 4,320 | 59 | 5.54% | 5,082 | 85 | 6.64% | ||||||||
| Other | 5,549 | 61 | 4.38% | 4,316 | 61 | 5.59% | ||||||||
| Total borrowed funds | 64,505 | 846 | 5.25% | 75,590 | 1,159 | 6.07% | ||||||||
| Total interest-bearing liabilities/interest expense | 392,786 | 2,654 | 2.72% | 396,870 | 3,236 | 3.24% | ||||||||
| Noninterest-bearing liabilities and equity: | ||||||||||||||
| Noninterest-bearing deposits | 92,367 | 98,875 | ||||||||||||
| Accrued expenses and other liabilities | 16,214 | 16,404 | ||||||||||||
| Equity | 55,010 | 50,699 | ||||||||||||
| Total liabilities and equity | $556,377 | $562,848 | ||||||||||||
| Interest rate spread | 2.18% | 1.84% | ||||||||||||
| Impact of noninterest-bearing sources | 0.60 | 0.73 | ||||||||||||
| Net interest income/margin | $3,504 | 2.78% | $3,298 | 2.57% | ||||||||||
The PNC Financial Services Group, Inc. –Form 10-Q 35
| (Continued from previous page) | Three months ended December 31 | |||||
|---|---|---|---|---|---|---|
| Taxable-equivalent basisDollars in millions · Average Balances · Interest Income/Expense · Average Yields/Rates | ||||||
| Assets | ||||||
| Interest-earning assets: | ||||||
| Investment securities | ||||||
| Securities available-for-sale | ||||||
| Residential mortgage-backed | $32,865 | $297 | 3.60% | |||
| Commercial mortgage-backed | 2,867 | 22 | 3.11% | |||
| Asset-backed | 2,344 | 33 | 5.77% | |||
| U.S. Treasury and government agencies | 23,086 | 280 | 4.75% | |||
| Other | 2,445 | 16 | 2.69% | |||
| Total securities available-for-sale | 63,607 | 648 | 4.04% | |||
| Securities held-to-maturity | ||||||
| Residential mortgage-backed | 40,833 | 289 | 2.83% | |||
| Commercial mortgage-backed | 1,880 | 24 | 5.05% | |||
| Asset-backed | 3,720 | 40 | 4.31% | |||
| U.S. Treasury and government agencies | 31,049 | 113 | 1.46% | |||
| Other | 2,774 | 33 | 4.69% | |||
| Total securities held-to-maturity | 80,256 | 499 | 2.48% | |||
| Total investment securities | 143,863 | 1,147 | 3.17% | |||
| Loans | ||||||
| Commercial and industrial | 177,433 | 2,691 | 5.94% | |||
| Commercial real estate | 34,476 | 549 | 6.24% | |||
| Equipment lease financing | 6,737 | 93 | 5.43% | |||
| Consumer | 53,735 | 985 | 7.29% | |||
| Residential real estate | 46,677 | 438 | 3.75% | |||
| Total loans | 319,058 | 4,756 | 5.87% | |||
| Interest-earning deposits with banks | 37,929 | 461 | 4.86% | |||
| Other interest-earning assets | 10,337 | 160 | 6.17% | |||
| Total interest-earning assets/interest income | 511,187 | 6,524 | 5.04% | |||
| Noninterest-earning assets | 52,911 | |||||
| Total assets | $564,098 | |||||
| Liabilities and Equity | ||||||
| Interest-bearing liabilities: | ||||||
| Interest-bearing deposits | ||||||
| Money market | $73,219 | 584 | 3.18% | |||
| Demand | 124,294 | 641 | 2.05% | |||
| Savings | 95,957 | 410 | 1.70% | |||
| Time deposits | 35,656 | 375 | 4.15% | |||
| Total interest-bearing deposits | 329,126 | 2,010 | 2.43% | |||
| Borrowed funds | ||||||
| Federal Home Loan Bank advances | 24,014 | 310 | 5.06% | |||
| Senior debt | 32,572 | 510 | 6.12% | |||
| Subordinated debt | 4,324 | 66 | 6.10% | |||
| Other | 6,259 | 75 | 4.70% | |||
| Total borrowed funds | 67,169 | 961 | 5.61% | |||
| Total interest-bearing liabilities/interest expense | 396,295 | 2,971 | 2.95% | |||
| Noninterest-bearing liabilities and equity: | ||||||
| Noninterest-bearing deposits | 96,136 | |||||
| Accrued expenses and other liabilities | 17,068 | |||||
| Equity | 54,599 | |||||
| Total liabilities and equity | $564,098 | |||||
| Interest rate spread | 2.09% | |||||
| Impact of noninterest-bearing sources | 0.66 | |||||
| Net interest income/margin | $3,553 | 2.75% | ||||
36 The PNC Financial Services Group, Inc. –Form 10-Q
(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. Fair value 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 and unsettled activity, which are included in noninterest-earning 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 three months ended March 31, 2025, December 31, 2024 and March 31, 2024 were $43 million, $50 million and $47 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.
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