PNC FINANCIAL SERVICES GROUP INC
For the period ended Mar 31, 2025. Filed May 2, 2025.
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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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Consolidated Statement of Cash Flows
| UnauditedIn millions | Three months ended March 31 | |
|---|---|---|
| 2025 | 2024 | |
| Operating Activities | ||
| Net income | $1,499 | $1,344 |
| Adjustments to reconcile net income to net cash provided (used) by operating activities | ||
| Provision for credit losses | 219 | 155 |
| Depreciation, amortization and accretion | 90 | 37 |
| Deferred income taxes (benefit) | (47) | (44) |
| Changes in fair value of mortgage servicing rights | 191 | (43) |
| Net change in | ||
| Trading securities and other short-term investments | (1,495) | 434 |
| Loans held for sale and related securitization activity | (297) | 11 |
| Other assets | 964 | (300) |
| Accrued expenses and other liabilities | (1,611) | (263) |
| Other operating activities, net | (22) | 427 |
| Net cash provided (used) by operating activities | $(509) | $1,758 |
| Investing Activities | ||
| Sales | ||
| Securities available-for-sale | $1,241 | $(63) |
| Loans | 143 | 96 |
| Repayments/maturities | ||
| Securities available-for-sale | 1,671 | 1,056 |
| Securities held-to-maturity | 3,480 | 2,883 |
| Purchases | ||
| Securities available-for-sale | (4,098) | (1,766) |
| Securities held-to-maturity | (31) | (56) |
| Loans | (403) | (279) |
| Net change in | ||
| Federal funds sold and resale agreements | (445) | (4) |
| Loans | (2,393) | 1,667 |
| Other investing activities, net | (145) | (91) |
| Net cash provided (used) by investing activities | $(980) | $3,443 |
The PNC Financial Services Group, Inc. –Form 10-Q 45
CONSOLIDATED STATEMENT OF CASH FLOWS
| (Continued from previous page) | |||
|---|---|---|---|
| UnauditedIn millions | Three months ended March 31 | ||
| 2025 | 2024 | ||
| Financing Activities | |||
| Net change in | |||
| Noninterest-bearing deposits | $(272) | $(3,260) | |
| Interest-bearing deposits | (3,551) | 7,430 | |
| Federal funds purchased and repurchase agreements | (3) | (167) | |
| Other borrowed funds | 419 | 95 | |
| Sales/issuances | |||
| Senior debt | 2,742 | 2,490 | |
| Other borrowed funds | — | 181 | |
| Common and treasury stock | 25 | 24 | |
| Repayments/maturities | |||
| Federal Home Loan Bank advances | (4,000) | (1,000) | |
| Senior debt | (750) | (1,050) | |
| Other borrowed funds | — | (196) | |
| Acquisition of treasury stock | (262) | (223) | |
| Preferred stock cash dividends paid | (71) | (81) | |
| Common stock cash dividends paid | (639) | (624) | |
| Net cash provided (used) by financing activities | $(6,362) | $3,619 | |
| Net Increase (Decrease) In Cash, Cash Equivalents And Restricted Cash (a) | $(7,851) | $8,820 | |
| Cash, cash equivalents and restricted cash at beginning of period | 46,251 | 50,725 | |
| Cash, cash equivalents and restricted cash at end of period | $38,400 | $59,545 | |
| Cash, Cash Equivalents And Restricted Cash | |||
| Cash and cash equivalents at end of period (unrestricted cash) | $37,408 | $58,611 | |
| Restricted cash | 992 | 934 | |
| Cash, cash equivalents and restricted cash at end of period | $38,400 | $59,545 | |
| Supplemental Disclosures | |||
| Interest paid | $2,706 | $2,861 | |
| Income taxes paid | $77 | $35 | |
| Income taxes refunded | $1 | $6 | |
| Leased assets obtained in exchange for new operating lease liabilities | $73 | $75 | |
| Non-cash Investing And Financing Items | |||
| Transfer from loans to loans held for sale, net | $90 | $8 | |
| Transfer from loans to foreclosed assets | $12 | $13 | |
(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.
46 The PNC Financial Services Group, Inc. –Form 10-Q
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.