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
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Details of Funding Sources
Funding Sources
Table 11: Details of Funding Sources
| March 31 · December 31 · Change | ||||
|---|---|---|---|---|
| Dollars in millions | 2025 | 2024 | $ | % |
| Deposits | ||||
| Noninterest-bearing | $92,369 | $92,641 | $(272) | —% |
| Interest-bearing | ||||
| Money market | 71,655 | 73,801 | (2,146) | (3)% |
| Demand | 126,829 | 128,810 | (1,981) | (2)% |
| Savings | 98,596 | 97,147 | 1,449 | 1% |
| Time deposits (a) | 33,466 | 34,339 | (873) | (3)% |
| Total interest-bearing deposits | 330,546 | 334,097 | (3,551) | (1)% |
| Total deposits | 422,915 | 426,738 | (3,823) | (1)% |
| Borrowed funds | ||||
| Federal Home Loan Bank advances | 18,000 | 22,000 | (4,000) | (18)% |
| Senior debt | 34,987 | 32,497 | 2,490 | 8% |
| Subordinated debt | 4,163 | 4,104 | 59 | 1% |
| Other | 3,572 | 3,072 | 500 | 16% |
| Total borrowed funds | 60,722 | 61,673 | (951) | (2)% |
| Total funding sources | $483,637 | $488,411 | $(4,774) | (1)% |
(a) Includes $1.2 billion of certain brokered time deposits accounted for under the fair value option at March 31, 2025.
Deposits are considered an attractive source of funding due to their stability and relatively low cost to fund. Compared to December 31, 2024, both deposits and borrowed funds declined.
Total deposits decreased primarily due to lower interest-bearing deposits. The decrease in interest-bearing deposits was driven by lower commercial balances, partially offset by higher consumer balances. This shift in deposit composition contributed to a decrease in funding costs compared to the fourth quarter of 2024. Our total brokered deposit balances of $5.9 billion at March 31, 2025 decreased compared to $7.3 billion at December 31, 2024, and were significantly below both our internal and regulatory guidelines and limits.
Borrowed funds decreased due to lower FHLB advances, partially offset by parent company senior debt issuances in the first quarter of 2025.
The level and composition of borrowed funds fluctuates over time based on many factors, including market conditions, capital considerations, and funding needs, which are primarily driven by changes in loan, deposit and investment securities balances. While
10 The PNC Financial Services Group, Inc. –Form 10-Q our largest source of liquidity on a consolidated basis is the customer deposit base generated by our banking businesses, we also manage our borrowed funds to provide a reliable source of liquidity for our banking and other activities, considering our LCR and NSFR requirements and other internal and external guidelines and constraints. See the Liquidity and Capital Management portion of the Risk Management section in this Financial Review for additional information regarding our liquidity and capital acti vities. See Note 7 Borrowed Funds in this Report and Note 9 Borrowed Funds in our 2024 Form 10-K for additional information related to our borrowings. See the Average Consolidated Balance Sheet and Net Interest Analysis section of this Financial Review for additional information on volume and related funding cost changes.
Shareholders’ Equity
Total shareholders’ equity of $56.4 billion at March 31, 2025 increased $2.0 billion, or 4%, compared to December 31, 2024, primarily due to net income of $1.5 billion and an improvement in AOCI of $1.3 billion, partially offset by dividends paid of $0.6 billion and $0.2 billion of common share repurchases.
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