PNC FINANCIAL SERVICES GROUP, INC.

Net Interest Income

Table 3: Summarized Average Balances and Net Interest Income (a)

(a)Interest income calculated as taxable-equivalent interest income. To provide more meaningful comparisons of interest income and yields for all interest-earning assets, as well as net interest margins, we use interest income on a taxable-equivalent basis in calculating average yields and net interest margins by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP on the Consolidated Income Statement. For more information, see Table 35 Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP).

(b)Interest income from Interest-earning deposits with banks primarily includes interest earned on our balances held with the FRB and is reported as Other interest income on our Consolidated Income Statement.

Changes in net interest income and net interest margin result from the interaction of the volume and composition of interest-earning assets and related yields, interest-bearing liabilities and related rates paid and noninterest-bearing sources of funding. See Table 34 Average Consolidated Balance Sheet and Net Interest Analysis for additional information.

Net interest income increased $146 million, or 4%, compared to the first quarter of 2026, and included the benefit of commercial loan growth and higher noninterest-bearing deposit balances. Net interest income increased $1.0 billion, or 15%, for the first six months of 2026 compared to the same period in 2025 and reflected the benefit of FirstBank, loan growth and lower funding costs. Net interest

6 The PNC Financial Services Group, Inc. –Form 10-Q margin increased 1 basis point compared to the first quarter of 2026. Compared to the first six months of 2025, net interest margin increased 17 basis points and included the continued benefit of fixed rate asset repricing.

Average investment securities increased $2.6 billion, or 2%, compared to the first quarter of 2026, and $3.8 billion, or 3%, compared to the first six months of 2025, reflecting higher residential mortgage-backed securities. The increase compared to the first six months of 2025 was partially offset by a decline in U.S. Treasury securities. Average investment securities represented 27% of average interest-earning assets for both the second and first quarters of 2026, and 27% for the first six months of 2026 compared to 28% for the same period of 2025.

Average loans increased $12.3 billion, or 4%, compared to the first quarter of 2026, and $37.4 billion, or 12%, compared to the first six months of 2025. In both comparisons, the increase was primarily due to growth in commercial loans, driven by strong new production. Compared to the first six months of 2025, the increase also reflected the addition of FirstBank loans. Average loans represented 65% of average interest-earning assets for both the second and first quarters of 2026 and 65% for the first six months of 2026 compared to 63% for the same period of 2025.

Average interest-bearing deposits decreased $5.7 billion, or 2%, compared to the first quarter of 2026, driven by lower commercial deposits and a decline in brokered time deposits. Average interest-bearing deposits increased $27.3 billion, or 8%, compared to the first six months of 2025, reflecting growth in consumer and commercial balances, including the addition of FirstBank deposits, partially offset by lower brokered time deposits. In total, average interest-bearing deposits represented 82% of average interest-bearing liabilities for the second quarter of 2026 compared to 85% for the first quarter of 2026, and 83% for the first six months of 2026 compared to 84% for the first six months of 2025.

Average borrowed funds increased $16.1 billion, or 26%, and $6.0 billion, or 9%, compared to the first quarter of 2026 and the first six months of 2025, respectively. In both comparisons, the increase was primarily due to higher FHLB advances. Compared to the first six months of 2025, the increase also included higher senior debt outstanding.

Further details regarding average loans and deposits are included in the Business Segments Review section of this Financial Review.