PNC Financial (NYSE: PNC) boosts earnings, grows loans and hikes dividend

Rhea-AI Filing Summary

The PNC Financial Services Group, Inc. reported Q2 2026 net income of $2.1 billion, or $4.81 per diluted share, up 16% from Q1. Total revenue rose to $6.9 billion, driven by 4% higher net interest income and 26% higher noninterest income, including contributions from the FirstBank acquisition.

PNC completed integration of FirstBank, adding about 780,000 customers, 1,620 employees and 95 branches. Results included a $448 million gain from the Visa exchange program, partly offset by a $139 million securities loss and negative Visa derivative adjustments. Noninterest expense increased on higher personnel, $218 million of year‑to‑date FirstBank integration costs and a $140 million PNC Foundation contribution.

Total assets reached $616.0 billion and loans $368.0 billion, both up 11% or more since year-end 2025, while nonperforming assets fell 9% to $2.2 billion and net charge‑offs ran at 0.25% of average loans. The CET1 ratio was 9.9%. PNC returned $1.3 billion to shareholders in Q2 and raised its quarterly dividend to $2.00 per share. Management guides to double‑digit 2026 growth in loans, net interest income and total revenue.

Positive

• For the first six months of 2026, net income rose 22% to $3.8 billion and total revenue increased 17% to $13,040 million, reflecting broad-based growth in net interest and fee income plus the impact of the FirstBank acquisition.
• Management raised the quarterly common dividend to $2.00 per share, an 18% increase, and still returned $1.3 billion of capital in Q2 2026 through dividends and share repurchases.

Negative

• The common equity tier 1 ratio declined from 10.6% to 9.9% between December 31, 2025 and June 30, 2026, while borrowed funds increased 50% to $85.7 billion, largely from higher FHLB advances, increasing reliance on wholesale funding.

Filing Explained

FirstBank was integrated, but its common-stock consideration expanded PNC’s share base; June 30 capital also reflected a lower CET1 ratio and higher borrowings.

This unaudited Form 10-Q reports PNC’s financial and risk disclosures for the quarter ended June 30, 2026; the FirstBank acquisition had closed and was integrated into PNC in June.

That acquisition involved $4.2 billion of consideration to FirstBank common and Series A preferred shareholders in cash and PNC common stock, plus $0.1 billion for Series B preferred shareholders through a preferred-stock exchange.

Because PNC issued common stock as part of the consideration, the disclosed structure increases the total share count and reduces existing holders’ percentage ownership absent offsetting changes.

At June 30, 2026, common shareholders’ equity was $58.1 billion and included $3.0 billion of stock issuances related to FirstBank; the CET1 ratio was 9.9%, versus 10.6% at December 31, 2025, while borrowed funds were $85.7 billion.

A specific credit watch item is the office portfolio: it totaled $5.1 billion at June 30, 2026, with criticized loans at 29.4%, nonperforming loans at 8.1%, and reserves of 8.8% against the portfolio.

Key Figures

Q2 2026 Net Income: $2.1 billion Q2 2026 Diluted EPS: $4.81 per share Total Assets: $616.0 billion +5 more

8 metrics

Q2 2026 Net Income $2.1 billion Net income for the three months ended June 30, 2026

Q2 2026 Diluted EPS $4.81 per share Diluted earnings per common share for Q2 2026

Total Assets $616.0 billion Total assets as of June 30, 2026

Total Loans $368.0 billion Total loans outstanding as of June 30, 2026

Common Equity Tier 1 Ratio 9.9% CET1 capital ratio at June 30, 2026

Nonperforming Assets $2.2 billion Nonperforming assets at June 30, 2026, down 9% from year-end 2025

Capital Returned to Shareholders $1.3 billion Dividends and share repurchases in the second quarter of 2026

Quarterly Common Dividend $2.00 per share New quarterly cash dividend approved on July 6, 2026

Key Terms

net interest margin, Common equity tier 1, nonperforming assets, allowance for credit losses, +1 more

5 terms

net interest margin financial

"Net interest margin increased 1 basis point to 2.96%."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

Common equity tier 1 financial

"Our CET1 ratio was 9.9% at June 30, 2026 and 10.6% at December 31, 2025."

Common Equity Tier 1 is the highest-quality capital a bank holds—mainly common shares and retained profits—that acts as the primary cushion against losses. Investors use the CET1 level and ratio to judge a bank’s financial strength and regulatory standing: a bigger cushion means the bank is better able to absorb shocks, sustain payouts and borrow cheaply, much like an emergency fund for a household.

nonperforming assets financial

"Nonperforming assets of $2.2 billion decreased $211 million, or 9%, driven by lower commercial nonperforming loans."

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

allowance for credit losses financial

"The ACL related to loans totaled $5.5 billion at June 30, 2026, and ACL to total loans was 1.48%."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

Basel III framework regulatory

"while maintaining appropriate capital and liquidity in light of economic conditions, the Basel III framework and other regulatory expectations."

Earnings Snapshot

Q2 2026 net income: $2.1 billion · Guidance included

three and six months ended June 30, 2026

Q2 2026 net income $2.1 billion up 16% from $1.8 billion in the first quarter of 2026

Q2 2026 diluted EPS $4.81 up from $4.13 in the first quarter of 2026

First half 2026 net income $3.8 billion up 22% from $3.1 billion in the first half of 2025

First half 2026 total revenue $13,040 million up 17% from $11,113 million in the first half of 2025

Provision for credit losses H1 2026 $401 million down from $473 million in the first half of 2025

Noninterest expense H1 2026 $7,866 million up 16% from $6,770 million in the first half of 2025

Guidance

For Q3 2026 vs Q2 2026, management expects average loans up 1–2%, net interest income up 3–3.5%, fee income down 5–5.5%, other noninterest income of $150–$200 million, noninterest expense down 7–8% (2–3% excluding integration costs and significant items), and net loan charge-offs of approximately $225 million. For full-year 2026 vs 2025, it expects average loans up about 12.5%, net interest income up 15–15.5%, noninterest income up about 11% (about 9% excluding integration costs and significant items), total revenue up about 14% (about 13% excluding integration costs and significant items), noninterest expense up about 11.5% (about 8.5% excluding integration costs and significant items), and an effective tax rate of approximately 19.5%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did PNC (PNC) perform financially in Q2 2026?

PNC reported Q2 2026 net income of $2.1 billion, or $4.81 per diluted share, up 16% from Q1. Total revenue was $6.9 billion, supported by higher net interest income, stronger fee revenue and contributions from the FirstBank acquisition.

What impact did the FirstBank acquisition have on PNC (PNC)?

PNC closed the FirstBank deal on January 5, 2026 for $4.2 billion plus $0.1 billion in preferred consideration and fully converted it in June. The acquisition added about 780,000 customers, 1,620 employees and 95 branches, boosting loans, deposits and revenue.

How are PNC’s (PNC) credit quality metrics trending?

At June 30, 2026, nonperforming assets fell to $2.2 billion, down 9% since year-end, and net loan charge-offs were $226 million, or 0.25% of average loans. The allowance for credit losses on loans was $5.5 billion, or 1.48% of total loans.

What are the key balance sheet trends for PNC (PNC) in 2026?

By June 30, 2026, total assets reached $616.0 billion and loans $368.0 billion, up 7% and 11% from year-end. Total deposits rose to $449.8 billion, while borrowed funds increased to $85.7 billion, mainly due to additional FHLB advances.

What guidance has PNC (PNC) provided for Q3 and full-year 2026?

For Q3 2026 vs. Q2, PNC expects average loans up 1–2%, net interest income up 3–3.5%, lower fee income and expenses, and net charge-offs around $225 million. For 2026 vs. 2025, it targets ~12.5% higher average loans and ~14% higher total revenue.

What shareholder returns and capital levels does PNC (PNC) report?

In Q2 2026 PNC returned $1.3 billion to shareholders via dividends and buybacks and raised its quarterly dividend to $2.00 per share. Common shareholders’ equity was $58.1 billion, with a 9.9% common equity tier 1 capital ratio.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

______________________________________

FORM 10-Q

______________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to         

Commission file number 001-09718

The PNC Financial Services Group, Inc.

(Exact name of registrant as specified in its charter)

___________________________________________________________

Pennsylvania						25-1435979
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

The Tower at PNC Plaza, 300 Fifth Avenue, Pittsburgh, Pennsylvania 15222-2401

(Address of principal executive offices, including zip code)

(888) 762-2265

(Registrant’s telephone number including area code)

(Former name, former address and former fiscal year, if changed since last report)

___________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol(s)			Name of Each Exchange     on Which Registered
Common Stock, par value $5.00			PNC			New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

    Yes  ☐  No  ☒

As of July 20, 2026, there were 398,943,667 shares of the registrant’s common stock ($5 par value) outstanding.

THE PNC FINANCIAL SERVICES GROUP, INC.

Cross-Reference Index to Second Quarter 2026 Form 10-Q

			Pages
PART I – FINANCIAL INFORMATION
Item 1.   Financial Statements (Unaudited).			46
Consolidated Income Statement			46
Consolidated Statement of Comprehensive Income			47
Consolidated Balance Sheet			48
Consolidated Statement of Cash Flows			49
Notes to Consolidated Financial Statements (Unaudited)
Note 1 Accounting Policies			51
Note 2  Acquisition Activity			52
Note 3  Investment Securities			55
Note 4  Loans and Related Allowance for Credit Losses			58
Note 5  Loan Sale and Servicing Activities and Variable Interest Entities			69
Note 6  Goodwill and Mortgage Servicing Rights			72
Note 7 Leases			74
Note 8 Borrowed Funds			74
Note 9 Commitments			75
Note 10 Total Equity and Other Comprehensive Income			76
Note 11 Earnings Per Share			78
Note 12 Fair Value			79
Note 13 Financial Derivatives			88
Note 14 Legal Proceedings			95
Note 15 Segment Reporting			96
Note 16 Fee-based Revenue from Contracts with Customers			100
Note 17 Subsequent Events			101
Glossary			102
Defined Terms			102
Acronyms			102
Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A).			1
Financial Review			1
Executive Summary			1
Consolidated Income Statement Review			5
Consolidated Balance Sheet Review			9
Business Segments Review			13
Risk Management			20
Average Consolidated Balance Sheet and Net Interest Analysis			38
Non-GAAP Financial Information			40
Recent Regulatory Developments			41
Critical Accounting Estimates and Judgments			42
Cautionary Statement Regarding Forward-Looking Information			43
Item 3. Quantitative and Qualitative Disclosures about Market Risk.			45
Item 4. Controls and Procedures.			45
PART II – OTHER INFORMATION
Item 1.    Legal Proceedings			102
Item 1A.   Risk Factors			102
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds			102
Item 5.     Other Information			103
Item 6.      Exhibits			103
Exhibit Index			103
Corporate Information			104
Signature			105

MD&A TABLE REFERENCE
Table			Description			Page
1			Summary of Operations, Per Common Share Data and Performance Ratios			2
2			Balance Sheet Highlights and Other Selected Ratios			2
3			Summarized Average Balances and Net Interest Income			6
4			Noninterest Income			7
5			Noninterest Expense			8
6			Provision for Credit Losses			8
7			Summarized Balance Sheet Data			9
8			Loans			10
9			Investment Securities			11
10			Weighted-Average Expected Maturities of Mortgage and Asset-Backed Debt Securities			11
11			Details of Funding Sources			12
12			Retail Banking Table			14
13			Corporate & Institutional Banking Table			16
14			Asset Management Group Table			19
15			Details of Loans			21
16			Commercial and Industrial Loans by Industry			22
17			Commercial Real Estate Loans by Geography and Property Type			23
18			Residential Real Estate Loan Statistics			24
19			Home Equity Loan Statistics			25
20			Nonperforming Assets by Type			26
21			Change in Nonperforming Assets			26
22			Accruing Loans Past Due			27
23			Allowance for Credit Losses by Loan Class			28
24			Loan Charge-Offs and Recoveries			29
25			Senior and Subordinated Debt			30
26			Primary Contingent Liquidity Sources			30
27			PNC Bank Notes Redeemed			31
28			Parent Company Notes Issued			32
29			Credit Ratings and Outlook			33
30			Basel III Capital			34
31			Net Interest Income Sensitivity Analysis			35
32			Economic Value of Equity Sensitivity Analysis			36
33			Equity Investments Summary			36
34			Average Consolidated Balance Sheet and Net Interest Analysis			38
35			Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP)			40
36			Reconciliation of Noninterest Expense Guidance, Excluding Integration Costs and Significant Items (non-GAAP)			40
37			Reconciliation of Noninterest Income Guidance, Excluding Integration Costs and Significant Items (non-GAAP)			40
38			Reconciliation of Revenue Guidance, Excluding Integration Costs and Significant Items (non-GAAP)			41
39			Key Macroeconomic Variables in CECL Weighted-Average Scenarios			42

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS TABLE REFERENCE
Table			Description			Page
40			Acquisition Consideration			53
41			Fair Value and Unpaid Principal Balance of Loans from the FirstBank Acquisition			53
42			PCD Loan Activity			54
43			PSL Activity			54
44			Investment Securities Summary			55
45			Gross Unrealized Loss and Fair Value of Securities Available-for-Sale Without an Allowance for Credit Losses			56
46			Gains (Losses) on Sales of Securities Available-for-Sale			56
47			Contractual Maturity of Debt Securities			57
48			Fair Value of Securities Pledged and Accepted as Collateral			57
49			Analysis of Loan Portfolio			59
50			Nonperforming Assets			60
51			Commercial Credit Quality Indicators			61
52			Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes			62
53			Credit Quality Indicators for Automobile, Credit Card and Other Consumer Loan Classes			64
54			Loan Modifications Granted to Borrowers Experiencing Financial Difficulty			66
55			Financial Effect of Commercial FDMs			67
56			Delinquency Status of Commercial FDMs			67
57			Consumer FDMs			68
58			Rollforward of Allowance for Credit Losses			69
59			Loan Sale and Servicing Activities			70
60			Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others			71
61			Non-Consolidated VIEs			71
62			Mortgage Servicing Rights			72
63			Commercial Mortgage Servicing Rights – Key Valuation Assumptions			73
64			Residential Mortgage Servicing Rights – Key Valuation Assumptions			73
65			Lessor Income			74
66			Borrowed Funds			74
67			FHLB Advances, Senior Debt and Subordinated Debt			74
68			Commitments to Extend Credit and Other Commitments			75
69			Rollforward of Total Equity			76
70			Other Comprehensive Income (Loss)			77
71			Accumulated Other Comprehensive Income (Loss) Components			77
72			Dividends Per Share			78
73			Basic and Diluted Earnings Per Common Share			78
74			Fair Value Measurements – Recurring Basis Summary			79
75			Reconciliation of Level 3 Assets and Liabilities			80
76			Fair Value Measurements – Recurring Quantitative Information			84
77			Fair Value Measurements – Nonrecurring			85
78			Fair Value Option – Fair Value and Principal Balances			86
79			Fair Value Option – Changes in Fair Value			86
80			Additional Fair Value Information Related to Other Financial Instruments			87
81			Total Gross Derivatives			89
82			Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement			91
83			Hedged Items - Fair Value Hedges			92
84			Gains (Losses) on Derivatives Not Designated for Hedging under GAAP			93
85			Derivative Assets and Liabilities Offsetting			94
86			Credit-Risk Contingent Features			95
87			Business Segment Results and Reconciliation to Consolidated Table			98
88			Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income			100

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FINANCIAL REVIEW

THE PNC FINANCIAL SERVICES GROUP, INC.

This Financial Review, including the Consolidated Financial Highlights, should be read together with our unaudited Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q (the “Report” or “Form 10-Q”) and with Items 7, 8 and 9A of our 2025 Annual Report on Form 10-K (our “2025 Form 10-K”). For information regarding certain business, regulatory and legal risks, see the following: the Risk Management section of this Financial Review and Item 7 in our 2025 Form 10-K; Item 1A Risk Factors included in our 2025 Form 10-K; and the Commitments and Legal Proceedings Notes included in this Report and our first quarter 2026 Form 10-Q and Item 8 of our 2025 Form 10-K. Also, see the Cautionary Statement Regarding Forward-Looking Information section in this Financial Review and the Critical Accounting Estimates and Judgments section in this Financial Review and in our 2025 Form 10-K for certain other factors that could cause actual results or future events to differ, perhaps materially, from historical performance and from those anticipated in the forward-looking statements included in this Report. See Note 15 Segment Reporting for a reconciliation of total business segment earnings to total PNC consolidated net income as reported on a GAAP basis. In this Report, “PNC,” “we” or “us” refers to The PNC Financial Services Group, Inc. and its subsidiaries on a consolidated basis (except when referring to PNC as a public company, its common stock or other securities issued by PNC, which just refer to The PNC Financial Services Group, Inc.). References to The PNC Financial Services Group, Inc. or to any of its subsidiaries are specifically made where applicable.

See page 102 for a glossary of certain terms and acronyms used in this Report.

EXECUTIVE SUMMARY

Headquartered in Pittsburgh, Pennsylvania, we are one of the largest diversified financial institutions in the U.S. We have businesses engaged in retail banking, corporate and institutional banking and asset management, providing many of our products and services nationally. Our retail branch network is located coast-to-coast. We also have strategic international offices in four countries outside the U.S.

At PNC we manage our company for the long term. We are focused on the fundamentals of growing customers, loans, deposits and revenue and improving profitability, while investing for the future and managing risk, expenses and capital. We continue to invest in our products, markets and brand, and embrace our commitments to our customers, shareholders, employees and the communities where we do business.

We strive to serve our customers and expand and deepen relationships by offering a broad range of deposit, credit and fee-based products and services. We are focused on delivering those products and services to our customers with the goal of addressing their financial objectives and needs. Our business model is built on customer loyalty and engagement, understanding our customers’ financial goals and offering our diverse products and services to help them achieve financial well-being. Our approach is concentrated on organically growing and deepening client relationships across our businesses that meet our risk/return measures.

Our capital and liquidity priorities are to support customers, fund business investments and return excess capital to shareholders, while maintaining appropriate capital and liquidity in light of economic conditions, the Basel III framework and other regulatory expectations. For more detail, see the Capital and Liquidity Highlights portion of this Executive Summary, the Liquidity and Capital Management portion of the Risk Management section of this Financial Review and the Supervision and Regulation section in Item 1 Business of our 2025 Form 10-K.

Acquisition of FirstBank Holding Company

On January 5, 2026, PNC acquired FirstBank Holding Company including its banking subsidiary, FirstBank, representing $4.2 billion of consideration in cash and PNC common stock to FirstBank Holding Company common shareholders and Series A preferred shareholders, and $0.1 billion of consideration to Series B preferred shareholders through the exchange of each share of Series B preferred stock into a newly created series of preferred stock of PNC, designated Series X.

In June 2026, PNC converted approximately 780,000 customers, more than 1,620 employees and 95 branches across Colorado and Arizona, merging FirstBank into PNC Bank. PNC’s results for the second quarter of 2026 include the full quarter benefit of FirstBank. First quarter of 2026 results included FirstBank operations since acquisition close on January 5, 2026.

For additional information on the acquisition of FirstBank, see Note 2 Acquisition Activity.

The PNC Financial Services Group, Inc. – Form 10-Q 1

Selected Financial Data

The following tables include selected financial data which should be reviewed in conjunction with the Consolidated Financial Statements and Notes included in Item 1 of this Report as well as the other disclosures in this Report concerning our historical financial performance, our future prospects and the risks associated with our business and financial performance.

Table 1: Summary of Operations, Per Common Share Data and Performance Ratios

Dollars in millions, except per share data Unaudited			Three months ended												Six months ended
			June 30			March 31			June 30						June 30			June 30
			2026			2026			2025						2026			2025
Summary of Operations
Net interest income			$	4,107		$	3,961		$	3,555					$	8,068		$	7,031
Noninterest income			2,768			2,204			2,106						4,972			4,082
Total revenue			6,875			6,165			5,661						13,040			11,113
Provision for credit losses			191			210			254						401			473
Noninterest expense			4,098			3,768			3,383						7,866			6,770
Income before income taxes and noncontrolling interests			2,586			2,187			2,024						4,773			3,870
Income taxes			531			415			381						946			728
Net income			$	2,055		$	1,772		$	1,643					$	3,827		$	3,142
Net income attributable to common shareholders			$	1,953		$	1,686		$	1,542					$	3,639		$	2,950
Per Common Share
Basic			$	4.82		$	4.13		$	3.86					$	8.95		$	7.37
Diluted			$	4.81		$	4.13		$	3.85					$	8.94		$	7.37
Book value per common share			$	145.52		$	143.65		$	131.61
Performance Ratios
Net interest margin (non-GAAP) (a)			2.96		%	2.95		%	2.80		%				2.96		%	2.79		%
Noninterest income to total revenue			40		%	36		%	37		%				38		%	37		%
Efficiency			60		%	61		%	60		%				60		%	61		%
Return on:
Average common shareholders’ equity			13.61		%	11.92		%	12.20		%				12.77		%	11.91		%
Average assets			1.34		%	1.19		%	1.17		%				1.27		%	1.13		%

(a)See explanation and reconciliation of this non-GAAP measure in the Average Consolidated Balance Sheet and Net Interest Analysis and Non-GAAP Financial Information sections of this Item 2.

Table 2: Balance Sheet Highlights and Other Selected Ratios

Dollars in millions, except as noted Unaudited			June 30 2026			December 31 2025			June 30 2025
Balance Sheet Highlights
Assets			$	616,034		$	573,572		$	559,107
Loans			$	367,953		$	331,481		$	326,340
Allowance for loan and lease losses			$	4,652		$	4,410		$	4,523
Interest-earning deposits with banks			$	22,794		$	32,936		$	24,455
Investment securities			$	149,506		$	138,240		$	142,348
Total deposits			$	449,792		$	440,866		$	426,696
Borrowed funds			$	85,723		$	57,101		$	60,424
Total shareholders’ equity			$	64,008		$	60,585		$	57,607
Common shareholders’ equity			$	58,131		$	54,828		$	51,854
Other Selected Ratios
Common equity tier 1			9.9		%	10.6		%	10.5		%
Loans to deposits			82		%	75		%	76		%
Common shareholders’ equity to total assets			9.4		%	9.6		%	9.3		%

Income Statement Highlights

Net income of $2.1 billion, or $4.81 per diluted common share, for the second quarter of 2026 increased $283 million, or 16%, compared to $1.8 billion, or $4.13 per diluted common share, for the first quarter of 2026, primarily due to higher noninterest income and net interest income, partially offset by higher noninterest expense.

•For the three months ended June 30, 2026 compared to the three months ended March 31, 2026:

•Total revenue of $6.9 billion increased $710 million, or 12%.

2 The PNC Financial Services Group, Inc. – Form 10-Q

•Net interest income of $4.1 billion increased $146 million, or 4%, and included the benefit of commercial loan growth and higher noninterest-bearing deposit balances.

•Net interest margin increased 1 basis point to 2.96%.

•Noninterest income of $2.8 billion increased $564 million, or 26%, reflecting higher capital markets and advisory revenue as well as $6 million of integration costs related to the FirstBank acquisition and second quarter significant items including:

•A $448 million gain resulting from PNC’s participation in the Visa exchange program;

•A securities loss of $139 million related to the repositioning of the available-for-sale investment securities portfolio; and

•Visa derivative adjustments of negative $85 million, driven by the extension of anticipated litigation resolution timing.

•Provision for credit losses was $191 million in the second quarter of 2026 and reflected portfolio activity as well as updates to macroeconomic factors. The first quarter of 2026 included a provision for credit losses of $210 million.

•Noninterest expense increased $330 million, or 9%, and included higher personnel costs as a result of increased business activity as well as second quarter of 2026 integration expenses related to the FirstBank acquisition of $121 million and a PNC Foundation contribution expense of $140 million pre-tax. The first quarter of 2026 included $97 million of FirstBank integration expenses.

Net income of $3.8 billion or $8.94 per diluted common share, for the first six months of 2026 increased $685 million, or 22%, compared to $3.1 billion, or $7.37 per diluted common share, for the same period in 2025, reflecting higher net interest income and noninterest income, partially offset by increased noninterest expense.

•For the six months ended June 30, 2026 compared to the six months ended June 30, 2025:

•Total revenue increased $1.9 billion, or 17%.

•Net interest income increased $1.0 billion, or 15%, reflecting the benefit of FirstBank, loan growth and lower funding costs.

•Net interest margin increased 17 basis points and included the continued benefit of fixed rate asset repricing.

•Noninterest income increased $890 million, or 22%, reflecting higher capital markets and advisory revenue as well as $7 million of integration costs related to the FirstBank acquisition and second quarter 2026 significant items including:

•A $448 million gain resulting from PNC’s participation in the Visa exchange program;

•A securities loss of $139 million related to the repositioning of the available-for-sale investment securities portfolio; and

•Visa derivative adjustments of negative $117 million in the first six months of 2026, driven by the extension of anticipated litigation resolution timing.

•Provision for credit losses was $401 million for the first six months of 2026, and reflected portfolio activity as well as updates to macroeconomic factors. The first six months of 2025 included a provision for credit losses of $473 million.

•Noninterest expense increased $1.1 billion, or 16%, compared to the first six months of 2025, reflecting FirstBank operating expenses, higher personnel costs as a result of increased business activity and $218 million of integration expenses related to the FirstBank acquisition, as well as a PNC Foundation contribution expense of $140 million pre-tax.

For additional detail, see the Consolidated Income Statement Review section of this Financial Review.

Balance Sheet Highlights

Our balance sheet was well positioned at June 30, 2026. In comparison to December 31, 2025:

•Total assets of $616.0 billion increased $42.5 billion, or 7%, reflecting higher loans and securities balances, including the impact of the FirstBank acquisition, partially offset by lower balances held with the FRB.

•Total loans of $368.0 billion increased $36.5 billion, or 11%.

•Total commercial loans increased $31.4 billion, or 14%, to $263.9 billion, reflecting new production and higher utilization of loan commitments as well as the addition of FirstBank loans.

•Total consumer loans increased $5.1 billion, or 5%, to $104.1 billion, primarily driven by the benefit of acquired FirstBank residential mortgage loans, partially offset by declines in the automobile portfolio as paydowns outpaced originations.

•Investment securities increased $11.3 billion, or 8%, to $149.5 billion, including net purchase activity of agency residential mortgage-backed securities and the acquisition of FirstBank investment securities in both the available-for-sale and held-to-maturity portfolios.

•Total deposits increased $8.9 billion, or 2%, primarily driven by higher noninterest-bearing deposits, and included the addition of FirstBank deposits.

•Borrowed funds increased $28.6 billion, or 50%, to $85.7 billion, primarily due to higher FHLB advances.

The PNC Financial Services Group, Inc. – Form 10-Q 3

For additional detail, see the Consolidated Balance Sheet Review section of this Financial Review.

Credit Quality Highlights

In the second quarter of 2026, PNC maintained strong credit quality performance.

•At June 30, 2026 compared to December 31, 2025:

•Nonperforming assets of $2.2 billion decreased $211 million, or 9%, driven by lower commercial nonperforming loans.

•Overall loan delinquencies of $1.4 billion were stable.

•The ACL related to loans, which consists of the ALLL and the allowance for unfunded lending related commitments, totaled $5.5 billion at June 30, 2026, compared to $5.2 billion at December 31, 2025. The increase was primarily driven by portfolio activity, including the addition of FirstBank loans. ACL to total loans was 1.48% at June 30, 2026, compared to 1.58% at December 31, 2025.

•Net loan charge-offs of $226 million, or 0.25% of average loans, decreased $27 million compared to the first quarter of 2026, primarily due to FirstBank acquired net loan charge-offs of $45 million recognized in the first quarter.

For additional detail see the Credit Risk Management portion of the Risk Management section of this Financial Review.

Capital and Liquidity Highlights

We maintained our strong capital and liquidity positions.

•Common shareholders’ equity of $58.1 billion at June 30, 2026, increased $3.3 billion, or 6%, compared to December 31, 2025, primarily due to the benefit of net income and common stock issuances related to the FirstBank acquisition, partially offset by common dividends paid, common share repurchases and a decline in AOCI.

•In the second quarter of 2026, PNC returned $1.3 billion of capital to shareholders, reflecting $0.7 billion of dividends on common shares and $0.6 billion of common share repurchases.

•On July 6, 2026, the PNC Board of Directors raised the quarterly cash dividend on common stock to $2.00 per share, an increase of 30 cents, or 18%. The dividend is payable on August 5, 2026 to shareholders of record at the close of business July 20, 2026.

•Our CET1 ratio was 9.9% at June 30, 2026 and 10.6% at December 31, 2025.

For additional information on our liquidity and capital actions as well as our capital ratios, see Capital Management in the Risk Management section in this Financial Review, the Recent Regulatory Developments section in this Financial Review and the Supervision and Regulation section in our 2025 Form 10-K.

Business Outlook

Statements regarding our business outlook are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting and do not take into account potential legal and regulatory contingencies. These statements are based on our views that:

•PNC’s baseline forecast remains for continued expansion in 2026, with economic growth expected to remain resilient despite oil prices that are up from early 2026, supported by strong AI-related capex, tax refunds, and an improving labor market. We expect real GDP growth of 2.1% in 2026, with continued modest job gains and the unemployment rate holding roughly steady, ending the year at around 4.3%. Inflation risks have eased somewhat but we still expect inflation to remain elevated, with CPI inflation staying above 3% through year-end. Risks to our growth and inflation outlook include a sudden reversal in AI-related sentiment, which would have knock-on effects on both capex and wealth-driven consumer spending, as well as any further sharp rise in oil prices.

•Our baseline forecast is for the Federal Reserve to keep the federal funds rate unchanged throughout 2026 and into 2027, in a range between 3.50% and 3.75%. However, risks remain skewed toward tighter monetary policy given persistent above-target inflation and inflationary pressures from higher energy prices and continued strength in capital spending.

Consistent with the forward guidance we provided on July 15, 2026, for the third quarter of 2026, compared to the second quarter of 2026, we expect:

•Average loans to be up 1% to 2%,

•Net interest income to be up 3% to 3.5%,

•Fee income to be down 5% to 5.5%,

•Other noninterest income to be $150 million to $200 million,

•Noninterest expense to be down 7% to 8 %,

◦Noninterest expense, excluding integration costs and significant items, to be down 2% to 3%, and

•Net loan charge-offs to be approximately $225 million.

4 The PNC Financial Services Group, Inc. – Form 10-Q

Consistent with the forward guidance we provided on July 15, 2026, for the full year of 2026, compared to the full year of 2025, we expect:

•Average loans to be up approximately 12.5%,

•Net interest income to be up 15% to 15.5%,

•Noninterest income to be up approximately 11%

◦Noninterest income, excluding integration costs and significant items, to be up approximately 9%,

•Total revenue to be up approximately 14%,

◦Total revenue, excluding integration costs and significant items, to be up approximately 13%,

•Noninterest expense to be up approximately 11.5%,

◦Noninterest expense, excluding integration costs and significant items, to be up approximately 8.5%, and

•Effective tax rate to be approximately 19.5%.

The guidance for noninterest expense, excluding integration costs and significant items, excludes our expectation for non-recurring merger and integration expenses of approximately $325 million, $218 million of which was recognized in the first half of 2026 and approximately $50 million of which we expect to incur in the third quarter of 2026. It also excludes the pre-tax impacts of the $140 million expense in the second quarter of 2026 related to a contribution to the PNC Foundation.

The 2026 guidance for noninterest income and total revenue excludes integration costs, $7 million of which was recognized in the first half of 2026, as well as $224 million of second quarter significant items ($448 million gain on Visa exchange, $(85) million Visa Class B-3 derivative adjustment, and $139 million of securities losses). See the Reconciliation of Noninterest income guidance, excluding integration costs and significant items (non-GAAP) and the Reconciliation of Revenue guidance, excluding integration costs and significant items (non-GAAP) sections of this Report. Other noninterest income, noninterest income and revenue guidance does not forecast net securities gains or losses and other Visa activity.

We are unable to provide a meaningful or accurate reconciliation of forward-looking non-GAAP measures, without unreasonable effort, to their most directly comparable GAAP financial measures, except for full year Noninterest income and Revenue guidance, excluding integration costs and significant items, and full year Noninterest expense guidance, excluding integration costs and significant items. This is due to the inherent difficulty of forecasting the timing and amounts necessary for the reconciliation, when such amounts are subject to events that cannot be reasonably predicted, as noted in our Cautionary Statement. Accordingly, we cannot address the probable significance of unavailable information.

See the Cautionary Statement Regarding Forward-Looking Information section in this Financial Review and Item 1A Risk Factors included in our 2025 Form 10-K for other factors that could cause future events to differ, perhaps materially, from those anticipated in these forward-looking statements.

CONSOLIDATED INCOME STATEMENT REVIEW

Net income of $2.1 billion, or $4.81 per diluted common share, for the second quarter of 2026 increased $283 million, or 16%, compared to $1.8 billion, or $4.13 per diluted common share, for the first quarter of 2026, primarily due to higher noninterest income and net interest income, partially offset by higher noninterest expense. Net income of $3.8 billion, or $8.94 per diluted common share, for the first six months of 2026 increased $685 million, or 22%, compared to $3.1 billion, or $7.37 per diluted common share, for the same period in 2025, reflecting higher net interest income and noninterest income, partially offset by increased noninterest expense.

The PNC Financial Services Group, Inc. – Form 10-Q 5

Net Interest Income

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

						June 30, 2026																		March 31, 2026
Three months ended Dollars in millions						Average Balances						Average Yields/ Rates						Interest Income/ Expense						Average Balances									Average Yields/ Rates									Interest Income/ Expense
Assets
Interest-earning assets
Investment securities						$	147,099					3.45		%				$	1,269					$	144,526								3.36		%							$	1,208
Loans						363,196						5.47		%				5,007						350,883									5.50		%							4,815
Interest-earning deposits with banks (b)						30,734						3.63		%				281						32,612									3.64		%							296
Other						13,985						4.69		%				164						12,457									4.95		%							154
Total interest-earning assets/interest income						$	555,014					4.82		%				6,721						$	540,478								4.80		%							6,473
Liabilities
Interest-bearing liabilities
Interest-bearing deposits						$	353,540					1.91		%				1,682						$	359,273								1.96		%							1,735
Borrowed funds						78,933						4.57		%				905						62,874									4.76		%							748
Total interest-bearing liabilities/interest expense						$	432,473					2.39		%				2,587						$	422,147								2.37		%							2,483
Interest rate spread												2.43		%																			2.43		%
Impact of noninterest-bearing sources												0.53																					0.52
Net interest margin/income (non-GAAP)												2.96		%				4,134															2.95		%							3,990
Taxable-equivalent adjustments																		(27)																								(29)
Net interest income (GAAP)																		$	4,107																							$	3,961

						June 30, 2026																		June 30, 2025
Six months ended Dollars in millions						Average Balances						Average Yields/ Rates						Interest Income/ Expense						Average Balances						Average Yields/ Rates						Interest Income/ Expense
Assets
Interest-earning assets
Investment securities						$	145,820					3.41		%				$	2,477					$	142,058					3.22		%				$	2,284
Loans						357,074						5.49		%				9,822						319,706						5.70		%				9,128
Interest-earning deposits with banks (b)						31,668						3.63		%				577						33,209						4.38		%				731
Other						13,238						4.80		%				318						10,750						5.83		%				313
Total interest-earning assets/interest income						$	547,800					4.81		%				13,194						$	505,723					4.92		%				12,456
Liabilities
Interest-bearing liabilities
Interest-bearing deposits						$	356,390					1.93		%				3,417						$	329,061					2.24		%				3,653
Borrowed funds						70,949						4.65		%				1,653						64,901						5.28		%				1,716
Total interest-bearing liabilities/interest expense						$	427,339					2.38		%				5,070						$	393,962					2.73		%				5,369
Interest rate spread												2.43		%																2.19		%
Impact of noninterest-bearing sources												0.53																		0.60
Net interest margin/income (non-GAAP)												2.96		%				8,124												2.79		%				7,087
Taxable-equivalent adjustments																		(56)																		(56)
Net interest income (GAAP)																		$	8,068																	$	7,031

(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.

Noninterest Income

Table 4: Noninterest Income

						Three months ended																											Six months ended
						June 30						March 31						Change															June 30						June 30						Change
Dollars in millions						2026						2026						$						%									2026						2025						$						%
Noninterest income
Asset management and brokerage						$	440					$	420					$	20					5		%							$	860					$	782					$	78					10		%
Capital markets and advisory						577						463						114						25		%							1,040						627						413						66		%
Card and cash management						772						738						34						5		%							1,510						1,429						81						6		%
Lending and deposit services						346						340						6						2		%							686						633						53						8		%
Residential and commercial mortgage						144						118						26						22		%							262						262						—						—		%
Other income
Gain on Visa shares exchange program						448						—						448						*									448						—						448						*
Securities gains (losses)						(139)						28						(167)						*									(111)						(2)						(109)						*
Other						180						97						83						*									277						351						(74)						*
Other income						489						125						364						291		%							614						349						265						76		%
Total noninterest income						$	2,768					$	2,204					$	564					26		%							$	4,972					$	4,082					$	890					22		%

*-Not meaningful

Noninterest income as a percentage of total revenue was 40% for the second quarter of 2026 compared to 36% for the first quarter of 2026 and 38% for the first six months of 2026 compared to 37% for the same period in 2025.

Asset management and brokerage fees increased compared to the first quarter of 2026 and the first six months of 2025. In both comparisons, the increase was a result of higher average equity markets and increased client activity. PNC’s discretionary client assets under management of $247 billion at June 30, 2026 increased from $230 billion at March 31, 2026, and $217 billion at June 30, 2025. In both comparisons, the increase included the impact from higher spot equity markets and positive net flows.

Capital markets and advisory fees increased compared to the first quarter of 2026 and the first six months of 2025, driven by growth across capital markets businesses, including strong merger and acquisition advisory activity.

Card and cash management revenue increased compared to the first quarter of 2026, as a result of seasonally higher consumer

The PNC Financial Services Group, Inc. – Form 10-Q 7

transaction volumes and growth in treasury management product revenue. The increase compared to the first six months of 2025 included increased consumer transaction volumes as well as higher treasury management product revenue.

Lending and deposit services increased compared to the first quarter of 2026 primarily due to increased customer activity. Compared to the first six months of 2025, the increase reflected the addition of FirstBank customer activity.

Residential and commercial mortgage increased compared to the first quarter of 2026 primarily driven by negative residential mortgage valuations, net of economic hedge, recognized in the first quarter of 2026. Residential and commercial mortgage revenue was stable compared to the first six months of 2025.

Other noninterest income increased in both the quarterly and year-to-date comparisons. The second quarter of 2026 included the impact of a $448 million gain resulting from PNC’s participation in the Visa exchange program, partially offset by a securities loss of $139 million related to the repositioning of the available-for-sale investment securities portfolio and $6 million of integration costs related to the FirstBank acquisition. The second quarter of 2026 also included Visa derivative adjustments, primarily related to the extension of anticipated litigation resolution timing of negative $85 million, compared to negative $32 million of Visa derivative adjustments in the first quarter of 2026. The first six months of 2026 included negative $117 million of Visa derivative adjustments, compared to negative $38 million for the same period in 2025.

Noninterest Expense

Table 5: Noninterest Expense

						Three months ended																								Six months ended
						June 30						March 31						Change												June 30						June 30						Change
Dollars in millions						2026						2026						$						%						2026						2025						$						%
Noninterest expense
Personnel						$	2,273					$	2,106					$	167					8		%				$	4,379					$	3,779					$	600					16		%
Occupancy						252						262						(10)						(4)		%				514						480						34						7		%
Equipment						435						415						20						5		%				850						778						72						9		%
Marketing						110						87						23						26		%				197						184						13						7		%
Other						1,028						898						130						14		%				1,926						1,549						377						24		%
Total noninterest expense						$	4,098					$	3,768					$	330					9		%				$	7,866					$	6,770					$	1,096					16		%

Noninterest expense increased compared to the first quarter of 2026 and included higher personnel costs as a result of increased business activity as well as second quarter of 2026 integration expenses related to the FirstBank acquisition of $121 million and a PNC Foundation contribution expense of $140 million pre-tax. The first quarter of 2026 included $97 million of FirstBank integration expenses.

Compared to the first six months of 2025, noninterest expense increased reflecting FirstBank operating expenses, higher personnel costs as a result of increased business activity and $218 million of integration expenses related to the FirstBank acquisition, as well as a $140 million pre-tax expense related to a PNC Foundation contribution.

Effective Income Tax Rate

The effective income tax rate was 20.5% for the second quarter of 2026 compared to 19.0% for the first quarter of 2026 and 19.8% for the first six months of 2026 compared to 18.8% for the first six months of 2025.

Provision For Credit Losses

Table 6: Provision for Credit Losses

						Three months ended																		Six months ended
						June 30						March 31						Change						June 30			June 30			Change
Dollars in millions						2026						2026						$						2026			2025			$
Provision for (recapture of) credit losses
Loans and leases						$	213					$	188					$	25					$	401		$	431		$	(30)
Unfunded lending related commitments						(20)						14						(34)						(6)			38			(44)
Investment securities						(1)						—						(1)						(1)			2			(3)
Other financial assets						(1)						8						(9)						7			2			5
Total provision for credit losses						$	191					$	210					$	(19)					$	401		$	473		$	(72)

8 The PNC Financial Services Group, Inc. – Form 10-Q

The provision for credit losses was $191 million and $401 million for the three and six months ended June 30, 2026, respectively. The provision in both periods was driven by portfolio activity as well as updates to macroeconomic factors.

CONSOLIDATED BALANCE SHEET REVIEW

Table 7: Summarized Balance Sheet Data

			June 30						December 31						Change
Dollars in millions			2026						2025						$			%
Assets
Interest-earning deposits with banks			$	22,794					$	32,936					$	(10,142)		(31)		%
Loans held for sale			1,522						1,939						(417)			(22)		%
Investment securities			149,506						138,240						11,266			8		%
Loans			367,953						331,481						36,472			11		%
Allowance for loan and lease losses			(4,652)						(4,410)						(242)			(5)		%
Mortgage servicing rights			3,801						3,659						142			4		%
Goodwill			13,317						10,959						2,358			22		%
Other			61,793						58,768						3,025			5		%
Total assets			$	616,034					$	573,572					$	42,462		7		%
Liabilities
Deposits			$	449,792					$	440,866					$	8,926		2		%
Borrowed funds			85,723						57,101						28,622			50		%
Allowance for unfunded lending related commitments			809						818						(9)			(1)		%
Other			15,649						14,151						1,498			11		%
Total liabilities			551,973						512,936						39,037			8		%
Equity
Total shareholders’ equity			64,008						60,585						3,423			6		%
Noncontrolling interests			53						51						2			4		%
Total equity			64,061						60,636						3,425			6		%
Total liabilities and equity			$	616,034					$	573,572					$	42,462		7		%

Our balance sheet was well positioned at June 30, 2026. In comparison to December 31, 2025:

•Total assets increased reflecting higher loans and securities balances, including the impact of the FirstBank acquisition, partially offset by lower balances held with the FRB.

•Total liabilities increased primarily due to higher borrowed funds as well as higher deposits, including the impact of the acquisition of FirstBank.

•Total equity increased primarily due to the benefit of net income and stock issuances related to the FirstBank acquisition, partially offset by dividends paid, common share repurchases and lower AOCI.

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 and the Recent Regulatory Developments section in this Financial Review. Additional information can be found in the Supervision and Regulation section and Note 19 Regulatory Matters of our 2025 Form 10-K.

The PNC Financial Services Group, Inc. – Form 10-Q 9

Loans

Effective January 1, 2026, PNC updated its defined loan classes (classes of financing receivables) as follows: (i) equipment lease financing loans were reclassified to the commercial and industrial loan class based on similarities in the manner in which credit risk is monitored and assessed within these portfolios, as well as materiality considerations, and (ii) education loans were reclassified to the other consumer loan class based on materiality considerations. All impacted disclosures have been updated accordingly, and prior periods have been adjusted to conform with the current presentation.

Table 8: Loans

			June 30						December 31						Change
Dollars in millions			2026						2025						$			%
Commercial
Commercial and industrial			$	227,915					$	202,898					$	25,017		12		%
Commercial real estate			35,962						29,565						6,397			22		%
Total commercial			263,877						232,463						31,414			14		%
Consumer
Residential real estate			48,709						43,760						4,949			11		%
Home equity			26,280						25,941						339			1		%
Automobile			15,872						16,591						(719)			(4)		%
Credit card			7,311						7,014						297			4		%
Other consumer			5,904						5,712						192			3		%
Total consumer			104,076						99,018						5,058			5		%
Total loans			$	367,953					$	331,481					$	36,472		11		%

Commercial loans increased reflecting strong new production and higher utilization of loan commitments as well as the addition of FirstBank loans.

Consumer loans increased primarily due to the benefit of acquired FirstBank residential mortgage loans, partially offset by declines in the automobile portfolio as paydowns outpaced originations.

For additional information regarding our loan portfolio, see the Credit Risk Management portion of the Risk Management section in this Financial Review and Note 4 Loans and Related Allowance for Credit Losses.

For information regarding our ACL related to loans, see the Credit Risk Management section and Critical Accounting Estimates and Judgments section of this Financial Review and Note 4 Loans and Related Allowance for Credit Losses. Additional discussion of our ACL is included in Note 1 Accounting Policies of our 2025 Form 10-K.

Investment Securities

Investment securities of $149.5 billion at June 30, 2026 increased $11.3 billion, or 8%, compared to December 31, 2025, including the acquisition of FirstBank investment securities and net purchase activity of agency residential mortgage-backed securities in both the available-for-sale and held-to-maturity portfolios.

In the second quarter of 2026, we repositioned the investment securities portfolio and sold available-for-sale securities with a market value of approximately $4.1 billion and a weighted average yield of approximately 3.2%, resulting in a loss of $139 million. We redeployed the proceeds from the sale, purchasing approximately $4.3 billion of investment securities with a weighted average yield of approximately 4.4%.

The level and composition of the investment securities portfolio fluctuates over time based on many factors, including market conditions, loan and deposit growth and balance sheet management activities. We manage our investment securities portfolio to optimize returns, while providing a reliable source of liquidity for our banking and other activities, considering the LCR, NSFR and other internal and external guidelines and constraints.

10 The PNC Financial Services Group, Inc. – Form 10-Q

Table 9: Investment Securities (a)

			June 30, 2026												December 31, 2025
Dollars in millions			Amortized Cost (b)						Fair Value						Amortized Cost (b)						Fair Value
U.S. Treasury and government agencies			$	47,470					$	46,808					$	50,559					$	50,141
Agency residential mortgage-backed			87,088						82,749						75,028						71,386
Non-agency residential mortgage-backed			630						717						664						759
Agency commercial mortgage-backed			7,961						7,842						4,486						4,472
Non-agency commercial mortgage-backed (c)			310						311						584						582
Asset-backed (d)			3,651						3,683						4,087						4,177
Other (e)			4,503						4,512						4,594						4,597
Total investment securities (f)			$	151,613					$	146,622					$	140,002					$	136,114

(a)Of our total securities portfolio, 97% were rated AAA/AA at both June 30, 2026 and December 31, 2025.

(b)Amortized cost is presented net of the allowance for investment securities, which totaled $65 million at June 30, 2026 and primarily related to non-agency commercial mortgage-backed securities. The comparable amount at December 31, 2025 was $66 million.

(c)Collateralized primarily by multifamily housing, office buildings, retail properties, lodging properties and industrial properties.

(d)Collateralized primarily by consumer credit products, corporate debt and government guaranteed education loans.

(e)Includes state and municipal securities and corporate bonds.

(f)Includes available-for-sale and held-to-maturity securities, which are recorded on our balance sheet at fair value and amortized cost, respectively.

Table 9 presents our investment securities portfolio by amortized cost and fair value. The difference between fair value and amortized cost at June 30, 2026 primarily reflected the impact of interest rate changes on the valuation of fixed-rate securities. We continually monitor the credit risk in our portfolio and maintain the allowance for investment securities at an appropriate level to absorb expected credit losses on our investment securities portfolio for the remaining contractual term of the securities adjusted for expected prepayments. See Note 3 Investment Securities for additional details regarding the allowance for investment securities.

The duration of investment securities was 3.6 years and 3.5 years at June 30, 2026 and December 31, 2025, respectively. We estimate that at June 30, 2026 the effective duration of investment securities was 3.6 years for an immediate 50 basis points parallel increase in interest rates and 3.5 years for an immediate 50 basis points parallel decrease in interest rates. Comparable amounts at December 31, 2025 for the effective duration of investment securities were 3.5 years and 3.4 years, respectively.

Based on expected prepayment speeds, the weighted-average expected maturity of the investment securities portfolio was 5.3 years and 5.2 years at June 30, 2026 and December 31, 2025, respectively.

Table 10: Weighted-Average Expected Maturities of Mortgage and Asset-Backed Debt Securities

June 30, 2026			Years
Agency residential mortgage-backed			6.7
Non-agency residential mortgage-backed			9.9
Agency commercial mortgage-backed			4.1
Non-agency commercial mortgage-backed			0.8
Asset-backed			2.1

Additional information regarding our investment securities portfolio is included in Note 3 Investment Securities and Note 12 Fair Value.

The PNC Financial Services Group, Inc. – Form 10-Q 11

Funding Sources

Table 11: Details of Funding Sources

			June 30						December 31						Change
Dollars in millions			2026						2025						$			%
Deposits
Noninterest-bearing			$	99,356					$	91,748					$	7,608		8		%
Interest-bearing
Money market			77,737						79,334						(1,597)			(2)		%
Demand			134,687						137,469						(2,782)			(2)		%
Savings			105,462						98,312						7,150			7		%
Time deposits			32,550						34,003						(1,453)			(4)		%
Total interest-bearing deposits			350,436						349,118						1,318			—		%
Total deposits			449,792						440,866						8,926			2		%
Borrowed funds
Federal Home Loan Bank advances			40,416						13,000						27,416			211		%
Senior debt			38,144						38,642						(498)			(1)		%
Subordinated debt			4,396						3,016						1,380			46		%
Other			2,767						2,443						324			13		%
Total borrowed funds			85,723						57,101						28,622			50		%
Total funding sources			$	535,515					$	497,967					$	37,548		8		%

Deposits are considered an attractive source of funding due to their stability and relatively low cost to fund. Compared to December 31, 2025, our funding source composition included higher borrowed funds outstanding and higher deposit balances. Funding costs decreased compared to the fourth quarter of 2025 as growth in funding sources was more than offset by the impact of lower funding rates.

Total deposits increased compared to December 31, 2025, primarily driven by higher noninterest-bearing deposits, and included the addition of FirstBank deposits. Interest-bearing deposits were stable and reflected higher consumer balances, offset by a seasonal decline in commercial balances and lower brokered time deposits. Our total brokered deposit balance was $2.1 billion at June 30, 2026 compared to $5.1 billion at December 31, 2025, and was significantly below both our internal and regulatory guidelines and limits.

Borrowed funds increased primarily due to higher FHLB advances.

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 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 and the Recent Regulatory Developments section in this Financial Review and the first quarter 2026 Form 10-Q, as well as the Supervision and Regulation section and Note 19 Regulatory Matters of our 2025 Form 10-K for additional information regarding our liquidity and capital activities. See Note 8 Borrowed Funds in this Report and Note 9 Borrowed Funds in our 2025 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 $64.0 billion at June 30, 2026 increased $3.4 billion, or 6%, compared to December 31, 2025, primarily due to the benefit of net income of $3.8 billion and stock issuances related to the FirstBank acquisition of $3.0 billion, partially offset by dividends paid of $1.5 billion, common share repurchases of $1.3 billion and a decline in AOCI of $0.7 billion.

12    The PNC Financial Services Group, Inc. – Form 10-Q

BUSINESS SEGMENTS REVIEW

We have three reportable business segments: Retail Banking, Corporate & Institutional Banking and the Asset Management Group. Our reportable business segments are defined by the nature of products and services, types of customers, methods used to distribute products or provide services and similar financial performance.

Total business segment financial results differ from our consolidated reporting due to the remaining corporate operations, or other activities, that do not meet the criteria for disclosure as a separate reportable business segment. These other activities include residual activities such as asset and liability management activities, including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, corporate overhead net of allocations, tax adjustments that are not allocated to business segments, exited businesses and the residual impact from FTP operations. See Table 87 in Note 15 Segment Reporting for additional information.

Certain amounts included in this Business Segments Review differ from those amounts shown in Note 15, primarily due to the presentation in this Financial Review of business net interest income on a taxable-equivalent basis.

See Note 15 Segment Reporting for additional information on our business segments, including a description of each business.

The PNC Financial Services Group, Inc. – Form 10-Q 13

Retail Banking

Retail Banking’s core strategy is to build lifelong, primary relationships by creating a sense of financial well-being and ease for our clients. Over time, we seek to deepen those relationships by meeting the broad range of our clients’ financial needs across savings, liquidity, lending, payments, investment and retirement solutions. We work to deliver these solutions in the most seamless and efficient way possible, meeting our customers where they are—whether in a branch, through digital channels, at an ATM or through our phone-based customer contact centers—while continuously optimizing the cost to sell and service. We believe that, over time, we can grow our customer base, enhance the breadth and depth of our client relationships and improve our efficiency through differentiated products and leading digital channels.

Table 12: Retail Banking Table

(Unaudited)
Six months ended June 30															Change
Dollars in millions, except as noted			2026						2025						$			%
Income Statement
Net interest income (a)			$	6,528					$	5,883					$	645		11		%
Noninterest income			1,997						1,488						509			34		%
Total revenue (a)			8,525						7,371						1,154			16		%
Provision for credit losses			244						251						(7)			(3)		%
Noninterest expense
Personnel			1,122						1,077						45			4		%
Segment allocations (b)			2,178						1,945						233			12		%
Depreciation and amortization			270						173						97			56		%
Other (c)			656						597						59			10		%
Total noninterest expense			4,226						3,792						434			11		%
Pre-tax earnings (a)			4,055						3,328						727			22		%
Income taxes (a)			944						775						169			22		%
Noncontrolling interests			15						19						(4)			(21)		%
Earnings (a)			$	3,096					$	2,534					$	562		22		%
Average Balance Sheet
Loans held for sale			$	589					$	867					$	(278)		(32)		%
Loans
Consumer
Residential real estate			$	38,642					$	34,920					$	3,722		11		%
Home equity			24,886						24,548						338			1		%
Automobile			16,278						15,491						787			5		%
Credit card			7,020						6,525						495			8		%
Other consumer			3,210						3,368						(158)			(5)		%
Total consumer			90,036						84,852						5,184			6		%
Commercial			20,708						12,783						7,925			62		%
Total loans			$	110,744					$	97,635					$	13,109		13		%
Total assets			$	130,537					$	114,601					$	15,936		14		%
Deposits
Noninterest-bearing			$	59,635					$	51,833					$	7,802		15		%
Interest-bearing			210,292						190,381						19,911			10		%
Total deposits			$	269,927					$	242,214					$	27,713		11		%
Performance Ratios (a)
Return on average assets			4.78		%				4.46		%
Noninterest income to total revenue			23		%				20		%
Efficiency			50		%				51		%
Supplemental Noninterest Income Information
Asset management and brokerage			$	333					$	302					$	31		10		%
Card and cash management			$	672					$	624					$	48		8		%
Lending and deposit services			$	404					$	374					$	30		8		%
Residential and commercial mortgage			$	146					$	126					$	20		16		%
Other income - Gain on Visa shares exchange program			$	448					$	—					$	448		*

14    The PNC Financial Services Group, Inc. – Form 10-Q

(Continued from previous page)

Six months ended June 30															Change
Dollars in millions, except as noted			2026						2025						$			%
Residential Mortgage Information
Residential mortgage servicing statistics (d)
Serviced portfolio balance (in billions) (e)			$	209					$	189					$	20		11		%
MSR asset value (e)			$	2,762					$	2,457					$	305		12		%
Servicing income:
Servicing fees, net (f)			$	129					$	131					$	(2)		(2)		%
Mortgage servicing rights valuation, net of economic hedge			$	(24)					$	(2)					$	(22)		*
Residential mortgage loan statistics
Loan origination volume (in billions)			$	3.2					$	2.7					$	0.5		19		%
Loan sale margin percentage			2.12		%				0.78		%
Other Information
Credit-related statistics
Nonperforming assets (e)			$	944					$	812					$	132		16		%
Net charge-offs - loans and leases			$	241					$	264					$	(23)		(9)		%
Other statistics
Branches (e)(g)			2,304						2,218						86			4		%
Brokerage account client assets (in billions) (e)(h)			$	97					$	87					$	10		11		%

*- Not Meaningful

(a)During the second quarter of 2026, PNC updated its internal FTP methodology. The update resulted in impacts to net interest income and associated income statement line items for all business segments. Prior periods have been adjusted to conform with the current presentation.

(b)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.

(c)Other is primarily comprised of other direct expenses including outside services and equipment expense.

(d)Represents mortgage loan servicing balances for third parties and the related income.

(e)As of June 30.

(f)Servicing fees net of impact of decrease in MSR value due to passage of time, which includes the impact from regularly scheduled loan principal payments, prepayments and loans paid off during the period.

(g)Reflects all branches excluding standalone mortgage offices and satellite offices (e.g., drive-ups, electronic branches and retirement centers) that provide limited products and/or services.

(h)Includes cash and money market balances.

Retail Banking earnings for the first six months of 2026 increased $562 million compared to the same period in 2025 driven by higher revenue, partially offset by higher noninterest expense.

Net interest income increased in the comparison due to the benefit of FirstBank.

Noninterest income increased in the comparison, reflecting a gain resulting from PNC’s participation in the Visa exchange program, the addition of FirstBank customers and growth in client activity.

Provision for credit losses reflected portfolio activity and updates to macroeconomic factors.

Noninterest expense increased in the comparison primarily due to FirstBank operating expenses and technology investments.

Retail Banking average total loans increased in the first six months of 2026 compared to the same period in 2025. Average consumer loans increased reflecting the addition of residential real estate and home equity loans acquired from FirstBank, as well as growth in the auto and credit card loan portfolios. The increase in average commercial loans was attributable to acquired FirstBank loans.

Our focus on growing primary customer relationships is at the core of our deposit strategy in Retail, which is based on attracting and retaining stable, low-cost deposits as a key funding source for PNC. We have taken a disciplined approach to pricing, focused on retaining relationship-based balances and executing on targeted deposit growth and retention strategies aimed at more rate-sensitive customers. Our goal with regard to deposits is to optimize balances, economics and long-term customer growth. In the first six months of 2026, average total deposits increased compared to the same period in 2025, due to acquired FirstBank deposits and growth in client relationships.

Retail Banking continues to enhance the customer experience with refinements to product and service offerings that drive value for consumers and small businesses. As part of our strategic focus on growing customers and meeting their financial needs, we operate and continue to optimize a coast-to-coast network of retail branches and ATMs, which are complemented by PNC’s suite of digital capabilities. In 2025, PNC announced that it would increase its total branch investment to approximately $2.0 billion by 2030, opening more than 300 new branches and reaffirmed plans to complete the renovation of the entire branch network by 2029. The additional branch investments will be focused in Nashville, Chicago, Sarasota, and Winston-Salem. This was an increase from the previously announced 2024 investment of $1.5 billion to open more than 200 new branches in the strategic growth markets of Atlanta, Austin,

The PNC Financial Services Group, Inc. – Form 10-Q 15

Charlotte, Dallas, Denver, Houston, Miami, Orlando, Phoenix, Raleigh, San Antonio, and Tampa.

Corporate & Institutional Banking

Corporate & Institutional Banking’s strategy is to be the leading relationship-based provider of traditional banking products and services to its customers through the economic cycles. We aim to grow our market share and drive higher returns by delivering value-added solutions that help our clients better run their organizations, all while maintaining prudent risk and expense management. We continue to focus on building client relationships where the risk-return profile is attractive. We are a coast-to-coast franchise and our full suite of commercial products and services is offered nationally.

Table 13: Corporate & Institutional Banking Table

(Unaudited)
Six months ended June 30															Change
Dollars in millions, except as noted			2026						2025						$			%
Income Statement
Net interest income (a)			$	3,934					$	3,582					$	352		10		%
Noninterest income			2,435						2,000						435			22		%
Total revenue (a)			6,369						5,582						787			14		%
Provision for credit losses			153						233						(80)			(34)		%
Noninterest expense
Personnel			962						746						216			29		%
Segment allocations (b)			842						764						78			10		%
Depreciation and amortization			96						100						(4)			(4)		%
Other (c)			307						296						11			4		%
Total noninterest expense			2,207						1,906						301			16		%
Pre-tax earnings (a)			4,009						3,443						566			16		%
Income taxes (a)			931						783						148			19		%
Noncontrolling interests			10						9						1			11		%
Earnings (a)			$	3,068					$	2,651					$	417		16		%
Average Balance Sheet
Loans held for sale			$	650					$	516					$	134		26		%
Loans
Commercial
Commercial and industrial			$	200,913					$	173,872					$	27,041		16		%
Commercial real estate			28,905						31,553						(2,648)			(8)		%
Total commercial			$	229,818					$	205,425					$	24,393		12		%
Consumer			3						3						—			—		%
Total loans			$	229,821					$	205,428					$	24,393		12		%
Total assets			$	256,890					$	230,750					$	26,140		11		%
Deposits
Noninterest-bearing			$	40,207					$	39,347					$	860		2		%
Interest-bearing			119,680						107,886						11,794			11		%
Total deposits			$	159,887					$	147,233					$	12,654		9		%
Performance Ratios (a)
Return on average assets			2.41		%				2.32		%
Noninterest income to total revenue			38		%				36		%
Efficiency			35		%				34		%

16    The PNC Financial Services Group, Inc. – Form 10-Q

(Continued from previous page)

(Unaudited)
Six months ended June 30															Change
Dollars in millions, except as noted			2026						2025						$			%
Other Information
Consolidated revenue from: (d)
Treasury Management (a)(e)			$	2,342					$	2,130					$	212		10		%
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (a)(f)			$	37					$	50					$	(13)		(26)		%
Commercial mortgage loan servicing income (a)(g)			247						238						9			4		%
Commercial mortgage servicing rights valuation, net of economic hedge			61						75						(14)			(19)		%
Total			$	345					$	363					$	(18)		(5)		%
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (h)(i)			$	294					$	295					$	(1)		—		%
MSR asset value (h)			$	1,039					$	1,010					$	29		3		%
Average loans by C&IB business (j)
Corporate Banking			$	134,132					$	111,968					$	22,164		20		%
Real Estate			41,038						42,906						(1,868)			(4)		%
Business Credit			34,983						30,798						4,185			14		%
Equipment Finance			10,656						10,346						310			3		%
Commercial Banking			5,960						6,229						(269)			(4)		%
Other			3,052						3,181						(129)			(4)		%
Total average loans			$	229,821					$	205,428					$	24,393		12		%
Credit-related statistics
Nonperforming assets (h)			$	1,066					$	1,160					$	(94)		(8)		%
Net charge-offs - loans and leases			$	197					$	147					$	50		34		%

(a)During the second quarter of 2026, PNC updated its internal FTP methodology. The update resulted in impacts to net interest income and associated income statement line items for all business segments. Prior periods have been adjusted to conform with the current presentation.

(b)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.

(c)Other is primarily comprised of other direct expenses including outside services and equipment expense.

(d)See the additional revenue discussion regarding treasury management and commercial mortgage banking activities in the Product Revenue section of this Corporate & Institutional Banking section.

(e)Amounts are reported in net interest income and noninterest income.

(f)Represents commercial mortgage banking income for valuations on commercial mortgage loans held for sale and related commitments, derivative valuations, origination fees, gains on sale of loans held for sale and net interest income on loans held for sale.

(g)Represents net interest income and noninterest income from loan servicing, net of reduction in commercial mortgage servicing rights due to the passage of time and payoffs. Commercial mortgage servicing rights valuation, net of economic hedge is shown separately.

(h)As of June 30.

(i)Represents balances related to capitalized servicing.

(j)During the second quarter of 2026, certain equipment finance activity was centralized and established as a business unit within C&IB. As a result, certain loans were reclassified from Corporate Banking, Commercial Banking and Other to Equipment Finance. Prior periods have been adjusted to conform with the current presentation.

Corporate & Institutional Banking earnings in the first six months of 2026 increased $417 million compared to the same period in 2025 driven by higher revenue and a lower provision for credit losses, partially offset by higher noninterest expense.

Net interest income increased in the comparison primarily due to higher average loan and deposit balances as well as wider interest rate spreads on the value of deposits, partially offset by narrower interest rate spreads on the value of loans.

Noninterest income increased in the comparison primarily due to broad-based growth across the capital markets and advisory businesses and higher treasury management product revenue.

Provision for credit losses for the first six months of 2026 reflected portfolio activity, including loan growth, and updates to macroeconomic factors.

Noninterest expense increased in the comparison reflecting higher variable compensation associated with increased business activity.

Average loans increased compared to the six months ended June 30, 2025:

•Corporate Banking provides lending, treasury management and capital markets products and services to

mid-sized and large corporations, and government and not-for-profit entities. Average loans for this business increased, reflecting new production and higher average utilization of loan commitments.

•Real Estate provides banking, financing, servicing and technology solutions for commercial real estate clients. Average loans for this business declined primarily due to lower average utilization of loan commitments.

•Business Credit provides asset-based lending and equipment financing solutions. The loan and lease portfolio is mainly secured by business assets. Average loans for this business increased reflecting new production and a higher average utilization of loan commitments.

The PNC Financial Services Group, Inc. – Form 10-Q 17

•Equipment Finance provides equipment financing solutions for clients. Average loans for this business increased driven by new production.

•Commercial Banking provides lending, treasury management and capital markets products and services to smaller corporations and businesses. Average loans for this business declined primarily driven by lower average utilization of loan commitments.

The deposit strategy of Corporate & Institutional Banking is to remain disciplined on pricing and focused on growing and retaining relationship-based balances over time, executing on customer and segment-specific deposit growth strategies and continuing to provide funding and liquidity to PNC. Average total deposits increased compared to the six months ended June 30, 2025, largely due to growth in interest-bearing deposits. We continue to actively monitor the interest rate environment and make adjustments to our deposit strategy in response to evolving market conditions, bank funding needs and client relationship dynamics.

Product Revenue

In addition to credit and deposit products for commercial customers, Corporate & Institutional Banking offers treasury management capabilities, capital markets and advisory products and services, and commercial mortgage banking activities, for customers of all business segments. On a consolidated basis, the revenue from these other services is included in net interest income and noninterest income, as appropriate. From a business perspective, the majority of the revenue and expense related to these services is reflected in the Corporate & Institutional Banking segment results, with the remainder reflected in the results of other businesses where the customer relationships exist. The Other Information section in Table 13 includes the consolidated revenue to PNC for treasury management and commercial mortgage banking services. A discussion of the consolidated revenue from these services follows.

The Treasury Management business provides corporations with cash and investment management services, receivables and disbursement management services, funds transfer services, and access to online/mobile information management and reporting services. Treasury management revenue is reported in noninterest income and net interest income. Noninterest income includes treasury management product revenue less earnings credits provided to customers on compensating deposit balances used to pay for products and services. Net interest income includes funding credit from all treasury management customer deposit balances. Compared to the first six months of 2025, treasury management revenue increased due to growth in average deposit balances, higher product revenue and wider interest rate spreads on the value of deposits.

Commercial mortgage banking activities include revenue derived from commercial mortgage servicing (both net interest income and

noninterest income), revenue derived from commercial mortgage loans held for sale and hedges related to those activities. Total

revenue from commercial mortgage banking activities decreased in the comparison primarily due to a lower benefit from commercial mortgage servicing rights valuation, net of hedge and lower revenue from commercial mortgage loans held for sale, partially offset by higher commercial mortgage loan servicing income.

Capital markets and advisory includes services and activities primarily related to merger and acquisition advisory, equity capital markets advisory, asset-backed financing, loan syndication, securities underwriting and customer-related trading. The increase in capital markets and advisory fees in the comparison was broad-based across products and services.

18    The PNC Financial Services Group, Inc. – Form 10-Q

Asset Management Group

The Asset Management Group strives to be a leading relationship-based provider of investment, planning, credit and cash management solutions and fiduciary services to affluent individuals and institutions by endeavoring to proactively deliver value-added ideas, solutions and exceptional service. The Asset Management Group’s priorities are to serve our clients’ financial objectives, grow and deepen customer relationships and deliver solid financial performance with prudent risk and expense management.

Table 14: Asset Management Group Table

(Unaudited)
Six months ended June 30															Change
Dollars in millions, except as noted			2026						2025						$			%
Income Statement
Net interest income (a)			$	384					$	362					$	22		6		%
Noninterest income			533						487						46			9		%
Total revenue (a)			917						849						68			8		%
Provision for credit losses			2						(12)						14			*
Noninterest expense
Personnel			245						236						9			4		%
Segment allocations (b)			255						235						20			9		%
Depreciation and amortization			21						18						3			17		%
Other (c)			60						58						2			3		%
Total noninterest expense			581						547						34			6		%
Pre-tax earnings (a)			334						314						20			6		%
Income taxes (a)			78						74						4			5		%
Earnings (a)			$	256					$	240					$	16		7		%
Average Balance Sheet
Loans
Consumer
Residential real estate			$	9,846					$	9,910					$	(64)		(1)		%
Other consumer			3,850						3,508						342			10		%
Total consumer			13,696						13,418						278			2		%
Commercial			825						694						131			19		%
Total loans			$	14,521					$	14,112					$	409		3		%
Total assets			$	14,927					$	14,556					$	371		3		%
Deposits
Noninterest-bearing			$	1,435					$	1,563					$	(128)		(8)		%
Interest-bearing			25,941						25,714						227			1		%
Total deposits			$	27,376					$	27,277					$	99		—		%
Performance Ratios (a)
Return on average assets			3.46		%				3.32		%
Noninterest income to total revenue			58		%				57		%
Efficiency			63		%				64		%
Other Information
Nonperforming assets (d)			$	45					$	63					$	(18)		(29)		%
Net charge-offs (recoveries) - loans and leases			$	1					$	(1)					$	2		*
Client Assets Under Administration (in billions) (d)(e)
Discretionary client assets under management
PNC Private Bank			$	146					$	131					$	15		11		%
Institutional Asset Management			101						86						15			17		%
Total discretionary client assets under management			247						217						30			14		%
Nondiscretionary client assets under administration			256						204						52			25		%
Total			$	503					$	421					$	82		19		%

*- Not Meaningful

(a)During the second quarter of 2026, PNC updated its internal FTP methodology. The update resulted in impacts to net interest income and associated income statement line items for all business segments. Prior periods have been adjusted to conform with the current presentation.

(b)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.

(c)Other is primarily comprised of other direct expenses including outside services and equipment expense.

(d)As of June 30.

(e)Excludes brokerage account client assets. 

The PNC Financial Services Group, Inc. – Form 10-Q 19

The Asset Management Group consists of two primary businesses: PNC Private Bank and Institutional Asset Management.

The PNC Private Bank is focused on being a premier private bank in each of the markets it serves, seeking to deliver high quality banking, trust and investment management services to our emerging affluent, high net worth and ultra-high net worth clients through a broad array of products and services.

Institutional Asset Management provides outsourced chief investment officer, custody, cash and fixed income client solutions, and retirement plan fiduciary investment services to institutional clients, including corporations, healthcare systems, insurance companies, municipalities and non-profits.

Asset Management Group earnings in the first six months of 2026 increased $16 million compared to the same period in 2025, driven by higher revenue, partially offset by higher noninterest expense and a higher provision for credit losses.

Net interest income increased in the comparison primarily due to wider interest rate spreads on the value of deposits.

Noninterest income increased in the comparison reflecting higher average equity markets and positive net flows.

Noninterest expense increased in the comparison due to continued investments to support business growth and higher variable compensation associated with increased business activity.

Average total loans increased in the comparison and included growth in securities-based lending and higher commercial loan balances.

Average deposits were stable in the comparison.

Discretionary and nondiscretionary client assets under management increased in the comparison driven by higher spot equity markets and positive net flows.

RISK MANAGEMENT

The Risk Management section included in Item 7 of our 2025 Form 10-K describes our enterprise risk management framework, including risk culture, enterprise strategy, risk governance and oversight framework, risk identification, risk assessments, risk controls and monitoring, and risk aggregation and reporting. Additionally, our 2025 Form 10-K provides an analysis of the firm’s Capital Management and our key areas of risk, which include, but are not limited to, Credit, Market, Liquidity and Operational (including Compliance and Information Security).

20    The PNC Financial Services Group, Inc. – Form 10-Q

Credit Risk Management

Credit risk, including our credit risk management processes, is described in further detail in the Credit Risk Management section of our 2025 Form 10-K. The following provides additional information around our loan portfolio, which represents our most significant concentration of credit risk.

Loan Portfolio Characteristics and Analysis

Table 15: Details of Loans

In billions

We use several credit quality indicators, as further detailed in Note 4 Loans and Related Allowance for Credit Losses, to monitor and measure our exposure to credit risk within our loan portfolio. The following provides additional information about the significant loan classes that comprise our Commercial and Consumer portfolio segments.

Commercial

Commercial and Industrial

Commercial and industrial loans comprised 62% and 61% of our total loan portfolio at June 30, 2026 and December 31, 2025, respectively. The majority of our commercial and industrial loans are secured by collateral that provides a secondary source of repayment should a borrower experience cash generation difficulties. Examples of this collateral include short-term assets, such as accounts receivable, inventory and securities, and long-lived assets, such as equipment, owner-occupied real estate and other business assets.

We actively manage our commercial and industrial loans to assess any changes (both positive and negative) in the level of credit risk at both the borrower and portfolio level. To evaluate the level of credit risk, we assign internal risk ratings reflecting our estimates of the borrower’s PD and LGD for each related credit facility. This two-dimensional credit risk rating methodology provides granularity in the risk monitoring process and is updated on an ongoing basis through our credit risk management processes. In addition to monitoring the level of credit risk, we monitor different sources of concentration risk, including industry concentrations that may exist in our portfolio. Our commercial and industrial portfolio is well-diversified across industries as shown in the following table (based on the North American Industry Classification System).

The PNC Financial Services Group, Inc. – Form 10-Q 21

Table 16: Commercial and Industrial Loans by Industry

			June 30, 2026															December 31, 2025
Dollars in millions			Amount						% of Total									Amount						% of Total
Commercial and industrial
Financial services			$	44,297					19		%							$	37,592					19		%
Manufacturing			35,114						15									30,623						15
Service providers			27,756						12									25,552						13
Wholesale trade			22,713						10									19,843						10
Real estate related (a)			17,994						8									15,275						8
Retail trade			13,375						6									12,073						6
Technology, media and telecommunications			12,682						6									12,324						6
Transportation and warehousing			9,893						4									9,258						5
Rental and leasing			9,696						4									9,074						4
Health care			9,536						4									9,135						5
Other industries			24,859						12									22,149						9
Total commercial and industrial loans			$	227,915					100		%							$	202,898					100		%

(a)    Represents loans to customers in the real estate and construction industries.

Owner-occupied commercial real estate loans totaled $10.4 billion and $9.0 billion at June 30, 2026 and December 31, 2025, respectively. These loans are categorized as commercial and industrial loans as the credit decisioning for servicing these loans is based on the financial conditions of the owner, not the ability of the collateral to generate income. Owner-occupied commercial real estate loans are well-diversified across industries.

Commercial Real Estate

Commercial real estate loans of $36.0 billion as of June 30, 2026 comprised $23.5 billion related to commercial mortgages on income-producing properties, $7.2 billion of intermediate-term financing loans and $5.3 billion of real estate construction project loans. At December 31, 2025, comparable amounts were $29.6 billion, $17.4 billion, $8.2 billion and $4.0 billion, respectively. Commercial real estate primarily consists of an investment in land and/or buildings held to generate income, which serves as the primary source for the repayment of the loan. However, the disposition of the assigned collateral serves as a secondary source of repayment for the loan should the borrower experience cash generation difficulties.

We monitor credit risk associated with our commercial real estate loans similar to commercial and industrial loans by analyzing PD and LGD. Additionally, risks associated with commercial real estate loans tend to be correlated to the loan structure, collateral location and quality, project progress and business environment. These attributes are also monitored and utilized in assessing credit risk. The portfolio is geographically diverse due to the nature of our business involving clients throughout the U.S.

22    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents our commercial real estate loans by geography and property type:

Table 17: Commercial Real Estate Loans by Geography and Property Type

			June 30, 2026															December 31, 2025
Dollars in millions			Amount						% of Total									Amount						% of Total
Geography (a)
California			$	5,307					15		%							$	5,248					18		%
Colorado			4,847						13									746						3
Florida			3,264						9									3,668						12
Texas			3,261						9									2,950						10
Arizona			2,439						7									1,142						4
Ohio			1,522						4									1,233						4
New Jersey			1,300						4									944						3
Virginia			1,266						4									1,393						5
Nevada			1,200						3									1,203						4
Illinois			1,175						3									1,186						4
Other			10,381						29									9,852						33
Total commercial real estate loans			$	35,962					100		%							$	29,565					100		%
Property Type (a)
Multifamily			$	17,125					48		%							$	14,655					50		%
Office			5,122						14									5,053						17
Industrial/warehouse			5,079						14									4,059						14
Retail			3,430						10									1,891						6
Hotel/motel			1,777						5									1,409						5
Seniors housing			1,603						4									1,340						5
Other			1,826						5									1,158						3
Total commercial real estate loans			$	35,962					100		%							$	29,565					100		%

(a)    Presented in descending order based on loan balances at June 30, 2026.

Commercial Real Estate: Office Portfolio

Real estate performance related to the office sector continues to be an area of focus. At June 30, 2026, our outstanding loan balances in the office portfolio totaled $5.1 billion, or 1.4% of total loans, while additional unfunded loan commitments totaled $0.4 billion. Within this population, criticized loans totaled 29.4% and nonperforming loans totaled 8.1%. We have established reserves of 8.8% against office loans, which we believe reflect the expected credit losses in this portfolio. Our office portfolio remains geographically diversified.

Consumer

Residential Real Estate

Residential real estate loans primarily consist of residential mortgage loans.

We obtain loan attributes at origination, including FICO scores and LTVs, and we update these and other credit metrics at least quarterly. We track borrower performance monthly. We also segment the mortgage portfolio into pools based on product type (e.g., nonconforming or conforming). This information is used for internal reporting and risk management. As part of our overall risk analysis and monitoring, we also segment the portfolio based upon loan delinquency, nonperforming status, modification and bankruptcy status, FICO scores, LTV and geographic concentrations.

The PNC Financial Services Group, Inc. – Form 10-Q 23

The following table presents certain key statistics related to our residential real estate portfolio:

Table 18: Residential Real Estate Loan Statistics

			June 30, 2026															December 31, 2025
Dollars in millions			Amount						% of Total									Amount						% of Total
Geography (a)
California			$	18,083					37		%							$	18,726					43		%
Colorado			6,935						14									1,069						2
Texas			3,374						7									3,486						8
Florida			2,934						6									3,025						7
Washington			2,915						6									3,183						7
New Jersey			1,721						4									1,773						4
Arizona			1,690						3									1,247						3
New York			1,393						3									1,411						3
Pennsylvania			1,131						2									1,159						3
North Carolina			919						2									930						2
Other			7,614						16									7,751						18
Total residential real estate loans			$	48,709					100		%							$	43,760					100		%
			June 30, 2026															December 31, 2025
Weighted-average loan origination statistics (b)
Loan origination FICO score									774															773
LTV of loan originations									71		%													72		%

(a)Presented in descending order based on loan balances at June 30, 2026.

(b)Weighted-averages calculated for the twelve months ended June 30, 2026 and December 31, 2025, respectively.

We originate residential mortgage loans nationwide through our national mortgage business as well as within our branch network. Residential mortgage loans underwritten to agency standards, including conforming loan amount limits, are typically sold with servicing retained by us. We also originate nonconforming residential mortgage loans that do not meet agency standards, which we generally retain on our balance sheet. Our portfolio of originated nonconforming residential mortgage loans totaled $45.7 billion at June 30, 2026, with 39% located in California. Comparable amounts at December 31, 2025 were $39.5 billion and 46%, respectively.

Home Equity

Home equity loans of $26.3 billion as of June 30, 2026 were comprised of $22.7 billion of home equity lines of credit and $3.6 billion of closed-end home equity installment loans. At December 31, 2025, comparable amounts were $25.9 billion, $22.1 billion and $3.8 billion, respectively. Home equity lines of credit are a variable interest rate product with fixed rate conversion options available to certain borrowers.

Similar to residential real estate loans, we obtain loan attributes at origination, including FICO scores and LTVs, and we update these and other credit metrics at least quarterly. Borrower performance of this portfolio is tracked on a monthly basis. We also segment the population into pools based on product type (e.g., first lien product and second lien product) and track the historical performance of any related mortgage loans regardless of whether we hold such liens. This information is used for internal reporting and risk management. As part of our overall risk analysis and monitoring, we also segment the portfolio based upon loan delinquency, nonperforming status, modification and bankruptcy status, FICO scores, LTV, lien position and geographic concentration.

The credit performance of the majority of the home equity portfolio where we hold the first lien position is superior to the portion of the portfolio where we hold the second lien position but do not hold the first lien. Lien position information is generally determined at the time of origination and monitored on an ongoing basis for risk management purposes. We use a third-party service provider to obtain updated loan information, including lien and collateral data that is aggregated from public and private sources.

24    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents certain key statistics related to our home equity portfolio:

Table 19: Home Equity Loan Statistics

			June 30, 2026															December 31, 2025
Dollars in millions			Amount						% of Total									Amount						% of Total
Geography (a)
Pennsylvania			$	4,233					16		%							$	4,330					17		%
New Jersey			3,134						12									3,136						12
Florida			2,211						8									2,239						9
Ohio			2,071						8									2,106						8
California			1,823						7									1,794						7
Texas			1,439						5									1,407						5
Maryland			1,189						5									1,202						5
Michigan			1,116						4									1,132						4
Illinois			1,007						4									1,025						4
North Carolina			1,005						4									1,006						4
Other			7,052						27									6,564						25
Total home equity loans			$	26,280					100		%							$	25,941					100		%
Lien type
1st lien									44		%													46		%
2nd lien									56															54
Total									100		%													100		%
			June 30, 2026															December 31, 2025
Weighted-average loan origination statistics (b)
Loan origination FICO score									779															777
LTV of loan originations									61		%													61		%

(a)Presented in descending order based on loan balances at June 30, 2026.

(b)Weighted-averages calculated for the twelve months ended June 30, 2026 and December 31, 2025, respectively.

Automobile

At June 30, 2026, total auto loans of $15.9 billion were comprised of $15.0 billion in the indirect auto portfolio and $0.9 billion in the direct auto portfolio. At December 31, 2025, comparable amounts were $16.6 billion, $15.6 billion and $1.0 billion, respectively. The indirect auto portfolio consists of loans originated primarily through independent franchised dealers. This business is strategically aligned with our core retail banking business. For the total auto loan portfolio, weighted-average loan origination FICO score, calculated using the auto enhanced FICO scale, was 800 and the weighted-average term of loan originations was 72 months for the twelve months ended June 30, 2026. Comparable amounts for the twelve months ended December 31, 2025 were 799 and 71 months, respectively.

We offer both new and used auto financing to customers through our various channels. The portfolio balance was composed of 42% new vehicle loans and 58% used vehicle loans as of June 30, 2026. Comparable amounts at December 31, 2025 were 43% and 57%, respectively.

The auto loan portfolio’s performance is measured monthly, including both updated collateral values and FICO scores that are obtained at least quarterly. For internal reporting and risk management, we analyze the portfolio by product channel and product type and regularly evaluate default and delinquency experience. As part of our overall risk analysis and monitoring, we segment the portfolio by geography, channel, collateral attributes and credit metrics which include FICO score, LTV and term.

Nonperforming Assets and Loan Delinquencies

Nonperforming Assets

Nonperforming assets include nonperforming loans and leases, OREO, foreclosed and other assets. Nonperforming loans are those loans accounted for at amortized cost whose credit quality has deteriorated to the extent full collection of contractual principal and interest is not probable. Loans held for sale, certain government insured or guaranteed loans and loans accounted for under the fair value option are excluded from nonperforming loans. See Note 1 Accounting Policies in our 2025 Form 10-K for details on our nonaccrual policies.

The PNC Financial Services Group, Inc. – Form 10-Q 25

The following table presents a summary of nonperforming assets by major category:

Table 20: Nonperforming Assets by Type

			June 30, 2026			December 31, 2025						Change
Dollars in millions												$						%
Nonperforming loans
Commercial			$	1,149		$	1,358					$	(209)					(15)		%
Consumer (a)			878			860						18						2		%
Total nonperforming loans			2,027			2,218						(191)						(9)		%
OREO, foreclosed and other assets			123			143						(20)						(14)		%
Total nonperforming assets			$	2,150		$	2,361					$	(211)					(9)		%
Nonperforming loans to total loans			0.55		%	0.67		%
Nonperforming assets to total loans, OREO, foreclosed assets and other assets			0.58		%	0.71		%
Nonperforming assets to total assets			0.35		%	0.41		%
Allowance for loan and lease losses to nonperforming loans			230		%	199		%
Allowance for credit losses to nonperforming loans (b)			269		%	236		%

(a)Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.

(b)Calculated excluding allowances for investment securities and other financial assets.

The following table provides details on the change in nonperforming assets for the six months ended June 30, 2026 and 2025:

Table 21: Change in Nonperforming Assets

In millions						2026						2025
January 1						$	2,361					$	2,357
New nonperforming assets						874						844
Charge-offs and valuation adjustments						(302)						(284)
Principal activity, including paydowns and payoffs						(517)						(468)
Asset sales and transfers to loans held for sale						(77)						(82)
Returned to performing status						(270)						(226)
Acquired nonperforming assets						81						—
June 30						$	2,150					$	2,141

As of June 30, 2026, approximately 95% of total nonperforming loans were secured by collateral.

Loan Delinquencies

We regularly monitor the level of loan delinquencies and believe these levels are a key indicator of credit quality in our loan portfolio. Measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due are considered delinquent. Loan delinquencies include government insured or guaranteed loans, and loans accounted for under the fair value option. Amounts exclude loans held for sale.

We manage credit risk based on the risk profile of the borrower, repayment sources, underlying collateral, and other support given current events, economic conditions and expectations. We refine our practices to address operating environment changes such as inflation levels, industry specific risks, interest rate levels, the level of consumer savings and deposit balances, and structural and secular changes such as those that arose from the pandemic. We offer loan modifications and collection programs to assist our customers and mitigate losses.

26    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents a summary of accruing loans past due by delinquency status:

Table 22: Accruing Loans Past Due (a)

						Amount																								% of Total Loans Outstanding
						June 30, 2026						December 31, 2025						Change												June 30, 2026						December 31, 2025
Dollars in millions																		$						%
Early stage loan delinquencies
Accruing loans past due 30 to 59 days						$	695					$	660					$	35					5		%				0.19		%				0.20		%
Accruing loans past due 60 to 89 days						338						403						(65)						(16)		%				0.09		%				0.12		%
Total early stage loan delinquencies						1,033						1,063						(30)						(3)		%				0.28		%				0.32		%
Late stage loan delinquencies
Accruing loans past due 90 days or more						403						380						23						6		%				0.11		%				0.11		%
Total accruing loans past due						$	1,436					$	1,443					$	(7)					—		%				0.39		%				0.44		%

(a)Past due loan amounts include government insured or guaranteed loans of $0.3 billion at both June 30, 2026 and December 31, 2025.

Accruing loans past due 90 days or more continue to accrue interest because they are (i) well secured by collateral and are in the process of collection, (ii) managed in homogeneous portfolios with specified charge-off timeframes adhering to regulatory guidelines, or (iii) certain government insured or guaranteed loans. As such, they are excluded from nonperforming loans.

Loan Modifications

We may provide relief to our customers experiencing financial hardships through a variety of solutions. Commercial loan and lease modifications are based on each individual borrower’s situation, while consumer loan modifications are evaluated under our hardship relief programs. For additional information on our commercial real estate, office-related modification offerings, see the Commercial Real Estate portion of the Credit Risk Management section of this Financial Review.

See Note 4 Loans and Related Allowance for Credit Losses for additional information on loan modifications to borrowers experiencing financial difficulty.

Allowance for Credit Losses

Our determination of the ACL is based on historical loss and performance experience, current economic conditions, the reasonable and supportable forecasts of future economic conditions and other relevant factors, including current borrower and/or transaction characteristics and assessments of the remaining estimated contractual term as of the balance sheet date. We maintain the ACL at an appropriate level for expected losses on our existing investment securities, loans, equipment finance leases, other financial assets and unfunded lending related commitments.

See Note 1 Accounting Policies and the Credit Risk Management section in our 2025 Form 10-K for additional discussion of our ACL, including details of our methodologies. See also the Critical Accounting Estimates and Judgments section of this Report for further discussion of the assumptions used in the determination of the ACL as of June 30, 2026.

The PNC Financial Services Group, Inc. – Form 10-Q 27

The following table summarizes our ACL related to loans.

Table 23: Allowance for Credit Losses by Loan Class (a)

						June 30, 2026												December 31, 2025
Dollars in millions						Allowance Amount			Total Loans			% of Total Loans						Allowance Amount			Total Loans			% of Total Loans
Allowance for loans and lease losses
Commercial
Commercial and industrial						$	2,219		$	227,915		0.97		%				$	2,032		$	202,898		1.00		%
Commercial real estate						1,035			35,962			2.88		%				1,057			29,565			3.58		%
Total commercial						3,254			263,877			1.23		%				3,089			232,463			1.33		%
Consumer
Residential real estate						90			48,709			0.18		%				44			43,760			0.10		%
Home equity						280			26,280			1.07		%				271			25,941			1.04		%
Automobile						160			15,872			1.01		%				158			16,591			0.95		%
Credit card						647			7,311			8.85		%				632			7,014			9.01		%
Other consumer						221			5,904			3.74		%				216			5,712			3.78		%
Total consumer						1,398			104,076			1.34		%				1,321			99,018			1.33		%
Total						4,652			$	367,953		1.26		%				4,410			$	331,481		1.33		%
Allowance for unfunded lending related commitments						809												818
Allowance for credit losses						$	5,461											$	5,228
Allowance for credit losses to total loans												1.48		%										1.58		%
Commercial												1.49		%										1.62		%
Consumer												1.48		%										1.47		%

(a)    Excludes allowances for investment securities and other financial assets, which together totaled $99 million at both June 30, 2026 and December 31, 2025.

28    The PNC Financial Services Group, Inc. – Form 10-Q

The following table summarizes our loan charge-offs and recoveries.

Table 24: Loan Charge-Offs and Recoveries

Six months ended June 30						Gross Charge-offs						Recoveries						Net Charge-offs / (Recoveries)						% of Average Loans (Annualized)
Dollars in millions
2026
Commercial
Commercial and industrial						$	270					$	66					$	204					0.19		%
Commercial real estate						43						8						35						0.20		%
Acquired loans (a)						10						—						10						—		%
Total commercial						323						74						249						0.19		%
Consumer
Residential real estate						1						4						(3)						(0.01)		%
Home equity						20						15						5						0.04		%
Automobile						60						41						19						0.24		%
Credit card						152						39						113						3.24		%
Other consumer						87						26						61						2.11		%
Acquired loans (a)						35						—						35						—		%
Total consumer						355						125						230						0.38		%
Total						$	678					$	199					$	479					0.25		%
2025
Commercial
Commercial and industrial						$	212					$	95					$	117					0.13		%
Commercial real estate						82						13						69						0.43		%
Total commercial						294						108						186						0.17		%
Consumer
Residential real estate						2						5						(3)						(0.01)		%
Home equity						18						20						(2)						(0.02)		%
Automobile						65						47						18						0.23		%
Credit card						171						30						141						4.35		%
Other consumer						86						23						63						2.22		%
Total consumer						342						125						217						0.44		%
Total						$	636					$	233					$	403					0.25		%

(a)Represents the charge-off of certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.

Total net charge-offs increased $76 million, or 19%, for the first six months of 2026 compared to the same period in 2025. The increase in the comparison reflected $45 million of net charge-offs from the FirstBank acquisition related to purchase accounting and an increase in commercial and industrial net charge-offs.

See Note 1 Accounting Policies in our 2025 Form 10-K and Note 4 Loans and Related Allowance for Credit Losses of this Report for additional information.

Liquidity and Capital Management

Our liquidity risk framework and related monitoring measures and tools, including internal liquidity stress testing as well as compliance with internal and regulatory limits and guidelines, are described in further detail in the Liquidity and Capital Management section of our 2025 Form 10-K.

One of the ways we monitor our liquidity is by reference to the LCR, a regulatory minimum liquidity requirement designed to ensure that covered banking organizations maintain an adequate level of liquidity to meet net liquidity needs over the course of a hypothetical 30-day stress scenario. PNC and PNC Bank calculate the LCR daily and are required to maintain a regulatory minimum of 100%. The LCR for PNC and PNC Bank exceeded the regulatory minimum requirement throughout the second quarter of 2026. Fluctuations in our LCR result from changes to the components of the calculation, including high-quality liquid assets and net cash outflows, as a result of ongoing business activity.

The NSFR is designed to measure the stability of the maturity structure of assets and liabilities of banking organizations over a one-year time horizon. PNC and PNC Bank calculate the NSFR daily and are required to maintain a regulatory minimum of 100%. The NSFR for PNC and PNC Bank exceeded the regulatory minimum requirement throughout the second quarter of 2026.

The PNC Financial Services Group, Inc. – Form 10-Q 29

We provide additional information regarding regulatory liquidity requirements and their potential impact on us in the Supervision and Regulation section of Item 1 Business and Item 1A Risk Factors of our 2025 Form 10-K.

Sources of Liquidity

Our largest source of liquidity on a consolidated basis is the customer deposit base generated by our banking businesses. These deposits provide relatively stable and low-cost funding. Total deposits increased to $449.8 billion at June 30, 2026 from $440.9 billion at December 31, 2025, primarily driven by higher noninterest-bearing deposits, and included the addition of FirstBank deposits. Interest-bearing deposits were stable and reflected higher consumer balances, offset by a seasonal decline in commercial balances and lower brokered time deposits. As of June 30, 2026, uninsured deposits represented approximately 45% of our total deposit base, which is estimated based on the regulatory instructions in the Consolidated Reports of Condition and Income - FFIEC 031. The majority of our uninsured deposits are related to commercial operating and relationship accounts, which we define as commercial deposit customers who utilize two or more PNC products. See the Funding Sources section in the Consolidated Balance Sheet Review and the Business Segments Review of this Financial Review for additional information on our deposits and related strategies.

We may also obtain liquidity through various forms of funding, such as senior debt, subordinated debt, FHLB advances, securities sold under repurchase agreements, commercial paper and other short-term borrowings. See the Funding Sources section in the Consolidated Balance Sheet Review of this Financial Review and Note 8 Borrowed Funds included in this Report for additional information related to our borrowings.

Total senior and subordinated debt, on a consolidated basis, increased due to the following activity:

Table 25: Senior and Subordinated Debt

In billions			2026
January 1			$	41.7
Issuances			5.7
Calls and maturities			(4.3)
Other			(0.6)
June 30			$	42.5

Additionally, PNC maintains access to contingent funding sources that include unused borrowing capacity and certain liquid assets. PNC has a contingency funding plan designed to ensure that liquidity sources are sufficient to meet ongoing obligations and commitments, particularly in the event of liquidity stress. This plan is designed to examine and quantify the organization’s liquidity under various internal liquidity stress scenarios and is periodically tested to assess the plan’s reliability. Additionally, the plan provides the strategies for addressing liquidity needs and responsive actions we would consider during liquidity stress events, which could include the issuance of incremental debt, preferred stock, or additional deposit actions, including the issuance of brokered time deposits. The plan also addresses the governance, frequency of reporting and the responsibilities of key departments in the event of liquidity stress.

PNC defines our primary contingent liquidity sources as cash held at the FRB, investment securities and unused borrowing capacity at the FHLB and FRB. The following table summarizes our primary contingent liquidity sources at June 30, 2026 and December 31, 2025.

Table 26: Primary Contingent Liquidity Sources

In billions			June 30, 2026						December 31, 2025
Cash balance with Federal Reserve Bank			$	22.2					$	32.0
Available investment securities (a)			82.5						77.2
Unused borrowing capacity from FHLB (b)			37.7						50.7
Unused borrowing capacity from Federal Reserve Bank (c)			86.7						81.5
Total available contingent liquidity			$	229.1					$	241.4

(a)Represents the fair value of investment securities that can be used for pledging or to secure other sources of funding.

(b)At June 30, 2026, total FHLB borrowing capacity was $78.4 billion and total FHLB advances and letters of credit were $40.7 billion. Comparable amounts at December 31, 2025 were $64.1 billion and $13.4 billion, respectively.

(c)Total borrowing capacity with the FRB was $86.7 billion at June 30, 2026 and $81.5 billion at December 31, 2025. PNC had no outstanding borrowings with the FRB at June 30, 2026 and December 31, 2025.

30    The PNC Financial Services Group, Inc. – Form 10-Q

Bank Liquidity

In addition to our primary contingent liquidity sources, under PNC Bank’s 2014 bank note program, as amended, PNC Bank may from time to time offer up to $40.0 billion aggregate principal amount outstanding at any one time of its unsecured senior and subordinated notes with maturity dates more than nine months (in the case of senior notes) and five years or more (in the case of subordinated notes) from their date of issue. At June 30, 2026, PNC Bank’s remaining capacity to issue under the program was $35.0 billion.

The following table details PNC Bank note redemptions during the second quarter of 2026.

Table 27: PNC Bank Notes Redeemed

Redemption Date			Amount			Description of Redemption
May 13, 2026			$1.25 billion			All outstanding 4.543% senior fixed-to-floating rate notes with an original scheduled maturity date of May 13, 2027. The redemption price was equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of May 13, 2026.

Under PNC Bank’s 2013 commercial paper program, PNC Bank has the ability to offer up to $10.0 billion of its commercial paper to provide additional liquidity. At June 30, 2026, there were no issuances outstanding under this program.

Additionally, PNC Bank may also access funding from the parent company through deposits placed at the bank or issuing intercompany unsecured notes.

Parent Company Liquidity

In addition to managing liquidity risk at the bank level, we manage the parent company’s liquidity. The parent company’s contractual obligations consist primarily of debt service related to parent company borrowings and funding non-bank affiliates. Additionally, the parent company maintains liquidity to fund discretionary activities such as paying dividends to our shareholders, share repurchases and acquisitions.

At June 30, 2026, available parent company liquidity totaled $31.4 billion. Parent company liquidity is held in intercompany cash and investments. For investments with longer durations, the related maturities are aligned with scheduled cash needs, such as the maturity of parent company debt obligations.

The principal source of parent company liquidity is the dividends or other capital distributions it receives from PNC Bank, which may be impacted by the following:

•Bank-level capital needs,

•Laws, regulations and the results of supervisory activities,

•Corporate policies,

•Contractual restrictions, and

•Other factors.

There are statutory and regulatory limitations on the ability of a national bank to pay dividends or make other capital distributions or to extend credit to the parent company or its non-bank subsidiaries. The amount available for dividend payments by PNC Bank to the parent company without prior regulatory approval was $5.0 billion at June 30, 2026. See Note 19 Regulatory Matters in our 2025 Form 10-K for further discussion of these limitations.

In addition to dividends from PNC Bank, other sources of parent company liquidity include cash and investments, as well as dividends and loan repayments from other subsidiaries and dividends or distributions from equity investments. We can also generate liquidity for the parent company and PNC’s non-bank subsidiaries through the issuance of debt and equity securities, including certain capital instruments, in public or private markets and commercial paper, and through other borrowings. Under the parent company’s 2014 commercial paper program, the parent company has the ability to offer up to $5.0 billion of commercial paper to provide additional liquidity. At June 30, 2026, there were no issuances outstanding under this program.

The PNC Financial Services Group, Inc. – Form 10-Q 31

The following table details Parent Company note issuances during the second quarter of 2026.

Table 28: Parent Company Notes Issued

Issuance Date			Amount			Description of Issuance
May 26, 2026			$1.35 billion			$1.35 billion of 4.618% senior fixed-to-floating rate notes with a maturity date of October 26, 2029. Interest is payable semi-annually in arrears at a fixed rate of 4.618% per annum, on April 26 and October 26 of each year, commencing on October 26, 2026. Beginning on October 26, 2028, interest is payable quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Preliminary Prospectus Supplement), plus 0.681%, on January 26, 2029, April 26, 2029, July 26, 2029 and at the maturity date.
May 26, 2026			$300 million			$300 million of senior floating rate notes with a maturity date of October 26, 2029. Interest is payable quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Preliminary Prospectus Supplement), plus 0.680%, on January 26, April 26, July 26, and October 26 of each year, which commenced on July 26, 2026.

See Note 17 Subsequent Events for details on the following parent company activity:

•issuance of $1.0 billion of 5.463% senior fixed-to-floating rate notes that mature on July 21, 2037;

•issuance of $1.0 billion of 4.831% senior fixed-to-floating rate notes that mature on July 19, 2030; and

•redemption of all outstanding 5.102% senior fixed-to-floating rate notes due July 23, 2027.

Parent company senior and subordinated debt carrying value totaled $37.6 billion and $33.7 billion at June 30, 2026 and December 31, 2025, respectively.

Contractual Obligations and Commitments

We enter into various contractual arrangements in the normal course of business, certain of which require future payments that could impact our liquidity and capital resources. See the Liquidity and Capital Management portion of the Risk Management section of our 2025 Form 10-K for more information on these future cash outflows. Additionally, in the normal course of business, we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. We provide information on our commitments in Note 9 Commitments.

Credit Ratings

PNC’s credit ratings affect the cost and availability of short and long-term funding, collateral requirements for certain derivative instruments and the ability to offer certain products.

In general, rating agencies base their ratings on many quantitative and qualitative factors, including capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current legislative and regulatory environment, including implied government support. A decrease, or potential decrease, in credit ratings could impact access to the capital markets and/or increase the cost of debt, and thereby adversely affect liquidity and financial condition. For additional information on the potential impacts from a downgrade to our credit ratings, see Item 1A Risk Factors in our 2025 Form 10-K.

32    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents credit ratings and outlook for The PNC Financial Services Group, Inc. and PNC Bank as of June 30, 2026:

Table 29: Credit Ratings and Outlook

June 30, 2026

Moody’s

S&P (a)

Fitch

DBRS (b)

The PNC Financial Services Group, Inc.

Senior debt

A3

A-

A

AA (low)

Subordinated debt

A3

BBB+

A-

A (high)

Preferred stock

Baa2

BBB-

BBB

A (low)

PNC Bank

Senior debt

A2

A

A+

AA

Subordinated debt

A2

A-

A

AA (low)

Long-term deposits

Aa3

no rating

AA

AA

Short-term deposits

P-1

no rating

F1+

no rating

Short-term notes

P-1

A-1

F1

R-1 (high)

The PNC Financial Services Group, Inc.

Agency rating outlook

Stable

Stable

Stable

Stable

(a)S&P does not provide depositor ratings. PNC Bank’s long term issuer rating is A and short term issuer rating is A-1.

(b)DBRS does not provide a short-term depositor rating. PNC Bank’s short-term instrument rating is R-1 (high).

Capital Management

Detailed information on our capital management processes and activities is included in the Supervision and Regulation section of Item 1 of our 2025 Form 10-K.

We manage our funding and capital positions by making adjustments to our balance sheet size and composition, issuing or redeeming debt, issuing equity or other capital instruments, executing treasury stock transactions and capital redemptions or repurchases, and managing dividend policies and retaining earnings.

In the second quarter of 2026, PNC returned $1.3 billion of capital to shareholders, reflecting $0.7 billion of dividends on common shares and $0.6 billion of common share repurchases. The SCB framework permits capital return in amounts in excess of SCB minimum levels. Consistent with this framework, PNC had approximately 29% of the 100 million common shares still available for repurchase at June 30, 2026 under the repurchase program previously approved by our Board of Directors. Share repurchase activity in the third quarter of 2026 is expected to approximate second quarter of 2026 share repurchase levels. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. PNC’s SCB will be maintained at the regulatory minimum of 2.5% through September 30, 2027.

On July 6, 2026, the PNC Board of Directors raised the quarterly cash dividend on common stock to $2.00 per share, an increase of 30 cents, or 18%. The dividend is payable on August 5, 2026 to shareholders of record at the close of business July 20, 2026.

The PNC Financial Services Group, Inc. – Form 10-Q 33

The following table summarizes our Basel III capital balances and ratios.

Table 30: Basel III Capital

			June 30, 2026
Dollars in millions			Basel III
Common equity tier 1 capital
Common stock plus related surplus, net of treasury stock			$	(3,269)
Retained earnings			65,518
Goodwill, net of associated deferred tax liabilities			(13,086)
Other disallowed intangibles, net of deferred tax liabilities			(666)
Other adjustments (deductions)			(84)
Common equity tier 1 capital (a)			$	48,413
Additional tier 1 capital
Preferred stock plus related surplus			5,879
Tier 1 capital			$	54,292
Additional tier 2 capital
Qualifying subordinated debt			3,300
Eligible credit reserves includable in tier 2 capital			5,330
Total Basel III capital			$	62,922
Risk-weighted assets
Basel III standardized approach risk-weighted assets (b)			$	487,843
Average quarterly adjusted total assets			$	604,645
Supplementary leverage exposure (c)			$	749,242
Basel III risk-based capital and leverage ratios
Common equity tier 1			9.9		%
Tier 1			11.1		%
Total			12.9		%
Leverage (d)			9.0		%
Supplementary leverage ratio (c)			7.2		%

(a)As permitted, PNC and PNC Bank have elected to exclude AOCI related to both available-for-sale securities and pension and other post-retirement plans from CET1 capital.

(b)Basel III standardized approach risk-weighted assets are based on the Basel III standardized approach rules and include credit and market risk-weighted assets.

(c)The supplementary leverage ratio is calculated based on tier 1 capital divided by supplementary leverage exposure, which takes into account the quarterly average of both on balance sheet assets as well as certain off-balance sheet items, including loan commitments and potential future exposure under derivative contracts.

(d)The leverage ratio is calculated based on tier 1 capital divided by average quarterly adjusted total assets.

PNC’s regulatory risk-based capital ratios are calculated using the standardized approach for determining risk-weighted assets. Under the standardized approach for determining credit risk-weighted assets, exposures are generally assigned a pre-defined risk weight. Exposures to high volatility commercial real estate, nonaccruals, FDMs, past due exposures and equity exposures are generally subject to higher risk weights than other types of exposures.

At June 30, 2026, PNC and PNC Bank were considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements. To qualify as “well capitalized,” PNC must have Basel III capital ratios of at least 6% for tier 1 risk-based capital and 10% for total risk-based capital, and PNC Bank must have Basel III capital ratios of at least 6.5% for common equity tier 1 risk-based capital, 8% for tier 1 risk-based capital, 10% for total risk-based capital and a leverage ratio of at least 5%.

Federal banking regulators have stated that they expect the largest U.S. BHCs, including PNC, to have a level of regulatory capital well in excess of the regulatory minimum and have required the largest U.S. BHCs, including PNC, to have a capital buffer sufficient to withstand losses and allow them to meet the credit needs of their customers through estimated stress scenarios. We seek to manage our capital consistent with these regulatory principles, and we believe that our June 30, 2026 capital levels were aligned with them.

We provide additional information regarding regulatory capital requirements and some of their potential impacts, including the proposed rules to adjust the Basel III framework, in the Supervision and Regulation section of Item 1 Business, Item 1A Risk Factors and Note 19 Regulatory Matters in our 2025 Form 10-K.

34    The PNC Financial Services Group, Inc. – Form 10-Q

Market Risk Management

See the Market Risk Management portion of the Risk Management section in our 2025 Form 10-K for additional discussion regarding market risk.

Market Risk Management – Interest Rate Risk

Interest rate risk results primarily from our traditional banking activities of gathering deposits and extending loans. Many factors, including economic and financial conditions, movements in interest rates and consumer preferences, affect the difference between the interest that we earn on assets, the interest that we pay on liabilities and the level of our noninterest-bearing funding sources. Due to the repricing term mismatches and embedded options inherent in certain of these products, changes in market interest rates not only affect expected near-term earnings, but also the economic values of these assets and liabilities.

Our Asset and Liability Management group centrally manages interest rate risk as prescribed in our market risk-related risk management policies, which are approved by management’s ALCO and the Risk Committee of the Board of Directors.

PNC utilizes sensitivities of NII and EVE to a set of interest rate scenarios to identify and measure its short-term and long-term structural interest rate risks.

The following table includes NII sensitivity results as of June 30, 2026 and 2025.

Table 31: Net Interest Income Sensitivity Analysis

			June 30, 2026						June 30, 2025
Net Interest Income Sensitivity Simulation (a)
Effect on NII in first year from shocked interest rate:
200 basis point instantaneous increase			—		%				0.9		%
200 basis point instantaneous decrease			(1.6)		%				(2.0)		%

(a)The effect on NII in the first year from a 100 basis point increase is approximately equal to the disclosed results for the 200 basis point scenario. The impact of a 100 basis point decrease is approximately one third of the disclosed results for the 200 basis point scenario.

When forecasting NII, we make certain key assumptions that can materially impact the resulting sensitivities, including the following:

Future Balance Sheet Composition: Our balance sheet composition is dynamic and based on our forecasted expectations. The projected balance sheet composition by the end of year one is generally consistent with the spot composition at June 30, 2026.

Balance Sheet Forecast: Our balance sheet forecast is based on various assumptions that include key interest rate risk aspects such as loan and deposit growth, as well as mix, and is consistent with our guidance.

Deposit Betas: Deposit pricing changes are primarily driven by changes in the Federal Funds rate. PNC’s cumulative deposit beta was 47% through June 2026. We define the cumulative deposit beta as the change in deposit rate paid on total interest-bearing deposits divided by the change in the upper level of the average stated Federal Funds rate range since August 2024, the start of the current easing rate cycle. For rate sensitivity purposes, PNC assumes the cumulative deposit beta will decrease slightly from the current level. For interest rate risk modeling, PNC uses dynamic beta models to adjust assumed repricing sensitivity depending on market rate levels as well as other factors. The dynamic beta assumptions reflect historical experience as well as future expectations, and are periodically updated to reflect the current view of future expectations. Actual deposit rates paid may differ from modeled projections due to variables such as competition for deposits and customer behavior.

Asset Prepayments: PNC includes prepayment assumptions for both loan and investment portfolios. Mortgage and home equity portfolios utilize an industry standard model to drive estimated prepayments that increase in lower rate environments. Commercial and other consumer loan portfolios assume static constant prepayment rates that are consistent across rate scenarios, as those portfolios historically do not exhibit significantly different prepayment behaviors based upon the level of market rates.

Impact of Derivatives: As part of our risk management strategy, PNC uses interest rate derivatives, some of which are forward starting, to hedge floating rate commercial loans. PNC had $78.3 billion in active and forward starting receive fix / pay float swaps used to hedge floating rate commercial loans as of June 30, 2026, with a weighted average duration of 2.5 years and an average fixed rate of 3.75%. Additionally, PNC utilizes receive fix / pay float swaps to hedge fixed rate debt, as well as pay fix / receive float swaps to hedge the investment securities portfolio. See Note 13 Financial Derivatives for additional information on how we use derivatives to hedge these financial instruments.

The PNC Financial Services Group, Inc. – Form 10-Q 35

The following table includes EVE sensitivity results as of June 30, 2026 and 2025.

Table 32: Economic Value of Equity Sensitivity Analysis

			June 30, 2026			June 30, 2025
Economic Value of Equity Sensitivity Simulation
200 basis point instantaneous increase			(3.7)		%	(1.8)		%
200 basis point instantaneous decrease			(1.8)		%	(3.5)		%

.

EVE measures the present value of all projected future cash flows associated with a point-in-time balance sheet and does not include projected new volume. EVE sensitivity to interest rate changes is a complementary metric to NII sensitivity analysis and represents an estimation of long-term interest rate risk. PNC calculates its EVE sensitivity by measuring the changes in the economic value of assets, liabilities and off-balance sheet instruments in response to an instantaneous +/-200 bps parallel shift in interest rates. Similar to the NII sensitivity analysis, we incorporate dynamic deposit repricing and loan prepayment assumptions. Directionally, higher deposit beta assumptions result in increasing liability sensitivity whereas lower deposit betas increase asset sensitivity. Conceptually similar, higher loan prepayment assumptions cause an increase in asset sensitivity and lower prepayments result in an increase in liability sensitivity. These behavioral modeling assumptions are largely consistent between the EVE and NII sensitivity analyses, and also share the same starting balance sheet position as of June 30, 2026. Deposit attrition is also a significant contributor to EVE sensitivity. Deposit attrition is projected based on a dynamic model developed using long-term historical deposit behavior in addition to management assumptions. PNC performs various sensitivity analyses to understand the impact of faster and slower deposit attrition, loan prepayments and deposit betas on our risk metrics, with the results reported to ALCO.

Compared to the second quarter of 2025, there have been no material changes to our NII sensitivity and EVE sensitivity assumptions, including data sources that drive assumptions setting.

Market Risk Management – Customer-Related Trading Risk

We engage in fixed income securities, derivatives and foreign exchange transactions to support our customers’ investing and hedging activities. These transactions, related hedges and the credit and funding valuation adjustment related to our customer derivatives portfolio are marked-to-market daily and reported as customer-related trading activities. We do not engage in proprietary trading of these products.

We use VaR as the primary means to measure and monitor market risk in customer-related trading activities. VaR is used to estimate the probability of portfolio losses based on the statistical analysis of historical market risk factors. A diversified VaR reflects empirical

correlations across different asset classes. VaR is computed with positions and market risk factors updated daily to ensure each portfolio is operating within its acceptable limits. See the Market Risk Management – Customer-Related Trading Risk section of our 2025 Form 10-K for more information on our models used to calculate VaR and our backtesting process.

Customer-related trading revenue was $176 million for the six months ended June 30, 2026, compared to $91 million for the same period in 2025, and is recorded in Capital markets and advisory noninterest income and Other interest income on our Consolidated Income Statement. The increase was primarily due to higher derivative customer-related trading revenue.

Market Risk Management – Equity And Other Investment Risk

Equity investment risk is the risk of potential losses associated with investing in both private and public equity markets. In addition to extending credit, taking deposits, underwriting securities and trading financial instruments, we make and manage direct investments in a variety of transactions, including management buyouts, recapitalizations and growth financings in a variety of industries. We also have investments in affiliated and non-affiliated funds that make similar investments in private equity, consistent with regulatory limitations. The economic and/or book value of these investments and other assets are directly affected by changes in market factors.

Various PNC business units manage our equity and other investment activities. Our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines.

A summary of our equity investments follows:

Table 33: Equity Investments Summary

			June 30, 2026						December 31, 2025						Change
Dollars in millions															$						%
Tax credit investments			$	5,881					$	5,578					$	303					5		%
Private equity and other			5,854						5,212						642						12		%
Total			$	11,735					$	10,790					$	945					9		%

36    The PNC Financial Services Group, Inc. – Form 10-Q

Tax Credit Investments

Included in our equity investments are direct tax credit investments and equity investments held by consolidated entities. These tax credit investment balances included unfunded commitments totaling $3.2 billion and $3.4 billion at June 30, 2026 and December 31, 2025, respectively. These unfunded commitments are included in Other liabilities on our Consolidated Balance Sheet.

Note 4 Loan Sale and Servicing Activities and Variable Interest Entities in our 2025 Form 10-K has further information on tax credit investments.

Private Equity and Other

The largest component of our other equity investments is our private equity portfolio. The private equity portfolio is an illiquid portfolio consisting of mezzanine and equity investments that vary by industry, stage and type of investment. Private equity investments carried at estimated fair value totaled $2.7 billion and $2.8 billion at June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026, $2.4 billion was invested directly in a variety of companies, and $0.3 billion was invested indirectly through various private equity funds. Changes in fair value of private equity investments are recognized in Other noninterest income.

Our other equity investments at June 30, 2026, also included Visa Class B-3 common shares, which are recorded at cost, and Visa Class C and Class A common shares recorded at fair value. During the second quarter of 2026, PNC participated in the Visa exchange program, allowing PNC to convert its Visa Class B-2 common shares into 0.9 million of Visa Class B-3 common shares and 0.3 million of Visa Class C common shares. The Visa Class B-3 common shares remain subject to the same restrictions that were imposed on the Visa Class B-2 common shares. Participation in the exchange required PNC to agree to a make-whole agreement that subjects PNC to the same indemnity obligations to Visa as prior to participation in the exchange program. In the second quarter of 2026, we recorded a $448 million gain related to the Visa Class C common shares received. At June 30, 2026, PNC held its remaining Class C common shares and Class A common shares representing a portion of PNC’s converted Class C common shares related to the donation to the PNC Foundation collectively totaling approximately $0.3 billion in fair value.

Visa Class B-3 common shares that we own are transferable only under limited circumstances until the resolution of the pending interchange litigation or Visa launches another exchange program allowing PNC to convert a portion of its Visa Class B-3 common shares into freely transferable Visa Class C common shares. The estimated value of our total investment in the Visa Class B-3 common shares was approximately $0.5 billion, while our cost basis was insignificant. The estimated value does not represent fair value of the Visa Class B-3 common shares given the shares’ limited transferability and the lack of observable transactions in the marketplace. See Note 14 Fair Value and Note 20 Legal Proceedings in our 2025 Form 10-K for additional information regarding our Visa agreements.

We also have certain other equity investments, the majority of which represent investments in affiliated and non-affiliated funds with both traditional and alternative investment strategies. Net gains related to these investments were $16 million and $5 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

Financial Derivatives

See the Risk Management section in our 2025 Form 10-K for discussion of our use of financial derivatives as a part of the risk management process. Further information on our financial derivatives is presented in Note 12 Fair Value and Note 13 Financial Derivatives in this Report and Note 1 Accounting Policies in our 2025 Form 10-K.

The PNC Financial Services Group, Inc. – Form 10-Q 37

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)

			Six months ended June 30
			2026																		2025
Taxable-equivalent basis Dollars in millions			Average Balances						Interest Income/Expense						Average Yields/Rates						Average Balances						Interest Income/ Expense						Average Yields/ Rates
Assets
Interest-earning assets:
Investment securities
Securities available-for-sale
Residential mortgage-backed			$	36,000					$	681					3.78		%				$	34,182					$	636					3.72		%
U.S. Treasury and government agencies			28,230						559						3.99		%				24,880						562						4.56		%
Other			8,456						169						4.00		%				7,663						141						3.67		%
Total securities available-for-sale			72,686						1,409						3.89		%				66,725						1,339						4.03		%
Securities held-to-maturity
Residential mortgage-backed			45,799						746						3.26		%				40,243						578						2.87		%
U.S. Treasury and government agencies			19,679						158						1.61		%				27,910						210						1.52		%
Other			7,656						164						4.30		%				7,180						157						4.37		%
Total securities held-to-maturity			73,134						1,068						2.92		%				75,333						945						2.51		%
Total investment securities			145,820						2,477						3.41		%				142,058						2,284						3.22		%
Loans
Commercial and industrial			217,569						5,915						5.41		%				187,796						5,394						5.71		%
Commercial real estate			34,714						1,004						5.75		%				32,450						975						5.97		%
Consumer			55,408						1,915						6.97		%				53,637						1,895						7.12		%
Residential real estate			49,383						988						4.00		%				45,823						864						3.77		%
Total loans			357,074						9,822						5.49		%				319,706						9,128						5.70		%
Interest-earning deposits with banks			31,668						577						3.63		%				33,209						731						4.38		%
Other interest-earning assets			13,238						318						4.80		%				10,750						313						5.83		%
Total interest-earning assets/interest income			547,800						13,194						4.81		%				505,723						12,456						4.92		%
Noninterest-earning assets			61,122																		53,323
Total assets			$	608,922																	$	559,046
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market			$	83,288					1,040						2.52		%				$	71,980					1,071						3.00		%
Demand			137,020						1,092						1.61		%				125,637						1,171						1.88		%
Savings			101,787						749						1.48		%				97,217						788						1.64		%
Time deposits			34,295						536						3.15		%				34,227						623						3.66		%
Total interest-bearing deposits			356,390						3,417						1.93		%				329,061						3,653						2.24		%
Borrowed funds
Federal Home Loan Bank advances			23,024						455						3.93		%				19,007						453						4.74		%
Senior debt			37,786						967						5.12		%				35,541						1,014						5.71		%
Subordinated debt			4,373						112						5.14		%				4,001						112						5.61		%
Other			5,766						119						4.10		%				6,352						137						4.30		%
Total borrowed funds			70,949						1,653						4.65		%				64,901						1,716						5.28		%
Total interest-bearing liabilities/interest expense			427,339						5,070						2.38		%				393,962						5,369						2.73		%
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits			101,292																		92,757
Accrued expenses and other liabilities			16,909																		16,580
Equity			63,382																		55,747
Total liabilities and equity			$	608,922																	$	559,046
Interest rate spread															2.43		%																2.19		%
Impact of noninterest-bearing sources															0.53																		0.60
Net interest income/margin									$	8,124					2.96		%										$	7,087					2.79		%

38    The PNC Financial Services Group, Inc. – Form 10-Q

(Continued from previous page)			Three months ended June 30
			2026																		2025
Taxable-equivalent basis Dollars in millions			Average Balances						Interest Income/Expense						Average Yields/Rates						Average Balances						Interest Income/ Expense						Average Yields/ Rates
Assets
Interest-earning assets:
Investment securities
Securities available-for-sale
Residential mortgage-backed			$	37,333					$	359					3.85		%				$	34,567					$	325					3.76		%
U.S. Treasury and government agencies			27,972						275						3.94		%				25,372						288						4.55		%
Other			8,407						84						4.01		%				7,818						72						3.69		%
Total securities available-for-sale			73,712						718						3.90		%				67,757						685						4.05		%
Securities held-to-maturity
Residential mortgage-backed			46,512						385						3.31		%				40,440						294						2.90		%
U.S. Treasury and government agencies			18,687						77						1.64		%				26,900						102						1.53		%
Other			8,188						89						4.36		%				6,838						74						4.34		%
Total securities held-to-maturity			73,387						551						3.00		%				74,178						470						2.54		%
Total investment securities			147,099						1,269						3.45		%				141,935						1,155						3.26		%
Loans
Commercial and industrial			223,711						3,047						5.39		%				191,526						2,766						5.72		%
Commercial real estate			35,057						507						5.71		%				31,838						485						6.01		%
Consumer			55,334						958						6.94		%				53,851						954						7.11		%
Residential real estate			49,094						495						4.03		%				45,539						428						3.76		%
Total loans			363,196						5,007						5.47		%				322,754						4,633						5.70		%
Interest-earning deposits with banks			30,734						281						3.63		%				31,570						350						4.38		%
Other interest-earning assets			13,985						164						4.69		%				11,348						160						5.66		%
Total interest-earning assets/interest income			555,014						6,721						4.82		%				507,607						6,298						4.93		%
Noninterest-earning assets			61,256																		54,079
Total assets			$	616,270																	$	561,686
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market			$	81,402					509						2.51		%				$	70,909					532						3.01		%
Demand			136,487						546						1.60		%				126,222						594						1.89		%
Savings			102,624						378						1.48		%				97,028						395						1.63		%
Time deposits			33,027						249						3.03		%				35,674						324						3.64		%
Total interest-bearing deposits			353,540						1,682						1.91		%				329,833						1,845						2.24		%
Borrowed funds
Federal Home Loan Bank advances			29,362						289						3.89		%				18,319						220						4.74		%
Senior debt			38,184						487						5.10		%				36,142						521						5.77		%
Subordinated debt			4,544						58						5.16		%				3,686						53						5.69		%
Other			6,843						71						4.08		%				7,146						76						4.24		%
Total borrowed funds			78,933						905						4.57		%				65,293						870						5.31		%
Total interest-bearing liabilities/interest expense			432,473						2,587						2.39		%				395,126						2,715						2.74		%
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits			103,479																		93,142
Accrued expenses and other liabilities			16,848																		16,942
Equity			63,470																		56,476
Total liabilities and equity			$	616,270																	$	561,686
Interest rate spread															2.43		%																2.19		%
Impact of noninterest-bearing sources															0.53																		0.61
Net interest income/margin									$	4,134					2.96		%										$	3,583					2.80		%

(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).

(b)Loan fees for the three months ended June 30, 2026 and 2025 were $56 million and $42 million, respectively. Loan fees for the six months ended June 30, 2026 and 2025 were $98 million and $85 million, respectively.

(c)Interest income calculated as taxable-equivalent interest income. See Reconciliation of Taxable-Equivalent Net Interest Income in this Financial Review for more information.

The PNC Financial Services Group, Inc. – Form 10-Q 39

NON-GAAP FINANCIAL INFORMATION

PNC reports certain financial measures that are not in accordance with GAAP. These non-GAAP financial measures are provided as supplemental information to the financial measures in this Report that are calculated and presented in accordance with GAAP. While we believe that these non-GAAP measures are useful tools for the purpose of evaluating certain financial results, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in this Report.

Table 35: Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP) (a)

						Six months ended												Three months ended
In millions						June 30, 2026												June 30, 2025						June 30, 2026			June 30, 2025
Net interest income (GAAP)						$	8,068											$	7,031					$	4,107		$	3,555
Taxable-equivalent adjustments						56												56						27			28
Net interest income (non-GAAP)						$	8,124											$	7,087					$	4,134		$	3,583

(a)The interest income earned on certain interest-earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis 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.

Table 36: Reconciliation of Noninterest Expense Guidance, Excluding Integration Costs and Significant Items (non-GAAP) (a)(b)(c)

						Actual						Outlook - Low End			Outlook - High End
															Three months ended						Three months ended
									Three months ended June 30, 2026						September 30, 2026						September 30, 2026
Dollars in millions															% Change						% Change
Noninterest expense									$	4,098					(8)		%				(7)		%
Less incurred integration costs									(121)
Less significant items:
PNC Foundation contribution expense									(140)
Total integration costs and significant items									$	(261)
Noninterest expense, excluding integration costs and significant items (non-GAAP)									$	3,837					(3)		%				(2)		%

						Actual						Outlook
Dollars in millions									Year ended December 31, 2025						Year ended December 31, 2026			Approximate % Change
Noninterest expense									$	13,834								11.5		%
Less incurred integration costs									—						$	(218)
Less significant items:
PNC Foundation contribution expense									—						(140)
Total integration costs and significant items									$	—					$	(358)
Noninterest expense, excluding integration costs and significant items (non-GAAP)									$	13,834								8.5		%

(a)We believe Noninterest expense, excluding integration costs and significant items to be a useful tool for comparison of noninterest expense recognized during the normal course of business.

(b)The guidance range for noninterest expense, as adjusted for the three months ended September 30, 2026, excludes our expectation for non-recurring merger and integration costs of approximately $50 million. Actual expenses may differ based on the timing, scope and execution of integration-related activities.

(c)The guidance range for noninterest expense, as adjusted for the full year of 2026, excludes an anticipated $325 million of integration costs for the full year, $218 million of which was recognized in the first half of 2026. Actual expenses may differ based on the timing, scope and execution of integration-related activities.

Table 37: Reconciliation of Noninterest Income Guidance, Excluding Integration Costs and Significant Items (non-GAAP) (a)

									Actual			Outlook
Dollars in millions												Year ended December 31, 2025			Year ended December 31, 2026			Approximate % Change
Noninterest income												$	8,689					11		%
Less incurred integration costs												—			$	(7)
Less significant items:
Gain on Visa shares exchange program												—			448
Visa Class B-3 derivative adjustments												—			(85)
Loss on sale of securities												—			(139)
Total integration costs and significant items												$	—		$	217
Noninterest income, excluding integration costs and significant items (non-GAAP)												$	8,689					9		%

(a)The guidance for noninterest income, as adjusted for the full year of 2026, excludes our expected non-recurring merger and integration costs for the second half of 2026. Actual costs may differ based on the timing, scope and execution of integration-related activities.

40    The PNC Financial Services Group, Inc. – Form 10-Q

Table 38: Reconciliation of Revenue Guidance, Excluding Integration Costs and Significant Items (non-GAAP) (a)

									Actual						Outlook
Dollars in millions												Year ended December 31, 2025						Year ended December 31, 2026			Approximate % Change
Revenue												$	23,099								14		%
Less incurred integration costs												—						$	(7)
Less significant items:
Gain on Visa shares exchange program												—						448
Visa Class B-3 derivative adjustments												—						(85)
Loss on sale of securities												—						(139)
Total integration costs and significant items												$	—					$	217
Revenue, excluding integration costs and significant items (non-GAAP)												$	23,099								13		%

(a)The guidance for revenue, as adjusted for the full year of 2026, excludes our expected non-recurring merger and integration costs for the second half of 2026. Actual costs may differ based on the timing, scope and execution of integration-related activities.

RECENT REGULATORY DEVELOPMENTS

FDIC Insurance; Resolution Planning

On June 30, 2026, the FDIC issued proposals to amend its assessments and resolution plan submission rules. The assessments proposal would reduce assessments by 2 basis points for smaller banks and by 1 basis point for large and highly complex banks like PNC Bank. The proposal would also allow large and highly complex banks to obtain an additional reduction through a “resolution readiness adjustment” by opting in to (i) virtual data room testing, where banks would receive an additional 0.5 basis point reduction for successfully demonstrating the capability to upload specified information to the FDIC’s virtual data room within 48 hours of a request, and (ii) data access requirements, where banks would receive an additional 0.5 basis point reduction by enabling FDIC access to internal data systems needed to receive and process data in the event of an institution’s failure. Based on our initial review, the proposal would result in immaterial cost savings for PNC Bank if finalized as proposed.

The resolution plan proposal significantly scales back content requirements, moving away from descriptions of resolution-related hypothetical strategies and descriptions of a bank’s resolution capabilities. In addition, the proposal would eliminate the FDIC’s credibility assessment of submissions, as well as expectations for capabilities testing. The proposal would also adjust submission timing to require submissions every three years for all institutions, with no interim supplement submission required in off years. Comments on both proposals are due August 31, 2026.

The PNC Financial Services Group, Inc. – Form 10-Q 41

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

Our consolidated financial statements are prepared by applying certain accounting policies. Note 1 Accounting Policies in our 2025 Form 10-K describes the most significant accounting policies that we use. Certain of these policies require us to make estimates or economic assumptions that may vary under different assumptions or conditions, and such variations may significantly affect our reported results and financial position for the period or in future periods. See the Critical Accounting Estimates and Judgments section of our 2025 Form 10-K for additional information on these policies, which include the ACL, MSRs and fair value measurements. The following provides further detail on the estimates and judgments used in determining the ACL as of June 30, 2026.

Allowance for Credit Losses

The economic scenarios used for the period ended June 30, 2026 consider, among other factors, ongoing geopolitical conflicts, higher energy prices and the impacts of trade and fiscal policy, including tariffs, on the U.S. economic outlook. Given these factors, growth is expected to remain steady with current levels in the coming quarters. While recession risks remain elevated, our most likely expectation is that the U.S. economy avoids a recession. We believe the economic scenarios effectively reflect the distribution of potential economic outcomes.

We used a number of economic variables in our scenarios, with two of the most significant drivers being real GDP and the U.S. unemployment rate. The following table presents a comparison of these two economic variables based on the weighted-average scenario forecasts used in determining our ACL at June 30, 2026 and December 31, 2025.

Table 39: Key Macroeconomic Variables in CECL Weighted-Average Scenarios

			Assumptions as of June 30, 2026
			2026			2027			2028
U.S. real GDP (a)			1.3%			1.2%			2.1%
U.S. unemployment rate (b)			4.6%			5.1%			4.7%
			Assumptions as of December 31, 2025
			2026			2027			2028
U.S. real GDP (a)			0.5%			2.0%			2.0%
U.S. unemployment rate (b)			5.1%			4.9%			4.4%

(a)Represents year-over-year growth rates.

(b)Represents quarterly average rate at December 31, 2026, 2027 and 2028, respectively.

Real GDP growth is expected to end 2026 at 1.3% on a weighted average basis, up from the 0.5% assumed at December 31, 2025. Growth remains near that level in 2027 before increasing to 2.1% in 2028. Unemployment is expected to remain steady over the next year. The weighted-average unemployment rate will end 2026 at 4.6%, peaking at 5.1% in 2027, before improving to 4.7% by the end of 2028.

Qualitative Component

Qualitative factors may include, but are not limited to, inherent forecasting limitations, model imprecision, timing of available information, and/or emerging and ongoing credit risks. At June 30, 2026, the qualitative framework considers PNC’s view of the current state of the economy, which primarily reflects downside risks related to the macroeconomic and geopolitical environment, stress on consumers and the continued uncertainty due to the fundamental change in office demand.

See the following for additional information related to our ACL:

•Allowance for Credit Losses in the Credit Risk Management section of this Financial Review, and

•Note 3 Investment Securities and Note 4 Loans and Related Allowance for Credit Losses in this Report.

42    The PNC Financial Services Group, Inc. – Form 10-Q

Recently Issued Accounting Standards

Accounting Standards Update			Description			Financial Statement Impact
Disaggregation of Income Statement Expenses - ASU 2024-03 Issued November 2024			• Required with issuance of 2027 Form 10-K; early adoption is permitted. • Requires public business entities to disclose, in the notes to financial statements and on an annual and interim basis, specified information about certain costs and expenses (including, if relevant: inventory purchases, employee compensation, depreciation, intangible asset amortization, and depreciation from oil and gas-producing activities). • Requires qualitative descriptions of amounts not separately disaggregated to be disclosed. • Requires disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. • Allows for either a prospective or retrospective transition approach.			• We are currently evaluating the disclosure requirements within this ASU and do not plan to early adopt. • This ASU will not impact our Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity or Consolidated Statement of Cash Flows. • We expect to provide additional disaggregated income statement expense disclosures in accordance with this ASU.
Targeted Improvements to the Accounting for Internal-Use Software - ASU 2025-06 Issued September 2025			• Required with issuance of 2028 Form 10-K; early adoption is permitted. • Removes all references to project stages throughout Subtopic 350-40. • Requires entities to start capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function(s) intended. • Clarifies that (1) the disclosures in Subtopic 360-10, Property, Plant, and Equipment – Overall, are required for all capitalized internal-use software costs and (2) the intangibles disclosures in paragraphs 350-30-50-1 through 50-3 are not required for capitalized internal-use software costs. • Supersedes Subtopic 350-50, Intangibles – Goodwill and Other – Website Development Costs, and incorporates relevant and incremental guidance unique to website-specific development costs into Subtopic 350-40. • Allows for either a prospective, modified prospective, or retrospective transition approach.			• We do not plan to early adopt. • This ASU is not expected to have a material impact on our Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

We make statements in this Report, and we may from time to time make other statements, regarding our outlook for financial performance, such as earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting us and our future business and operations, including our sustainability strategy, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as “believe,” “plan,” “expect,” “anticipate,” “see,” “look,” “intend,” “outlook,” “project,” “forecast,” “estimate,” “goal,” “will,” “should” and other similar words and expressions.

Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. Forward-looking statements speak only as of the date made. We do not assume any duty and do not undertake any obligation to update forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. As a result, we caution against placing undue reliance on any forward-looking statements.

Our forward-looking statements are subject to the following principal risks and uncertainties: 

•Our businesses, financial results and balance sheet values are affected by business and economic conditions, including:

–Changes in interest rates and valuations in debt, equity and other financial markets,

–Disruptions in the U.S. and global financial markets,

The PNC Financial Services Group, Inc. – Form 10-Q 43

–Actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply, market interest rates and inflation,

–Changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives,

–Changes in customers’, suppliers’ and other counterparties’ performance and creditworthiness,

–Impacts of sanctions, tariffs and other trade policies of the U.S. and its global trading partners,

–Impacts of changes in federal, state and local governmental policy, including on the regulatory landscape, capital markets, taxes, infrastructure spending and social programs,

–Our ability to attract, recruit and retain skilled employees, and

–Commodity price volatility.

•Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting. These statements are based on our views that:

–PNC’s baseline forecast remains for continued expansion in 2026, with economic growth expected to remain resilient despite oil prices that are up from early 2026, supported by strong AI-related capex, tax refunds, and an improving labor market. We expect real GDP growth of 2.1% in 2026, with continued modest job gains and the unemployment rate holding roughly steady, ending the year at around 4.3%. Inflation risks have eased somewhat but we still expect inflation to remain elevated, with CPI inflation staying above 3% through year-end. Risks to our growth and inflation outlook include a sudden reversal in AI-related sentiment, which would have knock-on effects on both capex and wealth-driven consumer spending, as well as any further sharp rise in oil prices.

–Our baseline forecast is for the Federal Reserve to keep the federal funds rate unchanged throughout 2026 and into 2027, in a range between 3.50% and 3.75%. However, risks remain skewed toward tighter monetary policy given persistent above-target inflation and inflationary pressures from higher energy prices and continued strength in capital spending.

•PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding minimum capital levels, including a stress capital buffer established by the Federal Reserve Board in connection with the Federal Reserve Board’s CCAR process.

•PNC’s regulatory capital ratios in the future will depend on, among other things, PNC’s financial performance, the scope and terms of final capital regulations then in effect and management actions affecting the composition of PNC’s balance sheet. In addition, PNC’s ability to determine, evaluate and forecast regulatory capital ratios, and to take actions (such as capital distributions) based on actual or forecasted capital ratios, will be dependent at least in part on the development, validation and regulatory review of related models and the reliability of and risks resulting from extensive use of such models.

•Legal and regulatory developments could have an impact on our ability to operate our businesses, financial condition, results of operations, competitive position, reputation, or pursuit of attractive acquisition opportunities. Reputational impacts could affect matters such as business generation and retention, liquidity, funding and ability to attract and retain employees. These developments could include:

–Changes to laws and regulations, including changes affecting oversight of the financial services industry, changes in the enforcement and interpretation of such laws and regulations and changes in accounting and reporting standards.

–Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries resulting in monetary losses, costs, or alterations in our business practices and potentially causing reputational harm to PNC.

–Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies.

–Costs associated with obtaining rights in intellectual property claimed by others and of adequacy of our intellectual property protection in general.

•Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques and to meet evolving regulatory capital and liquidity standards.

•Our reputation and business and operating results may be affected by our ability to appropriately meet or address environmental, social or governance targets, goals, commitments or concerns that may arise.

•We grow our business in part through acquisitions and new strategic initiatives. Risks and uncertainties include those presented by the nature of the business acquired and strategic initiative, including in some cases those associated with our entry into new businesses or new geographic or other markets and risks resulting from our inexperience in those new areas, as well as risks and uncertainties related to the acquisition transactions themselves, regulatory issues, the integration of the acquired businesses into PNC after closing or any failure to execute strategic or operational plans.

•Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands.

•Business and operating results can also be affected by widespread manmade, natural and other disasters (including severe weather events), health emergencies, dislocations, geopolitical instabilities or events, terrorist activities, system failures or disruptions, security breaches, cyberattacks, international hostilities, or other extraordinary events beyond PNC’s control

44    The PNC Financial Services Group, Inc. – Form 10-Q

through impacts on the economy and financial markets generally or on us or our counterparties, customers or third-party vendors and service providers specifically.

We provide greater detail regarding these as well as other factors in our 2025 Form 10-K and elsewhere in this Report, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes in these reports. Our forward-looking statements may also be subject to other risks and uncertainties, including those discussed elsewhere in this Report or in our other filings with the SEC.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

This information is set forth in the Risk Management section of Part I, Item 2 and in Note 1 Accounting Policies, Note 12 Fair Value and Note 13 Financial Derivatives in the Notes to Consolidated Financial Statements in Part I, Item 1 of this Report.

ITEM 4. CONTROLS AND PROCEDURES

INTERNAL CONTROLS AND DISCLOSURE CONTROLS AND PROCEDURES

As of June 30, 2026, we performed an evaluation under the supervision of and with the participation of our management, including the Chairman and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures and of changes in our internal control over financial reporting.

Based on that evaluation, our Chairman and Chief Executive Officer and our Executive Vice President and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) were effective as of June 30, 2026, and that there has been no change in PNC’s internal control over financial reporting that occurred during the second quarter of 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

As permitted by SEC guidance that an assessment of internal controls over financial reporting of a recently acquired business may be

excluded from management’s evaluation of disclosure controls and procedures for up to a year from the date of acquisition, we have

excluded FirstBank from management’s reporting on internal control over financial reporting for the quarter ended June 30, 2026.

We evaluated the effectiveness of internal controls over financial reporting through the integration of FirstBank with that of PNC and PNC Bank and made changes to our internal control framework, as necessary. As of close on January 5, 2026, and prior to purchase accounting adjustments, FirstBank had $26.4 billion of assets, $16.0 billion of loans and $23.1 billion of deposits.

The PNC Financial Services Group, Inc. – Form 10-Q 45

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

CONSOLIDATED INCOME STATEMENT

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited			Three months ended June 30												Six months ended June 30
In millions, except per share data			2026						2025						2026						2025
Interest Income
Loans			$	4,986					$	4,609					$	9,778					$	9,081
Investment securities			1,263						1,151						2,465						2,275
Other			445						510						895						1,044
Total interest income			6,694						6,270						13,138						12,400
Interest Expense
Deposits			1,682						1,845						3,417						3,653
Borrowed funds			905						870						1,653						1,716
Total interest expense			2,587						2,715						5,070						5,369
Net interest income			4,107						3,555						8,068						7,031
Noninterest Income
Asset management and brokerage			440						391						860						782
Capital markets and advisory			577						321						1,040						627
Card and cash management			772						737						1,510						1,429
Lending and deposit services			346						317						686						633
Residential and commercial mortgage			144						128						262						262
Other income
Gain on Visa shares exchange program			448						—						448						—
Securities gains (losses)			(139)						—						(111)						(2)
Other			180						212						277						351
Total other income			489						212						614						349
Total noninterest income			2,768						2,106						4,972						4,082
Total revenue			6,875						5,661						13,040						11,113
Provision For Credit Losses			191						254						401						473
Noninterest Expense
Personnel			2,273						1,889						4,379						3,779
Occupancy			252						235						514						480
Equipment			435						394						850						778
Marketing			110						99						197						184
Other			1,028						766						1,926						1,549
Total noninterest expense			4,098						3,383						7,866						6,770
Income before income taxes and noncontrolling interests			2,586						2,024						4,773						3,870
Income taxes			531						381						946						728
Net income			2,055						1,643						3,827						3,142
Less: Net income attributable to noncontrolling interests			15						16						27						34
Preferred stock dividends			85						83						158						154
Preferred stock discount accretion and redemptions			2						2						3						4
Net income attributable to common shareholders			$	1,953					$	1,542					$	3,639					$	2,950
Earnings Per Common Share
Basic			$	4.82					$	3.86					$	8.95					$	7.37
Diluted			$	4.81					$	3.85					$	8.94					$	7.37
Average Common Shares Outstanding
Basic			403						397						404						398
Diluted			403						397						404						398

See accompanying Notes to Consolidated Financial Statements.

46    The PNC Financial Services Group, Inc. – Form 10-Q

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited In millions						Three months ended June 30									Six months ended June 30
						2026			2025						2026			2025
Net income						$	2,055		$	1,643					$	3,827		$	3,142
Other comprehensive income (loss), before tax and net of reclassifications into Net income
Net change in debt securities						109			263						(50)			1,192
Net change in cash flow hedge derivatives						(556)			485						(888)			1,310
Pension and other postretirement benefit plan adjustments						(6)			(19)						2			(21)
Net change in Other						(5)			(2)						(4)			(3)
Other comprehensive income (loss), before tax and net of reclassifications into Net income						(458)			727						(940)			2,478
Income tax benefit (expense) related to items of other comprehensive income						111			(172)						228			(595)
Other comprehensive income (loss), after tax and net of reclassifications into Net income						(347)			555						(712)			1,883
Comprehensive income						1,708			2,198						3,115			5,025
Less: Comprehensive income attributable to noncontrolling interests						15			16						27			34
Comprehensive income attributable to PNC						$	1,693		$	2,182					$	3,088		$	4,991

See accompanying Notes to Consolidated Financial Statements.

The PNC Financial Services Group, Inc. – Form 10-Q 47

CONSOLIDATED BALANCE SHEET

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited			June 30, 2026						December 31, 2025
In millions, except par value
Assets
Cash and due from banks			$	5,951					$	6,777
Interest-earning deposits with banks			22,794						32,936
Loans held for sale (a)			1,522						1,939
Investment securities – available-for-sale			71,100						68,135
Investment securities – held-to-maturity			78,406						70,105
Loans (a)			367,953						331,481
Allowance for loan and lease losses			(4,652)						(4,410)
Net loans			363,301						327,071
Equity investments			11,735						10,790
Mortgage servicing rights			3,801						3,659
Goodwill			13,317						10,959
Other (a)			44,107						41,201
Total assets			$	616,034					$	573,572
Liabilities
Deposits
Noninterest-bearing			$	99,356					$	91,748
Interest-bearing (b)			350,436						349,118
Total deposits			449,792						440,866
Borrowed funds
Federal Home Loan Bank advances			40,416						13,000
Senior debt			38,144						38,642
Subordinated debt			4,396						3,016
Other (b)			2,767						2,443
Total borrowed funds			85,723						57,101
Allowance for unfunded lending related commitments			809						818
Accrued expenses and other liabilities (b)			15,649						14,151
Total liabilities			551,973						512,936
Equity
Preferred stock (c)			—						—
Common stock ($5 par value, Authorized 800,000,000 shares, issued 557,291,838 and 543,497,966 shares)			2,786						2,717
Capital surplus			21,999						18,922
Retained earnings			65,518						63,266
Accumulated other comprehensive income (loss)			(4,120)						(3,408)
Common stock held in treasury at cost: 157,826,113 and 153,084,091 shares			(22,175)						(20,912)
Total shareholders’ equity			64,008						60,585
Noncontrolling interests			53						51
Total equity			64,061						60,636
Total liabilities and equity			$	616,034					$	573,572

(a)Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.3 billion, Loans held for investment of $1.1 billion and Other assets of $0.1 billion at June 30, 2026. Comparable amounts at December 31, 2025 were $1.7 billion, $1.1 billion and $0.2 billion, respectively.

(b)Our consolidated liabilities included the following for which we have elected the fair value option: Interest-bearing deposits of $0.8 billion, Other borrowed funds of less than $0.1 billion and Other liabilities of $0.1 billion at June 30, 2026. Comparable amounts at December 31, 2025 were $3.6 billion, less than $0.1 billion and $0.1 billion, respectively.

(c)Par value less than $0.5 million at each date.

See accompanying Notes to Consolidated Financial Statements.

48    The PNC Financial Services Group, Inc. – Form 10-Q

CONSOLIDATED STATEMENT OF CASH FLOWS

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited In millions						Six months ended June 30
						2026						2025
Operating Activities
Net income						$	3,827					$	3,142
Adjustments to reconcile net income to net cash provided (used) by operating activities
Provision for credit losses						401						473
Depreciation, amortization and accretion						173						172
Deferred income taxes (benefit)						152						(58)
Net losses on sales of securities						111						2
Changes in fair value of mortgage servicing rights						185						328
Gain on Visa shares exchange program						(448)						—
Net change in
Trading securities and other short-term investments						(187)						(1,646)
Loans held for sale and related securitization activity						377						(955)
Other assets						(285)						1,782
Accrued expenses and other liabilities						(1,284)						(2,395)
Other operating activities, net						1,053						126
Net cash provided (used) by operating activities						$	4,075					$	971
Investing Activities
Sales
Securities available-for-sale						$	11,977					$	1,331
Loans						403						293
Repayments/maturities
Securities available-for-sale						4,406						3,392
Securities held-to-maturity						6,582						6,843
Purchases
Securities available-for-sale						(13,672)						(9,045)
Securities held-to-maturity						(11,066)						(3,979)
Loans						(1,128)						(853)
Net change in federal funds sold and resale agreements						501						(188)
Other changes in loans, net						(20,490)						(9,812)
Net cash paid for acquisition (a)						(80)						—
Other investing activities, net						(3,079)						(670)
Net cash provided (used) by investing activities						$	(25,646)					$	(12,688)

The PNC Financial Services Group, Inc. – Form 10-Q 49

CONSOLIDATED STATEMENT OF CASH FLOWS

THE PNC FINANCIAL SERVICES GROUP, INC.

(Continued from previous page)
Unaudited In millions						Six months ended June 30
						2026						2025
Financing Activities
Net change in
Noninterest-bearing deposits						$	(2,282)					$	613
Interest-bearing deposits						(11,862)						(654)
Federal funds purchased and repurchase agreements						(44)						(36)
Short-term Federal Home Loan Bank advances						4,000						—
Other borrowed funds						198						149
Sales/issuances
Federal Home Loan Bank advances						28,000						3,000
Senior debt						4,211						5,237
Subordinated debt						1,495						—
Common and treasury stock						34						34
Repayments/maturities
Federal Home Loan Bank advances						(6,000)						(7,000)
Senior debt						(4,250)						(2,750)
Subordinated debt						(71)						(700)
Acquisition of treasury stock						(1,418)						(598)
Preferred stock cash dividends paid						(158)						(154)
Common stock cash dividends paid						(1,387)						(1,281)
Other financing activities, net						137						—
Net cash provided (used) by financing activities						$	10,603					$	(4,140)
Net Increase (Decrease) In Cash, Cash Equivalents And Restricted Cash						$	(10,968)					$	(15,857)
Cash, cash equivalents and restricted cash at beginning of period						39,713						46,251
Cash, cash equivalents and restricted cash at end of period (b)						$	28,745					$	30,394
Supplemental Disclosures (c)
Interest paid						$	5,138					$	5,511
Leased assets obtained in exchange for new operating lease liabilities						$	331					$	149
Non-cash Investing And Financing Items
Transfer from loans to loans held for sale, net						$	80					$	108
Transfer from loans to foreclosed assets						$	23					$	21
Common stock issuances for acquisition						$	2,943					$	—
Preferred stock issuances for acquisition						$	119					$	—

(a)Cash paid to acquire FirstBank was $1,238 million. The amount of $80 million represents the cash paid for the acquisition less $162 million in Cash and due from banks and $996 million in Interest-earning deposits with banks acquired from FirstBank. See Note 2 Acquisition Activity for more detailed information on the FirstBank acquisition.

(b)Includes restricted cash at end of period of $882 million and $992 million for the six months ended June 30, 2026 and 2025, respectively.

(c)Disclosures of income taxes paid (net of refunds) are presented in the Income Taxes Note of our Form 10-K pursuant to our adoption of ASU 2023-09. See Note 1 Accounting Policies in our 2025 Form 10-K for additional information related to our adoption of this ASU.

See accompanying Notes to Consolidated Financial Statements.

50    The PNC Financial Services Group, Inc. – Form 10-Q

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited

See page 102 for a glossary of certain terms and acronyms used in this Report.

BUSINESS

PNC is one of the largest diversified financial services companies in the U.S. and is headquartered in Pittsburgh, Pennsylvania.

We have businesses engaged in retail banking, corporate and institutional banking and asset management, providing many of our products and services nationally. Our retail branch network is located coast-to-coast. We also have strategic international offices in four countries outside the U.S.

NOTE 1 ACCOUNTING POLICIES

Basis of Financial Statement Presentation

Our consolidated financial statements include the accounts of the parent company and its subsidiaries, most of which are wholly-owned, certain partnership interests and VIEs.

On January 5, 2026, we acquired FirstBank Holding Company, including its banking subsidiary, FirstBank. Our results for the three and six months ended June 30, 2026 reflect FirstBank’s acquired business operations for the period since the acquisition closed on January 5, 2026, and our balance sheet at June 30, 2026 includes FirstBank balances. See Note 2 Acquisition Activity for additional information on this acquisition.

We prepared these consolidated financial statements in accordance with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior-year amounts to conform to the current period presentation, which did not have a

material impact on our consolidated financial condition or results of operations.

In our opinion, the unaudited interim consolidated financial statements reflect all normal, recurring adjustments needed to state fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.

We have also considered the impact of subsequent events on these consolidated financial statements through the date of issuance of the consolidated financials.

When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2025 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2025 Form 10-K for a detailed description of significant accounting policies. These interim consolidated financial statements serve to update our 2025 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements.

Loans

Effective January 1, 2026, PNC updated its defined loan classes (classes of financing receivables) as follows: (i) equipment lease financing loans were reclassified to the commercial and industrial loan class based on similarities in the manner in which credit risk is monitored and assessed within these portfolios, as well as materiality considerations, and (ii) education loans were reclassified to the other consumer loan class based on materiality considerations. All impacted disclosures have been updated accordingly, and prior periods have been adjusted to conform with the current presentation.

Allowance for Credit Losses

Purchased Seasoned Loans

On January 1, 2026, we adopted ASU 2025-08 - Financial Instruments - Credit Losses (Topic 326): Purchased Loans, which expanded the population of acquired financial assets subject to the gross-up approach. Purchased seasoned loans, or PSLs, are acquired loans that, at acquisition, have not experienced a more-than-insignificant credit deterioration since origination and are deemed seasoned. A loan is seasoned if it was purchased at least 90 days after origination and PNC was not involved in the origination of the loan. All loans (excluding credit cards) that are acquired without credit deterioration through a business combination are deemed seasoned.

The PNC Financial Services Group, Inc. – Form 10-Q 51

The allowance for PSLs is determined at the time of acquisition, as the estimated expected credit loss of the outstanding balance or par value, based on the methodologies described in our 2025 Form 10-K for loans. In accordance with CECL, the allowance recognized at acquisition is added to the acquisition date purchase price to determine the asset’s amortized cost basis.

Use of Estimates

We prepared these consolidated financial statements using financial information available at the time of preparation, which requires us to make estimates and assumptions that affect the amounts reported. Our most significant estimates pertain to the ACL and our fair value measurements. Actual results may differ from the estimates, and the differences may be material to the consolidated financial statements.

Recently Adopted Accounting Standards

Accounting Standards Update			Description			Financial Statement Impact
Purchased Loans - ASU 2025-08 Issued November 2025			• Required effective date of January 1, 2027; early adoption is permitted. • Expands the population of acquired financial assets subject to the gross-up approach, which requires recognition of an ACL for the estimate of credit losses at the acquisition date. • Clarifies that loans (excluding credit cards) acquired without credit deterioration and deemed “seasoned” are purchased seasoned loans and accounted for using the gross-up approach at acquisition. • Requires entities to evaluate whether loans acquired in an asset acquisition (or initially recognized through the consolidation of a VIE) are deemed “seasoned”. A loan is seasoned if it was purchased at least 90 days after origination and the acquirer was not involved in the origination of the loan. All loans (excluding credit cards) that are acquired without credit deterioration through a business combination are deemed “seasoned”. • Requires a prospective transition approach; the ASU is applied to loans that are acquired on or after the initial application date.			• We adopted this ASU on January 1, 2026. • Adoption of this ASU resulted in more acquired loans using the gross-up approach, primarily through our acquisition of FirstBank; under the gross-up approach, a reserve is established through an increase to the loan’s amortized cost basis, thus avoiding the need to provide for a reserve on these acquired loans through Provision for credit losses. See Note 2 Acquisition Activity for more information on our acquisition of FirstBank. Otherwise, this ASU did not materially impact our Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity or Consolidated Statement of Cash Flows.

NOTE 2 ACQUISITION ACTIVITY

Acquisition of FirstBank Holding Company

On January 5, 2026, PNC acquired FirstBank Holding Company including its banking subsidiary, FirstBank, representing $4.2 billion of consideration in cash and PNC common stock to FirstBank Holding Company common shareholders and Series A preferred shareholders, and $0.1 billion of consideration to Series B preferred shareholders through the exchange of each share of Series B preferred stock into a newly created series of preferred stock of PNC, designated Series X. This acquisition accelerates our expansion in Colorado and Arizona.

In June 2026, PNC converted approximately 780,000 customers, more than 1,620 employees and 95 branches across Colorado and Arizona, merging FirstBank into PNC Bank.

PNC has accounted for this transaction as a business combination. Accordingly, the assets and liabilities from FirstBank were recorded at fair value as of the acquisition date. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. Fair value estimates related to the assets and liabilities from FirstBank are subject to adjustment for up to one year after the closing date of the acquisition as additional information becomes available. Valuations subject to adjustment include, but are not limited to, loans, certain deposits, certain other assets and the core deposit intangibles.

PNC incurred total integration costs of $127 million for the three months ended June 30, 2026, of which $121 million was reflected in expenses and $6 million was reflected in revenue. For the six months ended June 30, 2026, PNC incurred $225 million in total integration costs, of which $218 million was reflected in expenses and $7 million was reflected in revenue. These costs were primarily within personnel, advisory and legal expense.

52    The PNC Financial Services Group, Inc. – Form 10-Q

The following table includes the preliminary fair value of the identifiable tangible and intangible assets and liabilities from FirstBank:

Table 40: Acquisition Consideration

						January 5, 2026
In millions, except share data						Fair Value
Acquisition consideration
Common stock issued (13,715,133 shares) (a)						$	2,943
Preferred stock issued (115,200 shares)						119
Cash paid						1,238
Total consideration						$	4,300
Assets
Cash and due from banks						$	162
Interest-earning deposits with banks						996
Investment securities						8,278
Net loans						15,177
Core deposit intangible						761
Other						1,282
Total assets						$	26,656
Liabilities
Deposits						$	23,076
Borrowed funds and other						1,638
Total liabilities						$	24,714
Net assets						$	1,942
Goodwill (b)						$	2,358

(a)    Amount includes $29 million of deferred restricted stock compensation and $13 million withheld to satisfy certain tax obligations.

(b)    Includes immaterial measurement period adjustments recorded in the second quarter.

Preliminary goodwill of $2.4 billion recorded in connection with the transaction resulted from the reputation, operating model and expertise of FirstBank. The amount of goodwill recorded reflected the increased market share and related synergies that resulted from the acquisition and represents the excess purchase price over the estimated fair value of the net assets from FirstBank. The goodwill was allocated to our Retail Banking segment and is not deductible for income tax purposes. See Note 6 Goodwill and Mortgage Servicing Rights for additional information on our goodwill.

The following table includes the fair value and unpaid principal balance of the loans from the FirstBank acquisition.

Table 41: Fair Value and Unpaid Principal Balance of Loans from the FirstBank Acquisition

			January 5, 2026
In millions			Unpaid Principal  Balance (a)			Fair Value
Loans
Commercial
Commercial and industrial			$	3,354		$	3,165
Commercial real estate			5,163			4,835
Total commercial			8,517			8,000
Consumer
Residential real estate			7,061			6,615
Home equity			499			477
Credit card and other consumer			93			85
Total consumer			7,653			7,177
Total			$	16,170		$	15,177

(a) Amounts exclude $45 million of acquired loan net charge-offs on certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.

The following is a description of the methods used to determine the fair values of significant assets acquired and liabilities assumed in the acquisition.

Cash and Due from Banks and Interest-earning Deposits with Banks

The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets.

The PNC Financial Services Group, Inc. – Form 10-Q 53

Investment Securities

Investment securities were classified either in the held-to-maturity portfolio or the available-for-sale portfolio based on management’s intent, and in the case of held-to-maturity, the ability to hold the securities to maturity. Fair values for investment securities were determined using third-party pricing services, dealer quotes, or subsequent sale prices and were subject to price validation testing independent of the risk-taking function. See Note 14 Fair Value in our 2025 Form 10-K for more information on the valuation methodologies used to determine fair values for investment securities.

Loans

Fair value for loans is based on a discounted cash flow methodology that considered credit loss and prepayment expectations, market interest rates and other market factors, such as liquidity, from the perspective of a market participant. Loan cash flows were generated on an individual loan basis. The PD, LGD, exposure at default and prepayment assumptions are the key factors driving credit losses which are embedded into the estimated cash flows.

Core Deposit Intangible

This intangible asset represents the value of certain client deposit relationships. The fair value was estimated utilizing the cost method. Appropriate consideration was given to deposit costs including servicing costs, client retention and alternative funding source costs at the time of acquisition. The discount rate used was derived taking into account the estimated cost of equity, risk-free return rate and risk premium for the market and specific risk related to the asset’s cash flows. The core deposit intangible is being amortized over 10 years using an accelerated amortization methodology.

Deposits

The fair values for time deposits were estimated by discounting contractual cash flows using current market rates for instruments with similar maturities. For deposits with no defined maturity, carrying values approximate fair values.

Purchased Loan Activity

Under CECL, PNC is required to determine whether purchased loans held for investment have experienced more-than-insignificant deterioration in credit quality since origination. PNC considers a variety of factors in connection with the identification of more-than-insignificant deterioration in credit quality, or PCD, including but not limited to nonperforming status, delinquency, risk ratings, FDM classification, and other qualitative factors that indicate deterioration in credit quality since origination. PNC established the initial ACL for PCD loans through an adjustment to FirstBank loan balances and the related purchase accounting mark. The non-credit discount is accreted through Interest income using the effective interest rate method over the contractual life of the loan. In accordance with GAAP, there was no carryover of the ACL that had been previously recorded by FirstBank. The following table presents PCD loans as of January 5, 2026.

Table 42: PCD Loan Activity

			January 5, 2026
In millions
Principal balance			$	415
ACL at acquisition			(93)
Non-credit discount			(11)
Purchase price			$	311

On January 1, 2026, we adopted ASU 2025-08 and established the initial ACL for PSLs through an adjustment to FirstBank loan balances and the related purchase accounting mark. The non-credit discount is accreted through Interest income using the effective interest rate method over the contractual life of the loan. In a business combination, all loans acquired that are not identified as PCD are classified as “seasoned,” or PSLs, with the exception of credit cards. The following table presents PSL activity as of January 5, 2026.

Table 43: PSL Activity

			January 5, 2026
In millions
Principal balance			$	15,720
ACL at acquisition			(229)
Non-credit discount			(672)
Purchase price			$	14,819

For additional information on our adoption of ASU 2025-08, see Note 1 Accounting Policies.

54    The PNC Financial Services Group, Inc. – Form 10-Q

NOTE 3 INVESTMENT SECURITIES

The following table summarizes our available-for-sale and held-to-maturity portfolios by major security type:

Table 44: Investment Securities Summary (a) (b)

						June 30, 2026																											December 31, 2025
In millions						Amortized Cost (c)						Unrealized												Fair Value									Amortized Cost (c)						Unrealized												Fair Value
												Gains						Losses																					Gains						Losses
Securities Available-for-Sale
U.S. Treasury and government agencies						$	28,804					$	72					$	(351)					$	28,525								$	29,022					$	188					$	(313)					$	28,897
Residential mortgage-backed
Agency						35,794						119						(2,025)						33,888									32,429						176						(1,942)						30,663
Non-agency						417						104						(4)						517									442						110						(4)						548
Commercial mortgage-backed
Agency						3,416						20						(75)						3,361									3,395						43						(66)						3,372
Non-agency						160						—						(2)						158									256						—						(4)						252
Asset-backed						2,521						31						(3)						2,549									2,247						50						—						2,297
Other						2,095						58						(51)						2,102									2,106						54						(54)						2,106
Total securities available-for-sale						$	73,207					$	404					$	(2,511)					$	71,100								$	69,897					$	621					$	(2,383)					$	68,135
Securities Held-to-Maturity
U.S. Treasury and government agencies						$	18,666					$	2					$	(385)					$	18,283								$	21,537					$	25					$	(318)					$	21,244
Residential mortgage-backed
Agency						51,294						155						(2,588)						48,861									42,599						279						(2,155)						40,723
Non-agency						213						—						(13)						200									222						—						(11)						211
Commercial mortgage-backed
Agency						4,545						8						(72)						4,481									1,091						16						(7)						1,100
Non-agency						150						3						—						153									328						3						(1)						330
Asset-backed						1,130						11						(7)						1,134									1,840						46						(6)						1,880
Other						2,408						29						(27)						2,410									2,488						34						(31)						2,491
Total securities held-to-maturity (d)						$	78,406					$	208					$	(3,092)					$	75,522								$	70,105					$	403					$	(2,529)					$	67,979

(a) At June 30, 2026, the accrued interest associated with our available-for-sale and held-to-maturity portfolios totaled $335 million and $246 million, respectively. The comparable amounts at December 31, 2025 were $348 million and $219 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.

(b) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. Of our total securities portfolio, 97% were rated AAA/AA at both June 30, 2026 and December 31, 2025.

(c) Amortized cost is presented net of allowance of $61 million for securities available-for-sale, primarily related to non-agency commercial mortgage-backed securities, and $4 million for securities held-to-maturity at June 30, 2026. Comparable amounts at December 31, 2025 were $61 million and $5 million, respectively.

(d) Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of the transfer. The amortized cost of held-to-maturity securities included net unrealized losses of $2.4 billion at June 30, 2026 related to securities transferred, which are offset in AOCI, net of tax. The comparable amount at December 31, 2025 was $2.7 billion.

The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Securities available-for-sale are carried at fair value with net unrealized gains and losses included in Total shareholders’ equity as AOCI, unless credit-related. Net unrealized gains and losses are determined by taking the difference between the fair value of a security and its amortized cost, net of any allowance. Securities held-to-maturity are carried at amortized cost, net of any allowance. Investment securities at June 30, 2026 included $918 million of net unsettled purchases that represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. The comparable amount at June 30, 2025 was $577 million of net unsettled purchases.

We maintain the allowance for investment securities at levels that we believe to be appropriate as of the balance sheet date to absorb expected credit losses on our portfolio. At June 30, 2026, the allowance for investment securities was $65 million and primarily related to non-agency commercial mortgage-backed securities in the available-for-sale portfolio. The comparable amount at December 31, 2025 was $66 million. See Note 1 Accounting Policies in our 2025 Form 10-K for a discussion of the methodologies used to determine the allowance for investment securities.

At June 30, 2026, AOCI included pre-tax losses of $230 million from derivatives that hedged the purchase of investment securities classified as held-to-maturity. The losses will be accreted to interest income as an adjustment of yield on the securities.

Table 45 presents the gross unrealized losses and fair value of securities available-for-sale that do not have an associated allowance for investment securities at June 30, 2026 and December 31, 2025. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair

The PNC Financial Services Group, Inc. – Form 10-Q 55  

value declined below the amortized cost basis. All securities included in the table have been evaluated to determine if a credit loss exists. As part of that assessment, as of June 30, 2026, we concluded that we do not intend to sell and believe we will not be required to sell these securities prior to recovery of the amortized cost basis.

Table 45: Gross Unrealized Loss and Fair Value of Securities Available-for-Sale Without an Allowance for Credit Losses

						Unrealized loss position less than 12 months												Unrealized loss position 12 months or more												Total
In millions						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value
June 30, 2026
U.S. Treasury and government agencies						$	(34)					$	7,060					$	(317)					$	1,386					$	(351)					$	8,446
Residential mortgage-backed
Agency						(68)						7,664						(1,957)						15,093						(2,025)						22,757
Non-agency						—						—						(1)						30						(1)						30
Commercial mortgage-backed
Agency						(2)						407						(73)						1,515						(75)						1,922
Non-agency						—						—						(2)						71						(2)						71
Asset-backed						(3)						829						—						—						(3)						829
Other						(2)						173						(40)						1,099						(42)						1,272
Total securities available-for-sale						$	(109)					$	16,133					$	(2,390)					$	19,194					$	(2,499)					$	35,327
December 31, 2025
U.S. Treasury and government agencies						$	(1)					$	103					$	(312)					$	1,427					$	(313)					$	1,530
Residential mortgage-backed
Agency						(4)						541						(1,938)						17,383						(1,942)						17,924
Non-agency						—						—						(1)						24						(1)						24
Commercial mortgage-backed
Agency						—						—						(66)						1,572						(66)						1,572
Non-agency						—						—						(4)						167						(4)						167
Asset-backed						—						—						—						—						—						—
Other						—						—						(43)						1,518						(43)						1,518
Total securities available-for-sale						$	(5)					$	644					$	(2,364)					$	22,091					$	(2,369)					$	22,735

Information related to gross realized securities gains and losses from the sales of securities is set forth in the following table:

Table 46: Gains (Losses) on Sales of Securities Available-for-Sale

Six months ended June 30 In millions
						Gross Gains			Gross Losses						Net Gains (Losses)			Tax Expense (Benefit)
2026						$	31		$	(142)		(a)			$	(111)		$	(23)
2025						$	2		$	(4)					$	(2)		$	—

(a)    Includes a securities loss of $139 million related to the sale of approximately $4.1 billion of available-for-sale securities as part of the repositioning of the investment securities portfolio.

56    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at June 30, 2026:

Table 47: Contractual Maturity of Debt Securities

June 30, 2026 Dollars in millions						1 Year or Less						After 1 Year through 5 Years						After 5 Years through 10 Years						After 10 Years						Total
Securities Available-for-Sale
U.S. Treasury and government agencies						$	497					$	24,352					$	1,665					$	2,290					$	28,804
Residential mortgage-backed
Agency						1						426						2,432						32,935						35,794
Non-agency						—						—						177						240						417
Commercial mortgage-backed
Agency						8						1,447						135						1,826						3,416
Non-agency						—						79						55						26						160
Asset-backed						5						1,399						295						822						2,521
Other						512						812						256						515						2,095
Total securities available-for-sale at amortized cost						$	1,023					$	28,515					$	5,015					$	38,654					$	73,207
Fair value						$	1,018					$	28,436					$	4,952					$	36,694					$	71,100
Weighted-average yield, GAAP basis (a)						3.48		%				4.07		%				3.64		%				3.93		%				3.96		%
Securities Held-to-Maturity
U.S. Treasury and government agencies						$	7,458					$	9,849					$	541					$	818					$	18,666
Residential mortgage-backed
Agency						—						14						3,767						47,513						51,294
Non-agency						—						—						—						213						213
Commercial mortgage-backed
Agency						—						3,516						491						538						4,545
Non-agency						—						—						—						150						150
Asset-backed						14						97						520						499						1,130
Other						114						635						250						1,409						2,408
Total securities held-to-maturity at amortized cost						$	7,586					$	14,111					$	5,569					$	51,140					$	78,406
Fair value						$	7,567					$	13,800					$	5,332					$	48,823					$	75,522
Weighted-average yield, GAAP basis (a)						1.30		%				2.40		%				2.50		%				3.50		%				3.02		%

(a)Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. Actual maturities and yields may differ as certain securities may be prepaid.

The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings and unused borrowing capacity:

Table 48: Fair Value of Securities Pledged and Accepted as Collateral

In millions			June 30, 2026			December 31, 2025
Pledged to others			$	65,015		$	61,230
Accepted from others:
Permitted by contract or custom to sell or repledge			$	1,047		$	759
Permitted amount repledged to others			$	1,047		$	759

The securities pledged to others include positions held in our portfolio of investment securities, trading securities and securities accepted as collateral from others that we are permitted by contract or custom to sell or repledge. Such securities were pledged to the Federal Reserve and pledged to secure public and trust deposits, repurchase agreements and for other purposes. See Note 13 Financial Derivatives for information related to securities pledged and accepted as collateral for derivatives.

The PNC Financial Services Group, Inc. – Form 10-Q 57  

NOTE 4 LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES

Loan Portfolio

Our loan portfolio consists of two portfolio segments – Commercial and Consumer. Each of these segments comprises multiple loan classes. Classes are characterized by similarities in risk attributes and the manner in which we monitor and assess credit risk.

Commercial

Consumer

• Commercial and industrial

• Residential real estate

• Commercial real estate

• Home equity

• Automobile

• Credit card

• Other consumer

See Note 1 Accounting Policies for additional information on our loan classes. See Note 1 Accounting Policies in our 2025 Form 10-K for additional information on our loan related policies.

Credit Quality

We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk within the loan portfolio based on our defined loan classes. In doing so, we use several credit quality indicators, including, but not limited to, trends in delinquency rates, nonperforming status, analyses of PD and LGD ratings, updated credit scores and originated and updated LTV ratios.

We manage credit risk based on the risk profile of the borrower, repayment sources, underlying collateral and other support given current events, economic conditions and expectations. We refine our practices to address operating environment changes such as inflation levels, industry specific risks, interest rate levels, the level of consumer savings and deposit balances, and structural and secular changes such as those that arose from the pandemic. We offer loan modifications and collection programs to assist our customers and mitigate losses.

58    The PNC Financial Services Group, Inc. – Form 10-Q

Table 49 presents the composition and delinquency status of our loan portfolio at June 30, 2026 and December 31, 2025. Loan delinquencies include government insured or guaranteed loans and loans accounted for under the fair value option.

Table 49: Analysis of Loan Portfolio (a) (b)

			Accruing
Dollars in millions			Current or Less Than 30 Days Past Due			30-59 Days Past Due			60-89 Days Past Due			90 Days or More Past Due			Total Past Due (c)						Nonperforming Loans			Fair Value Option Nonaccrual Loans (d)			Total Loans (e)(f)
June 30, 2026
Commercial
Commercial and industrial			$	226,910		$	123		$	121		$	76		$	320					$	685		$	—		$	227,915
Commercial real estate			35,482			7			9			—			16						464			—			35,962
Total commercial			262,392			130			130			76			336						1,149			—			263,877
Consumer
Residential real estate			47,486			372			115			230			717			(c)			325			181			48,709
Home equity			25,698			65			26			—			91						456			35			26,280
Automobile			15,712			59			15			4			78						82			—			15,872
Credit card			7,179			37			28			56			121						11			—			7,311
Other consumer			5,807			32			24			37			93						4			—			5,904
Total consumer			101,882			565			208			327			1,100						878			216			104,076
Total			$	364,274		$	695		$	338		$	403		$	1,436					$	2,027		$	216		$	367,953
Percentage of total loans			99.00		%	0.19		%	0.09		%	0.11		%	0.39		%				0.55		%	0.06		%	100.00		%
December 31, 2025
Commercial
Commercial and industrial			$	201,772		$	182		$	103		$	57		$	342					$	784		$	—		$	202,898
Commercial real estate			28,879			14			98			—			112						574			—			29,565
Total commercial			230,651			196			201			57			454						1,358			—			232,463
Consumer
Residential real estate			42,687			243			101			209			553			(c)			320			200			43,760
Home equity			25,365			70			30			—			100						439			37			25,941
Automobile			16,411			74			18			5			97						83			—			16,591
Credit card			6,859			45			32			65			142						13			—			7,014
Other consumer			5,610			32			21			44			97						5			—			5,712
Total consumer			96,932			464			202			323			989						860			237			99,018
Total			$	327,583		$	660		$	403		$	380		$	1,443					$	2,218		$	237		$	331,481
Percentage of total loans			98.82		%	0.20		%	0.12		%	0.11		%	0.44		%				0.67		%	0.07		%	100.00		%

(a)Amounts in table represent loans held for investment and do not include any associated ALLL.

(b)The accrued interest associated with our loan portfolio totaled $1.5 billion and $1.3 billion at June 30, 2026 and December 31, 2025, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.

(c)Past due loan amounts include government insured or guaranteed residential real estate loans totaling $0.3 billion at both June 30, 2026 and December 31, 2025.

(d)Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policy criteria. Given that these loans are not accounted for at amortized cost, they have been excluded from the nonperforming loan population.

(e)Includes unearned income, unamortized deferred fees and costs on originated loans and premiums or discounts on purchased loans totaling $1.7 billion and $1.1 billion at June 30, 2026 and December 31, 2025, respectively.

(f)Collateral dependent loans totaled $1.3 billion and $1.5 billion at June 30, 2026 and December 31, 2025, respectively.

At June 30, 2026, we pledged unpaid principal balances in the amounts of $68.7 billion of commercial and consumer loans to the FRB and $86.6 billion of secured real estate and other loans to the FHLB as collateral for the ability to borrow, if necessary. The comparable amounts at December 31, 2025 were $55.0 billion and $80.6 billion, respectively.

Nonperforming Assets

Nonperforming assets include nonperforming loans and leases, OREO, foreclosed and other assets. Nonperforming loans are those loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. Interest income is generally not recognized on these loans. Loans accounted for under the fair value option are reported as performing loans; however, when nonaccrual criteria is met, interest income is not recognized on these loans. Additionally, certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest are not reported as nonperforming loans and continue to accrue interest. See Note 1 Accounting Policies in our 2025 Form 10-K for additional information on our nonperforming loan and lease policies.

The PNC Financial Services Group, Inc. – Form 10-Q 59  

The following table presents our nonperforming assets as of June 30, 2026 and December 31, 2025:

Table 50: Nonperforming Assets

Dollars in millions						June 30, 2026						December 31, 2025
Nonperforming loans
Commercial						$	1,149					$	1,358
Consumer (a)						878						860
Total nonperforming loans (b)						2,027						2,218
OREO, foreclosed and other assets						123						143
Total nonperforming assets						$	2,150					$	2,361
Nonperforming loans to total loans						0.55		%				0.67		%
Nonperforming assets to total loans, OREO, foreclosed and other assets						0.58		%				0.71		%
Nonperforming assets to total assets						0.35		%				0.41		%

(a)Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.

(b)Nonperforming loans for which there is no related ALLL totaled $0.7 billion and $0.6 billion at June 30, 2026 and December 31, 2025, respectively. This primarily includes loans with a fair value of collateral that exceeds the amortized cost basis.

Additional Credit Quality Indicators by Loan Class

Commercial Loan Classes

See Note 3 Loans and Related Allowance for Credit Losses in our 2025 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class.

60    The PNC Financial Services Group, Inc. – Form 10-Q

The following table presents credit quality indicators for our commercial loan classes:

Table 51: Commercial Credit Quality Indicators (a)

			Term Loans by Origination Year
June 30, 2026 In millions			2026						2025			2024			2023			2022			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Commercial and industrial
Pass Rated			$	23,536					$	31,025		$	14,272		$	9,541		$	11,991		$	15,825		$	113,235		$	79		$	219,504
Criticized			112						577			911			564			890			675			4,637			45			8,411
Total commercial and industrial loans			23,648						31,602			15,183			10,105			12,881			16,500			117,872			124			227,915
Gross charge-offs (b)			8			(c)			13			16			20			38			21			153			1			270
Commercial real estate
Pass Rated			4,939						4,555			2,663			2,707			5,355			9,184			762			—			30,165
Criticized			—						207			601			1,380			1,671			1,922			16			—			5,797
Total commercial real estate loans			4,939						4,762			3,264			4,087			7,026			11,106			778			—			35,962
Gross charge-offs (b)			—						9			—			15			—			16			3			—			43
Total commercial loans			$	28,587					$	36,364		$	18,447		$	14,192		$	19,907		$	27,606		$	118,650		$	124		$	263,877
Total commercial gross charge-offs (d)			$	8					$	22		$	16		$	35		$	38		$	37		$	156		$	1		$	313

			Term Loans by Origination Year
December 31, 2025 In millions			2025						2024			2023			2022			2021			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Commercial and industrial
Pass Rated			$	35,176					$	16,478		$	10,180		$	13,815		$	4,139		$	12,757		$	101,222		$	125		$	193,892
Criticized			559						896			574			1,181			333			510			4,838			115			9,006
Total commercial and industrial loans			35,735						17,374			10,754			14,996			4,472			13,267			106,060			240			202,898
Gross charge-offs (b)			45			(c)			48			82			28			11			18			131			31			394
Commercial real estate
Pass Rated			3,169						2,395			3,080			5,215			1,324			7,686			610			—			23,479
Criticized			221						571			1,467			1,637			287			1,899			4			—			6,086
Total commercial real estate loans			3,390						2,966			4,547			6,852			1,611			9,585			614			—			29,565
Gross charge-offs (b)			5						1			1			—			7			100			—			2			116
Total commercial loans			$	39,125					$	20,340		$	15,301		$	21,848		$	6,083		$	22,852		$	106,674		$	240		$	232,463
Total commercial gross charge-offs			$	50					$	49		$	83		$	28		$	18		$	118		$	131		$	33		$	510

(a)Loans in our commercial portfolio are classified as Pass Rated or Criticized based on the regulatory definitions, which are driven by the PD and LGD ratings that we assign. The Criticized classification includes loans that were rated special mention, substandard or doubtful as of June 30, 2026 and December 31, 2025.

(b)Gross charge-offs are presented on a year-to-date basis, as of the period end date.

(c)Includes charge-offs of deposit overdrafts.

(d)Acquired commercial gross charge-offs are excluded from the balance above and primarily represents the charge-off of certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.

Consumer Loan Classes

See Note 3 Loans and Related Allowance for Credit Losses in our 2025 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class.

The PNC Financial Services Group, Inc. – Form 10-Q 61  

Residential Real Estate and Home Equity

The following table presents credit quality indicators for our residential real estate and home equity loan classes:

Table 52: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes

			Term Loans by Origination Year
June 30, 2026 In millions			2026			2025			2024			2023			2022			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Residential real estate
Current estimated LTV ratios
Greater than 100%			$	3		$	42		$	64		$	61		$	64		$	133		$	—		$	—		$	367
Greater than or equal to 80% to 100%			345			573			313			337			835			653			—			—			3,056
Less than 80%			1,012			1,970			1,618			3,190			8,843			28,022			—			—			44,655
No LTV available			1			—			—			—			—			10			—			—			11
Government insured or guaranteed loans			—			2			7			30			31			550			—			—			620
Total residential real estate loans			$	1,361		$	2,587		$	2,002		$	3,618		$	9,773		$	29,368		$	—		$	—		$	48,709
Updated FICO scores
Greater than or equal to 780			$	782		$	1,784		$	1,391		$	2,537		$	7,774		$	21,238		$	—		$	—		$	35,506
720 to 779			465			553			403			573			1,296			4,320			—			—			7,610
660 to 719			92			168			139			230			434			1,709			—			—			2,772
Less than 660			9			43			37			128			166			986			—			—			1,369
No FICO score available (a)			13			37			25			120			72			565			—			—			832
Government insured or guaranteed loans			—			2			7			30			31			550			—			—			620
Total residential real estate loans			$	1,361		$	2,587		$	2,002		$	3,618		$	9,773		$	29,368		$	—		$	—		$	48,709
Gross charge-offs (b) (c)			$	—		$	—		$	—		$	—		$	—		$	1		$	—		$	—		$	1
Home equity (d)
Current estimated LTV ratios
Greater than 100%			$	1		$	2		$	1		$	1		$	1		$	22		$	491		$	423		$	942
Greater than or equal to 80% to 100%			10			7			5			3			3			47			1,566			1,580			3,221
Less than 80%			48			22			17			20			15			3,584			7,911			10,477			22,094
No LTV available			13			—			—			—			—			1			6			3			23
Total home equity loans			$	72		$	31		$	23		$	24		$	19		$	3,654		$	9,974		$	12,483		$	26,280
Updated FICO scores
Greater than or equal to 780			$	16		$	17		$	9		$	8		$	9		$	2,375		$	5,960		$	5,916		$	14,310
720 to 779			8			7			6			6			4			687			2,600			2,974			6,292
660 to 719			4			5			6			5			3			341			1,236			2,052			3,652
Less than 660			—			2			2			5			3			249			173			1,511			1,945
No FICO score available (a)			44			—			—			—			—			2			5			30			81
Total home equity loans			$	72		$	31		$	23		$	24		$	19		$	3,654		$	9,974		$	12,483		$	26,280
Gross charge-offs (b) (c)			$	—		$	—		$	—		$	—		$	—		$	—		$	7		$	13		$	20

62    The PNC Financial Services Group, Inc. – Form 10-Q

(Continued from previous page)			Term Loans by Origination Year
December 31, 2025 In millions			2025			2024			2023			2022			2021			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Residential real estate
Current estimated LTV ratios
Greater than 100%			$	7		$	24		$	74		$	70		$	55		$	51		$	—		$	—		$	281
Greater than or equal to 80% to 100%			534			290			342			707			447			223			—			—			2,543
Less than 80%			1,594			1,466			3,332			8,003			13,210			12,694			—			—			40,299
No LTV available			—			—			—			—			9			2			—			—			11
Government insured or guaranteed loans			—			6			26			27			20			547			—			—			626
Total residential real estate loans			$	2,135		$	1,786		$	3,774		$	8,807		$	13,741		$	13,517		$	—		$	—		$	43,760
Updated FICO scores
Greater than or equal to 780			$	1,337		$	1,325		$	2,748		$	7,065		$	11,095		$	8,644		$	—		$	—		$	32,214
720 to 779			661			354			568			1,206			1,837			2,225			—			—			6,851
660 to 719			117			86			192			394			543			978			—			—			2,310
Less than 660			19			15			134			109			181			751			—			—			1,209
No FICO score available (a)			1			—			106			6			65			372			—			—			550
Government insured or guaranteed loans			—			6			26			27			20			547			—			—			626
Total residential real estate loans			$	2,135		$	1,786		$	3,774		$	8,807		$	13,741		$	13,517		$	—		$	—		$	43,760
Gross charge-offs (b)			$	—		$	1		$	1		$	3		$	2		$	1		$	—		$	—		$	8
Home equity (e)
Current estimated LTV ratios
Greater than 100%			$	—		$	—		$	—		$	—		$	1		$	24		$	422		$	422		$	869
Greater than or equal to 80% to 100%			—			—			—			—			5			45			1,342			1,562			2,954
Less than 80%			—			—			—			—			125			3,772			7,572			10,649			22,118
Total home equity loans			$	—		$	—		$	—		$	—		$	131		$	3,841		$	9,336		$	12,633		$	25,941
Updated FICO scores
Greater than or equal to 780			$	—		$	—		$	—		$	—		$	86		$	2,465		$	5,423		$	5,967		$	13,941
720 to 779			—			—			—			—			29			737			2,504			3,063			6,333
660 to 719			—			—			—			—			11			372			1,200			2,077			3,660
Less than 660			—			—			—			—			5			265			207			1,496			1,973
No FICO score available (a)			—			—			—			—			—			2			2			30			34
Total home equity loans			$	—		$	—		$	—		$	—		$	131		$	3,841		$	9,336		$	12,633		$	25,941
Gross charge-offs (b)			$	—		$	—		$	—		$	—		$	—		$	—		$	13		$	22		$	35

(a)Loans where FICO scores are not available or required generally refers to accounts for which we cannot obtain an updated FICO score (e.g., recent profile changes, bankruptcy event, deceased borrower) and/or loans titled with a business name. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.

(b)Gross charge-offs are presented on a year-to-date basis, as of the period end date.

(c)Acquired consumer gross charge-offs are excluded from the balance above and primarily represents the charge-off of certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.

(d)Amounts as of June 30, 2026 include home equity installment loans acquired from FirstBank, which are reflected in the table based on the date the loan was originated.

(e)New originations consisted only of revolving home equity lines of credit for vintage years 2022 through 2025.

The PNC Financial Services Group, Inc. – Form 10-Q 63  

Automobile, Credit Card and Other Consumer

The following table presents credit quality indicators for our automobile, credit card and other consumer loan classes:

Table 53: Credit Quality Indicators for Automobile, Credit Card and Other Consumer Loan Classes

			Term Loans by Origination Year
June 30, 2026 In millions			2026						2025			2024			2023			2022			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Automobile
Updated FICO scores
Greater than or equal to 780			$	1,822					$	3,255		$	1,581		$	755		$	423		$	256		$	—		$	—		$	8,092
720 to 779			904						1,930			892			437			218			121			—			—			4,502
660 to 719			316						834			504			284			135			77			—			—			2,150
Less than 660			50						306			314			239			127			92			—			—			1,128
Total automobile loans			$	3,092					$	6,325		$	3,291		$	1,715		$	903		$	546		$	—		$	—		$	15,872
Gross charge-offs (a)			$	—					$	18		$	17		$	14		$	6		$	5		$	—		$	—		$	60
Credit card
Updated FICO scores
Greater than or equal to 780			$	—					$	—		$	—		$	—		$	—		$	—		$	2,301		$	1		$	2,302
720 to 779			—						—			—			—			—			—			1,990			6			1,996
660 to 719			—						—			—			—			—			—			1,911			18			1,929
Less than 660			—						—			—			—			—			—			918			50			968
No FICO score available or required (b)			—						—			—			—			—			—			114			2			116
Total credit card loans			$	—					$	—		$	—		$	—		$	—		$	—		$	7,234		$	77		$	7,311
Gross charge-offs (a) (c)			$	—					$	—		$	—		$	—		$	—		$	—		$	133		$	19		$	152
Other consumer
Updated FICO scores
Greater than or equal to 780			$	135					$	248		$	125		$	80		$	74		$	280		$	34		$	—		$	976
720 to 779			152						250			124			62			41			97			61			—			787
660 to 719			120						171			98			43			24			43			67			—			566
Less than 660			19						54			40			20			12			20			37			—			202
No FICO score available or required (b)			2						5			5			2			1			1			—			—			16
Total loans using FICO credit metric			428						728			392			207			152			441			199			—			2,547
Other internal credit metrics			1						—			2			29			7			689			2,620			9			3,357
Total other consumer loans			$	429					$	728		$	394		$	236		$	159		$	1,130		$	2,819		$	9		$	5,904
Gross charge-offs (a) (c)			$	43		(d)			$	12		$	12		$	6		$	3		$	6		$	5		$	—		$	87

64    The PNC Financial Services Group, Inc. – Form 10-Q

(Continued from previous page)			Term Loans by Origination Year
December 31, 2025 In millions			2025						2024			2023			2022			2021			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Automobile
Updated FICO Scores
Greater than or equal to 780			$	4,241					$	1,991		$	1,022		$	608		$	387		$	85		$	—		$	—		$	8,334
720 to 779			2,394						1,216			609			322			178			52			—			—			4,771
660 to 719			883						668			387			199			104			39			—			—			2,280
Less than 660			236						352			292			167			100			59			—			—			1,206
Total automobile loans			$	7,754					$	4,227		$	2,310		$	1,296		$	769		$	235		$	—		$	—		$	16,591
Gross charge-offs (a)			$	9					$	38		$	39		$	20		$	11		$	13		$	—		$	—		$	130
Credit card
Updated FICO scores
Greater than or equal to 780			$	—					$	—		$	—		$	—		$	—		$	—		$	2,199		$	1		$	2,200
720 to 779			—						—			—			—			—			—			1,903			6			1,909
660 to 719			—						—			—			—			—			—			1,813			17			1,830
Less than 660			—						—			—			—			—			—			922			55			977
No FICO score available or required (b)			—						—			—			—			—			—			96			2			98
Total credit card loans			$	—					$	—		$	—		$	—		$	—		$	—		$	6,933		$	81		$	7,014
Gross charge-offs (a)			$	—					$	—		$	—		$	—		$	—		$	—		$	280		$	40		$	320
Other consumer
Updated FICO scores
Greater than or equal to 780			$	301					$	168		$	108		$	93		$	39		$	282		$	34		$	—		$	1,025
720 to 779			324						175			90			58			20			98			64			—			829
660 to 719			230						133			62			38			10			44			70			—			587
Less than 660			48						45			27			20			6			22			37			—			205
No FICO score available or required (b)			5						5			3			1			—			—			—			—			14
Total loans using FICO credit metric			908						526			290			210			75			446			205			—			2,660
Other internal credit metrics			6						5			18			7			10			703			2,296			7			3,052
Total other consumer loans			$	914					$	531		$	308		$	217		$	85		$	1,149		$	2,501		$	7		$	5,712
Gross charge-offs (a)			$	81		(d)			$	24		$	24		$	14		$	5		$	14		$	10		$	1		$	173

(a)Gross charge-offs are presented on a year-to-date basis, as of the period end date.

(b)Loans where FICO scores are not available or required generally refers to new accounts issued to borrowers with limited credit history, accounts for which we cannot obtain an updated FICO score (e.g., recent profile changes), cards issued with a business name and/or cards secured by collateral. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.

(c)Acquired consumer gross charge-offs are excluded from the balance above and primarily represents the charge-off of certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.

(d)Includes charge-offs of deposit overdrafts.

The PNC Financial Services Group, Inc. – Form 10-Q 65  

Loan Modifications to Borrowers Experiencing Financial Difficulty

FDMs result from our loss mitigation activities and include loan modifications that may result in interest rate reductions, term extensions, payment delays, repayment plans or combinations thereof. See Note 1 Accounting Policies in our 2025 Form 10-K for additional information on FDMs.

The following table presents the amortized cost basis, as of the period end date, of commercial FDMs granted during the three and six months ended June 30, 2026 and 2025:

Table 54: Commercial FDMs (a) (b)

Three months ended June 30 Dollars in millions									Term Extension			Payment Delay						Interest Rate Reduction and Term Extension			Payment Delay and Term Extension			Interest Rate Reduction, Payment Delay and Term Extension			Other			Total			% of Loan Class
2026
Commercial and industrial									$	356		$	116					$	1		$	1		$	—		$	96		$	570		0.25		%
Commercial real estate									729			32						—			—			—			—			761			2.12		%
Total commercial									$	1,085		$	148					$	1		$	1		$	—		$	96		$	1,331		0.50		%
2025
Commercial and industrial									$	550		$	37					$	1		$	17		$	—		$	7		$	612		0.32		%
Commercial real estate									268			35						—			—			—			—			303			0.97		%
Total commercial									$	818		$	72					$	1		$	17		$	—		$	7		$	915		0.40		%

Six months ended June 30 Dollars in millions									Term Extension			Payment Delay						Interest Rate Reduction and Term Extension			Payment Delay and Term Extension			Interest Rate Reduction, Payment Delay and Term Extension			Other			Total			% of Loan Class
2026
Commercial and industrial									$	579		$	132					$	2		$	12		$	—		$	96		$	821		0.36		%
Commercial real estate									955			50						—			44			—			—			1,049			2.92		%
Total commercial									$	1,534		$	182					$	2		$	56		$	—		$	96		$	1,870		0.71		%
2025
Commercial and industrial									$	788		$	31					$	2		$	24		$	14		$	54		$	913		0.48		%
Commercial real estate									550			35						—			—			—			14			599			1.92		%
Total commercial									$	1,338		$	66					$	2		$	24		$	14		$	68		$	1,512		0.67		%

(a)The unfunded lending related commitments on FDMs granted during the six months ended June 30, 2026 and 2025 were $0.6 billion and $0.4 billion, respectively.

(b)Excludes the amortized cost basis of modified loans that were paid off, charged off or otherwise liquidated as of the period end date.

66    The PNC Financial Services Group, Inc. – Form 10-Q

Table 55 presents the weighted average financial effect of commercial FDMs granted during the three and six months ended June 30, 2026 and 2025:

Table 55: Financial Effect of Commercial FDMs (a)

Three months ended June 30 Dollars in millions						2026									2025
						Amortized cost basis (b)			Financial effect						Amortized cost basis (b)			Financial effect
Weighted-average term extension (months)
Commercial and industrial						$358			16						$568			11
Commercial real estate						$729			14						$268			16
Interest rate reduction
Commercial and industrial						$1			4.61%						$1			5.50%
Weighted-average payment delay (months)
Commercial and industrial						$117			4						$54			5
Commercial real estate						$32			6						$35			6

Six months ended June 30 Dollars in millions						2026									2025
						Amortized cost basis (b)			Financial effect						Amortized cost basis (b)			Financial effect
Weighted-average term extension (months)
Commercial and industrial						$593			15						$828			17
Commercial real estate						$999			15						$550			16
Interest rate reduction
Commercial and industrial						$2			4.07%						$16			1.17%
Weighted-average payment delay (months)
Commercial and industrial						$144			8						$69			12
Commercial real estate						$94			7						$35			6

(a)Excludes the financial effects of modifications for loans that were paid off, charged off or otherwise liquidated as of the period end date.

(b)The amortized cost basis presented in Table 55 includes combination modification categories in addition to the standalone modification categories presented in Table 54. Primarily due to this reason, the amortized cost basis presented in Table 55 may not agree to the amortized cost basis presented alongside the standalone modification categories in Table 54. Amortized cost basis is as of the period end date.

After we modify a loan, we continue to track its performance under its most recent modified terms. The following table presents the performance, as of the period end date, of commercial FDMs granted during the twelve months preceding June 30, 2026 and 2025:

Table 56: Delinquency Status of Commercial FDMs (a) (b)

Twelve months ended June 30 Dollars in millions			Current or Less Than 30 Days Past Due			30-59 Days Past Due			60-89 Days Past Due			90 Days or More Past Due			Nonperforming Loans			Total
2026
Commercial
Commercial and industrial			$	1,703		$	4		$	—		$	—		$	242		$	1,949
Commercial real estate			1,383			—			—			—			191			1,574
Total commercial			$	3,086		$	4		$	—		$	—		$	433		$	3,523
2025
Commercial
Commercial and industrial			$	1,118		$	9		$	4		$	—		$	106		$	1,237
Commercial real estate			711			—			—			—			301			1,012
Total commercial			$	1,829		$	9		$	4		$	—		$	407		$	2,249

(a)Represents amortized cost basis.

(b)Loans in our Payment Delay category are reported as past due in accordance with their contractual terms. Once contractually modified, these loans are reported as past due in accordance with their restructured terms.

We generally consider FDMs to have subsequently defaulted when they become 60 days past due after the most recent date the loan was modified. Commercial loans that were both (i) classified as FDMs, and (ii) subsequently defaulted during the three and six months ended June 30, 2026 were $47 million and $70 million, respectively. Comparable amounts at June 30, 2025 were $61 million and $105 million, respectively.

The PNC Financial Services Group, Inc. – Form 10-Q 67  

The following table presents information about our consumer FDMs:

Table 57: Consumer FDMs (a)(b)

			Three months ended June 30						Six months ended June 30
Dollars in millions			2026			2025			2026			2025
Modifications by type (c)
Payment delay			$	59		$	65		$	93		$	91
Repayment plan			15			18			29			35
Other (d)			12			12			23			22
Total consumer			$	86		$	95		$	145		$	148
Percentage of portfolio segment			0.08		%	0.10		%	0.14		%	0.15		%
Financial effects (c) (e)
Weighted-average payment delay (months)			8			6			9			6

			Twelve months ended June 30
Dollars in millions			2026			2025
Delinquency status (f)
Current or less than 30 days past due			$	57		$	56
30-59 days past due			4			4
60-89 days past due			3			4
90 days or more past due			6			7
Nonperforming loans			155			167
Total			$	225		$	238

(a)Represents amortized cost basis.

(b)The unfunded lending related commitments on consumer FDMs granted were immaterial during the three and six months ended June 30, 2026 and 2025.

(c)Excludes the amortized cost basis and financial effect of modified loans that were paid off, charged-off or otherwise liquidated as of the period end date.

(d)Represents all other modifications and includes trial modifications and loans where we have received notification that a borrower has filed for Chapter 7 bankruptcy relief, but specific instructions as to the terms of the relief have not been formally ruled upon by the court.

(e)Repayment plans are excluded from financial effects because of varying terms offered in these plans. Credit card and unsecured lines of credit programs both offer short-term and fully-amortized repayment plans, impacting terms and interest rates. Home equity programs offer a fixed payment plan, establishing a modified monthly payment based primarily on the borrower’s financial situation and the current market environment.

(f)Loans in our Payment Delay category are reported as past due in accordance with their contractual terms. Once contractually modified, these loans are reported as past due in accordance with their restructured terms.

We generally consider FDMs to have subsequently defaulted when they become 60 days past due after the most recent date the loan

was modified. Consumer loans that were both (i) classified as FDMs, and (ii) subsequently defaulted during the three and six months ended June 30, 2026 were $31 million and $51 million, respectively. Comparable amounts at June 30, 2025 were $21 million and $48 million, respectively.

68    The PNC Financial Services Group, Inc. – Form 10-Q

Allowance for Credit Losses

We maintain the ACL related to loans at levels that we believe to be appropriate to absorb expected credit losses in the portfolios as of the balance sheet date. See Note 1 Accounting Policies in our 2025 Form 10-K for a discussion of the methodologies used to determine this allowance. A rollforward of the ACL related to loans follows:

Table 58: Rollforward of Allowance for Credit Losses

			Three months ended June 30																								Six months ended June 30
			2026									2025															2026									2025
In millions			Commercial			Consumer			Total			Commercial			Consumer			Total									Commercial			Consumer			Total			Commercial			Consumer			Total
Allowance for loan and lease losses
Beginning balance			$	3,269		$	1,394		$	4,663		$	3,205		$	1,339		$	4,544								$	3,089		$	1,321		$	4,410		$	3,148		$	1,338		$	4,486
Acquisition PCD reserves			—			—			—			—			—			—									53			40			93			—			—			—
Acquisition PSL reserves			—			—			—			—			—			—									184			45			229			—			—			—
Beginning balance, adjusted			3,269			1,394			4,663			3,205			1,339			4,544									3,326			1,406			4,732			3,148			1,338			4,486
Charge-offs			(165)			(159)			(324)			(163)			(161)			(324)									(313)			(320)			(633)			(294)			(342)			(636)
Recoveries			36			62			98			61			65			126									74			125			199			108			125			233
Acquired loan charge-offs (a)			—			—			—			—			—			—									(10)			(35)			(45)			—			—			—
Net (charge-offs)			(129)			(97)			(226)			(102)			(96)			(198)									(249)			(230)			(479)			(186)			(217)			(403)
Provision for credit losses			114			99			213			121			50			171									181			220			401			259			172			431
Other			—			2			2			6			—			6									(4)			2			(2)			9			—			9
Ending balance			$	3,254		$	1,398		$	4,652		$	3,230		$	1,293		$	4,523								$	3,254		$	1,398		$	4,652		$	3,230		$	1,293		$	4,523
Allowance for unfunded lending related commitments (b)
Beginning balance			$	693		$	139		$	832		$	528		$	146		$	674								$	681		$	137		$	818		$	580		$	139		$	719
Provision for (recapture of) credit losses			(23)			3			(20)			87			(3)			84									(11)			5			(6)			34			4			38
Other			—			(3)			(3)			1			—			1									—			(3)			(3)			2			—			2
Ending balance			$	670		$	139		$	809		$	616		$	143		$	759								$	670		$	139		$	809		$	616		$	143		$	759
Allowance for credit losses at June 30 (c)			$	3,924		$	1,537		$	5,461		$	3,846		$	1,436		$	5,282								$	3,924		$	1,537		$	5,461		$	3,846		$	1,436		$	5,282

(a)Amounts for the six months ended June 30, 2026 include $45 million attributable to FirstBank, which represents the charge-off of certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.

(b)See Note 9 Commitments for additional information about the underlying commitments related to this allowance.

(c)Represents the ALLL plus allowance for unfunded lending related commitments and excludes allowances for investment securities and other financial assets, which together totaled $99 million and $88 million at June 30, 2026 and 2025, respectively.

The ACL related to loans totaled $5.5 billion at June 30, 2026 and $5.2 billion at December 31, 2025. The increase was primarily driven by portfolio activity, including the addition of FirstBank loans.

NOTE 5 LOAN SALE AND SERVICING ACTIVITIES AND VARIABLE INTEREST ENTITIES

Loan Sale and Servicing Activities

As more fully described in Note 4 Loan Sale and Servicing Activities and Variable Interest Entities in our 2025 Form 10-K, we have transferred residential and commercial mortgage loans in securitization or sales transactions in which we have continuing involvement. Our continuing involvement in the FNMA, FHLMC and GNMA securitizations, non-agency securitizations, and loan sale transactions generally consists of servicing, repurchasing previously transferred loans or loss share arrangements under certain conditions, and, in limited circumstances, holding of mortgage-backed securities issued by the securitization SPEs.

We earn servicing and other ancillary fees for our role as servicer and, depending on the contractual terms of the servicing arrangement, we can be terminated as servicer with or without cause. At the consummation date of each type of loan transfer where we retain the servicing, we recognize a servicing right at fair value. See Note 6 Goodwill and Mortgage Servicing Rights and Note 12 Fair Value for further discussion of our servicing rights.

The PNC Financial Services Group, Inc. – Form 10-Q 69  

The following table provides our loan sale and servicing activities.

Table 59: Loan Sale and Servicing Activities

In millions			Residential Mortgages			Commercial Mortgages
Three months ended June 30, 2026
Sales of loans and related securitization activity (a)			$	812					$	1,577
Repurchases of previously transferred loans (b)			$	22					$	3
Servicing fees (c)			$	145					$	51
Servicing advances recovered/(funded), net			$	18					$	(48)
Cash flows on mortgage-backed securities held (d)			$	729					$	6
Three months ended June 30, 2025
Sales of loans and related securitization activity (a)			$	745					$	1,094
Repurchases of previously transferred loans (b)			$	29					$	—
Servicing fees (c)			$	129					$	54
Servicing advances recovered/(funded), net			$	23					$	(65)
Cash flows on mortgage-backed securities held (d)			$	621					$	17
Six months ended June 30, 2026
Sales of loans and related securitization activity (a)			$	1,631					$	3,093
Repurchases of previously transferred loans (b)			$	62					$	80
Servicing fees (c)			$	284					$	97
Servicing advances recovered/(funded), net			$	24					$	(47)
Cash flows on mortgage-backed securities held (d)			$	1,354					$	10
Six months ended June 30, 2025
Sales of loans and related securitization activity (a)			$	1,449					$	1,587
Repurchases of previously transferred loans (b)			$	64					$	—
Servicing fees (c)			$	259					$	104
Servicing advances recovered/(funded), net			$	42					$	(54)
Cash flows on mortgage-backed securities held (d)			$	1,192					$	43

(a)Gains/losses recognized on sales of loans were insignificant for the periods presented.

(b)Represents the outstanding principal balance of repurchased loans and includes both residential and commercial mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our ROAP option, as well as residential mortgage loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers.

(c)Includes contractually specified servicing fees, late charges and ancillary fees.

(d)Represents cash flows on securities where we transferred to and/or service loans for a securitization SPE and we hold securities issued by that SPE. The carrying values of such securities held in residential mortgage-backed securities were $20.6 billion at June 30, 2026 and $17.2 billion at both December 31, 2025 and June 30, 2025, respectively. The carrying values of commercial mortgage-backed securities were $0.4 billion, $0.4 billion and $0.5 billion at June 30, 2026, December 31, 2025 and June 30, 2025, respectively.

70    The PNC Financial Services Group, Inc. – Form 10-Q

Table 60 presents information about the principal balances of transferred loans that we service and are not recorded on our Consolidated Balance Sheet.

Table 60: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others (a)

In millions			Residential Mortgages						Commercial Mortgages
June 30, 2026
Total principal balance			$	36,104								$	55,628
Delinquent loans (b)			$	253								$	207
December 31, 2025
Total principal balance			$	36,088								$	55,145
Delinquent loans (b)			$	274								$	216
Three months ended June 30, 2026
Net charge-offs (c)			$	1								$	11
Three months ended June 30, 2025
Net charge-offs (c)			$	—								$	(1)
Six months ended June 30, 2026
Net charge-offs (c)			$	2								$	42
Six months ended June 30, 2025
Net charge-offs (c)			$	1								$	9

(a)Represents information at the securitization level in which we have sold loans and we are the servicer for the securitization.

(b)Serviced delinquent loans are 90 days or more past due or are in process of foreclosure.

(c)Net charge-offs for Residential mortgages represent credit losses less recoveries distributed and as reported to investors during the period. Net charge-offs for Commercial mortgages represent credit losses less recoveries distributed and as reported by the trustee for commercial mortgage-backed securitizations. Realized losses for agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information.

Variable Interest Entities (VIEs)

As discussed in Note 4 Loan Sale and Servicing Activities and Variable Interest Entities included in our 2025 Form 10-K, we are involved with various entities in the normal course of business that are deemed to be VIEs.

The following table provides a summary of non-consolidated VIEs with which we have significant continuing involvement but are not the primary beneficiary. We have excluded certain transactions with non-consolidated VIEs from the balances presented in Table 61 where we have determined that our continuing involvement is insignificant. We do not consider our continuing involvement to be significant when it relates to a VIE where we only invest in securities issued by the VIE and were not involved in the design of the VIE or where no transfers have occurred between us and the VIE. In addition, where we only have lending arrangements in the normal course of business with entities that could be VIEs, we have excluded these transactions with non-consolidated entities from the balances presented in Table 61. These loans are included as part of the asset quality disclosures that we make in Note 4 Loans and Related Allowance for Credit Losses.

Table 61: Non-Consolidated VIEs

In millions			PNC Risk of Loss (a)									Carrying Value of Assets						Carrying Value of Liabilities
June 30, 2026
Mortgage-backed securitizations (b)			$	21,642								$	21,642		(c)			$	—
Tax credit investments and other			6,852									6,577			(d)(e)			3,093			(f)(g)
Total			$	28,494								$	28,219					$	3,093
December 31, 2025
Mortgage-backed securitizations (b)			$	17,956								$	17,956		(c)			$	—
Tax credit investments and other			6,420									6,082			(d)(e)			2,961			(f)(g)
Total			$	24,376								$	24,038					$	2,961

(a)Represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). The risk of loss excludes any potential tax recapture associated with tax credit investments.

(b)Amounts reflect involvement with securitization SPEs where we transferred to and/or service loans for an SPE and we hold securities issued by that SPE. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings.

(c)Included in Investment securities, Mortgage servicing rights and Other assets on our Consolidated Balance Sheet.

(d)Included in Investment securities, Loans, Equity investments and Other assets on our Consolidated Balance Sheet.

(e)Amount includes $4.7 billion of LIHTCs and $0.1 billion of NMTCs at June 30, 2026, which are included in Equity investments on our Consolidated Balance Sheet. Comparable amounts at December 31, 2025 were $4.4 billion and $0.1 billion, respectively.

(f)Included in Deposits and Other liabilities on our Consolidated Balance Sheet.

(g)Amount includes $2.7 billion of LIHTCs and less than $0.1 billion of NMTCs at June 30, 2026, which are included in Other liabilities on our Consolidated Balance Sheet. Comparable amounts at December 31, 2025 were $2.6 billion and less than $0.1 billion, respectively.

The PNC Financial Services Group, Inc. – Form 10-Q 71  

We make certain equity investments in various tax credit limited partnerships or LLCs. The purpose of these investments is to achieve a satisfactory return on capital and to assist us in achieving goals associated with the CRA. Within income taxes, during the six months ended June 30, 2026, we recognized $0.3 billion of amortization, $0.3 billion of tax credits and $0.1 billion of other tax benefits associated with qualified investments in LIHTCs and NMTCs. During the six months ended June 30, 2025, comparable amounts were $0.3 billion, $0.3 billion and less than $0.1 billion, respectively.

NOTE 6 GOODWILL AND MORTGAGE SERVICING RIGHTS

Goodwill

Goodwill increased $2.4 billion during the six months ended June 30, 2026 as a result of the acquisition of FirstBank, and was allocated to our Retail segment. See Note 2 Acquisition Activity for additional information on the acquisition. See also Note 5 Goodwill and Mortgage Servicing Rights in our 2025 Form 10-K for more information regarding our goodwill.

Mortgage Servicing Rights

We recognize the right to service mortgage loans for others as an intangible asset when the benefits of servicing are expected to be more than adequate compensation to a servicer for performing the servicing. MSRs are recognized either when purchased or when originated loans are sold with servicing retained. MSRs totaled $3.8 billion at June 30, 2026 and $3.7 billion at December 31, 2025, and consisted of loan servicing contracts for commercial and residential mortgages measured at fair value.

We recognize gains or losses on changes in the fair value of MSRs. MSRs are subject to changes in value from actual or expected prepayment of the underlying loans and defaults, as well as market driven changes in interest rates. We manage this risk by economically hedging the fair value of MSRs with securities, derivative instruments and resale agreements, which are expected to increase (or decrease) in value when the value of MSRs decreases (or increases).

See the Sensitivity Analysis section of this Note 6 for more detail on our fair value measurement of MSRs. See Note 5 Goodwill and Mortgage Servicing Rights and Note 14 Fair Value in our 2025 Form 10-K for more detail on our fair value measurement and our accounting of MSRs.

Changes in the commercial and residential MSRs follow:

Table 62: Mortgage Servicing Rights

			Commercial MSRs									Residential MSRs
In millions			2026			2025						2026			2025
January 1			$	1,021		$	1,085					$	2,638		$	2,626
Additions:
FirstBank Acquisition			—			—						10			—
From loans sold with servicing retained			26			24						20			14
Purchases			31			45						240			1
Changes in fair value due to:
Time and payoffs (a)			(146)			(155)						(155)			(127)
Other (b)			107			11						9			(57)
June 30			$	1,039		$	1,010					$	2,762		$	2,457
Related unpaid principal balance of loans serviced at June 30			$	294,011		$	294,675					$	208,949		$	189,216
Servicing advances June 30			$	690		$	707					$	103		$	110

(a)Represents decrease in MSR value due to passage of time, which includes the impact from regularly scheduled loan principal payments, prepayments and loans that were paid off during the period.

(b)Includes MSR value changes resulting from changes in interest rates and other market-driven conditions.

72    The PNC Financial Services Group, Inc. – Form 10-Q

Sensitivity Analysis

The fair value of commercial and residential MSRs and significant inputs to the valuation models as of June 30, 2026 and December 31, 2025 are shown in Tables 63 and 64. The expected and actual rates of mortgage loan prepayments are significant factors driving the fair value. Management uses both internal proprietary models and a third-party model to estimate future commercial mortgage loan prepayments and a third-party model to estimate future residential mortgage loan prepayments. These models have been refined based on current market conditions and management judgment. Future interest rates are another important factor in the valuation of MSRs. Management utilizes market implied forward interest rates to estimate the future direction of mortgage and discount rates. The forward rates utilized are derived from the current yield curve for U.S. dollar interest rate swaps and are consistent with pricing of capital markets instruments. Changes in the shape and slope of the forward curve in future periods may result in volatility in the fair value estimate.

A sensitivity analysis of the hypothetical effect on the fair value of MSRs to adverse changes in key assumptions is presented in Tables 63 and 64. These sensitivities do not include the impact of the related hedging activities. Changes in fair value generally cannot be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the MSRs is calculated independently without changing any other assumption. Changes in one factor may result in changes in another (e.g., changes in mortgage interest rates, which drive changes in prepayment rate estimates, could result in changes in the interest rate spread), which could either magnify or counteract the sensitivities.

The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions.

Table 63: Commercial Mortgage Servicing Rights – Key Valuation Assumptions

Dollars in millions			June 30, 2026						December 31, 2025
Fair value			$	1,039					$	1,021
Weighted-average life (years)			3.6						3.8
Weighted-average constant prepayment rate			4.51			%			4.43			%
Decline in fair value from 10% adverse change			$	7					$	8
Decline in fair value from 20% adverse change			$	15					$	16
Effective discount rate			10.94			%			10.60			%
Decline in fair value from 10% adverse change			$	31					$	30
Decline in fair value from 20% adverse change			$	61					$	61

Table 64: Residential Mortgage Servicing Rights – Key Valuation Assumptions

Dollars in millions			June 30, 2026						December 31, 2025
Fair value			$	2,762					$	2,638
Weighted-average life (years)			7.4						7.7
Weighted-average constant prepayment rate			6.77			%			6.73			%
Decline in fair value from 10% adverse change			$	65					$	64
Decline in fair value from 20% adverse change			$	125					$	124
Weighted-average option adjusted spread			708			bps			734			bps
Decline in fair value from 10% adverse change			$	80					$	82
Decline in fair value from 20% adverse change			$	156					$	159

Fees from mortgage loan servicing, which include contractually specified servicing fees, late fees and ancillary fees were $0.2 billion for both the three months ended June 30, 2026 and 2025, and $0.4 billion for both the six months ended June 30, 2026 and 2025. We also generate servicing fees from activities provided to others for which we do not have an associated servicing asset. Fees from commercial and residential MSRs are reported within Residential and commercial mortgage noninterest income on our Consolidated Income Statement.

The PNC Financial Services Group, Inc. – Form 10-Q 73  

NOTE 7 LEASES

PNC’s lessor arrangements primarily consist of direct financing, sales-type and operating leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. For more information on lease accounting, see Note 1 Accounting Policies and Note 6 Leases in our 2025 Form 10-K.

The following table provides details on our income from lessor arrangements.

Table 65: Lessor Income

			Three months ended June 30						Six months ended June 30
In millions			2026			2025			2026			2025
Sales-type and direct financing leases (a)			$	91		$	85		$	183		$	170
Operating leases (b)			7			8			15			17
Lease income			$	98		$	93		$	198		$	187

(a)Included in Loans interest income on our Consolidated Income Statement.

(b)Included in Lending and deposit services noninterest income on our Consolidated Income Statement.

NOTE 8 BORROWED FUNDS

The following table shows the carrying value of total borrowed funds at June 30, 2026 (including adjustments related to accounting hedges, purchase accounting and unamortized original issuance discounts) by remaining contractual maturity.

Table 66: Borrowed Funds

In millions
Less than 1 year			$	21,005
1 to 2 years			16,236
2 to 3 years			20,954
3 to 4 years			6,172
4 to 5 years			2,646
Over 5 years			18,710
Total			$	85,723

The following table presents the contractual rates and maturity dates of our FHLB advances, senior debt and subordinated debt as of June 30, 2026, and the carrying values as of June 30, 2026 and December 31, 2025.

Table 67: FHLB Advances, Senior Debt and Subordinated Debt

			Stated Rate						Maturity						Carrying Value
Dollars in millions			June 30, 2026						June 30, 2026						June 30, 2026						December 31, 2025
Parent Company
Senior debt			1.15% - 6.88%						2026 - 2036						$	35,165					$	32,650
Subordinated debt			4.63% - 5.42%						2033 - 2041						2,278						808
Junior subordinated debt			4.49%						2028						206						206
Total Parent Company															37,649						33,664
Bank
Federal Home Loan Bank advances (a)			3.25% - 4.21%						2026 - 2031						40,416						13,000
Senior debt			3.10% - 4.43%						2027 - 2043						2,979						5,992
Subordinated debt			2.70% - 4.05%						2028 - 2029						1,912						2,002
Total Bank															45,307						20,994
Total															$	82,956					$	54,658

(a)FHLB advances are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities.

In Table 67, the carrying values for parent company senior and subordinated debt include basis adjustments of $(423) million and $(65) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(42) million and $(84) million, respectively, related to fair value accounting hedges as of June 30, 2026.

Certain borrowings are reported at fair value. Refer to Note 12 Fair Value for more information on those borrowings.

For further information regarding junior subordinated debentures, refer to Note 9 Borrowed Funds in our 2025 Form 10-K.

74    The PNC Financial Services Group, Inc. – Form 10-Q

NOTE 9 COMMITMENTS

In the normal course of business, we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. The following table presents our outstanding commitments to extend credit along with other commitments as of June 30, 2026 and December 31, 2025, respectively.

Table 68: Commitments to Extend Credit and Other Commitments

In millions			June 30, 2026						December 31, 2025
Commitments to extend credit
Commercial			$	253,827					$	236,142
Home equity			24,154						23,684
Credit card			42,216						39,536
Other			8,202						7,798
Total commitments to extend credit			328,399						307,160
Net outstanding standby letters of credit (a)			12,483						11,452
Standby bond purchase agreements (b)			1,041						1,026
Other commitments (c)			6,540						6,521
Total commitments to extend credit and other commitments			$	348,463					$	326,159

(a)Net outstanding standby letters of credit that support remarketing programs were $3.6 billion and $3.2 billion at June 30, 2026 and December 31, 2025, respectively.

(b)We enter into standby bond purchase agreements to support municipal bond obligations.

(c)Includes $2.8 billion and $3.0 billion related to investments that qualify for PAM at June 30, 2026 and December 31, 2025, respectively. For additional information on PAM, refer to Note 1 Accounting Policies in our 2025 Form 10-K.

Commitments to Extend Credit

Commitments to extend credit, or net unfunded loan commitments, represent arrangements to lend funds or provide liquidity subject to specified contractual conditions. These commitments generally have fixed expiration dates, may require payment of a fee and generally contain termination clauses in the event the customer’s credit quality deteriorates.

Net Outstanding Standby Letters of Credit

We issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions, in each case to support obligations of our customers to third parties, such as insurance requirements and the facilitation of transactions involving capital markets product execution. Approximately 98% of our net outstanding standby letters of credit were rated as Pass at June 30, 2026, with the remainder rated as Criticized. An internal credit rating of Pass indicates the expected risk of loss is currently low, while a rating of Criticized indicates a higher degree of risk.

If the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program, then upon a draw by a beneficiary, subject to the terms of the letter of credit, we would be obligated to make payment to them. The standby letters of credit outstanding on June 30, 2026 had terms ranging from less than one year to 11 years.

As of June 30, 2026, assets of $1.2 billion secured certain specifically identified standby letters of credit. In addition, a portion of the remaining standby letters of credit issued on behalf of specific customers is secured by collateral or guarantees that secure the customers’ other obligations to us. The carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $0.2 billion at June 30, 2026 and is primarily included in Other liabilities on our Consolidated Balance Sheet.

The PNC Financial Services Group, Inc. – Form 10-Q 75  

NOTE 10 TOTAL EQUITY AND OTHER COMPREHENSIVE INCOME

Activity in total equity for the three and six months ended June 30, 2026 and 2025 is as follows:

Table 69: Rollforward of Total Equity

									Shareholders’ Equity
In millions			Shares Outstanding Common Stock						Common Stock			Capital Surplus - Preferred Stock			Capital Surplus - Common Stock and Other			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock						Noncontrolling Interests			Total  Equity
Three months ended
Balance at March 31, 2025 (a)			396						$	2,717		$	5,751		$	12,980		$	60,051		$	(5,237)		$	(19,857)					$	46		$	56,451
Net income			—						—			—			—			1,627			—			—						16			1,643
Other comprehensive income (loss), net of tax			—						—			—			—			—			555			—						—			555
Cash dividends declared - Common			—						—			—			—			(642)			—			—						—			(642)
Cash dividends declared - Preferred			—						—			—			—			(83)			—			—						—			(83)
Preferred stock discount accretion			—						—			2			—			(2)			—			—						—			—
Common stock activity			—						—			—			18			—			—			—						—			18
Treasury stock activity			(2)						—			—			5			—			—			(331)						—			(326)
Other			—						—			—			53			—			—			—						(14)			39
Balance at June 30, 2025 (a)			394						$	2,717		$	5,753		$	13,056		$	60,951		$	(4,682)		$	(20,188)					$	48		$	57,655
Balance at March 31, 2026 (a)			402						$	2,786		$	5,878		$	16,048		$	64,256		$	(3,773)		$	(21,568)					$	49		$	63,676
Net income			—						—			—			—			2,040			—			—						15			2,055
Other comprehensive income (loss), net of tax			—						—			—			—			—			(347)			—						—			(347)
Cash dividends declared - Common			—						—			—			—			(691)			—			—						—			(691)
Cash dividends declared - Preferred			—						—			—			—			(85)			—			—						—			(85)
Preferred stock discount accretion/premium amortization			—						—			2			—			(2)			—			—						—			—
Common stock activity			—						—			—			17			—			—			—						—			17
Treasury stock activity			(3)						—			—			8			—			—			(607)						—			(599)
Other			—						—			—			46			—			—			—						(11)			35
Balance at June 30, 2026 (a)			399						$	2,786		$	5,880		$	16,119		$	65,518		$	(4,120)		$	(22,175)					$	53		$	64,061
Six months ended
Balance at December 31, 2024 (a)			396						$	2,717		$	5,749		$	12,961		$	59,282		$	(6,565)		$	(19,719)					$	44		$	54,469
Net income			—						—			—			—			3,108			—			—						34			3,142
Other comprehensive income (loss), net of tax			—						—			—			—			—			1,883			—						—			1,883
Cash dividends declared - Common			—						—			—			—			(1,281)			—			—						—			(1,281)
Cash dividends declared - Preferred			—						—			—			—			(154)			—			—						—			(154)
Preferred stock discount accretion			—						—			4			—			(4)			—			—						—			—
Common stock activity			—						—			—			18			—			—			—						—			18
Treasury stock activity			(2)						—			—			107			—			—			(469)						—			(362)
Other			—						—			—			(30)			—			—			—						(30)			(60)
Balance at June 30, 2025 (a)			394						$	2,717		$	5,753		$	13,056		$	60,951		$	(4,682)		$	(20,188)					$	48		$	57,655
Balance at December 31, 2025 (a)			390						$	2,717		$	5,758		$	13,164		$	63,266		$	(3,408)		$	(20,912)					$	51		$	60,636
Net income			—						—			—			—			3,800			—			—						27			3,827
Other comprehensive income (loss), net of tax			—						—			—			—			—			(712)			—						—			(712)
Cash dividends declared - Common			—						—			—			—			(1,387)			—			—						—			(1,387)
Cash dividends declared - Preferred			—						—			—			—			(158)			—			—						—			(158)
Preferred stock discount accretion/premium amortization			—						—			3			—			(3)			—			—						—			—
Common stock activity (b)			14						69			—			2,849			—			—			—						—			2,918
Treasury stock activity			(5)						—			—			96			—			—			(1,263)						—			(1,167)
Other (c)			—						—			119			10			—			—			—						(25)			104
Balance at June 30, 2026 (a)			399			$	—		$	2,786		$	5,880		$	16,119		$	65,518		$	(4,120)		$	(22,175)		$	—		$	53		$	64,061

(a)The par value of our preferred stock outstanding was less than $0.5 million at each date and, therefore, is excluded from this presentation.

(b)Includes $2.9 billion in common stock issuances related to the FirstBank acquisition.

(c)Includes $119 million in preferred stock issuances and $29 million in restricted stock acquisition consideration related to the FirstBank acquisition.

76    The PNC Financial Services Group, Inc. – Form 10-Q

Details of other comprehensive income (loss) are as follows:

Table 70: Other Comprehensive Income (Loss)

			Three months ended June 30																								Six months ended June 30
			2026												2025												2026												2025
In millions			Pre-tax			Tax effect			After-tax						Pre-tax			Tax effect			After-tax						Pre-tax			Tax effect			After-tax						Pre-tax			Tax effect			After-tax
Debt securities
Net unrealized gains (losses) on securities			$	(180)		$	43		$	(137)					$	82		$	(20)		$	62					$	(469)		$	114		$	(355)					$	830		$	(202)		$	628
Less: Net realized (losses) reclassified to earnings (a)			(289)			70			(219)						(181)			44			(137)						(419)			102			(317)						(362)			88			(274)
Net change			109			(27)			82						263			(64)			199						(50)			12			(38)						1,192			(290)			902
Cash flow hedge derivatives
Net unrealized gains (losses) on cash flow hedge derivatives			(623)			152			(471)						299			(73)			226						(1,012)			247			(765)						930			(226)			704
Less: Net realized (losses) reclassified to earnings (a)			(67)			16			(51)						(186)			45			(141)						(124)			30			(94)						(380)			92			(288)
Net change			(556)			136			(420)						485			(118)			367						(888)			217			(671)						1,310			(318)			992
Pension and other postretirement benefit plan adjustments
Net pension and other postretirement benefit plan activity and other reclassified to earnings (b)			(6)			1			(5)						(19)			4			(15)						2			(1)			1						(21)			5			(16)
Net change			(6)			1			(5)						(19)			4			(15)						2			(1)			1						(21)			5			(16)
Other
Net unrealized gains (losses) on other transactions			(5)			1			(4)						(2)			6			4						(4)			—			(4)						(3)			8			5
Net change			(5)			1			(4)						(2)			6			4						(4)			—			(4)						(3)			8			5
Total other comprehensive income (loss)			$	(458)		$	111		$	(347)					$	727		$	(172)		$	555					$	(940)		$	228		$	(712)					$	2,478		$	(595)		$	1,883

(a)Reclassifications for pre-tax debt securities and cash flow hedges are recorded in Interest income and Noninterest income on the Consolidated Income Statement.

(b)Reclassifications include amortization of actuarial losses (gains) and amortization of prior period service costs (credits), which are recorded in Noninterest expense on the Consolidated Income Statement.

Table 71: Accumulated Other Comprehensive Income (Loss) Components

In millions, after-tax			Debt securities						Cash flow hedge derivatives						Pension and other postretirement benefit plan adjustments						Other															Total
Three months ended
Balance at March 31, 2025			$	(4,396)					$	(689)					$	(110)					$	(42)														$	(5,237)
Net activity			199						367						(15)						4															555
Balance at June 30, 2025 (a)			$	(4,197)					$	(322)					$	(125)					$	(38)														$	(4,682)
Balance at March 31, 2026			$	(3,423)					$	(432)					$	124					$	(42)														$	(3,773)
Net activity			82						(420)						(5)						(4)															(347)
Balance at June 30, 2026 (a)			$	(3,341)					$	(852)					$	119					$	(46)														$	(4,120)
Six months ended
Balance at December 31, 2024			$	(5,099)					$	(1,314)					$	(109)					$	(43)														$	(6,565)
Net activity			902						992						(16)						5															1,883
Balance at June 30, 2025 (a)			$	(4,197)					$	(322)					$	(125)					$	(38)														$	(4,682)
Balance at December 31, 2025			$	(3,303)					$	(181)					$	118					$	(42)														$	(3,408)
Net activity			(38)						(671)						1						(4)															(712)
Balance at June 30, 2026 (a)			$	(3,341)					$	(852)					$	119					$	(46)														$	(4,120)

(a)AOCI included pre-tax losses of $230 million and $265 million from derivatives that hedged the purchase of investment securities classified as held-to-maturity at June 30, 2026 and June 30, 2025, respectively.

The PNC Financial Services Group, Inc. – Form 10-Q 77  

The following table provides the dividends per share for PNC’s common and preferred stock:

Table 72: Dividends Per Share (a)

			Three months ended June 30						Six months ended June 30
			2026			2025			2026			2025
Common Stock			$	1.70		$	1.60		$	3.40		$	3.20
Preferred Stock
Series B			$	0.45		$	0.45		$	0.90		$	0.90
Series S			$	2,500		$	2,500		$	2,500		$	2,500
Series T			$	850		$	850		$	1,700		$	1,700
Series U			$	1,500		$	1,500		$	3,000		$	3,000
Series V			$	1,550		$	1,550		$	3,100		$	3,100
Series W			$	1,562		$	1,562		$	3,125		$	3,125
Series X			$	18.13		$	—		$	36.26		$	—

(a)     Dividends are payable quarterly, other than Series S preferred stock, which is payable semiannually.

On July 6, 2026, the PNC Board of Directors raised the quarterly cash dividend on common stock to $2.00 per share. The dividend is payable on August 5, 2026 to shareholders of record at the close of business July 20, 2026.

NOTE 11 EARNINGS PER SHARE

Table 73: Basic and Diluted Earnings Per Common Share

						Three months ended June 30						Six months ended June 30
In millions, except per share data						2026			2025			2026			2025
Basic
Net income						$	2,055		$	1,643		$	3,827		$	3,142
Less:
Net income attributable to noncontrolling interests						15			16			27			34
Preferred stock dividends						85			83			158			154
Preferred stock discount accretion and redemptions						2			2			3			4
Net income attributable to common shareholders						1,953			1,542			3,639			2,950
Less: Dividends and undistributed earnings allocated to nonvested restricted shares						12			10			23			19
Net income attributable to basic common shareholders						$	1,941		$	1,532		$	3,616		$	2,931
Basic weighted-average common shares outstanding						403			397			404			398
Basic earnings per common share (a)						$	4.82		$	3.86		$	8.95		$	7.37
Diluted
Net income attributable to diluted common shareholders						$	1,941		$	1,532		$	3,616		$	2,931
Diluted weighted-average common shares outstanding						403			397			404			398
Diluted earnings per common share (a)						$	4.81		$	3.85		$	8.94		$	7.37

(a)Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities).

78    The PNC Financial Services Group, Inc. – Form 10-Q

NOTE 12 FAIR VALUE

Fair Value Measurement

We measure certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability on the measurement date and is determined using an exit price in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair value hierarchy established by GAAP requires us to maximize the use of observable inputs when measuring fair value. For more information regarding the fair value hierarchy, see Note 14 Fair Value in our 2025 Form 10-K. Additionally, for more information regarding the fair value of assets and liabilities from our FirstBank acquisition, see Note 2 Acquisition Activity.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

For more information on the valuation methodologies used to measure assets and liabilities at fair value on a recurring basis, see Note 14 Fair Value in our 2025 Form 10-K. The following table summarizes our assets and liabilities measured at fair value on a recurring basis, including instruments for which we have elected the fair value option.

Table 74: Fair Value Measurements – Recurring Basis Summary

			June 30, 2026																											December 31, 2025
In millions			Level 1						Level 2						Level 3						Total Fair Value									Level 1						Level 2						Level 3						Total Fair Value
Assets
Residential mortgage loans held for sale			$	—					$	677					$	70					$	747								$	—					$	552					$	108					$	660
Commercial mortgage loans held for sale			—						558						—						558									—						1,059						—						1,059
Securities available-for-sale
U.S. Treasury and government agencies			27,142						1,383						—						28,525									27,871						1,026						—						28,897
Residential mortgage-backed
Agency			—						33,888						—						33,888									—						30,663						—						30,663
Non-agency			—						—						517						517									—						—						548						548
Commercial mortgage-backed
Agency			—						3,361						—						3,361									—						3,372						—						3,372
Non-agency			—						79						79						158									—						173						79						252
Asset-backed			—						2,467						82						2,549									—						2,210						87						2,297
Other			—						2,047						55						2,102									—						2,051						55						2,106
Total securities available-for-sale			27,142						43,225						733						71,100									27,871						39,495						769						68,135
Loans			—						508						585						1,093									—						492						620						1,112
Equity investments (a)			1,264						—						2,355						4,001									820						—						2,503						3,642
Residential mortgage servicing rights			—						—						2,762						2,762									—						—						2,638						2,638
Commercial mortgage servicing rights			—						—						1,039						1,039									—						—						1,021						1,021
Trading securities (b)			2,464						4,500						—						6,964									2,662						4,104						—						6,766
Financial derivatives (b) (c)			3						2,642						7						2,652									6						2,660						6						2,672
Other assets			547						142						18						707									506						162						14						682
Total assets (d)			$	31,420					$	52,252					$	7,569					$	91,623								$	31,865					$	48,524					$	7,679					$	88,387
Liabilities
Interest-bearing deposits			$	—					$	783					$	—					$	783								$	—					$	3,642					$	—					$	3,642
Other borrowed funds			905						332						4						1,241									752						189						7						948
Financial derivatives (c) (e)			7						3,948						97						4,052									1						3,546						79						3,626
Other liabilities			—						30						122						152									—						23						137						160
Total liabilities (f)			$	912					$	5,093					$	223					$	6,228								$	753					$	7,400					$	223					$	8,376

(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(b)Included in Other assets on the Consolidated Balance Sheet.

(c)Amounts at June 30, 2026 and December 31, 2025 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See Note 13 Financial Derivatives for additional information related to derivative offsetting.

(d)Total assets at fair value as a percentage of total consolidated assets was 15% at both June 30, 2026 and December 31, 2025. Level 3 assets as a percentage of total assets at fair value was 8% and 9% at June 30, 2026 and December 31, 2025, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both June 30, 2026 and December 31, 2025.

(e)Included in Other liabilities on the Consolidated Balance Sheet.

(f)Total liabilities at fair value as a percentage of total consolidated liabilities was 1% and 2% at June 30, 2026 and December 31, 2025, respectively. Level 3 liabilities as a percentage of total liabilities at fair value was 4% and 3% at June 30, 2026 and December 31, 2025, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both June 30, 2026 and December 31, 2025.

The PNC Financial Services Group, Inc. – Form 10-Q 79  

Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2026 and 2025 are as follows:

Table 75: Reconciliation of Level 3 Assets and Liabilities

Three Months Ended June 30, 2026

						Total realized / unrealized gains or losses for the  period (a)																																							Unrealized gains/losses for the period on assets and liabilities held on Consolidated Balance Sheet at June 30, 2026 (a) (c)
Level 3 Instruments Only In millions			Fair Value Mar. 31, 2026			Included in Earnings			Included in Other comprehensive income (b)						Purchases			Sales			Issuances			Settlements			Transfers into Level 3						Transfers out of Level 3									Fair Value June 30, 2026
Assets
Residential mortgage     loans held for sale			$	74		$	—					$	—		$	2		$	—		$	—		$	(2)		$	1					$	(5)		(d)						$	70		$	—
Securities available-for-sale
Residential mortgage-   backed non-agency			533			2						(3)			—			—			—			(15)			—						—									517			—
Commercial mortgage-   backed non-agency			79			—						—			—			—			—			—			—						—									79			—
Asset-backed			84			1						—			—			—			—			(3)			—						—									82			—
Other			55			—						—			3			—			—			(3)			—						—									55			—
Total securities     available-for-sale			751			3						(3)			3			—			—			(21)			—						—									733			—
Loans			599			2						—			5			—			—			(19)			3						(5)			(d)						585			1
Equity investments			2,341			32						—			50			(68)			—			—			—						—									2,355			23
Residential mortgage     servicing rights			2,786			22						—			26			—			10			(82)			—						—									2,762			22
Commercial mortgage     servicing rights			1,030			58						—			15			—			11			(75)			—						—									1,039			58
Financial derivatives			5			11						—			1			—			—			(10)			—						—									7			11
Other assets			15			—						2			1			—			—			—			—						—									18			—
Total assets			$	7,601		$	128					$	(1)		$	103		$	(68)		$	21		$	(209)		$	4					$	(10)								$	7,569		$	115
Liabilities
Other borrowed funds			$	5		$	—					$	—		$	—		$	—		$	2		$	(3)		$	—					$	—								$	4		$	—
Financial derivatives			35			82						—			—			6			—			(26)			—						—									97			87
Other liabilities			137			3						—			—			—			26			(44)			—						—									122			3
Total liabilities			$	177		$	85					$	—		$	—		$	6		$	28		$	(73)		$	—					$	—								$	223		$	90
Net gains (losses)						$	43		(e)																																				$	25		(f)

80 The PNC Financial Services Group, Inc. – Form 10-Q  

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Three Months Ended June 30, 2025

						Total realized / unrealized gains or losses for the  period (a)																																	Unrealized gains/losses for the period on assets and liabilities held on Consolidated Balance Sheet at June 30, 2025 (a) (c)
Level 3 Instruments Only In millions			Fair Value Mar. 31, 2025			Included in Earnings			Included in Other comprehensive income (b)						Purchases			Sales			Issuances			Settlements			Transfers into Level 3			Transfers out of Level 3						Fair Value June 30, 2025
Assets
Residential mortgage    loans held for sale			$	104		$	1					$	—		$	32		$	(1)		$	—		$	(2)		$	1		$	(5)		(d)			$	130		$	1
Commercial mortgage     loans held for sale			4			—						—			—			—			—			(3)			—			—						1			—
Securities available-for-sale
Residential mortgage-     backed non-agency			596			3						1			—			—			—			(19)			—			—						581			—
Commercial mortgage-   backed non-agency			99			—						2			—			—			—			(22)			—			—						79			—
Asset-backed			92			—						—			—			—			—			(2)			—			—						90			—
Other			54			1						1			3			—			—			(4)			—			—						55			—
Total securities     available-for-sale			841			4						4			3			—			—			(47)			—			—						805			—
Loans			663			—						—			10			(1)			—			(19)			7			(9)			(d)			651			—
Equity investments			2,223			9						—			40			(40)			—			—			—			—						2,232			5
Residential mortgage     servicing rights			2,523			(6)						—			—			—			7			(67)			—			—						2,457			(6)
Commercial mortgage     servicing rights			1,041			13						—			18			—			15			(77)			—			—						1,010			13
Financial derivatives			10			6						—			1			—			—			(8)			—			—						9			11
Other assets			12			—						2			—			(1)			—			—			—			—						13			—
Total assets			$	7,421		$	27					$	6		$	104		$	(43)		$	22		$	(223)		$	8		$	(14)					$	7,308		$	24
Liabilities
Other borrowed funds			$	13		$	—					$	—		$	—		$	—		$	5		$	(7)		$	—		$	—					$	11		$	—
Financial derivatives			161			4						—			—			3			—			(59)			—			—						109			7
Other liabilities			129			6						—			—			—			—			(17)			—			—						118			3
Total liabilities			$	303		$	10					$	—		$	—		$	3		$	5		$	(83)		$	—		$	—					$	238		$	10
Net gains (losses)						$	17		(e)																														$	14		(f)

The PNC Financial Services Group, Inc. – Form 10-Q 81  

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Six Months Ended June 30, 2026

						Total realized / unrealized gains or losses for the  period (a)																																				Unrealized gains/losses for the period on assets and liabilities held on Consolidated Balance Sheet at June 30, 2026 (a) (c)
Level 3 Instruments Only In millions			Fair Value Dec. 31, 2025			Included in Earnings			Included in Other comprehensive income (b)						Purchases			Sales			Issuances			Settlements			Transfers into Level 3			Transfers out of Level 3						Impact from FirstBank Acquisition			Fair Value June 30, 2026
Assets
Residential mortgage     loans held for sale			$	108		$	—					$	—		$	2		$	(33)		$	—		$	(4)		$	3		$	(6)		(d)			$	—		$	70		$	—
Securities available-for-sale
Residential mortgage-    backed non-agency			548			5						(6)			—			—			—			(30)			—			—						—			517			—
Commercial mortgage-     backed non-agency			79			—						—			—			—			—			—			—			—						—			79			—
Asset-backed			87			1						—			—			—			—			(6)			—			—						—			82			—
Other			55			1						—			3			—			—			(4)			—			—						—			55			—
Total securities     available-for-sale			769			7						(6)			3			—			—			(40)			—			—						—			733			—
Loans			620			4						—			11			—			—			(38)			3			(15)			(d)			—			585			4
Equity investments			2,503			6						—			108			(262)			—			—			—			—						—			2,355			(12)
Residential mortgage     servicing rights			2,638			9						—			240			—			20			(155)			—			—						10			2,762			9
Commercial mortgage     servicing rights			1,021			107						—			31			—			26			(146)			—			—						—			1,039			107
Financial derivatives			6			19						—			1			—			—			(19)			—			—						—			7			19
Other assets			14			—						2			2			—			—			—			—			—						—			18			—
Total assets			$	7,679		$	152					$	(4)		$	398		$	(295)		$	46		$	(402)		$	6		$	(21)					$	10		$	7,569		$	127
Liabilities
Other borrowed funds			$	7		$	—					$	—		$	—		$	—		$	5		$	(8)		$	—		$	—					$	—		$	4		$	—
Financial derivatives			79			107						—			—			14			—			(103)			—			—						—			97			121
Other liabilities			137			(2)						—			—			—			240			(253)			—			—						—			122			2
Total liabilities			$	223		$	105					$	—		$	—		$	14		$	245		$	(364)		$	—		$	—					$	—		$	223		$	123
Net gains (losses)						$	47		(e)																																	$	4		(f)

82 The PNC Financial Services Group, Inc. – Form 10-Q  

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Six Months Ended June 30, 2025

						Total realized / unrealized gains or losses for the  period (a)																																				Unrealized gains/losses for the period on assets and liabilities held on Consolidated Balance Sheet at June 30, 2025 (a) (c)
Level 3 Instruments Only In millions			Fair Value Dec. 31, 2024			Included in Earnings			Included in Other comprehensive income (b)						Purchases			Sales			Issuances			Settlements			Transfers into Level 3			Transfers out of Level 3									Fair Value June 30, 2025
Assets
Residential mortgage    loans held for sale			$	68		$	1					$	—		$	73		$	(1)		$	—		$	(6)		$	5		$	(10)		(d)						$	130		$	1
Commercial mortgage     loans held for sale			4			—						—			—			—			—			(3)			—			—									1			—
Securities available-for-sale
Residential mortgage-     backed non-agency			603			5						9			—			—			—			(36)			—			—									581			—
Commercial mortgage-     backed non-agency			103			(3)						1			—			—			—			(22)			—			—									79			(3)
Asset-backed			93			1						1			—			—			—			(5)			—			—									90			—
Other			54			1						1			3			—			—			(4)			—			—									55			—
Total securities     available-for-sale			853			4						12			3			—			—			(67)			—			—									805			(3)
Loans			670			5						—			17			(1)			—			(38)			7			(9)			(d)						651			5
Equity investments			2,111			55						—			216			(150)			—			—			—			—									2,232			29
Residential mortgage     servicing rights			2,626			(57)						—			1			—			14			(127)			—			—									2,457			(57)
Commercial mortgage     servicing rights			1,085			11						—			45			—			24			(155)			—			—									1,010			11
Financial derivatives			4			19						—			1			—			—			(15)			—			—									9			20
Other assets			10			—						2			2			(1)			—			—			—			—									13			—
Total assets			$	7,431		$	38					$	14		$	358		$	(153)		$	38		$	(411)		$	12		$	(19)								$	7,308		$	6
Liabilities
Other borrowed funds			$	10		$	—					$	—		$	—		$	—		$	10		$	(9)		$	—		$	—								$	11		$	—
Financial derivatives			150			41						—			—			3			—			(85)			—			—									109			42
Other liabilities			177			16						—			—			—			—			(75)			—			—									118			10
Total liabilities			$	337		$	57					$	—		$	—		$	3		$	10		$	(169)		$	—		$	—								$	238		$	52
Net gains (losses)						$	(19)		(e)																																	$	(46)		(f)

(a)Losses for assets are bracketed while losses for liabilities are not.

(b)The difference in unrealized gains and losses for the period included in Other comprehensive income and changes in unrealized gains and losses for the period included in Other comprehensive income for securities available-for-sale held at the end of the reporting period were insignificant.

(c)The amount of the total gains or losses for the period included in earnings that is attributable to the change in unrealized gains or losses related to those assets and liabilities held at the end of the reporting period.

(d)Residential mortgage loan transfers out of Level 3 are primarily driven by residential mortgage loans transferring to OREO as well as reclassification of mortgage loans held for sale to held for investment.

(e)Net gains (losses) realized and unrealized included in earnings related to Level 3 assets and liabilities included amortization and accretion. The amortization and accretion amounts are included in Interest income on the Consolidated Income Statement and the remaining net gains (losses) realized and unrealized are included in Noninterest income on the Consolidated Income Statement.

(f)Net unrealized gains (losses) related to assets and liabilities held at the end of the reporting period are included in Noninterest income on the Consolidated Income Statement.

An instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Changes from one quarter to the next related to the observability of inputs to a fair value measurement may result in a reclassification (transfer) of assets or liabilities between hierarchy levels.

The PNC Financial Services Group, Inc. – Form 10-Q 83  

Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities follows:

Table 76: Fair Value Measurements – Recurring Quantitative Information

Level 3 Instruments Only Dollars in millions

Fair Value

Valuation Techniques

Unobservable Inputs

Range (Weighted-Average) (a)

June 30, 2026

Residential mortgage-backed     non-agency securities

$

517

Priced by a third-party vendor using a discounted cash flow pricing model

Constant prepayment rate

1.0% - 23.1% (1.9%)

Constant default rate

0.0% - 13.5% (2.0%)

Loss severity

38.4% weighted-average

Spread over the benchmark curve (b)

163bps weighted-average

Loans - residential real estate non- government insured

453

Consensus pricing (c)

Cumulative default rate

3.6% - 100.0% (52.6%)

Loss severity

5.1% weighted-average

Discount rate

5.5% - 7.5% (5.7%)

Equity investments

2,355

Multiple of adjusted earnings

Multiple of earnings

5.5x - 19.7x (10.9x)

Residential mortgage servicing rights

2,762

Discounted cash flow

Constant prepayment rate

0.0% - 64.7% (6.8%)

Spread over the benchmark curve (b)

335bps - 3,486bps (708bps)

Commercial mortgage servicing rights

1,039

Discounted cash flow

Constant prepayment rate

4.3% - 7.1% (4.5%)

Discount rate

9.0% - 11.3% (10.9%)

Insignificant Level 3 assets, net of     liabilities (d)

220

Total Level 3 assets, net of liabilities (e)

$

7,346

December 31, 2025

Residential mortgage loans held for sale

$

108

Consensus pricing (c)

Cumulative default rate

3.6% - 100.0% (33.8%)

Loss severity

5.7% weighted-average

Discount rate

5.5% - 9.0% (5.9%)

Residential mortgage-backed     non-agency securities

548

Priced by a third-party vendor using a discounted cash flow pricing model

Constant prepayment rate

1.0% - 23.1% (3.7%)

Constant default rate

0.0% - 13.5% (1.9%)

Loss severity

15.0% - 100.0% (42.5%)

Spread over the benchmark curve (b)

176bps weighted-average

Loans - residential real estate     non-government insured

474

Consensus pricing (c)

Cumulative default rate

3.6% - 100.0% (52.7%)

Loss severity

5.0% weighted-average

Discount rate

5.5% - 7.5% (5.7%)

Equity investments

2,503

Multiple of adjusted earnings

Multiple of earnings

5.5x - 24.0x (10.8x)

Residential mortgage servicing rights

2,638

Discounted cash flow

Constant prepayment rate

0.0% - 41.4% (6.7%)

Spread over the benchmark curve (b)

314bps - 3,270bps (734bps)

Commercial mortgage servicing rights

1,021

Discounted cash flow

Constant prepayment rate

4.3% - 7.0% (4.4%)

Discount rate

8.7% - 10.9% (10.6%)

Insignificant Level 3 assets, net of     liabilities (d)

164

Total Level 3 assets, net of liabilities (e)

$

7,456

(a)Unobservable inputs were weighted by the relative fair value of the instruments.

(b)The assumed yield spread over the benchmark curve for each instrument is generally intended to incorporate non-interest rate risks, such as credit and liquidity risks.

(c)Consensus pricing refers to fair value estimates that are generally internally developed using information such as dealer quotes or other third-party provided valuations or comparable asset prices.

(d)Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain financial derivative assets and liabilities, certain debt securities available-for-sale, government insured residential real estate loans, home equity loans, other assets, other borrowed funds and other liabilities. At June 30, 2026, this amount also includes residential mortgage loans held for sale.

(e)Consists of total Level 3 assets of $7.6 billion and total Level 3 liabilities of $0.2 billion as of June 30, 2026 and $7.7 billion and $0.2 billion as of December 31, 2025, respectively.

Financial Assets Accounted for at Fair Value on a Nonrecurring Basis

We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment and are included in Table 77. For more information regarding the valuation methodologies of our financial assets measured at fair value on a nonrecurring basis, see Note 14 Fair Value in our 2025 Form 10-K.

84 The PNC Financial Services Group, Inc. – Form 10-Q  

Assets measured at fair value on a nonrecurring basis follow:

Table 77: Fair Value Measurements – Nonrecurring (a) (b) (c)

			Fair Value												Gains (Losses) Three months ended												Gains (Losses) Six months ended
In millions			June 30 2026						December 31 2025						June 30 2026						June 30 2025						June 30 2026						June 30 2025
Assets
Nonaccrual loans			$	366					$	510					$	(33)					$	(38)					$	(52)					$	(93)
Equity investments			253						147						5						(2)						5						(2)
Loans held for sale			—						13						(33)						—						(33)						—
OREO, foreclosed and other assets			48						49						(1)						(1)						(1)						(1)
Long-lived assets			9						6						(1)						(3)						(1)						(3)
Total assets			$	676					$	725					$	(63)					$	(44)					$	(82)					$	(99)

(a)All Level 3 for the periods presented except for $13 million included in Loans held for sale categorized as Level 2 at December 31, 2025.

(b)Valuation techniques applied are fair value of property or collateral and discounted cash flow.

(c)Unobservable inputs used are appraised value/sales price, broker opinions, market rate of return or projected income/required improvement costs. Additional quantitative information is not meaningful for the periods presented.

The PNC Financial Services Group, Inc. – Form 10-Q 85  

Financial Instruments Accounted for under Fair Value Option

We elect the fair value option to account for certain financial instruments. For more information on these financial instruments for

which the fair value option election has been made, see Note 14 Fair Value in our 2025 Form 10-K.

Fair values and aggregate unpaid principal balances of items for which we elected the fair value option are as follows:

Table 78: Fair Value Option – Fair Value and Principal Balances

			June 30, 2026																		December 31, 2025
In millions			Fair Value (a)						Aggregate Unpaid Principal Balance						Difference						Fair Value (a)						Aggregate Unpaid Principal Balance						Difference
Assets
Residential mortgage loans held for sale
Accruing loans less than 90 days past due			$	726					$	720					$	6					$	641					$	636					$	5
Accruing loans 90 days or more past due			8						8						—						5						5						—
Nonaccrual loans			13						15						(2)						14						15						(1)
Total			$	747					$	743					$	4					$	660					$	656					$	4
Commercial mortgage loans held for sale (b) (c)
Accruing loans less than 90 days past due			$	558					$	555					$	3					$	1,059					$	1,059					$	—
Loans
Accruing loans less than 90 days past due			$	695					$	774					$	(79)					$	716					$	796					$	(80)
Accruing loans 90 days or more past due			182						195						(13)						159						172						(13)
Nonaccrual loans			216						301						(85)						237						327						(90)
Total			$	1,093					$	1,270					$	(177)					$	1,112					$	1,295					$	(183)
Other assets			$	142					$	126					$	16					$	162					$	154					$	8
Liabilities
Interest-bearing deposits			$	783					$	784					$	(1)					$	3,642					$	3,641					$	1
Other borrowed funds			$	37					$	38					$	(1)					$	31					$	32					$	(1)
Other liabilities with contractual unpaid principal balance			$	30					$	33					$	(3)					$	23					$	25					$	(2)
Other liabilities without contractual unpaid principal balance			$	110					$	—					$	110					$	122					$	—					$	122

(a)Amounts exclude accrued interest.

(b)There were no accruing loans 90 days or more past due within this category at June 30, 2026 or December 31, 2025.

(c)There were no nonaccrual loans within this category at June 30, 2026 or December 31, 2025.

The changes in fair value for items for which we elected the fair value option are as follows:

Table 79: Fair Value Option – Changes in Fair Value Included in Earnings (a)(b)

			Gains (Losses)												Gains (Losses)
			Three months ended												Six months ended
			June 30						June 30						June 30						June 30
In millions			2026						2025						2026						2025
Assets
Residential mortgage loans held for sale			$	11					$	(8)					$	18					$	(12)
Commercial mortgage loans held for sale			$	9					$	18					$	25					$	29
Loans			$	2					$	1					$	6					$	8
Other assets			$	20					$	7					$	21					$	(2)
Liabilities
Interest-bearing deposits			$	1					$	2					$	2					$	1
Other liabilities			$	(3)					$	(4)					$	(2)					$	(11)

(a)Amounts exclude interest income and interest expense.

(b)The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts.

86 The PNC Financial Services Group, Inc. – Form 10-Q  

Additional Fair Value Information Related to Financial Instruments Not Recorded at Fair Value

The following table presents the carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of all other financial instruments that are not recorded on our Consolidated Balance Sheet at fair value as of June 30, 2026 and December 31, 2025. For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 80, see Note 14 Fair Value in our 2025 Form 10-K.

Table 80: Additional Fair Value Information Related to Other Financial Instruments

			Carrying						Fair Value
In millions			Amount						Total						Level 1						Level 2						Level 3
June 30, 2026
Assets
Cash and due from banks			$	5,951					$	5,951					$	5,951					$	—					$	—
Interest-earning deposits with banks			22,794						22,794						22,171						623						—
Securities held-to-maturity			78,410						75,522						16,635						58,730						157
Net loans (excludes leases)			355,209						352,797						—						—						352,797
Other assets			6,292						6,292						—						6,291						1
Total assets			$	468,656					$	463,356					$	44,757					$	65,644					$	352,955
Liabilities
Time deposits			$	31,767					$	31,914					$	—					$	31,914					$	—
Borrowed funds			84,411						85,519						—						85,026						493
Unfunded lending related commitments			809						809						—						—						809
Other liabilities			1,239						1,239						—						1,239						—
Total liabilities			$	118,226					$	119,481					$	—					$	118,179					$	1,302
December 31, 2025
Assets
Cash and due from banks			$	6,777					$	6,777					$	6,777					$	—					$	—
Interest-earning deposits with banks			32,936						32,936						31,975						961						—
Securities held-to-maturity			70,109						67,979						19,564						48,247						168
Net loans (excludes leases)			318,869						316,005						—						—						316,005
Other assets			5,109						5,109						—						5,109						—
Total assets			$	433,800					$	428,806					$	58,316					$	54,317					$	316,173
Liabilities
Time deposits			$	30,361					$	30,576					$	—					$	30,576					$	—
Borrowed funds			56,097						57,289						—						56,793						496
Unfunded lending related commitments			818						818						—						—						818
Other liabilities			1,091						1,091						—						1,091						—
Total liabilities			$	88,367					$	89,774					$	—					$	88,460					$	1,314

The aggregate fair values in Table 80 represent only a portion of the total market value of our assets and liabilities as, in accordance with the guidance related to fair values about financial instruments, we exclude the following:

•financial instruments recorded at fair value on a recurring basis (as they are disclosed in Table 74),

•investments accounted for under the equity method,

•equity securities without a readily determinable fair value that apply for the alternative measurement approach to fair value under ASU 2016-01,

•real and personal property,

•lease financing,

•loan customer relationships,

•deposit customer intangibles,

•retail branch networks,

•fee-based businesses, such as asset management and brokerage,

•trade receivables and payables due in one year or less,

•deposit liabilities with no defined or contractual maturities under ASU 2016-01, and

•insurance contracts.

The PNC Financial Services Group, Inc. – Form 10-Q 87  

NOTE 13 FINANCIAL DERIVATIVES

We use a variety of financial derivatives to both mitigate exposure to market (primarily interest rate) and credit risks inherent in our business activities, as well as to facilitate customer risk management activities. We manage these risks as part of our overall asset and liability management process and through our credit policies and procedures. Derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based on a notional amount and an underlying as specified in the contract.

Derivative transactions are often measured in terms of notional amount, but this amount is generally not exchanged and it is not recorded on the balance sheet. The notional amount is the basis to which the underlying is applied to determine required payments under the derivative contract. The underlying is a referenced interest rate, security price, credit spread or other index. Residential and commercial real estate loan commitments associated with loans to be sold also qualify as derivative instruments.

For more information on derivatives, see Note 1 Accounting Policies and Note 15 Financial Derivatives in our 2025 Form 10-K.

88 The PNC Financial Services Group, Inc. – Form 10-Q  

The following table presents the notional and gross fair value amounts of all derivative assets and liabilities held by us.

Table 81: Total Gross Derivatives (a)

			June 30, 2026									December 31, 2025
In millions			Notional / Contract Amount			Asset Fair Value (b)			Liability Fair Value (c)			Notional / Contract Amount			Asset Fair Value (b)			Liability Fair Value (c)
Derivatives designated for hedging
Interest rate contracts (d):
Fair value hedges			$	58,364		$	—		$	—		$	60,799		$	—		$	—
Cash flow hedges			78,277			—			—			59,994			—			—
Foreign exchange contracts:
Net investment hedges			1,472			15			—			1,387			—			6
Total derivatives designated for hedging			$	138,113		$	15		$	—		$	122,180		$	—		$	6
Derivatives not designated for hedging
Derivatives used for mortgage banking activities (e):
Interest rate contracts:
Swaps			$	41,301		$	—		$	—		$	34,357		$	—		$	—
Futures (f)			3,346			—			—			9,915			—			—
Mortgage-backed commitments			6,174			49			43			6,199			69			60
Other			11,088			19			22			12,438			25			16
Total interest rate contracts			61,909			68			65			62,909			94			76
Derivatives used for customer-related activities:
Interest rate contracts:
Swaps			392,910			1,110			2,579			409,522			1,459			2,383
Futures (f)			42			—			—			45			—			—
Mortgage-backed commitments			6,589			8			15			8,278			7			12
Other			45,064			108			105			36,493			58			49
Total interest rate contracts			444,605			1,226			2,699			454,338			1,524			2,444
Commodity contracts:
Swaps			6,045			396			374			5,129			315			288
Other			8,950			281			280			7,904			234			234
Total commodity contracts			14,995			677			654			13,033			549			522
Foreign exchange contracts and other			50,252			557			509			43,025			493			417
Total derivatives for customer-related activities			509,852			2,460			3,862			510,396			2,566			3,383
Derivatives used for other risk management activities:
Foreign exchange contracts and other			17,643			109			125			18,553			12			161
Total derivatives not designated for hedging			$	589,404		$	2,637		$	4,052		$	591,858		$	2,672		$	3,620
Total gross derivatives			$	727,517		$	2,652		$	4,052		$	714,038		$	2,672		$	3,626
Less: Impact of legally enforceable master netting agreements						1,114			1,114						1,158			1,158
Less: Cash collateral received/paid						706			698						494			743
Total derivatives						$	832		$	2,240					$	1,020		$	1,725

(a)Centrally cleared derivatives are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet.

(b)Included in Other assets on our Consolidated Balance Sheet.

(c)Included in Other liabilities on our Consolidated Balance Sheet.

(d)Represents primarily swaps.

(e)Includes both residential and commercial mortgage banking activities.

(f)Futures contracts are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet.

All derivatives are carried on our Consolidated Balance Sheet at fair value. Derivative balances are presented on the Consolidated Balance Sheet on a net basis taking into consideration the effects of legally enforceable master netting agreements and, when appropriate, any related cash collateral exchanged with counterparties. Further discussion regarding the offsetting rights associated with these legally enforceable master netting agreements is included in the Offsetting and Counterparty Credit Risk section of this Note 13. Any nonperformance risk, including credit risk, is included in the determination of the estimated net fair value of the derivatives.

The PNC Financial Services Group, Inc. – Form 10-Q 89  

Derivatives Designated as Hedging Instruments

Certain derivatives used to manage interest rate and foreign exchange risk as part of our asset and liability risk management activities are designated as accounting hedges. Derivatives hedging the risks associated with changes in the fair value of assets or liabilities are considered fair value hedges, derivatives hedging the variability of expected future cash flows are considered cash flow hedges and derivatives hedging a net investment in a foreign subsidiary are considered net investment hedges. Designating derivatives as accounting hedges allows for gains and losses on those derivatives to be recognized in the same period and in the same income statement line item as the earnings impact of the hedged items.

Fair Value Hedges

We enter into receive-fixed, pay-variable interest rate swaps to hedge changes in the fair value of outstanding fixed-rate funding caused by fluctuations in market interest rates. We also enter into pay-fixed, receive-variable interest rate swaps and zero-coupon swaps to hedge changes in the fair value of fixed rate and zero-coupon investment securities caused by fluctuations in market interest rates. Gains and losses on the interest rate swaps designated in these hedge relationships, along with the offsetting gains and losses on the hedged items attributable to the hedged risk, are recognized in current earnings within the same income statement line item.

Cash Flow Hedges

We enter into receive-fixed, pay-variable interest rate swaps and interest rate caps and floors to modify the interest rate characteristics of designated commercial loans from variable to fixed in order to reduce the impact of changes in future cash flows due to market interest rate changes. We also periodically enter into forward purchase and sale contracts to hedge the variability of the consideration that will be paid or received related to the purchase or sale of investment securities. The forecasted purchase or sale is consummated upon gross settlement of the forward contract itself. For these cash flow hedges, gains and losses on the hedging instruments are recorded in AOCI and are then reclassified into earnings in the same period the hedged cash flows affect earnings and within the same income statement line as the hedged cash flows.

In the 12 months that follow June 30, 2026, we expect to reclassify net derivative losses of $27 million pre-tax, or $21 million after-tax, from AOCI to interest income for these cash flow hedge strategies. This reclassified amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to June 30, 2026. As of June 30, 2026, the maximum length of time over which forecasted transactions are hedged is ten years.

90 The PNC Financial Services Group, Inc. – Form 10-Q  

Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table.

Table 82: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b) (c)

			Location and Amount of Gains (Losses) Recognized in Income
			Interest Income						Interest Expense			Noninterest Income
In millions			Loans			Investment Securities			Borrowed Funds			Other
For the three months ended June 30, 2026
Total amounts reported on the Consolidated Income Statement			$	4,986		$	1,263		$	905		$	489
Gains (losses) on fair value hedges recognized on:
Hedged items (d)			$	—		$	(194)		$	313		$	—
Derivatives			$	—		$	195		$	(314)		$	—
Amounts related to interest settlements on derivatives			$	—		$	(8)		$	(28)		$	—
Gains (losses) on cash flow hedges (e):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(44)		$	(8)		$	—		$	(15)
Other amounts related to interest settlements on derivatives			$	3		$	—		$	—		$	—
For the three months ended June 30, 2025
Total amounts reported on the Consolidated Income Statement			$	4,609		$	1,151		$	870		$	212
Gains (losses) on fair value hedges recognized on:
Hedged items (d)			$	—		$	182		$	(318)		$	—
Derivatives			$	—		$	(180)		$	319		$	—
Amounts related to interest settlements on derivatives			$	—		$	25		$	(99)		$	—
Gains (losses) on cash flow hedges (e):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(177)		$	(9)		$	—		$	—
Other amounts related to interest settlements on derivatives			$	(3)		$	—		$	—		$	—
For the six months ended June 30, 2026
Total amounts reported on the Consolidated Income Statement			$	9,778		$	2,465		$	1,653		$	614
Gains (losses) on fair value hedges recognized on:
Hedged items (d)			$	—		$	(337)		$	513		$	—
Derivatives			$	—		$	335		$	(512)		$	—
Amounts related to interest settlements on derivatives			$	—		$	(11)		$	(64)		$	—
Gains (losses) on cash flow hedges (e):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(95)		$	(14)		$	—		$	(15)
Other amounts related to interest settlements on derivatives			$	—		$	—		$	—		$	—
For the six months ended June 30, 2025
Total amounts reported on the Consolidated Income Statement			$	9,081		$	2,275		$	1,716		$	349
Gains (losses) on fair value hedges recognized on:
Hedged items (d)			$	—		$	511		$	(876)		$	—
Derivatives			$	—		$	(509)		$	881		$	—
Amounts related to interest settlements on derivatives			$	—		$	49		$	(195)		$	—
Gains (losses) on cash flow hedges (e):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(366)		$	(16)		$	—		$	2
Other amounts related to interest settlements on derivatives			$	2		$	—		$	—		$	—

(a)For all periods presented, there were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for any of the fair value or cash flow hedge strategies.

(b)All cash flow and fair value hedge derivatives were interest rate contracts for the periods presented.

(c)Gains (losses) on fair value hedges related to deposits are included in Deposits interest expense on our Consolidated Income Statement and were insignificant for all periods presented.

(d)Includes an insignificant amount of fair value hedge adjustments related to discontinued hedge relationships.

(e)For all periods presented, there were no gains or losses from cash flow hedge derivatives reclassified to income because it became probable that the original forecasted transaction would not occur.

The PNC Financial Services Group, Inc. – Form 10-Q 91  

Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table.

Table 83: Hedged Items - Fair Value Hedges

 

			June 30, 2026												December 31, 2025
In millions			Carrying Value of the Hedged Items						Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a)						Carrying Value of the Hedged Items						Cumulative Fair Value Hedge Adjustment  included in the Carrying  Value of Hedged Items (a)
Investment securities - available-for-sale (b)			$	18,948					$	(213)					$	22,651					$	174
Borrowed funds			$	39,778					$	(614)					$	39,945					$	(101)
Deposits			$	300					$	—					$	100					$	—

(a)Includes an insignificant amount of fair value hedge adjustments related to discontinued available-for-sale securities and borrowed funds hedge relationships at both June 30, 2026 and December 31, 2025.

(b)Carrying value shown represents amortized cost.

Net Investment Hedges

We enter into foreign currency forward contracts to hedge non-U.S. dollar net investments in foreign subsidiaries against adverse changes in foreign exchange rates. We assess whether the hedging relationship is highly effective in achieving offsetting changes in the value of the hedge and hedged item by qualitatively verifying that the critical terms of the hedge and hedged item match at the inception of the hedging relationship and on an ongoing basis. Net investment hedge derivatives are classified as foreign exchange contracts. There were no components of derivative gains or losses excluded from the assessment of the hedge effectiveness for the periods presented. Net gains (losses) on net investment hedge derivatives recognized in OCI were $(7) million for the three months ended June 30, 2026 compared to $(83) million for the three months ended June 30, 2025 and $20 million for the six months ended June 30, 2026 compared to $(124) million for the same period in 2025.

92 The PNC Financial Services Group, Inc. – Form 10-Q  

Derivatives Not Designated as Hedging Instruments

For additional information on derivatives not designated as hedging instruments under GAAP, see Note 15 Financial Derivatives in our 2025 Form 10-K.

Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table.

Table 84: Gains (Losses) on Derivatives Not Designated for Hedging under GAAP

									Three months ended June 30									Six months ended June 30
In millions												2026			2025						2026			2025
Derivatives used for mortgage banking activities:
Interest rate contracts (a)												$	(32)		$	34					$	(50)		$	119
Derivatives used for customer-related activities:
Interest rate contracts												3			6						32			(15)
Foreign exchange contracts and other												50			109						106			177
Gains from customer-related activities (b)												53			115						138			162
Derivatives used for other risk management activities:
Foreign exchange contracts and other (c)												—			(387)						76			(561)
Total gains (losses) from derivatives not designated as hedging instruments												$	21		$	(238)					$	164		$	(280)

(a)Included in Residential and commercial mortgage noninterest income on our Consolidated Income Statement.

(b)Included in Capital markets and advisory and Other noninterest income on our Consolidated Income Statement.

(c)Included in Capital markets and advisory and Other noninterest income and Deposits interest expense on our Consolidated Income Statement.

Offsetting and Counterparty Credit Risk

We generally utilize a net presentation on the Consolidated Balance Sheet for those derivative financial instruments entered into with counterparties under legally enforceable master netting agreements. The master netting agreements reduce credit risk by permitting the closeout netting of all outstanding derivative instruments under the master netting agreement with the same counterparty upon the occurrence of an event of default. The master netting agreement also may require the exchange of cash or marketable securities to collateralize either party’s net position. For additional information on derivative offsetting and counterparty credit risk, see Note 15 Financial Derivatives in our 2025 Form 10-K.

Table 85 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities at June 30, 2026 and December 31, 2025. The table includes cash collateral held or pledged under legally enforceable master netting agreements. The table also includes the fair value of any securities collateral held or pledged under legally enforceable master netting agreements. Cash and securities collateral amounts are included in the table only to the extent of the related net derivative fair values.

Table 85 includes OTC derivatives not settled through an exchange (“OTC derivatives”) and OTC derivatives cleared through a central clearing house (“OTC cleared derivatives”). OTC derivatives represent contracts executed bilaterally with counterparties that are not settled through an organized exchange or directly cleared through a central clearing house. The majority of OTC derivatives are governed by the ISDA documentation or other legally enforceable master netting agreements. OTC cleared derivatives represent contracts executed bilaterally with counterparties in the OTC market that are novated to a central clearing house that then becomes our counterparty. OTC cleared derivative instruments are typically settled in cash each day based on the prior day value.

The PNC Financial Services Group, Inc. – Form 10-Q 93  

Table 85: Derivative Assets and Liabilities Offsetting

In millions												Amounts Offset on the Consolidated Balance Sheet																								Securities Collateral Held/Pledged Under Master Netting Agreements
						Gross Fair Value						Fair Value Offset Amount						Cash Collateral						Net Fair Value																		Net Amounts
June 30, 2026
Derivative assets
Interest rate contracts:
Over-the-counter cleared						$	13					$	—					$	—					$	13											$	—					$	13
Over-the-counter						1,281						618						384						279												14						265
Commodity contracts						677						342						165						170												2						168
Foreign exchange and other contracts						681						154						157						370												1						369
Total derivative assets						$	2,652					$	1,114					$	706					$	832					(a)						$	17					$	815
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared						$	19					$	—					$	—					$	19											$	—					$	19
Over-the-counter						2,745						455						647						1,643												34						1,609
Commodity contracts						654						375						4						275												—						275
Foreign exchange and other contracts						634						284						47						303												—						303
Total derivative liabilities						$	4,052					$	1,114					$	698					$	2,240					(b)						$	34					$	2,206
December 31, 2025
Derivative assets
Interest rate contracts:
Over-the-counter cleared						$	10					$	—					$	—					$	10											$	—					$	10
Over-the-counter						1,608						715						353						540												61						479
Commodity contracts						549						328						96						125												13						112
Foreign exchange and other contracts						505						115						45						345												2						343
Total derivative assets						$	2,672					$	1,158					$	494					$	1,020					(a)						$	76					$	944
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared						$	17					$	—					$	—					$	17											$	—					$	17
Over-the-counter						2,503						615						616						1,272												29						1,243
Commodity contracts						522						305						8						209												—						209
Foreign exchange and other contracts						584						238						119						227												—						227
Total derivative liabilities						$	3,626					$	1,158					$	743					$	1,725					(b)						$	29					$	1,696

(a)Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet.

(b)Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet.

In addition to using master netting agreements and other collateral agreements to reduce credit risk associated with derivative instruments, we also seek to manage credit risk by evaluating credit ratings of counterparties and by using internal credit analysis, limits and monitoring procedures.

At June 30, 2026, cash and debt securities (primarily agency mortgage-backed securities) totaling $1.8 billion were pledged to us under master netting agreements and other collateral agreements to collateralize net derivative assets due from counterparties and to meet initial margin requirements, and we pledged cash and debt securities (primarily agency mortgage-backed securities) totaling $1.8 billion under these agreements to collateralize net derivative liabilities owed to counterparties and to meet initial margin requirements. These totals may differ from the amounts presented in the preceding offsetting table because these totals may include collateral exchanged under an agreement that does not qualify as a master netting agreement or because the total amount of collateral pledged exceeds the net derivative fair values with the counterparty as of the balance sheet date due to timing or other factors, such as initial margin. To the extent not netted against the derivative fair values under a master netting agreement, the receivable for cash pledged is included in Other assets and the obligation for cash held is included in Other liabilities on our Consolidated Balance Sheet. Securities pledged to us by counterparties are not recognized on our balance sheet. Likewise, securities we have pledged to counterparties remain on our balance sheet.

94 The PNC Financial Services Group, Inc. – Form 10-Q  

Credit-Risk Contingent Features

Certain derivative agreements contain various credit-risk-related contingent provisions, such as those that require our debt to maintain a specified credit rating from one or more of the major credit rating agencies. If our debt ratings were to fall below such specified ratings, the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full collateralization on derivative instruments in net liability positions. The following table presents the aggregate fair value of derivative instruments with credit-risk-related contingent features, the associated collateral posted in the normal course of business and the maximum amount of collateral we would be required to post if the credit-risk-related contingent features underlying these agreements had been triggered on June 30, 2026 and December 31, 2025.

Table 86: Credit-Risk Contingent Features

In billions			June 30, 2026						December 31, 2025
Net derivative liabilities with credit-risk contingent features			$	2.8					$	2.3
Less: Collateral posted			0.8						0.8
Maximum additional amount of collateral exposure			$	2.0					$	1.5

NOTE 14 LEGAL PROCEEDINGS

We establish accruals for legal proceedings, including litigation and regulatory and governmental investigations and inquiries, when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances. When we are able to do so, we also determine estimates of reasonably possible losses or ranges of reasonably possible losses, whether in excess of any related accrued liability or where there is no accrued liability, for disclosed legal proceedings (“Disclosed Matters,” which are those matters disclosed in this Note 14 as well as those matters disclosed in Note 20 Legal Proceedings in our 2025 Form 10-K and in Note 14 Legal Proceedings in our first quarter 2026 Form 10-Q (such prior disclosure referred to as “Prior Disclosure”)). For Disclosed Matters where we are able to estimate such possible losses or ranges of possible losses, as of June 30, 2026, we estimate that it is reasonably possible that we could incur losses in excess of related accrued liabilities, if any, in an aggregate amount less than $300 million. The estimates included in this amount are based on our analysis of currently available information and are subject to significant judgment and a variety of assumptions and uncertainties. As new information is obtained we may change our estimates. Due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to us from the legal proceedings in question. Thus, our exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or this aggregate amount.

As a result of the types of factors described in Note 20 Legal Proceedings in our 2025 Form 10-K, we are unable, at this time, to estimate the losses that are reasonably possible to be incurred or ranges of such losses with respect to some of the Disclosed Matters, and the aggregate estimated amount provided above does not include an estimate for every Disclosed Matter. Therefore, as the estimated aggregate amount disclosed above does not include all of the Disclosed Matters, the amount disclosed above does not represent our maximum reasonably possible loss exposure for all of the Disclosed Matters. The estimated aggregate amount also does not reflect any of our exposure to matters not so disclosed, as discussed below under “Other.”

We include in some of the descriptions of individual Disclosed Matters certain quantitative information related to the plaintiff’s claim against us as alleged in the plaintiff’s pleadings or other public filings or otherwise publicly available information. While information of this type may provide insight into the potential magnitude of a matter, it does not necessarily represent our estimate of reasonably possible loss or our judgment as to any currently appropriate accrual.

Some of our exposure in Disclosed Matters may be offset by applicable insurance coverage. We do not consider the possible availability of insurance coverage in determining the amounts of any accruals (although we would record the amount of related insurance recoveries that are deemed probable up to the amount of the accrual) or in determining any estimates of possible losses or ranges of possible losses.

Interchange Litigation

In June 2026, the District Court granted preliminary approval of the settlement agreement to resolve the class action seeking equitable relief in the U.S. District Court for the Eastern District of New York under the caption In re Payment Card Interchange Fee and Merchant-Discount Litigation (Master File No. 1:05-md-1720-MKB-JAM). A final approval hearing for the settlement agreement is scheduled for November 2026.

USAA Patent Infringement Litigation

PNC was a defendant in lawsuits filed in the U.S. District Court for the Eastern District of Texas under the captions United Services Automobile Association v. PNC Bank N.A. (Case No. 2:20-cv-319) and United Services Automobile Association v. PNC Bank N.A. (Case No. 2:21-cv-110) (collectively the “first consolidated cases”) and United Services Automobile Association v. PNC Bank N.A. (Case No. 2:21-cv-246) and United Services Automobile Association v. PNC Bank N.A. (Case No. 2:22-cv-193) (collectively the

The PNC Financial Services Group, Inc. – Form 10-Q 95  

“second consolidated cases”). The lawsuits alleged that PNC’s mobile remote deposit capture systems infringed on patents owned by USAA.

In June 2025, the United States Court of Appeals for the Federal Circuit reversed the District Court and set aside the verdicts against PNC in both consolidated cases. In January 2026, USAA filed a petition for a writ of certiorari in both consolidated cases to the United States Supreme Court, and on May 18, 2026, the petition for both consolidated cases was denied.

Regulatory and Governmental Inquiries

We are the subject of investigations, audits, examinations and other forms of regulatory and governmental inquiry covering a broad

range of issues in our consumer, mortgage, brokerage, securities and other financial services businesses, as well as other aspects of our operations. In some cases, these inquiries are part of reviews of specified activities at multiple industry participants; in others, they are directed at PNC individually. From time to time, these inquiries have involved and may in the future involve or lead to regulatory enforcement actions and other administrative proceedings. These inquiries have also led to and may in the future lead to civil or criminal judicial proceedings. Some of these inquiries result in remedies including fines, penalties, restitution, or alterations in our business practices, and in additional expenses and collateral costs and other consequences. Such remedies and other consequences typically have not been material to us from a financial standpoint but could be in the future. Even if not financially material, they may result in significant reputational harm or other adverse consequences. Our practice is to cooperate fully with regulatory and governmental investigations, audits and other inquiries.

Other

In addition to the proceedings or other matters described in Prior Disclosure, PNC and persons to whom we may have indemnification obligations, in the normal course of business, are subject to various other pending and threatened legal proceedings in which claims for monetary damages and other relief are asserted. We do not anticipate, at the present time, that the ultimate aggregate liability, if any, arising out of such other legal proceedings will have a material adverse effect on our financial position. However, we cannot now determine whether or not any claims asserted against us or others to whom we may have indemnification obligations, whether in the proceedings or other matters described above or otherwise, will have a material adverse effect on our results of operations in any future reporting period, which will depend on, among other things, the amount of the loss resulting from the claim and the amount of income otherwise reported for the reporting period.

NOTE 15 SEGMENT REPORTING

We have three reportable business segments: Retail Banking, Corporate & Institutional Banking and the Asset Management Group. Our reportable business segments are defined by the nature of products and services, types of customers, methods used to distribute products or provide services and similar financial performance. Results of our reportable business segments are regularly reviewed by the CODM, our Chief Executive Officer. Specifically, the CODM reviews actual and forecasted quarterly financial reporting results, including net income, to assess performance and allocate resources accordingly. However, the CODM may use other metrics on an ad hoc basis as warranted.

The following describes the products and services of each business segment:

Retail Banking provides deposit, lending, brokerage, insurance services, investment management and cash management products and services to consumer and small business customers who are serviced through our coast-to-coast branch network, digital channels, ATMs, or through our phone-based customer contact centers. Deposit products include checking, savings and money market accounts and time deposits. Lending products include residential mortgages, home equity loans and lines of credit, auto loans, credit cards, personal and small business loans and lines of credit. The residential mortgage loans are directly originated within our branch network and nationwide, and are typically underwritten to agency and/or third-party standards, and either sold, servicing retained or held on our balance sheet. PNC Wealth Management offers brokerage, investment management and cash management products and services which include managed, education, retirement and trust accounts.

Corporate & Institutional Banking provides lending, treasury management, capital markets and advisory products and services to mid-sized and large corporations and government and not-for-profit entities. Lending products include secured and unsecured loans, letters of credit and equipment leases. The Treasury Management business provides corporations with cash and investment management services, receivables and disbursement management services, funds transfer services and access to online/mobile information management and reporting services. Capital markets and advisory includes services and activities primarily related to merger and acquisition advisory, equity capital markets advisory, asset-backed financing, loan syndication, securities underwriting and customer-related trading. We also provide commercial loan servicing and technology solutions for the commercial real estate finance industry. Products and services are provided nationally.

Asset Management Group provides private banking for high net worth and ultra high net worth clients and institutional asset management. The Asset Management Group is composed of two operating units:

96 The PNC Financial Services Group, Inc. – Form 10-Q  

•PNC Private Bank provides products and services to emerging affluent, high net worth and ultra high net worth individuals and their families including investment and retirement planning, customized investment management, credit and cash management solutions, trust management and administration. In addition, multi-generational family planning services are also provided to ultra high net worth individuals and their families, which include estate, financial, tax, fiduciary and customized performance reporting.

•Institutional Asset Management provides outsourced chief investment officer, custody, cash and fixed income client solutions and retirement plan fiduciary investment services to institutional clients, including corporations, healthcare systems, insurance companies, municipalities and non-profits.

The remaining corporate operations that do not meet the criteria for disclosure as a separate reportable business segment have been included in Other activities in Table 87 for reconciliation purposes. Other activities include residual activities such as asset and liability management activities, including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, corporate overhead net of allocations, tax adjustments that are not allocated to business segments, exited businesses and the residual impact from FTP operations.

Basis of Presentation

Results of individual businesses are presented based on our internal management reporting practices. There is no comprehensive, authoritative body of guidance for management accounting equivalent to GAAP; therefore, the financial results of our individual businesses are not necessarily comparable with similar information for any other company. We periodically refine our internal methodologies as management reporting practices are enhanced. To the extent significant and practicable, retrospective application of new methodologies is made to prior period reportable business segment results and disclosures to create comparability with the current period.

Funds Transfer Pricing

Net interest income in business segment results reflects our internal FTP methodology, which is designed to consider interest rate and liquidity risks. Under our methodology, assets receive a funding charge while liabilities and capital receive a funding credit based on market interest rates, product characteristics and other factors.

Our FTP framework considers the application of funding curves and methodologies consistently across the balance sheet. A residual gain or loss from FTP operations is not allocated to our reportable business segments. This residual gain or loss is reviewed by management quarterly, in accordance with the interagency guidance of the FDIC, Federal Reserve and OCC.

Segment Allocations

Financial results are presented, to the extent practicable, as if each business operated on a standalone basis, and includes expense allocations for corporate overhead services used by the business segments.

Certain costs are not allocated to our reportable business segments because they (i) are transitory or highly irregular in nature, (ii) exist solely to support corporate activities unrelated to business segment operations, or (iii) reflect residual costs for an exited business.

We have allocated the ALLL and the allowance for unfunded lending related commitments based on the loan exposures within each business segment’s portfolio.

The PNC Financial Services Group, Inc. – Form 10-Q 97  

Results of our reportable business segments for the three and six months ended June 30, 2026 and 2025 are as follows:

Table 87: Business Segment Results and Reconciliation to Consolidated

Three months ended June 30			Retail Banking						Corporate & Institutional Banking									Asset Management Group
In millions			2026			2025			2026						2025			2026			2025
Net interest income (a)			$	3,290		$	3,012		$	1,972					$	1,791		$	191		$	184
Noninterest income			1,227			782			1,291						1,022			271			244
Total revenue (a)			4,517			3,794			3,263						2,813			462			428
Provision for credit losses			120			83			76						184			(3)			(13)
Noninterest expense
Personnel			551			539			502						370			120			115
Segment allocations (b)			1,090			978			418						381			128			118
Depreciation and amortization			138			87			50						49			11			10
Other (c)			332			286			161						150			30			25
Total noninterest expense			2,111			1,890			1,131						950			289			268
Income before income taxes and noncontrolling interests (a)			2,286			1,821			2,056						1,679			176			173
Income taxes (a)			531			425			463						356			41			41
Net income (a)			1,755			1,396			1,593						1,323			135			132
Less: Net income attributable to noncontrolling interests			8			10			5						5			—			—
Net income excluding noncontrolling interests (a)			$	1,747		$	1,386		$	1,588					$	1,318		$	135		$	132
Average assets			$	130,460		$	114,061		$	263,912					$	234,391		$	15,048		$	14,629
Three months ended June 30									Other activities									Consolidated
In millions									2026						2025			2026			2025
Net interest income (a)									$	(1,346)					$	(1,432)		$	4,107		$	3,555
Noninterest income									(21)			(d)			58			2,768			2,106
Total revenue (a)									(1,367)						(1,374)			6,875			5,661
Provision for credit losses									(2)						—			191			254
Total noninterest expense									567			(e)			275			4,098			3,383
Income before income taxes and noncontrolling interests (a)									(1,932)						(1,649)			2,586			2,024
Income taxes (a)									(504)						(441)			531			381
Net income (a)									(1,428)						(1,208)			2,055			1,643
Less: Net income attributable to noncontrolling interests									2						1			15			16
Net income excluding noncontrolling interests (a)									$	(1,430)					$	(1,209)		$	2,040		$	1,627
Average Assets									$	206,850					$	198,605		$	616,270		$	561,686

98 The PNC Financial Services Group, Inc. – Form 10-Q  

(Continued from previous page)
Six months ended June 30			Retail Banking						Corporate & Institutional Banking									Asset Management Group
In millions			2026			2025			2026						2025			2026			2025
Net interest income (a)			$	6,525		$	5,885		$	3,893					$	3,535		$	384		$	362
Noninterest income			1,997			1,488			2,435						2,000			533			487
Total revenue (a)			8,522			7,373			6,328						5,535			917			849
Provision for credit losses			244			251			153						233			2			(12)
Noninterest expense
Personnel			1,122			1,077			962						746			245			236
Segment allocations (b)			2,178			1,945			842						764			255			235
Depreciation and amortization			270			173			96						100			21			18
Other (c)			656			597			307						296			60			58
Total noninterest expense			4,226			3,792			2,207						1,906			581			547
Income before income taxes and noncontrolling interests (a)			4,052			3,330			3,968						3,396			334			314
Income taxes (a)			941			777			890						736			78			74
Net income (a)			3,111			2,553			3,078						2,660			256			240
Less: Net income attributable to noncontrolling interests			15			19			10						9			—			—
Net income excluding noncontrolling interests (a)			$	3,096		$	2,534		$	3,068					$	2,651		$	256		$	240
Average Assets			$	130,537		$	114,601		$	256,890					$	230,750		$	14,927		$	14,556
Six months ended June 30									Other activities									Consolidated
In millions									2026						2025			2026			2025
Net interest income (a)									$	(2,734)					$	(2,751)		$	8,068		$	7,031
Noninterest income									7			(d)			107			4,972			4,082
Total revenue (a)									(2,727)						(2,644)			13,040			11,113
Provision for credit losses									2						1			401			473
Total noninterest expense									852			(e)			525			7,866			6,770
Income before income taxes and noncontrolling interests (a)									(3,581)						(3,170)			4,773			3,870
Income taxes (a)									(963)						(859)			946			728
Net income (a)									(2,618)						(2,311)			3,827			3,142
Less: Net income attributable to noncontrolling interests									2						6			27			34
Net income excluding noncontrolling interests (a)									$	(2,620)					$	(2,317)		$	3,800		$	3,108
Average Assets									$	206,568					$	199,139		$	608,922		$	559,046

(a)During the second quarter of 2026, PNC updated its internal FTP methodology. The update resulted in impacts to net interest income and associated income statement line items for all business segments. Prior periods have been adjusted to conform with the current presentation.

(b)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.

(c)Other is primarily comprised of other direct expenses including outside services and equipment expense.

(d)Includes a $139 million securities loss related to the repositioning of the available-for-sale investment securities portfolio in the second quarter of 2026.

(e)Includes a $140 million expense related to a PNC Foundation contribution in the second quarter of 2026.

The PNC Financial Services Group, Inc. – Form 10-Q 99  

NOTE 16 FEE-BASED REVENUE FROM CONTRACTS WITH CUSTOMERS

As more fully described in Note 23 Fee-based Revenue from Contracts with Customers in our 2025 Form 10-K, a subset of our noninterest income relates to certain fee-based revenue within the scope of ASC Topic 606 - Revenue from Contracts with Customers (Topic 606).

Fee-based revenue within the scope of Topic 606 is recognized within our three reportable business segments: Retail Banking, Corporate & Institutional Banking and the Asset Management Group. Interest income, income from lease contracts, fair value gains from financial instruments (including derivatives), income from mortgage servicing rights and guarantee products, letter of credit fees, non-refundable fees associated with acquiring or originating a loan and gains from the sale of financial assets are outside of the scope of Topic 606.

Table 88 presents the noninterest income recognized within the scope of Topic 606 for each of our three reportable business segments’ principal products and services, along with the relationship to the noninterest income revenue streams reported on our Consolidated Income Statement. For a description of the fee-based revenue and how it is recognized for each segment’s principal products and services, see Note 23 Fee-based Revenue from Contracts with Customers in our 2025 Form 10-K.

Table 88: Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income

						2026																		2025
Three months ended June 30 In millions						Retail Banking						Corporate & Institutional Banking						Asset Management Group						Retail Banking						Corporate & Institutional Banking						Asset Management Group
Asset management and brokerage
Asset management fees						$	—					$	—					$	268					$	—					$	—					$	241
Brokerage fees						172						—						—						150						—						—
Total asset management and brokerage						172						—						268						150						—						241
Card and cash management
Treasury management fees						12						416						—						11						404						—
Debit card fees						200						—						—						182						—						—
Net credit card fees (a)						55						—						—						50						—						—
Merchant services						37						19						—						42						18						—
Other						19						—						—						20						—						—
Total card and cash management						323						435						—						305						422						—
Lending and deposit services
Deposit account fees						180						—						—						165						—						—
Other						17						8						—						19						8						—
Total lending and deposit services						197						8						—						184						8						—
Residential and commercial mortgage (b)						—						26						—						—						27						—
Capital markets and advisory						—						424						—						—						216						—
Other						—						28						—						—						18						—
Total in-scope noninterest income						692						921						268						639						691						241
Out-of-scope noninterest income (c)						535						370						3						143						331						3
Noninterest income by business segment						$	1,227					$	1,291					$	271					$	782					$	1,022					$	244
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income																		$	1,881																	$	1,571
Out-of-scope business segment noninterest income (c)																		908																		477
Noninterest income from other activities (d)																		(21)																		58
Noninterest income as reported on the    Consolidated Income Statement																		$	2,768																	$	2,106

100 The PNC Financial Services Group, Inc. – Form 10-Q  

(Continued from previous page)						2026																		2025
Six months ended June 30 In millions						Retail Banking						Corporate & Institutional Banking						Asset Management Group						Retail Banking						Corporate & Institutional Banking						Asset Management Group
Asset management and brokerage
Asset management fees						$	—					$	—					$	527					$	—					$	—					$	480
Brokerage fees						333						—						—						302						—						—
Total asset management and brokerage						333						—						527						302						—						480
Card and cash management
Treasury management fees						22						824						—						21						794						—
Debit card fees						386						—						—						351						—						—
Net credit card fees (a)						107						—						—						91						—						—
Merchant services						68						38						—						77						35						—
Other						38						—						—						40						—						—
Total card and cash management						621						862						—						580						829						—
Lending and deposit services
Deposit account fees						357						—						—						326						—						—
Other						33						15						—						36						15						—
Total lending and deposit services						390						15						—						362						15						—
Residential and commercial mortgage (b)						—						58						—						—						56						—
Capital markets and advisory						—						733						—						—						433						—
Other						—						46						—						—						29						—
Total in-scope noninterest income						1,344						1,714						527						1,244						1,362						480
Out-of-scope noninterest income (c)						653						721						6						244						638						7
Noninterest income by business segment						$	1,997					$	2,435					$	533					$	1,488					$	2,000					$	487
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income																		$	3,585																	$	3,086
Out-of-scope business segment noninterest income (c)																		1,380																		889
Noninterest income from other activities (d)																		7																		107
Noninterest income as reported on the    Consolidated Income Statement																		$	4,972																	$	4,082

(a)Net credit card fees consist of interchange fees of $196 million and $177 million and credit card reward costs of $141 million and $127 million for the three months ended June 30, 2026 and 2025, respectively. Net credit card fees consist of interchange fees of $372 million and $339 million and credit card reward costs of $265 million and $248 million for the six months ended June 30, 2026 and 2025, respectively.

(b)Residential mortgage noninterest income falls under the scope of other accounting and disclosure requirements outside of Topic 606 and is included within the out-of-scope noninterest income line for the Retail Banking segment.

(c)Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606.

(d)Includes residual activities from corporate operations. For additional information, see Note 15 Segment Reporting.

NOTE 17 SUBSEQUENT EVENTS

On July 21, 2026, the parent company issued $1.0 billion of 5.463% senior fixed-to-floating rate notes with a maturity date of July 21, 2037 (the “2037 Fixed-to-Floating Senior Notes”). Interest is payable on the 2037 Fixed-to-Floating Senior Notes semi-annually in arrears at a fixed rate of 5.463% per annum, on January 21 and July 21 of each year, commencing on January 21, 2027. Beginning on July 21, 2036, interest is payable on the 2037 Fixed-to-Floating Senior Notes quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Pricing Supplement), plus 1.267%, on October 21, 2036, January 21, 2037, April 21, 2037 and at the maturity date.

On July 21, 2026, the parent company issued $1.0 billion of 4.831% senior fixed-to-floating rate notes with a maturity date of July 19, 2030 (the “2030 Fixed-to-Floating Senior Notes”). Interest is payable on the 2030 Fixed-to-Floating Senior Notes semi-annually in arrears at a fixed rate of 4.831% per annum, on January 19 and July 19 of each year, commencing on January 19, 2027. Beginning on July 19, 2029, interest is payable on the 2030 Fixed-to-Floating Senior Notes quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarter interest period using the SOFR Index as described in the Pricing Supplement), plus 0.798%, on October 19, 2029, January 19, 2030, April 19, 2030 and at the maturity date.

On July 23, 2026, the parent company redeemed all of the outstanding 5.102% senior fixed-to-floating notes due July 23, 2027 issued by the parent company in the amount of $1.0 billion. The redemption price was equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of July 23, 2026.

The PNC Financial Services Group, Inc. – Form 10-Q 101  

GLOSSARY

DEFINED TERMS

For a glossary of terms commonly used in our filings, please see the glossary of terms included in our 2025 Form 10-K.

ACRONYMS

ACL

Allowance for credit losses

ISDA

International Swaps and Derivatives Association

AI

Artificial intelligence

LCR

Liquidity coverage ratio

ALCO

Asset and Liability Committee

LGD

Loss given default

ALLL

Allowance for loan and lease losses

LIHTC

Low income housing tax credit

AOCI

Accumulated other comprehensive income

LLC

Limited liability company

ASC

Accounting Standards Codification

LTV

Loan-to-value ratio

ASU

Accounting Standards Update

MSR

Mortgage servicing right

BHC

Bank holding company

NII

Net interest income

bps

Basis points

NMTC

New market tax credit

CCAR

Comprehensive Capital Analysis and Review

NSFR

Net stable funding ratio

CECL

Current Expected Credit Losses

OCC

Office of the Comptroller of the Currency

CET1

Common equity tier 1

OCI

Other comprehensive income

CODM

Chief operating decision maker

OREO

Other real estate owned

CPI

Consumer Price Index

OTC

Over-the-counter

CRA

Community Reinvestment Act

PAM

Proportional amortization method

EVE

Economic value of equity

PCD

Purchased credit deteriorated

FDIC

Federal Deposit Insurance Corporation

PD

Probability of default

FDM

Financial difficulty modification

PSL

Purchased Seasoned Loan

FHLB

Federal Home Loan Bank

ROAP

Removal of account provisions

FHLMC

Federal Home Loan Mortgage Corporation

SCB

Stress capital buffer

FICO

Fair Isaac Corporation (credit score)

SEC

Securities and Exchange Commission

FNMA

Federal National Mortgage Association

S&P

Standard & Poor’s

FRB

Federal Reserve Bank

SOFR

Secured Overnight Financing Rate

FTP

Funds transfer pricing

SPE

Special purpose entity

GAAP

Accounting principles generally accepted in the United States of America

U.S.

United States of America

GDP

Gross domestic product

VaR

Value-at-risk

GNMA

Government National Mortgage Association

VIE

Variable interest entity

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See the information set forth in Note 14 Legal Proceedings, which is incorporated by reference in response to this item.

ITEM 1A. RISK FACTORS

There are no material changes from any of the risk factors previously disclosed in our 2025 Form 10-K in response to Part I, Item 1A.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Unregistered Sales of Equity Securities

None.

102 The PNC Financial Services Group, Inc. – Form 10-Q  

Equity Security Repurchases

Details of our repurchases of PNC common stock during the second quarter of 2026 are included in the following table.

2026 period In thousands, except per share data			Total shares purchased (a)			Average price paid per share			Total shares purchased as part of publicly announced programs (b)			Maximum number of shares that may yet be purchased under the programs (b)
April 1 - 30			1,140			$	216.21		1,119			30,431
May 1 - 31			816			$	217.74		816			29,615
June 1 - 30			800			$	233.27		799			28,816
Total			2,756			$	223.37		2,734

(a)Includes PNC common stock purchased in connection with our various employee benefit plans generally related to forfeitures of unvested restricted stock awards and shares used to cover employee payroll tax withholding requirements. See Note 16 Employee Benefit Plans and Note 17 Stock Based Compensation Plans in our 2025 Form 10-K, which include additional information regarding our employee benefit and equity compensation plans that use PNC common stock.

(b)The SCB framework permits capital return in amounts in excess of SCB minimum levels. Consistent with this framework, PNC had approximately 29% of the 100 million common shares still available for repurchase at June 30, 2026 under the repurchase program previously approved by our Board of Directors. Share repurchase activity in the third quarter of 2026 is expected to approximate second quarter of 2026 share repurchase levels. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. PNC’s SCB will be maintained at the regulatory minimum of 2.5% through September 30, 2027.

ITEM 5. OTHER INFORMATION

Director or Executive Officer Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

During the three months ended June 30, 2026, none of PNC’s directors or executive officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.

ITEM 6. EXHIBITS

The following exhibit index lists Exhibits filed or furnished with this Quarterly Report on Form 10-Q.

EXHIBIT INDEX
10.37						2026 Form of Performance Share Units Award Agreement
10.38						2026 Form of Restricted Share Units Award Agreement
10.39						2026 Form of Restricted Share Units Award Agreement – Senior Leader Program
22						Subsidiary Issuers of Guaranteed Securities
31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1						Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350
32.2						Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350
101.INS						Inline XBRL Instance Document*
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

*The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL.

You can obtain copies of these Exhibits electronically at the SEC’s website at www.sec.gov. The Exhibits are also available as part of this Form 10-Q on PNC’s corporate website at www.pnc.com/secfilings. Shareholders and bondholders may also obtain copies of Exhibits, without charge, by contacting PNC Investor Relations at 800-843-2206 or via e-mail at investor.relations@pnc.com. The Interactive Data File (XBRL) exhibit is only available electronically.

The PNC Financial Services Group, Inc. – Form 10-Q 103  

CORPORATE INFORMATION

The PNC Financial Services Group, Inc.

Internet Information

The PNC Financial Services Group, Inc.’s financial reports and information about its products and services are available on the internet at www.pnc.com. We provide information for investors on our corporate website under “About – Investor Relations.” We use our account with X, @pncnews, as an additional way of disseminating to the public information that may be relevant to investors.

We generally post the following under “About – Investor Relations” shortly before or promptly following its first use or release: financially-related press releases, including earnings releases and supplemental financial information, various SEC filings, including annual, quarterly and current reports and proxy statements, presentation materials associated with earnings and other investor conference calls or events, and access to live and recorded audio from earnings and other investor conference calls or events. In some cases, we may post the presentation materials for other investor conference calls or events several days prior to the call or event. For earnings and other conference calls or events, we generally include in our posted materials a cautionary statement regarding forward-looking and non-GAAP financial information and we provide GAAP reconciliations when we include non-GAAP financial information. Such GAAP reconciliations may be in materials for the applicable presentation, in materials for prior presentations or in our annual, quarterly or current reports.

When warranted, we will also use our website to expedite public access to time-critical information regarding PNC instead of using a press release or a filing with the SEC for first disclosure of the information. In some circumstances, the information may be relevant to investors but directed at customers, in which case it may be accessed directly through the home page rather than “About – Investor Relations.”

We are required to provide additional public disclosure regarding estimated income, losses and pro forma regulatory capital ratios under supervisory and PNC-developed hypothetical severely adverse economic scenarios, as well as information concerning our capital stress testing processes, pursuant to the stress testing regulations adopted by the Federal Reserve and the OCC. We are also required to make certain additional regulatory capital-related public disclosures about our capital structure, risk exposures, risk assessment processes, risk-weighted assets and overall capital adequacy, including market risk-related disclosures, under the regulatory capital rules adopted by the Federal banking agencies. Similarly, the Federal Reserve’s rules require quantitative and qualitative disclosures about our LCR and NSFR. Under these regulations, we may satisfy these requirements through postings on our website, and, subject to limited exceptions, we have done so and expect to continue to do so without also providing disclosure of this information through filings with the SEC.

Other information posted on our corporate website that may not be available in our filings with the SEC includes information relating to our corporate governance and annual communications from our chairman to shareholders.

Where we have included internet addresses in this Report, such as our internet address and the internet address of the SEC, we have included those internet addresses as inactive textual references only. Except as specifically incorporated by reference into this Report, information on those websites is not part hereof.

Financial Information

We are subject to the informational requirements of the Exchange Act and, in accordance with the Exchange Act, we file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC File Number is 001-09718. You can obtain copies of these and other filings, including exhibits, electronically at the SEC’s website at www.sec.gov or on our corporate website at www.pnc.com/secfilings. Shareholders and bond holders may also obtain copies of these filings without charge via the information request form at www.pnc.com/investorrelations for copies without exhibits, via email to investor.relations@pnc.com for copies of exhibits, including financial statements and schedule exhibits where applicable, or by contacting PNC Investor Relations at 800-843-2206. The interactive data file (XBRL) is only available electronically.

Corporate Governance at PNC

Information about our Board of Directors and its committees and corporate governance, including our PNC Code of Business Conduct and Ethics (as amended from time to time), is available on our website at www.pnc.com/corporategovernance. In addition, any future waivers from a provision of the PNC Code of Business Conduct and Ethics covering any of our directors or executive officers (including our principal executive officer, principal financial officer and principal accounting officer or controller) will be posted at this internet address.

Shareholders who would like to request printed copies of the PNC Code of Business Conduct and Ethics or our Corporate Governance Guidelines or the charters of our Board’s Audit, Nominating and Governance, Human Resources or Risk Committees (all of which are posted on our website at www.pnc.com/corporategovernance) may do so by sending their requests to our Corporate Secretary at The

104 The PNC Financial Services Group, Inc. – Form 10-Q  

PNC Financial Services Group, Inc. at The Tower at PNC Plaza, 300 Fifth Avenue, Pittsburgh, Pennsylvania 15222-2401. Copies will be provided without charge.

Inquiries

For customer inquiries, call 800-PNC-BANK.

Registered shareholders should contact Shareholder Services at 800-982-7652. Hearing impaired: 800-952-9245.

Analysts and institutional investors should contact Bryan Gill, Executive Vice President, Director of Investor Relations, at 412-768-4143 or via email at investor.relations@pnc.com.

News media representatives should contact PNC Media Relations at 412-762-4550 or via email at media.relations@pnc.com.

Dividend Policy

Holders of PNC common stock are entitled to receive dividends when declared by our Board of Directors out of funds legally available for this purpose. Our Board of Directors may not pay or set apart dividends on the common stock until dividends for all past dividend periods on any series of outstanding preferred stock and certain outstanding capital securities issued by the parent company

have been paid or declared and set apart for payment. The Board of Directors currently intends to continue the policy of paying quarterly cash dividends. The amount of any future dividends will depend on economic and market conditions, our financial condition and operating results, and other factors, including contractual restrictions and applicable government regulations and policies (such as those relating to the ability of bank and non-bank subsidiaries to pay dividends to the parent company and regulatory capital limitations). The amount of our dividend is also currently subject to the results of the supervisory assessment of capital adequacy and capital planning processes undertaken by the Federal Reserve as part of the CCAR process, which includes setting PNC’s SCB, as described in the Capital Management portion of the Risk Management section of this Report and in the Supervision and Regulation section in Item 1 of our 2025 Form 10-K.

Dividend Reinvestment and Stock Purchase Plan

The PNC Financial Services Group, Inc. Dividend Reinvestment and Stock Purchase Plan enables holders of our common stock to conveniently purchase additional shares of common stock. Obtain a prospectus and enroll at www.computershare.com/pnc or contact Computershare at 800-982-7652. Registered shareholders may also contact this phone number regarding dividends and other shareholder services.

Stock Transfer Agent and Registrar

Computershare

150 Royall Street, Suite 101

Canton, MA 02021

800-982-7652

Hearing impaired: 800-952-9245

www.computershare.com/pnc

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on August 5, 2026 on its behalf by the undersigned thereunto duly authorized.

/s/ Robert Q. Reilly

Robert Q. Reilly

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

The PNC Financial Services Group, Inc. – Form 10-Q 105