[10-Q] PNC Financial Services Group Quarterly Earnings Report

Rhea-AI Filing Summary

Insights

Credit Risk Analyst

10-Q tags show granular credit quality disclosures; no earnings figures visible, impact viewed as informational.

The XBRL element list indicates PNC’s second-quarter 2025 Form 10-Q focuses heavily on credit-quality metrics. Thousands of tags break loans down by portfolio segment, delinquency bucket, LTV bands, FICO strata and modification type. This level of detail is required under CECL and new TDR guidance and suggests PNC is actively monitoring credit risk as economic conditions evolve.

Key observations from the tag structure:

• Non-performing, past-due and TDR tracking — dedicated members for 30-59, 60-89 and >90-day buckets plus non-accrual and fair-value-option loans imply management continues to watch early-stage deterioration.
• Loan modifications — tags for rate reductions, payment deferrals and maturity extensions across commercial and consumer segments highlight use of borrower relief programs; investors usually parse these to gauge latent credit stress.
• Concentration and vintage data — creditcard, auto, education and other consumer loans are sliced by FICO ranges, while real-estate exposures carry LTV categories, allowing readers to model loss-given-default sensitivity.
• Securities portfolio — fair-value hierarchy members (U.S. Treasury, agency MBS, CMBS, ABS) help assess unrealized OCI risk amid rate swings.
• Variable-interest entities — primary-beneficiary tags for mortgage securitizations and tax-credit structures matter for off-balance-sheet leverage analysis.

No actual dollar amounts are present in the supplied extract, so profitability, capital ratios and allowance coverage can’t be evaluated here. Still, the breadth of risk tagging confirms that the filing delivers the quantitative tables investors depend on for stress-testing PNC’s balance-sheet resilience. Without the numeric context, the net impact of this excerpt is informational rather than directional.

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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, 2025

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 15, 2025, there were 393,807,382 shares of the registrant’s common stock ($5 par value) outstanding.

THE PNC FINANCIAL SERVICES GROUP, INC.

Cross-Reference Index to Second Quarter 2024 Form 10-Q

			Pages
PART I – FINANCIAL INFORMATION
Item 1.   Financial Statements (Unaudited).
Consolidated Income Statement			45
Consolidated Statement of Comprehensive Income			46
Consolidated Balance Sheet			47
Consolidated Statement of Cash Flows			48
Notes to Consolidated Financial Statements (Unaudited)
Note 1 Accounting Policies			50
Note 2  Investment Securities			51
Note 3  Loans and Related Allowance for Credit Losses			54
Note 4   Loan Sale and Servicing Activities and Variable Interest Entities			67
Note 5  Goodwill and Mortgage Servicing Rights			70
Note 6 Leases			71
Note 7 Borrowed Funds			72
Note 8 Commitments			73
Note 9 Total Equity and Other Comprehensive Income			74
Note 10 Earnings Per Share			77
Note 11 Fair Value			78
Note 12 Financial Derivatives			89
Note 13 Legal Proceedings			95
Note 14 Segment Reporting			96
Note 15 Fee-based Revenue from Contracts with Customers			100
Note 16 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).
Financial Review			1
Executive Summary			1
Consolidated Income Statement Review			5
Consolidated Balance Sheet Review			9
Business Segments Review			12
Risk Management			20
Average Consolidated Balance Sheet and Net Interest Analysis			38
Non-GAAP Financial Information			39
Recent Regulatory Developments			40
Critical Accounting Estimates and Judgments			40
Internal Controls and Disclosure Controls and Procedures			43
Cautionary Statement Regarding Forward-Looking Information			43
Item 3. Quantitative and Qualitative Disclosures about Market Risk.			21-38, 49-50, 83-89
Item 4. Controls and Procedures.			43
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			10
10			Weighted-Average Expected Maturities of Mortgage and Asset-Backed Debt Securities			11
11			Details of Funding Sources			11
12			Retail Banking Table			13
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			Auto Loan Statistics			25
21			Nonperforming Assets by Type			26
22			Change in Nonperforming Assets			26
23			Accruing Loans Past Due			27
24			Allowance for Credit Losses by Loan Class			28
25			Loan Charge-Offs and Recoveries			29
26			Senior and Subordinated Debt			30
27			Primary Contingent Liquidity Sources			30
28			PNC Bank Notes Issued			31
29			Parent Company Notes Issued			32
30			Parent Company Notes Redeemed			32
31			Credit Ratings and Outlook			33
32			Basel III Capital			34
33			Net Interest Income Sensitivity Analysis			35
34			Economic Value of Equity Sensitivity Analysis			36
35			Equity Investments Summary			37
36			Average Consolidated Balance Sheet and Net Interest Analysis			38
37			Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP)			40
38			Key Macroeconomic Variables in CECL Weighted-Average Scenarios			41

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS TABLE REFERENCE
Table			Description			Page
39			Investment Securities Summary			51
40			Gross Unrealized Loss and Fair Value of Securities Available-for-Sale Without an Allowance for Credit Losses			52
41			Gains (Losses) on Sales of Securities Available-for-Sale			52
42			Contractual Maturity of Debt Securities			53
43			Fair Value of Securities Pledged and Accepted as Collateral			53
44			Analysis of Loan Portfolio			55
45			Nonperforming Assets			56
46			Commercial Credit Quality Indicators			57
47			Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes			58
48			Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes			60
49			Loan Modifications Granted to Borrowers Experiencing Financial Difficulty			62
50			Financial Effect of FDMs			64
51			Delinquency Status of FDMs			66
52			Rollforward of Allowance for Credit Losses			67
53			Loan Sale and Servicing Activities			68
54			Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others			69
55			Non-Consolidated VIEs			69
56			Mortgage Servicing Rights			70
57			Commercial Mortgage Servicing Rights – Key Valuation Assumptions			71
58			Residential Mortgage Servicing Rights – Key Valuation Assumptions			71
59			Lessor Income			71
60			Borrowed Funds			72
61			FHLB Advances, Senior Debt and Subordinated Debt			72
62			Commitments to Extend Credit and Other Commitments			73
63			Rollforward of Total Equity			74
64			Other Comprehensive Income (Loss)			75
65			Accumulated Other Comprehensive Income (Loss) Components			75
66			Dividends Per Share			76
67			Basic and Diluted Earnings Per Common Share			77
68			Fair Value Measurements – Recurring Basis Summary			79
69			Reconciliation of Level 3 Assets and Liabilities			80
70			Fair Value Measurements – Recurring Quantitative Information			84
71			Fair Value Measurements – Nonrecurring			86
72			Fair Value Option – Fair Value and Principal Balances			87
73			Fair Value Option – Changes in Fair Value			87
74			Additional Fair Value Information Related to Other Financial Instruments			88
75			Total Gross Derivatives			90
76			Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement			92
77			Hedged Items - Fair Value Hedges			93
78			Gains (Losses) on Derivatives Not Designated for Hedging			93
79			Derivative Assets and Liabilities Offsetting			94
80			Credit-Risk Contingent Features			95
81			Business Segment Results			98
82			Reconciliation of Business Segment Results to Consolidated			99
83			Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income			100

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 2024 Annual Report on Form 10-K (our “2024 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 2024 Form 10-K; Item 1A Risk Factors included in our 2024 Form 10-K; and the Commitments and Legal Proceedings Notes included in this Report and Item 8 of our 2024 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 2024 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 14 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.

Key Strategic Goals

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.

We are focused on our strategic priorities, which are designed to enhance value over the long term, and consist of:

•Expanding our leading banking franchise to new markets and digital platforms,

•Deepening customer relationships by delivering a superior banking experience and financial solutions, and

•Leveraging technology to create efficiencies that help us better serve customers.

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 2024 Form 10-K.

Second Quarter 2024 Significant Items

In the second quarter of 2024, PNC participated in the Visa exchange program, allowing PNC to convert its Visa Class B-1 common

shares into approximately equal amounts of Visa Class B-2 common shares and Visa Class C common shares. This conversion event

resulted in a gain of $754 million related to the Visa Class C common shares received. PNC retained the Visa Class B-2 common

shares. The second quarter of 2024 also included Visa Class B-2 derivative fair value adjustments of negative $116 million and a $120

million expense related to a PNC Foundation contribution. During the second quarter, PNC also repositioned the investment securities

portfolio, selling low-yielding investment securities for net proceeds of $3.8 billion, resulting in a loss of $497 million. PNC

redeployed the full proceeds from the sale into higher-yielding investment securities. The combined impact of all of these significant

items on pre-tax noninterest income and pre-tax noninterest expense in the second quarter of 2024 was $141 million and $120 million,

respectively.

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
			2025			2025			2024						2025			2024
Summary of Operations (a)
Net interest income			$	3,555		$	3,476		$	3,302					$	7,031		$	6,566
Noninterest income			2,106			1,976			2,109						4,082			3,990
Total revenue			5,661			5,452			5,411						11,113			10,556
Provision for credit losses			254			219			235						473			390
Noninterest expense			3,383			3,387			3,357						6,770			6,691
Income before income taxes and noncontrolling interests			2,024			1,846			1,819						3,870			3,475
Income taxes			381			347			342						728			654
Net income			$	1,643		$	1,499		$	1,477					$	3,142		$	2,821
Net income attributable to common shareholders			$	1,542		$	1,408		$	1,362					$	2,950		$	2,609
Per Common Share
Basic			$	3.86		$	3.52		$	3.39					$	7.37		$	6.49
Diluted			$	3.85		$	3.51		$	3.39					$	7.37		$	6.48
Book value per common share			$	131.61		$	127.98		$	116.70
Performance Ratios
Net interest margin (non-GAAP) (b)			2.80		%	2.78		%	2.60		%				2.79		%	2.58		%
Noninterest income to total revenue			37		%	36		%	39		%				37		%	38		%
Efficiency			60		%	62		%	62		%				61		%	63		%
Return on:
Average common shareholders’ equity			12.20		%	11.60		%	12.16		%				11.91		%	11.78		%
Average assets			1.17		%	1.09		%	1.05		%				1.13		%	1.01		%

(a)The Executive Summary and Consolidated Income Statement Review portions of this Financial Review section provide information regarding items impacting the comparability of the periods presented.

(b)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 2025			December 31 2024			June 30 2024
Balance Sheet Highlights (a)
Assets			$	559,107		$	560,038		$	556,519
Loans			$	326,340		$	316,467		$	321,429
Allowance for loan and lease losses			$	4,523		$	4,486		$	4,636
Interest-earning deposits with banks			$	24,455		$	39,347		$	33,039
Investment securities			$	142,348		$	139,732		$	138,645
Total deposits			$	426,696		$	426,738		$	416,391
Borrowed funds			$	60,424		$	61,673		$	71,391
Total shareholders’ equity			$	57,607		$	54,425		$	52,642
Common shareholders’ equity			$	51,854		$	48,676		$	46,397
Other Selected Ratios
Common equity Tier 1 (b)			10.5		%	10.5		%	10.2		%
Loans to deposits			76		%	74		%	77		%
Common shareholders’ equity to total assets			9.3		%	8.7		%	8.3		%

(a)The Executive Summary and Consolidated Balance Sheet Review portions of this Financial Review provide information regarding items impacting the comparability of applicable periods presented.

(b)The December 31, 2024 and June 30, 2024 ratios are calculated to reflect PNC’s election to adopt the CECL optional five-year transition provisions. The impact of the provisions was phased-in to regulatory capital through December 31, 2024.

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

Income Statement Highlights

Net income of $1.6 billion, or $3.85 per diluted common share, for the second quarter of 2025 increased $144 million, or 10%, compared to $1.5 billion, or $3.51 per diluted common share, for the first quarter of 2025, primarily due to higher noninterest and net interest income, partially offset by a higher provision for credit losses.

•For the three months ended June 30, 2025 compared to the three months ended March 31, 2025:

•Total revenue of $5.7 billion increased $209 million, or 4%.

•Net interest income of $3.6 billion increased $79 million, or 2%, driven by loan growth, the continued benefit of fixed rate asset repricing and one additional day in the quarter.

•Net interest margin increased 2 basis points to 2.80%.

•Noninterest income of $2.1 billion increased $130 million, or 7%, primarily due to Visa related activity and other positive valuation adjustments as well as higher card and cash management revenue. The second quarter of 2025 included positive $2 million of Visa derivative fair value adjustments, compared to negative $40 million in the first quarter of 2025.

•Provision for credit losses was $254 million in the second quarter of 2025 and was driven by net charge-offs and a net increase in the ACL due to changes in macroeconomic scenarios, tariff related considerations and portfolio activity, including loan growth. The first quarter of 2025 included a provision for credit losses of $219 million.

•Noninterest expense was stable compared to the first quarter of 2025, reflecting a continued focus on expense management, offset by seasonally higher marketing spend and expenses related to continued technology investment.

Net income of $3.1 billion, or $7.37 per diluted common share, for the first six months of 2025 increased $321 million, or 11%, compared to $2.8 billion, or $6.48 per diluted common share, for the same period in 2024 driven by higher net interest and noninterest income, partially offset by a higher provision for credit losses and increased noninterest expense.

•For the six months ended June 30, 2025 compared to the six months ended June 30, 2024:

•Total revenue increased $557 million, or 5%, to $11.1 billion.

•Net interest income increased $465 million, or 7%, primarily due to the benefit of lower funding costs and continued repricing of fixed rate assets.

•Net interest margin increased 21 basis points.

•Noninterest income increased $92 million, or 2%, primarily due to higher capital markets and advisory fees, asset management and brokerage income and card and cash management revenue, partially offset by lower other noninterest income. Other noninterest income for the first six months of 2024 included the benefit of $141 million of significant items recognized in the second quarter of 2024.

•Provision for credit losses was $473 million in the first six months of 2025 and was driven by net charge-offs and a net increase in the ACL due to changes in macroeconomic scenarios, tariff related considerations and portfolio activity, including loan growth. The first six months of 2024 included a provision for credit losses of $390 million.

•Noninterest expense increased $79 million, or 1%, compared to the first six months of 2024, due to higher expenses related to personnel and technology investments as well as increased marketing spend, partially offset by other noninterest expense. Other noninterest expense included $120 million of significant items in the second quarter of 2024 as well as a $130 million pre-tax expense in the first quarter of 2024 related to the FDIC’s special assessment.

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, 2025. In comparison to December 31, 2024:

•Total assets of $559.1 billion were stable reflecting lower balances held with the FRB, partially offset by higher loans and securities balances.

•Total loans of $326.3 billion increased $9.9 billion, or 3%.

•Total commercial loans increased $10.8 billion, or 5%, to $227.0 billion, due to growth in the commercial and industrial portfolio, reflecting new production and higher utilization of loan commitments, partially offset by lower commercial real estate loans.

•Total consumer loans decreased $1.0 billion, or 1%, to $99.3 billion primarily due to lower residential real estate loans as paydowns outpaced originations, partially offset by growth in the auto loan portfolio.

•Investment securities increased $2.6 billion, or 2%, to $142.3 billion due to net purchase activity, primarily of agency residential mortgage-backed securities.

•Interest-earning deposits with banks, primarily with the FRB, decreased $14.9 billion, or 38%, to $24.5 billion, primarily driven by higher loans and securities balances.

•Total deposits were stable as lower interest-bearing deposits were offset by higher noninterest-bearing deposits.

•Borrowed funds decreased $1.2 billion, or 2%, to $60.4 billion due to lower FHLB advances, partially offset by higher senior debt outstanding.

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

The second quarter of 2025 reflected solid credit quality performance.

•At June 30, 2025 compared to December 31, 2024:

•Overall loan delinquencies of $1.3 billion decreased $79 million, or 6%, reflecting lower consumer and commercial loan delinquencies.

•The ACL related to loans, which consists of the ALLL and the allowance for unfunded lending related commitments, totaled $5.3 billion at June 30, 2025, compared to $5.2 billion at December 31, 2024. The increase in reserves was driven primarily by changes in macroeconomic scenarios. ACL to total loans was 1.62% at June 30, 2025, compared to 1.64% at December 31, 2024.

•Nonperforming assets of $2.1 billion decreased $0.2 billion, or 9%, primarily driven by lower commercial nonperforming loans, including lower commercial real estate nonperforming loans.

•Net loan charge-offs of $198 million, or 0.25% of average loans, in the second quarter of 2025 decreased $7 million compared to the first quarter of 2025, due to lower consumer net loan charge-offs, partially offset by higher commercial net loan charge-offs, primarily related to the commercial real estate portfolio.

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 $51.9 billion at June 30, 2025 increased $3.2 billion compared to December 31, 2024, due to the benefit of net income and an improvement in AOCI, partially offset by common dividends paid and common share repurchases.

•In the second quarter of 2025, PNC returned $1.0 billion of capital to shareholders, including more than $0.6 billion of dividends on common shares and more than $0.3 billion of common share repurchases.

•On July 3, 2025, the PNC Board of Directors raised the quarterly cash dividend on common stock to $1.70 per share, an increase of 10 cents, or 6%, per share. The dividend is payable on August 5, 2025 to shareholders of record at the close of business July 15, 2025.

•Our CET1 ratio was 10.5% at both June 30, 2025 and December 31, 2024.

PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding an SCB established by the Federal Reserve Board in connection with the Federal Reserve Board’s CCAR process. Based on the results of the Federal Reserve's 2025 annual stress test, PNC’s SCB for the four-quarter period beginning October 1, 2025 will remain at the regulatory minimum of 2.5%. 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 2024 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:

•The economic fundamentals remain solid in mid-2025. The labor market has eased but job growth continues, and job and income gains have supported consumer spending growth in the first half of 2025. However, downside risks have materially increased with recent substantial changes to U.S. tariffs and corresponding policy changes by U.S. trading partners.

•PNC’s baseline forecast remains for continued expansion, but slower economic growth in 2025 than in 2024. Tariffs and the uncertainty surrounding them will weigh on consumer spending and business investment. High interest rates remain a drag on the economy, consumer spending growth will slow to a pace more consistent with household income growth, and government’s contribution to economic growth will be smaller.

•The baseline forecast is for real GDP growth of around 1.5% in 2025 and 2026, with the unemployment rate increasing to around 4.5% over the next year. However, the recent turbulence in trade policy indicates that growth may be significantly weaker than in this forecast and the unemployment rate higher. The higher tariffs rates are, the longer they remain in place, and the more uncertainty that exists around them, the weaker economic growth will be and the higher the unemployment rate will be. The longer trade disputes persist, the greater the likelihood of near-term recession.

•The baseline forecast is for one federal funds rate cut of 25 basis points this year, at the last FOMC meeting of 2025, with additional rate cuts of 25 basis points at each of the first two FOMC meetings of 2026. This would put the federal funds rate in a range of 3.50% to 3.75% by the spring of next year. High inflation could mean less monetary easing than in the forecast,

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

but if the economy enters recession the Federal Reserve could cut the federal funds rate more aggressively this year.

Consistent with the forward guidance we provided on July 16, 2025, for the third quarter of 2025, compared to the second quarter of 2025, we expect:

•Average loans to be up approximately 1%,

•Net interest income to be up approximately 3%,

•Fee income to be up 3% to 4%,

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

•Total revenue to be up 2% to 3%,

•Noninterest expense to be up approximately 2%, and

•Net loan charge-offs to be $275 million to $300 million.

Consistent with the forward guidance we provided on July 16, 2025, for the full year 2025, compared to the full year of 2024, we expect:

•Average loans to be up approximately 1%,

•Net interest income to be up approximately 7%,

•Noninterest income to be up 4% to 5%,

•Revenue to be up approximately 6%,

•Noninterest expense to be up approximately 1%, and

•The effective tax rate to be approximately 19%.

Other noninterest income, noninterest income and total revenue guidance does not forecast net securities gains or losses or 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. 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 2024 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

Our Consolidated Income Statement is presented in Item 1 of this Report.

Net income of $1.6 billion, or $3.85 per diluted common share, for the second quarter of 2025 increased $144 million, or 10%, compared to $1.5 billion, or $3.51 per diluted common share, for the first quarter of 2025, primarily due to higher noninterest and net interest income, partially offset by a higher provision for credit losses. Net income of $3.1 billion, or $7.37 per diluted common share, for the first six months of 2025 increased $321 million, or 11%, compared to $2.8 billion, or $6.48 per diluted common share, for the same period in 2024, driven by higher net interest and noninterest income, partially offset by a higher provision for credit losses and 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, 2025																		March 31, 2025
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						$	141,935					3.26		%				$	1,155					$	142,181								3.17		%							$	1,129
Loans						322,754						5.70		%				4,633						316,624									5.70		%							4,495
Interest-earning deposits with banks (b)						31,570						4.38		%				350						34,614									4.42		%							381
Other						11,348						5.66		%				160						10,147									6.02		%							153
Total interest-earning assets/interest income						$	507,607					4.93		%				6,298						$	503,566								4.90		%							6,158
Liabilities
Interest-bearing liabilities
Interest-bearing deposits						$	329,833					2.24		%				1,845						$	328,281								2.23		%							1,808
Borrowed funds						65,293						5.31		%				870						64,505									5.25		%							846
Total interest-bearing liabilities/interest expense						$	395,126					2.74		%				2,715						$	392,786								2.72		%							2,654
Interest rate spread												2.19		%																			2.18		%
Impact of noninterest-bearing sources												0.61																					0.60
Net interest margin/income (non-GAAP)												2.80		%				3,583															2.78		%							3,504
Taxable-equivalent adjustments																		(28)																								(28)
Net interest income (GAAP)																		$	3,555																							$	3,476

						June 30, 2025																		June 30, 2024
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						$	142,058					3.22		%				$	2,284					$	138,370					2.74		%				$	1,894
Loans						319,706						5.70		%				9,128						320,263						6.03		%				9,719
Interest-earning deposits with banks (b)						33,209						4.38		%				731						44,682						5.47		%				1,223
Other						10,750						5.83		%				313						8,641						6.95		%				300
Total interest-earning assets/interest income						$	505,723					4.92		%				12,456						$	511,956					5.11		%				13,136
Liabilities
Interest-bearing liabilities
Interest-bearing deposits						$	329,061					2.24		%				3,653						$	321,115					2.60		%				4,161
Borrowed funds						64,901						5.28		%				1,716						76,523						6.06		%				2,341
Total interest-bearing liabilities/interest expense						$	393,962					2.73		%				5,369						$	397,638					3.25		%				6,502
Interest rate spread												2.19		%																1.86
Impact of noninterest-bearing sources												0.60																		0.72
Net interest margin/income (non-GAAP)												2.79		%				7,087												2.58		%				6,634
Taxable-equivalent adjustments																		(56)																		(68)
Net interest income (GAAP)																		$	7,031																	$	6,566

(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 37 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 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 36 Average Consolidated Balance Sheet And Net Interest Analysis for additional information.

Net interest income increased $79 million, or 2%, and net interest margin increased 2 basis points, compared to the first quarter of 2025, driven by loan growth, the continued benefit of fixed rate asset repricing and one additional day in the quarter. Net interest income increased $465 million, or 7%, and net interest margin increased 21 basis points, compared to the first six months of 2024, primarily due to the benefit of lower funding costs and the continued repricing of fixed rate assets.

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

Average investment securities were stable, compared to the first quarter of 2025. Average investment securities increased $3.7 billion, or 3%, compared to the first six months of 2024, driven by net purchase activity of U.S. Treasury and government agency securities. Average investment securities represented 28% of average interest-earning assets for both the second and first quarters of 2025, and 28% for the first six months of 2025 compared to 27% for the first six months of 2024.

Average loans increased $6.1 billion, or, 2%, compared to the first quarter of 2025, driven by growth in commercial and industrial loans, reflecting strong new production and increased utilization of loan commitments, partially offset by a decline in commercial real estate loans. Compared to the first six months of 2024, average loans were stable. Average loans represented 64% of average interest-earning assets for the second quarter of 2025, compared to 63% for the first quarter of 2025, and 63% for both year-to-date periods.

Average interest-earning deposits with banks for the second quarter of 2025 decreased $3.0 billion, or 9%, compared to the first quarter of 2025, primarily driven by loan growth. Compared to the first six months of 2024, average interest-earning deposits with banks decreased $11.5 billion, or 26%, primarily due to lower borrowed funds outstanding.

Average interest-bearing deposits for the second quarter of 2025 were stable compared to the first quarter of 2025. Compared to the first six months of 2024 average interest-bearing deposits increased $7.9 billion, or 2%, as higher commercial deposits were partially offset by lower brokered time deposits. In total, average interest-bearing deposits represented 83% of average interest-bearing liabilities for the second quarter of 2025, compared to 84% for the first quarter of 2025, and 84% for the first six months of 2025 compared to 81% for the first six months of 2024.

Average borrowed funds increased $0.8 billion, or 1%, compared to the first quarter of 2025, and included higher senior debt outstanding. Average borrowed funds decreased $11.6 billion, or 15%, in the year-to-date comparison, primarily driven by lower FHLB advances, partially offset by 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						2025						2025						$						%									2025						2024						$						%
Noninterest income
Asset management and brokerage						$	391					$	391					$	—					—		%							$	782					$	728					$	54					7		%
Capital markets and advisory						321						306						15						5		%							627						531						96						18		%
Card and cash management						737						692						45						7		%							1,429						1,377						52						4		%
Lending and deposit services						317						316						1						—		%							633						609						24						4		%
Residential and commercial mortgage						128						134						(6)						(4)		%							262						278						(16)						(6)		%
Other income
Gain on Visa shares exchange program						—						—						—						*									—						754						(754)						*
Securities gains (losses)						—						(2)						2						*									(2)						(499)						497						*
Other						212						139						73						53		%							351						212						139						66		%
Total other income						212						137						75						55		%							349						467						(118)						(25)		%
Total noninterest income						$	2,106					$	1,976					$	130					7		%							$	4,082					$	3,990					$	92					2		%

*-Not meaningful

Noninterest income as a percentage of total revenue was 37% for the second quarter of 2025 compared to 36% for the first quarter of 2025, and 37% for the first six months of 2025 compared to 38% for the same period in 2024.

Asset management and brokerage fees were stable compared to the first quarter of 2025. The increase in the year-to-date comparison reflected the impact of higher average equity markets. PNC’s discretionary client assets under management of $217 billion at June 30, 2025 increased compared to $210 billion at March 31, 2025, and $196 billion at June 30, 2024. Compared to June 30, 2024, 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 2025, reflecting an increase in trading revenue,

primarily related to derivative sales. The increase in the year-to-date comparison was primarily due to increased trading revenue and higher merger and acquisition advisory activity.

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

Card and cash management revenue increased compared to the first quarter of 2025, as a result of seasonally higher consumer transaction volumes and growth in treasury management product revenue. The increase compared to the first six months of 2024 was primarily due to higher treasury management product revenue.

Lending and deposit services were stable compared to the first quarter of 2025. The increase compared to the first six months of 2024 reflected increased customer activity and growth in consumer checking accounts.

Residential and commercial mortgage decreased in both the quarterly and year-to-date comparisons, primarily due to lower residential mortgage revenue.

Other noninterest income increased compared to the first quarter of 2025, reflecting Visa related activity and other positive valuation adjustments, partially offset by lower private equity revenue. Visa derivative adjustments were positive $2 million in the second quarter of 2025 compared to negative $40 million in the first quarter of 2025. Compared to the first six months of 2024, other noninterest income decreased reflecting the benefit of $141 million of significant items recognized in the second quarter of 2024. Visa derivative adjustments were negative $38 million for the first six months of 2025 compared to negative $123 million for the same period in 2024.

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						2025						2025						$						%						2025						2024						$						%
Noninterest expense
Personnel						$	1,889					$	1,890					$	(1)					—		%				$	3,779					$	3,576					$	203					6		%
Occupancy						235						245						(10)						(4)		%				480						480						—						—		%
Equipment						394						384						10						3		%				778						697						81						12		%
Marketing						99						85						14						16		%				184						157						27						17		%
Other						766						783						(17)						(2)		%				1,549						1,781						(232)						(13)		%
Total noninterest expense						$	3,383					$	3,387					$	(4)					—		%				$	6,770					$	6,691					$	79					1		%

Noninterest expense was stable compared to the first quarter of 2025, reflecting a continued focus on expense management, partially offset by seasonally higher marketing spend and expenses related to continued technology investment. Noninterest expense increased compared to the first six months of 2024, due to higher expenses related to personnel and technology investments as well as increased marketing spend, partially offset by other noninterest expense. Other noninterest expense included $120 million of significant items in the second quarter of 2024 as well as a $130 million pre-tax expense in the first quarter of 2024 related to the FDIC’s special assessment.

Effective Income Tax Rate

The effective income tax rate was 18.8% for both the second and first quarters of 2025, and for the first six months of 2025 and 2024.

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						2025						2025						$						2025			2024			$
Provision for (recapture of) credit losses
Loans and leases						$	171					$	260					$	(89)					$	431		$	351		$	80
Unfunded lending related commitments						84						(46)						130						38			54			(16)
Investment securities						(1)						3						(4)						2			(10)			12
Other financial assets						—						2						(2)						2			(5)			7
Total provision for credit losses						$	254					$	219					$	35					$	473		$	390		$	83

The provision for credit losses was $254 million and $473 million for the three and six months ended June 30, 2025, respectively. Both periods were driven by net charge-offs and a net increase in the ACL due to changes in macroeconomic scenarios, tariff related considerations and portfolio activity, including loan growth.

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

CONSOLIDATED BALANCE SHEET REVIEW

The summarized balance sheet data in Table 7 is based upon our Consolidated Balance Sheet in Item 1 of this Report.

Table 7: Summarized Balance Sheet Data

			June 30						December 31						Change
Dollars in millions			2025						2024						$			%
Assets
Interest-earning deposits with banks			$	24,455					$	39,347					$	(14,892)		(38)		%
Loans held for sale			1,837						850						987			116		%
Investment securities			142,348						139,732						2,616			2		%
Loans			326,340						316,467						9,873			3		%
Allowance for loan and lease losses			(4,523)						(4,486)						(37)			(1)		%
Mortgage servicing rights			3,467						3,711						(244)			(7)		%
Goodwill			10,932						10,932						—			—		%
Other			54,251						53,485						766			1		%
Total assets			$	559,107					$	560,038					$	(931)		—		%
Liabilities
Deposits			$	426,696					$	426,738					$	(42)		—		%
Borrowed funds			60,424						61,673						(1,249)			(2)		%
Allowance for unfunded lending related commitments			759						719						40			6		%
Other			13,573						16,439						(2,866)			(17)		%
Total liabilities			501,452						505,569						(4,117)			(1)		%
Equity
Total shareholders’ equity			57,607						54,425						3,182			6		%
Noncontrolling interests			48						44						4			9		%
Total equity			57,655						54,469						3,186			6		%
Total liabilities and equity			$	559,107					$	560,038					$	(931)		—		%

Our balance sheet was well positioned at June 30, 2025. In comparison to December 31, 2024:

•Total assets were stable reflecting lower balances held with the FRB, offset by higher loans and securities balances.

•Total liabilities decreased and included lower trading liabilities and borrowed funds.

•Total equity increased due to the benefit of net income and an improvement in AOCI, partially offset by dividends paid and common shares repurchased.

The following discussion provides additional information about the major components of our balance sheet. Information regarding our ACL related to loans is included in the Credit Risk Management section and Critical Accounting Estimates and Judgements section of this Financial Review and in Note 3 Loans and Related Allowance for Credit Losses. 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 and in Note 19 Regulatory Matters in our 2024 Form 10-K.

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

Loans

Table 8: Loans

			June 30						December 31						Change
Dollars in millions			2025						2024						$			%
Commercial
Commercial and industrial			$	188,830					$	175,790					$	13,040		7		%
Commercial real estate			31,250						33,619						(2,369)			(7)		%
Equipment lease financing			6,928						6,755						173			3		%
Total commercial			227,008						216,164						10,844			5		%
Consumer
Residential real estate			45,257						46,415						(1,158)			(2)		%
Home equity			25,928						25,991						(63)			—		%
Automobile			15,892						15,355						537			3		%
Credit card			6,570						6,879						(309)			(4)		%
Education			1,547						1,636						(89)			(5)		%
Other consumer			4,138						4,027						111			3		%
Total consumer			99,332						100,303						(971)			(1)		%
Total loans			$	326,340					$	316,467					$	9,873		3		%

Commercial loans increased due to growth in the commercial and industrial portfolio, reflecting new production and higher utilization of loan commitments, partially offset by lower commercial real estate loans.

Consumer loans decreased primarily due to lower residential real estate loans as paydowns outpaced originations, partially offset by growth in the auto loan portfolio.

For additional information regarding our loan portfolio see the Credit Risk Management portion of the Risk Management section in this Financial Review and Note 3 Loans and Related Allowance for Credit Losses.

Investment Securities

Total investment securities of $142.3 billion at June 30, 2025 increased $2.6 billion, or 2%, compared to December 31, 2024, due to net purchase activity, primarily of agency residential mortgage-backed securities.

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.

Table 9: Investment Securities (a)

			June 30, 2025												December 31, 2024
Dollars in millions			Amortized Cost (b)						Fair Value						Amortized Cost (b)						Fair Value
U.S. Treasury and government agencies			$	52,391					$	51,591					$	53,382					$	52,075
Agency residential mortgage-backed			77,268						72,156						73,760						67,117
Non-agency residential mortgage-backed			704						795						744						822
Agency commercial mortgage-backed			3,917						3,840						3,032						2,875
Non-agency commercial mortgage-backed (c)			1,082						1,077						1,542						1,523
Asset-backed (d)			4,988						5,062						5,733						5,793
Other (e)			4,620						4,535						4,998						4,892
Total investment securities (f)			$	144,970					$	139,056					$	143,191					$	135,097

(a)Of our total securities portfolio, 97% were rated AAA/AA at both June 30, 2025 and December 31, 2024.

(b)Amortized cost is presented net of the allowance for investment securities, which totaled $68 million at June 30, 2025 and primarily related to non-agency commercial mortgage-backed securities. The comparable amount at December 31, 2024 was $91 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, 2025 primarily reflected the impact of higher interest rates on the valuation of fixed-rate securities. We continually

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

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 2 Investment Securities for additional details regarding the allowance for investment securities.

The duration of investment securities was 3.4 years and 3.5 years at June 30, 2025 and December 31, 2024, respectively. We estimate that at June 30, 2025 the effective duration of investment securities was 3.4 years for both an immediate 50 basis points parallel increase and decrease in interest rates. Comparable amounts at December 31, 2024 for the effective duration of investment securities were 3.4 years and 3.5 years, respectively.

Based on expected prepayment speeds, the weighted-average expected maturity of the investment securities portfolio was 5.2 years and 5.3 years at June 30, 2025 and December 31, 2024, respectively.

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

June 30, 2025			Years
Agency residential mortgage-backed			6.5
Non-agency residential mortgage-backed			10.1
Agency commercial mortgage-backed			3.6
Non-agency commercial mortgage-backed			0.5
Asset-backed			2.1

Additional information regarding our investment securities portfolio is included in Note 2 Investment Securities and Note 11 Fair Value.

Funding Sources

Table 11: Details of Funding Sources

			June 30						December 31						Change
Dollars in millions			2025						2024						$			%
Deposits
Noninterest-bearing			$	93,253					$	92,641					$	612		1		%
Interest-bearing
Money market			72,259						73,801						(1,542)			(2)		%
Demand			127,794						128,810						(1,016)			(1)		%
Savings			96,732						97,147						(415)			—		%
Time deposits (a)			36,658						34,339						2,319			7		%
Total interest-bearing deposits			333,443						334,097						(654)			—		%
Total deposits			426,696						426,738						(42)			—		%
Borrowed funds
Federal Home Loan Bank advances			18,000						22,000						(4,000)			(18)		%
Senior debt			35,750						32,497						3,253			10		%
Subordinated debt			3,490						4,104						(614)			(15)		%
Other			3,184						3,072						112			4		%
Total borrowed funds			60,424						61,673						(1,249)			(2)		%
Total funding sources			$	487,120					$	488,411					$	(1,291)		—		%

(a) Includes $5.6 billion of certain brokered time deposits accounted for under the fair value option at June 30, 2025.

Deposits are considered an attractive source of funding due to their stability and relatively low cost to fund. Compared to December 31, 2024, our funding source composition included lower borrowed funds outstanding and stable deposit balances. This shift in composition contributed to a decrease in funding costs compared to the fourth quarter of 2024.

Total deposits compared to December 31, 2024 were stable as lower interest-bearing deposits were offset by higher noninterest-bearing deposits. The decrease in interest-bearing deposits was due to lower commercial and consumer balances, partially offset by higher brokered time deposits. The increase in noninterest-bearing deposits was due to higher consumer and commercial balances. Our total brokered deposit balance of $8.0 billion at June 30, 2025 increased compared to $7.3 billion at December 31, 2024, and was significantly below both our internal and regulatory guidelines and limits.

Borrowed funds decreased due to lower FHLB advances, partially offset by higher senior debt outstanding.

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

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

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 in Note 19 Regulatory Matters of our 2024 Form 10-K for additional information regarding our liquidity and capital activities. See Note 7 Borrowed Funds in this Report and Note 9 Borrowed Funds in our 2024 Form 10-K for additional information related to our borrowings. See the Average Consolidated Balance Sheet and Net Interest Analysis section of this Financial Review for additional information on volume and related funding cost changes.

Shareholders’ Equity

Total shareholders’ equity of $57.6 billion at June 30, 2025 increased $3.2 billion, or 6%, compared to December 31, 2024, primarily due to net income of $3.1 billion and an improvement in AOCI of $1.9 billion, partially offset by dividends paid of $1.4 billion and $0.5 billion of common share repurchases.

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. 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 82 in Note 14 Segment Reporting for additional information.

Certain amounts included in this Business Segments Review differ from those amounts shown in Note 14, primarily due to the presentation in this Financial Review of business net interest income on a taxable-equivalent basis.

See Note 14 Segment Reporting for additional information on our business segments, including a description of each business.

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

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			2025						2024						$			%
Income Statement
Net interest income (a)(b)			$	5,810					$	5,338					$	472		9		%
Noninterest income			1,488						2,173						(685)			(32)		%
Total revenue (a)(b)			7,298						7,511						(213)			(3)		%
Provision for credit losses			251						145						106			73		%
Noninterest expense (c)
Personnel			1,077						1,074						3			—		%
Segment allocations (d)			1,945						1,867						78			4		%
Depreciation and amortization			173						153						20			13		%
Other (e)			597						584						13			2		%
Total noninterest expense			3,792						3,678						114			3		%
Pretax earnings (a)(b)			3,255						3,688						(433)			(12)		%
Income taxes (a)(b)			756						861						(105)			(12)		%
Noncontrolling interests			19						19						—			—		%
Earnings (a)(b)			$	2,480					$	2,808					$	(328)		(12)		%
Average Balance Sheet
Loans held for sale			$	867					$	560					$	307		55		%
Loans (a)
Consumer
Residential real estate			$	34,920					$	36,394					$	(1,474)		(4)		%
Home equity			24,548						24,600						(52)			—		%
Automobile			15,491						14,812						679			5		%
Credit card			6,525						6,885						(360)			(5)		%
Education			1,612						1,877						(265)			(14)		%
Other consumer			1,756						1,758						(2)			—		%
Total consumer			84,852						86,326						(1,474)			(2)		%
Commercial			12,783						12,704						79			1		%
Total loans			$	97,635					$	99,030					$	(1,395)		(1)		%
Total assets (a)			$	114,601					$	116,856					$	(2,255)		(2)		%
Deposits (a)
Noninterest-bearing			$	51,833					$	53,505					$	(1,672)		(3)		%
Interest-bearing (b)			190,381						187,010						3,371			2		%
Total deposits			$	242,214					$	240,515					$	1,699		1		%
Performance Ratios (a)(b)
Return on average assets			4.36		%				4.85		%
Noninterest income to total revenue			20		%				29		%
Efficiency			52		%				49		%
Supplemental Noninterest Income Information
Asset management and brokerage			$	302					$	272					$	30		11		%
Card and cash management			$	624					$	636					$	(12)		(2)		%
Lending and deposit services			$	374					$	360					$	14		4		%
Residential and commercial mortgage			$	126					$	167					$	(41)		(25)		%
Other income - Gain on Visa shares exchange program			$	—					$	754					$	(754)		(100)		%

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

(Continued from previous page)

At or for six months ended June 30															Change
Dollars in millions, except as noted			2025						2024						$			%
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (f)
Serviced portfolio balance (g)			$	189					$	204					$	(15)		(7)		%
MSR asset value (g)			$	2.5					$	2.7					$	(0.2)		(7)		%
Servicing income: (in millions)
Servicing fees, net (h)			$	131					$	149					$	(18)		(12)		%
Mortgage servicing rights valuation, net of economic hedge			$	(2)					$	(20)					$	18		90		%
Residential mortgage loan statistics
Loan origination volume (in billions)			$	2.7					$	3.0					$	(0.3)		(10)		%
Loan sale margin percentage			0.78		%				2.21		%
Other Information
Credit-related statistics
Nonperforming assets (g)			$	812					$	840					$	(28)		(3)		%
Net charge-offs - loans and leases			$	264					$	277					$	(13)		(5)		%
Other statistics
Branches (g)(i)			2,218						2,247						(29)			(1)		%
Brokerage account client assets (in billions) (g)(j)			$	87					$	81					$	6		7		%

(a)During the second quarter of 2025, certain loans and deposits, and the associated income statement impact, were transferred from the Asset Management Group to Retail Banking to better align products and services with the appropriate business segment. Prior periods have been adjusted to conform with the current presentation.

(b)During the second quarter of 2025, brokered time deposits, and the associated income statement impact, were reclassified from Retail Banking to other activities, reflecting their use for asset and liability management. Prior periods have been adjusted to conform with the current presentation.

(c)As a result of an organizational realignment, certain expenses were reclassified as corporate operations and were moved from Retail Banking to other activities during the second quarter of 2025. Prior periods have been adjusted to conform with the current presentation.

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

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

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

(g)As of June 30.

(h)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.

(i)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.

(j)Includes cash and money market balances.

Retail Banking earnings for the first six months of 2025 decreased $328 million compared to the same period in 2024 as a result of lower noninterest income, higher noninterest expense and higher provision for credit losses, partially offset by higher net interest income.

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

Noninterest income decreased in the comparison driven by a gain of $754 million from the Visa exchange program that occurred in the second quarter of 2024.

Provision for credit losses for the first six months of 2025 was driven by net charge-offs and changes in the ACL due to macroeconomic scenarios and portfolio activity.

Noninterest expense increased in the comparison primarily due to technology investments and higher marketing spend.

Retail Banking average total loans decreased in the first six months of 2025 compared to the same period in 2024. Average consumer loans decreased as growth in the automobile portfolio was more than offset by lower residential real estate, as a result of paydowns outpacing new volume, lower credit card loan balances, and continued declines in education loans from runoff in the government guaranteed portfolio. Average commercial loans were stable in the comparison.

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 2025, average total deposits increased compared to the same period in 2024, driven by higher consumer time deposits.

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, solution centers and ATMs, which are complemented by PNC’s suite of digital capabilities. In 2024, PNC announced it would be investing approximately $1.5 billion, over the next five years, to

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

open more than 200 new branches in key locations, including Atlanta, Austin, Charlotte, Dallas, Denver, Houston, Miami, Orlando, Phoenix, Raleigh, San Antonio, and Tampa, while completing renovations of 1,400 existing locations across the country during the same time period.

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

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			2025						2024						$			%
Income Statement
Net interest income			$	3,350					$	3,109					$	241		8		%
Noninterest income			2,000						1,830						170			9		%
Total revenue			5,350						4,939						411			8		%
Provision for credit losses			233						275						(42)			(15)		%
Noninterest expense
Personnel			746						714						32			4		%
Segment allocations (a)			764						740						24			3		%
Depreciation and amortization			100						101						(1)			(1)		%
Other (b)			296						278						18			6		%
Total noninterest expense			1,906						1,833						73			4		%
Pretax earnings			3,211						2,831						380			13		%
Income taxes			729						654						75			11		%
Noncontrolling interests			9						10						(1)			(10)		%
Earnings			$	2,473					$	2,167					$	306		14		%
Average Balance Sheet
Loans held for sale			$	516					$	181					$	335		185		%
Loans
Commercial
Commercial and industrial			$	167,125					$	163,205					$	3,920		2		%
Commercial real estate			31,553						34,430						(2,877)			(8)		%
Equipment lease financing			6,747						6,479						268			4		%
Total commercial			205,425						204,114						1,311			1		%
Consumer			3						3						—			—		%
Total loans			$	205,428					$	204,117					$	1,311		1		%
Total assets			$	230,750					$	229,151					$	1,599		1		%
Deposits
Noninterest-bearing			$	39,347					$	42,520					$	(3,173)		(7)		%
Interest-bearing			107,886						98,778						9,108			9		%
Total deposits			$	147,233					$	141,298					$	5,935		4		%
Performance Ratios
Return on average assets			2.16		%				1.91		%
Noninterest income to total revenue			37		%				37		%
Efficiency			36		%				37		%

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			2025						2024						$			%
Other Information
Consolidated revenue from: (c)
Treasury Management (d)			$	2,126					$	1,890					$	236		12		%
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (e)			$	50					$	27					$	23		85		%
Commercial mortgage loan servicing income (f)			210						151						59			39		%
Commercial mortgage servicing rights valuation, net of economic hedge			75						76						(1)			(1)		%
Total			$	335					$	254					$	81		32		%
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (g) (h)			$	295					$	289					$	6		2		%
MSR asset value (g)			$	1,010					$	1,082					$	(72)		(7)		%
Average loans by C&IB business
Corporate Banking			$	120,379					$	116,642					$	3,737		3		%
Real Estate			42,906						46,297						(3,391)			(7)		%
Business Credit			30,798						29,291						1,507			5		%
Commercial Banking			7,312						7,536						(224)			(3)		%
Other			4,033						4,351						(318)			(7)		%
Total average loans			$	205,428					$	204,117					$	1,311		1		%
Credit-related statistics
Nonperforming assets (g)			$	1,160					$	1,528					$	(368)		(24)		%
Net charge-offs - loans and leases			$	147					$	237					$	(90)		(38)		%

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

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

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

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

(e)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.

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

(g)As of June 30.

(h)Represents balances related to capitalized servicing.

Corporate & Institutional Banking earnings in the first six months of 2025 increased $306 million compared to the same period in 2024 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 wider interest rate spreads on the value of deposits and higher average deposit and loan balances, partially offset by narrower interest rate spreads on the value of loans.

Noninterest income increased in the comparison and reflected broad-based growth.

Provision for credit losses for the first six months of 2025 was driven by net charge-offs and a net increase in the ACL due to changes in macroeconomic scenarios, tariff related considerations and portfolio activity, including loan growth.

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

Average total loans increased compared to the six months ended June 30, 2024:

•Corporate Banking provides lending, equipment finance, 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 that was partially offset by lower average utilization of loan commitments.

•Real Estate provides banking, financing, servicing and technology solutions for commercial real estate clients across the country. Average loans for this business declined largely due to paydowns outpacing new production.

•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 a higher average utilization of loan commitments and 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 driven by paydowns outpacing new production.

The deposit strategy of Corporate & Institutional Banking is to remain disciplined on pricing and focused on growing and retaining

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

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, 2024, due to growth in interest-bearing deposits, partially offset by lower noninterest-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 other services, including treasury management, commercial mortgage banking activities and capital markets and advisory products and services, 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, and the remainder is 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, international payment 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 2024, treasury management revenue increased due to wider interest rate spreads on the value of deposits, higher product revenue and growth in average deposit balances.

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 increased in the comparison primarily due to higher commercial mortgage loan servicing income and revenue from commercial mortgage loans held for sale.

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 largely driven by higher merger and acquisition advisory fees and asset-backed financing fees, partially offset by lower underwriting fees.

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			2025						2024						$			%
Income Statement
Net interest income (a)			$	353					$	301					$	52		17		%
Noninterest income			487						465						22			5		%
Total revenue (a)			840						766						74			10		%
Provision for (recapture of) credit losses			(12)						(3)						(9)			*
Noninterest expense
Personnel			236						236						—			—		%
Segment allocations (b)			235						217						18			8		%
Depreciation and amortization			18						16						2			13		%
Other (c)			58						57						1			2		%
Total noninterest expense			547						526						21			4		%
Pretax earnings (a)			305						243						62			26		%
Income taxes (a)			71						58						13			22		%
Earnings (a)			$	234					$	185					$	49		26		%
Average Balance Sheet
Loans (a)
Consumer
Residential real estate			$	9,910					$	9,832					$	78		1		%
Other consumer			3,508						3,551						(43)			(1)		%
Total consumer			13,418						13,383						35			—		%
Commercial			694						831						(137)			(16)		%
Total loans			$	14,112					$	14,214					$	(102)		(1)		%
Total assets (a)			$	14,556					$	14,654					$	(98)		(1)		%
Deposits (a)
Noninterest-bearing			$	1,563					$	1,552					$	11		1		%
Interest-bearing			25,714						26,243						(529)			(2)		%
Total deposits			$	27,277					$	27,795					$	(518)		(2)		%
Performance Ratios (a)
Return on average assets			3.24		%				2.55		%
Noninterest income to total revenue			58		%				61		%
Other Information
Nonperforming assets (d)			$	63					$	51					$	12		24		%
Net charge-offs (recoveries) - loans and leases			$	(1)					$	—					$	(1)		*
Client Assets Under Administration (in billions) (d) (e)
Discretionary client assets under management
PNC Private Bank			$	131					$	123					$	8		7		%
Institutional Asset Management			86						73						13			18		%
Total discretionary clients assets under management			217						196						21			11		%
Nondiscretionary client assets under administration			204						208						(4)			(2)		%
Total			$	421					$	404					$	17		4		%

*- Not Meaningful

(a)During the second quarter of 2025, certain loans and deposits, and the associated income statement impact, were transferred from the Asset Management Group to Retail Banking to better align products and services with the appropriate business segment. 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. This business seeks 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 2025 increased $49 million compared to the same period in 2024, primarily driven by higher revenue, partially offset by higher noninterest expense.

Net interest income increased in the comparison primarily due to wider interest rate spreads on the value of deposits, partially offset by a decline in average deposit balances.

Noninterest income increased in the comparison primarily driven by higher average equity markets.

Noninterest expense increased in the comparison due to continued investments to support business growth.

Average total loans were stable compared to the six months ended June 30, 2024.

Average total deposits decreased in the comparison driven by lower interest-bearing deposits.

Discretionary client assets under management increased in the comparison and included the impact from higher spot equity markets as of June 30, 2025 and positive net flows.

RISK MANAGEMENT

The Risk Management section included in Item 7 of our 2024 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 2024 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 2024 Form 10-K. The following provides additional information around our loan portfolio, which is 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 3 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 58% and 56% of our total loan portfolio at June 30, 2025 and December 31, 2024, 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, 2025															December 31, 2024
Dollars in millions			Amount						% of Total									Amount						% of Total
Commercial and industrial
Financial services			$	31,815					17		%							$	27,737					16		%
Manufacturing			31,135						16									27,700						16
Service providers			23,071						12									21,881						12
Wholesale trade			19,460						10									18,399						10
Real estate related (a)			14,873						8									14,910						8
Retail trade			12,923						7									11,611						7
Technology, media and telecommunications			11,079						6									9,767						6
Health care			9,590						5									9,694						6
Transportation and warehousing			7,164						4									7,320						4
Other industries			27,720						15									26,771						15
Total commercial and industrial loans			$	188,830					100		%							$	175,790					100		%

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

Owner occupied commercial real estate loans totaled $9.0 billion and $9.2 billion at June 30, 2025 and December 31, 2024, respectively. These loans are categorized as commercial and industrial as the credit decisioning 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 $31.3 billion as of June 30, 2025 comprised $18.0 billion related to commercial mortgages on income-producing properties, $9.3 billion of intermediate-term financing loans and $4.0 billion of real estate construction project loans. At December 31, 2024, comparable amounts were $33.6 billion, $19.3 billion, $8.6 billion and $5.7 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, 2025															December 31, 2024
Dollars in millions			Amount						% of Total									Amount						% of Total
Geography (a)
California			$	5,219					17		%							$	5,675					17		%
Florida			3,654						12									3,807						11
Texas			3,398						11									3,763						11
Virginia			1,397						4									1,476						4
Illinois			1,347						4									1,090						3
North Carolina			1,168						4									1,150						3
Nevada			1,154						4									1,043						3
Arizona			1,115						4									1,438						4
Pennsylvania			1,094						4									1,213						4
Maryland			1,043						3									1,169						3
Other			10,661						33									11,795						37
Total commercial real estate loans			$	31,250					100		%							$	33,619					100		%
Property Type (a)
Multifamily			$	15,568					50		%							$	16,089					48		%
Office			5,809						19									6,707						20
Industrial/warehouse			3,616						12									3,911						12
Retail			1,983						6									2,090						6
Hotel/motel			1,539						5									1,567						5
Seniors housing			1,469						5									1,731						5
Other			1,266						3									1,524						4
Total commercial real estate loans			$	31,250					100		%							$	33,619					100		%

(a)    Presented in descending order based on loan balances at June 30, 2025.

Commercial Real Estate: Office Portfolio

Given the fundamental change in office demand, real estate performance related to the office sector continues to be an area of focus. Our office portfolio remains well diversified across our coast-to-coast franchise. At June 30, 2025, outstanding loan balances in the office portfolio totaled $5.8 billion, or 1.8% of total loans, while additional unfunded loan commitments totaled $0.1 billion. Within this population, criticized loans totaled 33.1% and nonperforming loans totaled 11.8%. We have established reserves of 13.1% against office loans, which we believe reflect the expected credit losses in this portfolio.

The greatest stress in our office portfolio is observed in multi-tenant office loans, which represents 55.0% of the portfolio. Within the multi-tenant classification, criticized levels were 53.8% while nonperforming loans totaled 21.0% accounting for almost all of the nonperforming office population. For multi-tenant office loans that received appraisals after June 30, 2024, the weighted average LTV for those loans was 86.8% at June 30, 2025. Since July 1, 2024, PNC received updated appraisals for 64.8% of the outstanding balance in the multi-tenant office portfolio. Additionally, commercial real estate charge-offs since the beginning of 2025 have primarily been multi-tenant office loans. Given the higher level of stress, this segment has a proportionally higher reserve rate of 16.6%.

The office portfolio remains an elevated area of focus for portfolio management with internal risk ratings completed quarterly for each asset (except for medical office loans), accelerated reappraisal requirements and elevated approval levels for any credit action. Additionally, active management efforts include ongoing performance assessments as well as the review of available market pricing information, including property valuations. Portfolio updates are distributed to senior management weekly. For information on commercial real estate appraisal procedures, refer to Note 1 Accounting Policies in our 2024 Form 10-K.

Given the ongoing uncertainty in this area, we expect additional stress in the office sector, and a portion of this stress will bear itself out as we work through maturities that will approximate 41.2% through the twelve months ended June 30, 2026. Upon maturity, and where the balance is not paid in full, an extension may be granted because contractual extension terms are met; alternatively, an extension may be granted based on negotiated terms, and a portion of these extensions may involve the curtailment or charge off of principal.

Consumer

Residential Real Estate

Residential real estate loans primarily consist of residential mortgage loans.

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

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

Table 18: Residential Real Estate Loan Statistics

			June 30, 2025															December 31, 2024
Dollars in millions			Amount						% of Total									Amount						% of Total
Geography (a)
California			$	19,436					43		%							$	19,869					43		%
Texas			3,596						8									3,748						8
Washington			3,396						8									3,481						7
Florida			3,117						7									3,171						7
New Jersey			1,815						4									1,847						4
New York			1,449						3									1,493						3
Arizona			1,282						3									1,340						3
Pennsylvania			1,175						3									1,197						3
Colorado			1,101						2									1,139						2
North Carolina			944						2									963						2
Other			7,946						17									8,167						18
Total residential real estate loans			$	45,257					100		%							$	46,415					100		%
			June 30, 2025															December 31, 2024
Weighted-average loan origination statistics (b)
Loan origination FICO score									774															773
LTV of loan originations									72		%													73		%

(a)Presented in descending order based on loan balances at June 30, 2025.

(b)Weighted-averages calculated for the twelve months ended June 30, 2025 and December 31, 2024, 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 retain on our balance sheet. Our portfolio of originated nonconforming residential mortgage loans totaled $40.8 billion at June 30, 2025, with 46% located in California. Comparable amounts at December 31, 2024 were $41.7 billion and 46%, respectively.

Home Equity

Home equity loans of $25.9 billion as of June 30, 2025 were comprised of $21.8 billion of home equity lines of credit and $4.1 billion of closed-end home equity installment loans. At December 31, 2024, comparable amounts were $26.0 billion, $21.3 billion and $4.7 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, 2025															December 31, 2024
Dollars in millions			Amount						% of Total									Amount						% of Total
Geography (a)
Pennsylvania			$	4,393					17		%							$	4,504					17		%
New Jersey			3,153						12									3,153						12
Florida			2,247						9									2,239						9
Ohio			2,120						8									2,145						8
California			1,765						7									1,743						7
Texas			1,355						5									1,299						5
Maryland			1,200						5									1,209						5
Michigan			1,148						4									1,166						4
Illinois			1,029						4									1,032						4
North Carolina			1,002						4									1,001						4
Other			6,516						25									6,500						25
Total home equity loans			$	25,928					100		%							$	25,991					100		%
Lien type
1st lien									48		%													49		%
2nd lien									52															51
Total									100		%													100		%
			June 30, 2025															December 31, 2024
Weighted-average loan origination statistics (b)
Loan origination FICO score									775															773
LTV of loan originations									62		%													62		%

(a)Presented in descending order based on loan balances at June 30, 2025.

(b)Weighted-averages calculated for the twelve months ended June 30, 2025 and December 31, 2024, respectively.

Automobile

Auto loans of $15.9 billion as of June 30, 2025 comprised $14.9 billion in the indirect auto portfolio and $1.0 billion in the direct auto portfolio. At December 31, 2024, comparable amounts were $15.4 billion, $14.4 billion and $1.0 billion, respectively. The indirect auto portfolio consists of loans originated primarily through independent franchised dealers, including dealers located in our newer markets. This business is strategically aligned with our core retail banking business.

The following table presents certain key statistics related to our indirect and direct auto portfolios:

Table 20: Auto Loan Statistics

			June 30, 2025			December 31, 2024
Weighted-average loan origination FICO score (a) (b)
Indirect auto			798			793
Direct auto			789			786
Weighted-average term of loan originations - in months (a)
Indirect auto			72			72
Direct auto			64			64

(a)Weighted-averages calculated for the twelve months ended June 30, 2025 and December 31, 2024, respectively.

(b)Calculated using the auto enhanced FICO scale.

We continue to focus on borrowers with strong credit profiles as evidenced by the weighted-average loan origination FICO scores noted in Table 20. We offer both new and used auto financing to customers through our various channels. The portfolio balance was composed of 43% new vehicle loans and 57% used vehicle loans at both June 30, 2025 and December 31, 2024.

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.

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

Nonperforming Assets and Loan Delinquencies

Nonperforming Assets

Nonperforming assets include nonperforming loans and leases, OREO and foreclosed 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 2024 Form 10-K for details on our nonaccrual policies.

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

Table 21: Nonperforming Assets by Type

			June 30, 2025			December 31, 2024						Change
Dollars in millions												$						%
Nonperforming loans
Commercial			$	1,251		$	1,462					$	(211)					(14)		%
Consumer (a)			857			864						(7)						(1)		%
Total nonperforming loans			2,108			2,326						(218)						(9)		%
OREO and foreclosed assets			33			31						2						6		%
Total nonperforming assets			$	2,141		$	2,357					$	(216)					(9)		%
Nonperforming loans to total loans			0.65		%	0.73		%
Nonperforming assets to total loans, OREO and foreclosed assets			0.66		%	0.74		%
Nonperforming assets to total assets			0.38		%	0.42		%
Allowance for loan and lease losses to nonperforming loans			215		%	193		%
Allowance for credit losses to nonperforming loans (b)			251		%	224		%

(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, 2025 and 2024:

Table 22: Change in Nonperforming Assets

In millions						2025						2024
January 1						$	2,357					$	2,216
New nonperforming assets						844						1,187
Charge-offs and valuation adjustments						(284)						(311)
Principal activity, including paydowns and payoffs						(468)						(389)
Asset sales and transfers to loans held for sale						(82)						(32)
Returned to performing status						(226)						(134)
June 30						$	2,141					$	2,537

As of June 30, 2025, approximately 96% 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, loans accounted for under the fair value option and PCD loans. 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 (including tariffs), 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 23: Accruing Loans Past Due (a)

						Amount																								% of Total Loans Outstanding
						June 30, 2025						December 31, 2024						Change												June 30, 2025						December 31, 2024
Dollars in millions																		$						%
Early stage loan delinquencies
Accruing loans past due 30 to 59 days						$	635					$	697					$	(62)					(9)		%				0.19		%				0.22		%
Accruing loans past due 60 to 89 days						297						288						9						3		%				0.09		%				0.09		%
Total early stage loan delinquencies						932						985						(53)						(5)		%				0.29		%				0.31		%
Late stage loan delinquencies
Accruing loans past due 90 days or more						371						397						(26)						(7)		%				0.11		%				0.13		%
Total accruing loans past due						$	1,303					$	1,382					$	(79)					(6)		%				0.40		%				0.44		%

(a)Past due loan amounts include government insured or guaranteed loans of $0.3 billion at June 30, 2025 and $0.4 billion at December 31, 2024.

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 3 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 2024 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, 2025.

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

The following table summarizes our ACL related to loans:

Table 24: Allowance for Credit Losses by Loan Class (a)

						June 30, 2025												December 31, 2024
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						$	1,864		$	188,830		0.99		%				$	1,605		$	175,790		0.91		%
Commercial real estate						1,282			31,250			4.10		%				1,483			33,619			4.41		%
Equipment lease financing						84			6,928			1.21		%				60			6,755			0.89		%
Total commercial						3,230			227,008			1.42		%				3,148			216,164			1.46		%
Consumer
Residential real estate						52			45,257			0.11		%				37			46,415			0.08		%
Home equity						292			25,928			1.13		%				266			25,991			1.02		%
Automobile						151			15,892			0.95		%				160			15,355			1.04		%
Credit card						579			6,570			8.81		%				664			6,879			9.65		%
Education						46			1,547			2.97		%				48			1,636			2.93		%
Other consumer						173			4,138			4.18		%				163			4,027			4.05		%
Total consumer						1,293			99,332			1.30		%				1,338			100,303			1.33		%
Total						4,523			$	326,340		1.39		%				4,486			$	316,467		1.42		%
Allowance for unfunded lending related commitments						759												719
Allowance for credit losses						$	5,282											$	5,205
Allowance for credit losses to total loans												1.62		%										1.64		%
Commercial												1.69		%										1.72		%
Consumer												1.45		%										1.47		%

(a)    Excludes allowances for investment securities and other financial assets, which together totaled $88 million and $114 million at June 30, 2025 and December 31, 2024, respectively.

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

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

Table 25: 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
2025
Commercial
Commercial and industrial						$	192					$	83					$	109					0.12		%
Commercial real estate						82						13						69						0.43		%
Equipment lease financing						20						12						8						0.24		%
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		%
Education						9						4						5						0.63		%
Other consumer						77						19						58						2.85		%
Total consumer						342						125						217						0.44		%
Total						$	636					$	233					$	403					0.25		%
2024
Commercial
Commercial and industrial						$	161					$	58					$	103					0.12		%
Commercial real estate						169						9						160						0.91		%
Equipment lease financing						16						8						8						0.25		%
Total commercial						346						75						271						0.25		%
Consumer
Residential real estate						2						6						(4)						(0.02)		%
Home equity						19						21						(2)						(0.02)		%
Automobile						64						49						15						0.20		%
Credit card						182						27						155						4.52		%
Education						9						3						6						0.64		%
Other consumer						83						19						64						3.09		%
Total consumer						359						125						234						0.47		%
Total						$	705					$	200					$	505					0.32		%

Total net charge-offs decreased $102 million, or 20%, for the first six months of 2025 compared to the same period in 2024. The decrease in the comparison was primarily attributable to lower commercial real estate net charge-offs.

See Note 1 Accounting Policies in our 2024 Form 10-K and Note 3 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 2024 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 2025. 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 2025.

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 2024 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 of $426.7 billion at June 30, 2025 were stable compared to December 31, 2024, as lower interest-bearing deposits were offset by higher noninterest-bearing deposits. The decrease in interest-bearing deposits was due to lower commercial and consumer balances, partially offset by higher brokered time deposits. The increase in noninterest-bearing deposits was due to higher consumer and commercial balances. As of June 30, 2025, uninsured deposits represented approximately 44% 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 notes, 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 7 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 26: Senior and Subordinated Debt

In billions			2025
January 1			$	36.6
Issuances			5.2
Calls and maturities			(3.5)
Other			0.9
June 30			$	39.2

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, 2025 and December 31, 2024:

Table 27: Primary Contingent Liquidity Sources

In billions			June 30, 2025						December 31, 2024
Cash balance with Federal Reserve Bank			$	23.9					$	39.0
Available investment securities (a)			72.7						64.5
Unused borrowing capacity from FHLB (b)			49.3						51.0
Unused borrowing capacity from Federal Reserve Bank (c)			76.8						77.9
Total available contingent liquidity			$	222.7					$	232.4

(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, 2025, total FHLB borrowing capacity was $67.6 billion and total FHLB advances and letters of credit were $18.3 billion. Comparable amounts at December 31, 2024 were $73.3 billion and $22.3 billion, respectively.

(c)Total borrowing capacity with the FRB was $76.8 billion at June 30, 2025 and $77.9 billion at December 31, 2024. PNC had no outstanding borrowings with the FRB at June 30, 2025 and December 31, 2024.

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, 2025, PNC Bank’s remaining capacity to issue under the program was $32.8 billion.

The following table details PNC Bank note issuances during the second quarter of 2025:

Table 28: PNC Bank Notes Issued

Issuance Date			Amount			Description of Issuance
May 13, 2025			$1.25 billion			$1.25 billion of 4.543% senior fixed-to-floating rate notes with a maturity date of May 13, 2027. Interest is payable semi-annually in arrears at a fixed rate of 4.543% per annum, on May 13 and November 13 of each year, beginning on November 13, 2025. Beginning on May 13, 2026, 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 pricing supplement), plus 0.630%, on August 13, 2026, November 13, 2026, February 13, 2027 and at the maturity date.

See Note 16 Subsequent Events for details on PNC Bank’s issuances of $1.0 billion of 4.429% senior fixed-to-floating rate

notes that mature on July 21, 2028, and $300 million of senior floating rate notes that mature on July 21, 2028.

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, 2025, 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, 2025, available parent company liquidity totaled $28.3 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 $6.9 billion at June 30, 2025. See Note 19 Regulatory Matters in our 2024 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. 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, 2025, 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 2025:

Table 29: Parent Company Notes Issued

Issuance Date			Amount			Description of Issuance
May 13, 2025			$1.25 billion			$1.25 billion of 4.899% senior fixed-to-floating rate notes with a maturity date of May 13, 2031. Interest is payable semi-annually in arrears at a fixed rate of 4.899% per annum, on May 13 and November 13 of each year, beginning on November 13, 2025. Beginning on May 13, 2030 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 Prospectus Supplement), plus 1.333%, on August 13, 2030, November 13, 2030, February 13, 2031 and at the maturity date.

See Note 16 Subsequent Events for details on the parent company’s issuance of $1.5 billion of 5.373% senior fixed-to-floating rate

notes that mature on July 21, 2036.

The following table details Parent Company note redemptions during the second quarter of 2025:

Table 30: Parent Company Notes Redeemed

Redemption Date			Amount			Description of Redemption
June 12, 2025			$1.0 billion			All outstanding 5.812% senior fixed-to-floating rate notes with an original scheduled maturity date of June 12, 2026. The redemption price was equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of June 12, 2025.

Parent company senior and subordinated debt carrying value totaled $32.1 billion and $28.4 billion at June 30, 2025 and December 31, 2024, respectively.

Contractual Obligations and Commitments

We enter into various contractual arrangements in the normal course of business, certain of which require future payments on borrowed funds, time deposits, leases, pension and postretirement benefits and purchase obligations that could impact our liquidity and capital resources. See the Liquidity and Capital Management portion of the Risk Management section of our 2024 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 8 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 2024 Form 10-K.

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

The following table presents credit ratings and outlook for PNC as of June 30, 2025:

Table 31: Credit Ratings and Outlook

June 30, 2025

Moody’s

Standard & Poor’s (a)

Fitch

DBRS (b)

PNC

Senior debt

A3

A-

A

A (high)

Subordinated debt

A3

BBB+

A-

A

Preferred stock

Baa2

BBB-

BBB

BBB (high)

PNC Bank

Senior debt

A2

A

A+

AA (low)

Subordinated debt

A2

A-

A

A (high)

Long-term deposits

Aa3

no rating

AA-

AA (low)

Short-term deposits

P-1

no rating

F1+

no rating

Short-term notes

P-1

A-1

F1

R-1 (middle)

PNC

Agency rating outlook

Negative

Stable

Stable

Positive

(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 (middle).

Capital Management

Detailed information on our capital management processes and activities is included in the Supervision and Regulation section of Item 1 of our 2024 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 2025, PNC returned $1.0 billion of capital to shareholders, including more than $0.6 billion of dividends on common shares and more than $0.3 billion of common share repurchases. Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 39% were still available for repurchase at June 30, 2025. Share repurchase activity in the third quarter of 2025 is expected to be generally consistent with our second quarter of 2025 share repurchase levels and approximate $300 million to $400 million. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. Based on the results of the Federal Reserve’s 2025 annual stress test, PNC’s SCB for the four-quarter period beginning October 1, 2025 will remain at the regulatory minimum of 2.5%.

On July 3, 2025, the PNC Board of Directors raised the quarterly cash dividend on common stock to $1.70 per share, an increase of 10 cents, or 6%, per share. The dividend is payable on August 5, 2025 to shareholders of record at the close of business July 15, 2025.

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

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

Table 32: Basel III Capital

			June 30, 2025
Dollars in millions			Basel III
Common equity Tier 1 capital
Common stock plus related surplus, net of treasury stock			$	(4,415)
Retained earnings			60,951
Goodwill, net of associated deferred tax liabilities			(10,700)
Other disallowed intangibles, net of deferred tax liabilities			(196)
Other adjustments/(deductions)			(81)
Common equity Tier 1 capital (a)			$	45,559
Additional Tier 1 capital
Preferred stock plus related surplus			5,753
Tier 1 capital			$	51,312
Additional Tier 2 capital
Qualifying subordinated debt			2,196
Eligible credit reserves includable in Tier 2 capital			5,227
Total Basel III capital			$	58,735
Risk-weighted assets
Basel III standardized approach risk-weighted assets (b)			$	433,190
Average quarterly adjusted total assets			$	554,137
Supplementary leverage exposure (c)			$	675,749
Basel III risk-based capital and leverage ratios (d)
Common equity Tier 1			10.5		%
Tier 1			11.8		%
Total			13.6		%
Leverage (e)			9.3		%
Supplementary leverage ratio (c)			7.6		%

(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)All ratios are calculated using the regulatory capital methodology applicable to PNC and calculated based on the standardized approach.

(e)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, 2025, 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, 2025 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 2024 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 2024 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.

NII sensitivity results for the second quarters of 2025 and 2024 follow:

Table 33: Net Interest Income Sensitivity Analysis

			Second Quarter 2025						Second Quarter 2024
Net Interest Income Sensitivity Simulation (a)
Effect on NII in first year from shocked interest rate:
200 basis point instantaneous increase			0.9		%				(0.6)		%
200 basis point instantaneous decrease			(2.0)		%				(0.2)		%

(a)The effect on NII in the first year from a 100 basis point instantaneous increase or decrease is not materially different from the 200 basis point scenarios as disclosed above.

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. As of the second quarter 2025, the projected balance sheet composition by the end of year one is generally consistent with the spot composition at June 30, 2025.

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 2025. 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 modestly 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 $56.7 billion in active and forward starting receive fix / pay float swaps as of June 30, 2025, with a weighted average duration of 2.4 years and an average fixed rate of 3.75%. As of June 30, 2025, PNC also had collars in place, reflecting $2.5 billion of caps and $2.5 billion of floors, that are used to hedge commercial loans. Additionally, PNC utilizes receive fix / pay float swaps to hedge fixed rate debt and deposits, as well as pay fix / receive float swaps to hedge the investment securities portfolio. See Note 12 Financial Derivatives for additional information on how we use derivatives to hedge these financial instruments.

Compared to the second quarter of 2024, there have been no material changes to our NII sensitivity assumptions, including data sources that drive assumptions setting.

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

EVE sensitivity results for the second quarters of 2025 and 2024 follow:

Table 34: Economic Value of Equity Sensitivity Analysis

			Second Quarter 2025			Second Quarter 2024
Economic Value of Equity Sensitivity Simulation
200 basis point instantaneous increase			(1.8)		%	(6.7)		%
200 basis point instantaneous decrease			(3.5)		%	0.1		%

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, 2025. 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.

In the first quarter of 2025, PNC introduced a new deposit runoff model for EVE. Relative to the legacy model, the new deposit model uses an improved functional form for capturing rate sensitivity and also takes into account more recent deposit behavioral data.

As a result of the introduction of the new deposit model, PNC's estimated balance sheet duration decreased, becoming more neutral. The model change results in our estimated EVE having more symmetrical exposure to +200 bps and -200 bps shocks, as compared to the prior model which resulted in our balance sheet facing greater exposure to a +200 bps rate shock and minimal exposure to a -200 bps rate shock.

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 2024 Form 10-K for more information on our models used to calculate VaR and our backtesting process.

Customer-related trading revenue was $91 million for the six months ended June 30, 2025, compared to $34 million for the same period in 2024, 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, partially offset by lower securities 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.

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

A summary of our equity investments follows:

Table 35: Equity Investments Summary

			June 30, 2025						December 31, 2024						Change
Dollars in millions															$						%
Tax credit investments			$	5,061					$	5,066					$	(5)					—		%
Private equity and other			4,694						4,534						160						4		%
Total			$	9,755					$	9,600					$	155					2		%

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 $3.0 billion and $2.9 billion at June 30, 2025 and December 31, 2024, 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 2024 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 $2.5 billion and $2.3 billion at June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025, $2.3 billion was invested directly in a variety of companies, and $0.2 billion was invested indirectly through various private equity funds.

PNC owns Visa Class B-2 common shares which were previously converted from Visa Class B-1 common shares as a result of the Visa exchange program in 2024. The Visa Class B-2 common shares, which are included in our other equity investments at cost, remain subject to the same restrictions that were imposed on the Visa Class B-1 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.

The Visa Class B-2 common shares that we own are transferable only under limited circumstances until either the resolution of the pending interchange litigation or Visa launches another exchange program allowing PNC to convert a portion of its Visa Class B-2 common shares into freely transferable Visa Class C common shares. At June 30, 2025, the estimated value of our total investment in the Visa Class B-2 common shares was approximately $1.0 billion, while our cost basis was insignificant. The estimated value does not represent fair value of the Visa Class B-2 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 2024 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 $5 million and $19 million for the six months ended June 30, 2025 and June 30, 2024, respectively.

Financial Derivatives

Financial derivatives involve, to varying degrees, market and credit risk. 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 and an underlying as specified in the contract. Therefore, cash requirements and exposure to credit risk are significantly less than the notional amount on these instruments.

We use a variety of financial derivatives as part of the overall asset and liability risk management process to help manage exposure to market (primarily interest rate) and credit risk inherent in our business activities. We also enter into derivatives with customers to facilitate their risk management activities.

Further information on our financial derivatives is presented in Note 1 Accounting Policies, Note 14 Fair Value and Note 15 Financial Derivatives in our 2024 Form 10-K and in Note 11 Fair Value and Note 12 Financial Derivatives in this Report.

Not all elements of market and credit risk are addressed through the use of financial derivatives, and such instruments may be ineffective for their intended purposes due to unanticipated market changes, among other reasons.

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 36: Average Consolidated Balance Sheet and Net Interest Analysis (a) (b) (c)

			Six months ended June 30
			2025																		2024
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			$	34,182					$	636					3.72		%				$	30,885					$	472					3.06		%
U.S. Treasury and government agencies			24,880						562						4.56		%				11,775						221						3.72		%
Other			7,663						141						3.67		%				7,058						127						3.59		%
Total securities available-for-sale			66,725						1,339						4.03		%				49,718						820						3.29		%
Securities held-to-maturity
Residential mortgage-backed			40,243						578						2.87		%				42,433						590						2.78		%
U.S. Treasury and government agencies			27,910						210						1.52		%				35,663						234						1.31		%
Other			7,180						157						4.37		%				10,556						250						4.76		%
Total securities held-to-maturity			75,333						945						2.51		%				88,652						1,074						2.42		%
Total investment securities			142,058						2,284						3.22		%				138,370						1,894						2.74		%
Loans
Commercial and industrial			181,049						5,225						5.74		%				177,194						5,557						6.20		%
Commercial real estate			32,450						975						5.97		%				35,523						1,197						6.67		%
Equipment lease financing			6,747						169						5.02		%				6,478						171						5.27		%
Consumer			53,637						1,895						7.12		%				53,718						1,924						7.20		%
Residential real estate			45,823						864						3.77		%				47,350						870						3.67		%
Total loans			319,706						9,128						5.70		%				320,263						9,719						6.03		%
Interest-earning deposits with banks			33,209						731						4.38		%				44,682						1,223						5.47		%
Other interest-earning assets			10,750						313						5.83		%				8,641						300						6.95		%
Total interest-earning assets/interest income			505,723						12,456						4.92		%				511,956						13,136						5.11		%
Noninterest-earning assets			53,323																		50,983
Total assets			$	559,046																	$	562,939
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market			$	71,980					1,071						3.00		%				$	67,735					1,152						3.42		%
Demand			125,637						1,171						1.88		%				122,085						1,369						2.25		%
Savings			97,217						788						1.64		%				97,476						886						1.83		%
Time deposits			34,227						623						3.66		%				33,819						754						4.46		%
Total interest-bearing deposits			329,061						3,653						2.24		%				321,115						4,161						2.60		%
Borrowed funds
Federal Home Loan Bank advances			19,007						453						4.74		%				36,839						1,054						5.66		%
Senior debt			35,541						1,014						5.71		%				29,096						966						6.57		%
Subordinated debt			4,001						112						5.61		%				4,824						160						6.64		%
Other			6,352						137						4.30		%				5,764						161						5.54		%
Total borrowed funds			64,901						1,716						5.28		%				76,523						2,341						6.06		%
Total interest-bearing liabilities/interest expense			393,962						5,369						2.73		%				397,638						6,502						3.25		%
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits			92,757																		97,579
Accrued expenses and other liabilities			16,580																		16,774
Equity			55,747																		50,948
Total liabilities and equity			$	559,046																	$	562,939
Interest rate spread															2.19		%																1.86		%
Impact of noninterest-bearing sources															0.60																		0.72
Net interest income/margin									$	7,087					2.79		%										$	6,634					2.58		%

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

(Continued from previous page)			Three months ended June 30
			2025																		2024
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			34,567						325						3.76		%				30,780						239						3.11		%
U.S. Treasury and government agencies			25,372						288						4.55		%				15,350						166						4.28		%
Other			7,818						72						3.69		%				7,305						68						3.70		%
Total securities available-for-sale			67,757						685						4.05		%				53,435						473						3.53		%
Securities held-to-maturity
Residential mortgage-backed			40,440						294						2.90		%				42,234						295						2.79		%
U.S. Treasury and government agencies			26,900						102						1.53		%				35,467						117						1.31		%
Other			6,838						74						4.34		%				10,170						121						4.82		%
Total securities held-to-maturity			74,178						470						2.54		%				87,871						533						2.43		%
Total investment securities			141,935						1,155						3.26		%				141,306						1,006						2.84		%
Loans
Commercial and industrial			184,725						2,682						5.74		%				177,130						2,786						6.22		%
Commercial real estate			31,838						485						6.01		%				35,523						598						6.66		%
Equipment lease financing			6,801						84						4.99		%				6,490						87						5.37		%
Consumer			53,851						954						7.11		%				53,503						963						7.24		%
Residential real estate			45,539						428						3.76		%				47,272						437						3.70		%
Total loans			322,754						4,633						5.70		%				319,918						4,871						6.05		%
Interest-earning deposits with banks			31,570						350						4.38		%				41,113						563						5.47		%
Other interest-earning assets			11,348						160						5.66		%				9,279						162						6.98		%
Total interest-earning assets/interest income			507,607						6,298						4.93		%				511,616						6,602						5.13		%
Noninterest-earning assets			54,079																		51,414
Total assets			$	561,686																	$	563,030
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market			$	70,909					532						3.01		%				$	67,631					570						3.39		%
Demand			126,222						594						1.89		%				121,423						679						2.25		%
Savings			97,028						395						1.63		%				97,232						447						1.85		%
Time deposits			35,674						324						3.64		%				34,663						388						4.48		%
Total interest-bearing deposits			329,833						1,845						2.24		%				320,949						2,084						2.61		%
Borrowed funds
Federal Home Loan Bank advances			18,319						220						4.74		%				35,962						515						5.66		%
Senior debt			36,142						521						5.77		%				29,717						492						6.55		%
Subordinated debt			3,686						53						5.69		%				4,567						75						6.65		%
Other			7,146						76						4.24		%				7,210						100						5.51		%
Total borrowed funds			65,293						870						5.31		%				77,456						1,182						6.04		%
Total interest-bearing liabilities/interest expense			395,126						2,715						2.74		%				398,405						3,266						3.26		%
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits			93,142																		96,284
Accrued expenses and other liabilities			16,942																		17,144
Equity			56,476																		51,197
Total liabilities and equity			$	561,686																	$	563,030
Interest rate spread															2.19		%																1.87		%
Impact of noninterest-bearing sources															0.61																		0.73
Net interest income/margin									$	3,583					2.80		%										$	3,336					2.60		%

(a)Nonaccrual loans are included in loans, net of unearned income. The impact of financial derivatives used in interest rate risk management is included in the interest income/expense and average yields/rates of the related assets and liabilities. Fair value adjustments related to hedged items are included in noninterest-earning assets and noninterest-bearing liabilities. Average balances of securities are based on amortized historical cost (excluding adjustments to fair value and unsettled activity, which are included in noninterest-earning assets). Average balances for certain loans and borrowed funds accounted for at fair value are included in noninterest-earning assets and noninterest-bearing liabilities, with changes in fair value recorded in Noninterest income.

(b)Loan fees for the three months ended June 30, 2025 and 2024 were $42 million and $44 million, respectively. Loan fees for the six months ended June 30, 2025 and 2024 were $85 million and $91 million, respectively.

(c)Interest income calculated as taxable-equivalent interest income. See Reconciliation of Taxable-Equivalent Net Interest Income in the Non-GAAP Financial Information section for more information.

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.

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

Table 37: Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP) (a)

						Six months ended									Three months ended
In millions						June 30, 2025												June 30, 2024						June 30, 2025			June 30, 2024
Net interest income (GAAP)						$	7,031											$	6,566					$	3,555		$	3,302
Taxable-equivalent adjustments						56												68						28			34
Net interest income (non-GAAP)						$	7,087											$	6,634					$	3,583		$	3,336

(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.

RECENT REGULATORY DEVELOPMENTS

Regulatory Capital Requirements

Stress Capital Buffer

In April 2025, the Federal Reserve issued a proposal to revise the calculation of the SCB to reduce the volatility of the stress testing requirements for large firms, including for Category III firms such as PNC. Under the proposal, the annual SCB would be calculated based on an average of two consecutive annual supervisory stress tests. The proposed changes would become effective January 1, 2026. The comment period on the proposal ended on June 23, 2025.

In June 2025, the Federal Reserve announced the results of its supervisory stress tests conducted as part of the 2025 CCAR process. PNC remained well above its regulatory minimum capital requirements in the supervisory stress tests, and PNC’s SCB will remain at the regulatory minimum of 2.5%. See the Liquidity and Capital Management portion of the Risk Management section in this Financial Review for a discussion of PNC’s capital actions.

Enhanced Supplementary Leverage Ratio Proposal

In June 2025, the federal banking agencies issued a proposal to modify the enhanced Supplementary Leverage Ratio Standards for U.S. global systemically important bank holding companies and their subsidiary depository institutions (“US GSIBs”). The proposal is designed to reduce disincentives for banking organizations to engage in lower-risk activities and promote the smooth functioning of U.S. Treasury markets. The main proposed revisions would reduce the level of regulatory capital that U.S. GSIBs are required to hold based on their total leverage exposure. The proposal also seeks comments on additional alternatives and modifications to the supplementary leverage ratio, including the exclusion of U.S. Treasury securities and central bank reserves from total leverage exposure, which, if adopted, could apply to all Category I-III firms, including PNC. Comments on the proposal are due by August 26, 2025.

Other Developments

One Big Beautiful Bill Act

In July 2025, the President signed into law the One Big Beautiful Bill Act (the “Act”). The Act contains several business tax provisions. PNC is evaluating the impacts of the Act to PNC.

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

Our consolidated financial statements are prepared by applying certain accounting policies. Note 1 Accounting Policies in our 2024 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. The policies and judgments related to residential and commercial MSRs and Level 3 fair value measurements are described in Critical Accounting Estimates and Judgments in our 2024 Form 10-K. The following details the critical estimates and judgments around the ACL:

Allowance for Credit Losses

We maintain the ACL at levels that we believe to be appropriate as of the balance sheet date to absorb expected credit losses on our existing investment securities, loans, equipment finance leases, other financial assets and unfunded lending related commitments, for the remaining estimated contractual term of the assets or exposures, taking into consideration expected prepayments and estimated recoveries. Our determination of the ACL is based on historical loss and performance experience, as well as current borrower and transaction characteristics including collateral type and quality, current economic conditions, reasonable and supportable forecasts of future economic conditions and other relevant factors. We use methods sensitive to changes in economic conditions to interpret these

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

factors and to estimate expected credit losses. We evaluate and, when appropriate, enhance the quality of our data and models and other methods used to estimate the ACL on an ongoing basis. The major drivers of ACL estimates include, but are not limited to:

•Current economic conditions: Our forecast of expected losses depends on economic conditions as of the estimation date. As          current economic conditions evolve, forecasted losses could be materially affected.         

•Scenario weights and design: Our loss estimates are sensitive to the shape, direction and rate of change of macroeconomic forecasts and thus vary significantly between upside and downside scenarios. Changes to the probability weights assigned to these scenarios and the timing of peak business cycles reflected by the scenarios could materially affect our loss estimates.

•Current borrower quality: Our forecast of expected losses depends on current borrower and transaction characteristics, including credit metrics and collateral type/quality. As borrower quality evolves, forecasted losses could be materially affected.

•Portfolio composition: Changes to portfolio volume and mix could materially affect our estimates, as CECL reserves

would be recognized upon origination or acquisition and derecognized upon paydown, maturity or sale.

We also incorporate qualitative factors in the ACL that reflect our best estimate of expected losses that may not be adequately represented in our quantitative methods or economic assumptions, as discussed below and in the Allowance for Credit Losses section of Note 1 Accounting Policies in our 2024 Form 10-K.

For all assets and unfunded lending related commitments within the scope of the CECL standard, the applicable ACL is composed of one or a combination of the following components: (i) collectively assessed or pooled reserves, (ii) individually assessed reserves and

(iii) qualitative (judgmental) reserves. Through this approach, we believe the reserve levels appropriately reflect the expected credit losses in the portfolio as of the balance sheet date.

Our methodologies and key assumptions are further discussed in Note 1 Accounting Policies in our 2024 Form 10-K.

Reasonable and Supportable Economic Forecast

Pursuant to the CECL standard, we are required to consider reasonable and supportable forecasts in estimating expected credit losses. For this purpose, we have established a framework that includes a three-year forecast period and the use of four economic scenarios with associated probability weights, which in combination create a forecast of expected economic outcomes. Credit losses estimated in our reasonable and supportable forecast period are sensitive to the shape and severity of the scenarios used and weights assigned to them.

To forecast the distribution of economic outcomes over the reasonable and supportable forecast period, we generate four economic forecast scenarios using a combination of quantitative macroeconomic models, other measures of economic activity and forward-looking expert judgment. Each scenario is then given an associated probability (weight) to represent our current expectation within that distribution over the forecast period. This process is informed by current economic conditions, expected business cycle evolution and the expert judgment of PNC’s RAC. This approach seeks to provide a reasonable representation of the forecast of expected economic outcomes and is used to estimate expected credit losses across a variety of loans, securities and other financial assets. Each quarter, the scenarios and their respective weights are presented to RAC for approval.

The scenarios used for the period ended June 30, 2025 consider, among other factors, ongoing inflationary pressures and the impacts of tariffs on the U.S. economic outlook. Given these factors, growth is expected to slow from current levels in the coming quarters. While recession risks remain elevated, our most-likely expectation at June 30, 2025 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, 2025 and December 31, 2024:

Table 38: Key Macroeconomic Variables in CECL Weighted-Average Scenarios

			Assumptions as of June 30, 2025
			2025			2026			2027
U.S. real GDP (a)			0.8%			1.1%			2.2%
U.S. unemployment rate (b)			4.5%			5.1%			4.7%
			Assumptions as of December 31, 2024
			2025			2026			2027
U.S. real GDP (a)			0.7%			2.2%			2.2%
U.S. unemployment rate (b)			4.8%			4.7%			4.4%

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

(b)Represents quarterly average rate at December 31, 2025, 2026 and 2027, respectively.

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

Real GDP growth is expected to end 2025 at 0.8% on a weighted average basis, similar to the 0.7% assumed at December 31, 2024. Growth then progresses to 1.1% and will continue to increase to 2.2% by the end of 2027. Unemployment is expected to increase moderately over the next year. The weighted-average unemployment rate will end 2025 at 4.5%, peaking at 5.1% in the fourth quarter of 2026, before decreasing to 4.7% by the end of 2027.

Qualitative Component

As further discussed in the Allowance for Credit Losses section of Note 1 Accounting Policies in our 2024 Form 10-K, we incorporate qualitative reserves in the ACL through detailed analysis to reflect our best estimate of expected losses that may not be adequately represented in our quantitative methods or economic assumptions. 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, 2025, the qualitative framework considers PNC’s view of the current state of the economy, which continues to reflect uncertainty due to the fundamental change in office demand, tariff and trade driven pressures, interest rate movements and housing affordability. Our most significant qualitative factor was related to the office portfolio of the commercial real estate loan class.

See the following for additional information related to our ACL:

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

•Note 2 Investment Securities and Note 3 Loans and Related Allowance for Credit Losses in this Report, and

•Note 1 Accounting Policies in our 2024 Form 10-K.

Recently Issued Accounting Standards

Accounting Standards Update			Description			Financial Statement Impact
Improvements to Income Tax Disclosures - ASU 2023-09 Issued December 2023			• Required with issuance of 2025 Form 10-K; early adoption is permitted. • Requires public business entities to, on an annual basis, (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. • Requires that all entities disclose, on an annual basis, (1) the amount of income taxes paid (net of refunds received), disaggregated by federal (national), state and foreign taxes, and (2) the amount of income taxes paid (net of refunds received), disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). • Allows for either a prospective or retrospective transition approach.			• We are currently evaluating the disclosure requirements of 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.
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: employee compensation, depreciation, and intangible asset amortization). • 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.

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

INTERNAL CONTROLS AND DISCLOSURE CONTROLS AND PROCEDURES

As of June 30, 2025, 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, 2025, and that there has been no change in PNC’s internal control over financial reporting that occurred during the second quarter of 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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,

–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 and do not take into account potential legal and regulatory contingencies. These statements are based on our views that:

–The economic fundamentals remain solid in mid-2025. The labor market has eased but job growth continues, and job and income gains have supported consumer spending growth in the first half of 2025. However, downside risks have materially increased with recent substantial changes to U.S. tariffs and corresponding policy changes by U.S. trading partners.

–PNC’s baseline forecast remains for continued expansion, but slower economic growth in 2025 than in 2024. Tariffs and the uncertainty surrounding them will weigh on consumer spending and business investment. High interest rates remain a drag on the economy, consumer spending growth will slow to a pace more consistent with household income growth, and government’s contribution to economic growth will be smaller.

–The baseline forecast is for real GDP growth of around 1.5% in 2025 and 2026, with the unemployment rate increasing to around 4.5% over the next year. However, the recent turbulence in trade policy indicates that growth may be significantly weaker than in this forecast and the unemployment rate higher. The higher tariffs rates are, the longer they remain in place, and the more uncertainty that exists around them, the weaker economic growth will be and the higher the unemployment rate will be. The longer trade disputes persist, the greater the likelihood of near-term recession.

–The baseline forecast is for one federal funds rate cut of 25 basis points this year, at the last FOMC meeting of 2025, with additional rate cuts of 25 basis points at each of the first two FOMC meetings of 2026. This would put the

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

federal funds rate in a range of 3.50% to 3.75% by the spring of next year. High inflation could mean less monetary easing than in the forecast, but if the economy enters recession the Federal Reserve could cut the federal funds rate more aggressively this year.

•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 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 2024 Form 10-K and subsequent Form 10-Qs 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.

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

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			2025						2024						2025						2024
Interest Income
Loans			$	4,609					$	4,842					$	9,081					$	9,661
Investment securities			1,151						1,001						2,275						1,884
Other			510						725						1,044						1,523
Total interest income			6,270						6,568						12,400						13,068
Interest Expense
Deposits			1,845						2,084						3,653						4,161
Borrowed funds			870						1,182						1,716						2,341
Total interest expense			2,715						3,266						5,369						6,502
Net interest income			3,555						3,302						7,031						6,566
Noninterest Income
Asset management and brokerage			391						364						782						728
Capital markets and advisory			321						272						627						531
Card and cash management			737						706						1,429						1,377
Lending and deposit services			317						304						633						609
Residential and commercial mortgage			128						131						262						278
Other income
Gain on Visa shares exchange program			—						754						—						754
Securities gains (losses)			—						(499)						(2)						(499)
Other			212						77						351						212
Total other income			212						332						349						467
Total noninterest income			2,106						2,109						4,082						3,990
Total revenue			5,661						5,411						11,113						10,556
Provision For Credit Losses			254						235						473						390
Noninterest Expense
Personnel			1,889						1,782						3,779						3,576
Occupancy			235						236						480						480
Equipment			394						356						778						697
Marketing			99						93						184						157
Other			766						890						1,549						1,781
Total noninterest expense			3,383						3,357						6,770						6,691
Income before income taxes and noncontrolling interests			2,024						1,819						3,870						3,475
Income taxes			381						342						728						654
Net income			1,643						1,477						3,142						2,821
Less: Net income attributable to noncontrolling interests			16						18						34						32
Preferred stock dividends			83						95						154						176
Preferred stock discount accretion and redemptions			2						2						4						4
Net income attributable to common shareholders			$	1,542					$	1,362					$	2,950					$	2,609
Earnings Per Common Share
Basic			$	3.86					$	3.39					$	7.37					$	6.49
Diluted			$	3.85					$	3.39					$	7.37					$	6.48
Average Common Shares Outstanding
Basic			397						400						398						400
Diluted			397						400						398						400

See accompanying Notes to Consolidated Financial Statements.

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

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited In millions						Three months ended June 30									Six months ended June 30
						2025			2024						2025			2024
Net income						$	1,643		$	1,477					$	3,142		$	2,821
Other comprehensive income (loss), before tax and net of reclassifications into Net income
Net change in debt securities						263			475						1,192			296
Net change in cash flow hedge derivatives						485			308						1,310			58
Pension and other postretirement benefit plan adjustments						(19)			1						(21)			(1)
Net change in Other						(2)			—						(3)			(2)
Other comprehensive income (loss), before tax and net of reclassifications into Net income						727			784						2,478			351
Income tax benefit (expense) related to items of other comprehensive income						(172)			(188)						(595)			(85)
Other comprehensive income (loss), after tax and net of reclassifications into Net income						555			596						1,883			266
Comprehensive income						2,198			2,073						5,025			3,087
Less: Comprehensive income attributable to noncontrolling interests						16			18						34			32
Comprehensive income attributable to PNC						$	2,182		$	2,055					$	4,991		$	3,055

See accompanying Notes to Consolidated Financial Statements.

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

CONSOLIDATED BALANCE SHEET

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited			June 30, 2025						December 31, 2024
In millions, except par value
Assets
Cash and due from banks			$	5,939					$	6,904
Interest-earning deposits with banks			24,455						39,347
Loans held for sale (a)			1,837						850
Investment securities – available-for-sale			67,136						62,039
Investment securities – held-to-maturity			75,212						77,693
Loans (a)			326,340						316,467
Allowance for loan and lease losses			(4,523)						(4,486)
Net loans			321,817						311,981
Equity investments			9,755						9,600
Mortgage servicing rights			3,467						3,711
Goodwill			10,932						10,932
Other (a)			38,557						36,981
Total assets			$	559,107					$	560,038
Liabilities
Deposits
Noninterest-bearing			$	93,253					$	92,641
Interest-bearing (b)			333,443						334,097
Total deposits			426,696						426,738
Borrowed funds
Federal Home Loan Bank advances			18,000						22,000
Senior debt			35,750						32,497
Subordinated debt			3,490						4,104
Other (b)			3,184						3,072
Total borrowed funds			60,424						61,673
Allowance for unfunded lending related commitments			759						719
Accrued expenses and other liabilities (b)			13,573						16,439
Total liabilities			501,452						505,569
Equity
Preferred stock (c)			—						—
Common stock ($5 par value, Authorized 800,000,000 shares, issued 543,412,101 and 543,310,646 shares)			2,717						2,717
Capital surplus			18,809						18,710
Retained earnings			60,951						59,282
Accumulated other comprehensive income (loss)			(4,682)						(6,565)
Common stock held in treasury at cost: 149,426,326 and 147,373,633 shares			(20,188)						(19,719)
Total shareholders’ equity			57,607						54,425
Noncontrolling interests			48						44
Total equity			57,655						54,469
Total liabilities and equity			$	559,107					$	560,038

(a)Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.5 billion, Loans held for investment of $1.1 billion and Other assets of $0.2 billion at June 30, 2025. Comparable amounts at December 31, 2024 were $0.8 billion, $1.2 billion and $0.1 billion, respectively.

(b)Our consolidated liabilities included the following for which we have elected the fair value option: Interest-bearing deposits of $5.6 billion, Other borrowed funds of less than $0.1 billion and Other liabilities of $0.1 billion at June 30, 2025. Comparable amounts at December 31, 2024 were $0, 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.

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

CONSOLIDATED STATEMENT OF CASH FLOWS

THE PNC FINANCIAL SERVICES GROUP, INC.

Unaudited In millions						Six months ended June 30
						2025						2024
Operating Activities
Net income						$	3,142					$	2,821
Adjustments to reconcile net income to net cash provided (used) by operating activities
Provision for credit losses						473						390
Depreciation, amortization and accretion						172						74
Deferred income taxes (benefit)						(58)						(21)
Net losses on sales of securities						2						499
Changes in fair value of mortgage servicing rights						328						23
Gain on Visa shares exchange program						—						(754)
Net change in
Trading securities and other short-term investments						(1,646)						416
Loans held for sale and related securitization activity						(955)						(238)
Other assets						1,782						(142)
Accrued expenses and other liabilities						(2,395)						(934)
Other operating activities, net						126						659
Net cash provided (used) by operating activities						$	971					$	2,793
Investing Activities
Sales
Securities available-for-sale						$	1,331					$	3,745
Loans						293						237
Repayments/maturities
Securities available-for-sale						3,392						2,747
Securities held-to-maturity						6,843						4,714
Purchases
Securities available-for-sale						(9,045)						(16,246)
Securities held-to-maturity						(3,979)						(933)
Loans						(853)						(865)
Net change in
Federal funds sold and resale agreements						(188)						167
Loans						(9,812)						206
Other investing activities, net						(670)						(357)
Net cash provided (used) by investing activities						$	(12,688)					$	(6,585)

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

CONSOLIDATED STATEMENT OF CASH FLOWS

THE PNC FINANCIAL SERVICES GROUP, INC.

(Continued from previous page)
Unaudited In millions						Six months ended June 30
						2025						2024
Financing Activities
Net change in
Noninterest-bearing deposits						$	613					$	(6,755)
Interest-bearing deposits						(654)						1,716
Federal funds purchased and repurchase agreements						(36)						(178)
Other borrowed funds						149						(129)
Sales/issuances
Federal Home Loan Bank advances						3,000						—
Senior debt						5,237						4,236
Other borrowed funds						—						338
Common and treasury stock						34						33
Repayments/maturities
Federal Home Loan Bank advances						(7,000)						(3,000)
Senior debt						(2,750)						(1,050)
Subordinated debt						(700)						(750)
Other borrowed funds						—						(354)
Acquisition of treasury stock						(598)						(336)
Preferred stock cash dividends paid						(154)						(176)
Common stock cash dividends paid						(1,281)						(1,247)
Net cash provided (used) by financing activities						$	(4,140)					$	(7,652)
Net Increase (Decrease) In Cash, Cash Equivalents And Restricted Cash						$	(15,857)					$	(11,444)
Cash, cash equivalents and restricted cash at beginning of period						46,251						50,725
Cash, cash equivalents and restricted cash at end of period						$	30,394					$	39,281
Cash, Cash Equivalents And Restricted Cash
Cash and cash equivalents at end of period (unrestricted cash)						$	29,402					$	38,407
Restricted cash						992						874
Cash, cash equivalents and restricted cash at end of period						$	30,394					$	39,281
Supplemental Disclosures
Interest paid						$	5,511					$	6,314
Income taxes paid						$	392					$	288
Income taxes refunded						$	2					$	44
Leased assets obtained in exchange for new operating lease liabilities						$	149					$	129
Non-cash Investing And Financing Items
Transfer from loans to loans held for sale, net						$	108					$	58
Transfer from loans to foreclosed assets						$	21					$	24

See accompanying Notes to Consolidated Financial Statements.

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

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.

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. During the second quarter of 2025, certain segment prior period information was adjusted to conform with current period presentation. See Note 14 Segment Reporting for more information.

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 2024 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2024 Form 10-K for a detailed description of significant accounting policies. These interim consolidated financial statements serve to update our 2024 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements.

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

See Note 1 Accounting Policies in our 2024 Form 10-K for recently adopted accounting standards. We did not adopt any new accounting standards during the first six months of 2025.

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

NOTE 2 INVESTMENT SECURITIES

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

Table 39: Investment Securities Summary (a) (b)

						June 30, 2025																											December 31, 2024
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						$	26,275					$	113					$	(426)					$	25,962								$	23,962					$	25					$	(436)					$	23,551
Residential mortgage-backed
Agency						34,916						89						(2,432)						32,573									33,589						28						(2,991)						30,626
Non-agency						474						112						(5)						581									504						105						(6)						603
Commercial mortgage-backed
Agency						2,983						12						(86)						2,909									2,077						1						(133)						1,945
Non-agency						507						—						(7)						500									706						—						(15)						691
Asset-backed						2,481						46						—						2,527									2,353						42						(3)						2,392
Other						2,122						45						(83)						2,084									2,307						42						(118)						2,231
Total securities available-for-sale						$	69,758					$	417					$	(3,039)					$	67,136								$	65,498					$	243					$	(3,702)					$	62,039
Securities Held-to-Maturity
U.S. Treasury and government agencies						$	26,116					$	19					$	(506)					$	25,629								$	29,420					$	—					$	(896)					$	28,524
Residential mortgage-backed
Agency						42,352						114						(2,883)						39,583									40,171						16						(3,696)						36,491
Non-agency						230						—						(16)						214									240						—						(21)						219
Commercial mortgage-backed
Agency						934						9						(12)						931									955						3						(28)						930
Non-agency						575						4						(2)						577									836						3						(7)						832
Asset-backed						2,507						38						(10)						2,535									3,380						37						(16)						3,401
Other						2,498						15						(62)						2,451									2,691						19						(49)						2,661
Total securities held-to-maturity (d)						$	75,212					$	199					$	(3,491)					$	71,920								$	77,693					$	78					$	(4,713)					$	73,058

(a) At June 30, 2025, the accrued interest associated with our held-to-maturity and available-for-sale portfolios totaled $235 million and $325 million, respectively. The comparable amounts at December 31, 2024 were $242 million and $328 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, 2025 and December 31, 2024.

(c) Amortized cost is presented net of allowance of $63 million for securities available-for-sale, primarily related to non-agency commercial mortgage-backed securities, and $5 million for securities held-to-maturity at June 30, 2025. The comparable amounts at December 31, 2024 were $86 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 $3.0 billion at June 30, 2025 related to securities transferred, which are offset in AOCI, net of tax. The comparable amount at December 31, 2024 was $3.4 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, 2025 included $577 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, 2024 was $151 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, 2025, the allowance for investment securities was $68 million and primarily related to non-agency commercial mortgage-backed securities in the available-for-sale portfolio. The comparable amount at December 31, 2024 was $91 million. See Note 1 Accounting Policies in our 2024 Form 10-K for a discussion of the methodologies used to determine the allowance for investment securities.

At June 30, 2025, AOCI included pretax losses of $265 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 40 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, 2025 and December 31, 2024. 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 51  

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, 2025, 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 40: 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, 2025
U.S. Treasury and government agencies						$	(17)					$	9,256					$	(409)					$	9,495					$	(426)					$	18,751
Residential mortgage-backed
Agency						(25)						4,316						(2,407)						18,692						(2,432)						23,008
Non-agency						—						—						(2)						32						(2)						32
Commercial mortgage-backed
Agency						(2)						390						(84)						1,348						(86)						1,738
Non-agency						—						—						(7)						415						(7)						415
Asset-backed						—						—						—						—						—						—
Other						(6)						72						(64)						1,572						(70)						1,644
Total securities available-for-sale						$	(50)					$	14,034					$	(2,973)					$	31,554					$	(3,023)					$	45,588
December 31, 2024
U.S. Treasury and government agencies						$	(70)					$	17,500					$	(366)					$	1,824					$	(436)					$	19,324
Residential mortgage-backed
Agency						(65)						6,163						(2,926)						19,595						(2,991)						25,758
Non-agency						—						—						(3)						41						(3)						41
Commercial mortgage-backed
Agency						(8)						501						(125)						1,388						(133)						1,889
Non-agency						—						—						(15)						559						(15)						559
Asset-backed						(2)						226						(1)						8						(3)						234
Other						(2)						99						(98)						1,734						(100)						1,833
Total securities available-for-sale						$	(147)					$	24,489					$	(3,534)					$	25,149					$	(3,681)					$	49,638

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

Table 41: 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)
2025						$	2		$	(4)		$	(2)		$	—
2024						$	2		$	(501)		$	(499)		$	(105)

52    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, 2025:

Table 42: Contractual Maturity of Debt Securities

June 30, 2025 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						$	537					$	11,821					$	11,756					$	2,161					$	26,275
Residential mortgage-backed
Agency						1						315						3,398						31,202						34,916
Non-agency						—						—						62						412						474
Commercial mortgage-backed
Agency						50						1,444						111						1,378						2,983
Non-agency						—						79						77						351						507
Asset-backed						—						1,072						450						959						2,481
Other						464						1,308						199						151						2,122
Total securities available-for-sale at amortized cost						$	1,052					$	16,039					$	16,053					$	36,614					$	69,758
Fair value						$	1,044					$	15,998					$	15,872					$	34,222					$	67,136
Weighted-average yield, GAAP basis (a)						2.98		%				3.73		%				4.22		%				3.95		%				3.95		%
Securities Held-to-Maturity
U.S. Treasury and government agencies						$	7,858					$	15,964					$	1,452					$	842					$	26,116
Residential mortgage-backed
Agency						—						5						439						41,908						42,352
Non-agency						—						—						—						230						230
Commercial mortgage-backed
Agency						—						273						443						218						934
Non-agency						—						36						—						539						575
Asset-backed						2						652						1,075						778						2,507
Other						327						716						264						1,191						2,498
Total securities held-to-maturity at amortized cost						$	8,187					$	17,646					$	3,673					$	45,706					$	75,212
Fair value						$	8,139					$	17,376					$	3,575					$	42,830					$	71,920
Weighted-average yield, GAAP basis (a)						1.41		%				1.76		%				2.72		%				3.08		%				2.57		%

(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:

Table 43: Fair Value of Securities Pledged and Accepted as Collateral

In millions			June 30, 2025			December 31, 2024
Pledged to others			$	66,610		$	69,330
Accepted from others:
Permitted by contract or custom to sell or repledge			$	1,421		$	1,231
Permitted amount repledged to others			$	1,421		$	1,231

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 12 Financial Derivatives for information related to securities pledged and accepted as collateral for derivatives.

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

NOTE 3 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

• Equipment lease financing

• Automobile

• Credit card

• Education

• Other consumer

See Note 1 Accounting Policies in our 2024 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 (including tariffs), 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.

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

Table 44 presents the composition and delinquency status of our loan portfolio at June 30, 2025 and December 31, 2024. Loan delinquencies include government insured or guaranteed loans and loans accounted for under the fair value option.

Table 44: 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, 2025
Commercial
Commercial and industrial			$	188,080		$	118		$	91		$	79		$	288					$	462		$	—		$	188,830
Commercial real estate			30,448			43			6			—			49						753			—			31,250
Equipment lease financing			6,867			15			10			—			25						36			—			6,928
Total commercial			225,395			176			107			79			362						1,251			—			227,008
Consumer
Residential real estate			44,188			247			91			182			520			(c)			325			224			45,257
Home equity			25,362			62			28			—			90						436			40			25,928
Automobile			15,714			74			19			5			98						80			—			15,892
Credit card			6,419			42			32			64			138						13			—			6,570
Education			1,477			22			14			34			70			(c)			—			—			1,547
Other consumer			4,110			12			6			7			25						3			—			4,138
Total consumer			97,270			459			190			292			941						857			264			99,332
Total			$	322,665		$	635		$	297		$	371		$	1,303					$	2,108		$	264		$	326,340
Percentage of total loans			98.87		%	0.19		%	0.09		%	0.11		%	0.40		%				0.65		%	0.08		%	100.00		%
December 31, 2024
Commercial
Commercial and industrial			$	174,988		$	159		$	43		$	72		$	274					$	528		$	—		$	175,790
Commercial real estate			32,657			25			18			—			43						919			—			33,619
Equipment lease financing			6,687			41			12			—			53						15			—			6,755
Total commercial			214,332			225			73			72			370						1,462			—			216,164
Consumer
Residential real estate			45,134			234			106			188			528			(c)			278			475			46,415
Home equity			25,351			71			26			—			97						482			61			25,991
Automobile			15,155			83			22			9			114						86			—			15,355
Credit card			6,696			49			38			81			168						15			—			6,879
Education			1,557			25			15			39			79			(c)			—			—			1,636
Other consumer			3,998			10			8			8			26						3			—			4,027
Total consumer			97,891			472			215			325			1,012						864			536			100,303
Total			$	312,223		$	697		$	288		$	397		$	1,382					$	2,326		$	536		$	316,467
Percentage of total loans			98.66		%	0.22		%	0.09		%	0.13		%	0.44		%				0.73		%	0.17		%	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 $1.3 billion at both June 30, 2025 and December 31, 2024. 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 and education loans totaling $0.2 billion and $0.1 billion at June 30, 2025, respectively. Comparable amounts at December 31, 2024 were $0.3 billion and $0.1 billion, respectively.

(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 $1.0 billion at both June 30, 2025 and December 31, 2024.

(f)Collateral dependent loans totaled $1.5 billion and $1.6 billion at June 30, 2025 and December 31, 2024, respectively.

At June 30, 2025, we pledged unpaid principal balances in the amounts of $44.3 billion of commercial and other loans to the FRB and $81.6 billion of residential real estate and other loans to the FHLB as collateral for the ability to borrow, if necessary. The comparable amounts at December 31, 2024 were $43.4 billion and $89.0 billion, respectively.

Nonperforming Assets

Nonperforming assets include nonperforming loans and leases, OREO and foreclosed 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,

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

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 2024 Form 10-K for additional information on our nonperforming loan and lease policies.

The following table presents our nonperforming assets as of June 30, 2025 and December 31, 2024:

Table 45: Nonperforming Assets

Dollars in millions						June 30, 2025						December 31, 2024
Nonperforming loans
Commercial						$	1,251					$	1,462
Consumer (a)						857						864
Total nonperforming loans (b)						2,108						2,326
OREO and foreclosed assets						33						31
Total nonperforming assets						$	2,141					$	2,357
Nonperforming loans to total loans						0.65		%				0.73		%
Nonperforming assets to total loans, OREO and foreclosed assets						0.66		%				0.74		%
Nonperforming assets to total assets						0.38		%				0.42		%

(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 $0.6 billion at both June 30, 2025 and December 31, 2024. 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 2024 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.

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

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

Table 46: Commercial Credit Quality Indicators (a)

			Term Loans by Origination Year
June 30, 2025 In millions			2025						2024			2023			2022			2021			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Commercial and industrial
Pass Rated			$	15,089					$	18,462		$	11,572		$	15,672		$	4,538		$	13,738		$	100,242		$	300		$	179,613
Criticized			320						832			643			1,337			459			543			5,010			73			9,217
Total commercial and industrial loans			15,409						19,294			12,215			17,009			4,997			14,281			105,252			373			188,830
Gross charge-offs (b)			9			(c)			22			54			10			3			5			87			2			192
Commercial real estate
Pass Rated			893						2,572			4,200			5,821			1,753			9,608			432			—			25,279
Criticized			84						268			1,248			1,984			344			2,015			28			—			5,971
Total commercial real estate loans			977						2,840			5,448			7,805			2,097			11,623			460			—			31,250
Gross charge-offs (b)			—						—			1			—			5			76			—			—			82
Equipment lease financing
Pass Rated			925						1,654			1,133			995			388			1,589			—			—			6,684
Criticized			13						58			66			59			24			24			—			—			244
Total equipment lease financing loans			938						1,712			1,199			1,054			412			1,613			—			—			6,928
Gross charge-offs (b)			—						3			5			6			3			3			—			—			20
Total commercial loans			$	17,324					$	23,846		$	18,862		$	25,868		$	7,506		$	27,517		$	105,712		$	373		$	227,008
Total commercial gross charge-offs			$	9					$	25		$	60		$	16		$	11		$	84		$	87		$	2		$	294

			Term Loans by Origination Year
December 31, 2024 In millions			2024						2023			2022			2021			2020			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Commercial and industrial
Pass Rated			$	22,145					$	13,815		$	17,043		$	5,275		$	4,594		$	11,270		$	91,389		$	522		$	166,053
Criticized			761						878			1,856			601			144			580			4,868			49			9,737
Total commercial and industrial loans			22,906						14,693			18,899			5,876			4,738			11,850			96,257			571			175,790
Gross charge-offs (b)			22			(c)			32			51			25			5			7			133			53			328
Commercial real estate
Pass Rated			2,331						5,575			6,875			2,232			1,220			9,685			423			—			28,341
Criticized			141						335			1,974			485			465			1,853			25			—			5,278
Total commercial real estate loans			2,472						5,910			8,849			2,717			1,685			11,538			448			—			33,619
Gross charge-offs (b)			28						5			—			2			1			322			—			—			358
Equipment lease financing
Pass Rated			1,814						1,264			1,112			478			478			1,305			—			—			6,451
Criticized			51						79			88			35			21			30			—			—			304
Total equipment lease financing loans			1,865						1,343			1,200			513			499			1,335			—			—			6,755
Gross charge-offs (b)			1						6			12			5			4			6			—			—			34
Total commercial loans			$	27,243					$	21,946		$	28,948		$	9,106		$	6,922		$	24,723		$	96,705		$	571		$	216,164
Total commercial gross charge-offs			$	51					$	43		$	63		$	32		$	10		$	335		$	133		$	53		$	720

(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, 2025 and December 31, 2024.

(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.

Consumer Loan Classes

See Note 3 Loans and Related Allowance for Credit Losses in our 2024 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 57  

Residential Real Estate and Home Equity

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

Table 47: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes

			Term Loans by Origination Year
June 30, 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%			$	9		$	19		$	55		$	73		$	56		$	53		$	—		$	—		$	265
Greater than or equal to 80% to 100%			383			528			400			717			486			246			—			—			2,760
Less than 80%			736			1,714			3,768			8,385			13,592			13,414			—			—			41,609
No LTV available			—			—			—			—			9			3			—			—			12
Government insured or guaranteed loans			—			3			18			25			17			548			—			—			611
Total residential real estate loans			$	1,128		$	2,264		$	4,241		$	9,200		$	14,160		$	14,264		$	—		$	—		$	45,257
Updated FICO scores
Greater than or equal to 780			$	633		$	1,632		$	3,016		$	7,399		$	11,326		$	9,070		$	—		$	—		$	33,076
720 to 779			427			527			697			1,283			1,985			2,394			—			—			7,313
660 to 719			54			92			264			376			579			1,055			—			—			2,420
Less than 660			14			10			115			109			172			792			—			—			1,212
No FICO score available			—			—			131			8			81			405			—			—			625
Government insured or guaranteed loans			—			3			18			25			17			548			—			—			611
Total residential real estate loans			$	1,128		$	2,264		$	4,241		$	9,200		$	14,160		$	14,264		$	—		$	—		$	45,257
Gross charge-offs (a)			$	—		$	—		$	—		$	—		$	1		$	1		$	—		$	—		$	2
Home equity (b)
Current estimated LTV ratios
Greater than 100%			$	—		$	—		$	—		$	—		$	2		$	25		$	371		$	387		$	785
Greater than or equal to 80% to 100%			—			—			—			—			5			55			1,197			1,570			2,827
Less than 80%			—			—			—			—			132			4,117			7,212			10,855			22,316
Total home equity loans			$	—		$	—		$	—		$	—		$	139		$	4,197		$	8,780		$	12,812		$	25,928
Updated FICO scores
Greater than or equal to 780			$	—		$	—		$	—		$	—		$	90		$	2,692		$	5,047		$	6,137		$	13,966
720 to 779			—			—			—			—			32			808			2,347			3,170			6,357
660 to 719			—			—			—			—			12			404			1,185			2,053			3,654
Less than 660			—			—			—			—			5			285			195			1,411			1,896
No FICO score available			—			—			—			—			—			8			6			41			55
Total home equity loans			$	—		$	—		$	—		$	—		$	139		$	4,197		$	8,780		$	12,812		$	25,928
Gross charge-offs (a)			$	—		$	—		$	—		$	—		$	—		$	—		$	7		$	11		$	18

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

(Continued from previous page)			Term Loans by Origination Year
December 31, 2024 In millions			2024			2023			2022			2021			2020			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Residential real estate
Current estimated LTV ratios
Greater than 100%			$	10		$	55		$	85		$	52		$	23		$	32		$	—		$	—		$	257
Greater than or equal to 80% to 100%			591			485			954			601			171			111			—			—			2,913
Less than 80%			2,043			4,039			8,450			13,958			6,084			8,039			—			—			42,613
No LTV available			—			—			—			9			—			3			—			—			12
Government insured or guaranteed loans			1			16			23			17			66			497			—			—			620
Total residential real estate loans			$	2,645		$	4,595		$	9,512		$	14,637		$	6,344		$	8,682		$	—		$	—		$	46,415
Updated FICO scores
Greater than or equal to 780			$	1,730		$	3,264		$	7,584		$	11,723		$	4,683		$	4,858		$	—		$	—		$	33,842
720 to 779			789			805			1,406			2,035			1,004			1,567			—			—			7,606
660 to 719			115			270			401			620			324			784			—			—			2,514
Less than 660			9			108			90			156			116			696			—			—			1,175
No FICO score available			1			132			8			86			151			280			—			—			658
Government insured or guaranteed loans			1			16			23			17			66			497			—			—			620
Total residential real estate loans			$	2,645		$	4,595		$	9,512		$	14,637		$	6,344		$	8,682		$	—		$	—		$	46,415
Gross charge-offs (a)			$	—		$	—		$	—		$	1		$	—		$	2		$	—		$	—		$	3
Home equity (b)
Current estimated LTV ratios
Greater than 100%			$	—		$	—		$	—		$	1		$	12		$	17		$	368		$	372		$	770
Greater than or equal to 80% to 100%			—			—			—			5			31			30			1,098			1,619			2,783
Less than 80%			—			—			—			141			1,670			2,807			6,907			10,913			22,438
Total home equity loans			$	—		$	—		$	—		$	147		$	1,713		$	2,854		$	8,373		$	12,904		$	25,991
Updated FICO scores
Greater than or equal to 780			$	—		$	—		$	—		$	94		$	1,145		$	1,753		$	4,720		$	6,211		$	13,923
720 to 779			—			—			—			34			352			572			2,251			3,274			6,483
660 to 719			—			—			—			14			151			289			1,193			2,085			3,732
Less than 660			—			—			—			5			63			234			202			1,290			1,794
No FICO score available			—			—			—			—			2			6			7			44			59
Total home equity loans			$	—		$	—		$	—		$	147		$	1,713		$	2,854		$	8,373		$	12,904		$	25,991
Gross charge-offs (a)			$	—		$	—		$	—		$	—		$	—		$	1		$	16		$	19		$	36

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

(b)Beginning January 1, 2022, new originations consist of only revolving home equity lines of credit.

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

Automobile, Credit Card, Education and Other Consumer

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

Table 48: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes

			Term Loans by Origination Year
June 30, 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			$	2,444					$	2,465		$	1,352		$	837		$	608		$	189		$	—		$	—		$	7,895
720 to 779			1,157						1,642			827			455			273			112			—			—			4,466
660 to 719			422						845			505			277			158			83			—			—			2,290
Less than 660			79						363			338			206			140			115			—			—			1,241
Total automobile loans			$	4,102					$	5,315		$	3,022		$	1,775		$	1,179		$	499		$	—		$	—		$	15,892
Gross charge-offs (a)			$	—					$	18		$	22		$	11		$	6		$	8		$	—		$	—		$	65
Credit card
Updated FICO scores
Greater than or equal to 780			$	—					$	—		$	—		$	—		$	—		$	—		$	2,045		$	2		$	2,047
720 to 779			—						—			—			—			—			—			1,745			5			1,750
660 to 719			—						—			—			—			—			—			1,707			16			1,723
Less than 660			—						—			—			—			—			—			888			56			944
No FICO score available or required (b)			—						—			—			—			—			—			104			2			106
Total credit card loans			$	—					$	—		$	—		$	—		$	—		$	—		$	6,489		$	81		$	6,570
Gross charge-offs (a)			$	—					$	—		$	—		$	—		$	—		$	—		$	150		$	21		$	171
Education
Updated FICO scores
Greater than or equal to 780			$	9					$	46		$	52		$	75		$	36		$	313		$	—		$	—		$	531
720 to 779			9						28			33			32			15			110			—			—			227
660 to 719			4						10			13			13			6			46			—			—			92
Less than 660			1						2			4			3			1			20			—			—			31
No FICO score available or required (b)			5						6			4			3			1			1			—			—			20
Total loans using FICO credit metric			28						92			106			126			59			490			—			—			901
Other internal credit metrics			—						—			—			—			—			646			—			—			646
Total education loans			$	28					$	92		$	106		$	126		$	59		$	1,136		$	—		$	—		$	1,547
Gross charge-offs (a)			$	—					$	—		$	—		$	1		$	—		$	8		$	—		$	—		$	9
Other consumer
Updated FICO scores
Greater than or equal to 780			$	140					$	192		$	89		$	41		$	12		$	6		$	34		$	1		$	515
720 to 779			163						213			94			45			12			6			67			1			601
660 to 719			123						144			72			46			12			6			73			—			476
Less than 660			7						40			30			25			10			5			39			1			157
Total loans using FICO credit metric			433						589			285			157			46			23			213			3			1,749
Other internal credit metrics			6						5			5			49			11			96			2,209			8			2,389
Total other consumer loans			$	439					$	594		$	290		$	206		$	57		$	119		$	2,422		$	11		$	4,138
Gross charge-offs (a)			$	38		(c)			$	9		$	14		$	7		$	2		$	2		$	5		$	—		$	77

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

(Continued from previous page)			Term Loans by Origination Year
December 31, 2024 In millions			2024						2023			2022			2021			2020			Prior			Revolving Loans			Revolving Loans Converted to Term			Total
Automobile
Updated FICO Scores
Greater than or equal to 780			$	3,288					$	1,717		$	1,094		$	865		$	241		$	125		$	—		$	—		$	7,330
720 to 779			2,047						1,123			636			415			129			90			—			—			4,440
660 to 719			963						671			367			227			82			74			—			—			2,384
Less than 660			246						351			231			174			87			112			—			—			1,201
Total automobile loans			$	6,544					$	3,862		$	2,328		$	1,681		$	539		$	401		$	—		$	—		$	15,355
Gross charge-offs (a)			$	9					$	44		$	27		$	17		$	12		$	22		$	—		$	—		$	131
Credit card
Updated FICO scores
Greater than or equal to 780			$	—					$	—		$	—		$	—		$	—		$	—		$	2,090		$	2		$	2,092
720 to 779			—						—			—			—			—			—			1,859			5			1,864
660 to 719			—						—			—			—			—			—			1,815			16			1,831
Less than 660			—						—			—			—			—			—			936			57			993
No FICO score available or required (b)			—						—			—			—			—			—			97			2			99
Total credit card loans			$	—					$	—		$	—		$	—		$	—		$	—		$	6,797		$	82		$	6,879
Gross charge-offs (a)			$	—					$	—		$	—		$	—		$	—		$	—		$	316		$	39		$	355
Education
Updated FICO scores
Greater than or equal to 780			$	22					$	58		$	79		$	39		$	33		$	318		$	—		$	—		$	549
720 to 779			20						36			38			20			14			116			—			—			244
660 to 719			13						14			15			6			5			46			—			—			99
Less than 660			3						3			3			1			1			19			—			—			30
No FICO score available or required (b)			12						5			4			1			—			1			—			—			23
Total loans using FICO credit metric			70						116			139			67			53			500			—			—			945
Other internal credit metrics			—						—			—			—			—			691			—			—			691
Total education loans			$	70					$	116		$	139		$	67		$	53		$	1,191		$	—		$	—		$	1,636
Gross charge-offs (a)			$	—					$	—		$	1		$	1		$	1		$	16		$	—		$	—		$	19
Other consumer
Updated FICO scores
Greater than or equal to 780			$	245					$	129		$	64		$	20		$	5		$	6		$	37		$	1		$	507
720 to 779			292						141			70			21			6			6			72			1			609
660 to 719			203						97			72			22			8			6			79			1			488
Less than 660			20						33			34			15			6			5			40			1			154
Total loans using FICO credit metric			760						400			240			78			25			23			228			4			1,758
Other internal credit metrics			6						9			77			12			11			90			2,056			8			2,269
Total other consumer loans			$	766					$	409		$	317		$	90		$	36		$	113		$	2,284		$	12		$	4,027
Gross charge-offs (a)			$	76		(c)			$	27		$	26		$	13		$	8		$	9		$	11		$	1		$	171

(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)Includes charge-offs of deposit overdrafts.

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

Loan Modifications to Borrowers Experiencing Financial Difficulty

FDMs result from our loss mitigation activities and include principal forgiveness, interest rate reductions, term extensions, payment delays, repayment plans or combinations thereof. See Note 1 Accounting Policies in our 2024 Form 10-K for additional information on FDMs.

The following table presents the amortized cost basis, as of the period end date, of FDMs granted during the three and six months ended June 30, 2025 and 2024:

Table 49: Loan Modifications Granted to Borrowers Experiencing Financial Difficulty (a) (b)

Three months ended June 30, 2025 Dollars in millions			Interest Rate Reduction			Term Extension			Payment Delay			Repayment Plan			Payment Delay and Term Extension			Interest Rate Reduction and Term Extension			Interest Rate Reduction and Payment Delay			Interest Rate Reduction, Payment Delay, and Term Extension			Other (c)			Total			% of Loan Class
Commercial
Commercial and industrial			—			$	550		$	37		$	—		$	17		$	1		$	—		$	—		$	7		$	612		0.32		%
Commercial real estate			—			268			35			—			—			—			—			—			—			303			0.97		%
Total commercial			—			818			72			—			17			1			—			—			7			915			0.40		%
Consumer
Residential real estate			—			—			64			—			—			—			—			—			2			66			0.15		%
Home equity			—			—			1			—			—			—			—			—			8			9			0.03		%
Credit card			—			—			—			18			—			—			—			—			—			18			0.27		%
Education			—			1			—			—			—			—			—			—			—			1			0.06		%
Other consumer			—			1			—			—			—			—			—			—			—			1			0.02		%
Total consumer			—			2			65			18			—			—			—			—			10			95			0.10		%
Total			—			$	820		$	137		$	18		$	17		$	1		$	—		$	—		$	17		$	1,010		0.31		%
Three months ended June 30, 2024 Dollars in millions
Commercial
Commercial and industrial			$	18		$	372		$	94		$	—		$	65		$	102		$	—		$	—		$	67		$	718		0.40		%
Commercial real estate			—			454			—			—			84			—			—			—			—			538			1.52		%
Total commercial			18			826			94			—			149			102			—			—			67			1,256			0.57		%
Consumer
Residential real estate			—			—			30			—			—			1			—			—			5			36			0.08		%
Home equity			—			—			5			1			—			—			—			—			6			12			0.05		%
Credit card			—			—			—			21			—			—			—			—			—			21			0.31		%
Education			—			1			—			—			—			—			—			—			—			1			0.06		%
Total consumer			—			1			35			22			—			1			—			—			11			70			0.07		%
Total			$	18		$	827		$	129		$	22		$	149		$	103		$	—		$	—		$	78		$	1,326		0.41		%

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

(Continued from previous page) Six months ended June 30, 2025 Dollars in millions			Interest Rate Reduction			Term Extension			Payment Delay			Repayment Plan			Payment Delay and Term Extension			Interest Rate Reduction and Term Extension			Interest Rate Reduction and Payment Delay			Interest Rate Reduction, Payment Delay, and Term Extension			Other (c)			Total			% of Loan Class
Commercial
Commercial and industrial			—			$	788		$	31		$	—		$	24		$	2		$	—		$	14		$	54		$	913		0.48		%
Commercial real estate			—			550			35			—			—			—			—			—			14			599			1.92		%
Total commercial			—			1,338			66			—			24			2			—			14			68			1,512			0.67		%
Consumer
Residential real estate			—			1			88			—			—			1			—			—			3			93			0.21		%
Home equity			—			—			3			1			—			—			—			—			12			16			0.06		%
Credit card			—			—			—			33			—			—			—			—			—			33			0.50		%
Education			—			3			—			—			—			—			—			—			—			3			0.19		%
Other consumer			—			1			—			1			1			—			—			—			—			3			0.07		%
Total consumer			—			5			91			35			1			1			—			—			15			148			0.15		%
Total			—			$	1,343		$	157		$	35		$	25		$	3		$	—		$	14		$	83		$	1,660		0.51		%
Six months ended June 30, 2024 Dollars in millions
Commercial
Commercial and industrial			$	18		$	720		$	83		$	—		$	109		$	112		$	15		$	—		$	97		$	1,154		0.65		%
Commercial real estate			—			779			25			—			148			—			—			—			—			952			2.68		%
Total commercial			18			1,499			108			—			257			112			15			—			97			2,106			0.95		%
Consumer
Residential real estate			—			—			55			—			—			1			—			—			8			64			0.14		%
Home equity			—			—			8			2			—			—			—			—			10			20			0.08		%
Credit card			—			—			—			39			—			—			—			—			—			39			0.57		%
Education			—			3			—			—			—			—			—			—			—			3			0.17		%
Other consumer			—			—			—			1			—			—			—			—			—			1			0.02		%
Total consumer			—			3			63			42			—			1			—			—			18			127			0.13		%
Total			$	18		$	1,502		$	171		$	42		$	257		$	113		$	15		$	—		$	115		$	2,233		0.69		%

(a)The unfunded lending related commitments on FDMs granted during the six months ended June 30, 2025 and 2024 were $0.4 billion and $0.3 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.

(c)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.

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

Table 50 presents the weighted average financial effect of FDMs granted during the three and six months ended June 30, 2025 and 2024.

Table 50: Financial Effect of FDMs (a)

Three months ended June 30, 2025 Dollars in millions

Amortized cost basis (b)

Weighted Average Financial Effect

Term Extension

Commercial and industrial

$568

Extended contractual term by 11 months.

Commercial real estate

$268

Extended contractual term by 16 months.

Education

$1

Extended contractual term by 25 months.

Other consumer

$1

Extended contractual term by 44 months.

Interest Rate Reduction

Commercial and industrial

$1

Reduced contractual interest rate by 5.50%.

Payment Delay

Commercial and industrial

$54

Provided 5 months of payment deferral.

Commercial real estate

$35

Provided 6 months of payment deferral.

Residential real estate

$64

Provided 6 months of payment deferral.

Home equity

$1

Provided 5 months of payment deferral.

Three months ended June 30, 2024 Dollars in millions

Amortized cost basis (b)

Weighted Average Financial Effect

Term Extension

Commercial and industrial

$539

Extended contractual term by 15 months.

Commercial real estate

$538

Extended contractual term by 14 months.

Residential real estate

$1

Extended contractual term by 105 months.

Education

$1

Extended contractual term by 16 months.

Interest Rate Reduction

Commercial and industrial

$120

Reduced contractual interest rate by 1.12%.

Residential real estate

$1

Reduced contractual interest rate by 1.30%.

Payment Delay

Commercial and industrial

$159

Provided 5 months of payment deferral.

Commercial real estate

$84

Provided 23 months of payment deferral.

Residential real estate

$30

Provided 10 months of payment deferral.

Home equity

$5

Provided 5 months of payment deferral.

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

(Continued from previous page) Six months ended June 30, 2025 Dollars in millions

Amortized cost basis (b)

Weighted Average Financial Effect

Term Extension

Commercial and industrial

$828

Extended contractual term by 17 months.

Commercial real estate

$550

Extended contractual term by 16 months.

Residential real estate

$2

Extended contractual term by 221 months.

Education

$3

Extended contractual term by 17 months.

Other consumer

$2

Extended contractual term by 32 months.

Interest Rate Reduction

Commercial and industrial

$16

Reduced contractual interest rate by 1.17%.

Residential real estate

$1

Increased contractual interest rate by 0.38%.

Payment Delay

Commercial and industrial

$69

Provided 12 months of payment deferral.

Commercial real estate

$35

Provided 6 months of payment deferral.

Residential real estate

$88

Provided 6 months of payment deferral.

Home equity

$3

Provided 5 months of payment deferral.

Other consumer

$1

Provided 24 months of payment deferral.

Six months ended June 30, 2024 Dollars in millions

Amortized cost basis (b)

Weighted Average Financial Effect

Term Extension

Commercial and industrial

$941

Extended contractual term by 14 months.

Commercial real estate

$927

Extended contractual term by 14 months.

Residential real estate

$1

Extended contractual term by 98 months.

Education

$3

Extended contractual term by 12 months.

Interest Rate Reduction

Commercial and industrial

$145

Reduced contractual interest rate by 1.64%.

Residential real estate

$1

Reduced contractual interest rate by 1.15%.

Payment Delay

Commercial and industrial

$207

Provided 7 months of payment deferral.

Commercial real estate

$173

Provided 9 months of payment deferral.

Residential real estate

$55

Provided 9 months of payment deferral.

Home equity

$8

Provided 4 months of payment deferral.

(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 50 includes combination modification categories in addition to the standalone modification categories presented in Table 49. Primarily due to this reason, the amortized cost basis presented in Table 50 may not agree to the amortized cost basis presented alongside the standalone modification categories in Table 49. Amortized cost basis is as of the period end date.

Repayment plans are offered for our credit card, unsecured lines of credit and certain of our home equity loan and line of credit product offerings. We have excluded these plans from Table 50. Refer to Note 3 Loans and Related Allowance for Credit Losses in our 2024 Form 10-K for information around the modification terms of repayment plans.

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

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 FDMs granted during the twelve months preceding June 30, 2025 and 2024.

Table 51: Delinquency Status of FDMs (a) (b)

Twelve months ended June 30, 2025 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
Commercial
Commercial and industrial			$	1,117		$	9		$	4		$	—		$	106		$	1,236
Commercial real estate			711			—			—			—			301			1,012
Equipment lease financing			1			—			—			—			—			1
Total commercial			1,829			9			4			—			407			2,249
Consumer
Residential real estate			5			1			—			—			136			142
Home equity			5			—			—			—			28			33
Credit card			40			3			4			7			1			55
Education			4			—			—			—			—			4
Other consumer			2			—			—			—			2			4
Total consumer			56			4			4			7			167			238
Total			$	1,885		$	13		$	8		$	7		$	574		$	2,487
Twelve months ended June 30, 2024 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
Commercial
Commercial and industrial			$	1,318		$	1		$	8		$	—		$	235		$	1,562
Commercial real estate			978			—			—			—			433			1,411
Total commercial			2,296			1			8			—			668			2,973
Consumer
Residential real estate			9			1			—			1			86			97
Home equity			3			—			—			—			29			32
Credit card			45			4			4			7			1			61
Education			6			—			—			—			—			6
Other consumer			1			—			—			—			1			2
Total consumer			64			5			4			8			117			198
Total			$	2,360		$	6		$	12		$	8		$	785		$	3,171

(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. Loans that were both (i) classified as FDMs, and (ii) subsequently defaulted during the three and six months ended June 30, 2025 were $82 million and $153 million, respectively. Comparable amounts at June 30, 2024 were $102 million and $150 million, respectively.

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

Table 52: Rollforward of Allowance for Credit Losses

			Three months ended June 30																								Six months ended June 30
			2025									2024															2025									2024
In millions			Commercial			Consumer			Total			Commercial			Consumer			Total									Commercial			Consumer			Total			Commercial			Consumer			Total
Allowance for loan and lease losses
Beginning balance			3,205			1,339			4,544			3,217			1,476			4,693									3,148			1,338			4,486			3,259			1,532			4,791
Charge-offs			(163)			(161)			(324)			(198)			(177)			(375)									(294)			(342)			(636)			(346)			(359)			(705)
Recoveries			61			65			126			52			61			113									108			125			233			75			125			200
Net (charge-offs)			(102)			(96)			(198)			(146)			(116)			(262)									(186)			(217)			(403)			(271)			(234)			(505)
Provision for credit losses			121			50			171			172			32			204									259			172			431			257			94			351
Other			6			—			6			—			1			1									9			—			9			(2)			1			(1)
Ending balance			$	3,230		$	1,293		$	4,523		$	3,243		$	1,393		$	4,636								$	3,230		$	1,293		$	4,523		$	3,243		$	1,393		$	4,636
Allowance for unfunded lending related commitments (a)
Beginning balance			$	528		$	146		$	674		$	528		$	144		$	672								$	580		$	139		$	719		$	545		$	118		$	663
Provision for (recapture of) credit    losses			87			(3)			84			53			(8)			45									34			4			38			36			18			54
Other			1			—			1			—			—			—									2			—			2			—			—			—
Ending balance			$	616		$	143		$	759		$	581		$	136		$	717								$	616		$	143		$	759		$	581		$	136		$	717
Allowance for credit losses at June 30 (b)			$	3,846		$	1,436		$	5,282		$	3,824		$	1,529		$	5,353								$	3,846		$	1,436		$	5,282		$	3,824		$	1,529		$	5,353

(a)See Note 8 Commitments for additional information about the underlying commitments related to this allowance.

(b)Represents the ALLL plus allowance for unfunded lending related commitments and excludes allowances for investment securities and other financial assets, which together totaled $88 million and $112 million at June 30, 2025 and 2024, respectively.

The ACL related to loans totaled $5.3 billion at June 30, 2025 and $5.2 billion at December 31, 2024. The increase in reserves was driven primarily by changes in macroeconomic scenarios.

NOTE 4 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 2024 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 under certain conditions and loss share arrangements, 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 5 Goodwill and Mortgage Servicing Rights and Note 11 Fair Value for information on our servicing rights, including the carrying value of servicing assets.

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

The following table provides our loan sale and servicing activities:

Table 53: Loan Sale and Servicing Activities

In millions			Residential Mortgages			Commercial Mortgages (a)
Cash Flows - Three months ended June 30, 2025
Sales of loans and related securitization activity (b)			$	745					$	1,094
Repurchases of previously transferred loans (c)			$	29					$	—
Servicing fees (d)			$	129					$	54
Servicing advances recovered/(funded), net			$	23					$	(65)
Cash flows on mortgage-backed securities held (e)			$	621					$	17
Cash Flows - Three months ended June 30, 2024
Sales of loans and related securitization activity (b)			$	703					$	344
Repurchases of previously transferred loans (c)			$	18					$	—
Servicing fees (d)			$	138					$	52
Servicing advances recovered/(funded), net			$	17					$	(41)
Cash flows on mortgage-backed securities held (e)			$	978					$	27
Cash Flows - Six months ended June 30, 2025
Sales of loans and related securitization activity (b)			$	1,449					$	1,587
Repurchases of previously transferred loans (c)			$	64					$	—
Servicing fees (d)			$	259					$	104
Servicing advances recovered/(funded), net			$	42					$	(54)
Cash flows on mortgage-backed securities held (e)			$	1,192					$	43
Cash Flows - Six months ended June 30, 2024
Sales of loans and related securitization activity (b)			$	1,228					$	667
Repurchases of previously transferred loans (c)			$	41					$	9
Servicing fees (d)			$	277					$	99
Servicing advances recovered/(funded), net			$	40					$	(17)
Cash flows on mortgage-backed securities held (e)			$	1,820					$	101

(a)Represents both commercial mortgage loan transfer and servicing activities.

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

(c)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.

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

(e)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 were $17.2 billion, $18.2 billion and $18.9 billion in residential mortgage-backed securities at June 30, 2025, December 31, 2024 and June 30, 2024, respectively. The carrying values of commercial mortgage-backed securities were $0.5 billion, $0.6 billion and $0.7 billion at June 30, 2025, December 31, 2024 and June 30, 2024, respectively.

Table 54 presents information about the principal balances of transferred loans that we service and are not recorded on our Consolidated Balance Sheet. We would only experience a loss on these transferred loans if we were required to repurchase a loan, where the repurchase price exceeded the loan’s fair value, due to a breach in representations and warranties or a loss sharing arrangement associated with our continuing involvement with these loans. The estimate of losses related to breaches in representations and warranties was insignificant at June 30, 2025 and December 31, 2024.

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

Table 54: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others

In millions			Residential Mortgages									Commercial Mortgages (a)
June 30, 2025
Total principal balance			$	36,789								$	53,935
Delinquent loans (b)			$	274								$	290
December 31, 2024
Total principal balance			$	37,619								$	51,274
Delinquent loans (b)			$	288								$	124
Three months ended June 30, 2025 (c)
Net charge-offs (d)			$	—								$	(1)
Six months ended June 30, 2025
Net charge-offs (d)			$	1								$	9
Six months ended June 30, 2024
Net charge-offs (d)			$	1								$	61

(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)There were no Net charge-offs for residential or commercial mortgages for the three months ended June 30, 2024.

(d)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 2024 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 55 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 55. These loans are included as part of the credit quality disclosures that we make in Note 3 Loans and Related Allowance for Credit Losses.

Table 55: Non-Consolidated VIEs

In millions			PNC Risk of Loss (a)									Carrying Value of Assets						Carrying Value of Liabilities
June 30, 2025
Mortgage-backed securitizations (b)			$	17,970								$	17,973		(c)			$	—
Tax credit investments and other			6,027									5,646			(d) (e)			2,617			(f) (g)
Total			$	23,997								$	23,619					$	2,617
December 31, 2024
Mortgage-backed securitizations (b)			$	19,187								$	19,191		(c)			$	—
Tax credit investments and other			5,513									5,491			(d) (e)			2,627			(f) (g)
Total			$	24,700								$	24,682					$	2,627

(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 $3.9 billion of LIHTCs and $0.1 billion of NMTCs at June 30, 2025, which are included in Equity investments on our Consolidated Balance Sheet. Comparable amounts at December 31, 2024 were $3.9 billion and $0.2 billion, respectively.

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

(g)Amount includes $2.3 billion of LIHTCs and less than $0.1 billion of NMTCs at both June 30, 2025 and December 31, 2024, which are included in Other liabilities on our Consolidated Balance Sheet.

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, 2025, we recognized $0.3 billion of amortization, $0.3 billion of tax credits and less than $0.1 billion of other

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

tax benefits associated with qualified investments in LIHTCs and NMTCs. During the six months ended June 30, 2024, comparable amounts were $0.2 billion, $0.2 billion, and less than $0.1 billion, respectively.

NOTE 5 GOODWILL AND MORTGAGE SERVICING RIGHTS

Goodwill

See Note 5 Goodwill and Mortgage Servicing Rights in our 2024 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 $3.5 billion at June 30, 2025 and $3.7 billion at December 31, 2024, and consisted of loan servicing contracts for commercial and residential mortgages measured at fair value.

We recognize gains (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 5 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 2024 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 56: Mortgage Servicing Rights

			Commercial MSRs									Residential MSRs
In millions			2025			2024						2025			2024
January 1			$	1,085		$	1,032					$	2,626		$	2,654
Additions:
From loans sold with servicing retained			24			11						14			12
Purchases			45			24						1			29
Changes in fair value due to:
Time and payoffs (a)			(155)			(157)						(127)			(126)
Other (b)			11			172						(57)			88
June 30			$	1,010		$	1,082					$	2,457		$	2,657
Related unpaid principal balance of loans serviced at June 30			$	294,675		$	288,746					$	189,216		$	203,543
Servicing advances at June 30			$	707		$	578					$	110		$	132

(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.

Sensitivity Analysis

The fair value of commercial and residential MSRs and significant inputs to the valuation models as of June 30, 2025 and December 31, 2024 are shown in Tables 57 and 58. 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.

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

A sensitivity analysis of the hypothetical effect on the fair value of MSRs to adverse changes in key assumptions is presented in Tables 57 and 58. 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 57: Commercial Mortgage Servicing Rights – Key Valuation Assumptions

Dollars in millions			June 30, 2025						December 31, 2024
Fair value			$	1,010					$	1,085
Weighted-average life (years)			3.8						3.8
Weighted-average constant prepayment rate			4.52		%				4.45		%
Decline in fair value from 10% adverse change			$	8					$	8
Decline in fair value from 20% adverse change			$	16					$	16
Effective discount rate			10.77		%				11.18		%
Decline in fair value from 10% adverse change			$	31					$	35
Decline in fair value from 20% adverse change			$	63					$	69

Table 58: Residential Mortgage Servicing Rights – Key Valuation Assumptions

Dollars in millions			June 30, 2025						December 31, 2024
Fair value			$	2,457					$	2,626
Weighted-average life (years)			7.8						8.0
Weighted-average constant prepayment rate			6.74		%				6.39		%
Decline in fair value from 10% adverse change			$	57					$	57
Decline in fair value from 20% adverse change			$	111					$	111
Weighted-average option adjusted spread			754			bps			755			bps
Decline in fair value from 10% adverse change			$	77					$	81
Decline in fair value from 20% adverse change			$	150					$	157

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, 2025 and 2024, and $0.4 billion for both the six months ended June 30, 2025 and 2024. 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.

NOTE 6 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 2024 Form 10-K.

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

Table 59: Lessor Income

			Three months ended June 30						Six months ended June 30
In millions			2025			2024			2025			2024
Sales-type and direct financing leases (a)			$	85		$	88		$	170		$	172
Operating leases (b)			8			5			17			11
Lease income			$	93		$	93		$	187		$	183

(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.

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

NOTE 7 BORROWED FUNDS

The following table shows the carrying value of total borrowed funds at June 30, 2025 (including adjustments related to accounting hedges, purchase accounting and unamortized original issuance discounts) by remaining contractual maturity:

Table 60: Borrowed Funds

In millions
Less than 1 year			$	13,979
1 to 2 years			11,672
2 to 3 years			7,158
3 to 4 years			6,200
4 to 5 years			4,338
Over 5 years			17,077
Total			$	60,424

The following table presents the contractual rates and maturity dates of our FHLB advances, senior debt and subordinated debt as of June 30, 2025, and the carrying values as of June 30, 2025 and December 31, 2024.

Table 61: FHLB Advances, Senior Debt and Subordinated Debt

			Stated Rate						Maturity						Carrying Value
Dollars in millions			June 30, 2025						June 30, 2025						June 30, 2025						December 31, 2024
Parent Company
Senior debt			1.15% - 6.88%						2026 - 2036						$	31,094					$	27,369
Subordinated debt			4.63		%				2033						806						777
Junior subordinated debt			5.16		%				2028						206						206
Total Parent Company															32,106						28,352
Bank
Federal Home Loan Bank advances (a)			4.73% - 4.98%						2025 - 2028						18,000						22,000
Senior debt			3.10% - 4.89%						2027 - 2043						4,656						5,128
Subordinated debt			2.70% - 5.90%						2025 - 2029						2,478						3,121
Total Bank															25,134						30,249
Total															$	57,240					$	58,601

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

In Table 61, the carrying values for parent company senior and subordinated debt include basis adjustments of $(13) million and $(41) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(46) million and $(81) million, respectively, related to fair value accounting hedges as of June 30, 2025.

Certain borrowings are reported at fair value. Refer to Note 11 Fair Value for more information on those borrowings.

For further information regarding junior subordinated debentures, refer to Note 9 Borrowed Funds in our 2024 Form 10-K.

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

NOTE 8 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, 2025 and December 31, 2024, respectively.

Table 62: Commitments to Extend Credit and Other Commitments

In millions			June 30, 2025						December 31, 2024
Commitments to extend credit
Commercial			$	220,701					$	209,864
Home equity			23,962						24,086
Credit card			37,964						36,447
Other			7,603						7,388
Total commitments to extend credit			290,230						277,785
Net outstanding standby letters of credit (a)			11,296						11,251
Standby bond purchase agreements (b)			1,084						1,095
Other commitments (c)			5,879						4,969
Total commitments to extend credit and other commitments			$	308,489					$	295,100

(a)Net outstanding standby letters of credit that support remarketing programs were $3.7 billion at both June 30, 2025 and December 31, 2024.

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

(c)Includes $2.7 billion and $2.2 billion related to investments in qualified affordable housing projects at June 30, 2025 and December 31, 2024, respectively.

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 97% of our net outstanding standby letters of credit were rated as Pass at June 30, 2025, 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, 2025 had terms ranging from less than one year to 12 years.

As of June 30, 2025, assets of $1.0 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, 2025 and is included in Other liabilities on our Consolidated Balance Sheet.

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

NOTE 9 TOTAL EQUITY AND OTHER COMPREHENSIVE INCOME

Activity in total equity for the three and six months ended June 30, 2025 and 2024 is as follows:

Table 63: 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, 2024 (a)			398						$	2,716		$	6,243		$	12,789		$	56,913		$	(8,042)		$	(19,279)					$	34		$	51,374
Net income			—						—			—			—			1,459			—			—						18			1,477
Other comprehensive income, net of tax			—						—			—			—			—			596			—						—			596
Cash dividends declared - Common			—						—			—			—			(623)			—			—						—			(623)
Cash dividends declared - Preferred			—						—			—			—			(95)			—			—						—			(95)
Preferred stock discount accretion			—						—			2			—			(2)			—			—						—			—
Common stock activity			—						—			—			16			—			—			—						—			16
Treasury stock activity			—						—			—			6			—			—			(99)						—			(93)
Other			—						—			—			42			—			—			—						(13)			29
Balance at June 30, 2024 (a)			398						$	2,716		$	6,245		$	12,853		$	57,652		$	(7,446)		$	(19,378)					$	39		$	52,681
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, 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
Six months ended
Balance at December 31, 2023 (a)			398						$	2,716		$	6,241		$	12,779		$	56,290		$	(7,712)		$	(19,209)					$	36		$	51,141
Net income			—						—			—			—			2,789			—			—						32			2,821
Other comprehensive income, net of tax			—						—			—			—			—			266			—						—			266
Cash dividends declared - Common			—						—			—			—			(1,247)			—			—						—			(1,247)
Cash dividends declared - Preferred			—						—			—			—			(176)			—			—						—			(176)
Preferred stock discount accretion			—						—			4			—			(4)			—			—						—			—
Common stock activity			—						—			—			16			—			—			—						—			16
Treasury stock activity			—						—			—			77			—			—			(169)						—			(92)
Other			—						—			—			(19)			—			—			—						(29)			(48)
Balance at June 30, 2024 (a)			398						$	2,716		$	6,245		$	12,853		$	57,652		$	(7,446)		$	(19,378)					$	39		$	52,681
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, 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

(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.

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

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

Table 64: Other Comprehensive Income (Loss)

			Three months ended June 30																								Six months ended June 30
			2025												2024												2025												2024
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			$	82		$	(20)		$	62					$	(216)		$	52		$	(164)					$	830		$	(202)		$	628					$	(611)		$	147		$	(464)
Less: Net realized (losses) reclassified to earnings (a)			(181)			44			(137)						(691)			166			(525)						(362)			88			(274)						(907)			218			(689)
Net change			263			(64)			199						475			(114)			361						1,192			(290)			902						296			(71)			225
Cash flow hedge derivatives
Net unrealized gains (losses) on cash flow hedge derivatives			299			(73)			226						(75)			18			(57)						930			(226)			704						(701)			168			(533)
Less: Net realized (losses) reclassified to earnings (a)			(186)			45			(141)						(383)			92			(291)						(380)			92			(288)						(759)			182			(577)
Net change			485			(118)			367						308			(74)			234						1,310			(318)			992						58			(14)			44
Pension and other postretirement benefit plan adjustments
Net pension and other postretirement benefit plan activity and other reclassified to earnings (b)			(19)			4			(15)						1			—			1						(21)			5			(16)						(1)			—			(1)
Net change			(19)			4			(15)						1			—			1						(21)			5			(16)						(1)			—			(1)
Other
Net unrealized gains (losses) on other transactions			(2)			6			4						—			—			—						(3)			8			5						(2)			—			(2)
Net change			(2)			6			4						—			—			—						(3)			8			5						(2)			—			(2)
Total other comprehensive income (loss)			$	727		$	(172)		$	555					$	784		$	(188)		$	596					$	2,478		$	(595)		$	1,883					$	351		$	(85)		$	266

(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 65: 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, 2024			$	(5,966)					$	(1,903)					$	(127)					$	(46)														$	(8,042)
Net activity			361						234						1						—															596
Balance at June 30, 2024 (a)			$	(5,605)					$	(1,669)					$	(126)					$	(46)														$	(7,446)
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)
Six months ended
Balance at December 31, 2023			$	(5,830)					$	(1,713)					$	(125)					$	(44)														$	(7,712)
Net activity			225						44						(1)						(2)															266
Balance at June 30, 2024 (a)			$	(5,605)					$	(1,669)					$	(126)					$	(46)														$	(7,446)
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)

(a)AOCI included pretax losses of $265 million and $285 million from derivatives that hedged the purchase of investment securities classified as held-to-maturity at June 30, 2025 and June 30, 2024, respectively.

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

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

Table 66: Dividends Per Share (a)

			Three months ended June 30						Six months ended June 30
			2025			2024			2025			2024
Common Stock			$	1.60		$	1.55		$	3.20		$	3.10
Preferred Stock
Series B			$	0.45		$	0.45		$	0.90		$	0.90
Series R			$	—		$	2,209		$	—		$	4,403
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

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

On July 3, 2025, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.70 per share, an increase of 10 cents, or 6%, per share, to be paid on August 5, 2025 to shareholders of record at the close of business July 15, 2025.

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

NOTE 10 EARNINGS PER SHARE

Table 67: Basic and Diluted Earnings Per Common Share

						Three months ended June 30						Six months ended June 30
In millions, except per share data						2025			2024			2025			2024
Basic
Net income						$	1,643		$	1,477		$	3,142		$	2,821
Less:
Net income attributable to noncontrolling interests						16			18			34			32
Preferred stock dividends						83			95			154			176
Preferred stock discount accretion and redemptions						2			2			4			4
Net income attributable to common shareholders						1,542			1,362			2,950			2,609
Less: Dividends and undistributed earnings allocated to nonvested restricted shares						10			7			19			14
Net income attributable to basic common shareholders						$	1,532		$	1,355		$	2,931		$	2,595
Basic weighted-average common shares outstanding						397			400			398			400
Basic earnings per common share (a)						$	3.86		$	3.39		$	7.37		$	6.49
Diluted
Net income attributable to diluted common shareholders						$	1,532		$	1,355		$	2,931		$	2,595
Diluted weighted-average common shares outstanding						397			400			398			400
Diluted earnings per common share (a)						$	3.85		$	3.39		$	7.37		$	6.48

(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).

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

NOTE 11 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 2024 Form 10-K.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Interest-bearing Deposits

In the first quarter of 2025, PNC elected to begin accounting for certain brokered time deposits, which are economically hedged with derivatives, under the fair value option. The election of the fair value option aligns the accounting for the brokered time deposits with the related hedges. Fair value is estimated by discounting contractual cash flows using current market rates for instruments with similar maturities. The portion of the change in fair value resulting from a change in the specified benchmark interest rate is recognized in the Consolidated Income Statement within Deposits interest expense. The remaining change in fair value is attributable to instrument-specific credit risk and is recognized in OCI. Brokered time deposits are classified as Level 2, as the estimates of current market rates used to determine fair value are based on dealer indications and benchmark interest rates that are considered observable.

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

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 2024 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 68: Fair Value Measurements – Recurring Basis Summary

			June 30, 2025																											December 31, 2024
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			$	—					$	575					$	130					$	705								$	—					$	560					$	68					$	628
Commercial mortgage loans held for sale			—						837						1						838									—						199						4						203
Securities available-for-sale
U.S. Treasury and government agencies			24,925						1,037						—						25,962									22,534						1,017						—						23,551
Residential mortgage-backed
Agency			—						32,573						—						32,573									—						30,626						—						30,626
Non-agency			—						—						581						581									—						—						603						603
Commercial mortgage-backed
Agency			—						2,909						—						2,909									—						1,945						—						1,945
Non-agency			—						421						79						500									—						588						103						691
Asset-backed			—						2,437						90						2,527									—						2,299						93						2,392
Other			—						2,029						55						2,084									—						2,177						54						2,231
Total securities available-for-sale			24,925						41,406						805						67,136									22,534						38,652						853						62,039
Loans			—						478						651						1,129									—						486						670						1,156
Equity investments (a)			651						—						2,232						3,097									825						—						2,111						3,132
Residential mortgage servicing rights			—						—						2,457						2,457									—						—						2,626						2,626
Commercial mortgage servicing rights			—						—						1,010						1,010									—						—						1,085						1,085
Trading securities (b)			1,801						2,628						—						4,429									987						1,787						—						2,774
Financial derivatives (b) (c)			12						3,050						9						3,071									3						3,004						4						3,011
Other assets			473						165						13						651									449						133						10						592
Total assets (d)			$	27,862					$	49,139					$	7,308					$	84,523								$	24,798					$	44,821					$	7,431					$	77,246
Liabilities
Interest-bearing deposits			$	—					$	5,559					$	—					$	5,559								$	—					$	—					$	—					$	—
Other borrowed funds			1,271						161						11						1,443									1,161						128						10						1,299
Financial derivatives (c) (e)			10						4,359						109						4,478									11						5,334						150						5,495
Other liabilities			—						29						118						147									—						28						177						205
Total liabilities (f)			$	1,281					$	10,108					$	238					$	11,627								$	1,172					$	5,490					$	337					$	6,999

(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, 2025 and December 31, 2024 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 12 Financial Derivatives for additional information related to derivative offsetting.

(d)Total assets at fair value as a percentage of total consolidated assets was 15% and 14% at June 30, 2025 and December 31, 2024, respectively. Level 3 assets as a percentage of total assets at fair value was 9% and 10% at June 30, 2025 and December 31, 2024, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both June 30, 2025 and December 31, 2024.

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

(f)Total liabilities at fair value as a percentage of total consolidated liabilities was 2% and 1% at June 30, 2025 and December 31, 2024, respectively. Level 3 liabilities as a percentage of total liabilities at fair value was 2% and 5% at June 30, 2025 and December 31, 2024, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both June 30, 2025 and December 31, 2024.

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, 2025 and 2024 are as follows:

Table 69: Reconciliation of Level 3 Assets and Liabilities

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)									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)

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

(Continued from previous page)

Three Months Ended June 30, 2024

						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, 2024 (a) (c)
Level 3 Instruments Only In millions			Fair Value Mar. 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, 2024
Assets
Residential mortgage    loans held for sale			$	98		$	—					$	—		$	12		$	(11)		$	—		$	(2)		$	1		$	(3)		(d)			$	95		$	(1)
Commercial mortgage     loans held for sale			11			—						—			—			—			—			(7)			—			—						4			—
Securities available-for-sale
Residential mortgage-     backed non-agency			668			3						(5)			—			—			—			(42)			—			—						624			—
Commercial mortgage-   backed non-agency			103			—						—			—			—			—			—			—			—						103			—
Asset-backed			100			—						(1)			—			—			—			(3)			—			—						96			—
Other			53			—						—			3			—			—			(2)			—			—						54			—
Total securities     available-for-sale			924			3						(6)			3			—			—			(47)			—			—						877			—
Loans			713			4						—			7			(2)			—			(18)			—			(3)			(d)			701			4
Equity investments			2,030			31						—			47			(78)			—			—			—			—						2,030			23
Residential mortgage     servicing rights			2,687			16						—			16			—			7			(69)			—			—						2,657			16
Commercial mortgage     servicing rights			1,075			65						—			12			—			8			(78)			—			—						1,082			65
Financial derivatives			9			9						—			2			—			—			(8)			—			—						12			11
Other assets			8			—						—			—			—			—			—			—			—						8			—
Total assets			$	7,555		$	128					$	(6)		$	99		$	(91)		$	15		$	(229)		$	1		$	(6)					$	7,466		$	118
Liabilities
Other borrowed funds			$	9		$	—					$	—		$	—		$	—		$	4		$	(4)		$	—		$	—					$	9		$	—
Financial derivatives			113			110						—			—			2			—			(42)			—			—						183			115
Other liabilities			189			6						—			—			—			15			(16)			—			—						194			7
Total liabilities			$	311		$	116					$	—		$	—		$	2		$	19		$	(62)		$	—		$	—					$	386		$	122
Net gains (losses)						$	12		(e)																														$	(4)		(f)

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

(Continued from previous page)

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)

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

(Continued from previous page)

Six Months Ended June 30, 2024

						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, 2024 (a) (c)
Level 3 Instruments Only In millions			Fair Value Dec. 31, 2023			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, 2024
Assets
Residential mortgage    loans held for sale			$	103		$	(1)					$	—		$	14		$	(11)		$	—		$	(4)		$	3		$	(9)		(d)						$	95		$	(2)
Commercial mortgage     loans held for sale			11			—						—			—			—			—			(7)			—			—									4			—
Securities available-for-sale
Residential mortgage-     backed non-agency			696			6						(11)			—			—			—			(67)			—			—									624			—
Commercial mortgage-     backed non-agency			103			—						—			—			—			—			—			—			—									103			—
Asset-backed			102			—						(1)			—			—			—			(5)			—			—									96			—
Other			55			(2)						1			3			—			—			(3)			—			—									54			(2)
Total securities     available-for-sale			956			4						(11)			3			—			—			(75)			—			—									877			(2)
Loans			726			8						—			12			(2)			—			(38)			—			(5)			(d)						701			8
Equity investments			1,952			26						—			136			(84)			—			—			—			—									2,030			18
Residential mortgage     servicing rights			2,654			88						—			29			—			12			(126)			—			—									2,657			88
Commercial mortgage     servicing rights			1,032			172						—			24			—			11			(157)			—			—									1,082			172
Financial derivatives			6			18						—			2			—			—			(14)			—			—									12			21
Other assets			8			—						—			—			—			—			—			—			—									8			—
Total assets			$	7,448		$	315					$	(11)		$	220		$	(97)		$	23		$	(421)		$	3		$	(14)								$	7,466		$	303
Liabilities
Other borrowed funds			$	9		$	—					$	—		$	—		$	—		$	7		$	(7)		$	—		$	—								$	9		$	—
Financial derivatives			152			118						—			—			2			—			(89)			—			—									183			120
Other liabilities			237			(14)						—			—			—			28			(57)			—			—									194			9
Total liabilities			$	398		$	104					$	—		$	—		$	2		$	35		$	(153)		$	—		$	—								$	386		$	129
Net gains (losses)						$	211		(e)																																	$	174		(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 were included in Interest income on the Consolidated Income Statement and the remaining net gains (losses) realized and unrealized were 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 were 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 70: Fair Value Measurements – Recurring Quantitative Information

June 30, 2025

Level 3 Instruments Only Dollars in millions

Fair Value

Valuation Techniques

Unobservable Inputs

Range (Weighted-Average) (a)

Residential mortgage loans held for sale

$

130

Consensus pricing (b)

Cumulative default rate

3.6% - 100.0% (37.3%)

Loss severity

0.0% - 100.0% (5.2%)

Discount rate

5.5% - 9.0% (6.0%)

Residential mortgage-backed     non-agency securities

581

Priced by a third-party vendor using a discounted cash flow pricing model

Constant prepayment rate

1.0% - 27.9% (3.5%)

Constant default rate

0.0% - 12.0% (1.7%)

Loss severity

15.0% - 100.0% (42.1%)

Spread over the benchmark curve (c)

183bps weighted-average

Asset-backed securities

90

Priced by a third-party vendor using a discounted cash flow pricing model

Constant prepayment rate

1.0% - 8.0% (4.1%)

Constant default rate

0.0% - 7.4% (1.5%)

Loss severity

35.0% - 100.0% (43.6%)

Spread over the benchmark curve (c)

176bps weighted-average

Loans - Residential real estate - Uninsured

489

Consensus pricing (b)

Cumulative default rate

3.6% - 100.0% (51.3%)

Loss severity

0.0% - 100.0% (4.7%)

Discount rate

5.5% - 7.5% (5.7%)

Loans - Residential real estate

75

Discounted cash flow

Loss severity

6.0% weighted-average

Discount rate

6.9% weighted-average

Loans - Home equity - First-lien

13

Consensus pricing (b)

Cumulative default rate

3.6% - 100.0% (51.0%)

Loss severity

0.0% - 100.0% (12.1%)

Discount rate

5.5% - 7.5% (6.0%)

Loans - Home equity - Second-lien

74

Consensus pricing (b)

Credit and liquidity discount

0.2% - 100.0% (40.3%)

Equity investments

2,232

Multiple of adjusted earnings

Multiple of earnings

5.5x - 26.7x (10.5x)

Residential mortgage servicing rights

2,457

Discounted cash flow

Constant prepayment rate

0.0% - 36.6% (6.7%)

Spread over the benchmark curve (c)

122bps - 4,577bps (754bps)

Commercial mortgage servicing rights

1,010

Discounted cash flow

Constant prepayment rate

4.3% - 7.5% (4.5%)

Discount rate

9.2% - 11.0% (10.8%)

Financial derivatives - Swaps related to     sales of certain Visa Class B     common shares

(96)

Discounted cash flow

Estimated conversion factor of Visa Class B shares into Class A shares

1.53 weighted-average

Estimated annual growth rate of Visa Class A share price

16.0%

Estimated litigation resolution date

Q1 2026

Insignificant Level 3 assets, net of     liabilities (d)

15

Total Level 3 assets, net of liabilities (e)

$

7,070

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

(Continued from previous page)

December 31, 2024

Level 3 Instruments Only Dollars in millions

Fair Value

Valuation Techniques

Unobservable Inputs

Range (Weighted-Average) (a)

Commercial mortgage loans held for sale

$

4

Discounted cash flow

Spread over the benchmark curve (c)

560bps - 1,075bps (970bps)

Residential mortgage-backed     non-agency securities

603

Priced by a third-party vendor using a discounted cash flow pricing model

Constant prepayment rate

1.0% - 27.9% (4.2%)

Constant default rate

0.0% - 12.0% (1.9%)

Loss severity

15.0% - 69.0% (42.4%)

Spread over the benchmark curve (c)

216bps weighted-average

Asset-backed securities

93

Priced by a third-party vendor using a discounted cash flow pricing model

Constant prepayment rate

1.0% - 8.0% (3.8%)

Constant default rate

0.0% - 7.1% (1.5%)

Loss severity

35.0% - 100.0% (45.3%)

Spread over the benchmark curve (c)

170bps weighted-average

Loans - Residential real estate - Uninsured

504

Consensus pricing (b)

Cumulative default rate

3.6% - 100.0% (52.5%)

Loss severity

0.0% - 100.0% (5.0%)

Discount rate

5.5% - 7.5% (5.7%)

Loans - Residential real estate

73

Discounted cash flow

Loss severity

6.0% weighted-average

Discount rate

7.2% weighted-average

Loans - Home equity - First-lien

14

Consensus pricing (b)

Cumulative default rate

3.6% - 100.0% (51.6%)

Loss severity

0.0% - 100.0% (12.3%)

Discount rate

5.5% - 7.5% (6.1%)

Loans - Home equity - Second-lien

79

Consensus pricing (b)

Credit and liquidity discount

0.3% - 100.0% (41.2%)

Equity investments

2,111

Multiple of adjusted earnings

Multiple of earnings

5.5x - 26.7x (10.5x)

Residential mortgage servicing rights

2,626

Discounted cash flow

Constant prepayment rate

0.0% - 40.3% (6.4%)

Spread over the benchmark curve (c)

381bps - 2,202bps (755bps)

Commercial mortgage servicing rights

1,085

Discounted cash flow

Constant prepayment rate

4.3% - 7.4% (4.4%)

Discount rate

9.6% - 11.5% (11.2%)

Financial derivatives - Swaps related to     sales of certain Visa Class B     common shares

(143)

Discounted cash flow

Estimated conversion factor of Visa Class B shares into Class A shares

1.54 weighted-average

Estimated annual growth rate of Visa Class A share price

16.0%

Estimated litigation resolution date

Q1 2026

Insignificant Level 3 assets, net of     liabilities (d)

45

Total Level 3 assets, net of liabilities (e)

$

7,094

(a)Unobservable inputs were weighted by the relative fair value of the instruments.

(b)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.

(c)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.

(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 loans held for sale, financial derivative assets and liabilities, trading securities, other securities, other assets, other borrowed funds and other liabilities. At December 31, 2024, the amount also includes residential mortgage loans held for sale.

(e)Consisted of total Level 3 assets of $7.3 billion and total Level 3 liabilities of $0.2 billion as of June 30, 2025 and $7.4 billion and $0.3 billion as of December 31, 2024, 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 71. 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 2024 Form 10-K.

The PNC Financial Services Group, Inc. – Form 10-Q 85  

Assets measured at fair value on a nonrecurring basis follow:

Table 71: Fair Value Measurements – Nonrecurring (a) (b) (c)

			Fair Value												Gains (Losses) Three months ended												Gains (Losses) Six months ended
In millions			June 30 2025						December 31 2024						June 30 2025						June 30 2024						June 30 2025						June 30 2024
Assets
Nonaccrual loans			$	519					$	629					$	(38)					$	(192)					$	(93)					$	(245)
Equity investments			154						198						(2)						8						(2)						(1)
OREO and foreclosed assets			5						8						(1)						(1)						(1)						(2)
Long-lived assets			5						18						(3)						(3)						(3)						(6)
Total assets			$	683					$	853					$	(44)					$	(188)					$	(99)					$	(254)

(a)All Level 3 for the periods presented.

(b)Valuation techniques applied were fair value of property or collateral.

(c)Unobservable inputs used were appraised value/sales price, broker opinions or projected income/required improvement costs. Additional quantitative information was not meaningful for the periods presented.

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, refer to the Fair Value Measurement section of this Note 11. These financial instruments are initially measured at fair value. Gains and losses from initial measurement and any changes in fair value are subsequently recognized in earnings. For interest-bearing deposits, however, any changes in fair value attributable to instrument-specific credit risk are recognized in OCI.

Interest income related to changes in the fair values of these financial instruments is recorded on the Consolidated Income Statement in Other interest income, except for certain residential mortgage loans, for which income is also recorded in Loans interest income. Changes in the value on prepaid forward contracts included in Other assets is reported in Noninterest expense, and interest expense on the Other borrowed funds is reported in Borrowed funds interest expense. Fair value gains and losses recognized in earnings on interest-bearing deposits are reported in Deposits interest expense, consistent with the classification of contractual interest on these deposits.

We have excluded accrued interest from the fair value amounts reported in Table 72. We have excluded interest income and interest expense from the changes in fair value reported in Table 73.

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

Fair values and aggregate unpaid principal balances of items for which we elected the fair value option are as follows:

Table 72: Fair Value Option – Fair Value and Principal Balances

			June 30, 2025																		December 31, 2024
In millions			Fair Value						Aggregate Unpaid Principal Balance						Difference						Fair Value						Aggregate Unpaid Principal Balance						Difference
Assets
Residential mortgage loans held for sale
Accruing loans less than 90 days past due			$	680					$	677					$	3					$	588					$	588					$	—
Accruing loans 90 days or more past due			13						14						(1)						11						11						—
Nonaccrual loans			12						13						(1)						29						36						(7)
Total			$	705					$	704					$	1					$	628					$	635					$	(7)
Commercial mortgage loans held for sale (a) (b)
Accruing loans less than 90 days past due			$	838					$	828					$	10					$	203					$	200					$	3
Loans
Accruing loans less than 90 days past due			$	741					$	824					$	(83)					$	494					$	505					$	(11)
Accruing loans 90 days or more past due			124						135						(11)						126						137						(11)
Nonaccrual loans			264						365						(101)						536						718						(182)
Total			$	1,129					$	1,324					$	(195)					$	1,156					$	1,360					$	(204)
Other assets			$	165					$	160					$	5					$	133					$	142					$	(9)
Liabilities
Interest-bearing deposits			$	5,559					$	5,561					$	(2)					$	—					$	—					$	—
Other borrowed funds			$	29					$	31					$	(2)					$	34					$	35					$	(1)
Other liabilities with contractual unpaid principal balance			$	29					$	31					$	(2)					$	28					$	32					$	(4)
Other liabilities without contractual unpaid principal balance			$	89					$	—					$	89					$	106					$	—					$	106

(a)There were no accruing loans 90 days or more past due within this category at June 30, 2025 or December 31, 2024.

(b)There were no nonaccrual loans within this category at June 30, 2025 or December 31, 2024.

The changes in fair value for items for which we elected the fair value option are as follows:

Table 73: Fair Value Option – Changes in Fair Value Included in Earnings (a)

			Gains (Losses)												Gains (Losses)
			Three months ended												Six months ended
			June 30						June 30						June 30						June 30
In millions			2025						2024						2025						2024
Assets
Residential mortgage loans held for sale			$	(8)					$	6					$	(12)					$	14
Commercial mortgage loans held for sale			$	18					$	14					$	29					$	9
Loans			$	1					$	6					$	8					$	12
Other assets			$	7					$	(2)					$	(2)					$	3
Liabilities
Interest-bearing deposits			$	2					$	—					$	1					$	—
Other liabilities			$	(4)					$	(7)					$	(11)					$	(9)

(a)The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts.

The PNC Financial Services Group, Inc. – Form 10-Q 87  

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, 2025 and December 31, 2024. For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 74, see Note 14 Fair Value in our 2024 Form 10-K.

Table 74: Additional Fair Value Information Related to Other Financial Instruments

			Carrying						Fair Value
In millions			Amount						Total						Level 1						Level 2						Level 3
June 30, 2025
Assets
Cash and due from banks			$	5,939					$	5,939					$	5,939					$	—					$	—
Interest-earning deposits with banks			24,455						24,455						23,859						596						—
Securities held-to-maturity			75,216						71,920						21,020						50,748						152
Net loans (excludes leases)			313,846						308,657						—						—						308,657
Other assets			6,086						6,086						—						6,086						—
Total assets			$	425,542					$	417,057					$	50,818					$	57,430					$	308,809
Liabilities
Time deposits			$	31,099					$	31,294					$	—					$	31,294					$	—
Borrowed funds			58,915						59,800						—						58,988						812
Unfunded lending related commitments			759						759						—						—						759
Other liabilities			1,073						1,073						—						1,073						—
Total liabilities			$	91,846					$	92,926					$	—					$	91,355					$	1,571
December 31, 2024
Assets
Cash and due from banks			$	6,904					$	6,904					$	6,904					$	—					$	—
Interest-earning deposits with banks			39,347						39,347						38,993						354						—
Securities held-to-maturity			77,698						73,058						23,992						48,914						152
Net loans (excludes leases)			304,129						298,241						—						—						298,241
Other assets			5,722						5,722						—						5,713						9
Total assets			$	433,800					$	423,272					$	69,889					$	54,981					$	298,402
Liabilities
Time deposits			$	34,339					$	34,383					$	—					$	34,383					$	—
Borrowed funds			60,302						61,260						—						60,350						910
Unfunded lending related commitments			719						719						—						—						719
Other liabilities			1,058						1,058						—						1,058						—
Total liabilities			$	96,418					$	97,420					$	—					$	95,791					$	1,629

The aggregate fair values in Table 74 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 68),

•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.

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

NOTE 12 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 regarding derivatives, see Note 1 Accounting Policies and Note 15 Financial Derivatives in our 2024 Form 10-K.

The PNC Financial Services Group, Inc. – Form 10-Q 89  

The following table presents the notional and gross fair value amounts of all derivative assets and liabilities held by us:

Table 75: Total Gross Derivatives (a)

			June 30, 2025									December 31, 2024
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:
Fair value hedges (d)			$	57,573		$	—		$	—		$	53,750		$	—		$	—
Cash flow hedges (d)			57,399			7			—			50,721			—			2
Cash flow hedges - other (e)			5,000			45			15			25,000			149			168
Foreign exchange contracts:
Net investment hedges			1,184			—			110			1,269			14			—
Total derivatives designated for hedging			$	121,156		$	52		$	125		$	130,740		$	163		$	170
Derivatives not designated for hedging
Derivatives used for mortgage banking activities (f):
Interest rate contracts:
Swaps			$	42,723		$	—		$	—		$	35,941		$	—		$	—
Futures (g)			8,430			—			—			9,962			—			—
Mortgage-backed commitments			6,577			82			86			4,815			73			66
Other			15,185			27			13			13,098			19			13
Total interest rate contracts			72,915			109			99			63,816			92			79
Derivatives used for customer-related activities:
Interest rate contracts:
Swaps			394,216			1,541			2,712			406,747			1,544			4,130
Futures (g)			50			—			—			113			—			—
Mortgage-backed commitments			5,282			55			71			3,275			21			7
Other			33,164			84			68			32,280			123			100
Total interest rate contracts			432,712			1,680			2,851			442,415			1,688			4,237
Commodity contracts:
Swaps			5,945			358			329			6,725			313			288
Other			8,690			239			239			8,496			208			208
Total commodity contracts			14,635			597			568			15,221			521			496
Foreign exchange contracts and other			40,849			623			559			38,729			403			364
Total derivatives for customer-related activities			488,196			2,900			3,978			496,365			2,612			5,097
Derivatives used for other risk management activities:
Foreign exchange contracts and other			19,257			10			276			11,031			144			149
Total derivatives not designated for hedging			$	580,368		$	3,019		$	4,353		$	571,212		$	2,848		$	5,325
Total gross derivatives			$	701,524		$	3,071		$	4,478		$	701,952		$	3,011		$	5,495
Less: Impact of legally enforceable master netting agreements						1,566			1,566						1,298			1,298
Less: Cash collateral received/paid						360			859						897			1,029
Total derivatives						$	1,145		$	2,053					$	816		$	3,168

(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)Represents caps and floors.

(f)Includes both residential and commercial mortgage banking activities.

(g)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 12. Any nonperformance risk, including credit risk, is included in the determination of the estimated net fair value of the derivatives.

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

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 debt 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, 2025, we expect to reclassify net derivative losses of $0.3 billion pretax, or $0.2 billion 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, 2025. As of June 30, 2025, the maximum length of time over which forecasted transactions are hedged is seven years.

The PNC Financial Services Group, Inc. – Form 10-Q 91  

Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table:

Table 76: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b)

			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, 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 (c)			$	—		$	182		$	(318)		$	—
Derivatives			$	—		$	(180)		$	319		$	—
Amounts related to interest settlements on derivatives			$	—		$	25		$	(99)		$	—
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(177)		$	(9)		$	—		$	—
Other amounts related to interest settlements on derivatives			$	(3)		$	—		$	—		$	—
For the three months ended June 30, 2024
Total amounts reported on the Consolidated Income Statement			$	4,842		$	1,001		$	1,182		$	332
Gains (losses) on fair value hedges recognized on:
Hedged items (c)			$	—		$	182		$	22		$	—
Derivatives			$	—		$	(185)		$	(19)		$	—
Amounts related to interest settlements on derivatives			$	—		$	29		$	(190)		$	—
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(347)		$	(8)		$	—		$	(28)
Other amounts related to interest settlements on derivatives			$	20		$	—		$	—		$	—
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 (c)			$	—		$	511		$	(876)		$	—
Derivatives			$	—		$	(509)		$	881		$	—
Amounts related to interest settlements on derivatives			$	—		$	49		$	(195)		$	—
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(366)		$	(16)		$	—		$	2
Other amounts related to interest settlements on derivatives			$	2		$	—		$	—		$	—
For the six months ended June 30, 2024
Total amounts reported on the Consolidated Income Statement			$	9,661		$	1,884		$	2,341		$	467
Gains (losses) on fair value hedges recognized on:
Hedged items (c)			$	—		$	108		$	435		$	—
Derivatives			$	—		$	(111)		$	(447)		$	—
Amounts related to interest settlements on derivatives			$	—		$	39		$	(365)		$	—
Gains (losses) on cash flow hedges (d):
Amount of derivative gains (losses) reclassified from accumulated other comprehensive income			$	(716)		$	(15)		$	—		$	(28)
Other amounts related to interest settlements on derivatives			$	42		$	—		$	—		$	—

(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)Includes an insignificant amount of fair value hedge adjustments related to discontinued hedge relationships.

(d)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.

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

Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table:

Table 77: Hedged Items - Fair Value Hedges

 

			June 30, 2025												December 31, 2024
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)			$	21,753					$	206					$	18,716					$	(305)
Borrowed funds			$	37,897					$	(181)					$	35,139					$	(1,057)

(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, 2025 and December 31, 2024.

(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 $(83) million for the three months ended June 30, 2025 compared to $(2) million for the three months ended June 30, 2024 and $(124) million for the six months ended June 30, 2025 compared to $9 million for the same period in 2024.

Derivatives Not Designated as Hedging Instruments

Beginning in the first quarter of 2025, the other risk management portfolio includes derivatives that are used to economically hedge interest-rate risk associated with interest-bearing brokered time deposits accounted for at fair value on a recurring basis. Gains or losses on these derivatives are included in Deposits interest expense on our Consolidated Income Statement. For additional information on derivatives not designated as hedging instruments under GAAP, see Note 15 Financial Derivatives in our 2024 Form 10-K.

Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table:

Table 78: Gains (Losses) on Derivatives Not Designated for Hedging

									Three months ended June 30									Six months ended June 30
In millions												2025			2024						2025			2024
Derivatives used for mortgage banking activities:
Interest rate contracts (a)												$	34		$	(45)					$	119		$	(168)
Derivatives used for customer-related activities:
Interest rate contracts												6			(21)						(15)			(37)
Foreign exchange contracts and other												109			46						177			75
Gains from customer-related activities (b)												115			25						162			38
Derivatives used for other risk management activities:
Foreign exchange contracts and other (b)												(387)			(93)						(561)			32
Total gains (losses) from derivatives not designated as hedging instruments												$	(238)		$	(113)					$	(280)		$	(98)

(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 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 2024 Form 10-K.

The PNC Financial Services Group, Inc. – Form 10-Q 93  

Table 79 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities at June 30, 2025 and December 31, 2024. 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 79 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.

Table 79: 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, 2025
Derivative assets
Interest rate contracts:
Over-the-counter cleared						$	72					$	—					$	—					$	72											$	—					$	72
Over-the-counter						1,769						909						289						571												69						502
Commodity contracts						597						429						49						119												2						117
Foreign exchange and other contracts						633						228						22						383												1						382
Total derivative assets						$	3,071					$	1,566					$	360					$	1,145					(a)						$	72					$	1,073
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared						$	86					$	—					$	—					$	86											$	—					$	86
Over-the-counter						2,879						676						704						1,499												37						1,462
Commodity contracts						568						420						15						133												—						133
Foreign exchange and other contracts						945						470						140						335												1						334
Total derivative liabilities						$	4,478					$	1,566					$	859					$	2,053					(b)						$	38					$	2,015
December 31, 2024
Derivative assets
Interest rate contracts:
Over-the-counter cleared						$	35					$	—					$	—					$	35											$	—					$	35
Over-the-counter						1,894						843						629						422												38						384
Commodity contracts						521						296						85						140												5						135
Foreign exchange and other contracts						561						159						183						219												2						217
Total derivative assets						$	3,011					$	1,298					$	897					$	816					(a)						$	45					$	771
Derivative liabilities
Interest rate contracts:
Over-the-counter cleared						$	17					$	—					$	—					$	17											$	—					$	17
Over-the-counter						4,469						732						1,019						2,718												57						2,661
Commodity contracts						496						393						2						101												—						101
Foreign exchange and other contracts						513						173						8						332												—						332
Total derivative liabilities						$	5,495					$	1,298					$	1,029					$	3,168					(b)						$	57					$	3,111

(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.

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

At June 30, 2025, cash and debt securities (primarily agency mortgage-backed securities) totaling $1.6 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 $1.9 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.

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, 2025 and December 31, 2024:

Table 80: Credit-Risk Contingent Features

In billions			June 30, 2025						December 31, 2024
Net derivative liabilities with credit-risk contingent features			$	2.7					$	3.9
Less: Collateral posted			1.0						1.1
Maximum additional amount of collateral exposure			$	1.7					$	2.8

NOTE 13 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 13 as well as those matters disclosed in Note 20 Legal Proceedings in our 2024 Form 10-K (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, 2025, 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 2024 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

The PNC Financial Services Group, Inc. – Form 10-Q 95  

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.

USAA Patent Infringement Litigation

On June 12, 2025, the U.S. Court of Appeals for the Federal Circuit reversed the United States District Court for the Eastern District of Texas and set aside the approximately $218 million verdict against PNC in the consolidated cases United Services Automobile Association v. PNC Bank N.A. (Case No. 2:20-cv-319) and United Services Automobile Association vs. PNC Bank N.A. (Case No. 2:21-cv-110). In addition, the U.S. Court of Appeals for the Federal Circuit reversed the United States District Court for the Eastern District of Texas and set aside the $4.3 million verdict against PNC in the consolidated cases 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).

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 14 SEGMENT REPORTING

The following disclosures reflect the adoption of ASU 2023-07, see Note 1 Accounting Policies in our 2024 Form 10-K for additional information related to our adoption of this ASU.

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, education loans and 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. Brokerage, investment management and cash management products and services 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

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

information management and reporting services. Capital markets and advisory includes services and activities primarily related to merger and acquisitions 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:

•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 through PNC Private Bank Hawthorn.

•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, unions, municipalities and non-profits.

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, 2025 and 2024 are as follows:

Table 81: Business Segment Results

			Retail Banking						Corporate & Institutional Banking						Asset Management Group
In millions			2025			2024			2025			2024			2025			2024
Three months ended June 30
Net interest income (a)(b)			$	2,976		$	2,715		$	1,675		$	1,531		$	179		$	153
Noninterest income			782			1,409			1,022			942			244			235
Total revenue (a)(b)			3,758			4,124			2,697			2,473			423			388
Provision for (recapture of) credit losses			83			27			184			228			(13)			2
Noninterest expense (c)
Personnel			539			533			370			348			115			115
Segment allocations (d)			978			940			381			374			118			110
Depreciation and amortization			87			77			49			51			10			9
Other (e)			286			291			150			138			25			27
Total noninterest expense			1,890			1,841			950			911			268			261
Income before income taxes and noncontrolling interests (a)(b)			1,785			2,256			1,563			1,334			168			125
Income taxes (a)(b)			416			526			329			283			39			30
Net income (a)(b)			1,369			1,730			1,234			1,051			129			95
Less: Net income attributable to noncontrolling interests			10			11			5			5			—			—
Net income excluding noncontrolling interests (a)(b)			$	1,359		$	1,719		$	1,229		$	1,046		$	129		$	95
Average Assets (a)			$	114,061		$	117,322		$	234,391		$	229,604		$	14,629		$	14,779
Six months ended June 30
Net interest income (a)(b)			$	5,812		$	5,338		$	3,303		$	3,051		$	353		$	301
Noninterest income			1,488			2,173			2,000			1,830			487			465
Total revenue (a)(b)			7,300			7,511			5,303			4,881			840			766
Provision for (recapture of) credit losses			251			145			233			275			(12)			(3)
Noninterest expense (c)
Personnel			1,077			1,074			746			714			236			236
Segment allocations (d)			1,945			1,867			764			740			235			217
Depreciation and amortization			173			153			100			101			18			16
Other (e)			597			584			296			278			58			57
Total noninterest expense			3,792			3,678			1,906			1,833			547			526
Income before income taxes and noncontrolling interests (a)(b)			3,257			3,688			3,164			2,773			305			243
Income taxes (a)(b)			758			861			682			596			71			58
Net income (a)(b)			2,499			2,827			2,482			2,177			234			185
Less: Net income attributable to noncontrolling interests			19			19			9			10			—			—
Net income excluding noncontrolling interests (a)(b)			$	2,480		$	2,808		$	2,473		$	2,167		$	234		$	185
Average Assets (a)			$	114,601		$	116,856		$	230,750		$	229,151		$	14,556		$	14,654

(a)During the second quarter of 2025, certain loans and deposits, and the associated income statement impact, were transferred from the Asset Management Group to Retail Banking to better align products and services with the appropriate business segment. Prior periods have been adjusted to conform with the current presentation.

(b)During the second quarter of 2025, brokered time deposits, and the associated income statement impact, were reclassified from Retail Banking to other activities, reflecting their use for asset and liability management. Prior periods have been adjusted to conform with the current presentation.

(c)As a result of an organizational realignment, certain expenses were reclassified as corporate operations and were moved from Retail Banking to other activities during the second quarter of 2025. Prior periods have been adjusted to conform with the current presentation.

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

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

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

The following table represents reconciliations of financial results for the three reportable segments to our consolidated reporting.

Table 82: Reconciliation of Business Segment Results to Consolidated

						Three months ended June 30												Six months ended June 30
In millions						2025						2024						2025						2024
Revenues
Total business segment revenue (a)						$	6,878					$	6,985					$	13,443					$	13,158
Revenues from other activities (a)						(1,217)						(1,574)						(2,330)						(2,602)
Total revenue						$	5,661					$	5,411					$	11,113					$	10,556
Noninterest Expense
Total business segment noninterest expense (b)						$	3,108					$	3,013					$	6,245					$	6,037
FDIC special assessment						—						—						—						130
PNC Foundation Contribution						—						120						—						120
Noninterest expense from other activities (b)						275						224						525						404
Total noninterest expense						$	3,383					$	3,357					$	6,770					$	6,691
Net Income
Total business segment net income (a)						$	2,732					$	2,876					$	5,215					$	5,189
FDIC special assessment						—						—						—						(130)
PNC Foundation Contribution						—						(120)						—						(120)
Net income (loss) from other activities (a)						(1,089)						(1,279)						(2,073)						(2,118)
Net income						$	1,643					$	1,477					$	3,142					$	2,821
Average Assets
Total business segment average assets						$	363,081					$	361,705					$	359,907					$	360,661
Average assets from other activities						198,605						201,325						199,139						202,278
Total average assets						$	561,686					$	563,030					$	559,046					$	562,939

(a)During the second quarter of 2025, brokered time deposits, and the associated income statement impact, were reclassified from Retail Banking to other activities, reflecting their use for asset and liability management. Prior periods have been adjusted to conform with the current presentation.

(b)As a result of an organizational realignment, certain expenses were reclassified as corporate operations and were moved from Retail Banking to other activities during the second quarter of 2025. Prior periods have been adjusted to conform with the current presentation.

Other activities reflect the remaining corporate operations that do not meet the criteria for disclosure as a separate reportable business. These 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.

The PNC Financial Services Group, Inc. – Form 10-Q 99  

NOTE 15 FEE-BASED REVENUE FROM CONTRACTS WITH CUSTOMERS

As more fully described in Note 23 Fee-based Revenue from Contracts with Customers in our 2024 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 83 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 2024 Form 10-K.

Table 83: Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income

						2025															2024
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						$	—					$	—					$	241		$	—					$	—					$	229
Brokerage fees						150						—						—			135						—						—
Total asset management and brokerage						150						—						241			135						—						229
Card and cash management
Treasury management fees						11						404						—			11						371						—
Debit card fees						182						—						—			176						—						—
Net credit card fees (a)						50						—						—			58						—						—
Merchant services						42						18						—			41						19						—
Other						20						—						—			22						—						—
Total card and cash management						305						422						—			308						390						—
Lending and deposit services
Deposit account fees						165						—						—			158						—						—
Other						19						8						—			19						8						—
Total lending and deposit services						184						8						—			177						8						—
Residential and commercial mortgage (b)						—						27						—			—						28						—
Capital markets and advisory						—						216						—			—						193						—
Other						—						18						—			—						11						—
Total in-scope noninterest income						639						691						241			620						630						229
Out-of-scope noninterest income (c)						143						331						3			789						312						6
Noninterest income by business segment						$	782					$	1,022					$	244		$	1,409					$	942					$	235
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income																		$	1,571														$	1,479
Out-of-scope business segment noninterest income (c)																		477															1,107
Noninterest income from other activities (d)																		58															(477)
Noninterest income as reported on the    Consolidated Income Statement																		$	2,106														$	2,109

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

(Continued from previous page)						2025															2024
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						$	—					$	—					$	480		$	—					$	—					$	456
Brokerage fees						302						—						—			272						—						—
Total asset management and brokerage						302						—						480			272						—						456
Card and cash management
Treasury management fees						21						794						—			21						728						—
Debit card fees						351						—						—			343						—						—
Net credit card fees (a)						91						—						—			103						—						—
Merchant services						77						35						—			78						38						—
Other						40						—						—			44						—						—
Total card and cash management						580						829						—			589						766						—
Lending and deposit services
Deposit account fees						326						—						—			313						—						—
Other						36						15						—			35						17						—
Total lending and deposit services						362						15						—			348						17						—
Residential and commercial mortgage (b)						—						56						—			—						58						—
Capital markets and advisory						—						433						—			—						383						—
Other						—						29						—			—						28						—
Total in-scope noninterest income						1,244						1,362						480			1,209						1,252						456
Out-of-scope noninterest income (c)						244						638						7			964						578						9
Noninterest income by business segment						$	1,488					$	2,000					$	487		$	2,173					$	1,830					$	465
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income																		$	3,086														$	2,917
Out-of-scope business segment noninterest income (c)																		889															1,551
Noninterest income from other activities (d)																		107															(478)
Noninterest income as reported on the    Consolidated Income Statement																		$	4,082														$	3,990

(a)Net credit card fees consist of interchange fees of $177 million and $170 million and credit card reward costs totaled $127 million and $113 million for the three months ended June 30, 2025 and 2024, respectively. Net credit card fees consist of interchange fees of $339 million and $328 million and credit card reward costs of $248 million and $226 million for the six months ended June 30, 2025 and 2024, 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 14 Segment Reporting.

NOTE 16 SUBSEQUENT EVENTS

On July 21, 2025, the parent company issued $1.5 billion of 5.373% senior fixed-to-floating rate notes with a maturity date of July 21, 2036 (the “2036 Senior Notes”). Interest is payable on the 2036 Senior Notes semi-annually in arrears at a fixed rate of 5.373% per annum, on January 21 and July 21 of each year, commencing on January 21, 2026. Beginning on July 21, 2035, interest is payable on the 2036 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 Prospectus Supplement), plus 1.417%, on October 21, 2035, January 21, 2036, April 21, 2036 and at the maturity date.

On July 21, 2025, PNC Bank issued $1.0 billion of 4.429% senior fixed-to-floating rate notes with a maturity date of July 21, 2028 (the “2028 Fixed-to-Floating Senior Notes”). Interest is payable on the 2028 Fixed-to-Floating Senior Notes semi-annually in arrears at a fixed rate of 4.429% per annum, on January 21 and July 21 of each year, commencing on January 21, 2026. Beginning on July 21, 2027, interest is payable on the 2028 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 0.727%, on October 21, 2027, January 21, 2028, April 21, 2028 and at the maturity date.

On July 21, 2025, PNC Bank issued $300 million of senior floating rate notes with a maturity date of July 21, 2028 (the “2028 Floating Senior Notes”). Interest is payable on the 2028 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 SOFR Index as described in the Pricing

The PNC Financial Services Group, Inc. – Form 10-Q 101  

Supplement), plus 0.730%, on January 21, April 21, July 21 and October 21 of each year, commencing on October 21, 2025 until the earlier of the optional redemption date or the maturity date.

GLOSSARY

DEFINED TERMS

For a glossary of terms commonly used in our filings, please see the glossary of terms included in our 2024 Form 10-K.

ACRONYMS

ACL

Allowance for credit losses

GNMA

Government National Mortgage Association

ALCO

Asset and Liability Committee

ISDA

International Swaps and Derivatives Association

ALLL

Allowance for loan and lease losses

LCR

Liquidity coverage ratio

AOCI

Accumulated other comprehensive income

LGD

Loss given default

ASC

Accounting Standards Codification

LIHTC

Low income housing tax credit

ASU

Accounting Standards Update

LLC

Limited liability company

BHC

Bank holding company

LTV

Loan-to-value ratio

bps

Basis points

MSR

Mortgage servicing right

CCAR

Comprehensive Capital Analysis and Review

NII

Net interest income

CECL

Current Expected Credit Losses

NMTC

New market tax credit

CET1

Common equity tier 1

NSFR

Net stable funding ratio

CFPB

Consumer Financial Protection Bureau

OCC

Office of the Comptroller of the Currency

CODM

Chief operating decision maker

OCI

Other comprehensive income

CRA

Community Reinvestment Act

OREO

Other real estate owned

EVE

Economic value of equity

OTC

Over-the-counter

FDIC

Federal Deposit Insurance Corporation

PCD

Purchased credit deteriorated

FDM

Financial difficulty modification

PD

Probability of default

FHLB

Federal Home Loan Bank

RAC

Reserve Adequacy Committee

FHLMC

Federal Home Loan Mortgage Corporation

ROAP

Removal of account provisions

FICO

Fair Isaac Corporation (credit score)

SCB

Stress capital buffer

FNMA

Federal National Mortgage Association

SEC

Securities and Exchange Commission

FOMC

Federal Open Market Committee

SOFR

Secured Overnight Financing Rate

FRB

Federal Reserve Bank

SPE

Special purpose entity

FTP

Funds transfer pricing

U.S.

United States of America

GAAP

Accounting principles generally accepted in the United States of America

VaR

Value-at-risk

GDP

Gross domestic product

VIE

Variable interest entity

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See the information set forth in Note 13 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 2024 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 2025 are included in the following table:

2025 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			618			$	159.83		611			39,923
May 1 - 31			806			$	170.06		806			39,117
June 1 - 30			560			$	178.47		560			38,557
Total			1,984			$	169.25		1,977

(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 2024 Form 10-K, which include additional information regarding our employee benefit and equity compensation plans that use PNC common stock.

(b)Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 39% were still available for repurchase at June 30, 2025. Share repurchase activity in the third quarter of 2025 is expected to be generally consistent with our second quarter of 2025 share repurchase levels and approximate $300 million to $400 million. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. Based on the results of the Federal Reserve’s 2025 annual stress test, PNC’s SCB for the four-quarter period beginning October 1, 2025 will remain at the regulatory minimum of 2.5%.

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, 2025, 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
10.35						2025 Form of Performance Share Units Award Agreement
10.36						2025 Form of Restricted Share Units Award Agreement
10.37						2025 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 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, formerly known as Twitter, @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 internet website at www.sec.gov or on our corporate internet website at www.pnc.com/secfilings. Shareholders and bond holders may also obtain copies of these filings without charge by contacting PNC Investor Relations at 800-843-2206, via the information request form at www.pnc.com/investorrelations for copies without exhibits, or via email to investor.relations@pnc.com for copies of exhibits, including financial statements and schedule exhibits where applicable. The interactive date 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

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

posted on our website at www.pnc.com/corporategovernance) may do so by sending their requests to our Corporate Secretary at The 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 2024 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 1, 2025 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