PNC Financial Services : Financial Supplement Q1 2025

Published: 2025-04-15 06:43:06 ET PNC

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2025

(Unaudited)

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2025

(UNAUDITED)

Consolidated Results:

Income Statement Balance Sheet Average Balance Sheet Details of Net Interest Margin Loans

Allowance for Credit Losses Nonperforming Assets Accruing Loans Past Due

Business Segment Results:

Descriptions

Period End Employees

Net Income and Revenue

Retail Banking

Corporate & Institutional Banking

Asset Management Group

Glossary of Terms

Page 1 2 3 4 5

6-7

9-11

14-15

16-17

19-20

The information contained in this Financial Supplement is preliminary, unaudited and based on data available on April 15, 2025. This information speaks only as of the particular date or dates included in the schedules. We do not undertake any obligation to, and disclaim any duty to, correct or update any of the information provided in this Financial Supplement. Our future financial performance is subject to risks and uncertainties as described in our United States Securities and Exchange Commission (SEC) filings.

BUSINESS

PNC is one of the largest diversified financial services companies in the United States (U.S.) and is headquartered in Pittsburgh, Pennsylvania. PNC has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing many of its products and services nationally. PNC's retail branch network is located coast-to-coast. PNC also has strategic international offices in four countries outside the U.S.

THE PNC FINANCIAL SERVICES GROUP, INC.

Cross Reference Index to First Quarter 2025 Financial Supplement (Unaudited)

Financial Supplement Table Reference

Table

Description

Page

Consolidated Income Statement

Consolidated Balance Sheet

Average Consolidated Balance Sheet

Details of Net Interest Margin

Details of Loans

Change in Allowance for Loan and Lease Losses

Components of the Provision for Credit Losses

Allowance for Credit Losses by Loan Class

Nonperforming Assets by Type

Change in Nonperforming Assets

Accruing Loans Past Due 30 to 59 Days

Accruing Loans Past Due 60 to 89 Days

Accruing Loans Past Due 90 Days or More

Period End Employees

Summary of Business Segment Net Income and Revenue

Retail Banking

14-15

Corporate & Institutional Banking

16-17

Asset Management Group

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 1

Table 1: Consolidated Income Statement (Unaudited)

Three months ended

In millions, except per share data

March 31

December 31

September 30

June 30

March 31

2025

2024

Interest Income

Loans

4,472

4,731

4,954

4,842

4,819

Investment securities

1,124

1,142

1,097

1,001

883

Other

534

621

771

725

798

Total interest income

6,130

6,494

6,822

6,568

6,500

Interest Expense

Deposits

1,808

2,010

2,230

2,084

2,077

Borrowed funds

846

961

1,182

1,159

Total interest expense

2,654

2,971

3,412

3,266

3,236

Net interest income

3,476

3,523

3,410

3,302

3,264

Noninterest Income

Asset management and brokerage

391

374

383

364

Capital markets and advisory

306

348

371

272

259

Card and cash management

692

695

698

706

671

Lending and deposit services

316

330

320

304

305

Residential and commercial mortgage

134

122

181

131

147

Other income

Gain on Visa shares exchange program

754

Securities gains (losses)

(2)

(499)

Other (a)

139

177

135

Total other income

137

175

332

135

Total noninterest income

1,976

2,044

2,022

2,109

1,881

Total revenue

5,452

5,567

5,432

5,411

5,145

Provision For Credit Losses

219

156

243

235

155

Noninterest Expense

Personnel

1,890

1,857

1,869

1,782

1,794

Occupancy

245

240

234

236

244

Equipment

384

473

357

356

341

Marketing

112

Other

783

824

774

890

891

Total noninterest expense

3,387

3,506

3,327

3,357

3,334

Income before income taxes and noncontrolling interests

1,846

1,905

1,862

1,819

1,656

Income taxes

347

278

357

342

312

Net income

1,499

1,627

1,505

1,477

1,344

Less: Net income attributable to noncontrolling interests

Preferred stock dividends (b)

Preferred stock discount accretion and redemptions

Net income attributable to common shareholders

1,408

1,514

1,406

1,362

1,247

Earnings Per Common Share

Basic

3.52

3.77

3.50

3.39

3.10

Diluted

3.51

3.77

3.49

3.39

3.10

Average Common Shares Outstanding

Basic

398

399

400

Diluted

398

399

400

Efficiency

62 %

63 %

61 %

62 %

65 %

Noninterest income to total revenue

36 %

37 %

39 %

37 %

Effective tax rate (c)

18.8 %

14.6 %

19.2 %

18.8 %

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 2

Table 2: Consolidated Balance Sheet (Unaudited)

In millions, except par value

March 31

December 31

September 30

June 30

March 31

2025

2024

Assets

Cash and due from banks

6,102

6,904

6,162

6,242

5,933

Interest-earning deposits with banks (a)

32,298

39,347

35,024

33,039

53,612

Loans held for sale (b)

1,236

850

750

988

743

Investment securities - available-for-sale

63,318

62,039

60,338

51,188

42,280

Investment securities - held-to-maturity

74,457

77,693

83,845

87,457

88,180

Loans (b)

318,850

316,467

321,381

321,429

319,781

Allowance for loan and lease losses

(4,544)

(4,486)

(4,589)

(4,636)

(4,693)

Net loans

314,306

311,981

316,792

316,793

315,088

Equity investments

9,448

9,600

9,217

9,037

8,280

Mortgage servicing rights

3,564

3,711

3,503

3,739

3,762

Goodwill

10,932

Other (b)

39,061

36,981

38,318

37,104

37,352

Total assets

554,722

560,038

564,881

556,519

566,162

Liabilities

Deposits

Noninterest-bearing

92,369

92,641

94,588

94,542

98,061

Interest-bearing (b)

330,546

334,097

329,378

321,849

327,563

Total deposits

422,915

426,738

423,966

416,391

425,624

Borrowed funds

Federal Home Loan Bank advances

18,000

22,000

28,000

35,000

37,000

Senior debt

34,987

32,497

32,492

29,601

27,907

Subordinated debt

4,163

4,104

4,196

4,078

4,827

Other (b)

3,572

3,072

3,381

2,712

2,973

Total borrowed funds

60,722

61,673

68,069

71,391

72,707

Allowance for unfunded lending related commitments

674

719

725

717

672

Accrued expenses and other liabilities (b)

13,960

16,439

16,392

15,339

15,785

Total liabilities

498,271

505,569

509,152

503,838

514,788

Equity

Preferred stock (c)

Common stock - $5 par value

Authorized 800,000,000 shares, issued 543,310,646; 543,310,646;

2,717

2,716

543,225,979; 543,225,979 and 543,116,260 shares

Capital surplus

18,731

18,710

19,150

19,098

19,032

Retained earnings

60,051

59,282

58,412

57,652

56,913

Accumulated other comprehensive income (loss)

(5,237)

(6,565)

(5,090)

(7,446)

(8,042)

Common stock held in treasury at cost: 147,519,772; 147,373,633;

(19,857)

(19,719)

(19,499)

(19,378)

(19,279)

146,306,706; 145,667,981 and 145,068,954 shares

Total shareholders' equity

56,405

54,425

55,689

52,642

51,340

Noncontrolling interests

Total equity

56,451

54,469

55,729

52,681

51,374

Total liabilities and equity

554,722

560,038

564,881

556,519

566,162

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 3

Table 3: Average Consolidated Balance Sheet (Unaudited) (a) (b)

Three months ended

March 31

December 31

September 30

June 30

March 31

In millions

2025

2024

Assets

Interest-earning assets:

Investment securities

Securities available-for-sale

Residential mortgage-backed

33,793

32,865

31,491

30,780

30,989

Commercial mortgage-backed

2,899

2,867

2,635

2,698

2,622

Asset-backed

2,322

2,344

2,177

1,987

1,414

U.S. Treasury and government agencies

24,382

23,086

17,311

15,350

8,199

Other

2,284

2,445

2,575

2,620

2,776

Total securities available-for-sale

65,680

63,607

56,189

53,435

46,000

Securities held-to-maturity

Residential mortgage-backed

40,045

40,833

41,698

42,234

42,633

Commercial mortgage-backed

1,687

1,880

2,057

2,174

2,252

Asset-backed

3,158

3,720

4,422

5,035

5,627

U.S. Treasury and government agencies

28,931

31,049

35,093

35,467

35,860

Other

2,680

2,774

2,855

2,961

3,062

Total securities held-to-maturity

76,501

80,256

86,125

87,871

89,434

Total investment securities

142,181

143,863

142,314

141,306

135,434

Loans

Commercial and industrial

177,333

177,433

177,019

177,130

177,258

Commercial real estate

33,067

34,476

35,451

35,523

35,522

Equipment lease financing

6,692

6,737

6,528

6,490

6,468

Consumer

53,421

53,735

53,543

53,503

53,933

Residential real estate

46,111

46,677

47,061

47,272

47,428

Total loans

316,624

319,058

319,602

319,918

320,609

Interest-earning deposits with banks (c)

34,614

37,929

45,319

41,113

48,250

Other interest-earning assets

10,147

10,337

8,909

9,279

8,002

Total interest-earning assets

503,566

511,187

516,144

511,616

512,295

Noninterest-earning assets

52,811

52,911

53,369

51,414

50,553

Total assets

556,377

564,098

569,513

563,030

562,848

Liabilities and Equity

Interest-bearing liabilities:

Interest-bearing deposits

Money market

73,063

73,219

72,578

67,631

67,838

Demand

125,046

124,294

119,914

121,423

122,748

Savings

97,409

95,957

95,939

97,232

97,719

Time deposits

32,763

35,656

37,880

34,663

32,975

Total interest-bearing deposits

328,281

329,126

326,311

320,949

321,280

Borrowed funds

Federal Home Loan Bank advances

19,703

24,014

31,785

35,962

37,717

Senior debt

34,933

32,572

32,204

29,717

28,475

Subordinated debt

4,320

4,324

4,330

4,567

5,082

Other

5,549

6,259

7,764

7,210

4,316

Total borrowed funds

64,505

67,169

76,083

77,456

75,590

Total interest-bearing liabilities

392,786

396,295

402,394

398,405

396,870

Noninterest-bearing liabilities and equity:

Noninterest-bearing deposits

92,367

96,136

95,811

96,284

98,875

Accrued expenses and other liabilities

16,214

17,068

17,395

17,144

16,404

Equity

55,010

54,599

53,913

51,197

50,699

Total liabilities and equity

556,377

564,098

569,513

563,030

562,848

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 4

Table 4: Details of Net Interest Margin (Unaudited)

Three months ended

March 31

December 31

September 30

June 30

March 31

2025

2024

Average yields/rates (a)

Yield on interest-earning assets

Investment securities

Securities available-for-sale

Residential mortgage-backed

3.68 %

3.60 %

3.45 %

3.11 %

3.00 %

Commercial mortgage-backed

2.92 %

3.11 %

3.08 %

3.07 %

2.99 %

Asset-backed

5.46 %

5.77 %

5.85 %

5.92 %

6.02 %

U.S. Treasury and government agencies

4.50 %

4.75 %

5.40 %

4.28 %

2.67 %

Other

2.73 %

2.69 %

2.70 %

2.66 %

2.63 %

Total securities available-for-sale

3.98 %

4.04 %

4.09 %

3.53 %

3.01 %

Securities held-to-maturity

Residential mortgage-backed

2.84 %

2.83 %

2.82 %

2.79 %

2.77 %

Commercial mortgage-backed

4.70 %

5.05 %

5.33 %

5.38 %

5.46 %

Asset-backed

3.97 %

4.31 %

4.62 %

4.65 %

4.49 %

U.S. Treasury and government agencies

1.49 %

1.46 %

1.33 %

1.31 %

Other

4.69 %

4.72 %

4.69 %

4.52 %

Total securities held-to-maturity

2.48 %

2.43 %

2.42 %

Total investment securities

3.17 %

3.08 %

2.84 %

2.62 %

Loans

Commercial and industrial

5.74 %

5.94 %

6.28 %

6.22 %

6.18 %

Commercial real estate

5.94 %

6.24 %

6.68 %

6.66 %

6.67 %

Equipment lease financing

5.05 %

5.43 %

5.65 %

5.37 %

5.17 %

Consumer

7.14 %

7.29 %

7.47 %

7.24 %

7.16 %

Residential real estate

3.78 %

3.75 %

3.73 %

3.70 %

3.65 %

Total loans

5.70 %

5.87 %

6.13 %

6.05 %

6.01 %

Interest-earning deposits with banks

4.42 %

4.86 %

5.48 %

5.47 %

Other interest-earning assets

6.02 %

6.17 %

6.78 %

6.98 %

6.92 %

Total yield on interest-earning assets

4.90 %

5.04 %

5.25 %

5.13 %

5.08 %

Rate on interest-bearing liabilities

Interest-bearing deposits

Money market

2.99 %

3.18 %

3.59 %

3.39 %

3.45 %

Demand

1.87 %

2.05 %

2.31 %

2.25 %

2.26 %

Savings

1.64 %

1.70 %

1.86 %

1.85 %

1.81 %

Time deposits

3.69 %

4.15 %

4.47 %

4.48 %

4.44 %

Total interest-bearing deposits

2.23 %

2.43 %

2.72 %

2.61 %

2.60 %

Borrowed funds

Federal Home Loan Bank advances

4.73 %

5.06 %

5.63 %

5.66 %

5.65 %

Senior debt

5.64 %

6.12 %

6.64 %

6.55 %

6.59 %

Subordinated debt

5.54 %

6.10 %

6.77 %

6.65 %

6.64 %

Other

4.38 %

4.70 %

5.28 %

5.51 %

5.59 %

Total borrowed funds

5.25 %

5.61 %

6.09 %

6.04 %

6.07 %

Total rate on interest-bearing liabilities

2.72 %

2.95 %

3.34 %

3.26 %

3.24 %

Interest rate spread

2.18 %

2.09 %

1.91 %

1.87 %

1.84 %

Benefit from use of noninterest-bearing sources (b)

0.60 %

0.66 %

0.73 %

Net interest margin

2.78 %

2.75 %

2.64 %

2.60 %

2.57 %

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 5

Table 5: Details of Loans (Unaudited)

March 31

December 31

September 30

June 30

March 31

In millions

2025

2024

Commercial

Commercial and industrial

Financial services

29,335

27,737

29,244

27,986

27,640

Manufacturing

28,934

27,700

28,748

29,544

29,402

Service providers

22,943

21,881

22,033

21,948

21,413

Wholesale trade

19,176

18,399

18,338

18,532

17,341

Real estate related (a)

15,041

14,910

14,856

15,198

15,583

Retail trade

11,941

11,611

11,888

11,596

11,582

Technology, media and telecommunications

9,998

9,767

9,292

9,621

10,158

Health care

9,903

9,694

10,169

9,527

10,193

Transportation and warehousing

7,147

7,320

7,723

8,036

7,523

Other industries

26,119

26,771

26,600

26,801

25,957

Total commercial and industrial

180,537

175,790

178,891

178,789

176,792

Commercial real estate

32,307

33,619

35,104

35,498

35,591

Equipment lease financing

6,732

6,755

6,726

6,555

6,462

Total commercial

219,576

216,164

220,721

220,842

218,845

Consumer

Residential real estate

45,890

46,415

46,972

47,183

47,386

Home equity

25,846

25,991

25,970

25,917

25,896

Automobile

15,324

15,355

15,135

14,820

14,788

Credit card

6,550

6,879

6,827

6,849

6,887

Education

1,597

1,636

1,693

1,732

1,859

Other consumer

4,067

4,027

4,063

4,086

4,120

Total consumer

99,274

100,303

100,660

100,587

100,936

Total loans

318,850

316,467

321,381

321,429

319,781

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 6

Allowance for Credit Losses (Unaudited)

Table 6: Change in Allowance for Loan and Lease Losses

Three months ended

Dollars in millions

March 31

December 31

September 30

June 30

March 31

2025

2024

Allowance for loan and lease losses

Beginning balance

4,486

4,589

4,636

4,693

4,791

Gross charge-offs:

Commercial and industrial

(103)

(78)

(89)

(77)

(84)

Commercial real estate

(18)

(87)

(102)

(113)

(56)

Equipment lease financing

(10)

(9)

(8)

Residential real estate

(2)

(1)

Home equity

(9)

(8)

(9)

(10)

Automobile

(35)

(33)

(34)

(32)

Credit card

(90)

(87)

(86)

(90)

(92)

Education

(5)

(6)

(4)

(5)

(4)

Other consumer

(40)

(44)

(40)

(43)

Total gross charge-offs

(312)

(354)

(376)

(375)

(330)

Recoveries:

Commercial and industrial

Commercial real estate

Equipment lease financing

Residential real estate

Home equity

Automobile

Credit card

Education

Other consumer

Total recoveries

107

104

113

Net (charge-offs) / recoveries:

Commercial and industrial

(68)

(39)

(67)

(38)

(65)

Commercial real estate

(13)

(85)

(100)

(106)

(54)

Equipment lease financing

(3)

(4)

(5)

(2)

(6)

Residential real estate

Home equity

(1)

Automobile

(12)

(10)

(9)

(8)

(7)

Credit card

(75)

(74)

(71)

(78)

(77)

Education

(3)

(5)

(2)

(4)

(2)

Other consumer

(30)

(36)

(31)

(33)

Total net (charge-offs)

(205)

(250)

(286)

(262)

(243)

Provision for credit losses (a)

260

155

235

204

147

Other

(8)

(2)

Ending balance

4,544

4,486

4,589

4,636

4,693

Supplemental Information

Net charge-offs

Commercial net charge-offs

(84)

(128)

(172)

(146)

(125)

Consumer net charge-offs

(121)

(122)

(114)

(116)

(118)

Total net charge-offs

(205)

(250)

(286)

(262)

(243)

Net charge-offs to average loans (annualized)

0.26 %

0.31 %

0.36 %

0.33 %

0.30 %

Commercial

0.16 %

0.23 %

0.31 %

0.27 %

0.23 %

Consumer

0.49 %

0.48 %

0.45 %

0.46 %

0.47 %

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 7

Allowance for Credit Losses (Unaudited) (Continued)

Table 7: Components of the Provision for Credit Losses

Three months ended

In millions

March 31

December 31

September 30

June 30

March 31

2025

2024

Provision for credit losses

Loans and leases

260

155

235

204

147

Unfunded lending related commitments

(46)

(5)

Investment securities

(11)

Other financial assets

(3)

(2)

Total provision for credit losses

219

156

243

235

155

Table 8: Allowance for Credit Losses by Loan Class (a)

March 31, 2025

December 31, 2024

March 31, 2024

Dollars in millions

Allowance

Total Loans

% of Total

Allowance

Total Loans

% of Total

Allowance

Total Loans

% of Total

Amount

Loans

Amount

Loans

Amount

Loans

Allowance for loan and lease losses

Commercial

Commercial and industrial

1,704

180,537

0.94 %

1,605

175,790

0.91 %

1,673

176,792

0.95 %

Commercial real estate

1,433

32,307

4.44 %

1,483

33,619

4.41 %

1,468

35,591

4.12 %

Equipment lease financing

6,732

1.01 %

6,755

0.89 %

6,462

1.18 %

Total commercial

3,205

219,576

1.46 %

3,148

216,164

1.46 %

3,217

218,845

1.47 %

Consumer

Residential real estate

45,890

0.09 %

46,415

0.08 %

47,386

0.08 %

Home equity

286

25,846

1.11 %

266

25,991

1.02 %

272

25,896

1.05 %

Automobile

167

15,324

1.09 %

160

15,355

1.04 %

173

14,788

1.17 %

Credit card

621

6,550

9.48 %

664

6,879

9.65 %

749

6,887

10.88 %

Education

1,597

3.01 %

1,636

2.93 %

1,859

3.01 %

Other consumer

174

4,067

4.28 %

163

4,027

4.05 %

187

4,120

4.54 %

Total consumer

1,339

99,274

1.35 %

1,338

100,303

1.33 %

1,476

100,936

1.46 %

Total

4,544

318,850

1.43 %

4,486

316,467

1.42 %

4,693

319,781

1.47 %

Allowance for unfunded lending

674

719

672

related commitments

Allowance for credit losses

5,218

5,205

5,365

Supplemental Information

Allowance for credit losses to total

1.64 %

1.68 %

loans

Commercial

1.70 %

1.72 %

1.71 %

Consumer

1.50 %

1.47 %

1.60 %

Disclaimer

The PNC Financial Services Group Inc. published this content on April 15, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 15, 2025 at 10:42 UTC.