Acquisition and Divestiture Activity (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Acquisition Consideration

Table 37: Acquisition Consideration

	June 1, 2021
In millions	Fair Value
Fair value of acquisition consideration	$	11,480
Assets
Cash and due from banks	$	969
Interest-earning deposits with banks	13,313
Loans held for sale	463
Investment securities – available for sale	18,358
Net loans	61,423
Equity investments	723
Mortgage servicing rights	35
Core deposit intangibles and other intangible assets	378
Other	3,527
Total assets	$	99,189
Liabilities
Deposits	$	85,562
Borrowed funds	2,449
Accrued expenses and other liabilities	1,275
Total liabilities	$	89,286
Noncontrolling interests	22
Less: Net assets	$	9,881
Goodwill	$	1,599

Fair Value and Unpaid Principal Balance of Loans Acquired

The following table includes the fair value and unpaid principal balance of the loans from the BBVA acquisition:

Table 38: Fair Value and Unpaid Principal Balance of Loans from the BBVA Acquisition

	June 1, 2021
In millions	Unpaid Principal Balance		Fair Value
Loans
Commercial
Commercial and industrial	$	29,864	$	29,381
Commercial real estate	10,632		10,313
Equipment lease financing	48		48
Total commercial	40,544		39,742
Consumer
Residential real estate	12,871		12,961
Home equity	2,430		2,423
Automobile	3,916		3,910
Credit card	820		758
Other consumer	1,688		1,629
Total consumer	21,725		21,681
Total	$	62,269	$	61,423

Intangible Assets

Other intangible assets from the BBVA acquisition as of June 1, 2021 consisted of the following:

Table 39: Intangible Assets

In millions	Fair Value		Weighted Life (years)	Amortization Method
Residential mortgage servicing rights	$	35	5.5	(a)
Core deposits	$	262	10.0	Accelerated
Other	116		9.8	Straight-line
Total core deposits and other	$	378

(a) Intangible asset accounted for at fair value.

BBVA Financial Results

The following table presents financial results of BBVA from the date of acquisition through September 30, 2021. BBVA information was fully integrated into PNC’s processes and systems during system conversion in the fourth quarter of 2021 and as a result standalone BBVA financial results were no longer available.

Table 40: BBVA Financial Results

In millions	Four months ended September 30, 2021
Net interest income	$	768
Noninterest income	$	285
Net income	$	378

Unaudited Pro Forma Results

Table 41: Unaudited Pro Forma Results

	Year ended December 31
In millions	2021		2020
Net interest income	$	11,662	$	12,413
Noninterest income	$	8,960	$	7,866
Net income	$	7,475	$	4,928

PCD Loan Activity

Table 42: PCD Loan Activity

	June 1, 2021
In millions
Principal Balance	$	10,253
ACL at acquisition	(1,102)
Non-credit premium	219
Purchase price	$	9,370

Consolidated Income Statement - Discontinued Operations

The following table summarizes the results from the discontinued operations of BlackRock included in the Consolidated Income Statement:

Table 43: Consolidated Income Statement - Discontinued Operations

	Year ended December 31
In millions	2020		2019
Noninterest income	$	5,777	$	988
Total revenue	5,777		988
Income from discontinued operations before income taxes	5,777		988
Income taxes	1,222		161
Net income from discontinued operations	$	4,555	$	827

Consolidated Statement of Cash Flows - Discontinued Operations

The following table summarizes the cash flows of discontinued operations of BlackRock included in the Consolidated Statement of Cash Flows:

Table 44: Consolidated Statement of Cash Flows - Discontinued Operations

	Year ended December 31
In millions	2020		2019
Cash flows from discontinued operations
Net cash provided (used) by operating activities of discontinued operations	$	(2,683)	$	299
Net cash provided by investing activities of discontinued operations	$	14,225