Document

EX-99.2 3 q22025financialsupplement.htm EX-99.2 Document

Exhibit 99.2

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

SECOND QUARTER 2025

(Unaudited)

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

SECOND QUARTER 2025

(UNAUDITED)


Consolidated Results:			Page
Income Statement			1
Balance Sheet			2
Average Balance Sheet			3
Details of Net Interest Margin			4

Loans			5
Allowance for Credit Losses			6-7
Nonperforming Assets			8
Accruing Loans Past Due			9-11

Business Segment Results:
Descriptions			12
Period End Employees			12
Net Income and Revenue			13
Retail Banking			14-15
Corporate & Institutional Banking			16-17
Asset Management Group			18

Glossary of Terms			19-20

The information contained in this Financial Supplement is preliminary, unaudited and based on data available on July 16, 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, 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 Second Quarter 2025 Financial Supplement (Unaudited)
Financial Supplement Table Reference

Table	Description	Page
1	Consolidated Income Statement	1
2	Consolidated Balance Sheet	2
3	Average Consolidated Balance Sheet	3
4	Details of Net Interest Margin	4

5	Details of Loans	5
6	Change in Allowance for Loan and Lease Losses	6
7	Components of the Provision for Credit Losses	7
8	Allowance for Credit Losses by Loan Class	7
9	Nonperforming Assets by Type	8
10	Change in Nonperforming Assets	8
11	Accruing Loans Past Due 30 to 59 Days	9
12	Accruing Loans Past Due 60 to 89 Days	10
13	Accruing Loans Past Due 90 Days or More	11
14	Period End Employees	12
15	Summary of Business Segment Net Income and Revenue	13
16	Retail Banking	14-15
17	Corporate & Institutional Banking	16-17
18	Asset Management Group	18


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 1

Table 1: Consolidated Income Statement (Unaudited)


	Three months ended															Six months ended
	June 30			March 31			December 31			September 30			June 30			June 30			June 30
In millions, except per share data	2025			2025			2024			2024			2024			2025			2024
Interest Income
Loans	$	4,609		$	4,472		$	4,731		$	4,954		$	4,842		$	9,081		$	9,661
Investment securities	1,151			1,124			1,142			1,097			1,001			2,275			1,884
Other	510			534			621			771			725			1,044			1,523
Total interest income	6,270			6,130			6,494			6,822			6,568			12,400			13,068
Interest Expense
Deposits	1,845			1,808			2,010			2,230			2,084			3,653			4,161
Borrowed funds	870			846			961			1,182			1,182			1,716			2,341
Total interest expense	2,715			2,654			2,971			3,412			3,266			5,369			6,502
Net interest income	3,555			3,476			3,523			3,410			3,302			7,031			6,566
Noninterest Income
Asset management and brokerage	391			391			374			383			364			782			728
Capital markets and advisory	321			306			348			371			272			627			531
Card and cash management	737			692			695			698			706			1,429			1,377
Lending and deposit services	317			316			330			320			304			633			609
Residential and commercial mortgage	128			134			122			181			131			262			278
Other income
Gain on Visa shares exchange program	—			—			—			—			754			—			754
Securities gains (losses)	—			(2)			(2)			1			(499)			(2)			(499)
Other (a)	212			139			177			68			77			351			212
Total other income	212			137			175			69			332			349			467
Total noninterest income	2,106			1,976			2,044			2,022			2,109			4,082			3,990
Total revenue	5,661			5,452			5,567			5,432			5,411			11,113			10,556
Provision For Credit Losses	254			219			156			243			235			473			390
Noninterest Expense
Personnel	1,889			1,890			1,857			1,869			1,782			3,779			3,576
Occupancy	235			245			240			234			236			480			480
Equipment	394			384			473			357			356			778			697
Marketing	99			85			112			93			93			184			157
Other	766			783			824			774			890			1,549			1,781
Total noninterest expense	3,383			3,387			3,506			3,327			3,357			6,770			6,691
Income before income taxes and noncontrolling interests	2,024			1,846			1,905			1,862			1,819			3,870			3,475
Income taxes	381			347			278			357			342			728			654




Net income	1,643			1,499			1,627			1,505			1,477			3,142			2,821
Less: Net income attributable to noncontrolling interests	16			18			17			15			18			34			32
Preferred stock dividends (b)	83			71			94			82			95			154			176
Preferred stock discount accretion and redemptions	2			2			2			2			2			4			4
Net income attributable to common shareholders	$	1,542		$	1,408		$	1,514		$	1,406		$	1,362		$	2,950		$	2,609
Earnings Per Common Share
Basic	$	3.86		$	3.52		$	3.77		$	3.50		$	3.39		$	7.37		$	6.49


Diluted	$	3.85		$	3.51		$	3.77		$	3.49		$	3.39		$	7.37		$	6.48


Average Common Shares Outstanding
Basic	397			398			399			399			400			398			400
Diluted	397			398			399			400			400			398			400
Efficiency	60		%	62		%	63		%	61		%	62		%	61		%	63		%
Noninterest income to total revenue	37		%	36		%	37		%	37		%	39		%	37		%	38		%
Effective tax rate (c)	18.8		%	18.8		%	14.6		%	19.2		%	18.8		%	18.8		%	18.8		%

(a)Includes Visa derivative fair value adjustments of $2 million, $(40) million, $(23) million, $(128) million and $(116) million for the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively and $(38) million and $(123) million for the six months ended June 30, 2025 and June 30, 2024, respectively. These adjustments are primarily related to escrow funding and the extension of anticipated litigation resolution timing.

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

(c)The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 2

Table 2: Consolidated Balance Sheet (Unaudited)


	June 30		March 31		December 31		September 30		June 30
In millions, except par value	2025		2025		2024		2024		2024
Assets
Cash and due from banks	$	5,939	$	6,102	$	6,904	$	6,162	$	6,242
Interest-earning deposits with banks (a)	24,455		32,298		39,347		35,024		33,039
Loans held for sale (b)	1,837		1,236		850		750		988
Investment securities – available-for-sale	67,136		63,318		62,039		60,338		51,188
Investment securities – held-to-maturity	75,212		74,457		77,693		83,845		87,457
Loans (b)	326,340		318,850		316,467		321,381		321,429
Allowance for loan and lease losses	(4,523)		(4,544)		(4,486)		(4,589)		(4,636)
Net loans	321,817		314,306		311,981		316,792		316,793
Equity investments	9,755		9,448		9,600		9,217		9,037
Mortgage servicing rights	3,467		3,564		3,711		3,503		3,739
Goodwill	10,932		10,932		10,932		10,932		10,932
Other (b)	38,557		39,061		36,981		38,318		37,104
Total assets	$	559,107	$	554,722	$	560,038	$	564,881	$	556,519
Liabilities
Deposits
Noninterest-bearing	$	93,253	$	92,369	$	92,641	$	94,588	$	94,542
Interest-bearing (b)	333,443		330,546		334,097		329,378		321,849
Total deposits	426,696		422,915		426,738		423,966		416,391
Borrowed funds
Federal Home Loan Bank advances	18,000		18,000		22,000		28,000		35,000
Senior debt	35,750		34,987		32,497		32,492		29,601
Subordinated debt	3,490		4,163		4,104		4,196		4,078
Other (b)	3,184		3,572		3,072		3,381		2,712
Total borrowed funds	60,424		60,722		61,673		68,069		71,391
Allowance for unfunded lending related commitments	759		674		719		725		717
Accrued expenses and other liabilities (b)	13,573		13,960		16,439		16,392		15,339
Total liabilities	501,452		498,271		505,569		509,152		503,838
Equity
Preferred stock (c)	—		—		—		—		—
Common stock - $5 par value
Authorized 800,000,000 shares, issued 543,412,101; 543,310,646; 543,310,646; 543,225,979 and 543,225,979 shares	2,717		2,717		2,717		2,716		2,716
Capital surplus	18,809		18,731		18,710		19,150		19,098
Retained earnings	60,951		60,051		59,282		58,412		57,652
Accumulated other comprehensive income (loss)	(4,682)		(5,237)		(6,565)		(5,090)		(7,446)
Common stock held in treasury at cost: 149,426,326; 147,519,772; 147,373,633; 146,306,706 and 145,667,981 shares	(20,188)		(19,857)		(19,719)		(19,499)		(19,378)
Total shareholders’ equity	57,607		56,405		54,425		55,689		52,642
Noncontrolling interests	48		46		44		40		39
Total equity	57,655		56,451		54,469		55,729		52,681
Total liabilities and equity	$	559,107	$	554,722	$	560,038	$	564,881	$	556,519

(a)Amounts include balances held with the Federal Reserve Bank of $23.9 billion, $31.9 billion, $39.0 billion, $34.6 billion and $32.6 billion as of June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.

(b)Amounts include assets and liabilities for which PNC has elected the fair value option. Our first quarter 2025 Form 10-Q included, and our second quarter 2025 Form 10-Q will include, additional information regarding these items.

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


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 3


Table 3: Average Consolidated Balance Sheet (Unaudited) (a) (b)
	Three months ended										Six months ended
	June 30		March 31		December 31		September 30		June 30		June 30		June 30
In millions	2025		2025		2024		2024		2024		2025		2024
Assets
Interest-earning assets:
Investment securities
Securities available-for-sale
Residential mortgage-backed	$	34,567	$	33,793	$	32,865	$	31,491	$	30,780	$	34,182	$	30,885
U.S. Treasury and government agencies	25,372		24,382		23,086		17,311		15,350		24,880		11,775
Other	7,818		7,505		7,656		7,387		7,305		7,663		7,058
Total securities available-for-sale	67,757		65,680		63,607		56,189		53,435		66,725		49,718
Securities held-to-maturity
Residential mortgage-backed	40,440		40,045		40,833		41,698		42,234		40,243		42,433
U.S. Treasury and government agencies	26,900		28,931		31,049		35,093		35,467		27,910		35,663
Other	6,838		7,525		8,374		9,334		10,170		7,180		10,556
Total securities held-to-maturity	74,178		76,501		80,256		86,125		87,871		75,333		88,652
Total investment securities	141,935		142,181		143,863		142,314		141,306		142,058		138,370
Loans
Commercial and industrial	184,725		177,333		177,433		177,019		177,130		181,049		177,194
Commercial real estate	31,838		33,067		34,476		35,451		35,523		32,450		35,523
Equipment lease financing	6,801		6,692		6,737		6,528		6,490		6,747		6,478
Consumer	53,851		53,421		53,735		53,543		53,503		53,637		53,718
Residential real estate	45,539		46,111		46,677		47,061		47,272		45,823		47,350
Total loans	322,754		316,624		319,058		319,602		319,918		319,706		320,263
Interest-earning deposits with banks (c)	31,570		34,614		37,929		45,319		41,113		33,209		44,682
Other interest-earning assets	11,348		10,147		10,337		8,909		9,279		10,750		8,641
Total interest-earning assets	507,607		503,566		511,187		516,144		511,616		505,723		511,956
Noninterest-earning assets	54,079		52,811		52,911		53,369		51,414		53,323		50,983
Total assets	$	561,686	$	556,377	$	564,098	$	569,513	$	563,030	$	559,046	$	562,939
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market	$	70,909	$	73,063	$	73,219	$	72,578	$	67,631	$	71,980	$	67,735
Demand	126,222		125,046		124,294		119,914		121,423		125,637		122,085
Savings	97,028		97,409		95,957		95,939		97,232		97,217		97,476
Time deposits	35,674		32,763		35,656		37,880		34,663		34,227		33,819
Total interest-bearing deposits	329,833		328,281		329,126		326,311		320,949		329,061		321,115
Borrowed funds
Federal Home Loan Bank advances	18,319		19,703		24,014		31,785		35,962		19,007		36,839
Senior debt	36,142		34,933		32,572		32,204		29,717		35,541		29,096
Subordinated debt	3,686		4,320		4,324		4,330		4,567		4,001		4,824
Other	7,146		5,549		6,259		7,764		7,210		6,352		5,764
Total borrowed funds	65,293		64,505		67,169		76,083		77,456		64,901		76,523
Total interest-bearing liabilities	395,126		392,786		396,295		402,394		398,405		393,962		397,638
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits	93,142		92,367		96,136		95,811		96,284		92,757		97,579
Accrued expenses and other liabilities	16,942		16,214		17,068		17,395		17,144		16,580		16,774
Equity	56,476		55,010		54,599		53,913		51,197		55,747		50,948
Total liabilities and equity	$	561,686	$	556,377	$	564,098	$	569,513	$	563,030	$	559,046	$	562,939

(a)Calculated using average daily balances.

(b)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, which are included in other 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.

(c)Amounts include average balances held with the Federal Reserve Bank of $30.8 billion, $34.2 billion, $37.5 billion, $44.9 billion and $40.7 billion for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024 and $32.5 billion and $44.3 billion for the six months ended June 30, 2025 and June 30, 2024, respectively.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 4


Table 4: Details of Net Interest Margin (Unaudited)
	Three months ended										Six months ended
	June 30		March 31		December 31		September 30		June 30		June 30		June 30
	2025		2025		2024		2024		2024		2025		2024
Average yields/rates (a)
Yield on interest-earning assets
Investment securities
Securities available-for-sale
Residential mortgage-backed	3.76	%	3.68	%	3.60	%	3.45	%	3.11	%	3.72	%	3.06	%
U.S. Treasury and government agencies	4.55	%	4.50	%	4.75	%	5.40	%	4.28	%	4.56	%	3.72	%
Other	3.69	%	3.65	%	3.79	%	3.76	%	3.70	%	3.67	%	3.59	%
Total securities available-for-sale	4.05	%	3.98	%	4.04	%	4.09	%	3.53	%	4.03	%	3.29	%
Securities held-to-maturity
Residential mortgage-backed	2.90	%	2.84	%	2.83	%	2.82	%	2.79	%	2.87	%	2.78	%
U.S. Treasury and government agencies	1.53	%	1.49	%	1.46	%	1.33	%	1.31	%	1.52	%	1.31	%
Other	4.34	%	4.39	%	4.60	%	4.81	%	4.82	%	4.37	%	4.76	%
Total securities held-to-maturity	2.54	%	2.48	%	2.48	%	2.43	%	2.43	%	2.51	%	2.42	%
Total investment securities	3.26	%	3.17	%	3.17	%	3.08	%	2.84	%	3.22	%	2.74	%
Loans
Commercial and industrial	5.74	%	5.74	%	5.94	%	6.28	%	6.22	%	5.74	%	6.20	%
Commercial real estate	6.01	%	5.94	%	6.24	%	6.68	%	6.66	%	5.97	%	6.67	%
Equipment lease financing	4.99	%	5.05	%	5.43	%	5.65	%	5.37	%	5.02	%	5.27	%
Consumer	7.11	%	7.14	%	7.29	%	7.47	%	7.24	%	7.12	%	7.20	%
Residential real estate	3.76	%	3.78	%	3.75	%	3.73	%	3.70	%	3.77	%	3.67	%
Total loans	5.70	%	5.70	%	5.87	%	6.13	%	6.05	%	5.70	%	6.03	%
Interest-earning deposits with banks	4.38	%	4.42	%	4.86	%	5.48	%	5.47	%	4.38	%	5.47	%
Other interest-earning assets	5.66	%	6.02	%	6.17	%	6.78	%	6.98	%	5.83	%	6.95	%
Total yield on interest-earning assets	4.93	%	4.90	%	5.04	%	5.25	%	5.13	%	4.92	%	5.11	%
Rate on interest-bearing liabilities
Interest-bearing deposits
Money market	3.01	%	2.99	%	3.18	%	3.59	%	3.39	%	3.00	%	3.42	%
Demand	1.89	%	1.87	%	2.05	%	2.31	%	2.25	%	1.88	%	2.25	%
Savings	1.63	%	1.64	%	1.70	%	1.86	%	1.85	%	1.64	%	1.83	%
Time deposits	3.64	%	3.69	%	4.15	%	4.47	%	4.48	%	3.66	%	4.46	%
Total interest-bearing deposits	2.24	%	2.23	%	2.43	%	2.72	%	2.61	%	2.24	%	2.60	%
Borrowed funds
Federal Home Loan Bank advances	4.74	%	4.73	%	5.06	%	5.63	%	5.66	%	4.74	%	5.66	%
Senior debt	5.77	%	5.64	%	6.12	%	6.64	%	6.55	%	5.71	%	6.57	%
Subordinated debt	5.69	%	5.54	%	6.10	%	6.77	%	6.65	%	5.61	%	6.64	%
Other	4.24	%	4.38	%	4.70	%	5.28	%	5.51	%	4.30	%	5.54	%
Total borrowed funds	5.31	%	5.25	%	5.61	%	6.09	%	6.04	%	5.28	%	6.06	%
Total rate on interest-bearing liabilities	2.74	%	2.72	%	2.95	%	3.34	%	3.26	%	2.73	%	3.25	%
Interest rate spread	2.19	%	2.18	%	2.09	%	1.91	%	1.87	%	2.19	%	1.86	%
Benefit from use of noninterest-bearing sources (b)	0.61	%	0.60	%	0.66	%	0.73	%	0.73	%	0.60	%	0.72	%
Net interest margin	2.80	%	2.78	%	2.75	%	2.64	%	2.60	%	2.79	%	2.58	%

(a)Yields and rates are calculated using the applicable annualized interest income or interest expense divided by the applicable average earning assets or interest-bearing liabilities. Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources. To provide more meaningful comparisons of net interest margins, we use net interest income on a taxable-equivalent basis in calculating average yields used in the calculation of net interest margin 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 in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024 were $28 million, $28 million, $30 million, $33 million and $34 million, respectively. The taxable-equivalent adjustments to net interest income for the six months ended June 30, 2025 and June 30, 2024 were $56 million and $68 million, respectively.

(b)Represents the positive effects of investing noninterest-bearing sources in interest-earning assets.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 5

Table 5: Details of Loans (Unaudited)


	June 30		March 31		December 31		September 30		June 30
In millions	2025		2025		2024		2024		2024
Commercial
Commercial and industrial
Financial services	$	31,815	$	29,335	$	27,737	$	29,244	$	27,986
Manufacturing	31,135		28,934		27,700		28,748		29,544
Service providers	23,071		22,943		21,881		22,033		21,948
Wholesale trade	19,460		19,176		18,399		18,338		18,532
Real estate related (a)	14,873		15,041		14,910		14,856		15,198
Retail trade	12,923		11,941		11,611		11,888		11,596
Technology, media and telecommunications	11,079		9,998		9,767		9,292		9,621
Health care	9,590		9,903		9,694		10,169		9,527
Transportation and warehousing	7,164		7,147		7,320		7,723		8,036
Other industries	27,720		26,119		26,771		26,600		26,801
Total commercial and industrial	188,830		180,537		175,790		178,891		178,789
Commercial real estate	31,250		32,307		33,619		35,104		35,498
Equipment lease financing	6,928		6,732		6,755		6,726		6,555
Total commercial	227,008		219,576		216,164		220,721		220,842
Consumer
Residential real estate	45,257		45,890		46,415		46,972		47,183
Home equity	25,928		25,846		25,991		25,970		25,917
Automobile	15,892		15,324		15,355		15,135		14,820
Credit card	6,570		6,550		6,879		6,827		6,849
Education	1,547		1,597		1,636		1,693		1,732
Other consumer	4,138		4,067		4,027		4,063		4,086
Total consumer	99,332		99,274		100,303		100,660		100,587
Total loans	$	326,340	$	318,850	$	316,467	$	321,381	$	321,429

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


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															Six months ended
	June 30			March 31			December 31			September 30			June 30			June 30			June 30
Dollars in millions	2025			2025			2024			2024			2024			2025			2024
Allowance for loan and lease losses
Beginning balance	$	4,544		$	4,486		$	4,589		$	4,636		$	4,693		$	4,486		$	4,791
Gross charge-offs:
Commercial and industrial	(89)			(103)			(78)			(89)			(77)			(192)			(161)
Commercial real estate	(64)			(18)			(87)			(102)			(113)			(82)			(169)
Equipment lease financing	(10)			(10)			(9)			(9)			(8)			(20)			(16)
Residential real estate	—			(2)			(1)			—			(1)			(2)			(2)
Home equity	(9)			(9)			(9)			(8)			(9)			(18)			(19)
Automobile	(30)			(35)			(33)			(34)			(32)			(65)			(64)
Credit card	(81)			(90)			(87)			(86)			(90)			(171)			(182)
Education	(4)			(5)			(6)			(4)			(5)			(9)			(9)
Other consumer	(37)			(40)			(44)			(44)			(40)			(77)			(83)
Total gross charge-offs	(324)			(312)			(354)			(376)			(375)			(636)			(705)
Recoveries:
Commercial and industrial	48			35			39			22			39			83			58
Commercial real estate	8			5			2			2			7			13			9
Equipment lease financing	5			7			5			4			6			12			8
Residential real estate	3			2			2			2			3			5			6
Home equity	12			8			11			10			12			20			21
Automobile	24			23			23			25			24			47			49
Credit card	15			15			13			15			12			30			27
Education	2			2			1			2			1			4			3
Other consumer	9			10			8			8			9			19			19
Total recoveries	126			107			104			90			113			233			200
Net (charge-offs) / recoveries:
Commercial and industrial	(41)			(68)			(39)			(67)			(38)			(109)			(103)
Commercial real estate	(56)			(13)			(85)			(100)			(106)			(69)			(160)
Equipment lease financing	(5)			(3)			(4)			(5)			(2)			(8)			(8)
Residential real estate	3			—			1			2			2			3			4
Home equity	3			(1)			2			2			3			2			2
Automobile	(6)			(12)			(10)			(9)			(8)			(18)			(15)
Credit card	(66)			(75)			(74)			(71)			(78)			(141)			(155)
Education	(2)			(3)			(5)			(2)			(4)			(5)			(6)
Other consumer	(28)			(30)			(36)			(36)			(31)			(58)			(64)
Total net (charge-offs)	(198)			(205)			(250)			(286)			(262)			(403)			(505)
Provision for credit losses (a)	171			260			155			235			204			431			351
Other	6			3			(8)			4			1			9			(1)
Ending balance	$	4,523		$	4,544		$	4,486		$	4,589		$	4,636		$	4,523		$	4,636
Supplemental Information
Net charge-offs
Commercial net charge-offs	$	(102)		$	(84)		$	(128)		$	(172)		$	(146)		$	(186)		$	(271)
Consumer net charge-offs	(96)			(121)			(122)			(114)			(116)			(217)			(234)
Total net charge-offs	$	(198)		$	(205)		$	(250)		$	(286)		$	(262)		$	(403)		$	(505)
Net charge-offs to average loans (annualized)	0.25		%	0.26		%	0.31		%	0.36		%	0.33		%	0.25		%	0.32		%
Commercial	0.18		%	0.16		%	0.23		%	0.31		%	0.27		%	0.17		%	0.25		%
Consumer	0.39		%	0.49		%	0.48		%	0.45		%	0.46		%	0.44		%	0.47		%

(a)See Table 7 for the components of the Provision for credit losses being reported on the Consolidated Income Statement.


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										Six months ended
	June 30		March 31		December 31		September 30		June 30		June 30		June 30
In millions	2025		2025		2024		2024		2024		2025		2024
Provision for credit losses
Loans and leases	$	171	$	260	$	155	$	235	$	204	$	431	$	351
Unfunded lending related commitments	84		(46)		(5)		7		45		38		54
Investment securities	(1)		3		—		—		(11)		2		(10)
Other financial assets	—		2		6		1		(3)		2		(5)
Total provision for credit losses	$	254	$	219	$	156	$	243	$	235	$	473	$	390

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


	June 30, 2025						March 31, 2025						June 30, 2024
Dollars in millions	Allowance Amount		Total Loans		% of Total Loans		Allowance Amount		Total Loans		% of Total Loans		Allowance Amount		Total Loans		% of Total Loans
Allowance for loan and lease losses
Commercial
Commercial and industrial	$	1,864	$	188,830	0.99	%	$	1,704	$	180,537	0.94	%	$	1,728	$	178,789	0.97	%
Commercial real estate	1,282		31,250		4.10	%	1,433		32,307		4.44	%	1,441		35,498		4.06	%
Equipment lease financing	84		6,928		1.21	%	68		6,732		1.01	%	74		6,555		1.13	%
Total commercial	3,230		227,008		1.42	%	3,205		219,576		1.46	%	3,243		220,842		1.47	%
Consumer
Residential real estate	52		45,257		0.11	%	43		45,890		0.09	%	48		47,183		0.10	%
Home equity	292		25,928		1.13	%	286		25,846		1.11	%	260		25,917		1.00	%
Automobile	151		15,892		0.95	%	167		15,324		1.09	%	163		14,820		1.10	%
Credit card	579		6,570		8.81	%	621		6,550		9.48	%	698		6,849		10.19	%
Education	46		1,547		2.97	%	48		1,597		3.01	%	52		1,732		3.00	%
Other consumer	173		4,138		4.18	%	174		4,067		4.28	%	172		4,086		4.21	%
Total consumer	1,293		99,332		1.30	%	1,339		99,274		1.35	%	1,393		100,587		1.38	%
Total	4,523		$	326,340	1.39	%	4,544		$	318,850	1.43	%	4,636		$	321,429	1.44	%
Allowance for unfunded lending related commitments	759						674						717
Allowance for credit losses	$	5,282					$	5,218					$	5,353

Supplemental Information
Allowance for credit losses to total loans					1.62	%					1.64	%					1.67	%
Commercial					1.69	%					1.70	%					1.73	%
Consumer					1.45	%					1.50	%					1.52	%

(a) Excludes allowances for investment securities and other financial assets, which together totaled $88 million, $91 million and $112 million at June 30, 2025, March 31, 2025 and June 30, 2024, respectively.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 8

Details of Nonperforming Assets (Unaudited)

Table 9: Nonperforming Assets by Type


	June 30			March 31			December 31			September 30			June 30
Dollars in millions	2025			2025			2024			2024			2024
Nonperforming loans
Commercial
Commercial and industrial
Service providers	$	124		$	140		$	187		$	152		$	152
Manufacturing	71			96			30			35			79
Retail trade	63			121			18			22			51
Health care	53			76			73			75			37
Transportation and warehousing	47			44			47			46			41
Technology, media and telecommunications	31			52			73			74			108
Real estate related (a)	21			22			24			29			47
Wholesale trade	17			15			43			127			19
Other industries	35			30			33			162			168
Total commercial and industrial	462			596			528			722			702
Commercial real estate	753			851			919			993			928
Equipment lease financing	36			20			15			14			16
Total commercial	1,251			1,467			1,462			1,729			1,646
Consumer (b)
Residential real estate	325			287			278			265			275
Home equity	436			437			482			473			468
Automobile	80			83			86			90			93
Credit card	13			15			15			15			13
Other consumer	3			3			3			6			8
Total consumer	857			825			864			849			857
Total nonperforming loans (c)	2,108			2,292			2,326			2,578			2,503
OREO and foreclosed assets	33			32			31			31			34
Total nonperforming assets	$	2,141		$	2,324		$	2,357		$	2,609		$	2,537
Nonperforming loans to total loans	0.65		%	0.72		%	0.73		%	0.80		%	0.78		%
Nonperforming assets to total loans, OREO and foreclosed assets	0.66		%	0.73		%	0.74		%	0.81		%	0.79		%
Nonperforming assets to total assets	0.38		%	0.42		%	0.42		%	0.46		%	0.46		%
Allowance for loan and lease losses to nonperforming loans	215		%	198		%	193		%	178		%	185		%

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

(b)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.

(c)Nonperforming loans exclude certain government insured or guaranteed loans, loans held for sale and loans accounted for under the fair value option.

Table 10: Change in Nonperforming Assets


	Three months ended
	June 30		March 31		December 31		September 30		June 30
Dollars in millions	2025		2025		2024		2024		2024
Beginning balance	$	2,324	$	2,357	$	2,609	$	2,537	$	2,415

New nonperforming assets	367		477		397		661		571
Charge-offs and valuation adjustments	(149)		(135)		(174)		(200)		(178)
Principal activity, including paydowns and payoffs	(312)		(156)		(401)		(322)		(201)
Asset sales and transfers to loans held for sale	(5)		(77)		(15)		(6)		(16)
Returned to performing status	(84)		(142)		(59)		(61)		(54)
Ending balance	$	2,141	$	2,324	$	2,357	$	2,609	$	2,537


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 9

Accruing Loans Past Due (Unaudited)

Table 11: Accruing Loans Past Due 30 to 59 Days (a)



	June 30			March 31			December 31			September 30			June 30
Dollars in millions	2025			2025			2024			2024			2024
Commercial
Commercial and industrial	$	118		$	216		$	159		$	106		$	95
Commercial real estate	43			6			25			9			8
Equipment lease financing	15			41			41			22			19
Total commercial	176			263			225			137			122
Consumer
Residential real estate
Non government insured	169			208			161			162			201
Government insured	78			79			73			76			77
Home equity	62			71			71			65			64
Automobile	74			73			83			81			92
Credit card	42			45			49			55			50
Education
Non government insured	4			5			5			6			5
Government insured	18			20			20			20			22
Other consumer	12			10			10			12			12
Total consumer	459			511			472			477			523
Total	$	635		$	774		$	697		$	614		$	645
Supplemental Information
Total accruing loans past due 30-59 days to total loans	0.19		%	0.24		%	0.22		%	0.19		%	0.20		%
Commercial	0.08		%	0.12		%	0.10		%	0.06		%	0.06		%
Consumer	0.46		%	0.51		%	0.47		%	0.47		%	0.52		%

(a)Excludes loans held for sale.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 10

Accruing Loans Past Due (Unaudited) (Continued)

Table 12: Accruing Loans Past Due 60 to 89 Days (a)


	June 30			March 31			December 31			September 30			June 30
Dollars in millions	2025			2025			2024			2024			2024
Commercial
Commercial and industrial	$	91		$	34		$	43		$	40		$	53
Commercial real estate	6			—			18			—			2
Equipment lease financing	10			11			12			12			6
Total commercial	107			45			73			52			61
Consumer
Residential real estate
Non government insured	52			93			58			40			48
Government insured	39			39			48			45			43
Home equity	28			28			26			27			24
Automobile	19			19			22			21			22
Credit card	32			33			38			39			37
Education
Non government insured	3			3			2			3			2
Government insured	11			11			13			13			13
Other consumer	6			7			8			12			9
Total consumer	190			233			215			200			198
Total	$	297		$	278		$	288		$	252		$	259
Supplemental Information
Total accruing loans past due 60-89 days to total loans	0.09		%	0.09		%	0.09		%	0.08		%	0.08		%
Commercial	0.05		%	0.02		%	0.03		%	0.02		%	0.03		%
Consumer	0.19		%	0.23		%	0.21		%	0.20		%	0.20		%

(a)Excludes loans held for sale.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 11

Accruing Loans Past Due (Unaudited) (Continued)

Table 13: Accruing Loans Past Due 90 Days or More (a)


	June 30			March 31			December 31			September 30			June 30
Dollars in millions	2025			2025			2024			2024			2024
Commercial
Commercial and industrial	$	79		$	75		$	72		$	97		$	86
Commercial real estate	—			—			—			—			1
Total commercial	79			75			72			97			87
Consumer
Residential real estate
Non government insured	53			53			56			52			27
Government insured	129			130			132			127			128
Automobile	5			7			9			6			6
Credit card	64			71			81			79			76
Education
Non government insured	2			2			2			2			2
Government insured	32			34			37			38			34
Other consumer	7			7			8			8			8
Total consumer	292			304			325			312			281
Total	$	371		$	379		$	397		$	409		$	368
Supplemental Information
Total accruing loans past due 90 days or more to total loans	0.11		%	0.12		%	0.13		%	0.13		%	0.11		%
Commercial	0.03		%	0.03		%	0.03		%	0.04		%	0.04		%
Consumer	0.29		%	0.31		%	0.32		%	0.31		%	0.28		%
Total accruing loans past due	$	1,303		$	1,431		$	1,382		$	1,275		$	1,272
Commercial	$	362		$	383		$	370		$	286		$	270
Consumer	$	941		$	1,048		$	1,012		$	989		$	1,002
Total accruing loans past due to total loans	0.40		%	0.45		%	0.44		%	0.40		%	0.40		%
Commercial	0.16		%	0.17		%	0.17		%	0.13		%	0.12		%
Consumer	0.95		%	1.06		%	1.01		%	0.98		%	1.00		%

(a)Excludes loans held for sale.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 12

Business Segment Descriptions (Unaudited)

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 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.

Table 14: Period End Employees


	June 30	March 31	December 31	September 30	June 30
	2025	2025	2024	2024	2024
Full-time employees
Retail Banking	26,291	27,108	27,513	27,740	27,935
Other full-time employees	26,884	26,360	26,173	26,009	25,997
Total full-time employees	53,175	53,468	53,686	53,749	53,932
Part-time employees
Retail Banking	1,465	1,460	1,451	1,451	1,558
Other part-time employees	407	48	47	49	422
Total part-time employees	1,872	1,508	1,498	1,500	1,980
Total	55,047	54,976	55,184	55,249	55,912


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 13

Table 15: Summary of Business Segment Net Income and Revenue (Unaudited) (a)


	Three months ended										Six months ended
	June 30		March 31		December 31		September 30		June 30		June 30		June 30
In millions	2025		2025		2024		2024		2024		2025		2024
Net Income
Retail Banking (b)	$	1,359	$	1,121	$	1,083	$	1,172	$	1,719	$	2,480	$	2,808
Corporate & Institutional Banking	1,229		1,244		1,365		1,197		1,046		2,473		2,167
Asset Management Group (b)	129		105		95		96		95		234		185
Other (b)	(1,090)		(989)		(933)		(975)		(1,401)		(2,079)		(2,371)
Net income excluding noncontrolling interests	$	1,627	$	1,481	$	1,610	$	1,490	$	1,459	$	3,108	$	2,789

Revenue
Retail Banking (b)	$	3,756	$	3,542	$	3,542	$	3,494	$	4,124	$	7,298	$	7,511
Corporate & Institutional Banking	2,720		2,630		2,755		2,645		2,502		5,350		4,939
Asset Management Group (b)	423		417		403		393		388		840		766
Other (b)	(1,238)		(1,137)		(1,133)		(1,100)		(1,603)		(2,375)		(2,660)
Total revenue	$	5,661	$	5,452	$	5,567	$	5,432	$	5,411	$	11,113	$	10,556

(a)Our business information is presented based on our internal management reporting practices. Net interest income in business segment results reflects PNC’s internal funds transfer pricing methodology. Assets receive a funding charge and liabilities and capital receive a funding credit based on a transfer pricing methodology that incorporates product repricing characteristics, tenor and other factors.

(b)See the Retail Banking and Asset Management Group tables that follow for details on reclassifications made during the second quarter of 2025 that impact both Net Income and Revenue. Prior periods have been adjusted to conform with the current presentation.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 14

Table 16: Retail Banking (Unaudited) (a)


	Three months ended																	Six months ended
	June 30			March 31				December 31				September 30			June 30			June 30			June 30
Dollars in millions	2025			2025				2024				2024			2024			2025			2024
Income Statement
Net interest income (b)(c)	$	2,974		$	2,836			$	2,834			$	2,793		$	2,715		$	5,810		$	5,338
Noninterest income	782			706				708				701			1,409			1,488			2,173
Total revenue (b)(c)	3,756			3,542				3,542				3,494			4,124			7,298			7,511
Provision for credit losses	83			168				106				111			27			251			145
Noninterest expense (d)
Personnel	539			538				536				539			533			1,077			1,074
Segment allocations (e)	978			967				977				930			940			1,945			1,867
Depreciation and amortization	87			86				72				75			77			173			153
Other (f)	286			311				425				298			291			597			584
Total noninterest expense	1,890			1,902				2,010				1,842			1,841			3,792			3,678
Pretax earnings (b)(c)	1,783			1,472				1,426				1,541			2,256			3,255			3,688
Income taxes (b)(c)	414			342				332				360			526			756			861
Noncontrolling interests	10			9				11				9			11			19			19
Earnings (b)(c)	$	1,359		$	1,121		752	$	1,083		322	$	1,172		$	1,719		$	2,480		$	2,808
Average Balance Sheet
Loans held for sale	$	874		$	860			$	873			$	986		$	641		$	867		$	560
Loans (b)
Consumer
Residential real estate	$	34,647		$	35,197			$	35,658			$	35,953		$	36,186		$	34,920		$	36,394
Home equity	24,551			24,549				24,604				24,542			24,544			24,548			24,600
Automobile	15,738			15,240				15,213				15,000			14,785			15,491			14,812
Credit card	6,483			6,568				6,779				6,805			6,840			6,525			6,885
Education	1,586			1,637				1,674				1,723			1,822			1,612			1,877
Other consumer	1,756			1,754				1,776				1,756			1,745			1,756			1,758
Total consumer	84,761			84,945				85,704				85,779			85,922			84,852			86,326
Commercial	12,725			12,841				12,927				12,789			12,787			12,783			12,704
Total loans	$	97,486		$	97,786			$	98,631			$	98,568		$	98,709		$	97,635		$	99,030
Total assets (b)	$	114,061		$	115,176			$	117,175			$	116,477		$	117,322		$	114,601		$	116,856
Deposits (b)
Noninterest-bearing	$	52,353		$	51,307			$	52,503			$	53,069		$	53,533		$	51,833		$	53,505
Interest-bearing (c)	191,190			189,563				187,011				185,940			187,624			190,381			187,010
Total deposits	$	243,543		$	240,870			$	239,514			$	239,009		$	241,157		$	242,214		$	240,515
Performance Ratios (b)(c)
Return on average assets	4.78		%	3.95		%		3.67		%		3.99		%	5.88		%	4.36		%	4.85		%
Noninterest income to total revenue	21		%	20		%		20		%		20		%	34		%	20		%	29		%
Efficiency	50		%	54		%		57		%		53		%	45		%	52		%	49		%

(continued on following page)


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 15

Retail Banking (Unaudited) (Continued)


	Three months ended															Six months ended
	June 30			March 31			December 31			September 30			June 30			June 30			June 30
Dollars in millions, except as noted	2025			2025			2024			2024			2024			2025			2024
Supplemental Noninterest Income Information
Asset management and brokerage	$	150		$	152		$	135		$	145		$	135		$	302		$	272
Card and cash management	$	328		$	296		$	308		$	319		$	330		$	624		$	636
Lending and deposit services	$	190		$	184		$	191		$	193		$	182		$	374		$	360
Residential and commercial mortgage	$	61		$	65		$	46		$	129		$	70		$	126		$	167
Other income - Gain on Visa shares exchange program	$	—		$	—		$	—		$	—		$	754		$	—		$	754
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (g)
Serviced portfolio balance (h)	$	189		$	193		$	197		$	200		$	204
MSR asset value (h)	$	2.5		$	2.5		$	2.6		$	2.5		$	2.7
Servicing income: (in millions)
Servicing fees, net (i)	$	60		$	71		$	69		$	69		$	67		$	131		$	149
Mortgage servicing rights valuation net of economic hedge	$	2		$	(4)		$	(28)		$	53		$	(14)		$	(2)		$	(20)
Residential mortgage loan statistics
Loan origination volume (in billions)	$	1.7		$	1.0		$	1.6		$	1.8		$	1.7		$	2.7		$	3.0
Loan sale margin percentage	0.91		%	0.58		%	1.26		%	1.45		%	1.96		%	0.78		%	2.21		%
Other Information


Credit-related statistics
Nonperforming assets (h)	$	812		$	804		$	848		$	836		$	840
Net charge-offs - loans and leases	$	120		$	144		$	152		$	141		$	138		$	264		$	277
Other statistics
Branches (h)(j)	2,218			2,217			2,234			2,242			2,247
Brokerage account client assets (in billions) (h)(k)	$	87		$	84		$	84		$	84		$	81

(a)See note (a) on page 13.

(b)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.

(c)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.

(d)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.

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

(f)Other is primarily comprised of other direct expenses including outside services and equipment expense. Amounts for the fourth quarter of 2024 also include asset impairments primarily related to technology investments.

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

(h)Presented as of period end.

(i)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.

(j)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.

(k)Includes cash and money market balances.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 16

Table 17: Corporate & Institutional Banking (Unaudited) (a)


	Three months ended															Six months ended
	June 30			March 31			December 31			September 30			June 30			June 30			June 30
Dollars in millions	2025			2025			2024			2024			2024			2025			2024
Income Statement
Net interest income	$	1,698		$	1,652		$	1,688		$	1,615		$	1,560		$	3,350		$	3,109
Noninterest income	1,022			978			1,067			1,030			942			2,000			1,830
Total revenue	2,720			2,630			2,755			2,645			2,502			5,350			4,939
Provision for credit losses	184			49			44			134			228			233			275
Noninterest expense
Personnel	370			376			401			393			348			746			714
Segment allocations (b)	381			383			386			371			374			764			740
Depreciation and amortization	49			51			51			50			51			100			101
Other (c)	150			146			143			136			138			296			278
Total noninterest expense	950			956			981			950			911			1,906			1,833
Pretax earnings	1,586			1,625			1,730			1,561			1,363			3,211			2,831
Income taxes	352			377			361			359			312			729			654
Noncontrolling interests	5			4			4			5			5			9			10
Earnings	$	1,229		$	1,244		$	1,365		$	1,197		$	1,046		$	2,473		$	2,167
Average Balance Sheet
Loans held for sale	$	775		$	255		$	832		$	339		$	212		$	516		$	181
Loans
Commercial
Commercial and industrial	$	170,829		$	163,379		$	163,410		$	163,061		$	163,083		$	167,125		$	163,205
Commercial real estate	30,962			32,151			33,525			34,450			34,441			31,553			34,430
Equipment lease financing	6,801			6,692			6,737			6,529			6,490			6,747			6,479
Total commercial	208,592			202,222			203,672			204,040			204,014			205,425			204,114
Consumer	4			3			3			3			4			3			3
Total loans	$	208,596		$	202,225		$	203,675		$	204,043		$	204,018		$	205,428		$	204,117
Total assets	$	234,391		$	227,069		$	227,845		$	227,277		$	229,604		$	230,750		$	229,151
Deposits
Noninterest-bearing	$	39,196		$	39,501		$	42,119		$	41,174		$	41,185		$	39,347		$	42,520
Interest-bearing	107,275			108,503			109,205			104,872			98,716			107,886			98,778
Total deposits	$	146,471		$	148,004		$	151,324		$	146,046		$	139,901		$	147,233		$	141,298
Performance Ratios
Return on average assets	2.10		%	2.22		%	2.38		%	2.09		%	1.83		%	2.16		%	1.91		%
Noninterest income to total revenue	38		%	37		%	39		%	39		%	38		%	37		%	37		%
Efficiency	35		%	36		%	36		%	36		%	36		%	36		%	37		%

(continued on following page)


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 17

Corporate & Institutional Banking (Unaudited) (Continued)


	Three months ended										Six months ended
	June 30		March 31		December 31		September 30		June 30		June 30		June 30
Dollars in millions	2025		2025		2024		2024		2024		2025		2024
Other Information
Consolidated revenue from:
Treasury Management (d)	$	1,077	$	1,049	$	1,058	$	974	$	954	$	2,126	$	1,890
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (e)	$	24	$	26	$	38	$	16	$	17	$	50	$	27
Commercial mortgage loan servicing income (f)	116		94		112		90		84		210		151
Commercial mortgage servicing rights valuation, net of economic hedge	36		39		39		32		39		75		76
Total	$	176	$	159	$	189	$	138	$	140	$	335	$	254
Commercial mortgage servicing statistics
Serviced portfolio balance (in billions) (g)(h)	$	295	$	294	$	290	$	289	$	289
MSR asset value (g)	$	1,010	$	1,041	$	1,085	$	975	$	1,082
Average loans by C&IB business
Corporate Banking	$	123,069	$	117,659	$	116,364	$	116,330	$	116,439	$	120,379	$	116,642
Real Estate	42,533		43,283		45,472		46,181		45,987		42,906		46,297
Business Credit	31,544		30,044		30,343		29,825		29,653		30,798		29,291
Commercial Banking	7,281		7,343		7,290		7,438		7,527		7,312		7,536
Other	4,169		3,896		4,206		4,269		4,412		4,033		4,351
Total average loans	$	208,596	$	202,225	$	203,675	$	204,043	$	204,018	$	205,428	$	204,117
Credit-related statistics
Nonperforming assets (g)	$	1,160	$	1,372	$	1,368	$	1,624	$	1,528
Net charge-offs - loans and leases	$	83	$	64	$	100	$	147	$	129	$	147	$	237

(a)See note (a) on page 13.

(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)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)Presented as of period end.

(h)Represents balances related to capitalized servicing.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 18

Table 18: Asset Management Group (Unaudited) (a)


	Three months ended															Six months ended
	June 30			March 31			December 31			September 30			June 30			June 30			June 30
Dollars in millions, except as noted	2025			2025			2024			2024			2024			2025			2024
Income Statement
Net interest income (b)	$	179		$	174		$	161		$	151		$	153		$	353		$	301
Noninterest income	244			243			242			242			235			487			465
Total revenue (b)	423			417			403			393			388			840			766
Provision for (recapture of) credit losses	(13)			1			2			(2)			2			(12)			(3)
Noninterest expense
Personnel	115			121			116			120			115			236			236
Segment allocations (c)	118			117			123			114			110			235			217
Depreciation and amortization	10			8			8			6			9			18			16
Other (d)	25			33			30			30			27			58			57
Total noninterest expense	268			279			277			270			261			547			526
Pretax earnings (b)	168			137			124			125			125			305			243
Income taxes (b)	39			32			29			29			30			71			58
Earnings (b)	$	129		$	105		$	95		$	96		$	95		$	234		$	185
Average Balance Sheet
Loans (b)
Consumer
Residential real estate	$	9,912		$	9,907		$	9,981		$	10,035		$	9,980		$	9,910		$	9,832
Other consumer	3,543			3,472			3,480			3,498			3,539			3,508			3,551
Total consumer	13,455			13,379			13,461			13,533			13,519			13,418			13,383
Commercial	731			657			668			714			814			694			831
Total loans	$	14,186		$	14,036		$	14,129		$	14,247		$	14,333		$	14,112		$	14,214
Total assets (b)	$	14,629		$	14,482		$	14,580		$	14,690		$	14,779		$	14,556		$	14,654
Deposits (b)
Noninterest-bearing	$	1,585		$	1,540		$	1,539		$	1,595		$	1,568		$	1,563		$	1,552
Interest-bearing	25,327			26,106			25,669			25,186			25,844			25,714			26,243
Total deposits	$	26,912		$	27,646		$	27,208		$	26,781		$	27,412		$	27,277		$	27,795
Performance Ratios (b)
Return on average assets	3.54		%	2.94		%	2.59		%	2.59		%	2.58		%	3.24		%	2.55		%
Noninterest income to total revenue	58		%	58		%	60		%	62		%	61		%	58		%	61		%
Efficiency	63		%	67		%	69		%	69		%	67		%	65		%	69		%
Other Information
Nonperforming assets (e)	$	63		$	36		$	28		$	36		$	51
Net charge-offs - loans and leases	$	(1)		$	—		$	2		$	—		$	—		$	(1)		$	—
Client Assets Under Administration (in billions) (e)(f)
Discretionary client assets under management
PNC Private Bank	$	131		$	127		$	129		$	132		$	123
Institutional Asset Management	86			83			82			82			73
Total discretionary clients assets under management	217			210			211			214			196
Nondiscretionary client assets under administration	204			201			210			216			208
Total	$	421		$	411		$	421		$	430		$	404

(a)See note (a) on page 13.

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

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

(e)Presented as of period end.

(f)Excludes brokerage account client assets.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 19

Glossary of Terms

Allowance for credit losses (ACL) – A valuation account that is deducted from or added to the amortized cost basis of the related

financial assets to present the net carrying value at the amount expected to be collected on the financial asset.

Amortized cost basis – Amount at which a financial asset is originated or acquired, adjusted for applicable accretion or amortization of premiums, discounts and net deferred fees or costs, collection of cash, charge-offs, foreign exchange and fair value hedge accounting adjustments.

Basel III common equity Tier 1 (CET1) capital (Tailoring Rules) – Common stock plus related surplus, net of treasury stock, plus retained earnings, less goodwill, net of associated deferred tax liabilities, less other disallowed intangibles, net of deferred tax liabilities and plus/less other adjustments. Investments in unconsolidated financial institutions, as well as mortgage servicing rights and deferred tax assets, must then be deducted to the extent such items (net of associated deferred tax liabilities) individually exceed 25% of our adjusted Basel III common equity Tier 1 capital.

Basel III common equity Tier 1 capital ratio – Common equity Tier 1 capital divided by period-end risk-weighted assets (as applicable).

Basel III Tier 1 capital – Common equity Tier 1 capital, plus qualifying preferred stock, plus certain trust preferred capital securities, plus certain noncontrolling interests that are held by others and plus/less other adjustments.

Basel III Tier 1 capital ratio – Tier 1 capital divided by period-end risk-weighted assets (as applicable).

Basel III Total capital – Tier 1 capital plus qualifying subordinated debt, plus certain trust preferred securities, plus, under the Basel III transitional rules and the standardized approach, the allowance for loan and lease losses included in Tier 2 capital and other.

Basel III Total capital ratio – Basel III Total capital divided by period-end risk-weighted assets (as applicable).

Charge-off – Process of removing a loan or portion of a loan from our balance sheet because it is considered uncollectible. We also record a charge-off when a loan is transferred from portfolio holdings to held for sale by reducing the loan carrying amount to the fair value of the loan, if fair value is less than carrying amount.

Common shareholders’ equity – Total shareholders' equity less the liquidation value of preferred stock.

Credit valuation adjustment – Represents an adjustment to the fair value of our derivatives for our own and counterparties’ non-performance risk.

Criticized commercial loans – Loans with potential or identified weaknesses based upon internal risk ratings that comply with the regulatory classification definitions of “special mention,” “substandard” or “doubtful.”

Current Expected Credit Loss (CECL) – Methodology for estimating the allowance for credit losses on in-scope financial assets held at amortized cost and unfunded lending related commitments which uses a combination of expected losses over a reasonable and supportable forecast period, a reversion period and long run average credit losses for their estimated contractual term.

Discretionary client assets under management – Assets over which we have sole or shared investment authority for our customers/clients. We do not include these assets on our Consolidated Balance Sheet.

Earning assets – Assets that generate income, which include: interest-earning deposits with banks; loans held for sale; loans; investment securities; and certain other assets.

Effective duration – A measurement, expressed in years, that, when multiplied by a change in interest rates, would approximate the percentage change in value of on- and off- balance sheet positions.

Efficiency – Noninterest expense divided by total revenue.

Fair value – The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fee income – Refers to the following categories within Noninterest income: Asset management and brokerage, Capital markets and advisory, Card and cash management, Lending and deposit services, and Residential and commercial mortgage.

GAAP – Accounting principles generally accepted in the United States of America.

Leverage ratio – Basel III Tier 1 capital divided by average quarterly adjusted total assets.


THE PNC FINANCIAL SERVICES GROUP, INC.						Page 20

Nondiscretionary client assets under administration – Assets we hold for our customers/clients in a nondiscretionary, custodial capacity. We do not include these assets on our Consolidated Balance Sheet.

Nonperforming assets – Nonperforming assets include nonperforming loans, OREO and foreclosed assets. We do not accrue interest income on assets classified as nonperforming.

Nonperforming loans – 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 not recognized on nonperforming loans. Nonperforming loans exclude certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest, loans held for sale and loans accounted for under the fair value option.

Operating leverage – The period to period dollar or percentage change in total revenue less the dollar or percentage change in noninterest expense. A positive variance indicates that revenue growth exceeded expense growth (i.e., positive operating leverage) while a negative variance implies expense growth exceeded revenue growth (i.e., negative operating leverage).

Other real estate owned (OREO) and foreclosed assets – Assets taken in settlement of troubled loans primarily through deed-in-lieu of foreclosure or foreclosure. Foreclosed assets include real and personal property. Certain assets that have a government-guarantee which are classified as other receivables are excluded.

Risk-weighted assets – Computed by the assignment of specific risk-weights (as defined by the Board of Governors of the Federal Reserve System) to assets and off-balance sheet instruments.

Servicing rights – Intangible assets or liabilities created by an obligation to service assets for others. Typical servicing rights include the right to receive a fee for collecting and forwarding payments on loans and related taxes and insurance premiums held in escrow.

Supplementary leverage ratio – Basel III Tier 1 capital divided by Supplementary leverage exposure.

Tailoring Rules – Rules adopted by the federal banking agencies to better tailor the application of their capital, liquidity, and enhanced prudential requirements for banking organizations to the asset size and risk profile (as measured by certain regulatory metrics) of the banking organization. Effective January 1, 2020, the agencies' capital and liquidity rules classify all BHCs with $100 billion or more in total assets into one of four categories (Category I, Category II, Category III, and Category IV).

Taxable-equivalent interest income – The interest income earned on certain assets that is completely or partially exempt from federal income tax. These tax-exempt instruments typically yield lower returns than taxable investments.

Unfunded lending related commitments – Standby letters of credit, financial guarantees, commitments to extend credit and similar unfunded obligations that are not unilaterally, unconditionally, cancelable at PNC’s option.