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Segment Reporting | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Segment Reporting | SEGMENT R EPORTING We have three reportable business segments: •Retail Banking •Corporate & Institutional Banking •Asset Management Group 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. Our third quarter 2021 business segment results reflect the full quarter of BBVA's business operations, while results for the nine months ended September 2021 also include the impact of BBVA for the month of June. Until conversion of bank systems and branches as of October 12, 2021, PNC Bank and BBVA customers were served through their respective PNC Bank and BBVA branches, websites and mobile apps, financial advisors and relationship managers. Following conversion, there will be changes in the segmentation of BBVA USA customers as we continue to integrate data to PNC applications, finalize the review of customer relationships and better align customers with PNC's products and services. These changes will be reflected in fourth quarter reporting. See Note 2 Acquisition and Divestiture Activity for additional information on the acquisition of BBVA. During the second quarter of 2020, we divested our entire 22.4% investment in BlackRock, which had previously been reported as a separate business segment. See Note 2 Acquisition and Divestiture Activity for additional information. Total business segment financial results differ from total consolidated net income. These differences are reflected in the “Other” category in Table 82. “Other” includes residual activities that do not meet the criteria for disclosure as a separate reportable business, 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, certain corporate overhead, tax adjustments that are not allocated to business segments, exited businesses and differences between business segment performance reporting and financial statement reporting (GAAP). Assets, revenue and earnings attributable to foreign activities were not material in the periods presented for comparison. Financial results are presented, to the extent practicable, as if each business operated on a stand-alone basis. Additionally, we have aggregated the results for corporate support functions within “Other” for financial reporting purposes. Net interest income in business segment results reflects our 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. We have allocated the ALLL and the allowance for unfunded lending related commitments based on the loan exposures within each business segment’s portfolio. Key reserve assumptions and estimation processes react to and are influenced by observed changes in loan portfolio performance experience, the financial strength of the borrower and economic conditions. Key reserve assumptions are periodically updated. Business Segment Results Table 82: Results of Businesses
Three months ended September 30 In millions |  | Retail Banking |  | Corporate & Institutional Banking |  | Asset Management Group |  | Other |  | Consolidated (a)
2021 |  |  |  |  |  |  |  |  |  |
Income Statement |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 1,713 |  |  | $ | 1,241 |  |  | $ | 141 |  |  | $ | (239) |  |  | $ | 2,856 |
Noninterest income |  | 662 |  |  | 1,056 |  |  | 256 |  |  | 367 |  |  | 2,341 |
Total revenue |  | 2,375 |  |  | 2,297 |  |  | 397 |  |  | 128 |  |  | 5,197 |
Provision for (recapture of) credit losses |  | (113) |  |  | (99) |  |  | (6) |  |  | 15 |  |  | (203) |
Depreciation and amortization |  | 78 |  |  | 54 |  |  | 7 |  |  | 138 |  |  | 277 |
Other noninterest expense |  | 1,811 |  |  | 926 |  |  | 248 |  |  | 325 |  |  | 3,310 |
Income (loss) from continuing operations before income taxes (benefit) and noncontrolling interests |  | 599 |  |  | 1,416 |  |  | 148 |  |  | (350) |  |  | 1,813 |
Income taxes (benefit) from continuing operations |  | 140 |  |  | 290 |  |  | 34 |  |  | (141) |  |  | 323 |
Net income (loss) from continuing operations |  | 459 |  |  | 1,126 |  |  | 114 |  |  | (209) |  |  | 1,490 |
Less: Net income attributable to noncontrolling interests |  | 12 |  |  | 3 |  |  |  |  | 1 |  |  | 16 |
Net income (loss) from continuing operations excluding noncontrolling interests |  | $ | 447 |  |  | $ | 1,123 |  |  | $ | 114 |  |  | $ | (210) |  |  | $ | 1,474 |
Average Assets |  | $ | 117,394 |  |  | $ | 202,268 |  |  | $ | 13,805 |  |  | $ | 225,775 |  |  | $ | 559,242 |
2020 |  |  |  |  |  |  |  |  |  |
Income Statement |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 1,383 |  |  | $ | 1,012 |  |  | $ | 89 |  |  |  |  | $ | 2,484 |
Noninterest income |  | 673 |  |  | 723 |  |  | 221 |  |  | $ | 180 |  |  | 1,797 |
Total revenue |  | 2,056 |  |  | 1,735 |  |  | 310 |  |  | 180 |  |  | 4,281 |
Provision for (recapture of) credit losses |  | (157) |  |  | 211 |  |  | (19) |  |  | 17 |  |  | 52 |
Depreciation and amortization |  | 64 |  |  | 50 |  |  | 11 |  |  | 121 |  |  | 246 |
Other noninterest expense |  | 1,448 |  |  | 613 |  |  | 200 |  |  | 24 |  |  | 2,285 |
Income from continuing operations before income taxes (benefit) and noncontrolling interests |  | 701 |  |  | 861 |  |  | 118 |  |  | 18 |  |  | 1,698 |
Income taxes (benefit) from continuing operations |  | 162 |  |  | 188 |  |  | 27 |  |  | (211) |  |  | 166 |
Net income from continuing operations |  | 539 |  |  | 673 |  |  | 91 |  |  | 229 |  |  | 1,532 |
Less: Net income attributable to noncontrolling interests |  | 9 |  |  | 3 |  |  |  |  | 1 |  |  | 13 |
Net income from continuing operations excluding noncontrolling interests |  | $ | 530 |  |  | $ | 670 |  |  | $ | 91 |  |  | $ | 228 |  |  | $ | 1,519 |
Average Assets |  | $ | 98,731 |  |  | $ | 183,266 |  |  | $ | 8,361 |  |  | $ | 171,781 |  |  | $ | 462,139 |
(Continued from previous page) |  |  |  |  |  |  |  |  |  |
Nine months ended September 30 In millions |  | Retail Banking |  | Corporate & Institutional Banking |  | Asset Management Group |  | Other |  | Consolidated (a)
2021 |  |  |  |  |  |  |  |  |  |
Income Statement |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 4,572 |  |  | $ | 3,315 |  |  | $ | 346 |  |  | $ | (448) |  |  | $ | 7,785 |
Noninterest income |  | 2,022 |  |  | 2,730 |  |  | 729 |  |  | 818 |  |  | 6,299 |
Total revenue |  | 6,594 |  |  | 6,045 |  |  | 1,075 |  |  | 370 |  |  | 14,084 |
Provision for (recapture of) credit losses |  | (156) |  |  | (277) |  |  | 8 |  |  | (27) |  |  | (452) |
Depreciation and amortization |  | 214 |  |  | 152 |  |  | 16 |  |  | 385 |  |  | 767 |
Other noninterest expense |  | 4,828 |  |  | 2,352 |  |  | 660 |  |  | 604 |  |  | 8,444 |
Income (loss) from continuing operations before income taxes (benefit) and noncontrolling interests |  | 1,708 |  |  | 3,818 |  |  | 391 |  |  | (592) |  |  | 5,325 |
Income taxes (benefit) from continuing operations |  | 396 |  |  | 818 |  |  | 91 |  |  | (399) |  |  | 906 |
Net income (loss) from continuing operations |  | 1,312 |  |  | 3,000 |  |  | 300 |  |  | (193) |  |  | 4,419 |
Less: Net income attributable to noncontrolling interests |  | 26 |  |  | 10 |  |  |  |  | 2 |  |  | 38 |
Net income (loss) from continuing operations excluding noncontrolling interests |  | $ | 1,286 |  |  | $ | 2,990 |  |  | $ | 300 |  |  | $ | (195) |  |  | $ | 4,381 |
Average Assets |  | $ | 103,820 |  |  | $ | 184,964 |  |  | $ | 11,124 |  |  | $ | 211,056 |  |  | $ | 510,964 |
2020 |  |  |  |  |  |  |  |  |  |
Income Statement |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 4,229 |  |  | $ | 3,014 |  |  | $ | 266 |  |  | $ | 13 |  |  | $ | 7,522 |
Noninterest income |  | 2,046 |  |  | 2,143 |  |  | 629 |  |  | 353 |  |  | 5,171 |
Total revenue |  | 6,275 |  |  | 5,157 |  |  | 895 |  |  | 366 |  |  | 12,693 |
Provision for credit losses |  | 1,049 |  |  | 2,254 |  |  | 23 |  |  | 103 |  |  | 3,429 |
Depreciation and amortization |  | 188 |  |  | 149 |  |  | 34 |  |  | 366 |  |  | 737 |
Other noninterest expense |  | 4,349 |  |  | 1,906 |  |  | 613 |  |  | (16) |  |  | 6,852 |
Income (loss) from continuing operations before income taxes (benefit) and noncontrolling interests |  | 689 |  |  | 848 |  |  | 225 |  |  | (87) |  |  | 1,675 |
Income taxes (benefit) from continuing operations |  | 161 |  |  | 160 |  |  | 52 |  |  | (245) |  |  | 128 |
Net income from continuing operations |  | 528 |  |  | 688 |  |  | 173 |  |  | 158 |  |  | 1,547 |
Less: Net income attributable to noncontrolling interests |  | 20 |  |  | 6 |  |  |  |  | 1 |  |  | 27 |
Net income from continuing operations excluding noncontrolling interests |  | $ | 508 |  |  | $ | 682 |  |  | $ | 173 |  |  | $ | 157 |  |  | $ | 1,520 |
Average Assets |  | $ | 98,764 |  |  | $ | 185,001 |  |  | $ | 8,041 |  |  | $ | 152,223 |  |  | $ | 444,029 |
(a)There were no material intersegment revenues for the three and nine months ended September 30, 2021 and 2020. Business Segment Products and Services Retail Banking provides deposit, lending, brokerage, insurance services, investment management and cash management products and services to consumer and small business customers. Our customers are serviced through our branch network, ATMs, call centers, online banking and mobile channels. As a result of the BBVA acquisition, we have become a coast-to-coast Retail Bank. Our national expansion strategy is designed to grow customers with digitally-led banking and a thin branch network as we expand into new markets. Deposit products include checking, savings and money market accounts and certificates of deposit. 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 and capital markets-related 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, international payment services and access to online/mobile information management and reporting services. Within Treasury Management, PNC Global Transfers (formerly BBVA Transfer Services, Inc.) provides wholesale money transfer processing capabilities between the U.S. and Mexico and other countries primarily in Central America and South America. Capital markets-related products and services include foreign exchange, derivatives, fixed income, securities underwriting, loan syndications, mergers and acquisitions advisory and equity capital markets advisory related services. 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 distinct 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, and trust management and administration. In addition, multi-generational family planning services are also provided to ultra high net worth individuals and 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, private real estate, 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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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