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Acquisition and Divestiture Activity (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
Acquisition Consideration | Table 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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 45: Consolidated Income Statement - Discontinued Operations
|  | Year ended December 31
In millions |  | 2020
Noninterest income |  | $ | 5,777 |
Total revenue |  | 5,777 |
Income from discontinued operations before income taxes |  | 5,777 |
Income taxes |  | 1,222 |
Net income from discontinued operations |  | $ | 4,555 |
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 46: Consolidated Statement of Cash Flows - Discontinued Operations
|  | Year ended December 31
In millions |  | 2020
Cash flows from discontinued operations |  |
Net cash provided (used) by operating activities of discontinued operations |  | $ | (2,683) |
Net cash provided by investing activities of discontinued operations |  | $ | 14,225 |

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