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Total Equity and Other Comprehensive Income | 6 Months Ended
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Jun. 30, 2023
Other Comprehensive Income [Abstract] |
Total Equity and Other Comprehensive Income | TOTAL E QUITY A ND O THER C OMPREHENSIVE I NCOMEActivity in total equity for the three months ended June 30, 2023 and 2022 is as follows: Table 61: Rollforward of Total Equity
|  |  | Shareholders’ Equity |  |  |  |
In millions | Shares Outstanding Common Stock |  | Common Stock | Capital Surplus - Preferred Stock | Capital Surplus - Common Stock and Other | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |  | Non- controlling Interests | Total Equity |
Three months ended |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2022 (a) | 415 |  |  | $ | 2,713 |  | $ | 5,011 |  | $ | 12,476 |  | $ | 51,058 |  | $ | (5,731) |  | $ | (16,346) |  |  | $ | 35 |  | $ | 49,216 |  |
Net income |  |  |  |  |  | 1,481 |  |  |  |  | 15 |  | 1,496 |  |
Other comprehensive income (loss), net of tax |  |  |  |  |  |  | (2,627) |  |  |  |  | (2,627) |  |
Cash dividends declared - Common |  |  |  |  |  | (626) |  |  |  |  |  | (626) |  |
Cash dividends declared - Preferred |  |  |  |  |  | (71) |  |  |  |  |  | (71) |  |
Preferred stock discount accretion |  |  |  | 1 |  |  | (1) |  |  |  |  |  |  |  |
Preferred stock issuance (b) |  |  |  | 992 |  |  |  |  |  |  |  | 992 |  |
Common Stock activity |  |  | 1 |  | 14 |  |  |  |  |  |  | 15 |  |
Treasury stock activity | (4) |  |  |  |  | 5 |  |  |  | (730) |  |  |  | (725) |  |
Other |  |  |  |  | 32 |  |  |  |  |  | (14) |  | 18 |  |
Balance at June 30, 2022 (a) | 411 |  |  | $ | 2,714 |  | $ | 6,004 |  | $ | 12,527 |  | $ | 51,841 |  | $ | (8,358) |  | $ | (17,076) |  |  | $ | 36 |  | $ | 47,688 |  |
Balance at March 31, 2023 (a) | 399 |  | $ | 2,714 |  | $ | 7,235 |  | $ | 12,629 |  | $ | 54,598 |  | $ | (9,108) |  | $ | (19,024) |  |  | $ | 30 |  | $ | 49,074 |  |
Net income |  |  |  |  |  | 1,483 |  |  |  |  | 17 |  | 1,500 |  |
Other comprehensive income (loss), net of tax |  |  |  |  |  |  | (417) |  |  |  |  | (417) |  |
Cash dividends declared - Common |  |  |  |  |  | (606) |  |  |  |  |  | (606) |  |
Cash dividends declared - Preferred |  |  |  |  |  | (127) |  |  |  |  |  | (127) |  |
Preferred stock discount accretion |  |  |  | 2 |  |  | (2) |  |  |  |  |  |  |  |
Common stock activity |  |  | 1 |  |  | 16 |  |  |  |  |  |  | 17 |  |
Treasury stock activity | (1) |  |  |  |  | 3 |  |  |  | (126) |  |  |  | (123) |  |
Other |  |  |  |  | 49 |  |  |  |  |  | (21) |  | 28 |  |
Balance at June 30, 2023 (a) | 398 |  |  | $ | 2,715 |  | $ | 7,237 |  | $ | 12,697 |  | $ | 55,346 |  | $ | (9,525) |  | $ | (19,150) |  |  | $ | 26 |  | $ | 49,346 |  |
Six months ended |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2021 (a) | 420 |  |  | $ | 2,713 |  | $ | 5,009 |  | $ | 12,448 |  | $ | 50,228 |  | $ | 409 |  | $ | (15,112) |  |  | $ | 31 |  | $ | 55,726 |  |
Net income |  |  |  |  |  | 2,889 |  |  |  |  | 36 |  | 2,925 |  |
Other comprehensive income (loss), net of tax |  |  |  |  |  |  | (8,767) |  |  |  |  | (8,767) |  |
Cash dividends declared - Common |  |  |  |  |  | (1,157) |  |  |  |  |  | (1,157) |  |
Cash dividends declared - Preferred |  |  |  |  |  | (116) |  |  |  |  |  | (116) |  |
Preferred stock discount accretion |  |  |  | 3 |  |  | (3) |  |  |  |  |  |  |
Preferred stock issuance (b) |  |  |  | 992 |  |  |  |  |  |  |  | 992 |  |
Common stock activity |  |  | 1 |  |  | 14 |  |  |  |  |  |  | 15 |  |
Treasury stock activity | (9) |  |  |  |  | 50 |  |  |  | (1,964) |  |  |  | (1,914) |  |
Other |  |  |  |  | 15 |  |  |  |  |  | (31) |  | (16) |  |
Balance at June 30, 2022 (a) | 411 |  |  | $ | 2,714 |  | $ | 6,004 |  | $ | 12,527 |  | $ | 51,841 |  | $ | (8,358) |  | $ | (17,076) |  |  | $ | 36 |  | $ | 47,688 |  |
Balance at December 31, 2022 (a) | 401 |  |  | $ | 2,714 |  | $ | 5,746 |  | $ | 12,630 |  | $ | 53,572 |  | $ | (10,172) |  | $ | (18,716) |  |  | $ | 38 |  | $ | 45,812 |  |
Cumulative effect of ASU adoptions (c) |  |  |  |  |  | 26 |  |  |  |  |  | 26 |  |
Balance at January 1, 2023 (a) | 401 |  | $ | 2,714 |  | $ | 5,746 |  | $ | 12,630 |  | $ | 53,598 |  | $ | (10,172) |  | $ | (18,716) |  |  | $ | 38 |  | $ | 45,838 |  |
Net income |  |  |  |  |  | 3,160 |  |  |  |  | 34 |  | 3,194 |  |
Other comprehensive income (loss), net of tax |  |  |  |  |  |  | 647 |  |  |  |  | 647 |  |
Cash dividends declared - Common |  |  |  |  |  | (1,213) |  |  |  |  |  | (1,213) |  |
Cash dividends declared - Preferred |  |  |  |  |  | (195) |  |  |  |  |  | (195) |  |
Preferred stock discount accretion |  |  |  | 4 |  |  | (4) |  |  |  |  |  |  |
Preferred stock issuance (d) |  |  |  | 1,487 |  |  |  |  |  |  |  | 1,487 |  |
Common stock activity |  |  | 1 |  |  | 16 |  |  |  |  |  |  | 17 |  |
Treasury stock activity | (3) |  |  |  |  | 73 |  |  |  | (434) |  |  |  | (361) |  |
Other |  |  |  |  | (22) |  |  |  |  |  | (46) |  | (68) |  |
Balance at June 30, 2023 (a) | 398 |  |  | $ | 2,715 |  | $ | 7,237 |  | $ | 12,697 |  | $ | 55,346 |  | $ | (9,525) |  | $ | (19,150) |  |  | $ | 26 |  | $ | 49,346 |  |
(a)The par value of our preferred stock outstanding was less than $0.5 million at each date and, therefore, is excluded from this presentation. (b)On April 26, 2022, PNC issued 1,000,000 depositary shares each representing 1/100th ownership in a share of 6.000% fixed-rate reset non-cumulative perpetual preferred stock, Series U, with a par value of $1 per share. (c)Represents the cumulative effect of adopting ASU 2022-02. (d)On February 7, 2023, PNC issued 1,500,000 depositary shares each representing 1/100th ownership in a share of 6.250% fixed-rate reset non-cumulative perpetual preferred stock, Series W, with a par value of $1 per share. Details of other comprehensive income (loss) are as follows: Table 62: Other Comprehensive Income (Loss)
| Three months ended June 30 |  | Six months ended June 30 |
| 2023 |  | 2022 |  | 2023 |  | 2022 |
In millions | Pre-tax | Tax effect | After-tax |  | Pre-tax | Tax effect | After-tax |  | Pre-tax | Tax effect | After-tax |  | Pre-tax | Tax effect | After-tax |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on securities | $ | (476) |  | $ | 112 |  | $ | (364) |  |  | $ | (2,929) |  | $ | 690 |  | $ | (2,239) |  |  | $ | 178 |  | $ | (42) |  | $ | 136 |  |  | $ | (9,247) |  | $ | 2,179 |  | $ | (7,068) |  |
Less: Net realized gains (losses) reclassified to earnings (a) | (235) |  | 55 |  | (180) |  |  | (214) |  | 50 |  | (164) |  |  | (450) |  | 106 |  | (344) |  |  | (217) |  | 51 |  | (166) |  |
Net change | (241) |  | 57 |  | (184) |  |  | (2,715) |  | 640 |  | (2,075) |  |  | 628 |  | (148) |  | 480 |  |  | (9,030) |  | 2,128 |  | (6,902) |  |
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on cash flow hedge derivatives | (689) |  | 162 |  | (527) |  |  | (676) |  | 159 |  | (517) |  |  | (492) |  | 116 |  | (376) |  |  | (2,332) |  | 549 |  | (1,783) |  |
Less: Net realized gains (losses) reclassified to earnings (a) | (373) |  | 88 |  | (285) |  |  | 25 |  | (6) |  | 19 |  |  | (703) |  | 166 |  | (537) |  |  | 127 |  | (30) |  | 97 |  |
Net change | (316) |  | 74 |  | (242) |  |  | (701) |  | 165 |  | (536) |  |  | 211 |  | (50) |  | 161 |  |  | (2,459) |  | 579 |  | (1,880) |  |
Pension and other postretirement benefit plan adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net pension and other postretirement benefit plan activity and other reclassified to earnings (b) | 6 |  | (1) |  | 5 |  |  | 8 |  | (2) |  | 6 |  |  | (4) |  | 1 |  | (3) |  |  | 62 |  | (15) |  | 47 |  |
Net change | 6 |  | (1) |  | 5 |  |  | 8 |  | (2) |  | 6 |  |  | (4) |  | 1 |  | (3) |  |  | 62 |  | (15) |  | 47 |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on other transactions | 3 |  | 1 |  | 4 |  |  | (4) |  | (18) |  | (22) |  |  | 7 |  | 2 |  | 9 |  |  | (7) |  | (25) |  | (32) |  |
Net change | 3 |  | 1 |  | 4 |  |  | (4) |  | (18) |  | (22) |  |  | 7 |  | 2 |  | 9 |  |  | (7) |  | (25) |  | (32) |  |
Total other comprehensive income (loss) | $ | (548) |  | $ | 131 |  | $ | (417) |  |  | $ | (3,412) |  | $ | 785 |  | $ | (2,627) |  |  | $ | 842 |  | $ | (195) |  | $ | 647 |  |  | $ | (11,434) |  | $ | 2,667 |  | $ | (8,767) |  |
(a)Reclassifications for pre-tax debt securities and cash flow hedges are recorded in Interest income and Noninterest income on the Consolidated Income Statement. (b)Reclassifications include amortization of actuarial losses (gains) and amortization of prior period services costs (credits) which are recorded in Noninterest expense on the Consolidated Income Statement. Table 63: Accumulated Other Comprehensive Income (Loss) Components
In millions, after-tax | Debt securities |  | Cash flow hedge derivatives |  | Pension and other postretirement benefit plan adjustments |  | Other |  |  |  |  | Total |
Three months ended |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2022 | $ | (4,238) |  |  | $ | (1,545) |  |  | $ | 68 |  |  | $ | (16) |  |  |  |  |  | $ | (5,731) |  |
Net activity | (2,075) |  |  | (536) |  |  | 6 |  |  | (22) |  |  |  |  |  | (2,627) |  |
Balance at June 30, 2022 (a) | $ | (6,313) |  |  | $ | (2,081) |  |  | $ | 74 |  |  | $ | (38) |  |  |  |  |  | $ | (8,358) |  |
Balance at March 31, 2023 | $ | (6,500) |  |  | $ | (2,302) |  |  | $ | (259) |  |  | $ | (47) |  |  |  |  |  | $ | (9,108) |  |
Net activity | (184) |  |  | (242) |  |  | 5 |  |  | 4 |  |  |  |  |  | (417) |  |
Balance at June 30, 2023 (a) | $ | (6,684) |  |  | $ | (2,544) |  |  | $ | (254) |  |  | $ | (43) |  |  |  |  |  | $ | (9,525) |  |
Six months ended |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2021 | $ | 589 |  |  | $ | (201) |  |  | $ | 27 |  |  | $ | (6) |  |  |  |  |  | $ | 409 |  |
Net activity | (6,902) |  |  | (1,880) |  |  | 47 |  |  | (32) |  |  |  |  |  | (8,767) |  |
Balance at June 30, 2022 (a) | $ | (6,313) |  |  | $ | (2,081) |  |  | $ | 74 |  |  | $ | (38) |  |  |  |  |  | $ | (8,358) |  |
Balance at December 31, 2022 | $ | (7,164) |  |  | $ | (2,705) |  |  | $ | (251) |  |  | $ | (52) |  |  |  |  |  | $ | (10,172) |  |
Net activity | 480 |  |  | 161 |  |  | (3) |  |  | 9 |  |  |  |  |  | 647 |  |
Balance at June 30, 2023 (a) | $ | (6,684) |  |  | $ | (2,544) |  |  | $ | (254) |  |  | $ | (43) |  |  |  |  |  | $ | (9,525) |  |
(a)AOCI included pretax losses of $301 million and $141 million from derivatives that hedged the purchase of investment securities classified as held to maturity at June 30, 2023 and June 30, 2022, respectively. The following table provides the dividends per share for PNC’s common and preferred stock: Table 64: Dividends Per Share (a)
| Three months ended June 30 | Six months ended June 30
| 2023 | 2022 | 2023 | 2022
Common Stock | $ | 1.50 |  | $ | 1.50 |  | $ | 3.00 |  | $ | 2.75 |
Preferred Stock |  |  |  |
Series B | $ | 0.45 |  | $ | 0.45 |  | $ | 0.90 |  | $ | 0.90 |
Series O | $ | 2,100 |  | $ | 987 |  | $ | 4,174 |  | $ | 1,961 |
Series P |  |  | $ | 1,532 |  |  |  | $ | 3,063 |
Series R | $ | 2,425 |  | $ | 2,425 |  | $ | 2,425 |  | $ | 2,425 |
Series S | $ | 2,500 |  | $ | 2,500 |  | $ | 2,500 |  | $ | 2,500 |
Series T | $ | 850 |  | $ | 850 |  | $ | 1,700 |  | $ | 1,700 |
Series U | $ | 1,500 |  |  |  | $ | 3,000 |  |
Series V | $ | 1,550 |  |  |  | $ | 3,100 |  |
Series W | $ | 2,222 |  |  | $ | 2,222 |  |
(a) Dividends are payable quarterly other than Series R and S preferred stock, which are payable semiannually. On July 3, 2023, the PNC Board of Directors raised the quarterly cash dividend on common stock to $1.55 per share, an increase of 5 cents per share. The dividend, with a payment date of August 5, 2023, will be payable the next business day.

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