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Total Equity and Other Comprehensive Income | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Total Equity and Other Comprehensive Income | TOTAL E QUITY A ND O THER C OMPREHENSIVE I NCOME Activity in total equity for the three and nine months ended September 30, 2024 and 2023 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 June 30, 2023 (a) | 398 |  | $ | 2,715 |  | $ | 7,237 |  | $ | 12,697 |  | $ | 55,346 |  | $ | (9,525) |  | $ | (19,150) |  |  | $ | 26 |  | $ | 49,346 |  |
Net income |  |  |  |  |  | 1,554 |  |  |  |  | 16 |  | 1,570 |  |
Other comprehensive loss, net of tax |  |  |  |  |  |  | (736) |  |  |  |  | (736) |  |
Cash dividends declared - Common |  |  |  |  |  | (624) |  |  |  |  |  | (624) |  |
Cash dividends declared - Preferred |  |  |  |  |  | (104) |  |  |  |  |  | (104) |  |
Preferred stock discount accretion |  |  |  | 2 |  |  | (2) |  |  |  |  |  |  |  |
Treasury stock activity |  |  |  |  | 3 |  |  |  | 9 |  |  |  | 12 |  |
Other |  |  |  |  | 32 |  |  |  |  |  | (15) |  | 17 |  |
Balance at September 30, 2023 (a) | 398 |  |  | $ | 2,715 |  | $ | 7,239 |  | $ | 12,732 |  | $ | 56,170 |  | $ | (10,261) |  | $ | (19,141) |  |  | $ | 27 |  | $ | 49,481 |  |
Balance at June 30, 2024 (a) | 398 |  | $ | 2,716 |  | $ | 6,245 |  | $ | 12,853 |  | $ | 57,652 |  | $ | (7,446) |  | $ | (19,378) |  |  | $ | 39 |  | $ | 52,681 |  |
Net income |  |  |  |  |  | 1,490 |  |  |  |  | 15 |  | 1,505 |  |
Other comprehensive income, net of tax |  |  |  |  |  |  | 2,356 |  |  |  |  | 2,356 |  |
Cash dividends declared - Common |  |  |  |  |  | (646) |  |  |  |  |  | (646) |  |
Cash dividends declared - Preferred |  |  |  |  |  | (82) |  |  |  |  |  | (82) |  |
Preferred stock discount accretion |  |  |  | 2 |  |  | (2) |  |  |  |  |  |  |  |
Treasury stock activity | (1) |  |  |  |  | 7 |  |  |  | (121) |  |  |  | (114) |  |
Other |  |  |  |  | 43 |  |  |  |  |  | (14) |  | 29 |  |
Balance at September 30, 2024 (a) | 397 |  |  | $ | 2,716 |  | $ | 6,247 |  | $ | 12,903 |  | $ | 58,412 |  | $ | (5,090) |  | $ | (19,499) |  |  | $ | 40 |  | $ | 55,729 |  |
Nine months ended |  |  |  |  |  |  |  |  |  |  |  |
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 adoption (b) |  |  |  |  |  | 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 |  |  |  |  |  | 4,714 |  |  |  |  | 50 |  | 4,764 |  |
Other comprehensive loss, net of tax |  |  |  |  |  |  | (89) |  |  |  |  | (89) |  |
Cash dividends declared - Common |  |  |  |  |  | (1,837) |  |  |  |  |  | (1,837) |  |
Cash dividends declared - Preferred |  |  |  |  |  | (299) |  |  |  |  |  | (299) |  |
Preferred stock discount accretion |  |  |  | 6 |  |  | (6) |  |  |  |  |  |  |  |
Preferred stock issuance (c) |  |  |  | 1,487 |  |  |  |  |  |  |  | 1,487 |  |
Common stock activity |  |  | 1 |  |  | 16 |  |  |  |  |  |  | 17 |  |
Treasury stock activity | (3) |  |  |  |  | 76 |  |  |  | (425) |  |  |  | (349) |  |
Other |  |  |  |  | 10 |  |  |  |  |  | (61) |  | (51) |  |
Balance at September 30, 2023 (a) | 398 |  |  | $ | 2,715 |  | $ | 7,239 |  | $ | 12,732 |  | $ | 56,170 |  | $ | (10,261) |  | $ | (19,141) |  |  | $ | 27 |  | $ | 49,481 |  |
Balance at December 31, 2023 (a) | 398 |  | $ | 2,716 |  | $ | 6,241 |  | $ | 12,779 |  | $ | 56,290 |  | $ | (7,712) |  | $ | (19,209) |  |  | $ | 36 |  | $ | 51,141 |  |
Net income |  |  |  |  |  | 4,279 |  |  |  |  | 47 |  | 4,326 |  |
Other comprehensive income, net of tax |  |  |  |  |  |  | 2,622 |  |  |  |  | 2,622 |  |
Cash dividends declared - Common |  |  |  |  |  | (1,893) |  |  |  |  |  | (1,893) |  |
Cash dividends declared - Preferred |  |  |  |  |  | (258) |  |  |  |  |  | (258) |  |
Preferred stock discount accretion |  |  |  | 6 |  |  | (6) |  |  |  |  |  |  |
Common stock activity |  |  |  |  |  |  | 16 |  |  |  |  |  |  | 16 |  |
Treasury stock activity | (1) |  |  |  |  | 84 |  |  |  | (290) |  |  |  | (206) |  |
Other |  |  |  |  | 24 |  |  |  |  |  | (43) |  | (19) |  |
Balance at September 30, 2024 (a) | 397 |  |  | $ | 2,716 |  | $ | 6,247 |  | $ | 12,903 |  | $ | 58,412 |  | $ | (5,090) |  | $ | (19,499) |  |  | $ | 40 |  | $ | 55,729 |  |
(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)Represents the cumulative effect of adopting ASU 2022-02. (c)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 September 30 |  | Nine months ended September 30 |
| 2024 |  | 2023 |  | 2024 |  | 2023 |
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 | $ | 1,397 |  | $ | (336) |  | $ | 1,061 |  |  | $ | (1,171) |  | $ | 280 |  | $ | (891) |  |  | $ | 786 |  | $ | (189) |  | $ | 597 |  |  | $ | (993) |  | $ | 238 |  | $ | (755) |  |
Less: Net realized (losses) reclassified to earnings (a) | (224) |  | 53 |  | (171) |  |  | (239) |  | 57 |  | (182) |  |  | (1,131) |  | 271 |  | (860) |  |  | (689) |  | 163 |  | (526) |  |
Net change | 1,621 |  | (389) |  | 1,232 |  |  | (932) |  | 223 |  | (709) |  |  | 1,917 |  | (460) |  | 1,457 |  |  | (304) |  | 75 |  | (229) |  |
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on cash flow hedge derivatives | 1,162 |  | (279) |  | 883 |  |  | (461) |  | 122 |  | (339) |  |  | 461 |  | (111) |  | 350 |  |  | (953) |  | 238 |  | (715) |  |
Less: Net realized (losses) reclassified to earnings (a) | (313) |  | 75 |  | (238) |  |  | (426) |  | 112 |  | (314) |  |  | (1,072) |  | 257 |  | (815) |  |  | (1,129) |  | 278 |  | (851) |  |
Net change | 1,475 |  | (354) |  | 1,121 |  |  | (35) |  | 10 |  | (25) |  |  | 1,533 |  | (368) |  | 1,165 |  |  | 176 |  | (40) |  | 136 |  |
Pension and other postretirement benefit plan adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net pension and other postretirement benefit plan activity and other reclassified to earnings (b) |  |  |  |  |  | 1 |  | (1) |  |  |  |  | (1) |  |  |  | (1) |  |  | (3) |  |  |  | (3) |  |
Net change |  |  |  |  |  |  |  | 1 |  | (1) |  |  |  |  | (1) |  |  |  | (1) |  |  | (3) |  |  |  | (3) |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on other transactions | (1) |  | 4 |  | 3 |  |  | 1 |  | (3) |  | (2) |  |  | (3) |  | 4 |  | 1 |  |  | 8 |  | (1) |  | 7 |  |
Net change | (1) |  | 4 |  | 3 |  |  | 1 |  | (3) |  | (2) |  |  | (3) |  | 4 |  | 1 |  |  | 8 |  | (1) |  | 7 |  |
Total other comprehensive income (loss) | $ | 3,095 |  | $ | (739) |  | $ | 2,356 |  |  | $ | (965) |  | $ | 229 |  | $ | (736) |  |  | $ | 3,446 |  | $ | (824) |  | $ | 2,622 |  |  | $ | (123) |  | $ | 34 |  | $ | (89) |  |
(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 service 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 June 30, 2023 | $ | (6,684) |  |  | $ | (2,544) |  |  | $ | (254) |  |  | $ | (43) |  |  |  |  |  | $ | (9,525) |  |
Net activity | (709) |  |  | (25) |  |  |  |  |  | (2) |  |  |  |  |  | (736) |  |
Balance at September 30, 2023 (a) | $ | (7,393) |  |  | $ | (2,569) |  |  | $ | (254) |  |  | $ | (45) |  |  |  |  |  | $ | (10,261) |  |
Balance at June 30, 2024 | $ | (5,605) |  |  | $ | (1,669) |  |  | $ | (126) |  |  | $ | (46) |  |  |  |  |  | $ | (7,446) |  |
Net activity | 1,232 |  |  | 1,121 |  |  |  |  | 3 |  |  |  |  |  | 2,356 |  |
Balance at September 30, 2024 (a) | $ | (4,373) |  |  | $ | (548) |  |  | $ | (126) |  |  | $ | (43) |  |  |  |  |  | $ | (5,090) |  |
Nine months ended |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2022 | $ | (7,164) |  |  | $ | (2,705) |  |  | $ | (251) |  |  | $ | (52) |  |  |  |  |  | $ | (10,172) |  |
Net activity | (229) |  |  | 136 |  |  | (3) |  |  | 7 |  |  |  |  |  | (89) |  |
Balance at September 30, 2023 (a) | $ | (7,393) |  |  | $ | (2,569) |  |  | $ | (254) |  |  | $ | (45) |  |  |  |  |  | $ | (10,261) |  |
Balance at December 31, 2023 | $ | (5,830) |  |  | $ | (1,713) |  |  | $ | (125) |  |  | $ | (44) |  |  |  |  |  | $ | (7,712) |  |
Net activity | 1,457 |  |  | 1,165 |  |  | (1) |  |  | 1 |  |  |  |  |  | 2,622 |  |
Balance at September 30, 2024 (a) | $ | (4,373) |  |  | $ | (548) |  |  | $ | (126) |  |  | $ | (43) |  |  |  |  |  | $ | (5,090) |  |
(a)AOCI included pretax losses of $280 million and $297 million from derivatives that hedged the purchase of investment securities classified as held to maturity at September 30, 2024 and September 30, 2023, 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 September 30 | Nine months ended September 30
| 2024 | 2023 | 2024 | 2023
Common Stock | $ | 1.60 |  | $ | 1.55 |  | $ | 4.70 |  | $ | 4.55 |
Preferred Stock |  |  |  |
Series B | $ | 0.45 |  | $ | 0.45 |  | $ | 1.35 |  | $ | 1.35 |
Series O |  |  | $ | 2,294 |  |  |  | $ | 6,468 |
Series R | $ | 2,209 |  | $ | 2,181 |  | $ | 6,612 |  | $ | 4,606 |
Series S |  |  |  | $ | 2,500 |  | $ | 2,500 |
Series T | $ | 850 |  | $ | 850 |  | $ | 2,550 |  | $ | 2,550 |
Series U | $ | 1,500 |  | $ | 1,500 |  | $ | 4,500 |  | $ | 4,500 |
Series V | $ | 1,550 |  | $ | 1,550 |  | $ | 4,650 |  | $ | 4,650 |
Series W | $ | 1,563 |  | $ | 1,563 |  | $ | 4,688 |  | $ | 3,785 |
(a) Dividends are payable quarterly, other than Series S preferred stock, which is payable semiannually. On October 3, 2024, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.60 per share to be paid on November 5, 2024 to shareholders of record at the close of business October 16, 2024.

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