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Fair Value
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value FAIR VALUE
Fair Value Measurement
We measure certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability on the measurement date and is determined using an exit price in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair value hierarchy established by GAAP requires us to maximize the use of observable inputs when measuring fair value. For more information regarding the fair value hierarchy, see Note 14 Fair Value in our 2024 Form 10-K.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Interest-bearing Deposits
In the first quarter of 2025, PNC elected to begin accounting for certain brokered time deposits, which are economically hedged with derivatives, under the fair value option. The election of the fair value option aligns the accounting for the brokered time deposits with the related hedges. Fair value is estimated by discounting contractual cash flows using current market rates for instruments with similar maturities. The portion of the change in fair value resulting from a change in the specified benchmark interest rate is recognized in the Consolidated Income Statement within Deposits interest expense. The remaining change in fair value is attributable to instrument-specific credit risk and is recognized in OCI. Brokered time deposits are classified as Level 2, as the estimates of current market rates used to determine fair value are based on dealer indications and benchmark interest rates that are considered observable.
For more information on the valuation methodologies used to measure assets and liabilities at fair value on a recurring basis, see Note 14 Fair Value in our 2024 Form 10-K. The following table summarizes our assets and liabilities measured at fair value on a recurring basis, including instruments for which we have elected the fair value option.

Table 66: Fair Value Measurements – Recurring Basis Summary

 September 30, 2025December 31, 2024
In millionsLevel 1Level 2Level 3Total
Fair Value		Level 1Level 2Level 3Total
Fair Value
Assets
Residential mortgage loans held for sale$— $570 $122 $692 $— $560 $68 $628 
Commercial mortgage loans held for sale— 255 — 255 — 199 4 203 
Securities available-for-sale
U.S. Treasury and government agencies26,700 999 — 27,699 22,534 1,017 — 23,551 
Residential mortgage-backed
Agency— 31,787 — 31,787 — 30,626 — 30,626 
Non-agency— — 560 560 — — 603 603 
Commercial mortgage-backed
Agency— 3,380 — 3,380 — 1,945 — 1,945 
Non-agency— 211 79 290 — 588 103691 
Asset-backed— 2,355 88 2,443 — 2,299 93 2,392 
Other— 2,084 54 2,138 — 2,177 54 2,231 
Total securities available-for-sale26,700 40,816 781 68,297 22,534 38,652 853 62,039 
Loans— 477 640 1,117 — 486 670 1,156 
Equity investments (a) 715 — 2,237 3,177 825 — 2,111 3,132 
Residential mortgage servicing rights— — 2,622 2,622 — — 2,626 2,626 
Commercial mortgage servicing rights— — 1,005 1,005 — — 1,085 1,085 
Trading securities (b) 2,829 3,262 — 6,091 987 1,787 — 2,774 
Financial derivatives (b) (c)9 2,811 9 2,829 33,004 4 3,011 
Other assets497 193 14 704 449 133 10 592 
Total assets (d)$30,750 $48,384 $7,430 $86,789 $24,798 $44,821 $7,431 $77,246 
Liabilities
Interest-bearing deposits$— $7,318 $— $7,318 $— $— $— $— 
Other borrowed funds 2,163 204 10 2,377 1,161 128 10 1,299 
Financial derivatives (c) (e) 4 3,679 108 3,791 11 5,334 150 5,495 
Other liabilities— 28 150 178 — 28 177 205 
Total liabilities (f) $2,167 $11,229 $268 $13,664 $1,172 $5,490 $337 $6,999 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(b)Included in Other assets on the Consolidated Balance Sheet.
(c)Amounts at September 30, 2025 and December 31, 2024 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See Note 12 Financial Derivatives for additional information related to derivative offsetting.
(d)Total assets at fair value as a percentage of total consolidated assets was 15% and 14% at September 30, 2025 and December 31, 2024, respectively. Level 3 assets as a percentage of total assets at fair value was 9% and 10% at September 30, 2025 and December 31, 2024, respectively. Level 3 assets as a percentage of total consolidated assets was 1% at both September 30, 2025 and December 31, 2024.
(e)Included in Other liabilities on the Consolidated Balance Sheet.
(f)Total liabilities at fair value as a percentage of total consolidated liabilities was 3% and 1% at September 30, 2025 and December 31, 2024, respectively. Level 3 liabilities as a percentage of total liabilities at fair value was 2% and 5% at September 30, 2025 and December 31, 2024, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both September 30, 2025 and December 31, 2024.
Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three and nine months ended September 30, 2025 and 2024 are as follows:

Table 67: Reconciliation of Level 3 Assets and Liabilities
Three Months Ended September 30, 2025
   Total realized / unrealized
gains or losses for the 
period (a)		              Unrealized
gains/losses for the period
on assets and
liabilities held on
Consolidated
Balance Sheet at
Sept. 30, 2025 (a) (c)
Level 3 Instruments Only
In millions		Fair Value June 30, 2025Included in
Earnings		Included
in Other
comprehensive
income (b)		PurchasesSalesIssuancesSettlementsTransfers
into
Level 3		Transfers
out of
Level 3		Fair
Value Sept. 30, 2025
Assets             
Residential mortgage
    loans held for sale		$130 $— $— $4 $(1)$— $(7)$1 $(5)(d)$122 $—  
Commercial mortgage
    loans held for sale		1 — — — — — (1)— — — —  
Securities available-for-sale
Residential mortgage-
  backed non-agency		581 2 (1)— — — (22)— — 560 —  
Commercial mortgage-
  backed non-agency		79 — — — — — — — — 79 —  
Asset-backed90 — 1 — — — (3)— — 88 —  
Other55 — (1)3 — — (3)— — 54 —  
Total securities
    available-for-sale		805 2 (1)3 — — (28)— — 781 —  
Loans651 4 — 5 (2)— (17)5 (6)(d)640 4 
Equity investments2,232 34 — 54 (83)— — — — 2,237 33  
Residential mortgage
    servicing rights		2,457 10 — 215 — 8 (68)— — 2,622 10 
Commercial mortgage
    servicing rights		1,010 42 — 14 — 17 (78)— — 1,005 42  
Financial derivatives 9 11 — — — — (11)— — 9 12  
Other assets13 — — 1 — — — — — 14 —  
Total assets $7,308 $103 $(1)$296 $(86)$25 $(210)$6 $(11)$7,430 $101 
Liabilities 
Other borrowed funds$11 $— $— $— $— $3 $(4)$— $— $10 $—  
Financial derivatives 109 26 — — 1 — (28)— — 108 34  
Other liabilities 118 16 — — — 215 (210)11 — 150 17  
Total liabilities $238 $42 $— $— $1 $218 $(242)$11 $— $268 $51  
Net gains (losses) $61 (e)        $50 (f) 
(Continued from previous page)

Three Months Ended September 30, 2024
   Total realized / unrealized
gains or losses for the 
period (a)		            Unrealized
gains/losses for the
period
on assets and liabilities held on Consolidated Balance Sheet at Sept. 30, 2024 (a) (c)
Level 3 Instruments Only
In millions		Fair Value June 30, 2024Included in EarningsIncluded in Other comprehensive income (b)PurchasesSalesIssuancesSettlementsTransfers into Level 3Transfers out of Level 3Fair Value Sept. 30, 2024
Assets             
Residential mortgage
   loans held for sale		$95 $1 $— $2 $(26)$— $(2)$1 $(1)(d)$70 $2 
Commercial mortgage
    loans held for sale		4 1 — — — — (1)— — 4 — 
Securities available-for-sale
Residential mortgage-
    backed non-agency		624 4 21 — — — (21)— — 628 — 
Commercial mortgage-
  backed non-agency		103 — — — — — — — — 103 — 
Asset-backed96 1 3 — — — (4)— — 96 — 
Other54 (1)— 1 — — — — — 54 — 
Total securities
    available-for-sale		877 4 24 1 — — (25)— — 881 — 
Loans701 4 — 4 — — (21)— (4)(d)684 5 
Equity investments 2,030 27 — 85 (79)— — — — 2,063 16 
Residential mortgage
    servicing rights		2,657 (71)— 1 — 6 (65)— — 2,528 (71)
Commercial mortgage
    servicing rights		1,082 (54)— 19 — 12 (84)— — 975 (54)
Financial derivatives12 8 — 2 — — (10)— — 12 12 
Other assets8 — — — — — — — — 8 
Total assets$7,466 $(80)$24 $114 $(105)$18 $(208)$1 $(5)$7,225 $(90)
Liabilities
Other borrowed funds$9 $— $— $— $— $2 $(3)$— $— $8 $— 
Financial derivatives183 128 — — 2 — (32)— — 281 129 
Other liabilities194 10 — — — 1 (29)— — 176 3 
Total liabilities$386 $138 $— $— $2 $3 $(64)$— $— $465 $132 
Net gains (losses)$(218)(e)$(222)(f)
(Continued from previous page)

Nine Months Ended September 30, 2025
   Total realized / unrealized
gains or losses for the 
period (a)		               Unrealized
gains/losses for the period
on assets and
liabilities held on
Consolidated
Balance Sheet at
Sept. 30, 2025 (a) (c)
Level 3 Instruments Only
In millions		Fair
Value
Dec. 31,
2024		Included in
Earnings		Included
in Other
comprehensive
income (b)		PurchasesSalesIssuancesSettlementsTransfers
into
Level 3		Transfers
out of
Level 3		 Fair
Value Sept. 30, 2025
Assets              
Residential mortgage
    loans held for sale		$68 $1 $— $77 $(2)$— $(13)$6 $(15)(d)$122 $1  
Commercial mortgage
    loans held for sale		4 —  — — — — (4)— — — —  
Securities available-for-sale 
Residential mortgage-
   backed non-agency		603 7 8 — — — (58)— — 560 — 
Commercial mortgage-
    backed non-agency		103 (3)1 — — — (22)— — 79 (3)
Asset-backed93 1 2 — — — (8)— — 88 —  
Other54 1 — 6 — — (7)— —  54 —  
Total securities
    available-for-sale		853 6  11 6 — — (95)— —  781 (3)
Loans670 9 — 22 (3)— (55)12 (15)(d)640 9 
Equity investments2,111 89  — 270 (233)— — — — 2,237 62  
Residential mortgage
    servicing rights		2,626 (47)— 216 — 22 (195)— — 2,622 (47)
Commercial mortgage
    servicing rights		1,085 53  — 59 — 41 (233)— — 1,005 53  
Financial derivatives 4 30 — 1 — — (26)— — 9 32  
Other assets10 — 2 3 (1)— — — —  14 —  
Total assets $7,431 $141  $13 $654 $(239)$63 $(621)$18 $(30)$7,430 $107  
Liabilities 
Other borrowed funds$10 $— $— $— $— $13 $(13)$— $— $10 $—  
Financial derivatives150 67 — — 4 — (113)— — 108 70  
Other liabilities 177 32 — — — 215 (285)11 —  150 28  
Total liabilities$337 $99  $— $— $4 $228 $(411)$11 $— $268 $98  
Net gains (losses) $42 (e)          $9 (f) 
(Continued from previous page)

Nine Months Ended September 30, 2024
   Total realized / unrealized
gains or losses for the 
period (a)		              Unrealized
gains/losses for the period
on assets and
liabilities held on
Consolidated
Balance Sheet at
Sept. 30, 2024 (a) (c)
Level 3 Instruments Only
In millions		Fair
Value
Dec. 31,
2023		Included in
Earnings		Included
in Other
comprehensive
income (b)		PurchasesSalesIssuancesSettlementsTransfers
into
Level 3		Transfers
out of
Level 3		Fair Value Sept. 30, 2024
Assets             
Residential mortgage
   loans held for sale		$103 $— $— $16 $(37)$— $(6)$4 $(10)(d)$70 $— 
Commercial mortgage
    loans held for sale		11 1 — — — — (8)— — 4 — 
Securities available-for-sale
Residential mortgage-
    backed non-agency		696 10 10 — — — (88)— — 628 — 
Commercial mortgage-
    backed non-agency		103 — — — — — — — — 103 — 
Asset-backed102 1 2 — — — (9)— — 96 — 
Other55 (3)1 4 — — (3)— — 54 (2)
Total securities
    available-for-sale		956 8 13 4 — — (100)— — 881 (2)
Loans726 12 — 16 (2)— (59)— (9)(d)684 12 
Equity investments1,952 53 — 221 (163)— — — — 2,063 35 
Residential mortgage
    servicing rights		2,654 17 — 30 — 18 (191)— — 2,528 17 
Commercial mortgage
    servicing rights		1,032 118 — 43 — 23 (241)— — 975 118 
Financial derivatives6 26 — 4 — — (24)— — 12 30 
Other assets8 — — — — — — — — 8 — 
Total assets$7,448 $235 $13 $334 $(202)$41 $(629)$4 $(19)$7,225 $210 
Liabilities
Other borrowed funds$9 $— $— $— $— $9 $(10)$— $— $8 $— 
Financial derivatives152 246 — — 4 — (121)— — 281 252 
Other liabilities237 (4)— — — 29 (86)— — 176 11 
Total liabilities$398 $242 $— $— $4 $38 $(217)$— $— $465 $263 
Net gains (losses)$(7)(e)$(53)(f)
(a)Losses for assets are bracketed while losses for liabilities are not.
(b)The difference in unrealized gains and losses for the period included in Other comprehensive income and changes in unrealized gains and losses for the period included in Other comprehensive income for securities available-for-sale held at the end of the reporting period were insignificant.
(c)The amount of the total gains or losses for the period included in earnings that is attributable to the change in unrealized gains or losses related to those assets and liabilities held at the end of the reporting period.
(d)Residential mortgage loan transfers out of Level 3 are primarily driven by residential mortgage loans transferring to OREO as well as reclassification of mortgage loans held for sale to held for investment.
(e)Net gains (losses) realized and unrealized included in earnings related to Level 3 assets and liabilities included amortization and accretion. The amortization and accretion amounts were included in Interest income on the Consolidated Income Statement and the remaining net gains (losses) realized and unrealized were included in Noninterest income on the Consolidated Income Statement.
(f)Net unrealized gains (losses) related to assets and liabilities held at the end of the reporting period were included in Noninterest income on the Consolidated Income Statement.
An instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Changes from one quarter to the next related to the observability of inputs to a fair value measurement may result in a reclassification (transfer) of assets or liabilities between hierarchy levels.
Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities follows:

Table 68: Fair Value Measurements – Recurring Quantitative Information

September 30, 2025
Level 3 Instruments Only
Dollars in millions		Fair ValueValuation TechniquesUnobservable InputsRange (Weighted-Average) (a)
Residential mortgage loans held for sale$122 Consensus pricing (b)Cumulative default rate
3.6% - 100.0% (37.7%)
Loss severity
0.0% - 100.0% (5.2%)
Discount rate
5.5% - 9.0% (5.9%)
Residential mortgage-backed
    non-agency securities		560 Priced by a third-party vendor using a discounted cash flow pricing modelConstant prepayment rate
1.0% - 27.9% (3.7%)
Constant default rate
0.0% - 12.0% (1.8%)
Loss severity
15.0% - 100.0% (42.5%)
Spread over the benchmark curve (c)
187bps weighted-average
Asset-backed securities88 Priced by a third-party vendor using a discounted cash flow pricing modelConstant prepayment rate
1.0% - 8.0% (4.2%)
Constant default rate
0.0% - 7.4% (1.6%)
Loss severity
35.0% - 100.0% (43.1%)
Spread over the benchmark curve (c)
170bps weighted-average
Loans - Residential real estate - Uninsured485 Consensus pricing (b)Cumulative default rate
3.6% - 100.0% (51.6%)
Loss severity
0.0% - 100.0% (4.8%)
Discount rate
5.5% - 7.5% (5.7%)
Loans - Residential real estate71 Discounted cash flowLoss severity
6.0% weighted-average
Discount rate
6.7% weighted-average
Loans - Home equity - First-lien13 Consensus pricing (b)Cumulative default rate
3.6% - 100.0% (50.6%)
Loss severity
0.0% - 100.0% (11.7%)
Discount rate
5.5% - 7.5% (6.0%)
Loans - Home equity - Second-lien71 Consensus pricing (b)Credit and liquidity discount
0.0% - 100.0% (39.8%)
Equity investments 2,237 Multiple of adjusted earningsMultiple of earnings
5.5x - 24.0x (10.5x)
Residential mortgage servicing rights2,622 Discounted cash flowConstant prepayment rate
0.0% - 46.5% (6.8%)
Spread over the benchmark curve (c)
335bps - 2,871bps (740bps)
Commercial mortgage servicing rights1,005 Discounted cash flowConstant prepayment rate
4.3% - 7.4% (4.4%)
Discount rate
8.7% - 10.9% (10.6%)
Financial derivatives - Swaps related to
    sales of certain Visa Class B
    common shares		(103)Discounted cash flowEstimated conversion factor of Visa Class B shares into Class A shares
1.52 weighted-average
Estimated annual growth rate of Visa Class A share price
16.0%
Estimated litigation resolution date
Q1 2026
Insignificant Level 3 assets, net of
    liabilities (d)		(9)
Total Level 3 assets, net of liabilities (e)$7,162 
(Continued from previous page)

December 31, 2024
Level 3 Instruments Only
Dollars in millions		Fair ValueValuation TechniquesUnobservable InputsRange (Weighted-Average) (a)
Commercial mortgage loans held for sale$4 Discounted cash flowSpread over the benchmark curve (c)
560bps - 1,075bps (970bps)
Residential mortgage-backed
    non-agency securities		603 Priced by a third-party vendor using a discounted cash flow pricing modelConstant prepayment rate
1.0% - 27.9% (4.2%)
Constant default rate
0.0% - 12.0% (1.9%)
Loss severity
15.0% - 69.0% (42.4%)
Spread over the benchmark curve (c)
216bps weighted-average
Asset-backed securities93 Priced by a third-party vendor using a discounted cash flow pricing modelConstant prepayment rate
1.0% - 8.0% (3.8%)
Constant default rate
0.0% - 7.1% (1.5%)
Loss severity
35.0% - 100.0% (45.3%)
Spread over the benchmark curve (c)
170bps weighted-average
Loans - Residential real estate - Uninsured504 Consensus pricing (b)Cumulative default rate
3.6% - 100.0% (52.5%)
Loss severity
0.0% - 100.0% (5.0%)
Discount rate
5.5% - 7.5% (5.7%)
Loans - Residential real estate73 Discounted cash flowLoss severity
6.0% weighted-average
Discount rate
7.2% weighted-average
Loans - Home equity - First-lien14 Consensus pricing (b)Cumulative default rate
3.6% - 100.0% (51.6%)
Loss severity
0.0% - 100.0% (12.3%)
Discount rate
5.5% - 7.5% (6.1%)
Loans - Home equity - Second-lien79 Consensus pricing (b)
Credit and liquidity discount
0.3% - 100.0% (41.2%)
Equity investments 2,111 Multiple of adjusted earningsMultiple of earnings
5.5x - 26.7x (10.5x)
Residential mortgage servicing rights2,626 Discounted cash flowConstant prepayment rate
0.0% - 40.3% (6.4%)
Spread over the benchmark curve (c)
381bps - 2,202bps (755bps)
Commercial mortgage servicing rights1,085 Discounted cash flowConstant prepayment rate
4.3% - 7.4% (4.4%)
Discount rate
9.6% - 11.5% (11.2%)
Financial derivatives - Swaps related to
    sales of certain Visa Class B
    common shares		(143)Discounted cash flowEstimated conversion factor of Visa Class B shares into Class A shares
1.54 weighted-average
Estimated annual growth rate of Visa Class A share price
16.0%
Estimated litigation resolution date
Q1 2026
Insignificant Level 3 assets, net of
    liabilities (d) 		45  
Total Level 3 assets, net of liabilities (e)$7,094    
(a)Unobservable inputs were weighted by the relative fair value of the instruments.
(b)Consensus pricing refers to fair value estimates that are generally internally developed using information such as dealer quotes or other third-party provided valuations or comparable asset prices.
(c)The assumed yield spread over the benchmark curve for each instrument is generally intended to incorporate non-interest rate risks, such as credit and liquidity risks.
(d)Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes financial derivative assets and liabilities, trading securities, other securities, other assets, other borrowed funds and other liabilities. At December 31, 2024, the amount also includes residential mortgage loans held for sale.
(e)Consisted of total Level 3 assets of $7.4 billion and total Level 3 liabilities of $0.3 billion as of September 30, 2025 and December 31, 2024.

Financial Assets Accounted for at Fair Value on a Nonrecurring Basis

We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment and are included in Table 69. For more information regarding the valuation methodologies of our financial assets measured at fair value on a nonrecurring basis, see Note 14 Fair Value in our 2024 Form 10-K.
Assets measured at fair value on a nonrecurring basis follow:

Table 69: Fair Value Measurements – Nonrecurring (a) (b) (c)
 Fair Value Gains (Losses)
Three months ended		Gains (Losses)
Nine months ended
In millionsSeptember 30
2025		December 31
2024		September 30
2025		September 30
2024		September 30
2025		September 30
2024
Assets
Nonaccrual loans$523 $629 $(66)$(180)$(142)$(333)
Equity investments74 198 — 1 (1)(1)
Loans held for sale— — (2)— (2)— 
OREO, foreclosed and other assets47 8 (14)— (14)(1)
Long-lived assets5 18 (1)(1)(3)(7)
Total assets$649 $853 $(83)$(180)$(162)$(342)
(a)All Level 3 for the periods presented.
(b)Valuation techniques applied were fair value of property or collateral.
(c)Unobservable inputs used were appraised value/sales price, broker opinions or projected income/required improvement costs. Additional quantitative information was not meaningful for the periods presented.

Financial Instruments Accounted for under Fair Value Option

We elect the fair value option to account for certain financial instruments. For more information on these financial instruments for which the fair value option election has been made, refer to the Fair Value Measurement section of this Note 11. These financial instruments are initially measured at fair value. Gains and losses from initial measurement and any changes in fair value are subsequently recognized in earnings. For interest-bearing deposits, however, any changes in fair value attributable to instrument-specific credit risk are recognized in OCI.

Interest income related to changes in the fair values of these financial instruments is recorded on the Consolidated Income Statement in Other interest income, except for certain residential mortgage loans, for which income is also recorded in Loans interest income. Changes in the value on prepaid forward contracts included in Other assets is reported in Noninterest expense, and interest expense on the Other borrowed funds is reported in Borrowed funds interest expense. Fair value gains and losses recognized in earnings on interest-bearing deposits are reported in Deposits interest expense, consistent with the classification of contractual interest on these deposits.

We have excluded accrued interest from the fair value amounts reported in Table 70. We have excluded interest income and interest expense from the changes in fair value reported in Table 71.
Fair values and aggregate unpaid principal balances of items for which we elected the fair value option are as follows:

Table 70: Fair Value Option – Fair Value and Principal Balances
September 30, 2025December 31, 2024
In millionsFair ValueAggregate Unpaid
Principal Balance		DifferenceFair ValueAggregate Unpaid
Principal Balance		Difference
Assets
Residential mortgage loans held for sale
Accruing loans less than 90 days past due$668 $663 $5 $588 $588 $— 
Accruing loans 90 days or more past due11 11 — 11 11 — 
Nonaccrual loans13 14 (1)29 36 (7)
Total$692 $688 $4 $628 $635 $(7)
Commercial mortgage loans held for sale (a) (b)
Accruing loans less than 90 days past due$255 $253 $2 $203 $200 $3 
Loans
Accruing loans less than 90 days past due$741 $823 $(82)$494 $505 $(11)
Accruing loans 90 days or more past due123 136 (13)126 137 (11)
Nonaccrual loans253 348 (95)536 718 (182)
Total$1,117 $1,307 $(190)$1,156 $1,360 $(204)
Other assets$193 $189 $4 $133 $142 $(9)
Liabilities
Interest-bearing deposits $7,318 $7,316 $2 $— $— $— 
Other borrowed funds$30 $31 $(1)$34 $35 $(1)
Other liabilities with contractual unpaid principal balance$28 $31 $(3)$28 $32 $(4)
Other liabilities without contractual unpaid principal balance$121 $— $121 $106 $— $106 
(a)There were no accruing loans 90 days or more past due within this category at September 30, 2025 or December 31, 2024.
(b)There were no nonaccrual loans within this category at September 30, 2025 or December 31, 2024.
The changes in fair value for items for which we elected the fair value option are as follows:

Table 71: Fair Value Option – Changes in Fair Value Included in Earnings (a)
Gains (Losses)Gains (Losses)
 Three months endedNine months ended
September 30September 30September 30September 30
In millions2025202420252024
Assets
Residential mortgage loans held for sale$10 $18 $(2)$32 
Commercial mortgage loans held for sale$5 $3 $34 $12 
Loans$6 $6 $14 $18 
Other assets$9 $17 $7 $20 
Liabilities
Interest-bearing deposits$(3)$— $(2)$— 
Other liabilities$(17)$(3)$(28)$(12)
(a)The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts.
Additional Fair Value Information Related to Financial Instruments Not Recorded at Fair Value
The following table presents the carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of all other financial instruments that are not recorded on our Consolidated Balance Sheet at fair value as of September 30, 2025 and December 31, 2024. For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 72, see Note 14 Fair Value in our 2024 Form 10-K.
Table 72: Additional Fair Value Information Related to Other Financial Instruments

 CarryingFair Value
In millionsAmountTotalLevel 1Level 2Level 3
September 30, 2025
Assets
Cash and due from banks$5,553 $5,553 $5,553 $— $— 
Interest-earning deposits with banks 33,318 33,318 32,733 585 — 
Securities held-to-maturity73,230 70,678 19,407 51,124 147 
Net loans (excludes leases)314,207 310,146 — — 310,146 
Other assets6,559 6,559 — 6,559 — 
Total assets$432,867 $426,254 $57,693 $58,268 $310,293 
Liabilities
Time deposits$30,929 $31,163 $— $31,163 $— 
Borrowed funds59,905 60,986 — 60,348 638 
Unfunded lending related commitments775 775 — — 775 
Other liabilities1,234 1,234 — 1,234 — 
Total liabilities$92,843 $94,158 $— $92,745 $1,413 
December 31, 2024
Assets
Cash and due from banks$6,904 $6,904 $6,904 $— $— 
Interest-earning deposits with banks 39,347 39,347 38,993 354 — 
Securities held-to-maturity77,698 73,058 23,992 48,914 152 
Net loans (excludes leases)304,129 298,241 — — 298,241 
Other assets5,722 5,722 — 5,713 9 
Total assets$433,800 $423,272 $69,889 $54,981 $298,402 
Liabilities
Time deposits$34,339 $34,383 $— $34,383 $— 
Borrowed funds60,302 61,260 — 60,350 910 
Unfunded lending related commitments719 719 — — 719 
Other liabilities1,058 1,058 — 1,058 — 
Total liabilities$96,418 $97,420 $— $95,791 $1,629 

The aggregate fair values in Table 72 represent only a portion of the total market value of our assets and liabilities as, in accordance with the guidance related to fair values about financial instruments, we exclude the following:
•financial instruments recorded at fair value on a recurring basis (as they are disclosed in Table 66),
•investments accounted for under the equity method,
•equity securities without a readily determinable fair value that apply for the alternative measurement approach to fair value under ASU 2016-01,
•real and personal property,
•lease financing,
•loan customer relationships,
•deposit customer intangibles,
•retail branch networks,
•fee-based businesses, such as asset management and brokerage,
•trade receivables and payables due in one year or less,
•deposit liabilities with no defined or contractual maturities under ASU 2016-01 and
•insurance contracts.