Form 8-K

8-K — PNC FINANCIAL SERVICES GROUP, INC.

Accession: 0001628280-26-065936

Filed: 2026-10-15

Period: 2026-10-15

CIK: 0000713676

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — pnc-20261015.htm (Primary)

EX-99.1 (q32026financialhighlightsa.htm)

EX-99.2 (q32026financialsupplement.htm)

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8-K

8-K (Primary)

Filename: pnc-20261015.htm · Sequence: 1

pnc-20261015

0000713676false00007136762026-10-152026-10-15

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

October 15, 2026

Date of Report (Date of earliest event reported)

THE PNC FINANCIAL SERVICES GROUP, INC.

(Exact name of registrant as specified in its charter)

Commission File Number 001-09718

Pennsylvania 25-1435979

(State or other jurisdiction of (I.R.S. Employer

incorporation) Identification No.)

The Tower at PNC Plaza

300 Fifth Avenue

Pittsburgh, Pennsylvania 15222-2401

(Address of principal executive offices, including zip code)

(888) 762-2265

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to 12(b) of the Act:

Title of Each Class Trading Symbol(s)

Name of Each Exchange

on Which Registered

Common Stock, par value $5.00 PNC New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 15, 2026, The PNC Financial Services Group, Inc. (“PNC”) issued a press release regarding PNC’s earnings and business results for the third quarter of 2026. A copy of PNC’s press release is included in this Report as Exhibit 99.1 and is furnished herewith.

In connection therewith, PNC provided supplementary financial information on its website. A copy of PNC’s supplementary financial information is included in this Report as Exhibit 99.2 and is furnished herewith.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Number Description Method of Filing

99.1

Press release dated October 15, 2026

Furnished herewith

99.2

Financial Supplement (unaudited) for the Third Quarter 2026

Furnished herewith

104 The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE PNC FINANCIAL SERVICES GROUP, INC.

(Registrant)

Date: October 15, 2026 By: /s/ Gregory H. Kozich

Gregory H. Kozich

Senior Vice President and Controller

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EX-99.1

Filename: q32026financialhighlightsa.htm · Sequence: 2

Document

Exhibit 99.1

PNC Reports Third Quarter 2026 Net Income of $2.1 Billion,

$4.97 Diluted EPS or $5.09 as Adjusted

Grew average loans and deposits; increased NII and reduced expenses; 57% efficiency ratio

PITTSBURGH, Oct. 15, 2026 – The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

For the quarter

In millions, except per share data and as noted 3Q26 2Q26 3Q25

Third Quarter Highlights

▪

Financial Results

Comparisons reflect 3Q26 vs. 2Q26

Net interest income (NII) $ 4,206 $ 4,107 $ 3,648

Income Statement

▪Adjusted diluted EPS of $5.09 increased $0.24

–Excludes integration costs and significant items from both periods

▪PPNR increased 1%

▪Generated 18.3% ROTCE

▪NII increased 2%; NIM of 2.94%

▪Fee income decreased 6% primarily due to elevated 2Q26 capital markets activity

▪Other noninterest income was $214 million, decreasing $275 million driven by 2Q26 significant items

▪Noninterest expense declined 8%, or 3%, as adjusted

–Efficiency ratio improved to 57%

Balance Sheet

▪Average loans increased $9.0 billion, or 2%, reflecting new production and higher utilization

–Transferred $1.4 billion student loan portfolio to held-for-sale

▪Average deposits increased 1%; spot deposits increased 4%

▪Average investment securities increased 3%

▪Net loan charge-offs were $257 million, including $35 million related to the student loan portfolio transfer

▪AOCI of negative $6.5 billion in 3Q26, compared to negative $4.1 billion in 2Q26

▪Maintained strong capital position

–CET1 capital ratio of 9.8%

–$0.8 billion of common dividends

–$0.6 billion of share repurchases

Fee income (non-GAAP)

2,142 2,279 2,069

Other noninterest income 214 489 198

Noninterest income 2,356 2,768 2,267

Revenue 6,562 6,875 5,915

Noninterest expense 3,751 4,098 3,461

Integration costs and significant items 27 261 —

Noninterest expense - as adjusted (non-GAAP)

3,724 3,837 3,461

Pretax, pre-provision earnings (PPNR) (non-GAAP)

2,811 2,777 2,454

Provision for credit losses 189 191 167

Net income 2,097 2,055 1,822

Per Common Share

Diluted earnings per share (EPS) $ 4.97 $ 4.81 $ 4.35

EPS impact of integration costs and significant items 0.12 0.04

Diluted EPS - as adjusted (non-GAAP)

5.09 4.85

Average diluted common shares outstanding 401 403 396

Book value 142.17 145.52 135.67

Tangible book value (TBV) (non-GAAP)

107.64 111.09 107.84

Balance Sheet & Credit Quality

Average loans In billions

$ 372.2 $ 363.2 $ 325.9

Average securities In billions

151.4 147.1 144.4

Average deposits In billions

461.2 457.0 431.8

Accumulated other comprehensive income (loss) (AOCI) In billions

(6.5) (4.1) (4.1)

Net loan charge-offs 257 226 179

Allowance for credit losses to total loans 1.42 % 1.48 % 1.61 %

Selected Ratios

Return on average common shareholders’ equity 13.89 % 13.61 % 13.24 %

Return on avg. tangible common equity (ROTCE) (non-GAAP)

18.28 17.88 16.77

Return on average assets 1.32 1.34 1.27

Net interest margin (NIM) (non-GAAP)

2.94 2.96 2.79

Noninterest income to total revenue 36 40 38

Efficiency 57 60 59

Common equity tier 1 (CET1) capital ratio 9.8 9.9 10.7

See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release. Totals may not sum due to rounding.

From Bill Demchak, PNC Chairman and Chief Executive Officer:

“Our strategy continues to drive growth across our businesses, as we deepen our presence in key markets and expand our reach nationally. During the third quarter, we continued to build on the strong momentum we delivered in the first half of the year, and we generated an 18.3% return on average tangible common equity. We are well positioned, and remain confident in our long-term outlook.”

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 2

Integration Costs and Significant Items

In the third quarter of 2026, PNC incurred integration costs related to the FirstBank acquisition of $36 million. Results also included significant items of negative $25 million related to net Visa activity, including an $11 million valuation gain on remaining Visa shares received in the second quarter exchange and negative $36 million of Visa Class B-3 derivative fair value adjustments, primarily related to litigation escrow funding. The combined after-tax impact of both integration costs and 3Q26 significant items resulted in a $48 million decline in net income, or a 12 cent reduction to EPS.

During the second quarter of 2026, PNC incurred integration costs of $127 million and significant items with a net benefit of $84 million, as outlined in the table below. The combined after-tax impact of both integration costs and 2Q26 significant items resulted in a $15 million decline in net income, or a 4 cent reduction to EPS.

Impact of Integration Costs and Significant Items

In millions, except per share data

Noninterest Income 3Q26 2Q26

Gains related to Visa share exchange $ 11 $ 448

Visa Class B-3 derivative fair value adjustments (36) (85)

2Q26 loss on sale of securities (139)

Significant items $ (25) $ 224

Integration costs (9) (6)

Noninterest income impact of integration costs and significant items $ (34) $ 218

Noninterest Expense

Significant item - contribution to PNC Foundation $ 140

Integration costs $ 27 121

Noninterest expense impact of integration costs and significant items $ 27 $ 261

Net Income and EPS

Total significant items $ (25) $ 84

Total integration costs (36) (127)

Pretax, pre-provision impact $ (61) $ (43)

Income taxes (benefit) (13) (28)

Net income decrease from integration costs and significant items $ (48) $ (15)

EPS impact of integration costs and significant items $ (0.12) $ (0.04)

Income taxes on integration costs and significant items are calculated at a statutory tax rate of 21% on pretax, pre-provision earnings. 2Q26 significant items tax impact also includes the benefit of shares donated to the PNC Foundation.

Income Statement Highlights

Third quarter 2026 compared with second quarter 2026

▪Total revenue of $6.6 billion decreased $313 million, or 5%, as growth in net interest income was more than offset by lower noninterest income.

–Net interest income of $4.2 billion increased $99 million, or 2%, driven by commercial loan growth and higher yields on interest-earning assets, partially offset by increased funding costs.

•Net interest margin of 2.94% decreased 2 basis points.

–Fee income of $2.1 billion decreased $137 million, or 6%, primarily due to elevated second quarter capital markets and advisory revenue.

–Other noninterest income of $214 million included higher private equity revenue and significant items of negative $25 million related to net Visa activity.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 3

▪Noninterest expense of $3.8 billion decreased $347 million, or 8%, and included $27 million of integration costs in the third quarter, compared to $261 million of both integration costs and significant items in the second quarter. Excluding these items from both quarters, noninterest expense, as adjusted, decreased 3%.

▪Provision for credit losses was $189 million in the third quarter, stable from the second quarter.

▪The effective tax rate was 20.0% for the third quarter and 20.5% for the second quarter.

Balance Sheet Highlights

Third quarter 2026 compared with second quarter 2026 or September 30, 2026 compared with June 30, 2026

▪Average loans of $372.2 billion increased $9.0 billion, or 2%. Average commercial loans increased $10.4 billion, or 4%, driven by strong new production and increased utilization. Average consumer loans decreased $1.4 billion, or 1%, primarily due to lower residential mortgage loans and the student loan portfolio transfer.

–Loans at September 30, 2026 of $378.8 billion increased $10.8 billion, or 3%, from June 30, 2026, driven by commercial loan growth. This increase was partially offset by a decline in consumer loans, including the transfer of the $1.4 billion student loan portfolio to held-for-sale.

▪Credit quality performance:

–Delinquencies of $1.3 billion decreased $135 million, or 9%, due to lower consumer loan delinquencies.

–Total nonperforming loans of $2.2 billion increased $167 million, or 8%, driven by higher commercial nonperforming loans.

–Net loan charge-offs were $257 million and included $35 million related to the transfer of student loans to held-for-sale.

–The allowance for credit losses was $5.4 billion, or 1.42% of total loans, at September 30, 2026 and $5.5 billion, or 1.48% of total loans, at June 30, 2026.

▪Average investment securities of $151.4 billion increased $4.3 billion, or 3%, reflecting higher residential mortgage-backed securities.

▪Average deposits of $461.2 billion increased $4.2 billion, or 1%, primarily due to seasonally higher commercial interest-bearing deposits.

–Deposits at September 30, 2026 of $466.4 billion increased $16.6 billion, or 4%, from June 30, 2026, driven by higher commercial interest-bearing deposits, reflecting seasonality as well as new and expanded client relationships.

▪PNC maintained a strong capital and liquidity position:

–On October 2, 2026, the PNC board of directors declared a quarterly cash dividend on common stock of $2.00 per share to be paid on November 5, 2026 to shareholders of record at the close of business October 14, 2026.

–PNC returned $1.4 billion of capital to shareholders, reflecting $0.8 billion of dividends on common shares and $0.6 billion of common share repurchases.

–Share repurchase activity in the fourth quarter of 2026 is expected to approximate third quarter 2026 share repurchase levels.

–The Basel III common equity tier 1 capital ratio was an estimated 9.8% at September 30, 2026 and was 9.9% at June 30, 2026.

–PNC’s average LCR for the three months ended September 30, 2026 was 106%, exceeding the regulatory minimum requirement throughout the quarter.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 4

Earnings Summary

In millions, except per share data 3Q26 2Q26 3Q25

Net income $ 2,097 $ 2,055 $ 1,822

Net income attributable to diluted common shareholders $ 1,994 $ 1,941 $ 1,723

Net income attributable to diluted common shareholders - as adjusted (non-GAAP)

$ 2,042 $ 1,956

Diluted earnings per common share $ 4.97 $ 4.81 $ 4.35

Diluted earnings per common share - as adjusted (non-GAAP)

$ 5.09 $ 4.85

Average diluted common shares outstanding 401 403 396

Cash dividends declared per common share $ 2.00 $ 1.70 $ 1.70

See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release.

The Consolidated Financial Highlights accompanying this news release include additional information regarding reconciliations of non-GAAP financial measures to reported (GAAP) amounts. This information supplements results as reported in accordance with GAAP and should not be viewed in isolation from, or as a substitute for, GAAP results. Information in this news release, including the financial tables, is unaudited.

CONSOLIDATED REVENUE REVIEW

Revenue Change Change

3Q26 vs 3Q26 vs

In millions 3Q26 2Q26 3Q25 2Q26 3Q25

Net interest income $ 4,206 $ 4,107 $ 3,648 2 % 15 %

Noninterest income 2,356 2,768 2,267 (15) % 4 %

Total revenue $ 6,562 $ 6,875 $ 5,915 (5) % 11 %

Total revenue for the third quarter of 2026 decreased $313 million compared to the second quarter of 2026 as growth in net interest income was more than offset by lower noninterest income. Noninterest income in the third quarter of 2026 included integration costs and significant items of negative $34 million compared to a benefit of $218 million in the second quarter of 2026. Compared to the third quarter of 2025, total revenue increased $647 million due to both higher net interest income and noninterest income.

Net interest income of $4.2 billion increased $99 million from the second quarter of 2026 driven by commercial loan growth and higher yields on interest-earning assets, partially offset by increased funding costs. Compared to the third quarter of 2025, net interest income increased $558 million due to commercial loan growth, the benefit of FirstBank and lower funding costs.

Net interest margin was 2.94% in the third quarter of 2026, 2.96% in the second quarter of 2026 and 2.79% in the third quarter of 2025.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 5

Noninterest Income Change Change

3Q26 vs 3Q26 vs

In millions 3Q26 2Q26 3Q25 2Q26 3Q25

Asset management and brokerage $ 447 $ 440 $ 404 2 % 11 %

Capital markets and advisory 433 577 432 (25) % —

Card and cash management 769 772 737 — 4 %

Lending and deposit services 358 346 335 3 % 7 %

Residential and commercial mortgage 135 144 161 (6) % (16) %

Fee income (non-GAAP)

2,142 2,279 2,069 (6) % 4 %

Other noninterest income 214 489 198 (56) % 8 %

Total noninterest income $ 2,356 $ 2,768 $ 2,267 (15) % 4 %

See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release.

Noninterest income for the third quarter of 2026 decreased $412 million from the second quarter of 2026 primarily due to the change in integration costs and significant items, as well as lower capital markets and advisory revenue. Asset management and brokerage fees increased $7 million as a result of higher average equity markets and increased client activity. Capital markets and advisory revenue decreased $144 million due to elevated second quarter activity. Card and cash management decreased $3 million as higher treasury management product revenue was more than offset by FirstBank integration related fee waivers. Lending and deposit services revenue increased $12 million primarily due to increased customer activity. Residential and commercial mortgage revenue decreased $9 million driven by lower residential mortgage revenue. Other noninterest income of $214 million included higher private equity revenue and negative $25 million of significant items related to net Visa activity. Second quarter of 2026 other noninterest income included the benefit of $218 million of both integration costs and significant items.

Compared to the third quarter of 2025, noninterest income increased $89 million. Asset management and brokerage fees increased $43 million as a result of higher average equity markets and growth in client relationships. Card and cash management increased $32 million driven by increased treasury management product revenue, as well as growth in customer relationships and activity. Lending and deposit related revenue increased $23 million due to increased customer activity and higher loan commitment fee revenue. Residential and commercial mortgage revenue decreased $26 million primarily driven by lower mortgage servicing rights valuation, net of economic hedge. Other noninterest income increased $16 million reflecting higher private equity revenue.

CONSOLIDATED EXPENSE REVIEW

Noninterest Expense Change Change

3Q26 vs 3Q26 vs

In millions 3Q26 2Q26 3Q25 2Q26 3Q25

Personnel $ 2,031 $ 2,273 $ 1,970 (11) % 3 %

Occupancy 262 252 235 4 % 11 %

Equipment 435 435 416 — 5 %

Marketing 106 110 93 (4) % 14 %

Other 917 1,028 747 (11) % 23 %

Total noninterest expense $ 3,751 $ 4,098 $ 3,461 (8) % 8 %

Integration costs and significant items 27 261 —

Noninterest expense - as adjusted (non-GAAP)

$ 3,724 $ 3,837 $ 3,461 (3) % 8 %

See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 6

Noninterest expense for the third quarter of 2026 of $3.8 billion decreased $347 million from the second quarter of 2026. Noninterest expense, as adjusted for both quarters, decreased $113 million from the second quarter of 2026 driven by lower compensation expense and continued expense discipline. Compared to the third quarter of 2025, noninterest expense, as adjusted for the third quarter of 2026, increased $263 million reflecting continued investments to support business growth as well as the addition of FirstBank operating expenses.

The effective tax rate was 20.0% for the third quarter of 2026, 20.5% for the second quarter of 2026 and 20.3% for the third quarter of 2025.

CONSOLIDATED BALANCE SHEET REVIEW

Loans Change Change

3Q26 vs 3Q26 vs

In billions 3Q26 2Q26 3Q25 2Q26 3Q25

Average

Commercial and industrial $ 232.6 $ 223.7 $ 195.9 4 % 19 %

Commercial real estate 36.6 35.1 30.9 4 % 19 %

Commercial $ 269.2 $ 258.8 $ 226.8 4 % 19 %

Consumer 103.0 104.4 99.2 (1) % 4 %

Average loans $ 372.2 $ 363.2 $ 325.9 2 % 14 %

Quarter end

Commercial and industrial $ 240.0 $ 227.9 $ 197.1 5 % 22 %

Commercial real estate 37.0 36.0 30.3 3 % 22 %

Commercial $ 277.0 $ 263.9 $ 227.4 5 % 22 %

Consumer 101.8 104.1 99.2 (2) % 3 %

Total loans $ 378.8 $ 368.0 $ 326.6 3 % 16 %

Totals may not sum due to rounding

Average loans for the third quarter of 2026 increased $9.0 billion compared to the second quarter of 2026 and $46.2 billion compared to the third quarter of 2025.

Average commercial loans increased $10.4 billion and $42.4 billion compared to the second quarter of 2026 and the third quarter of 2025, respectively. In each comparison, the growth was driven by strong new production and increased utilization. Compared to the third quarter of 2025, the increase was also attributable to acquired FirstBank loans.

Average consumer loans decreased $1.4 billion compared to the second quarter of 2026, primarily due to lower residential mortgage loans and the student loan portfolio transfer. Compared to the third quarter of 2025, average consumer loans increased $3.8 billion driven by the benefit of FirstBank loans.

Loans at September 30, 2026 increased $10.8 billion from June 30, 2026, driven by commercial loan growth partially offset by lower consumer loans. The decrease in consumer loans was primarily attributable to the transfer of the $1.4 billion student loan portfolio to held-for-sale, in addition to lower residential mortgage loans. Compared to September 30, 2025, loans increased $52.2 billion, as a result of commercial loan growth as well as the benefit from acquired FirstBank commercial and consumer loans.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 7

Average Investment Securities Change Change

3Q26 vs 3Q26 vs

In billions 3Q26 2Q26 3Q25 2Q26 3Q25

Available for sale $ 72.0 $ 73.7 $ 69.8 (2) % 3 %

Held to maturity 79.3 73.4 74.6 8 % 6 %

Total $ 151.4 $ 147.1 $ 144.4 3 % 5 %

Totals may not sum due to rounding

Average investment securities of $151.4 billion in the third quarter of 2026 increased $4.3 billion compared to the second quarter of 2026 and $6.9 billion compared to the third quarter of 2025. In both comparisons, the increase reflected higher residential mortgage-backed securities.

The duration of the investment securities portfolio was 4.1 years as of September 30, 2026, 3.6 years at June 30, 2026 and 3.4 years as of September 30, 2025. Net unrealized losses on available-for-sale securities were $4.0 billion at September 30, 2026 and $2.1 billion at both June 30, 2026 and September 30, 2025.

Deposits Change Change

3Q26 vs 3Q26 vs

In billions 3Q26 2Q26 3Q25 2Q26 3Q25

Average

Interest-bearing (IB) deposits $ 360.0 $ 353.5 $ 339.1 2 % 6 %

Noninterest-bearing (NIB) deposits 101.2 103.5 92.8 (2) % 9 %

Average deposits $ 461.2 $ 457.0 $ 431.8 1 % 7 %

Quarter end

Interest-bearing deposits $ 366.6 $ 350.4 $ 341.5 5 % 7 %

Noninterest-bearing deposits 99.7 99.4 91.2 — 9 %

Total deposits $ 466.4 $ 449.8 $ 432.7 4 % 8 %

IB % of total avg. deposits 78 % 77 % 79%

NIB % of total avg. deposits 22 % 23 % 21%

Totals may not sum due to rounding

Third quarter 2026 average deposits of $461.2 billion increased $4.2 billion compared to the second quarter of 2026, driven by seasonally higher commercial interest-bearing deposits. Compared to the third quarter of 2025, average deposits increased $29.4 billion, reflecting the addition of FirstBank and growth in commercial interest-bearing deposits.

Deposits at September 30, 2026 increased $16.6 billion and $33.6 billion from June 30, 2026 and September 30, 2025, respectively. In each comparison, the increase included higher commercial interest-bearing deposits, reflecting new and expanded client relationships. Compared to the third quarter of 2025, the increase was also attributable to acquired FirstBank deposits.

Average noninterest-bearing deposits as a percentage of total average deposits was 22% in the third quarter of 2026, 23% in the second quarter of 2026 and 21% in the third quarter of 2025.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 8

Borrowed Funds Change Change

3Q26 vs 3Q26 vs

In billions 3Q26 2Q26 3Q25 2Q26 3Q25

Average borrowed funds $ 85.7 $ 78.9 $ 66.3 9 % 29 %

Quarter end

Total borrowed funds $ 79.8 $ 85.7 $ 62.3 (7) % 28 %

Avg. borrowed funds to avg. liabilities 15 % 14 % 13 %

Totals may not sum due to rounding

Average borrowed funds of $85.7 billion in the third quarter of 2026 increased $6.7 billion compared to the second quarter of 2026 and $19.4 billion compared to the third quarter of 2025. In both comparisons, the increase was primarily due to higher Federal Home Loan Bank advances added late in the second quarter of 2026.

Borrowed funds at September 30, 2026 decreased $6.0 billion from June 30, 2026, driven by a reduction in Federal Home Loan Bank advances.

Capital September 30, 2026 June 30, 2026 September 30, 2025

Common shareholders’ equity In billions

$ 56.5 $ 58.1 $ 53.2

Accumulated other comprehensive income (loss)

In billions

$ (6.5) $ (4.1) $ (4.1)

Basel III common equity tier 1 capital ratio * 9.8 % 9.9 % 10.7 %

*September 30, 2026 ratio is estimated.

PNC maintained a strong capital position. Common shareholders’ equity at September 30, 2026 decreased $1.6 billion from June 30, 2026 due to a decline in accumulated other comprehensive income, common dividends paid and share repurchases, partially offset by net income.

As a Category III institution, PNC has elected to exclude accumulated other comprehensive income related to both available-for-sale securities and pension and other post-retirement plans from CET1 capital. Accumulated other comprehensive income was negative $6.5 billion at September 30, 2026 compared to negative $4.1 billion at both June 30, 2026 and September 30, 2025. The decline in each comparison reflected the impact of higher interest rates on securities and swaps, partially offset by the continued accretion of unrealized losses.

In the third quarter of 2026, PNC returned $1.4 billion of capital to shareholders, reflecting $0.8 billion of dividends on common shares and $0.6 billion of common share repurchases. The Stress Capital Buffer (SCB) framework permits capital return in amounts in excess of SCB minimum levels. Consistent with this framework, PNC had approximately 27% of the 100 million common shares still available for repurchase at September 30, 2026 under the repurchase program previously approved by our board of directors.

Share repurchase activity in the fourth quarter of 2026 is expected to approximate third quarter of 2026 share repurchase levels. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. PNC’s SCB will be maintained at the regulatory minimum of 2.5% through December 31, 2027.

On October 2, 2026, the PNC board of directors declared a quarterly cash dividend on common stock of $2.00 per share to be paid on November 5, 2026 to shareholders of record at the close of business October 14, 2026.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 9

At September 30, 2026, PNC was considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements. For additional information regarding PNC’s Basel III capital ratios, see Capital Ratios in the Consolidated Financial Highlights.

CREDIT QUALITY REVIEW

Credit Quality Change Change

September 30, 2026 June 30, 2026 September 30, 2025 09/30/26 vs 09/30/26 vs

In millions 06/30/26 09/30/25

Provision for credit losses (a) $ 189 $ 191 $ 167 $ (2) $ 22

Net loan charge-offs (a) $ 257 $ 226 $ 179 14 % 44 %

Allowance for credit losses (b) $ 5,386 $ 5,461 $ 5,253 (1) % 3 %

Total delinquencies (c) $ 1,301 $ 1,436 $ 1,233 (9) % 6 %

Nonperforming loans $ 2,194 $ 2,027 $ 2,137 8 % 3 %

Net charge-offs to average loans (annualized) 0.28 % 0.25 % 0.22 %

Allowance for credit losses to total loans 1.42 % 1.48 % 1.61 %

Nonperforming loans to total loans 0.58 % 0.55 % 0.65 %

(a) Represents amounts for the three months ended for each respective period

(b) Excludes allowances for investment securities and other financial assets

Provision for credit losses was $189 million in the third quarter of 2026, $191 million in the second quarter of 2026 and $167 million in the third quarter of 2025.

Net loan charge-offs were $257 million in the third quarter of 2026, increasing $31 million and $78 million compared to the second quarter of 2026 and the third quarter of 2025, respectively. In both comparisons, the increase included $35 million in net loan charge-offs related to the student loan portfolio transfer. Compared to the third quarter of 2025, net loan charge-offs also increased due to higher commercial loan net charge-offs.

The allowance for credit losses was $5.4 billion at September 30, 2026, $5.5 billion at June 30, 2026 and $5.3 billion at September 30, 2025. The allowance for credit losses as a percentage of total loans was 1.42% at September 30, 2026, 1.48% at June 30, 2026 and 1.61% at September 30, 2025.

Delinquencies at September 30, 2026 were $1.3 billion, decreasing $135 million from June 30, 2026 due to lower consumer loan delinquencies. Compared to September 30, 2025, delinquencies increased $68 million due to higher commercial loan delinquencies.

Nonperforming loans of $2.2 billion at September 30, 2026 increased $167 million compared to June 30, 2026 and $57 million compared to September 30, 2025. In both comparisons, the increase was driven by higher commercial nonperforming loans.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 10

BUSINESS SEGMENT RESULTS

Business Segment Income (Loss)

In millions 3Q26 2Q26 3Q25

Retail Banking $ 1,425 $ 1,747 $ 1,351

Corporate & Institutional Banking 1,552 1,588 1,545

Asset Management Group 128 135 120

Other (1,024) (1,430) (1,208)

Net income excluding noncontrolling interests $ 2,081 $ 2,040 $ 1,808

Retail Banking Change Change

3Q26 vs 3Q26 vs

In millions 3Q26 2Q26 3Q25 2Q26 3Q25

Net interest income $ 3,246 $ 3,291 $ 3,050 $ (45) $ 196

Noninterest income $ 842 $ 1,227 $ 790 $ (385) $ 52

Noninterest expense $ 2,104 $ 2,111 $ 1,941 $ (7) $ 163

Provision for credit losses $ 115 $ 120 $ 126 $ (5) $ (11)

Earnings $ 1,425 $ 1,747 $ 1,351 $ (322) $ 74

In billions

Brokerage account client assets $ 97 $ 97 $ 89 — $ 8

In billions

Average loans $ 107.9 $ 110.5 $ 96.9 $ (2.6) $ 11.0

Average deposits $ 267.1 $ 271.6 $ 243.3 $ (4.5) $ 23.8

Net loan charge-offs In millions

$ 154 $ 123 $ 126 $ 31 $ 28

During the second quarter of 2026, PNC updated its internal funds transfer pricing methodology. The update resulted in impacts to net interest income and associated income statement line items for all business segments. Prior periods have been adjusted to conform with the current presentation.

Retail Banking Highlights

Third quarter 2026 compared with second quarter 2026

▪Earnings decreased 18%, reflecting lower noninterest income, primarily due to a $448 million gain related to the Visa share exchange recognized in the second quarter, as well as lower net interest income, partially offset by a lower provision for credit losses.

–Noninterest income decreased 31%, primarily reflecting impacts from the Visa exchange program that occurred in the second quarter of 2026.

–Noninterest expense was stable.

•Brokerage account client assets were stable.

▪Average loans decreased 2% and included lower residential real estate loans as well as the student loan portfolio transfer.

▪Average deposits decreased 2%, primarily due to lower consumer interest-bearing and noninterest-bearing deposit balances.

Third quarter 2026 compared with third quarter 2025

▪Earnings increased 5%, driven by higher net interest income and noninterest income as well as a lower provision for credit losses, partially offset by higher noninterest expense.

–Noninterest income increased 7%, due to increased customer activity and the addition of FirstBank.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 11

–Noninterest expense increased 8% and included FirstBank related expenses as well as continued investments to support business growth.

•Brokerage account client assets increased 9%, driven by higher spot equity markets.

▪Average loans increased 11%, driven by higher commercial and residential real estate loans, primarily attributable to acquired FirstBank loans.

▪Average deposits increased 10%, driven by growth in demand and savings deposits, as well as the addition of FirstBank deposits.

Corporate & Institutional Banking Change Change

3Q26 vs 3Q26 vs

In millions 3Q26 2Q26 3Q25 2Q26 3Q25

Net interest income $ 2,045 $ 1,992 $ 1,888 $ 53 $ 157

Noninterest income $ 1,167 $ 1,291 $ 1,132 $ (124) $ 35

Noninterest expense $ 1,106 $ 1,131 $ 976 $ (25) $ 130

Provision for credit losses $ 76 $ 76 $ 44 — $ 32

Earnings $ 1,552 $ 1,588 $ 1,545 $ (36) $ 7

In billions

Average loans $ 247.7 $ 236.1 $ 212.5 $ 11.6 $ 35.2

Average deposits $ 164.0 $ 158.6 $ 155.2 $ 5.4 $ 8.8

Net loan charge-offs In millions

$ 106 $ 105 $ 53 $ 1 $ 53

Corporate & Institutional Banking Highlights

Third quarter 2026 compared with second quarter 2026

▪Earnings decreased 2%, reflecting lower noninterest income, partially offset by higher net interest income and lower noninterest expense.

–Noninterest income decreased 10%, due to elevated second quarter capital markets and advisory revenue.

–Noninterest expense decreased 2% and included lower compensation expense.

▪Average loans increased 5%, driven by strong new production and increased utilization of loan commitments.

▪Average deposits increased 3%, due to seasonal growth in interest-bearing deposits.

Third quarter 2026 compared with third quarter 2025

▪Earnings increased modestly, driven by higher net interest income and noninterest income, partially offset by higher noninterest expense as well as a higher provision for credit losses.

–Noninterest income increased 3%, primarily due to increased merger and acquisition advisory fees and growth in treasury management product revenue.

–Noninterest expense increased 13%, reflecting continued investments to support business growth.

▪Average loans increased 17%, driven by strong new production within the commercial and industrial portfolio.

▪Average deposits increased 6%, due to growth in both interest-bearing and noninterest-bearing deposits.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 12

Asset Management Group Change Change

3Q26 vs 3Q26 vs

In millions 3Q26 2Q26 3Q25 2Q26 3Q25

Net interest income $ 188 $ 191 $ 179 $ (3) $ 9

Noninterest income $ 271 $ 271 $ 254 — $ 17

Noninterest expense $ 296 $ 289 $ 273 $ 7 $ 23

Provision for (recapture of) credit losses $ (4) $ (3) $ 4 $ (1) $ (8)

Earnings $ 128 $ 135 $ 120 $ (7) $ 8

In billions

Discretionary client AUM $ 250 $ 247 $ 228 $ 3 $ 22

Nondiscretionary client AUA $ 249 $ 256 $ 212 $ (7) $ 37

Total client AUA $ 499 $ 503 $ 440 $ (4) $ 59

In billions

Average loans $ 14.8 $ 14.6 $ 14.2 $ 0.2 $ 0.6

Average deposits $ 26.9 $ 27.0 $ 26.9 $ (0.1) —

Net loan charge-offs (recoveries) In millions

$ (1) $ 1 $ 2 $ (2) $ (3)

AUM - Assets under management; AUA - Assets under administration

Asset Management Group Highlights

Third quarter 2026 compared with second quarter 2026

▪Earnings decreased 5%, primarily due to higher noninterest expense and lower net interest income.

–Noninterest income was stable.

–Noninterest expense increased 2%, due to continued investments to support business growth.

▪Discretionary client AUM increased 1%, driven by positive net flows.

▪Nondiscretionary client AUA decreased 3%, driven by net outflows.

▪Average loans increased 1%, primarily due to growth in securities-based lending.

▪Average deposits were stable.

Third quarter 2026 compared with third quarter 2025

▪Earnings increased 7%, due to higher noninterest income and net interest income as well as a provision recapture, partially offset by higher noninterest expense.

–Noninterest income increased 7%, reflecting higher average equity markets and positive net flows.

–Noninterest expense increased 8% and included continued investments to support business growth as well as higher variable compensation associated with increased business activity.

▪Discretionary client AUM increased 10% and nondiscretionary client AUM increased 17%. In both instances, the increase was driven by higher spot equity markets and positive net flows.

▪Average loans increased 4%, primarily due to growth in securities-based lending and higher commercial loan balances.

▪Average deposits were stable.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 13

Other

The “Other” category, for the purposes of this release, includes remaining corporate operations 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, corporate overhead net of allocations, tax adjustments that are not allocated to business segments, exited businesses and the residual impact from funds transfer pricing operations.

CONFERENCE CALL AND SUPPLEMENTAL FINANCIAL INFORMATION

PNC Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors today at 10:00 a.m. Eastern Time regarding the topics addressed in this news release and the related earnings materials. Dial-in numbers for the conference call are (866) 604-1697 and (215) 268-9875 (international) and Internet access to the live audio listen-only webcast of the call is available at www.pnc.com/investorevents. PNC’s third quarter 2026 earnings materials to accompany the conference call remarks will be available at www.pnc.com/investorevents prior to the beginning of the call. A telephone replay of the call will be available for four weeks at (877) 660-6853 and (201) 612-7415 (international), Access ID 13762272 and a replay of the audio webcast will be available on PNC’s website for 30 days.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

CONTACTS

MEDIA: INVESTORS:

Anne Pace Bryan Gill

(631) 338-3268 (412) 768-4143

anne.pace@pnc.com investor.relations@pnc.com

[TABULAR MATERIAL FOLLOWS]

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 14

The PNC Financial Services Group, Inc.

Consolidated Financial Highlights (Unaudited)

FINANCIAL RESULTS Three months ended Nine months ended

Dollars in millions, except per share data September 30 June 30 September 30 September 30 September 30

2026 2026 2025 2026 2025

Revenue

Net interest income $ 4,206 $ 4,107 $ 3,648 $ 12,274 $ 10,679

Noninterest income 2,356 2,768 2,267 7,328 6,349

Total revenue 6,562 6,875 5,915 19,602 17,028

Provision for credit losses 189 191 167 590 640

Noninterest expense 3,751 4,098 3,461 11,617 10,231

Income before income taxes and noncontrolling interests $ 2,622 $ 2,586 $ 2,287 $ 7,395 $ 6,157

Income taxes 525 531 465 1,471 1,193

Net income $ 2,097

$ 2,055

$ 1,822 $ 5,924

$ 4,964

Less:

Net income attributable to noncontrolling interests 16 15 14 43 48

Preferred stock dividends (a) 73 85 71 231 225

Preferred stock discount accretion and redemptions 2 2 2 5 6

Net income attributable to common shareholders $ 2,006 $ 1,953 $ 1,735 $ 5,645 $ 4,685

Less: Dividends and undistributed earnings allocated to nonvested restricted shares 12 12 12 35 31

Net income attributable to diluted common shareholders $ 1,994 $ 1,941 $ 1,723 $ 5,610 $ 4,654

Per Common Share

Basic $ 4.98 $ 4.82 $ 4.36 $ 13.92 $ 11.73

Diluted $ 4.97 $ 4.81 $ 4.35 $ 13.91 $ 11.72

Cash dividends declared per common share $ 2.00

$ 1.70

$ 1.70 $ 5.40

$ 4.90

Effective tax rate (b) 20.0 % 20.5 % 20.3 % 19.9 % 19.4 %

PERFORMANCE RATIOS

Net interest margin (c) 2.94 % 2.96 % 2.79 % 2.95 % 2.79 %

Noninterest income to total revenue 36 % 40 % 38 % 37 % 37 %

Efficiency (d) 57 % 60 % 59 % 59 % 60 %

Return on:

Average common shareholders' equity 13.89 % 13.61 % 13.24 % 13.15 % 12.39 %

Average assets 1.32 % 1.34 % 1.27 % 1.29 % 1.18 %

(a)Dividends are payable quarterly, other than Series S preferred stock, which is payable semiannually.

(b)The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax.

(c)Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources. To provide more meaningful comparisons of net interest margins, we use net interest income on a taxable-equivalent basis in calculating average yields used in the calculation of net interest margin by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under generally accepted accounting principles (GAAP) in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025 were $26 million, $27 million and $30 million, respectively. The taxable-equivalent adjustments to net interest income for the nine months ended September 30, 2026 and 2025 were $82 million and $86 million, respectively.

(d)Calculated as noninterest expense divided by total revenue.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 15

The PNC Financial Services Group, Inc.

Consolidated Financial Highlights (Unaudited)

September 30 June 30 September 30

2026 2026 2025

BALANCE SHEET DATA

Dollars in millions, except per share data and as noted

Assets $ 627,816 $ 616,034 $ 568,767

Loans (a) $ 378,792 $ 367,953 $ 326,616

Allowance for loan and lease losses $ 4,536 $ 4,652 $ 4,478

Interest-earning deposits with banks $ 24,670 $ 22,794 $ 33,318

Investment securities $ 146,370 $ 149,506 $ 141,523

Total deposits (a) $ 466,362 $ 449,792 $ 432,749

Borrowed funds (a) $ 79,757 $ 85,723 $ 62,344

Allowance for unfunded lending related commitments $ 850 $ 809 $ 775

Total shareholders' equity $ 62,353 $ 64,008 $ 58,990

Common shareholders' equity $ 56,474 $ 58,131 $ 53,235

Accumulated other comprehensive income (loss) $ (6,472) $ (4,120) $ (4,077)

Book value per common share $ 142.17 $ 145.52 $ 135.67

Tangible book value per common share (non-GAAP) (b)

$ 107.64 $ 111.09 $ 107.84

Period end common shares outstanding (In millions)

397 399 392

Loans to deposits 81 % 82 % 75 %

Common shareholders' equity to total assets 9.0 % 9.4 % 9.4 %

CLIENT ASSETS (In billions)

Discretionary client assets under management $ 250 $ 247 $ 228

Nondiscretionary client assets under administration 249 256 212

Total client assets under administration 499 503 440

Brokerage account client assets 99 99 92

Total client assets $ 598 $ 602 $ 532

CAPITAL RATIOS

Basel III (c)

Common equity tier 1 9.8 % 9.9 % 10.7 %

Tier 1 risk-based 11.0 % 11.1 % 12.0 %

Total capital risk-based 12.6 % 12.9 % 13.6 %

Leverage 8.9 % 9.0 % 9.2 %

Supplementary leverage 7.2 % 7.2 % 7.5 %

ASSET QUALITY

Nonperforming loans to total loans 0.58 % 0.55 % 0.65 %

Nonperforming assets to total loans, OREO, foreclosed and other assets (d) 0.61 % 0.58 % 0.70 %

Nonperforming assets to total assets 0.37 % 0.35 % 0.40 %

Net charge-offs to average loans (for the three months ended) (annualized) 0.28 % 0.25 % 0.22 %

Allowance for loan and lease losses to total loans 1.20 % 1.26 % 1.37 %

Allowance for credit losses to total loans (e) 1.42 % 1.48 % 1.61 %

Allowance for loan and lease losses to nonperforming loans 207 % 230 % 210 %

Total delinquencies (In millions) (f)

$ 1,301 $ 1,436 $ 1,233

(a)Amounts include assets and liabilities for which we have elected the fair value option. Our second quarter 2026 Form 10-Q included, and our third quarter 2026 Form 10-Q will include, additional information regarding these Consolidated Balance Sheet line items.

(b)See the Tangible Book Value per Common Share table on page 19 for additional information.

(c)All ratios are calculated using the regulatory capital methodology applicable to PNC during each period presented and calculated based on the standardized approach. See Capital Ratios on page 16 for additional information. The ratios as of September 30, 2026 are estimated.

(d)Amounts include nonaccrual servicing advances primarily to single asset/single borrower trusts with commercial real estate as collateral totaling $86 million, $90 million and $127 million at September 30, 2026, June 30, 2026 and September 30, 2025, respectively.

(e)Excludes allowances for investment securities and other financial assets.

(f)Total delinquencies represent accruing loans 30 days or more past due.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 16

The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)

CAPITAL RATIOS

PNC’s regulatory risk-based capital ratios in 2026 are calculated using the standardized approach for determining risk-weighted assets. Under the standardized approach for determining credit risk-weighted assets, exposures are generally assigned a pre-defined risk weight. Exposures to high volatility commercial real estate, past due exposures and equity exposures are generally subject to higher risk weights than other types of exposures.

Our Basel III capital ratios may be impacted by changes to the regulatory capital rules and additional regulatory guidance or analysis. The following table summarizes our June 30, 2026, September 30, 2025 and estimated September 30, 2026 capital balances and ratios.

Basel lll Common Equity Tier 1 Capital Ratios

Basel III

September 30

2026

(estimated) June 30

2026 September 30

2025

Dollars in millions

Common stock, related surplus and retained earnings, net of treasury stock $ 62,943 $ 62,249 $ 57,312

Less regulatory capital adjustments:

Goodwill and disallowed intangibles, net of deferred tax liabilities (13,714) (13,752) (10,920)

All other adjustments (91) (84) (71)

Basel III Common equity tier 1 capital $ 49,138 $ 48,413 $ 46,321

Basel III standardized approach risk-weighted assets (a) $ 500,804 $ 487,843 $ 434,712

Basel III Common equity tier 1 capital ratio 9.8 % 9.9 % 10.7 %

(a)Basel III standardized approach risk-weighted assets are based on the Basel III standardized approach rules and include credit and market risk-weighted assets.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 17

The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)

NON-GAAP MEASURES

Fee Income (non-GAAP) Three months ended

September 30 June 30 September 30

Dollars in millions 2026 2026 2025

Noninterest income

Asset management and brokerage $ 447 $ 440 $ 404

Capital markets and advisory 433 577 432

Card and cash management 769 772 737

Lending and deposit services 358 346 335

Residential and commercial mortgage 135 144 161

Fee income (non-GAAP)

$ 2,142 $ 2,279 $ 2,069

Other noninterest income 214 489 198

Total noninterest income $ 2,356 $ 2,768 $ 2,267

Fee income is a non-GAAP measure and is comprised of noninterest income in the following categories: asset management and brokerage, capital markets and advisory, card and cash management, lending and deposit services, and residential and commercial mortgage. We believe this non-GAAP measure serves as a useful tool for comparison of noninterest income related to fees.

Pretax Pre-Provision Earnings (non-GAAP) Three months ended

September 30 June 30 September 30

Dollars in millions 2026 2026 2025

Income before income taxes and noncontrolling interests $ 2,622 $ 2,586 $ 2,287

Provision for credit losses 189 191 167

Pretax pre-provision earnings (non-GAAP)

$ 2,811 $ 2,777 $ 2,454

Pretax pre-provision earnings is a non-GAAP measure and is based on adjusting income before income taxes and noncontrolling interests to exclude provision for credit losses. We believe that pretax, pre-provision earnings is a useful tool to help evaluate the ability to provide for credit costs through operations and provides an additional basis to compare results between periods by isolating the impact of provision for credit losses, which can vary significantly between periods.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 18

The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)

Noninterest Expense Excluding Integration Costs and Significant Items (non-GAAP)

Noninterest Income Excluding Integration Costs and Significant Items (non-GAAP)

Three months ended Three months ended

September 30 June 30 Change September 30 September 30 Change

Dollars in millions 2026 2026 $ % 2026 2025 $ %

Noninterest expense $ 3,751 $ 4,098 $ (347) (8) % $ 3,751 $ 3,461 $ 290 8 %

Contribution to PNC Foundation — (140) — —

Integration costs (27) (121) (27) —

Noninterest expense excluding integration costs and significant items (non-GAAP)

$ 3,724 $ 3,837 $ (113) (3) % $ 3,724 $ 3,461 $ 263 8 %

Noninterest income $ 2,356 $ 2,768

Gains related to Visa share exchange 11 448

Visa Class B-3 derivative fair value adjustments (36) (85)

2Q26 loss on sale of securities (a) — (139)

Integration costs (9) (6)

Noninterest income excluding integration costs and significant items (non-GAAP)

$ 2,390 $ 2,550

Pretax, pre-provision impact of integration costs and significant items $ (61) $ (43)

Income taxes (benefit) (b) (13) (28)

After tax impact of integration costs and significant items $ (48) $ (15)

(a)3Q26 results include a $(1) million loss on sale of securities that is not included in these adjustments as a significant item because it is immaterial and its inclusion would not alter the 3Q26 after-tax impact of integration costs and significant items of $0.12 per common share.

(b)Income taxes on integration costs and significant items are calculated at a statutory tax rate of 21% on pretax, pre-provision earnings. 2Q26 significant items tax impact also includes the benefit of shares donated to the PNC Foundation.

Noninterest expense excluding integration costs and significant items is a non-GAAP measure and is based on adjusting noninterest expense to exclude integration costs related to the FirstBank acquisition and significant items during the period. The significant items are described in the Integration Costs and Significant Items section on page 2. We believe this non-GAAP measure to be a useful tool for comparison of operating expenses incurred during the normal course of business. The exclusion of integration costs and significant items increases comparability across periods, demonstrates the impact of significant items and provides a useful measure for determining PNC’s expenses that are core to our business operations and expected to recur over time.

Noninterest income excluding integration costs and significant items is a non-GAAP measure and is based on adjusting noninterest income to exclude integration costs related to the FirstBank acquisition and significant items during the period. The significant items are described in the Integration Costs and Significant Items section on page 2. We believe this non-GAAP measure to be a useful tool for comparison of noninterest income earned during the normal course of business. The exclusion of integration costs and significant items increases comparability across periods, demonstrates the impact of significant items and provides a useful measure for determining PNC’s noninterest income generating activities that are core to our business operations and expected to recur over time.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 19

The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)

Adjusted Diluted Earnings per Common Share Excluding Integration Costs and Significant Items (non-GAAP)

Three months ended

September 30 Per Common June 30 Per Common

Dollars in millions, except per share data 2026 Share 2026 Share

Net income attributable to diluted common shareholders $ 1,994 $ 4.97 $ 1,941 $ 4.81

After tax impact of integration costs and significant items 48 0.12 15 0.04

Adjusted net income attributable to diluted common shareholders excluding integration costs and significant items (non-GAAP)

$ 2,042 $ 5.09 $ 1,956 $ 4.85

Average diluted common shares outstanding (In millions)

401 403

The adjusted diluted earnings per common share excluding integration costs and significant items is a non-GAAP measure and excludes integration costs related to the FirstBank acquisition and significant items during the period. It is calculated based on adjusting net income attributable to diluted common shareholders by removing post-tax effects of integration costs and significant items in the period. The significant items are described in the Integration Costs and Significant Items section on page 2. We believe this non-GAAP measure serves as a useful tool in understanding PNC's results by providing greater comparability between periods, as well as demonstrating the effect of significant items.

Tangible Book Value per Common Share (non-GAAP)

September 30 June 30 September 30

Dollars in millions, except per share data 2026 2026 2025

Book value per common share $ 142.17

$ 145.52 $ 135.67

Tangible book value per common share

Common shareholders' equity $ 56,474 $ 58,131 $ 53,235

Goodwill and other intangible assets (14,113) $ (14,161) (11,163)

Deferred tax liabilities on goodwill and other intangible assets 400 408 243

Tangible common shareholders' equity $ 42,761 $ 44,378 $ 42,315

Period-end common shares outstanding (In millions)

397 399 392

Tangible book value per common share (non-GAAP)

$ 107.64

$ 111.09 $ 107.84

Tangible book value per common share is a non-GAAP measure and is calculated based on tangible common shareholders' equity divided by period-end common shares outstanding. We believe this non-GAAP measure serves as a useful tool to help evaluate the strength and discipline of a company’s capital management strategies and as an additional, conservative measure of total company value.

Return on Average Tangible Common Equity (non-GAAP) Three months ended

September 30 June 30 September 30

Dollars in millions 2026 2026 2025

Return on average common shareholders' equity 13.89 %

13.61 % 13.24 %

Return on average tangible common equity

Average common shareholders' equity $ 57,278 $ 57,556 $ 51,969

Average goodwill and other intangible assets (14,138) (14,162) (11,157)

Average deferred tax liabilities on goodwill and other intangible assets 404 412 241

Average tangible common shareholders' equity $ 43,544 $ 43,806 $ 41,053

Net income attributable to common shareholders $ 2,006 $ 1,953 $ 1,735

Net income attributable to common shareholders, annualized $ 7,958 $ 7,833 $ 6,883

Return on average tangible common equity (non-GAAP)

18.28 %

17.88 % 16.77 %

Return on average tangible common equity is a non-GAAP measure and is calculated based on annualized net income attributable to common shareholders divided by tangible common equity. We believe this non-GAAP measure serves as a useful tool to help measure and assess a company's use of common equity.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 20

The PNC Financial Services Group, Inc. Consolidated Financial Highlights (Unaudited)

Taxable-Equivalent Net Interest Income (non-GAAP) Three months ended

September 30 June 30 September 30

Dollars in millions 2026 2026 2025

Net interest income $ 4,206 $ 4,107 $ 3,648

Taxable-equivalent adjustments 26 27 30

Net interest income (Fully Taxable-Equivalent - FTE) (non-GAAP)

$ 4,232 $ 4,134 $ 3,678

The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP. Taxable-equivalent net interest income is only used for calculating net interest margin. Net interest income shown elsewhere in this presentation is GAAP net interest income.

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PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 21

Cautionary Statement Regarding Forward-Looking Information

We make statements in this news release and related conference call, and we may from time to time make other statements, regarding our outlook for financial performance, such as earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting us and our future business and operations, including our sustainability strategy, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as “believe,” “plan,” “expect,” “anticipate,” “see,” “look,” “intend,” “outlook,” “project,” “forecast,” “estimate,” “goal,” “will,” “should” and other similar words and expressions.

Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. Forward-looking statements speak only as of the date made. We do not assume any duty and do not undertake any obligation to update forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. As a result, we caution against placing undue reliance on any forward-looking statements.

Our forward-looking statements are subject to the following principal risks and uncertainties.

▪Our businesses, financial results and balance sheet values are affected by business and economic conditions, including:

–Changes in interest rates and valuations in debt, equity and other financial markets,

–Disruptions in the U.S. and global financial markets,

–Actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply, market interest rates and inflation,

–Changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives,

–Changes in customers’, suppliers’ and other counterparties’ performance and creditworthiness,

–Impacts of sanctions, tariffs and other trade policies of the U.S. and its global trading partners,

–Impacts of changes in federal, state and local governmental policy, including on the regulatory landscape, capital markets, taxes, infrastructure spending and social programs,

–Our ability to attract, recruit and retain skilled employees, and

–Commodity price volatility.

▪Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting. These statements are based on our views that:

–PNC’s baseline forecast remains for continued expansion in 2026 into 2027. Economic growth has remained solid despite the increase in oil prices, supported by very strong AI-related capex and resilient consumer spending. We expect real GDP growth above 2% in 2026, with continued modest job gains and the unemployment rate holding roughly steady. Inflation risks remain elevated, with trend core inflation staying above 3% through year-end. Risks to our growth and inflation outlook include a reversal in AI-related sentiment, which would have knock-on effects on both capex and wealth-driven consumer spending, as well as any further sharp rise in bond yields.

–Our baseline forecast is for the Federal Reserve to raise rates twice more, at the December 2026 and March 2027 FOMC meetings, ultimately bringing the federal funds rate to a range of 4.25% to 4.50%.

▪PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding minimum capital levels, including a stress capital buffer established by the Federal Reserve Board in connection with the Federal Reserve Board’s Comprehensive Capital Analysis and Review (CCAR) process.

▪PNC's regulatory capital ratios in the future will depend on, among other things, PNC’s financial performance,

the scope and terms of final capital regulations then in effect and management actions affecting the

composition of PNC’s balance sheet. In addition, PNC’s ability to determine, evaluate and forecast regulatory

capital ratios, and to take actions (such as capital distributions) based on actual or forecasted capital ratios,

will be dependent at least in part on the development, validation and regulatory review of related models and

the reliability of and risks resulting from extensive use of such models.

- more -

PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 22

Cautionary Statement Regarding Forward-Looking Information (Continued)

▪Legal and regulatory developments could have an impact on our ability to operate our businesses, financial condition, results of operations, competitive position, reputation, or pursuit of attractive acquisition opportunities. Reputational impacts could affect matters such as business generation and retention, liquidity, funding, and ability to attract and retain employees. These developments could include:

–Changes to laws and regulations, including changes affecting oversight of the financial services industry, changes in the enforcement and interpretation of such laws and regulations, and changes in accounting and reporting standards.

–Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries resulting in monetary losses, costs, or alterations in our business practices, and potentially causing reputational harm to PNC.

–Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies.

–Costs associated with obtaining rights in intellectual property claimed by others and of adequacy of our intellectual property protection in general.

▪Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques, and to meet evolving regulatory capital and liquidity standards.

▪Our reputation and business and operating results may be affected by our ability to appropriately meet or address environmental, social or governance targets, goals, commitments or concerns that may arise.

▪We grow our business in part through acquisitions and new strategic initiatives. Risks and uncertainties include those presented by the nature of the business acquired and strategic initiative, including in some cases those associated with our entry into new businesses or new geographic or other markets and risks resulting from our inexperience in those new areas, as well as risks and uncertainties related to the acquisition transactions themselves, regulatory issues, the integration of the acquired businesses into PNC after closing or any failure to execute strategic or operational plans.

▪Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands.

▪Business and operating results can also be affected by widespread manmade, natural and other disasters (including severe weather events), health emergencies, dislocations, geopolitical instabilities or events, terrorist activities, system failures or disruptions, security breaches, cyberattacks, international hostilities, or other extraordinary events beyond PNC’s control through impacts on the economy and financial markets generally or on us or our counterparties, customers or third-party vendors and service providers specifically.

We provide greater detail regarding these as well as other factors in our most recent Form 10-K and in any subsequent Form 10-Qs, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes of the Notes To Consolidated Financial Statements in those reports, and in our other subsequent SEC filings. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss elsewhere in this news release or in our SEC filings, accessible on the SEC’s website at www.sec.gov and on our corporate website at www.pnc.com/secfilings. We have included these web addresses as inactive textual references only. Information on these websites is not part of this document.

###

EX-99.2

Filename: q32026financialsupplement.htm · Sequence: 3

Document

Exhibit 99.2

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2026

(Unaudited)

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

THIRD QUARTER 2026

(UNAUDITED)

Consolidated Results:

Page

Income Statement

Balance Sheet

Average Balance Sheet

Details of Net Interest Margin

Loans

Allowance for Credit Losses

6-7

Nonperforming Assets

Accruing Loans Past Due

9-10

Business Segment Results:

Descriptions

Period End Employees

Net Income and Revenue

Retail Banking

13-14

Corporate & Institutional Banking

15-16

Asset Management Group

Glossary of Terms

18-19

The information contained in this Financial Supplement is preliminary, unaudited and based on data available on October 15, 2026. This information speaks only as of the particular date or dates included in the schedules. We do not undertake any obligation to, and disclaim any duty to, correct or update any of the information provided in this Financial Supplement. Our future financial performance is subject to risks and uncertainties as described in our United States Securities and Exchange Commission (SEC) filings.

BUSINESS

PNC is one of the largest diversified financial services companies in the United States (U.S.) and is headquartered in Pittsburgh, Pennsylvania. PNC has businesses engaged in retail banking, corporate and institutional banking and asset management, providing many of its products and services nationally. PNC's retail branch network is located coast-to-coast. PNC also has strategic international offices in four countries outside the U.S.

ACQUISITION OF FIRSTBANK HOLDING COMPANY

On January 5, 2026, PNC completed its acquisition of FirstBank Holding Company, including its banking subsidiary FirstBank. At close, FirstBank had $26 billion of assets, $16 billion of loans and $23 billion of deposits. Effective January 5, 2026, FirstBank’s financial results are included in PNC’s consolidated operations.

As of June 22, 2026, PNC converted approximately 780,000 customers, more than 1,620 employees and 95 branches across Colorado and Arizona, merging FirstBank into PNC Bank. Our second quarter 2026 Form 10-Q included additional information on this acquisition.

EDUCATION LOAN PORTFOLIO

During the third quarter of 2026, PNC transferred its $1.4 billion education loan portfolio to Loans held-for-sale and incurred $35 million in charge-offs upon transfer. Prior to the transfer, this portfolio was included in loan disclosures within the Other consumer loan class.

THE PNC FINANCIAL SERVICES GROUP, INC.

Cross Reference Index to Third Quarter 2026 Financial Supplement (Unaudited)

Financial Supplement Table Reference

Table Description Page

Consolidated Income Statement

Consolidated Balance Sheet

Average Consolidated Balance Sheet

Details of Net Interest Margin

Details of Loans

Change in Allowance for Loan and Lease Losses

Components of the Provision for Credit Losses

Allowance for Credit Losses by Loan Class

Nonperforming Assets by Type

Change in Nonperforming Assets

Accruing Loans Past Due 30 to 59 Days

Accruing Loans Past Due 60 to 89 Days

Accruing Loans Past Due 90 Days or More

Period End Employees

Summary of Business Segment Net Income and Revenue

Retail Banking

13-14

Corporate & Institutional Banking

15-16

Asset Management Group

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 1

Table 1: Consolidated Income Statement (Unaudited)

Three months ended Nine months ended

September 30 June 30 March 31 December 31 September 30 September 30 September 30

In millions, except per share data 2026 2026 2026 2025 2025 2026 2025

Interest Income

Loans $ 5,187 $ 4,986 $ 4,792 $ 4,640 $ 4,751 $ 14,965 $ 13,832

Investment securities 1,356 1,263 1,202 1,188 1,211 3,821 3,486

Other 461 445 450 552 565 1,356 1,609

Total interest income 7,004 6,694 6,444 6,380 6,527 20,142 18,927

Interest Expense

Deposits 1,799 1,682 1,735 1,864 1,980 5,216 5,633

Borrowed funds 999 905 748 785 899 2,652 2,615

Total interest expense 2,798 2,587 2,483 2,649 2,879 7,868 8,248

Net interest income 4,206 4,107 3,961 3,731 3,648 12,274 10,679

Noninterest Income

Asset management and brokerage 447 440 420 411 404 1,307 1,186

Capital markets and advisory 433 577 463 489 432 1,473 1,059

Card and cash management 769 772 738 733 737 2,279 2,166

Lending and deposit services 358 346 340 342 335 1,044 968

Residential and commercial mortgage 135 144 118 148 161 397 423

Other income

Gains related to Visa share exchange 11 448 — — — 459 —

Securities gains (losses) (1) (139) 28 (7) — (112) (2)

Other (a) 204 180 97 224 198 481 549

Total other income 214 489 125 217 198 828 547

Total noninterest income 2,356 2,768 2,204 2,340 2,267 7,328 6,349

Total revenue 6,562 6,875 6,165 6,071 5,915 19,602 17,028

Provision For Credit Losses 189 191 210 139 167 590 640

Noninterest Expense

Personnel 2,031 2,273 2,106 2,033 1,970 6,410 5,749

Occupancy 262 252 262 247 235 776 715

Equipment 435 435 415 412 416 1,285 1,194

Marketing 106 110 87 101 93 303 277

Other 917 1,028 898 810 747 2,843 2,296

Total noninterest expense 3,751 4,098 3,768 3,603 3,461 11,617 10,231

Income before income taxes and noncontrolling interests 2,622 2,586 2,187 2,329 2,287 7,395 6,157

Income taxes 525 531 415 296 465 1,471 1,193

Net income 2,097 2,055 1,772 2,033 1,822 5,924 4,964

Less: Net income attributable to noncontrolling interests 16 15 12 13 14 43 48

Preferred stock dividends (b) 73 85 73 83 71 231 225

Preferred stock discount accretion and redemptions 2 2 1 3 2 5 6

Net income attributable to common shareholders $ 2,006 $ 1,953 $ 1,686 $ 1,934 $ 1,735 $ 5,645 $ 4,685

Earnings Per Common Share

Basic $ 4.98 $ 4.82 $ 4.13 $ 4.88 $ 4.36 $ 13.92 $ 11.73

Diluted $ 4.97 $ 4.81 $ 4.13 $ 4.88 $ 4.35 $ 13.91 $ 11.72

Average Common Shares Outstanding

Basic 401 403 405 394 396 403 397

Diluted 401 403 405 394 396 403 397

Efficiency 57 % 60 % 61 % 59 % 59 % 59 % 60 %

Noninterest income to total revenue 36 % 40 % 36 % 39 % 38 % 37 % 37 %

Effective tax rate (c) 20.0 % 20.5 % 19.0 % 12.7 % 20.3 % 19.9 % 19.4 %

(a)Includes Visa derivative fair value adjustments of $(36) million, $(85) million, $(32) million, $(41) million and $(35) million for the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025 and $(153) million and $(73) million for the nine months ended September 30, 2026 and September 30, 2025, respectively. These adjustments are primarily related to escrow funding and the extension of anticipated litigation resolution timing.

(b)Dividends are payable quarterly, other than Series S preferred stock, which is payable semiannually.

(c)The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 2

Table 2: Consolidated Balance Sheet (Unaudited)

September 30 June 30 March 31 December 31 September 30

In millions, except par value 2026 2026 2026 2025 2025

Assets

Cash and due from banks $ 5,755 $ 5,951 $ 5,646 $ 6,777 $ 5,553

Interest-earning deposits with banks (a) 24,670 22,794 26,053 32,936 33,318

Loans held for sale (b) 2,753 1,522 1,332 1,939 1,104

Investment securities – available-for-sale 67,175 71,100 71,072 68,135 68,297

Investment securities – held-to-maturity 79,195 78,406 72,040 70,105 73,226

Loans (b) 378,792 367,953 360,923 331,481 326,616

Allowance for loan and lease losses (4,536) (4,652) (4,663) (4,410) (4,478)

Net loans 374,256 363,301 356,260 327,071 322,138

Equity investments 12,094 11,735 10,512 10,790 9,972

Mortgage servicing rights 4,049 3,801 3,816 3,659 3,627

Goodwill 13,317 13,317 13,282 10,959 10,962

Other (b) 44,552 44,107 43,015 41,201 40,570

Total assets $ 627,816 $ 616,034 $ 603,028 $ 573,572 $ 568,767

Liabilities

Deposits

Noninterest-bearing $ 99,720 $ 99,356 $ 99,297 $ 91,748 $ 91,207

Interest-bearing (b) 366,642 350,436 358,351 349,118 341,542

Total deposits 466,362 449,792 457,648 440,866 432,749

Borrowed funds

Federal Home Loan Bank advances 36,512 40,416 21,417 13,000 16,100

Senior debt 36,310 38,144 38,021 38,642 38,695

Subordinated debt 4,239 4,396 4,502 3,016 3,512

Other (b) 2,696 2,767 2,726 2,443 4,037

Total borrowed funds 79,757 85,723 66,666 57,101 62,344

Allowance for unfunded lending related commitments 850 809 832 818 775

Accrued expenses and other liabilities (b) 18,437 15,649 14,206 14,151 13,861

Total liabilities 565,406 551,973 539,352 512,936 509,729

Equity

Preferred stock (c) — — — — —

Common stock - $5 par value

Authorized 800,000,000 shares, issued 557,291,841; 557,291,838; 557,213,012; 543,497,966 and 543,412,079 shares 2,786 2,786 2,786 2,717 2,717

Capital surplus 22,059 21,999 21,926 18,922 18,859

Retained earnings 66,715 65,518 64,256 63,266 62,008

Accumulated other comprehensive income (loss) (6,472) (4,120) (3,773) (3,408) (4,077)

Common stock held in treasury at cost: 160,049,284; 157,826,113; 155,167,491; 153,084,091 and 151,030,533 shares (22,735) (22,175) (21,568) (20,912) (20,517)

Total shareholders’ equity 62,353 64,008 63,627 60,585 58,990

Noncontrolling interests 57 53 49 51 48

Total equity 62,410 64,061 63,676 60,636 59,038

Total liabilities and equity $ 627,816 $ 616,034 $ 603,028 $ 573,572 $ 568,767

(a)Amounts include balances held with the Federal Reserve Bank of $23.9 billion, $22.2 billion, $25.3 billion, $32.0 billion and $32.7 billion as of September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively.

(b)Amounts include assets and liabilities for which PNC has elected the fair value option. Our second quarter 2026 Form 10-Q included, and our third quarter 2026 Form 10-Q will include, additional information regarding these items.

(c)Par value less than $0.5 million at each date.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 3

Table 3: Average Consolidated Balance Sheet (Unaudited) (a) (b)

Three months ended Nine months ended

September 30 June 30 March 31 December 31 September 30 September 30 September 30

In millions 2026 2026 2026 2025 2025 2026 2025

Assets

Interest-earning assets:

Investment securities

Securities available-for-sale

Residential mortgage-backed $ 35,582 $ 37,333 $ 34,652 $ 33,564 $ 34,752 $ 35,859 $ 34,374

U.S. Treasury and government agencies 27,886 27,972 28,491 28,119 26,799 28,114 25,527

Other 8,563 8,407 8,505 8,202 8,293 8,492 7,875

Total securities available-for-sale 72,031 73,712 71,648 69,885 69,844 72,465 67,776

Securities held-to-maturity

Residential mortgage-backed 53,623 46,512 45,078 42,925 42,667 48,436 41,060

U.S. Treasury and government agencies 17,575 18,687 20,683 23,426 25,540 18,970 27,111

Other 8,121 8,188 7,117 5,983 6,384 7,812 6,912

Total securities held-to-maturity 79,319 73,387 72,878 72,334 74,591 75,218 75,083

Total investment securities 151,350 147,099 144,526 142,219 144,435 147,683 142,859

Loans

Commercial and industrial 232,552 223,711 211,358 198,726 195,903 222,618 190,571

Commercial real estate 36,623 35,057 34,367 30,173 30,850 35,357 31,911

Consumer 54,704 55,334 55,483 54,884 54,238 55,171 53,840

Residential real estate 48,295 49,094 49,675 44,146 44,941 49,016 45,526

Total loans 372,174 363,196 350,883 327,929 325,932 362,162 321,848

Interest-earning deposits with banks (c) 27,686 30,734 32,612 32,009 35,003 30,327 33,815

Other interest-earning assets 14,904 13,985 12,457 18,618 12,759 13,799 11,432

Total interest-earning assets 566,114 555,014 540,478 520,775 518,129 553,971 509,954

Noninterest-earning assets 62,772 61,256 60,984 55,071 53,404 61,652 53,350

Total assets $ 628,886 $ 616,270 $ 601,462 $ 575,846 $ 571,533 $ 615,623 $ 563,304

Liabilities and Equity

Interest-bearing liabilities:

Interest-bearing deposits

Money market $ 82,821 $ 81,402 $ 85,196 $ 78,742 $ 75,890 $ 83,131 $ 73,297

Demand 135,951 136,487 137,558 132,591 128,962 136,660 126,760

Savings 105,192 102,624 100,940 97,188 96,627 102,934 97,018

Time deposits 36,012 33,027 35,579 36,180 37,593 34,874 35,363

Total interest-bearing deposits 359,976 353,540 359,273 344,701 339,072 357,599 332,438

Borrowed funds

Federal Home Loan Bank advances 37,595 29,362 16,616 14,671 17,615 27,935 18,538

Senior debt 38,278 38,184 37,383 38,623 38,012 37,952 36,374

Subordinated debt 4,541 4,544 4,200 3,299 3,616 4,430 3,871

Other 5,260 6,843 4,675 3,722 7,070 5,594 6,594

Total borrowed funds 85,674 78,933 62,874 60,315 66,313 75,911 65,377

Total interest-bearing liabilities 445,650 432,473 422,147 405,016 405,385 433,510 397,815

Noninterest-bearing liabilities and equity:

Noninterest-bearing deposits 101,208 103,479 99,081 94,834 92,756 101,263 92,760

Accrued expenses and other liabilities 18,831 16,848 16,944 16,646 15,624 17,541 16,382

Equity 63,197 63,470 63,290 59,350 57,768 63,309 56,347

Total liabilities and equity $ 628,886 $ 616,270 $ 601,462 $ 575,846 $ 571,533 $ 615,623 $ 563,304

(a)Calculated using average daily balances.

(b)Nonaccrual loans are included in loans, net of unearned income. The impact of financial derivatives used in interest rate risk management is included in the interest income/expense and average yields/rates of the related assets and liabilities. Fair value adjustments related to hedged items are included in noninterest-earning assets and noninterest-bearing liabilities. Average balances of securities are based on amortized historical cost (excluding adjustments to fair value, which are included in other assets).

(c)Amounts include average balances held with the Federal Reserve Bank of $26.9 billion, $29.9 billion, $31.8 billion, $31.3 billion and $34.2 billion for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025 and $29.5 billion and $33.1 billion for the nine months ended September 30, 2026 and 2025, respectively.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 4

Table 4: Details of Net Interest Margin (Unaudited)

Three months ended Nine months ended

September 30 June 30 March 31 December 31 September 30 September 30 September 30

2026 2026 2026 2025 2025 2026 2025

Average yields/rates (a)

Yield on interest-earning assets

Investment securities

Securities available-for-sale

Residential mortgage-backed 3.92 % 3.85 % 3.72 % 3.80 % 3.82 % 3.83 % 3.76 %

U.S. Treasury and government agencies 3.96 % 3.94 % 4.04 % 4.29 % 4.58 % 3.98 % 4.56 %

Other 4.07 % 4.01 % 4.00 % 3.97 % 3.91 % 4.02 % 3.75 %

Total securities available-for-sale 3.95 % 3.90 % 3.88 % 4.02 % 4.12 % 3.91 % 4.06 %

Securities held-to-maturity

Residential mortgage-backed 3.62 % 3.31 % 3.20 % 3.13 % 3.07 % 3.39 % 2.94 %

U.S. Treasury and government agencies 1.67 % 1.64 % 1.59 % 1.50 % 1.51 % 1.63 % 1.52 %

Other 4.42 % 4.36 % 4.23 % 4.28 % 4.35 % 4.34 % 4.36 %

Total securities held-to-maturity 3.27 % 3.00 % 2.84 % 2.70 % 2.65 % 3.04 % 2.56 %

Total investment securities 3.59 % 3.45 % 3.36 % 3.35 % 3.36 % 3.47 % 3.27 %

Loans

Commercial and industrial 5.42 % 5.39 % 5.43 % 5.55 % 5.78 % 5.41 % 5.74 %

Commercial real estate 5.69 % 5.71 % 5.79 % 5.92 % 6.06 % 5.73 % 6.00 %

Consumer 7.06 % 6.94 % 6.99 % 7.09 % 7.18 % 7.00 % 7.14 %

Residential real estate 4.00 % 4.03 % 3.97 % 3.74 % 3.75 % 4.00 % 3.77 %

Total loans 5.50 % 5.47 % 5.50 % 5.60 % 5.76 % 5.49 % 5.72 %

Interest-earning deposits with banks 3.66 % 3.63 % 3.64 % 3.92 % 4.34 % 3.64 % 4.37 %

Other interest-earning assets 5.39 % 4.69 % 4.95 % 4.95 % 5.51 % 5.02 % 5.71 %

Total yield on interest-earning assets 4.90 % 4.82 % 4.80 % 4.86 % 4.99 % 4.84 % 4.94 %

Rate on interest-bearing liabilities

Interest-bearing deposits

Money market 2.62 % 2.51 % 2.53 % 2.77 % 3.07 % 2.55 % 3.02 %

Demand 1.66 % 1.60 % 1.61 % 1.78 % 1.96 % 1.63 % 1.91 %

Savings 1.49 % 1.48 % 1.49 % 1.62 % 1.68 % 1.49 % 1.65 %

Time deposits 3.15 % 3.03 % 3.26 % 3.53 % 3.67 % 3.15 % 3.66 %

Total interest-bearing deposits 1.98 % 1.91 % 1.96 % 2.14 % 2.32 % 1.95 % 2.26 %

Borrowed funds

Federal Home Loan Bank advances 3.94 % 3.89 % 3.98 % 4.41 % 4.73 % 3.93 % 4.74 %

Senior debt 5.19 % 5.10 % 5.14 % 5.55 % 5.85 % 5.15 % 5.76 %

Subordinated debt 5.26 % 5.16 % 5.12 % 5.52 % 5.81 % 5.18 % 5.68 %

Other

4.77 % 4.08 % 4.14 % 4.02 % 4.19 % 4.31 % 4.26 %

Total borrowed funds 4.62 % 4.57 % 4.76 % 5.18 % 5.38 % 4.64 % 5.31 %

Total rate on interest-bearing liabilities 2.49 % 2.39 % 2.37 % 2.59 % 2.81 % 2.42 % 2.76 %

Interest rate spread 2.41 % 2.43 % 2.43 % 2.27 % 2.18 % 2.42 % 2.18 %

Benefit from use of noninterest-bearing sources (b) 0.53 % 0.53 % 0.52 % 0.57 % 0.61 % 0.53 % 0.61 %

Net interest margin (c)(d) 2.94 % 2.96 % 2.95 % 2.84 % 2.79 % 2.95 % 2.79 %

(a)Yields and rates are calculated using the applicable annualized interest income or expense for each product, based on its contractual day-count convention (e.g., 30/360; actual/actual; actual/360), divided by the applicable average earning assets or interest-bearing liabilities. This approach accounts for differences in product conventions to reduce seasonal volatility in net interest margin.

(b)Represents the positive effects of investing noninterest-bearing sources in interest-earning assets.

(c)Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources.

(d)To provide more meaningful comparisons of net interest margins, we use net interest income on a taxable-equivalent basis in calculating average yields used in the calculation of net interest margin by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025 were $26 million, $27 million, $29 million, $31 million and $30 million, respectively. The taxable-equivalent adjustments to net interest income for the nine months ended September 30, 2026 and 2025 were $82 million and $86 million, respectively.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 5

Table 5: Details of Loans (Unaudited)

September 30 June 30 March 31 December 31 September 30

In millions 2026 2026 2026 2025 2025

Commercial

Commercial and industrial

Financial services $ 49,120 $ 44,297 $ 42,224 $ 37,592 $ 33,939

Manufacturing 36,460 35,114 34,977 30,623 31,044

Service providers 28,149 27,756 27,303 25,552 25,159

Wholesale trade 24,160 22,713 21,146 19,843 19,917

Real estate related (a) 19,774 17,994 17,138 15,275 15,405

Retail trade 14,156 13,375 12,973 12,073 12,408

Technology, media and telecommunications 12,952 12,682 13,613 12,324 11,594

Rental and leasing 10,627 9,696 9,281 9,074 8,940

Health care 10,023 9,536 9,526 9,135 9,851

Transportation and warehousing 9,964 9,893 9,872 9,258 8,156

Other industries 24,646 24,859 23,137 22,149 20,681

Total commercial and industrial 240,031 227,915 221,190 202,898 197,094

Commercial real estate 36,960 35,962 34,770 29,565 30,281

Total commercial 276,991 263,877 255,960 232,463 227,375

Consumer

Residential real estate 48,026 48,709 49,567 43,760 44,637

Home equity 26,280 26,280 26,223 25,941 25,942

Automobile 15,345 15,872 16,325 16,591 16,272

Credit card 7,527 7,311 7,069 7,014 6,636

Other consumer (b) 4,623 5,904 5,779 5,712 5,754

Total consumer 101,801 104,076 104,963 99,018 99,241

Total loans $ 378,792 $ 367,953 $ 360,923 $ 331,481 $ 326,616

(a)Represents loans to customers in the real estate and construction industries.

(b)During the third quarter of 2026, PNC transferred its $1.4 billion education loan portfolio to Loans held-for-sale.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 6

Allowance for Credit Losses (Unaudited)

Table 6: Change in Allowance for Loan and Lease Losses

Three months ended Nine months ended

September 30 June 30 March 31 December 31 September 30 September 30 September 30

Dollars in millions 2026 2026 2026 2025 2025 2026 2025

Allowance for loan and lease losses

Beginning balance $ 4,652 $ 4,663 $ 4,410 $ 4,478 $ 4,523 $ 4,410 $ 4,486

Acquisition PCD reserves — — 93 — — 93 —

Acquisition PSL reserves (a) — — 229 — — 229 —

Adjusted beginning balance 4,652 4,663 4,732 4,478 4,523 4,732 4,486

Gross charge-offs:

Commercial and industrial (131) (141) (129) (85) (97) (401) (309)

Commercial real estate (33) (24) (19) (15) (19) (76) (101)

Residential real estate (2) — (1) — (6) (3) (8)

Home equity (11) (10) (10) (7) (10) (31) (28)

Automobile (28) (29) (31) (33) (32) (88) (97)

Credit card (68) (78) (74) (73) (76) (220) (247)

Other consumer (b) (79) (42) (45) (43) (44) (166) (130)

Acquired loans (c) — — (45) — — (45) —

Total gross charge-offs (352) (324) (354) (256) (284) (1,030) (920)

Recoveries:

Commercial and industrial 35 33 33 33 38 101 133

Commercial real estate 1 3 5 3 6 9 19

Residential real estate 3 2 2 3 3 7 8

Home equity 13 7 8 8 7 28 27

Automobile 20 21 20 22 25 61 72

Credit card 19 19 20 15 17 58 47

Other consumer 4 13 13 10 9 30 32

Total recoveries 95 98 101 94 105 294 338

Net (charge-offs) / recoveries:

Commercial and industrial (96) (108) (96) (52) (59) (300) (176)

Commercial real estate (32) (21) (14) (12) (13) (67) (82)

Residential real estate 1 2 1 3 (3) 4 —

Home equity 2 (3) (2) 1 (3) (3) (1)

Automobile (8) (8) (11) (11) (7) (27) (25)

Credit card (49) (59) (54) (58) (59) (162) (200)

Other consumer (75) (29) (32) (33) (35) (136) (98)

Acquired loans — — (45) — — (45) —

Total net (charge-offs) (257) (226) (253) (162) (179) (736) (582)

Provision for credit losses (d) 141 213 188 93 136 542 567

Other — 2 (4) 1 (2) (2) 7

Ending balance $ 4,536 $ 4,652 $ 4,663 $ 4,410 $ 4,478 $ 4,536 $ 4,478

Supplemental Information

Net charge-offs

Commercial net charge-offs $ (128) $ (129) $ (120) $ (64) $ (72) $ (377) $ (258)

Consumer net charge-offs (129) (97) (133) (98) (107) (359) (324)

Total net charge-offs (257) (226) (253) (162) (179) (736) (582)

Net charge-offs to average loans (annualized) 0.28 % 0.25 % 0.29 % 0.20 % 0.22 % 0.26 % 0.24 %

Commercial 0.20 % 0.20 % 0.18 % 0.11 % 0.13 % 0.18 % 0.15 %

Consumer 0.49 % 0.37 % 0.38 % 0.39 % 0.43 % 0.42 % 0.44 %

(a)On January 1, 2026, we adopted ASU 2025-08 - Financial Instruments - Credit Losses (Topic 326): Purchased Loans, and established the initial ACL for purchased seasoned loans (PSLs). Our third quarter 2026 Form 10-Q will include additional information on the adoption of this ASU.

(b)During the third quarter of 2026, PNC transferred its $1.4 billion education loan portfolio to Loans held-for-sale and incurred $35 million in charge-offs upon transfer.

(c)Primarily represents the charge-off of certain loans previously charged off by FirstBank, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.

(d)See Table 7 for the components of the Provision for credit losses being reported on the Consolidated Income Statement.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 7

Allowance for Credit Losses (Unaudited) (Continued)

Table 7: Components of the Provision for Credit Losses

Three months ended Nine months ended

September 30 June 30 March 31 December 31 September 30 September 30 September 30

In millions 2026 2026 2026 2025 2025 2026 2025

Provision for credit losses

Loans and leases $ 141 $ 213 $ 188 $ 93 $ 136 $ 542 $ 567

Unfunded lending related commitments 40 (20) 14 43 16 34 54

Investment securities — (1) — — (1) (1) 1

Other financial assets 8 (1) 8 3 16 15 18

Total provision for credit losses $ 189 $ 191 $ 210 $ 139 $ 167 $ 590 $ 640

Table 8: Allowance for Credit Losses by Loan Class (a)

September 30, 2026 June 30, 2026 September 30, 2025

Dollars in millions Allowance Amount Total Loans % of Total Loans Allowance Amount Total Loans % of Total Loans Allowance Amount Total Loans % of Total Loans

Allowance for loan and lease losses

Commercial

Commercial and industrial $ 2,106 $ 240,031 0.88 % $ 2,219 $ 227,915 0.97 % $ 2,036 $ 197,094 1.03 %

Commercial real estate 1,085 36,960 2.94 % 1,035 35,962 2.88 % 1,142 30,281 3.77 %

Total commercial 3,191 276,991 1.15 % 3,254 263,877 1.23 % 3,178 227,375 1.40 %

Consumer

Residential real estate 101 48,026 0.21 % 90 48,709 0.18 % 50 44,637 0.11 %

Home equity 270 26,280 1.03 % 280 26,280 1.07 % 285 25,942 1.10 %

Automobile 150 15,345 0.98 % 160 15,872 1.01 % 153 16,272 0.94 %

Credit card 654 7,527 8.69 % 647 7,311 8.85 % 596 6,636 8.98 %

Other consumer 170 4,623 3.68 % 221 5,904 3.74 % 216 5,754 3.75 %

Total consumer 1,345 101,801 1.32 % 1,398 104,076 1.34 % 1,300 99,241 1.31 %

Total

4,536 $ 378,792 1.20 % 4,652 $ 367,953 1.26 % 4,478 $ 326,616 1.37 %

Allowance for unfunded lending related commitments

850 809 775

Allowance for credit losses

$ 5,386 $ 5,461 $ 5,253

Supplemental Information

Allowance for credit losses to total loans

1.42 % 1.48 % 1.61 %

Commercial 1.40 % 1.49 % 1.68 %

Consumer 1.47 % 1.48 % 1.45 %

(a) Excludes allowances for investment securities and other financial assets, which together totaled $103 million, $99 million and $101 million at September 30, 2026, June 30, 2026 and September 30, 2025, respectively.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 8

Details of Nonperforming Assets (Unaudited)

Table 9: Nonperforming Assets by Type

September 30 June 30 March 31 December 31 September 30

Dollars in millions 2026 2026 2026 2025 2025

Nonperforming loans

Commercial

Commercial and industrial

Service providers $ 269 $ 131 $ 136 $ 116 $ 119

Wholesale trade 107 106 97 161 96

Manufacturing 110 186 224 98 75

Transportation and warehousing 77 83 71 62 68

Real estate related (a) 63 50 25 27 20

Health care 50 47 42 47 45

Technology, media and telecommunications 41 41 25 27 83

Retail trade 9 14 79 194 36

Rental and leasing 5 4 5 6 13

Other industries 24 23 46 46 64

Total commercial and industrial 755 685 750 784 619

Commercial real estate 559 464 630 574 663

Total commercial 1,314 1,149 1,380 1,358 1,282

Consumer (b)

Residential real estate 319 325 316 320 326

Home equity 465 456 447 439 431

Automobile 81 82 85 83 82

Credit card 12 11 12 13 13

Other consumer 3 4 3 5 3

Total consumer 880 878 863 860 855

Total nonperforming loans (c) 2,194 2,027 2,243 2,218 2,137

OREO, foreclosed and other assets (d) 131 123 139 143 162

Total nonperforming assets $ 2,325 $ 2,150 $ 2,382 $ 2,361 $ 2,299

Nonperforming loans to total loans 0.58 % 0.55 % 0.62 % 0.67 % 0.65 %

Nonperforming assets to total loans, OREO, foreclosed and other assets (d) 0.61 % 0.58 % 0.66 % 0.71 % 0.70 %

Nonperforming assets to total assets 0.37 % 0.35 % 0.40 % 0.41 % 0.40 %

Allowance for loan and lease losses to nonperforming loans 207 % 230 % 208 % 199 % 210 %

(a)Represents loans related to customers in the real estate and construction industries.

(b)Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.

(c)Nonperforming loans exclude certain government insured or guaranteed loans, loans held for sale and loans accounted for under the fair value option.

(d)Amounts include nonaccrual servicing advances primarily to single asset/single borrower trusts with commercial real estate as collateral totaling $86 million, $90 million, $103 million, $105 million and $127 million at September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively.

Table 10: Change in Nonperforming Assets

Three months ended

September 30 June 30 March 31 December 31 September 30

Dollars in millions 2026 2026 2026 2025 2025

Beginning balance $ 2,150 $ 2,382 $ 2,361 $ 2,299 $ 2,141

New nonperforming assets 692 335 539 569 653

Charge-offs and valuation adjustments (153) (150) (152) (91) (103)

Principal activity, including paydowns and payoffs (293) (174) (343) (248) (299)

Asset sales and transfers to loans held for sale (3) (68) (9) (33) (13)

Returned to performing status (68) (175) (95) (135) (80)

Acquired nonperforming assets — — 81 — —

Ending balance $ 2,325 $ 2,150 $ 2,382 $ 2,361 $ 2,299

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 9

Accruing Loans Past Due (Unaudited)

Table 11: Accruing Loans Past Due 30 to 59 Days (a)

September 30 June 30 March 31 December 31 September 30

Dollars in millions 2026 2026 2026 2025 2025

Commercial

Commercial and industrial $ 106 $ 123 $ 283 $ 182 $ 161

Commercial real estate 11 7 90 14 9

Total commercial 117 130 373 196 170

Consumer

Residential real estate

Non government insured 212 305 221 170 166

Government insured 66 67 63 73 79

Home equity 60 65 73 70 73

Automobile 60 59 59 74 70

Credit card 42 37 41 45 45

Other consumer 8 32 33 32 32

Total consumer 448 565 490 464 465

Total $ 565 $ 695 $ 863 $ 660 $ 635

Supplemental Information

Total accruing loans past due 30-59 days to total loans 0.15 % 0.19 % 0.24 % 0.20 % 0.19 %

Commercial 0.04 % 0.05 % 0.15 % 0.08 % 0.07 %

Consumer 0.44 % 0.54 % 0.47 % 0.47 % 0.47 %

(a)Excludes loans held for sale.

Table 12: Accruing Loans Past Due 60 to 89 Days (a)

September 30 June 30 March 31 December 31 September 30

Dollars in millions 2026 2026 2026 2025 2025

Commercial

Commercial and industrial $ 85 $ 121 $ 50 $ 103 $ 67

Commercial real estate 102 9 17 98 —

Total commercial 187 130 67 201 67

Consumer

Residential real estate

Non government insured 61 78 69 57 48

Government insured 37 37 41 44 39

Home equity 27 26 32 30 27

Automobile 16 15 15 18 17

Credit card 29 28 31 32 31

Other consumer 5 24 18 21 22

Total consumer 175 208 206 202 184

Total $ 362 $ 338 $ 273 $ 403 $ 251

Supplemental Information

Total accruing loans past due 60-89 days to total loans 0.10 % 0.09 % 0.08 % 0.12 % 0.08 %

Commercial 0.07 % 0.05 % 0.03 % 0.09 % 0.03 %

Consumer 0.17 % 0.20 % 0.20 % 0.20 % 0.19 %

(a)Excludes loans held for sale.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 10

Accruing Loans Past Due (Unaudited) (Continued)

Table 13: Accruing Loans Past Due 90 Days or More (a)

September 30 June 30 March 31 December 31 September 30

Dollars in millions 2026 2026 2026 2025 2025

Commercial

Commercial and industrial $ 69 $ 76 $ 68 $ 57 $ 71

Commercial real estate 4 — 1 — 1

Total commercial 73 76 69 57 72

Consumer

Residential real estate

Non government insured 49 42 50 46 38

Government insured 183 188 195 163 126

Automobile 6 4 5 5 4

Credit card 57 56 64 65 63

Other consumer 6 37 39 44 44

Total consumer 301 327 353 323 275

Total $ 374 $ 403 $ 422 $ 380 $ 347

Supplemental Information

Total accruing loans past due 90 days or more to total loans 0.10 % 0.11 % 0.12 % 0.11 % 0.11 %

Commercial 0.03 % 0.03 % 0.03 % 0.02 % 0.03 %

Consumer 0.30 % 0.31 % 0.34 % 0.33 % 0.28 %

Total accruing loans past due $ 1,301 $ 1,436 $ 1,558 $ 1,443 $ 1,233

Commercial $ 377 $ 336 $ 509 $ 454 $ 309

Consumer $ 924 $ 1,100 $ 1,049 $ 989 $ 924

Total accruing loans past due to total loans 0.34 % 0.39 % 0.43 % 0.44 % 0.38 %

Commercial 0.14 % 0.13 % 0.20 % 0.20 % 0.14 %

Consumer 0.91 % 1.06 % 1.00 % 1.00 % 0.93 %

(a)Excludes loans held for sale.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 11

Business Segment Descriptions (Unaudited)

Retail Banking provides deposit, lending, brokerage, insurance services, investment management and cash management products and services to consumer and small business customers who are serviced through our coast-to-coast branch network, digital channels, ATMs, or through our phone-based customer contact centers. Deposit products include checking, savings and money market accounts and time deposits. Lending products include residential mortgages, home equity loans and lines of credit, auto loans, credit cards, 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. PNC Wealth Management offers brokerage, investment management and cash management products and services which include managed, education, retirement and trust accounts.

Corporate & Institutional Banking provides lending, treasury management, capital markets and advisory 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 and access to online/mobile information management and reporting services. Capital markets and advisory includes services and activities primarily related to merger and acquisitions advisory, equity capital markets advisory, asset-backed financing, loan syndication, securities underwriting and customer-related trading. 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 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, trust management and administration. In addition, multi-generational family planning services are also provided to ultra high net worth individuals and their families, which include estate, financial, tax, fiduciary and customized performance reporting.

•Institutional Asset Management provides outsourced chief investment officer, custody, cash and fixed income client solutions, and retirement plan fiduciary investment services to institutional clients, including corporations, healthcare systems, insurance companies, municipalities and non-profits.

Table 14: Period End Employees

September 30 June 30 March 31 December 31 September 30

2026 2026 2026 2025 2025

Full-time employees

Retail Banking 26,440 26,611 28,046 26,168 26,126

Other full-time employees 29,132 29,093 28,320 27,691 27,397

Total full-time employees 55,572 55,704 56,366 53,859 53,523

Part-time employees

Retail Banking 1,347 1,429 1,389 1,427 1,367

Other part-time employees 44 495 46 47 48

Total part-time employees 1,391 1,924 1,435 1,474 1,415

Total 56,963 57,628 57,801 55,333 54,938

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 12

Table 15: Summary of Business Segment Net Income and Revenue (Unaudited) (a)

Three months ended Nine months ended

September 30 June 30 March 31 December 31 September 30 September 30 September 30

In millions 2026 2026 2026 2025 2025 2026 2025

Net Income (b)

Retail Banking $ 1,425 $ 1,747 $ 1,349 $ 1,266 $ 1,351 $ 4,521 $ 3,885

Corporate & Institutional Banking 1,552 1,588 1,480 1,597 1,545 4,620 4,196

Asset Management Group 128 135 121 124 120 384 360

Other (1,024) (1,430) (1,190) (967) (1,208) (3,644) (3,525)

Net income excluding noncontrolling interests $ 2,081 $ 2,040 $ 1,760 $ 2,020 $ 1,808 $ 5,881 $ 4,916

Revenue (b)

Retail Banking $ 4,088 $ 4,518 $ 4,007 $ 3,792 $ 3,840 $ 12,613 $ 11,211

Corporate & Institutional Banking 3,212 3,283 3,086 3,175 3,020 9,581 8,602

Asset Management Group 459 462 455 444 433 1,376 1,282

Other (1,197) (1,388) (1,383) (1,340) (1,378) (3,968) (4,067)

Total revenue $ 6,562 $ 6,875 $ 6,165 $ 6,071 $ 5,915 $ 19,602 $ 17,028

(a)Our business information is presented based on our internal management reporting practices. Net interest income in business segment results reflects PNC’s 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.

(b)During the second quarter of 2026, PNC updated its internal funds transfer pricing methodology. The update resulted in impacts to net interest income and associated income statement line items for all business segments. Prior periods have been adjusted to conform with the current presentation.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 13

Table 16: Retail Banking (Unaudited) (a)

Three months ended Nine months ended

September 30 June 30 March 31 December 31 September 30 September 30 September 30

Dollars in millions 2026 2026 2026 2025 2025 2026 2025

Income Statement

Net interest income (b) $ 3,246 $ 3,291 $ 3,237 $ 3,022 $ 3,050 $ 9,774 $ 8,933

Noninterest income 842 1,227 770 770 790 2,839 2,278

Total revenue (b) 4,088 4,518 4,007 3,792 3,840 12,613 11,211

Provision for credit losses 115 120 124 155 126 359 377

Noninterest expense

Personnel 561 551 571 535 529 1,683 1,606

Segment allocations (c) 1,069 1,090 1,088 1,020 979 3,247 2,924

Depreciation and amortization 138 138 132 95 97 408 270

Other (d) 336 332 324 327 336 992 933

Total noninterest expense 2,104 2,111 2,115 1,977 1,941 6,330 5,733

Pre-tax earnings (b) 1,869 2,287 1,768 1,660 1,773 5,924 5,101

Income taxes (b) 435 532 412 387 413 1,379 1,188

Noncontrolling interests 9 8 7 7 9 24 28

Earnings (b) $ 1,425 $ 1,747 752 $ 1,349 $ 1,266 $ 1,351 $ 4,521 $ 3,885

Average Balance Sheet

Loans held for sale $ 1,169 $ 616 $ 562 $ 699 $ 785 $ 785 $ 839

Loans

Consumer

Residential real estate $ 37,503 $ 38,348 $ 38,939 $ 33,336 $ 34,043 $ 38,259 $ 34,624

Home equity 24,862 24,859 24,913 24,559 24,551 24,878 24,549

Automobile 15,609 16,058 16,499 16,403 16,035 16,052 15,674

Credit card 7,362 7,128 6,912 6,754 6,561 7,135 6,537

Other consumer 2,648 3,164 3,257 3,320 3,334 3,021 3,357

Total consumer 87,984 89,557 90,520 84,372 84,524 89,345 84,741

Commercial 19,899 20,989 20,423 12,603 12,353 20,435 12,638

Total loans $ 107,883 $ 110,546 $ 110,943 $ 96,975 $ 96,877 $ 109,780 $ 97,379

Total assets $ 127,602 $ 130,460 $ 130,616 $ 113,714 $ 114,146 $ 129,546 $ 114,447

Deposits

Noninterest-bearing $ 60,052 $ 60,547 $ 58,714 $ 52,125 $ 52,604 $ 59,776 $ 52,093

Interest-bearing 207,054 211,055 209,519 191,941 190,652 209,200 190,470

Total deposits $ 267,106 $ 271,602 $ 268,233 $ 244,066 $ 243,256 $ 268,976 $ 242,563

Performance Ratios (b)

Return on average assets 4.43 % 5.37 % 4.19 % 4.42 % 4.70 % 4.67 % 4.54 %

Noninterest income to total revenue 21 % 27 % 19 % 20 % 21 % 23 % 20 %

Efficiency 51 % 47 % 53 % 52 % 51 % 50 % 51 %

(continued on following page)

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 14

Retail Banking (Unaudited) (Continued)

Three months ended Nine months ended

September 30 June 30 March 31 December 31 September 30 September 30 September 30

Dollars in millions, except as noted 2026 2026 2026 2025 2025 2026 2025

Supplemental Noninterest Income Information

Asset management and brokerage $ 179 $ 172 $ 161 $ 155 $ 154 $ 512 $ 456

Card and cash management $ 350 $ 350 $ 322 $ 328 $ 334 $ 1,022 $ 958

Lending and deposit services $ 211 $ 204 $ 200 $ 199 $ 199 $ 615 $ 573

Residential and commercial mortgage $ 71 $ 83 $ 63 $ 78 $ 89 $ 217 $ 215

Other income - Gains related to Visa share exchange $ 11 $ 448 $ — $ — $ — $ 459 $ —

Residential Mortgage Information

Residential mortgage servicing statistics (e)

Serviced portfolio balance (in billions) (f) $ 207 $ 209 $ 212 $ 198 $ 199

MSR asset value (f) $ 2,908 $ 2,762 $ 2,786 $ 2,638 $ 2,622

Servicing income:

Servicing fees, net (g) $ 58 $ 61 $ 68 $ 63 $ 60 $ 187 $ 191

Mortgage servicing rights valuation, net of economic hedge $ (4) $ 3 $ (27) $ (5) $ 18 $ (28) $ 16

Residential mortgage loan statistics

Loan origination volume (in billions) $ 1.4 $ 1.7 $ 1.5 $ 1.6 $ 1.5 $ 4.6 $ 4.2

Loan sale margin percentage 2.04 % 2.01 % 2.25 % 1.88 % 1.67 % 2.10 % 1.10 %

Other Information

Credit-related statistics

Nonperforming assets (f) $ 978 $ 944 $ 932 $ 840 $ 827

Net charge-offs - loans and leases $ 154 $ 123 $ 118 $ 116 $ 126 $ 395 $ 390

Other statistics

Branches (f)(h) 2,302 2,304 2,315 2,224 2,219

Brokerage account client assets (in billions) (f)(i) $ 97 $ 97 $ 91 $ 91 $ 89

(a)See note (a) on page 12.

(b)See note (b) on page 12.

(c)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.

(d)Other is primarily comprised of other direct expenses including outside services and equipment expense.

(e)Represents mortgage loan servicing balances for third parties and the related income.

(f)Presented as of period end.

(g)Servicing fees net of impact of decrease in MSR value due to passage of time, which includes the impact from regularly scheduled loan principal payments, prepayments and loans paid off during the period.

(h)Reflects all branches excluding standalone mortgage offices and satellite offices (e.g., drive-ups, electronic branches and retirement centers) that provide limited products and/or services.

(i)Includes cash and money market balances.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 15

Table 17: Corporate & Institutional Banking (Unaudited) (a)

Three months ended Nine months ended

September 30 June 30 March 31 December 31 September 30 September 30 September 30

Dollars in millions 2026 2026 2026 2025 2025 2026 2025

Income Statement

Net interest income (b) $ 2,045 $ 1,992 $ 1,942 $ 1,965 $ 1,888 $ 5,979 $ 5,470

Noninterest income 1,167 1,291 1,144 1,210 1,132 3,602 3,132

Total revenue (b) 3,212 3,283 3,086 3,175 3,020 9,581 8,602

Provision for credit losses 76 76 77 14 44 229 277

Noninterest expense

Personnel 455 502 460 472 403 1,417 1,149

Segment allocations (c) 436 418 424 422 387 1,278 1,151

Depreciation and amortization 47 50 46 55 46 143 146

Other (d) 168 161 146 158 140 475 436

Total noninterest expense 1,106 1,131 1,076 1,107 976 3,313 2,882

Pre-tax earnings (b) 2,030 2,076 1,933 2,054 2,000 6,039 5,443

Income taxes (b) 473 483 448 451 450 1,404 1,233

Noncontrolling interests 5 5 5 6 5 15 14

Earnings (b) $ 1,552 $ 1,588 $ 1,480 $ 1,597 $ 1,545 $ 4,620 $ 4,196

Average Balance Sheet

Loans held for sale $ 566 $ 635 $ 665 $ 632 $ 691 $ 622 $ 575

Loans

Commercial

Commercial and industrial $ 216,681 $ 207,046 $ 194,711 $ 185,195 $ 182,484 $ 206,227 $ 176,773

Commercial real estate 31,009 29,008 28,802 29,374 30,032 29,614 31,041

Total commercial 247,690 236,054 223,513 214,569 212,516 235,841 207,814

Consumer 4 3 3 2 2 3 3

Total loans $ 247,694 $ 236,057 $ 223,516 $ 214,571 $ 212,518 $ 235,844 $ 207,817

Total assets $ 276,846 $ 263,912 $ 249,789 $ 241,169 $ 238,338 $ 263,615 $ 233,307

Deposits

Noninterest-bearing $ 39,744 $ 41,441 $ 38,959 $ 41,308 $ 38,732 $ 40,051 $ 39,140

Interest-bearing 124,287 117,169 122,219 122,457 116,460 121,233 110,775

Total deposits $ 164,031 $ 158,610 $ 161,178 $ 163,765 $ 155,192 $ 161,284 $ 149,915

Performance Ratios (b)

Return on average assets 2.22 % 2.41 % 2.40 % 2.63 % 2.57 % 2.34 % 2.40 %

Noninterest income to total revenue 36 % 39 % 37 % 38 % 37 % 38 % 36 %

Efficiency 34 % 34 % 35 % 35 % 32 % 35 % 34 %

(continued on following page)

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 16

Corporate & Institutional Banking (Unaudited) (Continued)

Three months ended Nine months ended

September 30 June 30 March 31 December 31 September 30 September 30 September 30

Dollars in millions 2026 2026 2026 2025 2025 2026 2025

Other Information

Consolidated revenue from:

Treasury Management (b) (e) $ 1,175 $ 1,171 $ 1,171 $ 1,199 $ 1,122 $ 3,517 $ 3,252

Commercial mortgage banking activities:

Commercial mortgage loans held for sale (b) (f) $ 23 $ 23 $ 14 $ 34 $ 23 $ 60 $ 73

Commercial mortgage loan servicing income (b) (g) 123 127 120 128 135 370 373

Commercial mortgage servicing rights valuation, net of economic hedge 38 33 28 37 47 99 122

Total $ 184 $ 183 $ 162 $ 199 $ 205 $ 529 $ 568

Commercial mortgage servicing statistics

Serviced portfolio balance (in billions) (h)(i) $ 294 $ 294 $ 296 $ 294 $ 293

MSR asset value (h) $ 1,141 $ 1,039 $ 1,029 $ 1,021 $ 1,006

Average loans by C&IB business (j)

Corporate Banking $ 146,425 $ 139,370 $ 128,837 $ 121,379 $ 118,445 $ 138,275 $ 114,151

Real Estate 44,466 41,002 41,074 40,836 41,863 42,193 42,555

Business Credit 37,011 36,012 33,944 32,552 32,412 35,667 31,342

Equipment Finance 10,723 10,717 10,595 10,551 10,476 10,678 10,390

Commercial Banking 6,000 5,944 5,976 5,904 6,063 5,973 6,173

Other 3,069 3,012 3,090 3,349 3,259 3,058 3,206

Total average loans $ 247,694 $ 236,057 $ 223,516 $ 214,571 $ 212,518 $ 235,844 $ 207,817

Credit-related statistics

Nonperforming assets (h) $ 1,216 $ 1,066 $ 1,309 $ 1,375 $ 1,323

Net charge-offs - loans and leases $ 106 $ 105 $ 92 $ 49 $ 53 $ 303 $ 200

(a)See note (a) on page 12.

(b)See note (b) on page 12.

(c)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.

(d)Other is primarily comprised of other direct expenses including outside services and equipment expense.

(e)Amounts are reported in net interest income and noninterest income.

(f)Represents commercial mortgage banking income for valuations on commercial mortgage loans held for sale and related commitments, derivative valuations, origination fees, gains on sale of loans held for sale and net interest income on loans held for sale.

(g)Represents net interest income and noninterest income from loan servicing, net of reduction in commercial mortgage servicing rights due to time and payoffs. Commercial mortgage servicing rights valuation, net of economic hedge is shown separately.

(h)Presented as of period end.

(i)Represents balances related to capitalized servicing.

(j)During the second quarter of 2026, certain equipment finance activity was centralized and established as a business unit within C&IB. As a result, certain loans were reclassified from Corporate Banking, Commercial Banking and Other to Equipment Finance. Prior periods have been adjusted to conform with the current presentation.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 17

Table 18: Asset Management Group (Unaudited) (a)

Three months ended Nine months ended

September 30 June 30 March 31 December 31 September 30 September 30 September 30

Dollars in millions, except as noted 2026 2026 2026 2025 2025 2026 2025

Income Statement

Net interest income (b) $ 188 $ 191 $ 193 $ 184 $ 179 $ 572 $ 541

Noninterest income 271 271 262 260 254 804 741

Total revenue (b) 459 462 455 444 433 1,376 1,282

Provision for (recapture of) credit losses (4) (3) 5 (11) 4 (2) (8)

Noninterest expense

Personnel 122 120 125 120 115 367 351

Segment allocations (c) 135 128 127 133 120 390 355

Depreciation and amortization 11 11 10 11 9 32 27

Other (d) 28 30 30 29 29 88 87

Total noninterest expense 296 289 292 293 273 877 820

Pre-tax earnings (b) 167 176 158 162 156 501 470

Income taxes (b) 39 41 37 38 36 117 110

Earnings (b) $ 128 $ 135 $ 121 $ 124 $ 120 $ 384 $ 360

Average Balance Sheet

Loans

Consumer

Residential real estate $ 9,938 $ 9,866 $ 9,826 $ 9,876 $ 9,937 $ 9,877 $ 9,919

Other consumer 4,070 3,964 3,735 3,673 3,574 3,924 3,530

Total consumer 14,008 13,830 13,561 13,549 13,511 13,801 13,449

Commercial 773 814 835 566 659 807 682

Total loans $ 14,781 $ 14,644 $ 14,396 $ 14,115 $ 14,170 $ 14,608 $ 14,131

Total assets $ 15,185 $ 15,048 $ 14,804 $ 14,505 $ 14,575 $ 15,014 $ 14,562

Deposits

Noninterest-bearing $ 1,523 $ 1,459 $ 1,411 $ 1,387 $ 1,426 $ 1,465 $ 1,517

Interest-bearing 25,375 25,575 26,310 25,564 25,437 25,750 25,621

Total deposits $ 26,898 $ 27,034 $ 27,721 $ 26,951 $ 26,863 $ 27,215 $ 27,138

Performance Ratios (b)

Return on average assets 3.34 % 3.60 % 3.31 % 3.39 % 3.27 % 3.42 % 3.31 %

Noninterest income to total revenue 59 % 59 % 58 % 59 % 59 % 58 % 58 %

Efficiency 64 % 63 % 64 % 66 % 63 % 64 % 64 %

Other Information

Nonperforming assets (e) $ 43 $ 45 $ 45 $ 52 $ 58

Net charge-offs (recoveries) - loans and leases $ (1) $ 1 $ — $ — $ 2 $ — $ 1

Client Assets Under Administration (in billions) (e)(f)

Discretionary client assets under management

PNC Private Bank $ 146 $ 146 $ 136 $ 138 $ 137

Institutional Asset Management 104 101 94 96 91

Total discretionary clients assets under management 250 247 230 234 228

Nondiscretionary client assets under administration 249 256 233 238 212

Total $ 499 $ 503 $ 463 $ 472 $ 440

(a)See note (a) on page 12.

(b)See note (b) on page 12.

(c)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.

(d)Other is primarily comprised of other direct expenses including outside services and equipment expense.

(e)Presented as of period end.

(f)Excludes brokerage account client assets.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 18

Glossary of Terms

Allowance for credit losses (ACL) – A valuation account that is deducted from or added to the amortized cost basis of the related

financial assets to present the net carrying value at the amount expected to be collected on the financial asset.

Amortized cost basis – Amount at which a financial asset is originated or acquired, adjusted for applicable accretion or amortization of premiums, discounts and net deferred fees or costs, collection of cash, charge-offs, foreign exchange and fair value hedge accounting adjustments.

Basel III common equity tier 1 (CET1) capital (Tailoring Rules) – Common stock plus related surplus, net of treasury stock, plus retained earnings, less goodwill, net of associated deferred tax liabilities, less other disallowed intangibles, net of deferred tax liabilities and plus/less other adjustments. Investments in unconsolidated financial institutions, as well as mortgage servicing rights and deferred tax assets, must then be deducted to the extent such items (net of associated deferred tax liabilities) individually exceed 25% of our adjusted Basel III common equity tier 1 capital.

Basel III common equity tier 1 capital ratio – Common equity tier 1 capital divided by period-end risk-weighted assets (as applicable).

Basel III tier 1 capital – Common equity tier 1 capital, plus qualifying preferred stock, plus certain trust preferred capital securities, plus certain noncontrolling interests that are held by others and plus/less other adjustments.

Basel III tier 1 capital ratio – Tier 1 capital divided by period-end risk-weighted assets (as applicable).

Basel III Total capital – Tier 1 capital plus qualifying subordinated debt, plus certain trust preferred securities, plus, under the Basel III transitional rules and the standardized approach, the allowance for loan and lease losses included in tier 2 capital and other.

Basel III Total capital ratio – Basel III Total capital divided by period-end risk-weighted assets (as applicable).

Charge-off – Process of removing a loan or portion of a loan from our balance sheet because it is considered uncollectible. We also record a charge-off when a loan is transferred from portfolio holdings to held for sale by reducing the loan carrying amount to the fair value of the loan, if fair value is less than carrying amount.

Common shareholders’ equity – Total shareholders' equity less the liquidation value of preferred stock.

Credit valuation adjustment – Represents an adjustment to the fair value of our derivatives for our own and counterparties’ non-performance risk.

Criticized commercial loans – Loans with potential or identified weaknesses based upon internal risk ratings that comply with the regulatory classification definitions of “special mention,” “substandard” or “doubtful.”

Current Expected Credit Loss (CECL) – Methodology for estimating the allowance for credit losses on in-scope financial assets held at amortized cost and unfunded lending related commitments which uses a combination of expected losses over a reasonable and supportable forecast period, a reversion period and long run average credit losses for their estimated contractual term.

Discretionary client assets under management – Assets over which we have sole or shared investment authority for our customers/clients. We do not include these assets on our Consolidated Balance Sheet.

Earning assets – Assets that generate income, which include: interest-earning deposits with banks; loans held for sale; loans; investment securities; and certain other assets.

Efficiency – Noninterest expense divided by total revenue.

Fair value – The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fee income – Refers to the following categories within Noninterest income: Asset management and brokerage, Capital markets and advisory, Card and cash management, Lending and deposit services, and Residential and commercial mortgage.

GAAP – Accounting principles generally accepted in the United States of America.

Leverage ratio – Basel III tier 1 capital divided by average quarterly adjusted total assets.

Nondiscretionary client assets under administration – Assets we hold for our customers/clients in a nondiscretionary, custodial capacity. We do not include these assets on our Consolidated Balance Sheet.

THE PNC FINANCIAL SERVICES GROUP, INC.

Page 19

Nonperforming assets – Nonperforming assets include nonperforming loans, OREO, foreclosed and other assets. We do not accrue interest income on assets classified as nonperforming.

Nonperforming loans – Loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. Interest income is not recognized on nonperforming loans. Nonperforming loans exclude certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest, loans held for sale and loans accounted for under the fair value option.

Operating leverage – The period to period dollar or percentage change in total revenue less the dollar or percentage change in noninterest expense. A positive variance indicates that revenue growth exceeded expense growth (i.e., positive operating leverage) while a negative variance implies expense growth exceeded revenue growth (i.e., negative operating leverage).

Other real estate owned (OREO) and foreclosed assets – Assets taken in settlement of troubled loans primarily through deed-in-lieu of foreclosure or foreclosure. Foreclosed assets include real and personal property. Certain assets that have a government-guarantee which are classified as other receivables are excluded.

Purchased credit deteriorated assets (PCD) – Acquired loans or debt securities that, at acquisition, are determined to have experienced a more-than-insignificant deterioration in credit quality since origination or issuance.

Purchased seasoned loans (PSL) – Acquired loans that, at acquisition, have not experienced a more-than-insignificant credit deterioration since origination and are deemed "seasoned". A loan is seasoned if it was purchased more than 90 days after origination and PNC was not involved in the origination of the loan. All loans that are acquired without credit deterioration through a business combination are deemed "seasoned".

Risk-weighted assets – Computed by the assignment of specific risk-weights (as defined by the Board of Governors of the Federal Reserve System) to assets and off-balance sheet instruments.

Servicing rights – Intangible assets or liabilities created by an obligation to service assets for others. Typical servicing rights include the right to receive a fee for collecting and forwarding payments on loans and related taxes and insurance premiums held in escrow.

Supplementary leverage ratio – Basel III tier 1 capital divided by Supplementary leverage exposure.

Tailoring Rules – Rules adopted by the federal banking agencies to better tailor the application of their capital, liquidity, and enhanced prudential requirements for banking organizations to the asset size and risk profile (as measured by certain regulatory metrics) of the banking organization. Effective January 1, 2020, the agencies' capital and liquidity rules classify all BHCs with $100 billion or more in total assets into one of four categories (Category I, Category II, Category III, and Category IV).

Taxable-equivalent interest income – The interest income earned on certain assets that is completely or partially exempt from federal income tax. These tax-exempt instruments typically yield lower returns than taxable investments.

Unfunded lending related commitments – Standby letters of credit, financial guarantees, commitments to extend credit and similar unfunded obligations that are not unilaterally, unconditionally, cancelable at PNC’s option.

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