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8-K

Pnc Financial Services Group, Inc. (PNC)

8-K 2022-04-14 For: 2022-04-14
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Added on April 11, 2026

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

April 14, 2022

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<br><br>on Which Registered
Common Stock, par value $5.00 PNC New York Stock Exchange
Depositary Shares Each Representing a 1/4,000 Interest in a Share of Fixed-to-<br>    Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P PNC P 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 April 14, 2022, The PNC Financial Services Group, Inc. (“the Corporation”) issued a press release regarding the Corporation’s earnings and business results for the first quarter of 2022. In connection therewith, the Corporation provided supplementary financial information on its web site. A copy of the Corporation’s supplementary financial information is included in this Report as Exhibit 99.1 and is furnished herewith.

Item 8.01 Other Events

On April 14, 2022, the Corporation held a conference call for investors regarding the Corporation’s earnings and business results for the first quarter of 2022. The Corporation provided electronic presentation slides on its web site used in connection with the related investor conference call. Copies of the electronic presentation slides are included in this Report as Exhibit 99.2 and are furnished herewith.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Number Description Method of Filing
99.1 Financial Supplement (unaudited) for the First Quarter 2022 Furnished herewith
99.2 Electronic presentation slides for earning release conference call 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.<br><br>(Registrant)
Date: April 14, 2022 By: /s/ Gregory H. Kozich
Gregory H. Kozich
Senior Vice President and Controller

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Document

Exhibit 99.1

pncbanklogoa18a.jpg

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

(Unaudited)

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

(UNAUDITED)

Consolidated Results: Page
Income Statement 1
Balance Sheet 2
Average Balance Sheet 3
Details of Net Interest Margin 4
Loans 5
Allowance for Credit Losses 6-7
Nonperforming Assets 8
Accruing Loans Past Due 9-11
Business Segment Results:
Descriptions 12
Period End Employees 12
Net Income and Revenue 13
Retail Banking 14-15
Corporate & Institutional Banking 16
Asset Management Group 17
Glossary of Terms 18-20

The information contained in this Financial Supplement is preliminary, unaudited and based on data available on April 14, 2022. We have reclassified certain prior period amounts to be consistent with the current period presentation, which we believe is more meaningful to readers of our consolidated financial statements. 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, including residential mortgage, 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.

PRESENTATION OF NONINTEREST INCOME

Effective for the first quarter of 2022, PNC updated the presentation of its noninterest income categorization to be based on product and service type, and accordingly, has changed the basis of presentation of its noninterest income revenue streams to: (i) Asset management and brokerage, (ii) Capital markets related, (iii) Card and cash management, (iv) Lending and deposit services, (v) Residential and commercial mortgage and (vi) Other noninterest income. For a description of each updated noninterest income revenue stream, see PNC's Current Report on Form 8-K filed on March 31, 2022.

ACQUISITION OF BBVA USA BANCSHARES, INC.

On June 1, 2021, PNC acquired BBVA USA Bancshares Inc. (BBVA), a U.S. financial holding company conducting its business operations primarily through its U.S. banking subsidiary, BBVA USA. PNC paid $11.5 billion in cash as consideration for the acquisition.

On October 8, 2021, BBVA USA merged into PNC Bank. As of October 12, 2021, PNC converted approximately 2.6 million

customers, 9,000 employees and over 600 branches across seven states. Our 2021 results of operations reflect the benefit of BBVA's acquired business operations for the period since the acquisition closed on June 1, 2021. PNC's balance sheets at March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021 include BBVA's balances.

THE PNC FINANCIAL SERVICES GROUP, INC.
Cross Reference Index to First Quarter 2022 Financial Supplement (Unaudited)
Financial Supplement Table Reference
Table Description Page
1 Consolidated Income Statement 1
2 Consolidated Balance Sheet 2
3 Average Consolidated Balance Sheet 3
4 Details of Net Interest Margin 4
5 Details of Loans 5
6 Change in Allowance for Loan and Lease Losses 6
7 Components of the Provision for (Recapture of) Credit Losses 7
8 Allowance for Credit Losses by Loan Class 7
9 Nonperforming Assets by Type 8
10 Change in Nonperforming Assets 8
11 Accruing Loans Past Due 30 to 59 Days 9
12 Accruing Loans Past Due 60 to 89 Days 10
13 Accruing Loans Past Due 90 Days or More 11
14 Period End Employees 12
15 Summary of Business Segment Net Income and Revenue 13
16 Retail Banking 14-15
17 Corporate & Institutional Banking 16
18 Asset Management Group 17
THE PNC FINANCIAL SERVICES GROUP, INC. Page 1
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Table 1: Consolidated Income Statement (Unaudited)

Three months ended
March 31 December 31 September 30 June 30 March 31
In millions, except per share data 2022 2021 2021 2021 2021
Interest Income
Loans $ 2,293 $ 2,414 $ 2,437 $ 2,160 $ 1,996
Investment securities 544 484 460 469 421
Other 77 77 78 72 66
Total interest income 2,914 2,975 2,975 2,701 2,483
Interest Expense
Deposits 27 27 29 30 40
Borrowed funds 83 86 90 90 95
Total interest expense 110 113 119 120 135
Net interest income 2,804 2,862 2,856 2,581 2,348
Noninterest Income
Asset management and brokerage 377 385 375 350 328
Capital markets related 252 460 482 324 311
Card and cash management 620 646 663 597 492
Lending and deposit services 269 273 305 270 254
Residential and commercial mortgage 159 209 248 206 187
Other (a) 211 292 268 339 300
Total noninterest income 1,888 2,265 2,341 2,086 1,872
Total revenue 4,692 5,127 5,197 4,667 4,220
Provision For (Recapture of) Credit Losses (208) (327) (203) 302 (551)
Noninterest Expense
Personnel 1,717 2,038 1,986 1,640 1,477
Occupancy 258 260 248 217 215
Equipment 331 437 355 326 293
Marketing 61 97 103 74 45
Other 805 959 895 793 544
Total noninterest expense 3,172 3,791 3,587 3,050 2,574
Income before income taxes and noncontrolling interests 1,728 1,663 1,813 1,315 2,197
Income taxes 299 357 323 212 371
Net income 1,429 1,306 1,490 1,103 1,826
Less: Net income attributable to noncontrolling interests 21 13 16 12 10
Preferred stock dividends (b) 45 71 57 48 57
Preferred stock discount accretion and redemptions 2 2 1 1 1
Net income attributable to common shareholders $ 1,361 $ 1,220 $ 1,416 $ 1,042 $ 1,758
Earnings Per Common Share
Basic $ 3.23 $ 2.87 $ 3.31 $ 2.43 $ 4.11
Diluted $ 3.23 $ 2.86 $ 3.30 $ 2.43 $ 4.10
Average Common Shares Outstanding
Basic 420 424 426 427 426
Diluted 420 424 426 427 426
Efficiency 68 % 74 % 69 % 65 % 61 %
Noninterest income to total revenue 40 % 44 % 45 % 45 % 44 %
Effective tax rate from continuing operations (c) 17.3 % 21.5 % 17.8 % 16.1 % 16.9 %

(a)Includes net gains (losses) on sales of securities of $(4) million, $14 million, $15 million, $10 million and $25 million for the quarters ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.

(b)Dividends are payable quarterly other than Series R and Series S preferred stock, which are 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)

December 31 September 30 June 30 March 31
In millions, except par value 2021 2021 2021 2021
Assets
Cash and due from banks 7,572 $ 8,004 $ 8,843 $ 8,724 $ 7,455
Interest-earning deposits with banks (a) 74,250 75,478 72,447 86,161
Loans held for sale (b) 2,231 2,121 2,227 1,967
Investment securities – available for sale 131,536 124,127 125,058 96,799
Investment securities – held to maturity 1,426 1,479 1,485 1,456
Loans (b) 288,372 290,230 294,704 237,013
Allowance for loan and lease losses (4,868) (5,355) (5,730) (4,714)
Net loans 283,504 284,875 288,974 232,299
Equity investments 8,180 7,737 7,521 6,386
Mortgage servicing rights 1,818 1,833 1,793 1,680
Goodwill 10,916 10,885 10,958 9,317
Other (b) 35,326 36,137 35,025 30,894
Total assets 541,246 $ 557,191 $ 553,515 $ 554,212 $ 474,414
Liabilities
Deposits
Noninterest-bearing 150,798 $ 155,175 $ 156,305 $ 154,190 $ 120,641
Interest-bearing 302,103 292,597 298,693 254,426
Total deposits 457,278 448,902 452,883 375,067
Borrowed funds
Federal Home Loan Bank borrowings 1,500
Bank notes and senior debt 20,661 22,993 24,408 22,139
Subordinated debt 6,996 7,074 7,120 6,241
Other (b) 3,127 3,404 3,285 3,150
Total borrowed funds 30,784 33,471 34,813 33,030
Allowance for unfunded lending related commitments 662 646 645 507
Accrued expenses and other liabilities 12,741 14,199 11,186 11,931
Total liabilities 501,465 497,218 499,527 420,535
Equity
Preferred stock (c)
Common stock - 5 par value
Authorized 800 shares, issued 543 shares 2,713 2,713 2,713 2,713
Capital surplus 17,457 17,453 15,928 15,879
Retained earnings 50,228 49,541 48,663 48,113
Accumulated other comprehensive income (loss) 409 1,079 1,463 1,290
Common stock held in treasury at cost: 128, 123, 120, 118, and 118 shares (15,112) (14,527) (14,140) (14,146)
Total shareholders’ equity 55,695 56,259 54,627 53,849
Noncontrolling interests 31 38 58 30
Total equity 55,726 56,297 54,685 53,879
Total liabilities and equity 541,246 $ 557,191 $ 553,515 $ 554,212 $ 474,414

All values are in US Dollars.

(a)Amounts include balances held with the Federal Reserve Bank of $48.4 billion, $73.8 billion, $75.1 billion, $71.9 billion and $85.8 billion as of March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.

(b)Amounts include assets and liabilities for which PNC has elected the fair value option. Our 2021 Form 10-K included, and our first quarter 2022 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 | | | | | | | | | | | | March 31 | | December 31 | | September 30 | | June 30 | | March 31 | | | In millions | 2022 | | 2021 | | 2021 | | 2021 | | 2021 | | | Assets | | | | | | | | | | | | Interest-earning assets: | | | | | | | | | | | | Investment securities | | | | | | | | | | | | Securities available for sale | | | | | | | | | | | | Residential mortgage-backed | | | | | | | | | | | | Agency | $ | 67,498 | $ | 64,521 | $ | 63,163 | $ | 56,042 | $ | 45,298 | | Non-agency | 1,007 | | 974 | | 1,051 | | 1,142 | | 1,236 | | | Commercial mortgage-backed | 5,229 | | 5,538 | | 6,134 | | 6,465 | | 6,241 | | | Asset-backed | 6,225 | | 6,206 | | 5,608 | | 5,855 | | 5,304 | | | U.S. Treasury and government agencies | 47,468 | | 44,415 | | 38,149 | | 32,419 | | 22,309 | | | Other | 4,876 | | 4,741 | | 4,994 | | 5,107 | | 4,561 | | | Total securities available for sale | 132,303 | | 126,395 | | 119,099 | | 107,030 | | 84,949 | | | Securities held to maturity | | | | | | | | | | | | Residential mortgage-backed | 106 | | | | | | | | | | | U.S. Treasury and government agencies | 919 | | 812 | | 807 | | 802 | | 797 | | | Other | 569 | | 642 | | 680 | | 671 | | 650 | | | Total securities held to maturity | 1,594 | | 1,454 | | 1,487 | | 1,473 | | 1,447 | | | Total investment securities | 133,897 | | 127,849 | | 120,586 | | 108,503 | | 86,396 | | | Loans | | | | | | | | | | | | Commercial and industrial | 155,481 | | 152,355 | | 152,964 | | 137,892 | | 129,996 | | | Commercial real estate | 34,004 | | 35,256 | | 37,054 | | 31,611 | | 28,598 | | | Equipment lease financing | 6,099 | | 6,183 | | 6,300 | | 6,332 | | 6,332 | | | Consumer | 54,965 | | 56,244 | | 57,533 | | 52,575 | | 50,904 | | | Residential real estate | 40,152 | | 38,872 | | 37,475 | | 27,197 | | 22,305 | | | Total loans | 290,701 | | 288,910 | | 291,326 | | 255,607 | | 238,135 | | | Interest-earning deposits with banks (c) | 62,540 | | 75,377 | | 80,274 | | 78,522 | | 85,410 | | | Other interest-earning assets | 9,417 | | 9,113 | | 9,113 | | 8,079 | | 7,829 | | | Total interest-earning assets | 496,555 | | 501,249 | | 501,299 | | 450,711 | | 417,770 | | | Noninterest-earning assets | 53,541 | | 58,123 | | 57,943 | | 53,718 | | 50,450 | | | Total assets | $ | 550,096 | $ | 559,372 | $ | 559,242 | $ | 504,429 | $ | 468,220 | | Liabilities and Equity | | | | | | | | | | | | Interest-bearing liabilities: | | | | | | | | | | | | Interest-bearing deposits | | | | | | | | | | | | Money market | $ | 62,596 | $ | 65,214 | $ | 82,911 | $ | 64,990 | $ | 59,083 | | Demand | 112,372 | | 108,345 | | 106,588 | | 99,091 | | 91,619 | | | Savings | 108,532 | | 104,644 | | 89,679 | | 87,307 | | 82,926 | | | Time deposits | 16,043 | | 18,029 | | 19,293 | | 18,048 | | 18,449 | | | Total interest-bearing deposits | 299,543 | | 296,232 | | 298,471 | | 269,436 | | 252,077 | | | Borrowed funds | | | | | | | | | | | | Federal Home Loan Bank borrowings | | | | | | | 265 | | 2,411 | | | Bank notes and senior debt | 18,015 | | 21,581 | | 22,573 | | 22,620 | | 22,799 | | | Subordinated debt | 6,773 | | 6,779 | | 6,787 | | 6,218 | | 5,929 | | | Other | 5,524 | | 5,987 | | 4,992 | | 5,046 | | 4,057 | | | Total borrowed funds | 30,312 | | 34,347 | | 34,352 | | 34,149 | | 35,196 | | | Total interest-bearing liabilities | 329,855 | | 330,579 | | 332,823 | | 303,585 | | 287,273 | | | Noninterest-bearing liabilities and equity: | | | | | | | | | | | | Noninterest-bearing deposits | 153,726 | | 156,549 | | 155,948 | | 132,283 | | 113,299 | | | Accrued expenses and other liabilities | 14,058 | | 16,818 | | 15,332 | | 14,755 | | 14,258 | | | Equity | 52,457 | | 55,426 | | 55,139 | | 53,806 | | 53,390 | | | Total liabilities and equity | $ | 550,096 | $ | 559,372 | $ | 559,242 | $ | 504,429 | $ | 468,220 |

(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. Basis 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). Average balances for certain loans and borrowed funds accounted for at fair value are included in noninterest-earning assets and noninterest-bearing liabilities, with changes in fair value recorded in Noninterest income.

(c)Amounts include average balances held with the Federal Reserve Bank of Cleveland of $62.3 billion, $75.1 billion, $80.1 billion, $78.3 billion and $85.2 billion for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.

| THE PNC FINANCIAL SERVICES GROUP, INC. | Page 4 | | --- | --- || Table 4: Details of Net Interest Margin (Unaudited) | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Three months ended | | | | | | | | | | | | March 31 | | December 31 | | September 30 | | June 30 | | March 31 | | | | 2022 | | 2021 | | 2021 | | 2021 | | 2021 | | | Average yields/rates (a) | | | | | | | | | | | | Yield on interest-earning assets | | | | | | | | | | | | Investment securities | | | | | | | | | | | | Securities available for sale | | | | | | | | | | | | Residential mortgage-backed | | | | | | | | | | | | Agency | 1.73 | % | 1.47 | % | 1.41 | % | 1.61 | % | 1.72 | % | | Non-agency | 7.53 | % | 7.36 | % | 8.07 | % | 7.85 | % | 7.24 | % | | Commercial mortgage-backed | 2.36 | % | 2.37 | % | 2.34 | % | 2.49 | % | 2.58 | % | | Asset-backed | 1.35 | % | 1.48 | % | 1.50 | % | 2.07 | % | 1.84 | % | | U.S. Treasury and government agencies | 1.18 | % | 1.17 | % | 1.18 | % | 1.30 | % | 1.68 | % | | Other | 2.73 | % | 2.77 | % | 2.90 | % | 3.00 | % | 3.28 | % | | Total securities available for sale | 1.62 | % | 1.50 | % | 1.51 | % | 1.73 | % | 1.95 | % | | Securities held to maturity | | | | | | | | | | | | U.S. Treasury and government agencies | 2.61 | % | 2.89 | % | 2.88 | % | 2.86 | % | 2.83 | % | | Other | 4.17 | % | 4.20 | % | 4.33 | % | 3.67 | % | 4.17 | % | | Total securities held to maturity | 2.99 | % | 3.47 | % | 3.54 | % | 3.23 | % | 3.43 | % | | Total investment securities | 1.64 | % | 1.52 | % | 1.54 | % | 1.75 | % | 1.97 | % | | Loans | | | | | | | | | | | | Commercial and industrial | 2.75 | % | 2.90 | % | 2.80 | % | 2.89 | % | 2.91 | % | | Commercial real estate | 2.79 | % | 2.86 | % | 3.17 | % | 2.92 | % | 2.80 | % | | Equipment lease financing | 3.74 | % | 3.81 | % | 3.83 | % | 3.76 | % | 3.90 | % | | Consumer | 4.69 | % | 4.71 | % | 4.85 | % | 4.82 | % | 4.78 | % | | Residential real estate | 3.10 | % | 3.26 | % | 3.15 | % | 3.50 | % | 3.53 | % | | Total loans | 3.19 | % | 3.32 | % | 3.32 | % | 3.38 | % | 3.38 | % | | Interest-earning deposits with banks | 0.19 | % | 0.15 | % | 0.16 | % | 0.11 | % | 0.10 | % | | Other interest-earning assets | 2.07 | % | 2.14 | % | 2.03 | % | 2.46 | % | 2.34 | % | | Total yield on interest-earning assets | 2.37 | % | 2.36 | % | 2.36 | % | 2.40 | % | 2.40 | % | | Rate on interest-bearing liabilities | | | | | | | | | | | | Interest-bearing deposits | | | | | | | | | | | | Money market | 0.03 | % | 0.02 | % | 0.03 | % | 0.03 | % | 0.03 | % | | Demand | 0.02 | % | 0.02 | % | 0.03 | % | 0.03 | % | 0.04 | % | | Savings | 0.04 | % | 0.04 | % | 0.04 | % | 0.05 | % | 0.06 | % | | Time deposits | 0.13 | % | 0.11 | % | 0.12 | % | 0.20 | % | 0.32 | % | | Total interest-bearing deposits | 0.04 | % | 0.04 | % | 0.04 | % | 0.05 | % | 0.06 | % | | Borrowed funds | | | | | | | | | | | | Federal Home Loan Bank borrowings | | | | | | | 0.35 | % | 0.43 | % | | Bank notes and senior debt | 1.02 | % | 0.94 | % | 0.97 | % | 0.98 | % | 1.04 | % | | Subordinated debt | 1.40 | % | 1.28 | % | 1.28 | % | 1.35 | % | 1.43 | % | | Other | 0.97 | % | 0.79 | % | 0.93 | % | 0.97 | % | 1.21 | % | | Total borrowed funds | 1.10 | % | 0.98 | % | 1.03 | % | 1.04 | % | 1.09 | % | | Total rate on interest-bearing liabilities | 0.13 | % | 0.13 | % | 0.14 | % | 0.16 | % | 0.19 | % | | Interest rate spread | 2.24 | % | 2.23 | % | 2.22 | % | 2.24 | % | 2.21 | % | | Benefit from use of noninterest bearing sources (b) | 0.04 | % | 0.04 | % | 0.05 | % | 0.05 | % | 0.06 | % | | Net interest margin | 2.28 | % | 2.27 | % | 2.27 | % | 2.29 | % | 2.27 | % |

(a)Yields and rates are calculated using the applicable annualized interest income or interest expense divided by the applicable average earning assets or interest-bearing liabilities. 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 GAAP in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021 were $22 million, $22 million, $22 million, $15 million and $15 million, respectively.

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

THE PNC FINANCIAL SERVICES GROUP, INC. Page 5

Table 5: Details of Loans (Unaudited)

March 31 December 31 September 30 June 30 March 31
In millions 2022 2021 2021 2021 2021
Commercial
Commercial and industrial
Manufacturing $ 25,035 $ 22,597 $ 22,760 $ 22,709 $ 20,032
Retail/wholesale trade 25,027 22,803 22,238 22,596 20,349
Service providers 20,584 20,750 20,969 22,303 19,403
Financial services 17,674 17,950 18,022 15,947 13,382
Real estate related (a) 15,459 15,123 14,809 14,945 13,052
Technology, media & telecommunications 10,684 10,070 8,920 9,195 7,746
Health care 9,810 9,944 10,567 11,713 8,741
Transportation and warehousing 7,209 7,136 7,318 7,967 6,751
Other industries 26,392 26,560 27,132 27,925 20,342
Total commercial and industrial 157,874 152,933 152,735 155,300 129,798
Commercial real estate 34,171 34,015 36,195 37,964 28,319
Equipment lease financing 6,216 6,130 6,257 6,376 6,389
Total commercial 198,261 193,078 195,187 199,640 164,506
Consumer
Residential real estate 41,566 39,712 38,214 36,846 22,418
Home equity 24,185 24,061 24,479 25,174 23,493
Automobile 16,001 16,635 17,265 17,551 13,584
Credit card 6,464 6,626 6,466 6,528 5,675
Education 2,441 2,533 2,653 2,726 2,842
Other consumer 5,539 5,727 5,966 6,239 4,495
Total consumer 96,196 95,294 95,043 95,064 72,507
Total loans $ 294,457 $ 288,372 $ 290,230 $ 294,704 $ 237,013

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

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
March 31 December 31 September 30 June 30 March 31
Dollars in millions 2022 2021 2021 2021 2021
Allowance for loan and lease losses
Beginning balance $ 4,868 $ 5,355 $ 5,730 $ 4,714 $ 5,361
Acquisition PCD reserves (59) 1,115
Gross charge-offs:
Commercial and industrial (41) (35) (46) (245) (59)
Commercial real estate (10) (2) (1) (28) (5)
Equipment lease financing (1) (4) (3) (1) (5)
Residential real estate (7) (4) (4) (3) (4)
Home equity (4) (4) (2) (7) (7)
Automobile (52) (49) (33) (35) (52)
Credit card (68) (60) (62) (65) (69)
Education (4) (4) (3) (3) (5)
Other consumer (64) (62) (52) (41) (37)
Total gross charge-offs (251) (224) (206) (428) (243)
Recoveries:
Commercial and industrial 30 20 25 29 14
Commercial real estate 1 2 2 2 1
Equipment lease financing 3 3 2 3 3
Residential real estate 5 8 9 6 5
Home equity 21 23 25 21 17
Automobile 31 26 38 41 38
Credit card 12 10 13 11 12
Education 1 2 2 2 2
Other consumer 10 6 9 7 5
Total recoveries 114 100 125 122 97
Net (charge-offs) / recoveries:
Commercial and industrial (11) (15) (21) (216) (45)
Commercial real estate (9) 1 (26) (4)
Equipment lease financing 2 (1) (1) 2 (2)
Residential real estate (2) 4 5 3 1
Home equity 17 19 23 14 10
Automobile (21) (23) 5 6 (14)
Credit card (56) (50) (49) (54) (57)
Education (3) (2) (1) (1) (3)
Other consumer (54) (56) (43) (34) (32)
Total net (charge-offs) (a) (137) (124) (81) (306) (146)
Provision for (recapture of) credit losses (b) (172) (362) (229) 206 (502)
Other (1) (1) (6) 1 1
Ending balance $ 4,558 $ 4,868 $ 5,355 $ 5,730 $ 4,714
Supplemental Information
Net charge-offs
Commercial net charge-offs $ (18) $ (16) $ (21) $ (240) $ (51)
Consumer net charge-offs (119) (108) (60) (66) (95)
Total net charge-offs (a) $ (137) $ (124) $ (81) $ (306) $ (146)
Net charge-offs to average loans (annualized) 0.19 % 0.17 % 0.11 % 0.48 % 0.25 %
Commercial 0.04 % 0.03 % 0.04 % 0.55 % 0.13 %
Consumer 0.51 % 0.45 % 0.25 % 0.33 % 0.53 %

(a)    Amounts for the three months ended June 30, 2021 included $248 million attributable to BBVA, primarily related to commercial and industrial loans, which were largely the result of required purchase accounting treatment for the BBVA acquisition on June 1, 2021.

(b)    See Table 7 for the components of the Provision for (recapture of) 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 (Recapture of) Credit Losses

Three months ended
March 31 December 31 September 30 June 30 March 31
In millions 2022 2021 2021 2021 (a) 2021
Provision for (recapture of) credit losses
Loans and leases $ (172) $ (362) $ (229) $ 206 $ (502)
Unfunded lending related commitments (23) 16 1 92 (77)
Investment securities 1 25 26
Other financial assets (14) 19 4 2
Total provision for (recapture of) credit losses $ (208) $ (327) $ (203) $ 302 $ (551)

(a)     Amounts include $1.0 billion of provision for credit losses that was recorded as part of the BBVA acquisition on June 1, 2021.

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

March 31, 2022 December 31, 2021 March 31, 2021
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 $ 1,884 $ 157,874 1.19 % $ 1,879 $ 152,933 1.23 % $ 1,815 $ 129,798 1.40 %
Commercial real estate 1,034 34,171 3.03 % 1,216 34,015 3.57 % 1,126 28,319 3.98 %
Equipment lease financing 85 6,216 1.37 % 90 6,130 1.47 % 142 6,389 2.22 %
Total commercial 3,003 198,261 1.51 % 3,185 193,078 1.65 % 3,083 164,506 1.87 %
Consumer
Residential real estate 25 41,566 0.06 % 21 39,712 0.05 % (17) 22,418 (0.08) %
Home equity 170 24,185 0.70 % 149 24,061 0.62 % 239 23,493 1.02 %
Automobile 276 16,001 1.72 % 372 16,635 2.24 % 344 13,584 2.53 %
Credit card 708 6,464 10.95 % 712 6,626 10.75 % 693 5,675 12.21 %
Education 66 2,441 2.70 % 71 2,533 2.80 % 112 2,842 3.94 %
Other consumer 310 5,539 5.60 % 358 5,727 6.25 % 260 4,495 5.78 %
Total consumer 1,555 96,196 1.62 % 1,683 95,294 1.77 % 1,631 72,507 2.25 %
Total 4,558 $ 294,457 1.55 % 4,868 $ 288,372 1.69 % 4,714 $ 237,013 1.99 %
Allowance for unfunded lending related commitments 639 662 507
Allowance for credit losses $ 5,197 $ 5,530 $ 5,221
Supplemental Information
Allowance for credit losses to total loans 1.76 % 1.92 % 2.20 %
Commercial 1.81 % 1.94 % 2.12 %
Consumer 1.67 % 1.87 % 2.39 %

(a)     Excludes allowances for investment securities and other financial assets, which together totaled $158 million, $171 million and $136 million at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 8

Details of Nonperforming Assets (Unaudited)

Table 9: Nonperforming Assets by Type

March 31 December 31 September 30 June 30 March 31
Dollars in millions 2022 2021 2021 2021 2021
Nonperforming loans, including TDRs
Commercial
Commercial and industrial
Service providers $ 173 $ 188 $ 220 $ 206 $ 79
Manufacturing 70 52 62 65 55
Retail/wholesale trade 59 50 59 71 66
Real estate related (a) 39 64 49 78 48
Health care 37 46 56 71 19
Technology, media & telecommunications 36 33 37 62 43
Transportation and warehousing 28 18 21 18 18
Other industries 218 345 325 359 184
Total commercial and industrial 660 796 829 930 512
Commercial real estate 332 364 365 501 221
Equipment lease financing 6 8 10 15 16
Total commercial 998 1,168 1,204 1,446 749
Consumer (b)
Residential real estate 526 517 533 503 541
Home equity 576 596 592 626 656
Automobile 181 183 184 191 178
Credit card 8 7 7 7 7
Other consumer 9 9 8 6 7
Total consumer 1,300 1,312 1,324 1,333 1,389
Total nonperforming loans (c) 2,298 2,480 2,528 2,779 2,138
OREO and foreclosed assets 26 26 31 39 41
Total nonperforming assets $ 2,324 $ 2,506 $ 2,559 $ 2,818 $ 2,179
Nonperforming loans to total loans 0.78 % 0.86 % 0.87 % 0.94 % 0.90 %
Nonperforming assets to total loans, OREO and foreclosed assets 0.79 % 0.87 % 0.88 % 0.96 % 0.92 %
Nonperforming assets to total assets 0.43 % 0.45 % 0.46 % 0.51 % 0.46 %
Allowance for loan and lease losses to nonperforming loans 198 % 196 % 212 % 206 % 220 %

(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.

Table 10: Change in Nonperforming Assets

January 1, 2022 - October 1, 2021 - July 1, 2021 - April 1, 2021 - January 1, 2021 -
In millions March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021
Beginning balance $ 2,506 $ 2,559 $ 2,818 $ 2,179 $ 2,337
Acquired nonperforming assets (a) 880
New nonperforming assets 346 395 365 207 249
Charge-offs and valuation adjustments (62) (53) (71) (61) (70)
Principal activity, including paydowns and payoffs (274) (240) (333) (264) (186)
Asset sales and transfers to loans held for sale (21) (3) (30) (15) (86)
Returned to performing status (171) (152) (190) (108) (65)
Ending balance $ 2,324 $ 2,506 $ 2,559 $ 2,818 $ 2,179

(a)Represents nonperforming assets acquired as a part of the BBVA acquisition on June 1, 2021 and includes $871 million of loans and $9 million of OREO and foreclosed assets. Our second quarter 2021 Form 10-Q included additional information on the BBVA acquisition.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 9

Accruing Loans Past Due (Unaudited)

Under the CARES Act credit reporting rules, certain loans modified due to COVID-19 related hardships are not being reported as past due

for the periods presented based on the contractual terms of the loan, even where borrowers may not be making payments on their loans during the modification period. Our 2021 Form 10-K included additional information on COVID-19 related loan modifications.

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

March 31 December 31 September 30 June 30 March 31
Dollars in millions 2022 2021 2021 2021 2021
Commercial
Commercial and industrial $ 185 $ 235 $ 97 $ 72 $ 80
Commercial real estate 68 46 68 5 12
Equipment lease financing 20 25 5 3 21
Total commercial 273 306 170 80 113
Consumer
Residential real estate
Non government insured 239 310 178 182 61
Government insured 66 69 81 88 101
Home equity 41 53 45 44 43
Automobile 109 146 114 98 76
Credit card 39 49 42 37 31
Education
Non government insured 5 5 5 5 6
Government insured 36 38 40 41 43
Other consumer 47 35 34 31 11
Total consumer 582 705 539 526 372
Total $ 855 $ 1,011 $ 709 $ 606 $ 485
Supplemental Information
Total accruing loans past due 30-59 days to total loans 0.29 % 0.35 % 0.24 % 0.21 % 0.20 %
Commercial 0.14 % 0.16 % 0.09 % 0.04 % 0.07 %
Consumer 0.61 % 0.74 % 0.57 % 0.55 % 0.51 %

(a)Excludes loans held for sale.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 10

Accruing Loans Past Due (Unaudited) (Continued)

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

March 31 December 31 September 30 June 30 March 31
Dollars in millions 2022 2021 2021 2021 2021
Commercial
Commercial and industrial $ 64 $ 72 $ 50 $ 27 $ 13
Commercial real estate 41 24 2 3 1
Equipment lease financing 1 2 4 4 1
Total commercial 106 98 56 34 15
Consumer
Residential real estate
Non government insured 47 78 53 53 13
Government insured 37 41 45 52 60
Home equity 16 18 18 17 20
Automobile 26 40 23 20 19
Credit card 28 33 27 24 24
Education
Non government insured 3 2 3 2 3
Government insured 21 23 23 20 22
Other consumer 26 22 15 16 6
Total consumer 204 257 207 204 167
Total $ 310 $ 355 $ 263 $ 238 $ 182
Supplemental Information
Total accruing loans past due 60-89 days to total loans 0.11 % 0.12 % 0.09 % 0.08 % 0.08 %
Commercial 0.05 % 0.05 % 0.03 % 0.02 % 0.01 %
Consumer 0.21 % 0.27 % 0.22 % 0.21 % 0.23 %

(a)Excludes loans held for sale.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 11

Accruing Loans Past Due (Unaudited) (Continued)

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

March 31 December 31 September 30 June 30 March 31
Dollars in millions 2022 2021 2021 2021 2021
Commercial
Commercial and industrial $ 105 $ 132 $ 56 $ 45 $ 63
Commercial real estate 7 1 11 2
Total commercial 112 133 67 47 63
Consumer
Residential real estate
Non government insured 41 59 33 44 17
Government insured 232 269 268 297 258
Automobile 8 14 4 3 6
Credit card 62 62 53 59 52
Education
Non government insured 2 2 1 1 2
Government insured 62 63 60 66 74
Other consumer 15 17 11 14 7
Total consumer 422 486 430 484 416
Total $ 534 $ 619 $ 497 $ 531 $ 479
Supplemental Information
Total accruing loans past due 90 days or more to total loans 0.18 % 0.21 % 0.17 % 0.18 % 0.20 %
Commercial 0.06 % 0.07 % 0.03 % 0.02 % 0.04 %
Consumer 0.44 % 0.51 % 0.45 % 0.51 % 0.57 %
Total accruing loans past due $ 1,699 $ 1,985 $ 1,469 $ 1,375 $ 1,146
Commercial $ 491 $ 537 $ 293 $ 161 $ 191
Consumer $ 1,208 $ 1,448 $ 1,176 $ 1,214 $ 955
Total accruing loans past due to total loans 0.58 % 0.69 % 0.51 % 0.47 % 0.48 %
Commercial 0.25 % 0.28 % 0.15 % 0.08 % 0.12 %
Consumer 1.26 % 1.52 % 1.24 % 1.28 % 1.32 %

(a)Excludes loans held for sale.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 12

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. Our customers are serviced through our branch network, ATMs, call centers, online banking and mobile channels. As a result of the BBVA acquisition, we have become a coast-to-coast Retail Bank. Our national expansion strategy is designed to grow customers with digitally-led banking and a thin branch network as we expand into new markets. Deposit products include checking, savings and money market accounts and certificates of deposit. Lending products include residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans and 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. Brokerage, investment management and cash management products and services include managed, education, retirement and trust accounts.

Corporate & Institutional Banking provides lending, treasury management and capital markets 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, international payment services and access to online/mobile information management and reporting services. Within Treasury Management, PNC Global Transfers provides wholesale money transfer processing capabilities between the U.S. and Mexico and other countries primarily in Central America and South America. Capital markets products and services include foreign exchange, derivatives, fixed income, securities underwriting, loan syndications, mergers and acquisitions advisory and equity capital markets advisory related services. 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 comprised of two distinct 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, and 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 through PNC Private Bank Hawthorn.

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

Table 14: Period End Employees

March 31 December 31 September 30 June 30 March 31
2022 2021 2021 2021 2021
Full-time employees
Retail Banking 33,293 32,563 33,188 33,471 27,690
Other full-time employees 25,037 25,105 25,442 25,512 22,281
Total full-time employees 58,330 57,668 58,630 58,983 49,971
Part-time employees
Retail Banking 1,670 1,669 1,616 1,821 1,697
Other part-time employees 82 89 94 431 101
Total part-time employees 1,752 1,758 1,710 2,252 1,798
Total 60,082 59,426 60,340 61,235 51,769
THE PNC FINANCIAL SERVICES GROUP, INC. Page 13
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Table 15: Summary of Business Segment Net Income and Revenue (Unaudited) (a)

Three months ended
March 31 December 31 September 30 June 30 March 31
In millions 2022 2021 2021 2021 2021
Income
Retail Banking $ 340 $ 362 $ 447 $ 232 $ 607
Corporate & Institutional Banking 956 1,334 1,123 809 1,058
Asset Management Group 102 106 114 87 99
Other 10 (509) (210) (37) 52
Net income excluding noncontrolling interests $ 1,408 $ 1,293 $ 1,474 $ 1,091 $ 1,816
Revenue
Retail Banking $ 2,276 $ 2,408 $ 2,375 $ 2,203 $ 2,016
Corporate & Institutional Banking 1,964 2,281 2,306 1,959 1,808
Asset Management Group 386 388 397 356 322
Other 66 50 119 149 74
Total revenue $ 4,692 $ 5,127 $ 5,197 $ 4,667 $ 4,220

(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.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 14

Table 16: Retail Banking (Unaudited) (a)

Three months ended
March 31 December 31 September 30 June 30 March 31
Dollars in millions 2022 2021 2021 2021 2021
Income Statement
Net interest income $ 1,531 $ 1,634 $ 1,713 $ 1,497 $ 1,362
Noninterest income 745 774 662 706 654
Total revenue 2,276 2,408 2,375 2,203 2,016
Provision for (recapture of) credit losses (81) 55 (113) 214 (257)
Noninterest expense 1,892 1,874 1,889 1,677 1,476
Pretax earnings 465 479 599 312 797
Income taxes 109 112 140 73 183
Noncontrolling interests 16 5 12 7 7
Earnings $ 340 $ 362 $ 447 $ 232 $ 607
Average Balance Sheet
Loans held for sale $ 1,183 $ 1,425 $ 1,583 $ 1,405 $ 891
Loans
Consumer
Residential real estate $ 31,528 $ 30,888 $ 30,702 $ 21,653 $ 17,468
Home equity 22,458 22,572 23,047 22,080 21,833
Automobile 16,274 16,944 17,377 14,888 13,890
Credit card 6,401 6,513 6,484 5,900 5,819
Education 2,532 2,620 2,712 2,812 2,938
Other consumer 2,348 2,612 2,892 2,175 1,898
Total consumer 81,541 82,149 83,214 69,508 63,846
Commercial 11,610 12,844 15,895 14,796 13,743
Total loans $ 93,151 $ 94,993 $ 99,109 $ 84,304 $ 77,589
Total assets $ 111,754 $ 113,782 $ 117,394 $ 100,948 $ 92,891
Deposits
Noninterest-bearing $ 64,058 $ 65,510 $ 65,985 $ 54,260 $ 44,845
Interest-bearing 201,021 197,312 196,006 178,946 163,389
Total deposits $ 265,079 $ 262,822 $ 261,991 $ 233,206 $ 208,234
Performance Ratios
Return on average assets 1.23 % 1.26 % 1.51 % 0.92 % 2.65 %
Noninterest income to total revenue 33 % 32 % 28 % 32 % 32 %
Efficiency 83 % 78 % 80 % 76 % 73 %

(a)See note (a) on page 13.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 15

Retail Banking (Unaudited) (Continued)

Three months ended
March 31 December 31 September 30 June 30 March 31
Dollars in millions, except as noted 2022 2021 2021 2021 2021
Supplemental Noninterest Income Information
Asset management and brokerage $ 134 $ 131 $ 122 $ 110 $ 102
Card and cash management $ 308 $ 347 $ 346 $ 324 $ 264
Lending and deposit services $ 164 $ 157 $ 180 $ 148 $ 134
Residential and commercial mortgage $ 99 $ 101 $ 147 $ 103 $ 105
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (a)
Serviced portfolio balance (b) $ 135 $ 133 $ 139 $ 145 $ 117
Serviced portfolio acquisitions $ 6 $ 2 $ 2 $ 33 $ 7
MSR asset value (b) $ 1.3 $ 1.1 $ 1.1 $ 1.1 $ 1.0
MSR capitalization value (in basis points) (b) 98 81 81 77 83
Servicing income: (in millions)
Servicing fees, net (c) $ 33 $ 14 $ 18 $ (3) $ 5
Mortgage servicing rights valuation, net of economic hedge $ 2 $ 2 $ 24 $ 24 $ 14
Residential mortgage loan statistics
Loan origination volume (in billions) $ 5.1 $ 6.6 $ 7.4 $ 6.5 $ 4.3
Loan sale margin percentage 2.45 % 2.55 % 3.01 % 2.67 % 3.28 %
Percentage of originations represented by:
Purchase volume (d) 42 % 38 % 47 % 48 % 34 %
Refinance volume 58 % 62 % 53 % 52 % 66 %
Other Information (b)
Customer-related statistics (average)
Non-teller deposit transactions (e) 64 % 64 % 66 % 65 % 66 %
Digital consumer customers (f) 78 % 79 % 80 % 80 % 79 %
Credit-related statistics
Nonperforming assets $ 1,168 $ 1,220 $ 1,220 $ 1,245 $ 1,229
Net charge-offs - loans and leases $ 141 $ 124 $ 82 $ 79 $ 108
Other statistics
ATMs 9,502 9,523 9,572 9,636 8,874
Branches (g) 2,591 2,629 2,712 2,724 2,137
Brokerage account client assets (in billions) (h) $ 74 $ 78 $ 76 $ 83 $ 61

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

(b)Presented as of period end, except for average customer-related statistics and net charge-offs, which are both shown for the three months ended.

(c)Servicing fees net of impact of decrease in MSR value due to passage of time, including the impact from both regularly scheduled loan payments, prepayments, and loans that were paid down or paid off during the period.

(d)Mortgages with borrowers as part of residential real estate purchase transactions.

(e)Percentage of total consumer and business banking deposit transactions processed at an ATM or through our mobile banking application.

(f)Represents consumer checking relationships that process the majority of their transactions through non-teller channels.

(g)Excludes stand-alone mortgage offices and satellite offices (e.g., drive-ups, electronic branches and retirement centers) that provide limited products and/or services.

(h)Includes cash and money market balances.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 16

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

Three months ended
March 31 December 31 September 30 June 30 March 31
Dollars in millions 2022 2021 2021 2021 2021
Income Statement
Net interest income $ 1,160 $ 1,228 $ 1,250 $ 1,092 $ 1,001
Noninterest income 804 1,053 1,056 867 807
Total revenue 1,964 2,281 2,306 1,959 1,808
Provision for (recapture of) credit losses (118) (369) (99) 104 (282)
Noninterest expense 837 975 980 813 711
Pretax earnings 1,245 1,675 1,425 1,042 1,379
Income taxes 285 337 299 229 318
Noncontrolling interests 4 4 3 4 3
Earnings $ 956 $ 1,334 $ 1,123 $ 809 $ 1,058
Average Balance Sheet
Loans held for sale $ 628 $ 539 $ 541 $ 564 $ 691
Loans
Commercial
Commercial and industrial $ 141,622 $ 137,079 $ 134,128 $ 121,232 $ 114,944
Commercial real estate 32,433 33,559 35,368 30,118 27,182
Equipment lease financing 6,099 6,184 6,300 6,332 6,332
Total commercial 180,154 176,822 175,796 157,682 148,458
Consumer 8 12 20 13 9
Total loans $ 180,162 $ 176,834 $ 175,816 $ 157,695 $ 148,467
Total assets $ 200,724 $ 198,874 $ 202,268 $ 181,770 $ 170,531
Deposits
Noninterest-bearing $ 86,178 $ 88,023 $ 85,869 $ 75,570 $ 66,666
Interest-bearing 68,429 72,397 77,247 69,443 69,668
Total deposits $ 154,607 $ 160,420 $ 163,116 $ 145,013 $ 136,334
Performance Ratios
Return on average assets 1.93 % 2.66 % 2.20 % 1.79 % 2.52 %
Noninterest income to total revenue 41 % 46 % 46 % 44 % 45 %
Efficiency 43 % 43 % 42 % 42 % 39 %
Other Information
Consolidated revenue from:
Treasury Management (b) $ 546 $ 560 $ 592 $ 523 $ 494
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (c) $ 16 $ 42 $ 44 $ 29 $ 30
Commercial mortgage loan servicing income (d) 68 90 88 66 90
Commercial mortgage servicing rights valuation, net of economic hedge 13 16 14 33 17
Total $ 97 $ 148 $ 146 $ 128 $ 137
MSR asset value (e) $ 886 $ 740 $ 703 $ 682 $ 702
Average loans by C&IB business
Corporate Banking $ 92,503 $ 87,284 $ 85,208 $ 77,645 $ 74,459
Real Estate 43,213 44,787 47,335 41,188 38,395
Business Credit 26,535 26,065 25,540 22,965 21,552
Commercial Banking 10,045 10,924 13,458 12,513 10,807
Other 7,866 7,774 4,275 3,384 3,254
Total average loans $ 180,162 $ 176,834 $ 175,816 $ 157,695 $ 148,467
Credit-related statistics
Nonperforming assets (e) $ 866 $ 1,007 $ 1,061 $ 1,274 $ 658
Net charge-offs - loans and leases $ (1) $ (1) $ 13 $ 233 $ 44

(a)See note (a) on page 13.

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

(c)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.

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

(e)Presented as of period end.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 17

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

Three months ended
March 31 December 31 September 30 June 30 March 31
Dollars in millions, except as noted 2022 2021 2021 2021 2021
Income Statement
Net interest income $ 138 $ 130 $ 141 $ 112 $ 93
Noninterest income 248 258 256 244 229
Total revenue 386 388 397 356 322
Provision for (recapture of) credit losses 2 (15) (6) 23 (9)
Noninterest expense 251 265 255 219 202
Pretax earnings 133 138 148 114 129
Income taxes 31 32 34 27 30
Earnings $ 102 $ 106 $ 114 $ 87 $ 99
Average Balance Sheet
Loans
Consumer
Residential real estate $ 6,989 $ 6,295 $ 5,727 $ 4,439 $ 3,635
Other consumer 4,541 4,535 4,544 4,190 4,008
Total consumer 11,530 10,830 10,271 8,629 7,643
Commercial 1,848 2,093 2,693 1,415 756
Total loans $ 13,378 $ 12,923 $ 12,964 $ 10,044 $ 8,399
Total assets $ 13,801 $ 13,317 $ 13,805 $ 10,640 $ 8,873
Deposits
Noninterest-bearing $ 3,458 $ 3,025 $ 4,332 $ 2,537 $ 1,754
Interest-bearing 29,830 26,318 24,984 20,894 18,825
Total deposits $ 33,288 $ 29,343 $ 29,316 $ 23,431 $ 20,579
Performance Ratios
Return on average assets 3.00 % 3.16 % 3.28 % 3.28 % 4.52 %
Noninterest income to total revenue 64 % 66 % 64 % 69 % 71 %
Efficiency 65 % 68 % 64 % 62 % 63 %
Other Information
Nonperforming assets (b) $ 72 $ 62 $ 80 $ 85 $ 68
Net charge-offs (recoveries) - loans and leases $ 2 $ 1 $ (1) $ 2
Brokerage account client assets (in billions) (b) $ 5 $ 5 $ 5 $ 5
Client Assets Under Administration (in billions) (b) (c)
Discretionary client assets under management $ 182 $ 192 $ 183 $ 183 $ 173
Nondiscretionary client assets under administration 165 175 170 172 161
Total $ 347 $ 367 $ 353 $ 355 $ 334
Discretionary client assets under management
PNC Private Bank $ 115 $ 123 $ 117 $ 119 $ 110
Institutional Asset Management 67 69 66 64 63
Total $ 182 $ 192 $ 183 $ 183 $ 173

(a)See note (a) on page 13.

(b)As of period end.

(c)Excludes brokerage account client assets.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 18

Glossary of Terms

2019 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).

Adjusted average total assets - Primarily consisted of total average quarterly (or annual) assets plus/less unrealized losses (gains) on investment securities, less goodwill and certain other intangible assets (net of eligible deferred taxes).

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).

BBVA – BBVA USA Bancshares, Inc.

BBVA, S.A. – Banco Bilbao Vizcaya Argentaria, S.A.

BBVA USA – BBVA USA, the Alabama-chartered bank subsidiary of BBVA USA Bancshares, Inc.

BlackRock – BlackRock, Inc.

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.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 19

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.

Effective duration - A measurement, expressed in years, that, when multiplied by a change in interest rates, would approximate the percentage change in value of on- and off- balance sheet positions.

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; Consumer services; Corporate services; Residential mortgage; and Service charges on deposits.

FICO score - A credit bureau-based industry standard score created by Fair Isaac Co. which predicts the likelihood of borrower default. We use FICO scores both in underwriting and assessing credit risk in our consumer lending portfolio. Lower FICO scores indicate likely higher risk of default, while higher FICO scores indicate likely lower risk of default. FICO scores are updated on a periodic basis.

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.

Nonperforming assets - Nonperforming assets include nonperforming loans, OREO and foreclosed 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, including TDRs which have not returned to performing status. 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.

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.

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. To provide more meaningful comparisons of yields and margins for all interest-earning assets, we use interest income on a taxable-equivalent basis in calculating average yields and net interest margins by increasing the interest income earned on tax-exempt assets to make it fully equivalent to

THE PNC FINANCIAL SERVICES GROUP, INC. Page 20

interest income earned on other taxable investments. This adjustment is not permitted under GAAP on the Consolidated Income Statement.

Troubled debt restructuring (TDR) - A loan whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties.

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.

Yield curve - A graph showing the relationship between the yields on financial instruments or market indices of the same credit quality with different maturities. For example, a “normal” or “positive” yield curve exists when long-term bonds have higher yields than short-term bonds. A “flat” yield curve exists when yields are the same for short-term and long-term bonds. A “steep” yield curve exists when yields on long-term bonds are significantly higher than on short-term bonds. An “inverted” or “negative” yield curve exists when short-term bonds have higher yields than long-term bonds.

a1q22earningsslides_8-k

The PNC Financial Services Group First Quarter 2022 Earnings Conference Call April 14, 2022 Exhibit 99.2

Cautionary Statement Regarding Forward-Looking and non-GAAP Financial Information Our earnings conference call presentation is not intended as a full business or financial review and should be viewed in the context of all of the information made available by PNC in its SEC filings and on our corporate website. The presentation contains forward-looking 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 PNC and its future business and operations. Forward- looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. The forward-looking statements in this presentation are qualified by the factors affecting forward-looking statements identified in the more detailed Cautionary Statement included in the Appendix. We provide greater detail regarding these as well as other factors in our 2021 Form 10-K and in our other subsequent SEC filings. Our forward-looking statements may also be subject to risks and uncertainties including those we may discuss in this presentation or in our SEC filings. 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 in this presentation speak only as of the date of this presentation. We do not assume any duty and do not undertake any obligation to update those 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. We include non-GAAP financial information in this presentation. Non-GAAP financial information includes adjusted financial metrics such as fee income, tangible book value, pretax, pre-provision earnings, net interest margin, return on tangible common equity, and other adjusted metrics (including adjustments for merger and integration costs). Reconciliations for such financial information may be found in our presentation, in these slides, including the Appendix, in other materials on our corporate website, and in our SEC filings. This information supplements our results as reported in accordance with GAAP and should not be viewed in isolation from, or as a substitute for, our GAAP results. We believe that this information and the related reconciliations may be useful to investors, analysts, regulators and others to help understand and evaluate our financial results, and with respect to adjusted metrics, because we believe they better reflect the ongoing financial results and trends of our businesses and increase comparability of period-to-period results. We may also use annualized, pro forma, estimated or third party numbers for illustrative or comparative purposes only. These may not reflect actual results. References to our corporate website are to www.pnc.com under “About Us - Investor Relations.” Our SEC filings are available both on our corporate website and on the SEC’s website at www.sec.gov. We include web addresses here as inactive textual references only. Information on these websites is not part of this presentation. 1

First Quarter 2022 Highlights 2− Adjusted metrics are calculated without the impact of $31 million in pre-tax integration costs. The following items are non-GAAP, and reconciliations of these items can be found in the appendix: ROTCE (Return on Average Tangible Common Equity), adjusted ROTCE, adjusted EPS, adjusted ROA (Return on Average Assets), and adjusted ROE (Return on Average Common Equity).  Solid financial performance – Deployed liquidity by growing loans, purchasing securities and paying down borrowings – Maintained strong credit quality and released additional reserves – Strong momentum in legacy BBVA USA geographies – Expenses were well-controlled – Positioned the balance sheet for rising rates by moving certain securities into held-to-maturity – Announced a quarterly dividend of $1.50 on April 1st, an increase of 20% due to our strong capital position Adjusted (non-GAAP) Reported ROA ROE ROTCE Efficiency 1.05% 11.64% 15.21% 68% EPS $3.23 1.07% 11.85% 15.48% 67% $3.29

Balance Sheet: Deployed Liquidity into Loans and Securities 3 1Q22 vs. 4Q21 1Q22 vs. 1Q21 Average balances; $ billions 1Q22 $ Chg. % Chg. $ Chg. % Chg. Total loans $290.7 $1.8 1% $52.6 22% Total loans excluding PPP loans $288.2 $4.0 1% $62.7 28% Investment securities $133.9 $6.1 5% $47.5 55% Federal Reserve Bank (FRB) balances $62.3 ($12.8) (17%) ($22.9) (27%) Deposits $453.3 $0.5 0% $87.9 24% Borrowed funds $30.3 ($4.0) (12%) ($4.9) (14%) Common shareholders’ equity $47.4 ($3.0) (6%) ($2.4) (5%) 1Q22 4Q21 Chg. 1Q21 Chg. Basel III common equity Tier 1 (CET1) capital ratio 9.9% 10.3% (40) bps 12.6% (270) bps Tangible book value per common share (non-GAAP) $79.68 $94.11 (15%) $96.57 (17%) − Basel III common equity Tier 1 capital ratio – March 31, 2022 ratio is estimated. Details of the calculation are in the capital ratios table in the financial highlights section of the earnings release. − Tangible book value per common share (non-GAAP) – See reconciliation in appendix.

Balance Sheet: Supporting Customers as Loan Demand Returns 4 +$0.9 +$6.8 ($1.6) $288.4 $294.5 280 282 284 286 288 290 292 294 296 12/31/21 Consumer Commercial PPP 3/31/22 Av er ag e ba la nc es , $ b ill io ns c Spot Loans Linked Quarter Growth of 2% Sp ot b al an ce s, $ b ill io ns Average Loans Linked Quarter Growth of 1% PPP Forgiveness Commercial LoansConsumer Loans $73.2 $95.1 $95.1 $164.9 $193.8 $195.6 $238.1 $288.9 $290.7 3.38% 3.32% 3.19% 0.00 % 1.00 % 2.00 % 3.00 % 4.00 % 5.00 % 6.00 % 7.00 % 0 50 100 150 200 250 300 1Q21 4Q21 1Q22 Consumer Commercial Average Loan Yield Residential Mortgage growth offset declines in Auto and Credit Card lending Strong growth in Corporate Banking and Asset-Based Lending Remaining PPP balances are $1.8 billion at 3/31/22

Balance Sheet: High Quality Low Cost Deposit Base 5 ($10.2) +$3.1 $457.3 $450.2 430 435 440 445 450 455 460 12/31/21 NIB IB 3/31/22 c Spot Deposits Loan to Deposit Ratio of 65% Remains Historically Low Sp ot b al an ce s, $ b ill io ns Average Deposits Seasonal Growth in Consumer Interest-Bearing Deposits Consumer Deposits Commercial Deposits $113.3 $156.6 $153.7 $252.1 $296.2 $299.6 $365.4 $452.8 $453.3 0.06% 0.04% 0.04% -0 .10% -0 .05% 0.00 % 0.05 % 0.10 % 0.15 % -3 5 15 65 115 165 215 265 315 365 415 465 1Q21 4Q21 1Q22 Noninterest-bearing Interest-bearing Average Deposit Rate Seasonally higher balances from tax refunds Seasonally lower balances as corporates deploy cash Av er ag e ba la nc es , $ b ill io ns

Balance Sheet: Strategically Deploying Liquidity as Rates Rise 6 Average Securities and Federal Reserve Bank Balances $85.2 $78.3 $80.1 $75.1 $62.3 $86.4 $108.5 $120.6 $127.8 $133.9 1.34% 1.59% 1.32% 1.53% 1.95% 0.00 % 1.00 % 2.00 % 3.00 % 4.00 % 5.00 % 6.00 % 7.00 % 8.00 % 0 20 40 60 80 100 120 140 160 1Q21 2Q21 3Q21 4Q21 1Q22 FRB Balances Securities Average 10-Yr Treasury Yield Average Securities as a Percentage of Average Interest Earning Assets 27% − FRB - Federal Reserve Bank Av er ag e ba la nc es , $ b ill io ns

Balance Sheet: Strategically Deploying Liquidity as Rates Rise 7 +$5.8 ($6.4)$133.0 $132.4 100 105 110 115 120 125 130 135 140 12/31/21 Purchases Valuation 3/31/22 Fair Value Adjustment Net Purchase Activity − YoY – Year-over-Year. − Net purchase activity represents securities purchases net of selling and partial call activity, maturities, accretion, amortization prepayments and trade date activity. − Fair value adjustment includes the write-down on the transfer of securities from the available-for-sale portfolio to the held-to-maturity portfolio. Spot Securities Impacted by Rising Rates Sp ot b al an ce s, $ b ill io ns Av er ag e ba la nc es , $ b ill io ns Composition of Securities Portfolio: 1Q22 Average Portfolio is High-Quality and Short Duration $133.9 billion $68.6 +47% YoY Residential Mortgage- Backed $48.4 +109% YoY U.S. Treasury & Govt. Agencies $11.7 +11% YoY Commercial Mortgage- Backed Asset-Backed & Other $5.2 (16%) YoY

Income Statement: Solid Results and Further Provision Recapture 8 − Non-GAAP reconciliations in the appendix slides. − Integration costs include integration expense of $15 million, $391 million, and $6 million in 1Q22, 4Q21, and 1Q21 and contra-revenue of ($16) million, ($47) million, and $0 million in 1Q22, 4Q21 and 1Q21. − Net interest margin is calculated using taxable-equivalent net interest income, a non-GAAP measure, a reconciliation of which is provided in the appendix. % Chg. 1Q22 vs. $ millions 1Q22 4Q21 1Q21 4Q21 1Q21 Revenue $4,692 $5,127 $4,220 (8%) 11% Noninterest expense 3,172 3,791 2,574 (16%) 23% Pretax, pre-provision earnings (non-GAAP) $1,520 $1,336 $1,646 14% (8%) Integration costs 31 438 6 (93%) n/m Pretax, pre-provision earnings ex. integration costs (non-GAAP) $1,551 $1,774 $1,652 (13%) (6%) Provision for (recapture of) credit losses ($208) ($327) ($551) n/m n/m Income tax $299 $357 $371 (16%) (19%) Net income $1,429 $1,306 $1,826 9% (22%) Noninterest income to total revenue 40% 44% 44% (4 ppt) (4 ppt) Net interest margin 2.28% 2.27% 2.27% 1 bp 1 bp Diluted EPS $3.23 $2.86 $4.10 13% (21%) Diluted EPS ex. integration costs (non-GAAP) $3.29 $3.68 $4.11 (11%) (20%)

Income Statement: Diversified Business Mix 9 Total Revenue Net Interest Margin Poised To Move Higher With Rate Hikes $1,872 $2,265 $1,888 $2,348 $2,862 $2,804$4,220 $5,127 $4,692 2.27% 2.27% 2.28% 2.00 % 2.10 % 2.20 % 2.30 % 2.40 % 2.50 % 0 100 0 200 0 300 0 400 0 500 0 600 0 1Q21 4Q21 1Q22 Noninterest Income Net Interest Income Net Interest Margin Details of Revenue Lower Capital Markets Revenue Pressured Noninterest Income 1Q22 vs. 4Q21 $ millions 1Q22 4Q21 $ Chg. % Chg. Net interest income $2,804 $2,862 ($58) (2%) Asset management and brokerage $377 $385 ($8) (2%) Capital markets related 252 460 (208) (45%) Card and cash management 620 646 (26) (4%) Lending and deposit services 269 273 (4) (1%) Residential and commercial mortgage 159 209 (50) (24%) Fee income $1,677 $1,973 ($296) (15%) Other noninterest income 211 292 (81) (28%) Noninterest income $1,888 $2,265 ($377) (17%) Integration costs (contra-revenue) $16 $47 ($31) (66%) Noninterest income ex. integration costs $1,904 $2,312 ($408) (18%) $ m ill io ns − Net interest margin is calculated using taxable-equivalent net interest income, a non-GAAP measure, a reconciliation of which is provided in the appendix. − Effective for the first quarter of 2022, the presentation of the components of noninterest income has been recategorized. A description of the updated categories can be found in PNC’s 3/31/22 8-K. − Integration costs (contra-revenue) of $16 million in 1Q22 and $47 million in 4Q21 included $14 million and $28 million in fee income and $2 million and $19 million of other noninterest income, respectively.

Income Statement: Focused On Controlling Expenses 10 $2,568 $2,949 $3,352 $3,400 $3,157 $2,574 $3,050 $3,587 $3,791 $3,172 1Q21 2Q21 3Q21 4Q21 1Q22 Noninterest Expense ex. Integration Expense Integration Expense Noninterest Expense Linked Quarter Decline Includes Impact of Cost Saves and Softer Fees Noninterest Expense ex. Integration Expense 1Q22 vs. 4Q21 $ millions 1Q22 4Q21 $ Chg. % Chg. Personnel $1,717 $1,922 ($205) (11%) Occupancy 257 255 2 1% Equipment 331 362 (31) (9%) Marketing 61 65 (4) (6%) Other 791 796 (5) (1%) Total $3,157 $3,400 ($243) (7%) − Noninterest expense included integration expense of $15 million, $391 million, $235 million, $101 million, and $6 million in 1Q22, 4Q21, 3Q21, 2Q21, and 1Q21 respectively. $ m ill io ns

Credit: Strong Credit Quality Performance 11 − NCOs / Average Loans represent annualized net charge-offs (NCO) to average loans for the three months ended. − Delinquencies represent accruing loans past due 30 days or more. Delinquencies to Total Loans represent delinquencies divided by spot loans. − Under the CARES Act credit reporting rules, certain loans modified due to pandemic-related hardships were considered current and not reported as past due for the dates shown. $1,146 $1,375 $1,469 $1,985 $1,699 3/31/21 6/30/21 9/30/21 12/31/21 3/31/22 $2,138 $2,779 $2,528 $2,480 $2,298 3/31/21 6/30/21 9/30/21 12/31/21 3/31/22 $ m ill io ns Nonperforming Loans (NPL) Delinquencies Net Charge-Offs $137$146 $306 $81 $124 3/31/21 6/30/21 9/30/21 12/31/21 3/31/22 Credit Quality Metrics 1Q21 2Q21 3Q21 4Q21 1Q22 NPLs / Total Loans (Period End) 0.90% 0.94% 0.87% 0.86% 0.78% Delinquencies / Total Loans (Period End) 0.48% 0.47% 0.51% 0.69% 0.58% NCOs / Average Loans 0.25% 0.48% 0.11% 0.17% 0.19% Allowance for Credit Losses to Total Loans 2.20% 2.16% 2.07% 1.92% 1.76% Pre-BBVA USA Pre-BBVA USA Pre-BBVA USA

Outlook: Second Quarter 2022 Compared to First Quarter 2022 12 − Refer to Cautionary Statement in the Appendix, including economic and other assumptions. Does not take into account impact of potential legal and regulatory contingencies. − Average loans, net interest income, noninterest income, revenue, and noninterest expense outlooks represent estimated percentage change for second quarter 2022 compared to the respective first quarter 2022 figure presented in the table above. − The range for noninterest income excludes net securities gains and activities related to Visa Class B common shares. ($ millions; except average loans, $ billions) 1Q22 2Q22 Guidance Average loans $290.7 Up 2 – 3% Net interest income $2,804 Up 10 – 12% Noninterest income $1,888 Up 6 – 8% Revenue $4,692 Up 9 – 11% Noninterest expense $3,172 Up 3 – 5% Net charge-offs $137 $125 - $175 million

Outlook: Full Year 2022 Compared to Full Year 2021 13 − Refer to Cautionary Statement in the Appendix, including economic and other assumptions. Does not take into account impact of potential legal and regulatory contingencies. − Average loans, period-end loans, revenue, and noninterest expense excluding integration expense outlooks represent estimated percentage change for full year 2022 compared to the respective full year 2021 figure presented in the table above. − Noninterest expense excluding integration expense (non-GAAP) – See the reconciliation in the appendix. ($ millions; except loans, $ billions) 2021 2022 Guidance Average loans $268.7 Up approximately 10% Period-end loans (as of 12/31/21) $288.4 Up approximately 5% Revenue $19,211 Up 9 – 11% Noninterest expense excl. integration expense (non-GAAP) $12,269 Up 4 – 6% Effective tax rate 18.1% 19%

Appendix: Cautionary Statement Regarding Forward-Looking Information 14 This presentation includes “snapshot” information about PNC used by way of illustration and is not intended as a full business or financial review. It should not be viewed in isolation but rather in the context of all of the information made available by PNC in its SEC filings. We also make statements in this presentation, 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 PNC and its future business and operations 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, and 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 tariffs and other trade policies of the U.S. and its global trading partners, − The length and extent of the economic impacts of the COVID-19 pandemic, − Impacts of changes in federal, state and local governmental policy, including on the regulatory landscape, capital markets, taxes, infrastructure spending and social programs, and − Commodity price volatility.

Appendix: Cautionary Statement Regarding Forward-Looking Information 15  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 and do not take into account potential legal and regulatory contingencies. These statements are based on our view that: − The U.S. economy continues to recover from the pandemic-caused recession in the first half of 2020. Growth is likely to remain above the economy’s long-run average throughout this year. Consumer spending growth will remain solid in 2022 due to good underlying fundamentals. − Supply-chain difficulties will gradually ease over the course of 2022. Labor shortages will remain a constraint this year, although strong wage growth will support consumer spending. − Inflation accelerated in the second half of 2021 to its fastest pace in decades due to strong demand but limited supplies coming out of the pandemic for some goods and services. Higher energy prices are adding to inflationary pressures in the first half of 2022. Inflation will slow in the second half of 2022 as pandemic-related supply and demand imbalances recede and energy prices stabilize. However, inflation will also broaden throughout the economy due to wage growth. Inflation will end 2022 above the Federal Reserve’s long-run objective of 2%. − PNC expects the Federal Open Market Committee (FOMC) to raise the federal funds rate by 0.50% in May, 0.25% in June, 0.50% in July, 0.25% in September and 0.25% in December to reach a range of 2.00% to 2.25% by the end of the year. The FOMC will then further increase the federal funds rate in 2023. Also, the Federal Reserve will start to reduce its balance sheet in the next few months. − Uncertainty about the outlook has increased with the Russian invasion of Ukraine. It has created upside risk to inflation this year, which could lead the FOMC to tighten more aggressively than currently anticipated. In addition, risks to growth are to the downside. The likelihood of a recession in late 2022 or 2023 has increased.  PNC's ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding 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, the company’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.  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 management. These developments could include: − Changes to laws and regulations, including changes affecting oversight of the financial services industry, consumer protection, bank capital and liquidity standards, pension, bankruptcy and other industry aspects, and changes in accounting policies and principles. − Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries. These matters may result in monetary judgments or settlements or other remedies, including fines, penalties, restitution or alterations in our business practices, and in additional expenses and collateral costs, and may cause reputational harm to PNC.

Appendix: Cautionary Statement Regarding Forward-Looking Information 16 − Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies. − Impact on business and operating results of any 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.  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, and the integration of the acquired businesses into PNC after closing. Many of these risks and uncertainties are present in our acquisition and integration of BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA.  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 natural and other disasters, pandemics, dislocations, terrorist activities, system failures, security breaches, cyberattacks or international hostilities through impacts on the economy and financial markets generally or on us or our counterparties specifically. We provide greater detail regarding these as well as other factors in our 2021 Form 10-K, 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 presentation 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.

Appendix: Well-Reserved for the Current Environment 17 Allowance for Credit Losses (ACL) $ m ill io ns ($104) ($229)$5,530 $5,197 1.92% 1.76% 0.00 % 0.50 % 1.00 % 1.50 % 2.00 % 2.50 % 3.00 % 3.50 % 4.00 % 0 100 0 200 0 300 0 400 0 500 0 600 0 700 0 800 0 6/30/2021 Portfolio Econ 9/30/2021 Portfolio Changes Economic / Qualitative Factors − ACL is Allowance for Loan and Lease Losses plus Allowance for Unfunded Lending Related Commitments, and excludes Allowances for Investment Securities and Other Financial Assets. − Portfolio Changes primarily represent the impact of increases / decreases in loan balances, age and mix due to new originations / purchases, as well as credit quality and net charge-off activity. − Economic / Qualitative Factors primarily represent our evaluation and determination of an economic forecast applied to our loan portfolio, as well as updates to qualitative factor adjustments. ACL to Total Loans ACL to Total Loans ACL 12/31/21 ACL 3/31/22

Appendix: Integration Costs Incurred Since Announcement 18 Acquisition Integration Cost Update Approximately 98% of Integration Costs Incurred as of 3/31/22 Total Since Announcement$ millions 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Write-offs $--- $--- $120 $--- $--- $--- $120 Contra-revenue Fee income $--- $--- $--- $--- $28 $14 $42 Other noninterest income --- --- 10 8 19 2 39 Total contra-revenue $--- $--- $10 $8 $47 $16 $81 Noninterest expense Personnel $--- $--- $24 $140 $116 $--- $280 Occupancy --- 3 --- 1 5 1 10 Equipment --- --- --- 5 75 --- 80 Marketing --- --- --- 13 32 --- 45 Other 7 3 77 76 163 14 340 Total noninterest expense $7 $6 $101 $235 $391 $15 $755 Total integration costs incurred $7 $6 $231 $243 $438 $31 $956

Appendix: Non-GAAP to GAAP Reconciliation 19 Return On Average Tangible Common Equity (non-GAAP) For the three months ended $ millions Mar. 31, 2022 Dec. 31, 2021 Mar. 31, 2021 Return on average common shareholders’ equity 11.64% 9.61% 14.31% Average common shareholders’ equity $47,415 $50,375 $49,842 Average goodwill and other intangible assets (11,395) (11,403) (9,448) Average deferred tax liabilities on goodwill and other intangible assets 270 274 189 Average tangible common equity $36,290 $39,246 $40,583 Net income attributable to common shareholders $1,361 $1,220 $1,758 Net income attributable to common shareholders, if annualized $5,520 $4,840 $7,130 Return on average tangible common equity (non-GAAP) 15.21% 12.33% 17.57% Return on average tangible common equity is a non-GAAP financial measure and is calculated based on annualized net income attributable to common shareholders divided by tangible common equity. We believe that return on average tangible common equity is useful as a tool to help measure and assess a company's use of common equity.

Appendix: Non-GAAP to GAAP Reconciliation 20 Tangible Book Value per Common Share (non-GAAP) For the three months ended $ millions, except per share data Mar. 31, 2022 Dec. 31, 2021 Mar. 31, 2021 Book value per common share $106.47 $120.61 $118.47 Tangible book value per common share Common shareholders’ equity $44,170 $50,685 $50,331 Goodwill and other intangible assets (11,383) (11,406) (9,489) Deferred tax liabilities on goodwill and other intangible assets 269 270 189 Tangible common shareholders' equity $33,056 $39,549 $41,031 Period-end common shares outstanding (in millions) 415 420 425 Tangible book value per common share (non-GAAP) $79.68 $94.11 $96.57 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.

Appendix: Non-GAAP to GAAP Reconciliation 21 Adjusted Income Statement Results (non-GAAP) For the three months ended $ millions Mar. 31, 2022 Dec. 31, 2021 Mar. 31, 2021 Net interest income $2,804 $2,862 $2,348 Noninterest income 1,888 2,265 1,872 Total Revenue $4,692 $5,127 $4,220 Noninterest expense 3,172 3,791 2,574 Pretax, pre-provision earnings (non-GAAP) $1,520 $1,336 $1,646 Provision for (recapture of) credit losses (208) (327) (551) Income taxes 299 357 371 Net income $1,429 $1,306 $1,826 Net income attributable to diluted common shareholders $1,355 $1,214 $1,750 Integration costs pre-tax $31 $438 $6 Taxes related to integration costs 7 92 1 Integration costs after tax $24 $346 $5 Adjusted net income attrib. to diluted common shares ex. integration costs (non-GAAP) $1,379 $1,560 $1,755 Diluted weighted-average common shares outstanding 420 424 426 Diluted EPS ex. integration costs (non-GAAP) $3.29 $3.68 $4.11 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 (recapture of) credit losses, which can vary significantly between periods. Additionally, we believe that adjusted net income attributable to diluted common shareholders excluding integration costs and diluted EPS excluding integration costs serve as useful tools in understanding PNC's results by providing greater comparability between periods, as well as demonstrating the effect of significant items. − Income taxes related to integration costs reflect the statutory tax rate of 21%.

Appendix: Non-GAAP to GAAP Reconciliation 22 Taxable-Equivalent Net Interest Income (non-GAAP) For the three months ended $ millions Mar. 31, 2022 Dec. 31, 2021 Sept. 30, 2021 June 30, 2021 Mar. 31, 2021 Net interest income $2,804 $2,862 $2,856 $2,581 $2,348 Taxable-equivalent adjustments 22 22 22 15 15 Net interest income - fully taxable-equivalent (non-GAAP) $2,826 $2,884 $2,878 $2,596 $2,363 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 and net interest income shown elsewhere in this presentation is GAAP net interest income.

Appendix: Non-GAAP to GAAP Reconciliation 23 Noninterest Expense excluding Integration Expense and Adjusted Efficiency (non-GAAP) For the three months ended For the year ended $ millions Mar. 31, 2022 Dec. 31, 2021 Mar. 31, 2021 Dec. 31, 2021 Noninterest expense $3,172 $3,791 $2,574 $13,002 Integration expense (15) (391) (6) (733) Noninterest expense excluding integration expense (non-GAAP) $3,157 $3,400 $2,568 $12,269 Revenue $4,692 $5,127 $4,220 $19,211 Integration costs – contra-revenue (16) (47) --- (65) Revenue excluding integration cost – contra-revenue (non-GAAP) $4,708 $5,174 $4,220 $19,276 Efficiency ratio 68% 74% 61% 68% Adjusted efficiency ratio (non-GAAP) 67% 66% 61% 64% We believe that noninterest expense excluding integration expense is a useful tool for the purposes of evaluating and guiding for future expenses that are operational in nature and expected to recur over time as opposed to those related to the integration of BBVA USA. While we expect to have more integration expense as the process continues, these costs are not core to the operation of our business on a forward basis. Also, we believe that noninterest expense excluding integration expense and adjusted efficiency serve as useful tools in understanding PNC's results by providing greater comparability between periods, demonstrating the effect of significant items, and providing useful measures for determining PNC's revenue and expenses that are core to our business operations and expected to recur over time.

Appendix: Non-GAAP to GAAP Reconciliation 24 Adjusted Metrics (non-GAAP) For the three months ended Mar. 31, 2022 $ millions, except for ratios and EPS Reported (j) Integration Costs (k) Adjusted (j-k) (non-GAAP) Total revenue (a) $4,692 ($16) $4,708 Noninterest expense (b) 3,172 15 3,157 Pretax, pre-provision earnings (non-GAAP) $1,520 ($31) $1,551 Provision for (recapture of) credit losses (208) --- (208) Income before income taxes $1,728 ($31) $1,759 Income taxes (benefit) 299 (7) 306 Net income $1,429 ($24) $1,453 Net income, if annualized (c) $5,796 ($97) $5,893 Net income attributable to common shareholders $1,361 ($24) $1,385 Net income attributable to common shareholders, if annualized (d) $5,520 ($97) $5,617 Net income attributable to diluted common shareholders (e) $1,355 ($24) $1,379 Average assets (f) $550,096 --- $550,096 Average common shareholders’ equity (g) $47,415 --- $47,415 Average tangible common shareholders’ equity (h) $36,290 --- $36,290 Diluted weighted-average common shares outstanding (i) 420 --- 420 Return on average assets “ROA” (c/f) 1.05% 1.07% Return on average common shareholders’ equity “ROE” (d/g) 11.64% 11.85% Return on average tangible common shareholders’ equity “ROTCE” (d/h) 15.21% 15.48% Diluted earnings per share (e/i) $3.23 ($0.06) $3.29 Efficiency ratio (b/a) 68% 67% We believe these non-GAAP measures serve as useful tools in understanding PNC's results by providing greater comparability with prior periods, as well as demonstrating the effect of significant one-time items. − Income taxes related to integration costs reflect the statutory tax rate of 21%. Diluted weighted-average common shares outstanding of 420 million were used in the calculation of diluted earnings per share for integration costs.

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