Equibles

8-K

PNC FINANCIAL SERVICES GROUP, INC. (PNC)

8-K 2022-01-18 For: 2022-01-18
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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

January 18, 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 January 18, 2022, The PNC Financial Services Group, Inc. (“the Corporation”) issued a press release regarding the Corporation’s earnings and business results for fourth quarter and full year 2021. 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 January 18, 2022, the Corporation held a conference call for investors regarding the Corporation’s earnings and business results for fourth quarter and full year 2021. 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 Fourth Quarter 2021 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: January 18, 2022 By: /s/ Gregory H. Kozich
Gregory H. Kozich
Senior Vice President and Controller

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Document

Exhibit 99.1

pncbanklogoa18.jpg

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2021

(Unaudited)

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

FOURTH QUARTER 2021

(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 January 18, 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.

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 results for the year ended 2021 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 December 31, 2021, September 30, 2021 and June 30, 2021 include BBVA's balances.

DISCONTINUED OPERATIONS

On May 15, 2020, PNC completed the sale of its 31.6 million shares of BlackRock, Inc., common and preferred stock through a registered secondary offering. In addition, BlackRock repurchased 2.65 million shares from PNC. The total proceeds from the sale were $14.2 billion in cash, net of $0.2 billion in expenses, and resulted in a gain on sale of $4.3 billion. Additionally, PNC contributed 500,000 BlackRock shares to the PNC Foundation on May 18, 2020. As a result, PNC has divested its entire holding in BlackRock. PNC and its affiliates only hold shares of BlackRock stock in a fiduciary capacity for clients of PNC and its affiliates. Activity for BlackRock for all periods presented on the Consolidated Income Statement have been reclassified to discontinued operations in accordance with Accounting Standard Codification (ASC) 205-20, Presentation of Financial Statements - Discontinued Operations.

THE PNC FINANCIAL SERVICES GROUP, INC.
Cross Reference Index to Fourth Quarter 2021 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 Year ended
December 31 September 30 June 30 March 31 December 31 December 31 December 31
In millions, except per share data 2021 2021 2021 2021 2020 2021 2020
Interest Income
Loans $ 2,414 $ 2,437 $ 2,160 $ 1,996 $ 2,074 $ 9,007 $ 8,927
Investment securities 484 460 469 421 442 1,834 2,041
Other 77 78 72 66 60 293 339
Total interest income 2,975 2,975 2,701 2,483 2,576 11,134 11,307
Interest Expense
Deposits 27 29 30 40 53 126 643
Borrowed funds 86 90 90 95 99 361 718
Total interest expense 113 119 120 135 152 487 1,361
Net interest income 2,862 2,856 2,581 2,348 2,424 10,647 9,946
Noninterest Income
Asset management 251 248 239 226 221 964 836
Consumer services 508 496 457 384 387 1,845 1,484
Corporate services 839 842 688 555 650 2,924 2,167
Residential mortgage 101 147 103 105 99 456 604
Service charges on deposits 126 159 131 119 134 535 500
Other (a) 440 449 468 483 293 1,840 1,364
Total noninterest income 2,265 2,341 2,086 1,872 1,784 8,564 6,955
Total revenue 5,127 5,197 4,667 4,220 4,208 19,211 16,901
Provision For (Recapture of) Credit Losses (327) (203) 302 (551) (254) (779) 3,175
Noninterest Expense
Personnel 2,038 1,986 1,640 1,477 1,521 7,141 5,673
Occupancy 260 248 217 215 215 940 826
Equipment 437 355 326 293 296 1,411 1,176
Marketing 97 103 74 45 64 319 236
Other 959 895 793 544 612 3,191 2,386
Total noninterest expense 3,791 3,587 3,050 2,574 2,708 13,002 10,297
Income from continuing operations before income taxes and noncontrolling interests 1,663 1,813 1,315 2,197 1,754 6,988 3,429
Income taxes from continuing operations 357 323 212 371 298 1,263 426
Net income from continuing operations 1,306 1,490 1,103 1,826 1,456 5,725 3,003
Income from discontinued operations before taxes 5,777
Income taxes from discontinued operations 1,222
Net income from discontinued operations 4,555
Net income 1,306 1,490 1,103 1,826 1,456 5,725 7,558
Less: Net income attributable to noncontrolling interests 13 16 12 10 14 51 41
Preferred stock dividends (b) 71 57 48 57 48 233 229
Preferred stock discount accretion and <br>    redemptions 2 1 1 1 1 5 4
Net income attributable to common shareholders $ 1,220 $ 1,416 $ 1,042 $ 1,758 $ 1,393 $ 5,436 $ 7,284
Earnings Per Common Share
Basic earnings from continuing operations $ 2.87 $ 3.31 $ 2.43 $ 4.11 $ 3.26 $ 12.71 $ 6.37
Basic earnings from discontinued operations 10.62
Total basic earnings $ 2.87 $ 3.31 $ 2.43 $ 4.11 $ 3.26 $ 12.71 $ 16.99
Diluted earnings from continuing operations $ 2.86 $ 3.30 $ 2.43 $ 4.10 $ 3.26 $ 12.70 $ 6.36
Diluted earnings from discontinued operations 10.60
Total diluted earnings $ 2.86 $ 3.30 $ 2.43 $ 4.10 $ 3.26 $ 12.70 $ 16.96
Average Common Shares Outstanding
Basic 424 426 427 426 425 426 427
Diluted 424 426 427 426 426 426 427
Efficiency 74 % 69 % 65 % 61 % 64 % 68 % 61 %
Noninterest income to total revenue 44 % 45 % 45 % 44 % 42 % 45 % 41 %
Effective tax rate from continuing operations (c) 21.5 % 17.8 % 16.1 % 16.9 % 17.0 % 18.1 % 12.4 %

(a)Includes net gains on sales of securities of $14 million, $15 million, $10 million, $25 million, and $51 million for the quarters ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $64 million and $305 million for the twelve months ended December 31, 2021 and December 31, 2020, 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)

September 30 June 30 March 31 December 31
In millions, except par value 2021 2021 2021 2020
Assets
Cash and due from banks 8,004 $ 8,843 $ 8,724 $ 7,455 $ 7,017
Interest-earning deposits with banks (a) 75,478 72,447 86,161 85,173
Loans held for sale (b) 2,121 2,227 1,967 1,597
Investment securities – available for sale 124,127 125,058 96,799 87,358
Investment securities – held to maturity 1,479 1,485 1,456 1,441
Loans (b) 290,230 294,704 237,013 241,928
Allowance for loan and lease losses (5,355) (5,730) (4,714) (5,361)
Net loans 284,875 288,974 232,299 236,567
Equity investments 7,737 7,521 6,386 6,052
Mortgage servicing rights 1,833 1,793 1,680 1,242
Goodwill 10,885 10,958 9,317 9,233
Other (b) 36,137 35,025 30,894 30,999
Total assets 558,448 $ 553,515 $ 554,212 $ 474,414 $ 466,679
Liabilities
Deposits
Noninterest-bearing 155,175 $ 156,305 $ 154,190 $ 120,641 $ 112,637
Interest-bearing 292,597 298,693 254,426 252,708
Total deposits 448,902 452,883 375,067 365,345
Borrowed funds
Federal Home Loan Bank borrowings 1,500 3,500
Bank notes and senior debt 22,993 24,408 22,139 24,271
Subordinated debt 7,074 7,120 6,241 6,403
Other (b) 3,404 3,285 3,150 3,021
Total borrowed funds 33,471 34,813 33,030 37,195
Allowance for unfunded lending related commitments 646 645 507 584
Accrued expenses and other liabilities 14,199 11,186 11,931 9,514
Total liabilities 497,218 499,527 420,535 412,638
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 17,453 15,928 15,879 15,884
Retained earnings 49,541 48,663 48,113 46,848
Accumulated other comprehensive income 1,079 1,463 1,290 2,770
Common stock held in treasury at cost: 123, 120, 118, 118, and 119 shares (14,527) (14,140) (14,146) (14,205)
Total shareholders’ equity 56,259 54,627 53,849 54,010
Noncontrolling interests 38 58 30 31
Total equity 56,297 54,685 53,879 54,041
Total liabilities and equity 558,448 $ 553,515 $ 554,212 $ 474,414 $ 466,679

All values are in US Dollars.

(a)Amounts include balances held with the Federal Reserve Bank of $73.8 billion, $75.1 billion, $71.9 billion, $85.8 billion and $84.9 billion as of December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively.

(b)Amounts include assets and liabilities for which PNC has elected the fair value option. Our 2021 Form 10-Qs included, and our 2021 Form 10-K 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) | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Three months ended | | | | | | | | | | Year ended | | | | | | December 31 | | September 30 | | June 30 | | March 31 | | December 31 | | December 31 | | December 31 | | | In millions | 2021 | | 2021 | | 2021 | | 2021 | | 2020 | | 2021 | | 2020 | | | Assets | | | | | | | | | | | | | | | | Interest-earning assets: | | | | | | | | | | | | | | | | Investment securities | | | | | | | | | | | | | | | | Securities available for sale | | | | | | | | | | | | | | | | Residential mortgage-backed | | | | | | | | | | | | | | | | Agency | $ | 64,521 | $ | 63,163 | $ | 56,042 | $ | 45,298 | $ | 48,036 | $ | 57,325 | $ | 50,594 | | Non-agency | 974 | | 1,051 | | 1,142 | | 1,236 | | 1,337 | | 1,100 | | 1,480 | | | Commercial mortgage-backed | 5,538 | | 6,134 | | 6,465 | | 6,241 | | 6,568 | | 6,093 | | 6,865 | | | Asset-backed | 6,206 | | 5,608 | | 5,855 | | 5,304 | | 5,017 | | 5,745 | | 5,090 | | | U.S. Treasury and government agencies | 44,415 | | 38,149 | | 32,419 | | 22,309 | | 18,783 | | 34,394 | | 17,234 | | | Other | 4,741 | | 4,994 | | 5,107 | | 4,561 | | 4,561 | | 4,852 | | 4,564 | | | Total securities available for sale | 126,395 | | 119,099 | | 107,030 | | 84,949 | | 84,302 | | 109,509 | | 85,827 | | | Securities held to maturity | | | | | | | | | | | | | | | | Asset-backed | | | | | | | | | | | | | 18 | | | U.S. Treasury and government agencies | 812 | | 807 | | 802 | | 797 | | 793 | | 805 | | 786 | | | Other | 642 | | 680 | | 671 | | 650 | | 650 | | 660 | | 648 | | | Total securities held to maturity | 1,454 | | 1,487 | | 1,473 | | 1,447 | | 1,443 | | 1,465 | | 1,452 | | | Total investment securities | 127,849 | | 120,586 | | 108,503 | | 86,396 | | 85,745 | | 110,974 | | 87,279 | | | Loans | | | | | | | | | | | | | | | | Commercial and industrial | 152,355 | | 152,964 | | 137,892 | | 129,996 | | 134,944 | | 143,389 | | 139,254 | | | Commercial real estate | 35,256 | | 37,054 | | 31,611 | | 28,598 | | 28,991 | | 33,159 | | 28,765 | | | Equipment lease financing | 6,183 | | 6,300 | | 6,332 | | 6,332 | | 6,380 | | 6,286 | | 6,812 | | | Consumer | 56,244 | | 57,533 | | 52,575 | | 50,904 | | 52,872 | | 54,338 | | 55,423 | | | Residential real estate | 38,872 | | 37,475 | | 27,197 | | 22,305 | | 22,638 | | 31,524 | | 22,379 | | | Total loans | 288,910 | | 291,326 | | 255,607 | | 238,135 | | 245,825 | | 268,696 | | 252,633 | | | Interest-earning deposits with banks (b) | 75,377 | | 80,274 | | 78,522 | | 85,410 | | 76,374 | | 79,869 | | 47,333 | | | Other interest-earning assets | 9,112 | | 9,113 | | 8,079 | | 7,829 | | 8,134 | | 8,539 | | 9,553 | | | Total interest-earning assets | 501,248 | | 501,299 | | 450,711 | | 417,770 | | 416,078 | | 468,078 | | 396,798 | | | Noninterest-earning assets | 59,032 | | 57,943 | | 53,718 | | 50,450 | | 48,901 | | 55,317 | | 52,497 | | | Total assets | $ | 560,280 | $ | 559,242 | $ | 504,429 | $ | 468,220 | $ | 464,979 | $ | 523,395 | $ | 449,295 | | Liabilities and Equity | | | | | | | | | | | | | | | | Interest-bearing liabilities: | | | | | | | | | | | | | | | | Interest-bearing deposits | | | | | | | | | | | | | | | | Money market | $ | 65,214 | $ | 82,911 | $ | 64,990 | $ | 59,083 | $ | 62,621 | $ | 68,124 | $ | 60,229 | | Demand | 108,345 | | 106,588 | | 99,091 | | 91,619 | | 88,026 | | 101,471 | | 82,295 | | | Savings | 104,644 | | 89,679 | | 87,307 | | 82,926 | | 79,430 | | 91,194 | | 75,574 | | | Time deposits | 18,029 | | 19,293 | | 18,048 | | 18,449 | | 19,448 | | 18,439 | | 20,673 | | | Total interest-bearing deposits | 296,232 | | 298,471 | | 269,436 | | 252,077 | | 249,525 | | 279,228 | | 238,771 | | | Borrowed funds | | | | | | | | | | | | | | | | Federal Home Loan Bank borrowings | | | | | 265 | | 2,411 | | 4,761 | | 661 | | 9,470 | | | Bank notes and senior debt | 21,581 | | 22,573 | | 22,620 | | 22,799 | | 24,022 | | 22,390 | | 27,030 | | | Subordinated debt | 6,779 | | 6,787 | | 6,218 | | 5,929 | | 5,936 | | 6,432 | | 5,936 | | | Other | 5,987 | | 4,992 | | 5,046 | | 4,057 | | 3,433 | | 5,025 | | 5,502 | | | Total borrowed funds | 34,347 | | 34,352 | | 34,149 | | 35,196 | | 38,152 | | 34,508 | | 47,938 | | | Total interest-bearing liabilities | 330,579 | | 332,823 | | 303,585 | | 287,273 | | 287,677 | | 313,736 | | 286,709 | | | Noninterest-bearing liabilities and equity: | | | | | | | | | | | | | | | | Noninterest-bearing deposits | 156,549 | | 155,948 | | 132,283 | | 113,299 | | 109,878 | | 139,683 | | 95,055 | | | Accrued expenses and other liabilities | 17,726 | | 15,332 | | 14,755 | | 14,258 | | 14,348 | | 15,528 | | 15,774 | | | Equity | 55,426 | | 55,139 | | 53,806 | | 53,390 | | 53,076 | | 54,448 | | 51,757 | | | Total liabilities and equity | $ | 560,280 | $ | 559,242 | $ | 504,429 | $ | 468,220 | $ | 464,979 | $ | 523,395 | $ | 449,295 |

(a)Calculated using average daily balances.

(b)Amounts include average balances held with the Federal Reserve Bank of Cleveland of $75.1 billion, $80.1 billion, $78.3 billion, $85.2 billion and $76.1 billion for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, and $79.6 billion and $47.0 billion for the twelve months ended December 31, 2021 and December 31, 2020, respectively.

| THE PNC FINANCIAL SERVICES GROUP, INC. | Page 4 | | --- | --- || Table 4: Details of Net Interest Margin (Unaudited) | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Three months ended | | | | | | | | | | Year ended | | | | | | December 31 | | September 30 | | June 30 | | March 31 | | December 31 | | December 31 | | December 31 | | | | 2021 | | 2021 | | 2021 | | 2021 | | 2020 | | 2021 | | 2020 | | | Average yields/rates (a) | | | | | | | | | | | | | | | | Yield on interest-earning assets | | | | | | | | | | | | | | | | Investment securities | | | | | | | | | | | | | | | | Securities available for sale | | | | | | | | | | | | | | | | Residential mortgage-backed | | | | | | | | | | | | | | | | Agency | 1.47 | % | 1.41 | % | 1.61 | % | 1.72 | % | 1.81 | % | 1.54 | % | 2.19 | % | | Non-agency | 7.36 | % | 8.07 | % | 7.85 | % | 7.24 | % | 7.15 | % | 7.64 | % | 7.36 | % | | Commercial mortgage-backed | 2.37 | % | 2.34 | % | 2.49 | % | 2.58 | % | 2.66 | % | 2.45 | % | 2.67 | % | | Asset-backed | 1.48 | % | 1.50 | % | 2.07 | % | 1.84 | % | 2.04 | % | 1.72 | % | 2.53 | % | | U.S. Treasury and government agencies | 1.17 | % | 1.18 | % | 1.30 | % | 1.68 | % | 1.77 | % | 1.30 | % | 1.88 | % | | Other | 2.77 | % | 2.90 | % | 3.00 | % | 3.28 | % | 3.45 | % | 2.97 | % | 3.51 | % | | Total securities available for sale | 1.50 | % | 1.51 | % | 1.73 | % | 1.95 | % | 2.05 | % | 1.65 | % | 2.35 | % | | Securities held to maturity | | | | | | | | | | | | | | | | U.S. Treasury and government agencies | 2.89 | % | 2.88 | % | 2.86 | % | 2.83 | % | 2.88 | % | 2.86 | % | 2.80 | % | | Other | 4.20 | % | 4.33 | % | 3.67 | % | 4.17 | % | 4.20 | % | 4.09 | % | 4.32 | % | | Total securities held to maturity | 3.47 | % | 3.54 | % | 3.23 | % | 3.43 | % | 3.47 | % | 3.41 | % | 3.44 | % | | Total investment securities | 1.52 | % | 1.54 | % | 1.75 | % | 1.97 | % | 2.08 | % | 1.67 | % | 2.36 | % | | Loans | | | | | | | | | | | | | | | | Commercial and industrial | 2.90 | % | 2.80 | % | 2.89 | % | 2.91 | % | 2.87 | % | 2.92 | % | 3.07 | % | | Commercial real estate | 2.86 | % | 3.17 | % | 2.92 | % | 2.80 | % | 2.63 | % | 2.99 | % | 2.98 | % | | Equipment lease financing | 3.81 | % | 3.83 | % | 3.76 | % | 3.90 | % | 3.90 | % | 3.82 | % | 3.86 | % | | Consumer | 4.71 | % | 4.85 | % | 4.82 | % | 4.78 | % | 4.74 | % | 4.79 | % | 4.93 | % | | Residential real estate | 3.26 | % | 3.15 | % | 3.50 | % | 3.53 | % | 3.69 | % | 3.32 | % | 3.81 | % | | Total loans | 3.32 | % | 3.32 | % | 3.38 | % | 3.38 | % | 3.35 | % | 3.37 | % | 3.55 | % | | Interest-earning deposits with banks | 0.15 | % | 0.16 | % | 0.11 | % | 0.10 | % | 0.10 | % | 0.13 | % | 0.21 | % | | Other interest-earning assets | 2.14 | % | 2.03 | % | 2.46 | % | 2.34 | % | 1.99 | % | 2.23 | % | 2.50 | % | | Total yield on interest-earning assets | 2.36 | % | 2.36 | % | 2.40 | % | 2.40 | % | 2.46 | % | 2.39 | % | 2.87 | % | | Rate on interest-bearing liabilities | | | | | | | | | | | | | | | | Interest-bearing deposits | | | | | | | | | | | | | | | | Money market | 0.02 | % | 0.03 | % | 0.03 | % | 0.03 | % | 0.05 | % | 0.03 | % | 0.23 | % | | Demand | 0.02 | % | 0.03 | % | 0.03 | % | 0.04 | % | 0.04 | % | 0.03 | % | 0.13 | % | | Savings | 0.04 | % | 0.04 | % | 0.05 | % | 0.06 | % | 0.08 | % | 0.05 | % | 0.31 | % | | Time deposits | 0.11 | % | 0.12 | % | 0.20 | % | 0.32 | % | 0.41 | % | 0.18 | % | 0.79 | % | | Total interest-bearing deposits | 0.04 | % | 0.04 | % | 0.05 | % | 0.06 | % | 0.08 | % | 0.05 | % | 0.27 | % | | Borrowed funds | | | | | | | | | | | | | | | | Federal Home Loan Bank borrowings | | | | | 0.35 | % | 0.43 | % | 0.40 | % | 0.45 | % | 1.09 | % | | Bank notes and senior debt | 0.94 | % | 0.97 | % | 0.98 | % | 1.04 | % | 1.00 | % | 1.00 | % | 1.58 | % | | Subordinated debt | 1.28 | % | 1.28 | % | 1.35 | % | 1.43 | % | 1.38 | % | 1.34 | % | 1.89 | % | | Other | 0.79 | % | 0.93 | % | 0.97 | % | 1.21 | % | 1.39 | % | 0.96 | % | 1.36 | % | | Total borrowed funds | 0.98 | % | 1.03 | % | 1.04 | % | 1.09 | % | 1.02 | % | 1.05 | % | 1.50 | % | | Total rate on interest-bearing liabilities | 0.13 | % | 0.14 | % | 0.16 | % | 0.19 | % | 0.21 | % | 0.16 | % | 0.47 | % | | Interest rate spread | 2.23 | % | 2.22 | % | 2.24 | % | 2.21 | % | 2.25 | % | 2.23 | % | 2.40 | % | | Benefit from use of noninterest bearing sources (b) | 0.04 | % | 0.05 | % | 0.05 | % | 0.06 | % | 0.07 | % | 0.06 | % | 0.13 | % | | Net interest margin | 2.27 | % | 2.27 | % | 2.29 | % | 2.27 | % | 2.32 | % | 2.29 | % | 2.53 | % |

(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 December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020 were $22 million, $22 million, $15 million, $15 million and $17 million, respectively. The taxable-equivalent adjustments to net interest income for the twelve months ended December 31, 2021 and December 31, 2020 were $74 million and $75 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)

December 31 September 30 June 30 March 31 December 31
In millions 2021 2021 2021 2021 2020
Commercial
Commercial and industrial $ 152,933 $ 152,735 $ 155,300 $ 129,798 $ 132,073
Commercial real estate 34,015 36,195 37,964 28,319 28,716
Equipment lease financing 6,130 6,257 6,376 6,389 6,414
Total commercial 193,078 195,187 199,640 164,506 167,203
Consumer
Residential real estate 39,712 38,214 36,846 22,418 22,560
Home equity 24,061 24,479 25,174 23,493 24,088
Automobile 16,635 17,265 17,551 13,584 14,218
Credit card 6,626 6,466 6,528 5,675 6,215
Education 2,533 2,653 2,726 2,842 2,946
Other consumer 5,727 5,966 6,239 4,495 4,698
Total consumer 95,294 95,043 95,064 72,507 74,725
Total loans $ 288,372 $ 290,230 $ 294,704 $ 237,013 $ 241,928
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 Year ended
December 31 September 30 June 30 March 31 December 31 December 31 December 31
Dollars in millions 2021 2021 2021 2021 2020 2021 2020
Allowance for loan and lease losses
Beginning balance $ 5,355 $ 5,730 $ 4,714 $ 5,361 $ 5,751 $ 5,361 $ 2,742
Adoption of ASU 2016-03 (a) 463
Acquisition PCD reserves (59) 1,115 1,056
Gross charge-offs:
Commercial and industrial (35) (46) (245) (59) (133) (385) (382)
Commercial real estate (2) (1) (28) (5) (1) (36) (2)
Equipment lease financing (4) (3) (1) (5) (4) (13) (23)
Residential real estate (4) (4) (3) (4) (6) (15) (10)
Home equity (4) (2) (7) (7) (11) (20) (42)
Automobile (49) (33) (35) (52) (55) (169) (265)
Credit card (60) (62) (65) (69) (72) (256) (300)
Education (4) (3) (3) (5) (3) (15) (16)
Other consumer (62) (52) (41) (37) (42) (192) (152)
Total gross charge-offs (224) (206) (428) (243) (327) (1,101) (1,192)
Recoveries:
Commercial and industrial 20 25 29 14 23 88 75
Commercial real estate 2 2 2 1 3 7 9
Equipment lease financing 3 2 3 3 3 11 10
Residential real estate 8 9 6 5 4 28 16
Home equity 23 25 21 17 17 86 61
Automobile 26 38 41 38 33 143 128
Credit card 10 13 11 12 9 46 35
Education 2 2 2 2 2 8 8
Other consumer 6 9 7 5 4 27 18
Total recoveries 100 125 122 97 98 444 360
Net (charge-offs) / recoveries:
Commercial and industrial (15) (21) (216) (45) (110) (297) (307)
Commercial real estate 1 (26) (4) 2 (29) 7
Equipment lease financing (1) (1) 2 (2) (1) (2) (13)
Residential real estate 4 5 3 1 (2) 13 6
Home equity 19 23 14 10 6 66 19
Automobile (23) 5 6 (14) (22) (26) (137)
Credit card (50) (49) (54) (57) (63) (210) (265)
Education (2) (1) (1) (3) (1) (7) (8)
Other consumer (56) (43) (34) (32) (38) (165) (134)
Total net (charge-offs) (b) (124) (81) (306) (146) (229) (657) (832)
Provision for (recapture of) credit losses (c) (362) (229) 206 (502) (164) (887) 2,985
Other (1) (6) 1 1 3 (5) 3
Ending balance $ 4,868 $ 5,355 $ 5,730 $ 4,714 $ 5,361 $ 4,868 $ 5,361
Supplemental Information
Net charge-offs
Commercial net charge-offs $ (16) $ (21) $ (240) $ (51) $ (109) $ (328) $ (313)
Consumer net charge-offs (108) (60) (66) (95) (120) (329) (519)
Total net charge-offs (b) $ (124) $ (81) $ (306) $ (146) $ (229) $ (657) $ (832)
Net charge-offs to average loans (d) 0.17 % 0.11 % 0.48 % 0.25 % 0.37 % 0.24 % 0.33 %
Commercial 0.03 % 0.04 % 0.55 % 0.13 % 0.25 % 0.18 % 0.18 %
Consumer 0.45 % 0.25 % 0.33 % 0.53 % 0.63 % 0.38 % 0.67 %

(a)    Represents the impact of adopting ASU 2016-13, Financial Instruments - Credit Losses on January 1, 2020, and our transition from an incurred loss methodology for our reserves to an expected credit loss methodology. Our 2020 Form 10-K included additional information related to our adoption of the CECL standard.

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

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

(d)    Three month period percentages are annualized.

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 Year ended
December 31 September 30 June 30 March 31 December 31 December 31 December 31
In millions 2021 2021 2021 (a) 2021 2020 2021 (a) 2020
Provision for (recapture of) credit losses
Loans and leases $ (362) $ (229) $ 206 $ (502) $ (164) (887) $ 2,985
Unfunded lending related commitments 16 1 92 (77) (105) 32 87
Investment securities 25 26 11 51 80
Other financial assets 19 4 2 4 25 23
Total provision for (recapture of) credit losses $ (327) $ (203) $ 302 $ (551) $ (254) $ (779) $ 3,175

(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)

December 31, 2021 September 30, 2021 December 31, 2020
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 $ 1,879 $ 152,933 1.23 % $ 2,173 $ 152,735 1.42 % $ 2,300 $ 132,073 1.74 %
Commercial real estate 1,216 34,015 3.57 % 1,312 36,195 3.62 % 880 28,716 3.06 %
Equipment lease financing 90 6,130 1.47 % 118 6,257 1.89 % 157 6,414 2.45 %
Total commercial 3,185 193,078 1.65 % 3,603 195,187 1.85 % 3,337 167,203 2.00 %
Consumer
Residential real estate 21 39,712 0.05 % 42 38,214 0.11 % 28 22,560 0.12 %
Home equity 149 24,061 0.62 % 167 24,479 0.68 % 313 24,088 1.30 %
Automobile 372 16,635 2.24 % 365 17,265 2.11 % 379 14,218 2.67 %
Credit card 712 6,626 10.75 % 701 6,466 10.84 % 816 6,215 13.13 %
Education 71 2,533 2.80 % 81 2,653 3.05 % 129 2,946 4.38 %
Other consumer 358 5,727 6.25 % 396 5,966 6.64 % 359 4,698 7.64 %
Total consumer 1,683 95,294 1.77 % 1,752 95,043 1.84 % 2,024 74,725 2.71 %
Total 4,868 $ 288,372 1.69 % 5,355 $ 290,230 1.85 % 5,361 $ 241,928 2.22 %
Allowance for unfunded lending related commitments 662 646 584
Allowance for credit losses $ 5,530 $ 6,001 $ 5,945
Supplemental Information
Allowance for credit losses to total loans 1.92 % 2.07 % 2.46 %
Commercial 1.94 % 2.12 % 2.29 %
Consumer 1.87 % 1.96 % 2.84 %

(a)     Excludes allowances for investment securities and other financial assets, which together totaled $171 million, $162 million and $109 million at December 31, 2021, September 30, 2021 and December 31, 2020, respectively.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 8

Details of Nonperforming Assets (Unaudited)

Table 9: Nonperforming Assets by Type

December 31 September 30 June 30 March 31 December 31
Dollars in millions 2021 2021 2021 2021 2020
Nonperforming loans, including TDRs
Commercial
Commercial and industrial
Service providers $ 188 $ 220 $ 206 $ 79 $ 90
Real estate related (a) 64 49 78 48 95
Manufacturing 52 62 65 55 81
Retail/wholesale trade 50 59 71 66 61
Health care 46 56 71 19 20
Transportation and warehousing 18 21 18 18 20
Other industries 378 362 421 227 299
Total commercial and industrial 796 829 930 512 666
Commercial real estate 364 365 501 221 224
Equipment lease financing 8 10 15 16 33
Total commercial 1,168 1,204 1,446 749 923
Consumer (b)
Residential real estate 517 533 503 541 528
Home equity 596 592 626 656 645
Automobile 183 184 191 178 175
Credit card 7 7 7 7 8
Other consumer 9 8 6 7 7
Total consumer 1,312 1,324 1,333 1,389 1,363
Total nonperforming loans (c) 2,480 2,528 2,779 2,138 2,286
OREO and foreclosed assets 26 31 39 41 51
Total nonperforming assets $ 2,506 $ 2,559 $ 2,818 $ 2,179 $ 2,337
Nonperforming loans to total loans 0.86 % 0.87 % 0.94 % 0.90 % 0.94 %
Nonperforming assets to total loans, OREO and foreclosed assets 0.87 % 0.88 % 0.96 % 0.92 % 0.97 %
Nonperforming assets to total assets 0.45 % 0.46 % 0.51 % 0.46 % 0.50 %
Allowance for loan and lease losses to nonperforming loans 196 % 212 % 206 % 220 % 235 %

(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

October 1, 2021 - July 1, 2021 - April 1, 2021 - January 1, 2021 - October 1, 2020 -
In millions December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020
Beginning balance $ 2,559 $ 2,818 $ 2,179 $ 2,337 $ 2,152
Acquired nonperforming assets (a) 880
New nonperforming assets 395 365 207 249 586
Charge-offs and valuation adjustments (53) (71) (61) (70) (97)
Principal activity, including paydowns and payoffs (240) (333) (264) (186) (185)
Asset sales and transfers to loans held for sale (3) (30) (15) (86) (14)
Returned to performing status (152) (190) (108) (65) (105)
Ending balance $ 2,506 $ 2,559 $ 2,818 $ 2,179 $ 2,337

(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)

Pursuant to the interagency guidance issued in April 2020 and in connection with the credit reporting rules from the U.S. Coronavirus Aid, Relief and Economic Security Act (CARES Act), the delinquency status of loans modified due to COVID-19 related hardships are reported for all periods presented in alignment with the rules set forth for banks to report delinquency status to the credit agencies. These rules require that COVID-19 related loan modifications be reported as follows:

•if current at the time of modification, the loan remains current throughout the modification period,

•if delinquent at the time of modification and the borrower was not made current as part of the modification, the loan maintains its reported as delinquent status during the modification period, or

•if delinquent at the time of modification and the borrower was made current as part of the modification or became current during the modification period, the loan is reported as current.

As a result, 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 third quarter 2021 Form 10-Q included, and our 2021 Form 10-K will include, additional information on COVID-19 related loan modifications.

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

December 31 September 30 June 30 March 31 December 31
Dollars in millions 2021 2021 2021 2021 2020
Commercial
Commercial and industrial $ 235 $ 97 $ 72 $ 80 $ 106
Commercial real estate 46 68 5 12 6
Equipment lease financing 25 5 3 21 31
Total commercial 306 170 80 113 143
Consumer
Residential real estate
Non government insured (b) 310 178 182 61 89
Government insured 69 81 88 101 92
Home equity 53 45 44 43 50
Automobile 146 114 98 76 134
Credit card 49 42 37 31 43
Education
Non government insured 5 5 5 6 5
Government insured 38 40 41 43 50
Other consumer 35 34 31 11 14
Total consumer 705 539 526 372 477
Total $ 1,011 $ 709 $ 606 $ 485 $ 620
Supplemental Information
Total accruing loans past due 30-59 days to total loans 0.35 % 0.24 % 0.21 % 0.20 % 0.26 %
Commercial 0.16 % 0.09 % 0.04 % 0.07 % 0.09 %
Consumer 0.74 % 0.57 % 0.55 % 0.51 % 0.64 %

(a)Excludes loans held for sale.

(b)Amounts as of September 30, 2021 and June 30, 2021 have been revised to align the methodology of acquired residential real estate loans attributable to BBVA to PNC's methodology, which resulted in an increase of $50 million and $58 million as of September 30, 2021 and June 30, 2021, respectively. This change was made as a result of the conversion of bank systems completed in October 2021.

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)

December 31 September 30 June 30 March 31 December 31
Dollars in millions 2021 2021 2021 2021 2020
Commercial
Commercial and industrial $ 72 $ 50 $ 27 $ 13 $ 26
Commercial real estate 24 2 3 1 1
Equipment lease financing 2 4 4 1 5
Total commercial 98 56 34 15 32
Consumer
Residential real estate
Non government insured (b) 78 53 53 13 16
Government insured 41 45 52 60 62
Home equity 18 18 17 20 21
Automobile 40 23 20 19 34
Credit card 33 27 24 24 30
Education
Non government insured 2 3 2 3 2
Government insured 23 23 20 22 27
Other consumer 22 15 16 6 10
Total consumer 257 207 204 167 202
Total $ 355 $ 263 $ 238 $ 182 $ 234
Supplemental Information
Total accruing loans past due 60-89 days to total loans 0.12 % 0.09 % 0.08 % 0.08 % 0.10 %
Commercial 0.05 % 0.03 % 0.02 % 0.01 % 0.02 %
Consumer 0.27 % 0.22 % 0.21 % 0.23 % 0.27 %

(a)Excludes loans held for sale.

(b)Amounts as of September 30, 2021 and June 30, 2021 have been revised to align the methodology of acquired residential real estate loans attributable to BBVA to PNC's methodology, which resulted in an increase of $18 million and $23 million as of September 30, 2021 and June 30, 2021, respectively. This change was made as a result of the conversion of bank systems completed in October 2021.

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)

December 31 September 30 June 30 March 31 December 31
Dollars in millions 2021 2021 2021 2021 2020
Commercial
Commercial and industrial $ 132 $ 56 $ 45 $ 63 $ 30
Commercial real estate 1 11 2
Total commercial 133 67 47 63 30
Consumer
Residential real estate
Non government insured (b) 59 33 44 17 27
Government insured 269 268 297 258 292
Automobile 14 4 3 6 12
Credit card 62 53 59 52 60
Education
Non government insured 2 1 1 2 2
Government insured 63 60 66 74 75
Other consumer 17 11 14 7 11
Total consumer 486 430 484 416 479
Total $ 619 $ 497 $ 531 $ 479 $ 509
Supplemental Information
Total accruing loans past due 90 days or more to total loans 0.21 % 0.17 % 0.18 % 0.20 % 0.21 %
Commercial 0.07 % 0.03 % 0.02 % 0.04 % 0.02 %
Consumer 0.51 % 0.45 % 0.51 % 0.57 % 0.64 %
Total accruing loans past due $ 1,985 $ 1,469 $ 1,375 $ 1,146 $ 1,363
Commercial $ 537 $ 293 $ 161 $ 191 $ 205
Consumer $ 1,448 $ 1,176 $ 1,214 $ 955 $ 1,158
Total accruing loans past due to total loans 0.69 % 0.51 % 0.47 % 0.48 % 0.56 %
Commercial 0.28 % 0.15 % 0.08 % 0.12 % 0.12 %
Consumer 1.52 % 1.24 % 1.28 % 1.32 % 1.55 %

(a)Excludes loans held for sale.

(b)Amounts as of September 30, 2021 and June 30, 2021 have been revised to align the methodology of acquired residential real estate loans attributable to BBVA to PNC's methodology, which resulted in an increase of $5 million and $4 million as of September 30, 2021 and June 30, 2021, respectively. This change was made as a result of the conversion of bank systems completed in October 2021.

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-related 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 (formerly BBVA Transfer Services, Inc.) provides wholesale money transfer processing capabilities between the U.S. and Mexico and other countries primarily in Central America and South America. Capital markets-related 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 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

December 31 September 30 June 30 March 31 December 31
2021 2021 2021 2021 2020
Full-time employees
Retail Banking 32,563 33,188 33,471 27,690 27,621
Other full-time employees 25,105 25,442 25,512 22,281 21,928
Total full-time employees 57,668 58,630 58,983 49,971 49,549
Part-time employees
Retail Banking 1,669 1,616 1,821 1,697 1,611
Other part-time employees 89 94 431 101 97
Total part-time employees 1,758 1,710 2,252 1,798 1,708
Total 59,426 60,340 61,235 51,769 51,257
THE PNC FINANCIAL SERVICES GROUP, INC. Page 13
--- ---

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

Three months ended Year ended
December 31 September 30 June 30 March 31 December 31 December 31 December 31
In millions 2021 2021 2021 2021 2020 2021 2020
Income
Retail Banking $ 362 $ 447 $ 232 $ 607 $ 336 $ 1,648 $ 844
Corporate & Institutional Banking 1,334 1,123 809 1,058 992 4,324 1,674
Asset Management Group 106 114 87 99 82 406 255
Other (509) (210) (37) 52 32 (704) 189
Net income from continuing operations <br>  excluding noncontrolling interests $ 1,293 $ 1,474 $ 1,091 $ 1,816 $ 1,442 $ 5,674 $ 2,962
Revenue
Retail Banking $ 2,408 $ 2,375 $ 2,203 $ 2,016 $ 1,853 $ 9,002 $ 8,128
Corporate & Institutional Banking 2,281 2,306 1,959 1,808 1,913 8,354 7,111
Asset Management Group 388 397 356 322 316 1,463 1,211
Other 50 119 149 74 126 392 451
Total revenue $ 5,127 $ 5,197 $ 4,667 $ 4,220 $ 4,208 $ 19,211 $ 16,901

(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.

Prior to the conversion of bank systems and branches on October 12, 2021, PNC Bank and BBVA customers were served through their respective PNC Bank and BBVA USA branches, websites and mobile apps, financial advisors and relationship managers. Following conversion, there were changes in the segmentation of BBVA USA customers as we integrated data to PNC applications, finalized the review of customer relationships and better aligned customers with PNC's products and services. These changes are reflected in fourth quarter reporting and are considered immaterial.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 14

Table 16: Retail Banking (Unaudited) (a)

Three months ended Year ended
December 31 September 30 June 30 March 31 December 31 December 31 December 31
Dollars in millions 2021 2021 2021 2021 2020 2021 2020
Income Statement
Net interest income $ 1,634 $ 1,713 $ 1,497 $ 1,362 $ 1,380 $ 6,206 $ 5,609
Noninterest income 774 662 706 654 473 2,796 2,519
Total revenue 2,408 2,375 2,203 2,016 1,853 9,002 8,128
Provision for (recapture of) credit losses 55 (113) 214 (257) (81) (101) 968
Noninterest expense 1,874 1,889 1,677 1,476 1,482 6,916 6,019
Pretax earnings 479 599 312 797 452 2,187 1,141
Income taxes 112 140 73 183 105 508 266
Noncontrolling interests 5 12 7 7 11 31 31
Earnings $ 362 $ 447 $ 232 $ 607 $ 336 $ 1,648 $ 844
Average Balance Sheet
Loans held for sale $ 1,425 $ 1,583 $ 1,405 $ 891 $ 672 $ 1,328 $ 745
Loans
Consumer
Residential real estate $ 30,888 $ 30,702 $ 21,653 $ 17,468 $ 18,042 $ 25,230 $ 18,171
Home equity 22,572 23,047 22,080 21,833 22,366 22,387 22,633
Automobile 16,944 17,377 14,888 13,890 14,536 15,787 15,968
Credit card 6,513 6,484 5,900 5,819 6,218 6,182 6,629
Education 2,620 2,712 2,812 2,938 3,027 2,770 3,176
Other consumer 2,612 2,892 2,175 1,898 2,086 2,397 2,334
Total consumer 82,149 83,214 69,508 63,846 66,275 74,753 68,911
Commercial 12,844 15,895 14,796 13,743 13,391 14,321 12,573
Total loans $ 94,993 $ 99,109 $ 84,304 $ 77,589 $ 79,666 $ 89,074 $ 81,484
Total assets $ 114,656 $ 117,394 $ 100,948 $ 92,891 $ 94,303 $ 106,551 $ 97,643
Deposits
Noninterest-bearing $ 65,510 $ 65,985 $ 54,260 $ 44,845 $ 43,818 $ 57,729 $ 39,754
Interest-bearing 197,312 196,006 178,946 163,389 157,011 184,040 150,482
Total deposits $ 262,822 $ 261,991 $ 233,206 $ 208,234 $ 200,829 $ 241,769 $ 190,236
Performance Ratios
Return on average assets 1.25 % 1.51 % 0.92 % 2.65 % 1.41 % 1.55 % 0.86 %
Noninterest income to total revenue 32 % 28 % 32 % 32 % 26 % 31 % 31 %
Efficiency 78 % 80 % 76 % 73 % 80 % 77 % 74 %

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

THE PNC FINANCIAL SERVICES GROUP, INC. Page 15

Retail Banking (Unaudited) (Continued)

Three months ended Year ended
December 31 September 30 June 30 March 31 December 31 December 31 December 31
Dollars in millions, except as noted 2021 2021 2021 2021 2020 2021 2020
Supplemental Noninterest Income <br>  Information
Consumer services $ 479 $ 470 $ 435 $ 368 $ 369 $ 1,752 $ 1,427
Residential mortgage $ 101 $ 147 $ 103 $ 105 $ 99 $ 456 $ 604
Service charges on deposits $ 136 $ 158 $ 129 $ 119 $ 133 $ 542 $ 497
Residential Mortgage Information
Residential mortgage servicing statistics <br>  (in billions, except as noted) (a)
Serviced portfolio balance (b) $ 133 $ 139 $ 145 $ 117 $ 121
Serviced portfolio acquisitions $ 2 $ 2 $ 33 $ 7 $ 12 $ 44 $ 33
MSR asset value (b) $ 1.1 $ 1.1 $ 1.1 $ 1.0 $ 0.7
MSR capitalization value (in basis points) (b) 81 81 77 83 56
Servicing income: (in millions)
Servicing fees, net (c) $ 14 $ 18 $ (3) $ 5 $ 13 $ 34 $ 118
Mortgage servicing rights valuation, net of <br>  economic hedge $ 2 $ 24 $ 24 $ 14 $ (1) $ 64 $ 137
Residential mortgage loan statistics
Loan origination volume (in billions) $ 6.6 $ 7.4 $ 6.5 $ 4.3 $ 3.7 $ 24.8 $ 15.1
Loan sale margin percentage 2.55 % 3.01 % 2.67 % 3.28 % 3.75 % 2.84 % 3.57 %
Percentage of originations represented by:
Purchase volume (d) 38 % 47 % 48 % 34 % 45 % 43 % 40 %
Refinance volume 62 % 53 % 52 % 66 % 55 % 57 % 60 %
Other Information (b)
Customer-related statistics (average) (e)
Non-teller deposit transactions (f) 64 % 66 % 65 % 66 % 66 % 65 % 64 %
Digital consumer customers (g) 79 % 80 % 80 % 79 % 77 % 79 % 74 %
Credit-related statistics
Nonperforming assets $ 1,220 $ 1,220 $ 1,245 $ 1,229 $ 1,211
Net charge-offs - loans and leases $ 124 $ 82 $ 79 $ 108 $ 136 $ 393 $ 569
Other statistics
ATMs 9,523 9,572 9,636 8,874 8,900
Branches (h) 2,629 2,712 2,724 2,137 2,162
Brokerage account client assets (in billions) (i) $ 78 $ 76 $ 83 $ 61 $ 59

(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 and year ended, respectively.

(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)Amounts prior to the three months ended December 31, 2021 represent PNC legacy only statistics. Fourth quarter statistics included BBVA activity following the conversion on October 12, 2021.

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

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

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

(i)Includes cash and money market balances.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 16

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

Three months ended Year ended
December 31 September 30 June 30 March 31 December 31 December 31 December 31
Dollars in millions 2021 2021 2021 2021 2020 2021 2020
Income Statement
Net interest income $ 1,228 $ 1,250 $ 1,092 $ 1,001 $ 994 $ 4,571 $ 4,049
Noninterest income 1,053 1,056 867 807 919 3,783 3,062
Total revenue 2,281 2,306 1,959 1,808 1,913 8,354 7,111
Provision for (recapture of) credit losses (369) (99) 104 (282) (166) (646) 2,088
Noninterest expense 975 980 813 711 801 3,479 2,856
Pretax earnings 1,675 1,425 1,042 1,379 1,278 5,521 2,167
Income taxes 337 299 229 318 282 1,183 483
Noncontrolling interests 4 3 4 3 4 14 10
Earnings $ 1,334 $ 1,123 $ 809 $ 1,058 $ 992 $ 4,324 $ 1,674
Average Balance Sheet
Loans held for sale $ 539 $ 541 $ 564 $ 691 $ 1,039 $ 583 $ 762
Loans
Commercial
Commercial and industrial $ 137,079 $ 134,128 $ 121,232 $ 114,944 $ 120,297 $ 126,928 $ 125,426
Commercial real estate 33,559 35,368 30,118 27,182 27,509 31,584 27,180
Equipment lease financing 6,184 6,300 6,332 6,332 6,381 6,286 6,813
Total commercial 176,822 175,796 157,682 148,458 154,187 164,798 159,419
Consumer 12 20 13 9 10 13 10
Total loans $ 176,834 $ 175,816 $ 157,695 $ 148,467 $ 154,197 $ 164,811 $ 159,429
Total assets $ 198,910 $ 202,268 $ 181,770 $ 170,531 $ 177,792 $ 188,479 $ 183,189
Deposits
Noninterest-bearing $ 88,023 $ 85,869 $ 75,570 $ 66,666 $ 64,334 $ 79,109 $ 53,681
Interest-bearing 72,397 77,247 69,443 69,668 74,426 72,210 70,622
Total deposits $ 160,420 $ 163,116 $ 145,013 $ 136,334 $ 138,760 $ 151,319 $ 124,303
Performance Ratios
Return on average assets 2.66 % 2.20 % 1.79 % 2.52 % 2.21 % 2.29 % 0.91 %
Noninterest income to total revenue 46 % 46 % 44 % 45 % 48 % 45 % 43 %
Efficiency 43 % 42 % 42 % 39 % 42 % 42 % 40 %
Other Information
Consolidated revenue from:
Treasury Management (b) $ 560 $ 592 $ 523 $ 494 $ 472 $ 2,169 $ 1,884
Capital Markets (b) $ 571 $ 577 $ 432 $ 403 $ 530 $ 1,983 $ 1,607
Commercial mortgage banking activities:
Commercial mortgage loans held for sale (c) $ 42 $ 44 $ 29 $ 30 $ 45 $ 145 $ 162
Commercial mortgage loan servicing income (d) 90 88 66 90 82 334 294
Commercial mortgage servicing rights valuation, net of economic hedge (e) 16 14 33 17 14 80 72
Total $ 148 $ 146 $ 128 $ 137 $ 141 $ 559 $ 528
MSR asset value (f) $ 740 $ 703 $ 682 $ 702 $ 569
Average loans by C&IB business
Corporate Banking $ 87,284 $ 85,208 $ 77,645 $ 74,459 $ 76,664 $ 81,069 $ 81,977
Real Estate 44,787 47,335 41,188 38,395 41,427 42,936 40,381
Business Credit 26,065 25,540 22,965 21,552 21,337 24,047 22,589
Commercial Banking 10,924 13,458 12,513 10,807 11,375 12,054 10,415
Other 7,774 4,275 3,384 3,254 3,394 4,705 4,067
Total average loans $ 176,834 $ 175,816 $ 157,695 $ 148,467 $ 154,197 $ 164,811 $ 159,429
Credit-related statistics
Nonperforming assets (f) $ 1,007 $ 1,061 $ 1,274 $ 658 $ 827
Net charge-offs - loans and leases $ (1) $ 13 $ 233 $ 44 $ 99 $ 289 $ 280

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

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

(c)Represents other noninterest income for valuations on commercial mortgage loans held for sale and related commitments, derivative valuations, originations 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 (primarily in corporate service fees) from loan servicing net of reduction in commercial mortgage servicing rights due to amortization expense and payoffs. Commercial mortgage servicing rights valuation, net of economic hedge is shown separately.

(e)Amounts are reported in corporate service fees.

(f)Presented as of period end.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 17

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

Three months ended Year ended
December 31 September 30 June 30 March 31 December 31 December 31 December 31
Dollars in millions, except as noted 2021 2021 2021 2021 2020 2021 2020
Income Statement
Net interest income $ 130 $ 141 $ 112 $ 93 $ 91 $ 476 $ 357
Noninterest income 258 256 244 229 225 987 854
Total revenue 388 397 356 322 316 1,463 1,211
Provision for (recapture of) credit losses (15) (6) 23 (9) (2) (7) 21
Noninterest expense 265 255 219 202 211 941 858
Pretax earnings 138 148 114 129 107 529 332
Income taxes 32 34 27 30 25 123 77
Earnings $ 106 $ 114 $ 87 $ 99 $ 82 $ 406 $ 255
Average Balance Sheet
Loans
Consumer
Residential real estate $ 6,295 $ 5,727 $ 4,439 $ 3,635 $ 3,326 $ 5,033 $ 2,832
Other consumer 4,535 4,544 4,190 4,008 4,077 4,321 4,042
Total consumer 10,830 10,271 8,629 7,643 7,403 9,354 6,874
Commercial 2,093 2,693 1,415 756 774 1,746 831
Total loans $ 12,923 $ 12,964 $ 10,044 $ 8,399 $ 8,177 $ 11,100 $ 7,705
Total assets $ 13,317 $ 13,805 $ 10,640 $ 8,873 $ 8,615 $ 11,677 $ 8,186
Deposits
Noninterest-bearing $ 3,025 $ 4,332 $ 2,537 $ 1,754 $ 1,689 $ 2,919 $ 1,568
Interest-bearing 26,318 24,984 20,894 18,825 17,880 22,782 17,347
Total deposits $ 29,343 $ 29,316 $ 23,431 $ 20,579 $ 19,569 $ 25,701 $ 18,915
Performance Ratios
Return on average assets 3.16 % 3.28 % 3.28 % 4.52 % 3.78 % 3.48 % 3.12 %
Noninterest income to total revenue 66 % 64 % 69 % 71 % 71 % 67 % 71 %
Efficiency 68 % 64 % 62 % 63 % 67 % 64 % 71 %
Other Information
Nonperforming assets (b) $ 62 $ 80 $ 85 $ 68 $ 66
Net charge-offs (recoveries) - loans and leases $ 1 $ (1) $ 2 $ 1 $ 2 $ 1
Brokerage account client assets (in billions) (b) $ 5 $ 5 $ 5
Client Assets Under Administration (in billions) (b) (c)
Discretionary client assets under management $ 192 $ 183 $ 183 $ 173 $ 170
Nondiscretionary client assets under administration 175 170 172 161 154
Total $ 367 $ 353 $ 355 $ 334 $ 324
Discretionary client assets under management
Personal $ 123 $ 117 $ 119 $ 110 $ 108
Institutional 69 66 64 63 62
Total $ 192 $ 183 $ 183 $ 173 $ 170

(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.

a4q21earningsslides_8-k

The PNC Financial Services Group Fourth Quarter 2021 Earnings Conference Call January 18, 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 2020 Form 10-K and subsequent Form 10-Qs, 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

2021 - A Transformational Year In Review Achieved Substantial Progress Towards Strategic Priorities By… 2 BBVA USA Acquisition Low Cash ModeSM Growing… Innovating… Distribution and Capabilities Digital Enhancements  Completed in under a year  Became coast-to-coast franchise  Presence established in all 30 of the nation’s top markets  Expanded presence into Las Vegas  Added 11 solution centers in expansion markets  Acquired Tempus Technologies  Addressed customers’ unnecessary overdraft fees  Put customers in control  Substantially reduced customer overdraft fees and related complaints  Building Akoya network abilities to help protect customer information  Expanded Zelle capabilities  Mobile real-time account opening − LMI – Low- and Moderate-Income. − TCFD – Task force on Climate-related Financial Disclosures. $88bn Community Benefits Plan Serving… Sustainable Finance  Financing for LMI communities to advance economic empowerment and address systemic racism  Committed to $500 million in charitable giving  Established a 5-year, $20 billion, commitment to environmental finance  Published inaugural TCFD report

Innovating For An Increasingly Digital World 3 Strategic Innovations in 2021  Launched Low Cash ModeSM, a solution that puts customers in control of their finances in moments when funds are low  Early developer of QR code technology for easier payment enablement with Zelle  Partnered with Akoya to offer API capability for more secure customer connections with third-party applications  Continue to digitize and simplify the customer experience including international remittance and our mortgage application process December 2020 December 2021 Active Digital Users Digital Sessions 4Q20 4Q21 − Active digital users have signed on to digital banking within the past 90 days. − Metrics presented for 2021 include the impact of BBVA USA. 4Q20 4Q21 Number of Zelle Transactions Digital Account Sales 4Q20 4Q21 +52% +19%+22% +50%

Full Year 2021 Highlights 4− Adjusted metrics are calculated without the impact of $438 million and $798 million in pre-tax integration costs for 4Q21 and 2021, respectively. See non-GAAP reconciliations in the appendix for calculations of ROTCE (Return on Average Tangible Common Equity) and adjusted 4Q21 EPS, 2021 EPS, 2021 ROA (Return on Average Assets), 2021 ROE (Return on Average Common Equity), and 2021 ROTCE.  Solid financial performance – Generated full year record revenue, which included BBVA USA results and organic growth driven by strong noninterest income – Grew the balance sheet as a result of the BBVA USA acquisition and opportunistic deployment of a portion of excess liquidity – Maintained strong capital and liquidity positions – Credit losses remained at historically low levels – Reserve ratios declined as a result of improving economic conditions Adjusted (non-GAAP) Reported 2021 EPS 2021 ROA 2021 ROE 2021 ROTCE $12.70 1.09% 10.78% 13.57% $14.18 1.21% 12.03% 15.14% 4Q21 EPS $2.86 $3.68

Balance Sheet: Well-Positioned to Serve Customers 5 4Q21 vs. 3Q21 4Q21 vs. 4Q20 Average balances; $ billions 4Q21 $ Chg. % Chg. $ Chg. % Chg. Total loans $288.9 ($2.4) (1%) $43.1 18% Total loans excluding PPP loans $284.3 $2.3 1% $51.1 22% Investment securities $127.8 $7.2 6% $42.1 49% Federal Reserve Bank (FRB) balances $75.1 ($5.0) (6%) ($1.0) (1%) Deposits $452.8 ($1.6) (0%) $93.4 26% Borrowed funds $34.4 --- 0% ($3.8) (10%) Common shareholders’ equity $50.4 ($0.9) (2%) $0.9 2% 4Q21 3Q21 Chg. 4Q20 Chg. Basel III common equity Tier 1 (CET1) capital ratio 10.2% 10.3% (10) bps 12.2% (200) bps Tangible book value per common share (non-GAAP) $94.11 $94.82 (1%) $97.43 (3%) − Basel III common equity Tier 1 capital ratio – Dec. 31, 2021 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: Solid Core Growth Trends 6 Average Loans Core Growth Primarily Driven by Commercial Loans $225.5 $242.5 $282.0 $286.6 $286.6 $284.3 ($4.7) +$2.3 $238.1 $255.6 $291.3 $288.9 0 50 100 150 200 250 300 1Q21 2Q21 3Q21 4Q21 Core Loans PPP Loans − Core loans exclude PPP loans. − LQ – Linked quarter. Av er ag e ba la nc es , $ b ill io ns Core Growth PPP Forgiveness c Average Deposits LQ Decline Reflects Strategic BBVA USA Runoff Av er ag e ba la nc es , $ b ill io ns $113.3 $132.3 $155.9 $156.6 $252.1 $269.4 $298.5 $296.2 $365.4 $401.7 $454.4 $452.8 0.06% 0.05% 0.04% 0.04% -9 .00% -4 .00% 1.00 % 6.00 % 11.0 0% 0 50 100 150 200 250 300 350 400 450 1Q21 2Q21 3Q21 4Q21 Noninterest-bearing Interest-bearing Average Deposit Rate

Balance Sheet: Well-Positioned For Rising Rates 7 Av er ag e ba la nc es , $ b ill io ns Average Securities and Federal Reserve Bank (FRB) Balances $85.2 $78.3 $80.1 $75.1 $86.4 $108.5 $120.6 $127.8 1.34% 1.59% 1.32% 1.53% 0.00 % 0.50 % 1.00 % 1.50 % 2.00 % 2.50 % 3.00 % 3.50 % 4.00 % 0 20 40 60 80 100 120 140 1Q21 2Q21 3Q21 4Q21 FRB Balances Securities Average 10-Yr Treasury Yield Average Securities as a Percentage of Average Interest Earning Assets 26% 1.72% Avg. 10-Yr Treasury Yield for January MTD − Avg. 10-Yr Treasury Yield for January MTD is through January 14th.

Income Statement: Generated Full Year Record Revenue 8 − Non-GAAP reconciliations in the appendix slides. − Integration costs include integration expense of $391 million, $235 million, $733 million, and $7 million in 4Q21, 3Q21, 2021, and 2020 respectively, and contra-revenue of ($47) million, ($8) million, ($65) million, and $0 million in 4Q21, 3Q21, 2021, and 2020 respectively. − Net interest margin is calculated using taxable-equivalent net interest income, a non-GAAP measure, a reconciliation of which is provided in the appendix. 4Q21 vs. 3Q21 2021 vs. 2020 $ millions 4Q21 $ Chg. % Chg. 2021 $ Chg. % Chg. Revenue $5,127 ($70) (1%) $19,211 $2,310 14% Noninterest expense 3,791 204 6% 13,002 2,705 26% Pretax, pre-provision earnings (non-GAAP) $1,336 ($274) (17%) $6,209 ($395) (6%) Integration costs 438 195 80% 798 791 n/m Pretax, pre-provision earnings ex. integration costs (non-GAAP) $1,774 ($79) (4%) $7,007 $396 6% Provision for (recapture of) credit losses ($327) ($124) 61% ($779) ($3,954) n/m Income tax from continuing operations 357 34 11% 1,263 837 196% Net income from continuing operations $1,306 ($184) (12%) $5,725 $2,722 91% 4Q21 3Q21 Chg. 2021 2020 Chg. Noninterest income to total revenue 44% 45% (1) ppt 45% 41% 4 ppt Net interest margin 2.27% 2.27% --- 2.29% 2.53% (24) bps Diluted EPS from continuing operations $2.86 $3.30 (13%) $12.70 $6.36 100% Diluted EPS from continuing operations ex. integration costs (non-GAAP) $3.68 $3.75 (2%) $14.18 $6.37 123%

Income Statement: Diversified Business Mix 9 Total Revenue Noninterest Income Ratio of 45% for 2021 vs. 41% in 2020 $1,872 $2,086 $2,341 $2,265 $2,348 $2,581 $2,856 $2,862 $4,220 $4,667 $5,197 $5,127 2.27% 2.29% 2.27% 2.27% 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 2Q21 3Q21 4Q21 Noninterest Income Net Interest Income Net Interest Margin Details of Revenue FY Reflects Addition of BBVA USA and Strong Noninterest Income $ millions 4Q21 vs. 3Q21 2021 vs. 2020 Net interest income $2,862 0% $10,647 7% Asset management $251 1% $964 15% Consumer services 508 2% 1,845 24% Corporate services 839 (0%) 2,924 35% Residential mortgage 101 (31%) 456 (25%) Service charges on deposits 126 (21%) 535 7% Fee income $1,825 (4%) $6,724 20% Other noninterest income 440 (2%) 1,840 35% Noninterest income $2,265 (3%) $8,564 23% Integration costs (contra-revenue) $47 n/m $65 n/m Noninterest income ex. integration costs $2,312 (2%) $8,629 24% $ m ill io ns − FY – Full year. − Integration costs (contra revenue) in 3Q21 were $8 million, all of which impacted the Other noninterest income line. − Net interest margin is calculated using taxable-equivalent net interest income, a non-GAAP measure, a reconciliation of which is provided in the appendix. Includes ($17) million of integration costs Includes ($11) million of integration costs Includes ($19) million of integration costs

Income Statement: Focused On Controlling Expenses 10 $ m ill io ns $2,568 $2,949 $3,352 $3,400 $2,574 $3,050 $3,587 $3,791 1Q21 2Q21 3Q21 4Q21 Noninterest Expense Integration Expense Noninterest Expense LQ Increase Reflects Integration Costs and Continued Strong Fee-Based Revenues Noninterest Expense ex. Integration Expense 4Q21 vs. 3Q21 $ millions 4Q21 $ Chg. % Chg. Personnel $1,922 $76 4% Occupancy 255 8 3% Equipment 362 12 3% Marketing 65 (25) (28%) Other 796 (23) (3%) Total $3,400 $48 1% − Noninterest expense included integration expense of $6 million, $101 million, $235 million and $391 million in 1Q21, 2Q21, 3Q21 and 4Q21, respectively. − CIP – Continuous Improvement Program. Executing On Acquisition Objectives Well-Positioned Going Forward  Completed all of the actions that drive the $900 million of expected savings related to the BBVA USA acquisition  Expect to realize full cost save run- rate in January 2022  Achieved 2021 CIP goal of $300 million and committed to another $300 million goal in 2022  Since the acquisition announcement, ~95% of expected integration costs have been realized

Credit: Strong Credit Quality Performance 11 − Delinquency amounts as of 9/30/21 and 6/30/21 have been revised to align the methodology of residential real estate loans from the BBVA USA acquisition to PNC’s methodology. − 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. $1,363 $1,146 $1,375 $1,469 $1,985 12/31/20 3/31/21 6/30/21 9/30/21 12/31/21 $2,286 $2,138 $2,779 $2,528 $2,480 12/31/20 3/31/21 6/30/21 9/30/21 12/31/21 $ m ill io ns Nonperforming Loans Delinquencies Net Charge-Offs $124 $229 $146 $306 $81 12/31/20 3/31/21 6/30/21 9/30/21 12/31/21 Credit Quality Metrics 4Q20 1Q21 2Q21 3Q21 4Q21 NPLs / Total Loans (Period End) 0.94% 0.90% 0.94% 0.87% 0.86% Delinquencies / Total Loans (Period End) 0.56% 0.48% 0.47% 0.51% 0.69% NCOs / Average Loans 0.37% 0.25% 0.48% 0.11% 0.17% Allowance for Credit Losses to Total Loans 2.46% 2.20% 2.16% 2.07% 1.92% Pre-BBVA USA Pre-BBVA USA Pre-BBVA USA Linked quarter increase primarily driven by BBVA USA conversion-related administrative and operational delays which are expected to largely be resolved within the first half of 2022

Outlook: Full Year 2022 Compared to Full Year 2021 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, 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 8 – 10% Noninterest expense excl. integration expense (non-GAAP) $12,269 Up 4 – 6% Effective tax rate 18.1% 18%

Outlook: First Quarter 2022 Compared to Fourth Quarter 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 excluding PPP loans, net interest income, fee income, revenue, and noninterest expense excluding integration expense outlooks represent estimated percentage change for first quarter 2022 compared to the respective fourth quarter 2021 figure presented in the table above. − The range for other noninterest income excludes net securities gains and activities related to Visa Class B common shares. − Average loans excluding PPP loans (non-GAAP) of $284.3 billion in 4Q21 exclude $4.6 billion in average PPP loans in 4Q21. − Noninterest expense excluding integration expense (non-GAAP) – See the reconciliation in the appendix. ($ millions; except average loans, $ billions) 4Q21 1Q22 Guidance Average loans excl. PPP loans (non-GAAP) $284.3 Up 1 – 2% Net interest income $2,862 Down 1 – 2% Fee income $1,825 Down 4 – 6% Other noninterest income $440 $375 - $425 million Revenue $5,127 Down 3 – 5% Noninterest expense excl. integration expense (non-GAAP) $3,400 Down 4 – 6% Net charge-offs $124 $100 - $150 million

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, 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 is in an economic recovery, following a very severe but very short economic contraction in the first half of 2020 due to the COVID-19 pandemic and public health measures to contain it. − COVID-19 variants and supply chain difficulties were drags on economic growth in the second half of 2021. Growth picked up towards the end of 2021 and supply chains will begin to normalize and will remain solid into 2022. Employment in December 2021 was still down by more than 3 million from before the pandemic; PNC expects employment to return to its pre-pandemic level in mid-2022. − Compared to the spring of 2020 (when prices were falling), inflation accelerated in the second half of 2021 due to strong demand in specific segments and supply chain disruptions. Inflation remains high but should slow somewhat in 2022 as reopening-related imbalances between supply and demand fade. − PNC expects the Federal Open Market Committee (FOMC) to keep the fed funds rate in its current range of 0.00 to 0.25 percent until May 2022. The FOMC will gradually increase the fed funds rate through the rest of 2022 and into 2023.  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. − 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.

Appendix: Cautionary Statement Regarding Forward-Looking Information 16  Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques, and to meet evolving regulatory capital and liquidity standards.  Our acquisition of BBVA USA Bancshares, Inc. presents us with risks and uncertainties related to the integration of the acquired business into PNC including: − The business of BBVA USA Bancshares, Inc., going forward may not perform as we project or in a manner consistent with historical performance. As a result, the anticipated benefits, including estimated cost savings, of the transaction may be significantly more difficult or take longer to achieve than expected or may not be achieved in their entirety as a result of unexpected factors or events, including those that are outside of our control. − The integration of BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, with that of PNC and PNC Bank may be more difficult to achieve than anticipated or have unanticipated adverse results. Our ability to integrate BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, successfully may be adversely affected by the fact that this transaction results in us entering several geographic markets where we did not previously have any meaningful presence.  In addition to the BBVA USA Bancshares, Inc. transaction, 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.  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 2020 Form 10-K and in our subsequent Form 10-Qs, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes of the Notes To Consolidated Financial Statements in those reports, and in our other subsequent SEC filings. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss elsewhere in this 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: COVID-19 High Impact Industries 17 − PPP Lending within the Commercial Real Estate and Related Loans category is not material. − Balances exclude securitizations. − Commercial & Industrial loans exclude PNC Real Estate business loans. Commercial real estate and related loans include commercial loans in the PNC Real Estate business. $8.4 billion Commercial Real Estate and Related Loans Non-Essential Retail & Restaurants: Malls, lifestyle centers, outlets, restaurants Hotel: Full service, limited service, extended stay Seniors Housing: Assisted living, independent living $2.5 billion / 63% Utilization $2.9 billion / 81% Utilization $3.0 billion / 73% Utilization $19.3 billion Outstanding Loan Balances ($18.4 billion excluding PPP Loans) $10.9 billion Commercial & Industrial Loans ($10.0 billion excluding PPP Loans) Leisure Recreation: Restaurants, casinos, hotels, convention centers Healthcare Facilities: Elective, private practices Other Impacted Areas: Shipping, senior living, specialty education Consumer Services: Religious organizations, childcare $1.9 billion / 80% Utilization Includes $0.1 billion in PPP Loans $1.1 billion / 58% Utilization Includes $0.1 billion in PPP Loans $1.2 billion / 77% Utilization Includes $0.1 billion in PPP Loans Leisure Travel: Cruise, airlines, other travel / transportation $0.5 billion / 59% Utilization Retail (non-essential): Retail excluding auto, gas, staples $1.0 billion / 19% Utilization Includes $0.1 billion in PPP Loans $5.2 billion / 60% Utilization Includes $0.5 billion in PPP Loans

Appendix: Oil & Gas Loans 18− Balances exclude securitizations, loans held for sale, and commercial real estate loans. $1.3 billion Exploration & Production (0.5% of Loans) Utilization Rate 27% $3.7 billion Outstanding Loan Balance Oil / Gas Mix 64% / 36% $1.4 billion Midstream and Downstream (0.5% of Loans) $1.0 billion Services (0.3% of Loans) Utilization Rate 50% Utilization Rate 23% Midstream Oil / Gas Mix 30% / 70% 1.3% Total Loans As of 12/31/21 $ billions $288.4 billion

Appendix: Well-Reserved for the Current Environment 19 Allowance for Credit Losses (ACL) ACL 9/30/21 ACL 12/31/21 $ m ill io ns $168 $303$6,001 $5,530 2.07% 1.92% 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 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

Appendix: Integration Costs Incurred Since Announcement 20 Acquisition Integration Cost Update Remaining Integration Costs to be Incurred in 2022; Approximately 95% of Integration Costs Incurred So Far Quarterly Full Year Total Since $ millions 4Q20 1Q21 2Q21 3Q21 4Q21 2020 2021 Announcement Write-offs $-- $-- $120 $-- $-- $-- $120 $120 Contra-revenue Core fee income $-- $-- $-- $-- $28 $-- $28 $28 Other noninterest income -- -- 10 8 19 -- 37 37 Total contra-revenue $-- $-- $10 $8 $47 $-- $65 $65 Noninterest expense Personnel $-- $-- $24 $140 $116 $-- $280 $280 Occupancy -- 3 -- 1 5 -- 9 9 Equipment -- -- -- 5 75 -- 80 80 Marketing -- -- -- 13 32 -- 45 45 Other 7 3 77 76 163 7 319 326 Total noninterest expense $7 $6 $101 $235 $391 $7 $733 $740 Total integration costs incurred $7 $6 $231 $243 $438 $7 $918 $925

Appendix: Non-GAAP to GAAP Reconciliation 21 Return On Average Tangible Common Equity (non-GAAP) For the three months ended For the year ended $ millions Dec. 31, 2021 Sept. 30, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Return on average common shareholders’ equity 9.61% 10.95% 11.16% 10.78% 15.21% Average common shareholders’ equity $50,375 $51,278 $49,525 $50,439 $47,892 Average goodwill and other intangible assets (11,403) (11,498) (9,387) (10,634) (9,409) Average deferred tax liabilities on goodwill and other intangible assets 274 250 188 255 188 Average tangible common equity $39,246 $40,030 $40,326 $40,060 $38,671 Net income attributable to common shareholders $1,220 $1,416 $1,393 $5,436 $7,284 Net income attributable to common shareholders, if annualized $4,840 $5,617 $5,526 $5,436 $7,284 Return on average tangible common equity (non-GAAP) 12.33% 14.03% 13.70% 13.57% 18.84% 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. − Net income attributable to common shareholders presented for 2020 is from continuing operations.

Appendix: Non-GAAP to GAAP Reconciliation 22 Tangible Book Value per Common Share (non-GAAP) For the three months ended $ millions, except per share data Dec. 31, 2021 Sept. 30, 2021 Dec. 31, 2020 Book value per common share $120.61 $121.16 $119.11 Tangible book value per common share Common shareholders’ equity $50,685 $51,250 $50,493 Goodwill and other intangible assets (11,406) (11,419) (9,381) Deferred tax liabilities on goodwill and other intangible assets 270 277 188 Tangible common shareholders' equity $39,549 $40,108 $41,300 Period-end common shares outstanding (in millions) 420 423 424 Tangible book value per common share (non-GAAP) $94.11 $94.82 $97.43 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 23 Adjusted Income Statement Results (non-GAAP) For the three months ended For the year ended $ millions Dec. 31, 2021 Sept. 30, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Net interest income $2,862 $2,856 $2,424 $10,647 $9,946 Noninterest income 2,265 2,341 1,784 8,564 6,955 Total Revenue $5,127 $5,197 $4,208 $19,211 $16,901 Noninterest expense 3,791 3,587 2,708 13,002 10,297 Pretax, pre-provision earnings (non-GAAP) $1,336 $1,610 $1,500 $6,209 $6,604 Provision for (recapture of) credit losses (327) (203) (254) (779) 3,175 Income taxes 357 323 298 1,263 426 Net income $1,306 $1,490 $1,456 $5,725 $3,003 Net income attributable to diluted common shareholders $1,214 $1,408 $1,387 $5,409 $2,716 Integration costs pre-tax $438 $243 $7 $798 $7 Taxes related to integration costs 92 51 1 168 1 Integration costs after tax $346 $192 $6 $630 $6 Adjusted net income attrib. to diluted common shares ex. integration costs (non-GAAP) $1,560 $1,600 $1,393 $6,039 $2,722 Diluted weighted-average common shares outstanding 424 426 426 426 427 Diluted EPS ex. integration costs (non-GAAP) $3.68 $3.75 $3.27 $14.18 $6.37 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%. − Net income, net income attributable to common shareholders, and respective adjusted line items presented for 2020 are from continuing operations.

Appendix: Non-GAAP to GAAP Reconciliation 24 Taxable-Equivalent Net Interest Income (non-GAAP) For the three months ended For the year ended $ millions Dec. 31, 2021 Sept. 30, 2021 June 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Net interest income $2,862 $2,856 $2,581 $2,348 $2,424 $10,647 $9,946 Taxable-equivalent adjustments 22 22 15 15 17 74 75 Taxable-equivalent net interest income (non-GAAP) $2,884 $2,878 $2,596 $2,363 $2,441 $10,721 $10,021 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 25 Noninterest Expense excluding Integration Expense and Adjusted Efficiency (non-GAAP) For the three months ended For the year ended $ millions Dec. 31, 2021 Sept. 30, 2021 Dec. 31, 2021 Dec. 31, 2020 Noninterest expense $3,791 $3,587 $13,002 $10,297 Integration expense (391) (235) (733) (7) Noninterest expense excluding integration expense (non-GAAP) $3,400 $3,352 $12,269 $10,290 Revenue $5,127 $5,197 $19,211 $16,901 Integration costs – contra revenue (47) (8) (65) --- Revenue excluding integration cost - contra revenue (non-GAAP) $5,174 $5,205 $19,276 $16,091 Efficiency ratio 74% 69% 68% 61% Adjusted efficiency ratio (non-GAAP) 66% 64% 64% 61% 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 26 Adjusted Metrics (non-GAAP) For the year ended Dec. 31, 2021 $ millions, except for ratios and EPS Reported (j) Integration Costs (k) Adjusted (j-k) (non-GAAP) Total revenue (a) $19,211 ($65) $19,276 Noninterest expense (b) 13,002 733 12,269 Pretax, pre-provision earnings $6,209 ($798) $7,007 Provision for (recapture of) credit losses (779) --- (779) Income from continuing operations before taxes $6,988 ($798) $7,786 Income taxes (benefit) from continuing operations 1,263 (168) 1,431 Net income (c) $5,725 ($630) $6,355 Net income attributable to common shareholders (d) $5,436 ($630) $6,066 Net income attributable to diluted common shareholders (e) $5,409 ($630) $6,039 Average assets (f) $523,395 --- $523,395 Average common shareholders’ equity (g) $50,439 --- $50,439 Average tangible common shareholders’ equity (h) $40,060 --- $40,060 Diluted weighted-average common shares outstanding (i) 426 --- 426 Return on average assets “ROA” (c/f) 1.09% 1.21% Return on average common shareholders’ equity “ROE” (d/g) 10.78% 12.03% Return on average tangible common shareholders’ equity “ROTCE” (d/h) 13.57% 15.14% Diluted earnings per share (e/i) $12.70 ($1.48) $14.18 Efficiency ratio (b/a) 68% 64% 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 used in the calculation of diluted earnings per share for integration costs are 426 million.

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