10-K 0000713676-26-000020 (2026-02-20) vs 10-K 0000713676-25-000027 (2025-02-21)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 15,112 |
17.3% |
| MD&A | Item 7 | 25,791 |
19.2% |
| Legal Proceedings | Item 3, via Note 20 – LEGAL PROCEEDINGS | 4,239 |
19.1% |
| Accounting Policies | Item 8, Note 1 – ACCOUNTING POLICIES | 10,916 |
10.4% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 264 words changed in this paragraph; it is 44% similar to last year's version.
Other cyber attacks and data security breaches are not focused on gaining access to credit card or user credential information, but instead seek access to a range of other types of confidential information, such as internal emails and other forms of customer financial information, and this information may be used to support a ransomware attack. Ransomware attacks have sought to deny access to data and possibly shut down systems and devices maintained by target companies. In a ransomware attack, system data is encrypted, stolen or extorted, or access is otherwise denied, accompanied by a demand for ransom to restore access to the data or to prevent public disclosure of confidential information. Attacks have also been conducted through business email compromise scams that involve using social engineering to cause employees to wire funds to the perpetrators in the mistaken belief that the requests were made by a company executive or established vendor. These types of phishing attacks have increased over time, and they have evolved to include other types of attacks like vishing (through voice messages) and smishing (through SMS text). Other attacks have included distributed denial of service cyber attacks, in which individuals or organizations flood commercial websites with extraordinarily high volumes of traffic with the goal of disrupting the ability of commercial enterprises to process transactions and possibly making their websites unavailable to customers for extended periods of time. Similarly, attacks have been conducted through application program interfaces where cyber attackers seek to exploit the interfaces between mobile or web applications. We (as well as other financial services companies) have been subject to such attacks. Recent cyber attacks have also included the insertion of malware into software updates and the infection of software while it is under assembly, known as a “supply chain attack.” Attacks on our customers may put these relationships at risk, particularly if customers’ ability to continue operations is impaired due to the losses suffered. The techniques used in cyber attacks change rapidly and are increasingly sophisticated, including through the use of generative AI and deepfakes, and we expect in the future through the use of quantum computing, and we may not be able to anticipate cyber attacks or data security breaches.
Source: Item 1A, 10-K 0000713676-26-000020 vs Item 1A, 10-K 0000713676-25-000027
Legal Proceedings 238 words changed in this paragraph; it is 33% similar to last year's version.
In July 2021, USAA filed a third lawsuit (United Services Automobile Association v. PNC Bank N.A. (Case No. 2:21-cv-246)) in the United States District Court for the Eastern District of Texas against PNC Bank for patent infringement (the “third Texas case”). The complaint alleges that PNC’s mobile remote deposit capture systems, including its new versions, infringe three additional patents owned by USAA. USAA seeks, among other things, a judgment that PNC is infringing each of the patents, damages for willful infringement, and attorneys’ fees. In June 2022, the court consolidated the fourth Texas case into the third Texas case (together, “the second consolidated cases”). At trial in September 2022, only two of the original three USAA patents were asserted against PNC, including U.S. Patent No. 10,769,598 (‘598), and only two of the original four PNC patents were asserted against USAA. Following the jury trial in the second consolidated cases, the jury found against PNC for infringement of at least one of the two asserted patents and awarded $4.3 million, and determined that PNC did not willfully infringe the patents. The jury further found that USAA did not infringe any of PNC’s asserted patents. Subsequently, USAA filed a motion for a new trial on damages, and, in April 2023, the court denied USAA’s motion. In March 2023, PNC noticed an appeal to the U.S. Court of Appeals for the Federal Circuit regarding the final judgment entered against PNC and in April 2023, USAA noticed a cross-appeal to the U.S. Court of Appeals for the Federal Circuit regarding the final judgment. These appeals were consolidated as United Services Automobile Association v. PNC Bank N.A. (Case No. 23-1639). Briefing for Case No. 23-1639 is complete, oral argument occurred on November 6, 2024, and the appeal has been submitted for decision.
Source: Item 3, via Note 20 – LEGAL PROCEEDINGS, 10-K 0000713676-26-000020 vs Item 3, via Note 20 – LEGAL PROCEEDINGS, 10-K 0000713676-25-000027
MD&A 170 words changed in this paragraph; it is 41% similar to last year's version.
Issuance Date Amount Description July 21, 2025 $1.5 billion $1.5 billion of Issuance December 2, 2024 $500 million $500 million in aggregate principal amount of its senior floating rate notes due January 15, 2027. Interest is payable quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the pricing supplement), plus 0.500%, beginning on January 15, 2025 until the maturity date of January 15, 2027. December 2, 2024 $1.25 billion $1.25 billion in aggregate principal amount of its 5.373% senior fixed-to-floating rate notes due January 15, 2027. with a maturity date of July 21, 2036. Interest is payable semi-annually in arrears at a fixed rate of 4.775% 5.373% per annum, on January 15 21 and July 15 21 of each year, beginning commencing on January 15, 2025. 21, 2026. Beginning on January 15, 2026, July 21, 2035 interest is payable quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the pricing supplement), Prospectus Supplement), plus 0.504%, 1.417%, on October 21, 2035, January 21, 2036, April 15, 2026, July 15, 2026, October 15, 2026 21, 2036 and at the maturity date.
Source: Item 7, 10-K 0000713676-26-000020 vs Item 7, 10-K 0000713676-25-000027
Accounting Policies 122 words changed in this paragraph; it is 67% similar to last year's version.
We generally charge-off commercial (commercial and industrial, commercial real estate and equipment lease financing) nonperforming loans when we determine that a specific loan, or portion thereof, is uncollectible. This determination is based on the specific facts and circumstances of the individual loans. In However, we may use certain inputs as an aid in making this determination, including but not limited to assessments of the collateral pledged to the underlying loan and loss estimates that are informed by internal and third-party reports. Additionally, we consider the viability of the business or project as a going concern, the past due status when the asset is not well secured, the expected cash flows to repay the loan, the value of the collateral less costs to sell, and the ability and willingness of any guarantors to perform. perform when making this determination. For most commercial loans above a defined dollar threshold, charge-offs are generally assessed on an individual loan basis and are informed by third party valuations (where available) and internal information, except for those loans secured by real estate. For loans secured by real estate, we charge-off the amortized cost of the loan to a defined LTV ratio when the loan is placed on nonaccrual designation. For commercial loans and leases less than a defined dollar threshold, balances are generally charged-off in full after 180 days for loans and 120 days for leases. Refer to the appraisal discussion that follows for additional information on third party examinations and appraisals.
Source: Item 8, Note 1 – ACCOUNTING POLICIES, 10-K 0000713676-26-000020 vs Item 8, Note 1 – ACCOUNTING POLICIES, 10-K 0000713676-25-000027
Every change, by type
Sentences and paragraphs of PNC's Risk Factors and MD&A, 10-K 2026-02-20 against 10-K 2025-02-21.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
not support the environmental goals of our customers, or increased losses due to the impact of climate change on the collateral that secures customer borrowings. Our risk management needs to continue to evolve, or it may not be effective in identifying, measuring, monitoring and controlling climate risk exposure, particularly given that the timing, nature and severity of the impacts of climate change may not be predictable.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
materially affect our financial statements. In some cases, PNC may be required to retrospectively apply a new or amended standard resulting in changes to previously reported financial results.
Read it in 10-K 2026-02-20 at sec.gov ↗
RemovedRisk Factors
PNC and PNC Bank are subject to regulatory capital and liquidity requirements established by the Federal Reserve and the OCC, respectively. These regulatory capital and liquidity requirements are typically developed at an international level by the Basel Committee and then applied, with adjustments, in each country by the appropriate domestic regulatory bodies. Domestic regulatory agencies can apply stricter capital and liquidity standards than those developed by the Basel Committee. In several instances, the U.S. banking agencies have done so with respect to U.S. banking organizations.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedRisk Factors
more consumer confidential information becomes available to bad actors through the cumulative effect of data breaches at companies generally, bad actors may find it easier to use such information to gain access to our customer accounts.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedRisk Factors
negatively impact our customers or our ability to comply with applicable laws and regulations could negatively affect our reputation or result in fines and penalties from our regulators.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedRisk Factors
could result in PNC experiencing higher levels of nonperforming assets, net charge-offs and provisions for credit losses. They could also cause a reduction in demand for lending or other services that we provide.
Read it in 10-K 2025-02-21 at sec.gov ↗
RewordedRisk Factors
Also see See the immediately following Risk Factor for a discussion of risks associated with capital and liquidity regulation and the Supervision and Regulation section in Item 1 of this Report and Note 19 Regulatory Matters for more information concerning the regulation of PNC, including those areas that have been receiving a high level of regulatory focus. PNC.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Protections offered by those from whom we license technology against these risks may be inadequate to cover any losses in full. full, and the measures we take to obtain, enforce and defend our intellectual property rights may not be successful in every jurisdiction or prevent infringement, misappropriation or other violation of our intellectual property rights.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Our ability to mitigate and remediate the adverse consequences of such occurrences events is in part dependent on the quality of our business continuity planning, our ability to identify and understand threats to us from a holistic perspective, our ability to anticipate the timing and nature of any such event that occurs, with novel or unusual events posing a greater risk, and our ability to identify and quickly resolve vulnerabilities in our technology and those of third parties upon which we rely.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
The election of a new President together with changes in Congress and the membership of Congress, including change in control of the Senate, will likely lead current presidential administration have introduced and may continue to introduce changes in the laws or policies applicable to us and the agencies that regulate us, including their interpretations of rules and guidelines.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Although we We cannot control and may not accurately predict the nature or timing of future changes in monetary policies or the precise effects that they may have on our activities and financial results, we anticipate that the FOMC will cut the federal funds rate 25 basis points twice in 2025, once in May and once in July. outlook or results.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Even if we do not suffer any material adverse consequences as a result of events affecting us directly, information systems issues failures or interruptions at other financial institutions institutions, whether at PNC or others, could lead to a general loss of customer confidence in financial institutions, including us. us, and broadly increase legislative, regulatory and customer concerns regarding the functioning, safety and security of such technology.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
As a result, efforts by bad actors to engage in various types of cyber attacks and breaches, including by way of computer viruses, hacking, ransomware and other malware, denial of service attacks, credential staffing, phishing, social engineering, account takeovers, insider threats and supply chain attacks pose serious risks to our business and reputation.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Regardless of the source of the intellectual property, if If we fail to comply with any applicable obligations under our license agreements, or another person or entity were deemed to own intellectual property rights infringed infringed, misappropriated or otherwise violated by our activities, we could be responsible for significant damages covering past activities and substantial fees to continue to engage in these types of activities.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
The regulatory capital and liquidity frameworks, as well as certain other prudential requirements and standards that are applicable to PNC, including related proposed rules, are More information is discussed in the Supervision and Regulation section in Item 1 of this Report and the Liquidity and Capital Management portion of the Risk Management section in Item 7 of this Report.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Among the impacts to PNC could be a drop in demand for our products and services, particularly in certain sectors if our products or services do not support the environmental goals of our customers, or increased losses due to the impact of climate change on the collateral that secures customer borrowings.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Although we have policies, procedures procedures, systems and systems programs designed to mitigate third-party risk, our ability to implement policies, procedures procedures, systems and systems programs designed to prevent or limit the effect of possible failures, interruptions or security breaches in security of information systems with respect to impacting third-party systems and technology, including the financial services industry infrastructure generally, is necessarily limited.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
In particular, the financial services industry continues to face heightened scrutiny, including with respect to BSA/AML, know-your-customer and export and sanctions compliance requirements, consumer compliance and protection matters (such as with respect to overdraft and other fees), matters, and capital, liquidity and resolution planning in response to systemic events in the banking industry. planning.
Read it in 10-K 2026-02-20 at sec.gov ↗
Quiet changesRisk Factors
Although the new presidential administration has indicated an intent to pursue the regulation of the financial services industry differently than was the case under the previous administration, there is significant uncertainty regarding the direction this administration will continue to take and its ability to implement its policies and objectives, as well as the ultimate impact on potential new regulatory initiatives and the enforcement of existing laws and regulations.
Read it in 10-K 2026-02-20 at sec.gov ↗
Quiet changesRisk Factors
In addition, we do not generally hedge all of our risk and our attempt to hedge any risk does not mean we will be successful.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
On January 5, 2026, PNC completed its acquisition of FirstBank Holding Company, including its banking subsidiary, FirstBank. As of close, FirstBank had $26.4 billion of assets, $16.0 billion of loans and $23.1 billion of deposits. Effective January 5, 2026, FirstBank’s financial results are included in PNC’s consolidated operations and will be reported in PNC’s first quarter 2026 results. Conversion of FirstBank customers to PNC Bank is expected to occur this summer. Until conversion, FirstBank will remain a separate bank subsidiary of PNC. See Note 24 Subsequent Events for additional details on the acquisition of FirstBank.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
(a)The December 31, 2024 ratio is calculated to reflect PNC’s election to adopt the CECL optional five-year transition provisions.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
•The baseline forecast anticipates real GDP growth slowing to around 2% in 2026, with continued modest job gains and the unemployment rate at around 4.5%. Tariffs remain a risk to the outlook, and a reversal in sentiment around AI or a large decline in equity prices would be drags. Weaker labor force growth could lead to weaker long-run growth.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
•Our baseline forecast is for the Federal Reserve to keep the federal funds rate unchanged in the first half of this year, in a range between 3.50% and 3.75%. We expect modest additional easing in the second half of the year with 25 basis points cuts at the FOMC meetings in July and September 2026, resulting in a federal funds rate in the range of 3.00% to 3.25% by the fall. However, there are two-sided risks to this outlook: (1) if inflation re-accelerates or proves more persistent than expected, the Federal Reserve may cut less or (2) if growth falters or recession emerges, easing could be deeper and more prolonged.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
•Noninterest expense, excluding one-time integration costs, to be up approximately 7%, and
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
•Noninterest expense, excluding one-time integrations costs, to be up approximately 4%,
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
We expect to incur non-recurring merger and integration costs of approximately $325 million, the majority of which we expect to be recognized in the first half of 2026.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
2025 2024 Year ended December 31 Average Average Interest Average Average Interest Dollars in millions Balances Yields/ Income/ Balances Yields/ Income/ Rates Expense Rates Expense Assets Interest-earning assets Investment securities $ 142,697 3.29% $ 4,694 $ 140,742 2.94% $ 4,144 Loans 323,381 5.74% 18,569 319,794 6.08% 19,456 Interest-earning deposits with banks (b) 33,360 4.31% 1,439 43,145 5.34% 2,303 Other 13,245 5.45% 722 9,135 6.70% 612 Total interest-earning assets/interest income $ 512,683 4.96% 25,424 $ 512,816 5.17% 26,515 Liabilities Interest-bearing liabilities Interest-bearing deposits $ 335,529 2.23% 7,497 $ 324,435 2.59% 8,401 Borrowed funds 64,101 5.30% 3,400 74,061 6.05% 4,484 Total interest-bearing liabilities/interest expense $ 399,630 2.73% 10,897 $ 398,496 3.23% 12,885 Interest rate spread 2.23% 1.94% Impact of noninterest-bearing sources 0.60 0.72 Net interest margin/income (non-GAAP) 2.83% 14,527 2.66% 13,630 Taxable-equivalent adjustments (117) (131) Net interest income (GAAP) $ 14,410 $ 13,499
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
(b)Interest income from Interest-earning deposits with banks primarily includes interest earned on our balances held with the FRB and is reported as Other interest income on our Consolidated Income Statement.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
Other noninterest income increased reflecting lower negative Visa derivative adjustments and higher private equity revenue. Visa derivative adjustments were negative $114 million in 2025, primarily related to litigation escrow funding, compared to negative $274 million in 2024. Other noninterest income in 2024 included a $754 million gain resulting from PNC’s participation in the Visa exchange program and a $497 million loss related to the repositioning of our investment securities portfolio.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
The effective income tax rate was 17.5% for 2025 compared with 17.8% for 2024. Both periods included the favorable resolution of certain tax matters.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
Commercial loans increased driven by growth in the commercial and industrial portfolio, reflecting new production, partially offset by lower commercial real estate loans.
Read it in 10-K 2026-02-20 at sec.gov ↗
RemovedMD&A
•The effect of climate change on our business and performance, including indirectly through impacts on our customers,
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
On October 2, 2023, PNC acquired a portfolio of capital commitments facilities from Signature Bridge Bank, N.A. through an agreement with the FDIC as receiver of the former Signature Bank, New York. The acquired portfolio represented approximately $16.0 billion in total commitments, including approximately $9.0 billion of funded loans, at the time of acquisition.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
During the fourth quarter of 2023, PNC implemented a workforce reduction that was expected to reduce 2024 personnel expense by approximately $325 million annually, on a pre-tax basis. PNC incurred expenses of $150 million in the fourth quarter of 2023 in connection with this workforce reduction.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
During September 2024, Hurricane Helene made landfall in Florida’s panhandle, impacting a large region of the
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
southeastern United States, including the southern Appalachians. In October 2024, Hurricane Milton made landfall
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
on the central west coast of Florida, causing widespread damage across the state. The storms resulted in property damage to our
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
customers, the closing or disruption of many businesses, including some of PNC’s branches and facilities and damage to the
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
community infrastructure. We evaluated the impact to our businesses, and, based on our assessments to date, these storms did not have a material impact on our operating results, including credit losses.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
•PNC elected a five-year transition provision effective March 31, 2020 to delay until December 31, 2021 the full impact of the CECL standard on regulatory capital, followed by a three-year transition period. Effective for the first quarter of 2022, PNC entered a three-year transition period, and the full impact of the CECL standard was phased-in to regulatory capital through December 31, 2024. In the first quarter of 2025, CECL will be fully reflected in regulatory capital. The estimated CET1 fully implemented ratio was 10.5% at December 31, 2024 compared to 9.8% at December 31, 2023.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
•Real GDP growth in 2025 and 2026 will be approximately 2%, and the unemployment rate will remain somewhat above 4% throughout 2025 and into 2026. There will be little progress on inflation in 2025; wage pressures will abate, but higher tariffs will offset this, and inflation will remain above the Federal Reserve’s 2% objective throughout 2025.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
•Little progress on inflation this year will limit monetary easing. PNC expects two additional federal funds rate cuts of 25 basis points each in 2025, one in May and one in July. The federal funds rate will be in a range between 3.75% and 4.00% in the second half of 2025, and remain in that range into 2026.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
Noninterest income, other noninterest income and revenue guidance does not forecast net securities gains or losses or Visa activity.
Read it in 10-K 2025-02-21 at sec.gov ↗
RewordedMD&A
(Unaudited) Year ended December 31 Change Dollars in millions, except as noted 2025 2024 2023 $ % Income Statement Net interest income (a) $ 652 709 $ 547 613 $ 105 19% 96 16% Noninterest income 1,001 949 905 44 52 5% Total revenue 1,601 1,452 149 10% (a) 1,710 1,562 148 9% Provision for (recapture of) credit losses (19) (3) (3) — (16) * Noninterest expense Personnel 471 472 494 (22) (4)% (1) —% Segment allocations (a) (b) 488 454 464 (10) (2)% 34 7% Depreciation and amortization 38 30 30 — 8 27% Other (b) (c) 116 117 127 (10) (8)% (1) (1)% Total noninterest expense 1,113 1,073 1,115 (42) (4)% Pretax 40 4% Pre-tax earnings 531 340 191 56% (a) 616 492 124 25% Income taxes 124 80 44 55% (a) 144 116 28 24% Earnings (a) $ 407 472 $ 260 376 $ 147 57% 96 26% Average Balance Sheet Loans Consumer Residential real estate $ 11,952 9,908 $ 10,280 9,920 $ 1,672 16% (12) —% Other consumer 3,716 4,003 (287) (7)% 3,566 3,520 46 1% Total consumer 15,668 14,283 1,385 10% 13,474 13,440 34 —% Commercial 653 761 1,107 (346) (31)% (108) (14)% Total loans $ 16,429 14,127 $ 15,390 14,201 $ 1,039 7% (74) (1)% Total assets (a) $ 16,872 14,548 $ 15,812 14,644 $ 1,060 7% (96) (1)% Deposits (a) Noninterest-bearing $ 1,639 1,484 $ 1,782 1,560 $ (143) (8)% (76) (5)% Interest-bearing 26,232 25,928 304 1% 25,607 25,832 (225) (1)% Total deposits $ 27,871 27,091 $ 27,710 27,392 $ 161 1% (301) (1)% Performance Ratios (a) Return on average assets 2.41 3.24 % 1.64 2.57 % Noninterest income to total revenue 59 % 62 61 % Efficiency 67 65 % 77 69 % Supplemental Noninterest Income Information Asset management fees $ 933 $ 882 $ 51 6% Brokerage fees 1 7 (6) (86)% Total $ 934 $ 889 $ 45 5% Other Information Nonperforming assets (c) (d) $ 52 $ 28 $ 39 $ (11) (28)% 24 86% Net charge-offs (recoveries) - loans and leases $ 1 $ 2 $ (3) $ 5 167% (1) (50)% Client Assets Under Administration (in billions) (c) (d) (d)(e) Discretionary client assets under management PNC Private Bank $ 138 $ 129 $ 117 $ 12 10% 9 7% Institutional Asset Management 96 82 72 10 14% 14 17% Total discretionary client assets under management $ 234 $ 211 $ 189 $ 22 12% 23 11% Nondiscretionary client assets under administration 238 210 179 31 17% 28 13% Total $ 472 $ 421 $ 368 $ 53 14% 51 12%
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
December 31, 2024 2025 Dollars in millions Basel III (a) (Fully Implemented) (estimated) (b) Common equity Tier tier 1 capital Common stock plus related surplus, net of treasury stock $ (4,041) $ (4,041) (5,031) Retained earnings 59,524 59,282 63,266 Goodwill, net of associated deferred tax liabilities (10,699) (10,699) (10,731) Other disallowed intangibles, net of deferred tax liabilities (231) (231) (170) Other adjustments/(deductions) (86) (86) adjustments (deductions) (75) Common equity Tier tier 1 capital (c) (a) $ 44,467 $ 44,225 47,259 Additional Tier tier 1 capital Preferred stock plus related surplus 5,749 5,749 5,757 Tier 1 capital $ 50,216 $ 49,974 53,016 Additional Tier tier 2 capital Qualifying subordinated debt 2,211 2,211 1,800 Eligible credit reserves includable in Tier 2 capital 4,903 5,142 5,216 Total Basel III capital $ 57,330 $ 57,327 60,032 Risk-weighted assets Basel III standardized approach risk-weighted assets (d) (b) $ 422,399 $ 422,494 444,438 Average quarterly adjusted total assets $ 556,962 $ 556,720 566,826 Supplementary leverage exposure (e) (c) $ 672,278 $ 672,277 699,750 Basel III risk-based capital and leverage ratios (f) (d) Common equity Tier tier 1 10.5 % 10.5 10.6 % Tier 1 11.9 % 11.8 % Total 13.6 % 13.6 13.5 % Leverage (g) 9.0 % 9.0 (e) 9.4 % Supplementary leverage ratio (e) 7.5 (c) 7.6 % 7.4 %
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Commercial mortgage loans held for sale (e) $107 $81 $74 $ 7 9% 26 32% Commercial mortgage loan servicing income (f) 446 353 185 168 91% 93 26% Commercial mortgage servicing rights valuation, net of economic hedge 159 147 118 29 25% 12 8% Total $712 $581 $377 $ 204 54% 131 23% Commercial mortgage servicing statistics Serviced portfolio balance (in billions) (g) (h) $294 $290 $288 $ 2 4 1% MSR asset value (g) $1,021 $1,085 $1,032 $ 53 5% (64) (6)% Average Loans loans by C&IB business Corporate Banking $124,484 $116,494 $117,568 $ (1,074) (1)% 7,990 7% Real Estate 42,121 46,061 47,312 (1,251) (3)% (3,940) (9)% Business Credit 31,647 29,690 29,984 (294) (1)% 1,957 7% Commercial Banking 7,196 7,450 8,024 (574) (7)% (254) (3)% Other 4,072 4,292 4,351 (59) (1)% (220) (5)% Total average loans $209,520 $203,987 $207,239 $ (3,252) (2)% 5,533 3% Credit-related statistics Nonperforming assets (g) $1,375 $1,368 $1,217 $ 151 12% 7 1% Net charge-offs - loans and leases $249 $484 $266 $ 218 82% (235) (49)%
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
December 31, 2025 December 31, 2024 December 31, 2023 Change Dollars in millions $ % Nonperforming loans Commercial $ 1,358 $ 1,462 $ 1,307 $ 155 12% (104) (7)% Consumer (a) 860 864 873 (9) (1)% (4) —% Total nonperforming loans 2,218 2,326 2,180 146 7% OREO (108) (5)% OREO, foreclosed and foreclosed other assets (b) 143 31 36 (5) (14)% 112 361% Total nonperforming assets $ 2,361 $ 2,357 $ 2,216 $ 141 6% 4 —% Nonperforming loans to total loans 0.67 % 0.73 % 0.68 % Nonperforming assets to total loans, OREO OREO, foreclosed and foreclosed other assets (b) 0.71 % 0.74 % 0.69 % Nonperforming assets to total assets 0.41 % 0.42 % 0.39 % Allowance for loan and lease losses to nonperforming loans 199 % 193 % 220 % Allowance for credit losses to nonperforming loans (b) (c) 236 % 224 % 250 %
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RewordedMD&A
December 31, 2025 December 31, 2024 December 31, 2023 Dollars in millions Amount % of Total Amount % of Total Commercial and industrial Retail/wholesale trade $ 30,010 17% $ 28,198 16% Financial services $ 36,993 19% $ 27,737 16 28,422 16 16% Manufacturing 29,769 15 27,700 16 28,989 16 Service providers 24,159 12 21,881 12 21,354 12 Wholesale trade 19,263 10 18,399 10 Real estate related (a) 14,919 8 14,910 8 16,235 9 Technology, media and telecommunications 12,029 6 9,767 6 10,249 Retail trade 12,020 6 11,611 7 Health care 8,845 5 9,694 6 9,808 6 Transportation and warehousing 8,610 4 7,320 4 7,733 4 Other industries 29,116 15 26,771 15 26,592 15 Total commercial and industrial loans $ 195,723 100% $ 175,790 100% $ 177,580 100%
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Year ended December 31 Change Dollars in millions 2025 2024 2023 $ % Noninterest income Asset management and brokerage $ 1,597 $ 1,485 $ 1,412 $ 73 5% 112 8% Capital markets and advisory 1,548 1,250 952 298 31% 24% Card and cash management 2,899 2,770 2,733 37 1% 129 5% Lending and deposit services 1,310 1,259 1,233 26 2% 51 4% Residential and commercial mortgage 571 581 625 (44) (7)% (10) (2)% Other income Gain on Visa shares exchange program — 754 754 (754) * Securities gains (losses) (9) (500) (2) (498) 491 * Other 773 457 621 (164) (26)% 316 69% Total other income 764 711 619 92 15% 53 7% Total noninterest income $ 8,689 $ 8,056 $ 7,574 $ 482 6% 633 8%
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RewordedMD&A
(Continued from previous page)Year ended December 31 Change Dollars in millions, except as noted 2025 2024 2023 $ % Supplemental Noninterest Income Information Asset management and brokerage $611 $552 $523 $ 29 6% 59 11% Card and cash management $1,286 $1,263 $1,323 $ (60) (5)% 23 2% Lending and deposit services $772 $744 $736 $ 8 1% 28 4% Residential and commercial mortgage $293 $342 $424 $ (82) (19)% (49) (14)% Other income - Gain on Visa shares exchange program $— $754 $ $ 754 (754) * Residential Mortgage Information Residential mortgage servicing statistics (in billions, except as noted) (c) (f) Serviced portfolio balance (d) (in billions) (g) $198 $197 $209 $ (12) (6)% 1 1% MSR asset value (d) $2.6 $2.7 (g) $2,638 $2,626 $ (0.1) (4)% 12 —% Servicing income:
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
(in millions) Servicing fees, net (e) (h) $254 $287 $301 $ (14) (5)% (33) (11)% Mortgage servicing rights valuation, net of economic hedge $11 $5 $53 $ (48) (91)% 6 120% Residential mortgage loan statistics Loan origination volume (in billions) $5.8 $6.4 $7.4 $ (1.0) (14)% (0.6) (9)% Loan sale margin percentage 1.32% 1.76% 2.34% Other Information Credit-related statistics Nonperforming assets (d) (g) $840 $848 $834 $ 14 2% (8) (1)% Net charge-offs - loans and leases $506 $570 $463 $ 107 23% (64) (11)% Other statistics Branches (d) (f) (g)(i) 2,224 2,234 2,299 (65) (3)% (10) —% Brokerage account client assets (in billions) (d) (g) (g)(j) $91 $84 $78 $ 6 7 8%
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Accruing Loans Past Due (a)Amount % of Total Loans Outstanding December 31, 2024 2025 December 31, 2023 2024 Change December 31, 2024 2025 December 31, 2023 2024 Dollars in millions $ % Early stage loan delinquencies Accruing loans past due 30 to 59 days $ 660 $ 697 $ 685 $ 12 2% (37) (5)% 0.20% 0.22% 0.21% Accruing loans past due 60 to 89 days 403 288 270 18 7% 115 40% 0.12% 0.09% 0.08% Total early stage loan delinquencies 1,063 985 955 30 3% 78 8% 0.32% 0.31% 0.30% Late stage loan delinquencies Accruing loans past due 90 days or more 380 397 429 (32) (7)% 0.13% (17) (4)% 0.11% 0.13% Total accruing loans past due $ 1,443 $ 1,382 $ 1,384 $ (2) 61 4% 0.44% 0.43% 0.44%
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RewordedMD&A
Issued December 2023 September 2025 • Requires public business entities to, on an annual basis, (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Removes all references to project stages throughout Subtopic 350-40. • This ASU will not impact our Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity or and Consolidated Statement of Cash Flows.
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RewordedMD&A
Beginning on January 21, 2027, interest Interest is payable quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), pricing supplement), plus 1.342%, 0.730%, on January 21, April 21, 2027, July 21, 2027, 21 and October 21 of each year, commencing on October 21, 2027 and at 2025 until the earlier of the optional redemption date or the maturity date.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Total shareholders’ equity was $54.4 of $60.6 billion at December 31, 2024, an increase of $3.3 2025 increased $6.2 billion compared to December 31, 2023, 2024, primarily due to increases related to the benefit of net income of $6.0 $7.0 billion and an improvement in AOCI of $1.1 $3.2 billion, partially offset by dividends paid of $2.9 billion, $3.0 billion and common share repurchases of $0.6 billion and a preferred stock redemption of $0.5 $1.2 billion.
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