# PNC Financial Services Group, Inc.: Form 10-Q for the period ended Jun 30, 2024

- Company: [PNC Financial Services Group, Inc.](/companies/pnc.md) (CIK 713676)
- Form: 10-Q
- Filed: 2024-08-02
- Accepted by EDGAR: Aug 2, 2024, 10:12 ET
- Period: 2024-06-30
- Accession: 0000713676-24-000068
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/713676/000071367624000068/pnc-20240630.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/713676/000071367624000068/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2024-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2024-04-01 to 2024-06-30 | $5.41bn | us-gaap:Revenues |
| Revenue | 6 months, 2024-01-01 to 2024-06-30 | $10.56bn | us-gaap:Revenues |
| Income tax | 3 months, 2024-04-01 to 2024-06-30 | $342.0m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2024-01-01 to 2024-06-30 | $654.0m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2024-04-01 to 2024-06-30 | $1.48bn | us-gaap:ProfitLoss |
| Net income | 6 months, 2024-01-01 to 2024-06-30 | $2.82bn | us-gaap:ProfitLoss |
| Diluted EPS | 3 months, 2024-04-01 to 2024-06-30 | $3.39 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 6 months, 2024-01-01 to 2024-06-30 | $6.48 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2024-04-01 to 2024-06-30 | $3.39 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 6 months, 2024-01-01 to 2024-06-30 | $6.49 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2024-04-01 to 2024-06-30 | 400,000,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 6 months, 2024-01-01 to 2024-06-30 | 400,000,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 6 months, 2024-01-01 to 2024-06-30 | $2.79bn | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Dividends paid | 6 months, 2024-01-01 to 2024-06-30 | $1.25bn | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 6 months, 2024-01-01 to 2024-06-30 | $336.0m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2024-06-30 | $38.41bn | us-gaap:Cash |
| Total assets | at 2024-06-30 | $556.52bn | us-gaap:Assets |
| Total liabilities | at 2024-06-30 | $503.84bn | us-gaap:Liabilities |
| Long-term debt | at 2024-06-30 | $71.39bn | us-gaap:LongTermDebt |
| Shareholders' equity | at 2024-06-30 | $52.64bn | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 2,065 characters.

### Unregistered Sales of Equity Securities

None.

### Equity Security Repurchases

Details of our repurchases of PNC common stock during the second quarter of 2024 are included in the following table:

*2024 period In thousands, except per share data*

|  | Total shares purchased (a) | Average price paid per share | Total shares purchased as part of publicly announced programs (b) | Maximum number of shares that may yet be purchased under the programs (b) |
| --- | ---: | ---: | ---: | ---: |
| April 1 - 30 | 288 | $153.71 | 264 | 43,815 |
| May 1 - 31 | 190 | $155.69 | 190 | 43,625 |
| June 1 - 30 | 241 | $152.85 | 241 | 43,384 |
| Total | 719 | $153.95 | 695 |  |

(a) Includes PNC common stock purchased in connection with our various employee benefit plans generally related to forfeitures of unvested restricted stock awards and shares used to cover employee payroll tax withholding requirements. See Note 16 Employee Benefit Plans and Note 17 Stock Based Compensation Plans in our 2023 Form 10-K, which include additional information regarding our employee benefit and equity compensation plans that use PNC common stock.

(b) Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 43% were still available for repurchase at June 30, 2024. In light of the Federal banking agencies’ proposed rules to adjust the Basel III capital framework, third quarter 2024 share repurchase activity is expected to approximate recent quarterly average share repurchase levels. PNC continues to evaluate the potential impact of the proposed rules and may adjust share repurchase activity depending on market and economic conditions, as well as other factors. Based on the results of the Federal Reserve’s 2024 annual stress test, PNC’s SCB for the four-quarter period beginning October 1, 2024 will remain at the regulatory minimum of 2.5%.

## Risk factors

As filed, 133 characters.

There are no material changes from any of the risk factors previously disclosed in our 2023 Form 10-K in response to Part I, Item 1A.

Filed Aug 2, 2024.
Source: SEC EDGAR, the filing index for accession 0000713676-24-000068. Last ingested by Listed: Nov 5, 2026, 18:50 ET. No prices; not investment advice.