PNC Financial Services Group Files 8-K

Ticker: PNC · Form: 8-K · Filed: 2024-03-05T00:00:00.000Z

Sentiment: neutral

Topics: financial-condition, operations, filing

Related Tickers: PNC

TL;DR

PNC dropped an 8-K on 3/5 detailing financials and other events.

AI Summary

On March 5, 2024, The PNC Financial Services Group, Inc. filed an 8-K report detailing results of operations and financial condition, along with other events and financial statements. The filing provides updates on the company's financial performance and significant corporate activities.

Why It Matters

This 8-K filing provides crucial updates on PNC's financial performance and operational events, which can impact investor decisions and market perception.

Risk Assessment

Risk Level: low — This is a routine 8-K filing providing standard financial and operational updates, not indicating any immediate or significant new risks.

Key Players & Entities

FAQ

What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to report on the Results of Operations and Financial Condition, Other Events, and Financial Statements and Exhibits of The PNC Financial Services Group, Inc.

When was this 8-K report filed?

This 8-K report was filed on March 5, 2024.

What is the exact name of the company filing this report?

The exact name of the registrant is THE PNC FINANCIAL SERVICES GROUP, INC.

In which state was The PNC Financial Services Group, Inc. incorporated?

The PNC Financial Services Group, Inc. was incorporated in Pennsylvania.

What is the principal business address of the company?

The principal business address is The Tower at PNC Plaza, 300 Fifth Avenue, Pittsburgh, Pennsylvania 15222-2401.

Filing Stats: 1,010 words · 4 min read · ~3 pages · Grade level 13.2 · Accepted 2024-03-05 13:57:34

Key Financial Figures

Filing Documents

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On March 5, 2024, Gagan Singh, Executive Vice President and Chief Investment Officer of The PNC Financial Services Group, Inc. (the "Corporation"), discussed business performance and strategy at the RBC Capital Markets Global Financial Institutions Conference in New York City. This presentation was accompanied by a series of electronic slides that included information pertaining to financial results and business strategies. A copy of these slides and related material is included in this report as Exhibit 99.1 and is furnished herewith.

01. Other Events

Item 8.01. Other Events. As previously disclosed by the Corporation, the Federal Deposit Insurance Corporation (the "FDIC") invoked the systemic risk exception to certain resolution-related and Deposit Insurance Fund (the "DIF") restrictions following the closures of Silicon Valley Bank and Signature Bank in March 2023 to fully protect all depositors of the affected institutions, including uninsured deposits. In November 2023, the FDIC finalized a rule to implement the special assessment, estimating that the assessed losses to the DIF would total approximately $16.3 billion. Also as previously disclosed, under the rule, the FDIC will collect from the Corporation, along with other bank holding companies and insured depository institutions, special assessments at an annual rate of approximately 13.4 basis points of an institution's uninsured deposits reported as of December 31, 2022 (adjusted to exclude the first $5 billion), over eight quarterly assessment periods, beginning after the first quarter of 2024. As a result, the Corporation estimated noninterest expense related to the special assessment to total approximately $515 million on a pre-tax basis and incurred this expense during the fourth quarter of 2023. Because the losses to the DIF from the systemic risk exception are estimated, the FDIC will periodically adjust the estimate, which could result in extending the special assessment for additional quarters, imposing a final special assessment on a one-time basis if actual losses exceed the amounts collected, or cease collection early if the FDIC has collected enough to recover actual losses. In late February 2024, subsequent to the filing of PNC's annual Form 10-K, the FDIC estimated that the assessed losses will now total approximately $20.4 billion. The Corporation estimates that the additional noninterest expense related to the revised special assessment will be approximately $130 million on a pre-tax basis, which the Corporation expects to incur during

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Number Description Method of Filing 99.1 Electronic presentation slides and related materials for the RBC Capital Markets Global Financial Institutions Conference on March 5, 2024 Furnished herewith 104 The cover page of this Current Report on Form 8-K, formatted as an inline XBRL. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE PNC FINANCIAL SERVICES GROUP, INC. (Registrant) Date: March 5, 2024 By: /s/ Gregory H. Kozich Gregory H. Kozich Senior Vice President and Controller - 3-

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