Parent Company

12 Months Ended

Dec. 31, 2016

Parent Company [Abstract]

Parent Company

NOTE 21 PARENT COMPANY
On August 23, 2016, PNC Funding Corp, a wholly-owned indirect non-bank subsidiary of the parent company, was merged into the parent company with all assets and liabilities transferred to the parent company at historical cost. As a result, the summarized financial information for all periods is presented in the following tables on a combined basis.
Summarized financial information of the parent company is as follows:
Table 99: Parent Company – Income Statement
Year ended December 31 - in millions			2016		2015		2014
Operating Revenue
Dividends from:
	Bank subsidiaries and bank holding company	$	2,906	$	3,110	$	3,115
	Non-bank subsidiaries		130		49		115
Interest income			93		82		88
Noninterest income			13		56		80
	Total operating revenue		3,142		3,297		3,398
Operating Expense
Interest expense			197		193		227
Other expense			108		89		127
	Total operating expense		305		282		354
Income before income taxes and equity in undistributed net income of
	subsidiaries		2,837		3,015		3,044
Income tax benefits			(96)		(98)		(60)
	Income before equity in undistributed net income of subsidiaries		2,933		3,113		3,104
Equity in undistributed net income of subsidiaries:
	Bank subsidiaries and bank holding company		818		736		854
	Non-bank subsidiaries		153		257		226
Net income		$	3,904	$	4,106	$	4,184
Other comprehensive income, net of tax:
Net pension and other postretirement benefit plan activity arising during the period			13		(3)		(17)
Other comprehensive income (loss)			13		(3)		(17)
Comprehensive income		$	3,917	$	4,103	$	4,167

Table 100: Parent Company – Balance Sheet
December 31 - in millions				2016		2015
Assets
Cash held at banking subsidiary			$	1	$	1
Restricted deposits with banking subsidiary				175
Nonrestricted interest-earning deposits				4,684		3,077
Restricted interest-earning deposits						300
	Investments in:
		Bank subsidiaries and bank holding company		42,361		41,919
		Non-bank subsidiaries		2,859		2,747
Bank debt securities with affiliates						1,850
Loans with affiliates				1,358		1,669
Other assets				1,322		1,724
		Total assets	$	52,760	$	53,287
Liabilities
Subordinated debt (a)			$	2,242	$	2,267
Senior debt (a)				3,959		5,264
Other borrowed funds from affiliates				223		347
Accrued expenses and other liabilities				637		699
	Total liabilities			7,061		8,577
Equity
Shareholders' equity				45,699		44,710
	Total liabilities and equity		$	52,760	$	53,287
(a)	See Note 10 Borrowed Funds for additional information on contractual rates and maturity dates of senior debt and subordinated debt for parent company.

In connection with certain affiliates’ commercial and residential mortgage servicing operations, the parent company has committed to maintain such affiliates’ net worth above minimum requirements.

Table 101: Parent Company – Interest Paid and Income Tax Refunds (Payments)
			Income Tax
	Interest		Refunds /
Year ended December 31 - in millions	Paid		(Payments)
2016	$	317	$	183
2015	$	404	$	64
2014	$	442	$	(10)

Table 102: Parent Company – Statement of Cash Flows
Year ended December 31 - in millions				2016		2015		2014
Operating Activities
Net income			$	3,904	$	4,106	$	4,184
Adjustments to reconcile net income to net cash provided by operating
	activities:
		Equity in undistributed net earnings of subsidiaries		(971)		(993)		(1,080)
		Other		142		149		122
Net cash provided (used) by operating activities				3,075		3,262		3,226
Investing Activities
Net change in loans and securities from affiliates				2,161		(185)		2,098
Net change in restricted deposits with banking subsidiary				(175)		400
Net change in nonrestricted interest-earning deposits				(1,607)		3,244		(2,455)
Net change in restricted interest-earning deposits				300		(300)
Other				266		(82)		(82)
	Net cash provided (used) by investing activities			945		3,077		(439)
Financing Activities
Net change in other borrowed funds from affiliates				(124)		(100)		(14)
Net change in senior debt				(1,252)		(1,888)		(1,379)
Net change in subordinated debt				17		(580)		762
Preferred stock issuances				519
Preferred stock redemptions						(500)
Common and treasury stock issuances				151		139		252
Acquisition of treasury stock				(2,062)		(2,152)		(1,176)
Preferred stock cash dividends paid				(209)		(219)		(232)
Common stock cash dividends paid				(1,060)		(1,039)		(1,000)
	Net cash provided (used) by financing activities			(4,020)		(6,339)		(2,787)
	Cash held at banking subsidiary at beginning of year			1		1		1
	Cash held at banking subsidiary at end of year		$	1	$	1	$	1