{"schemaVersion":1,"research":true,"symbol":"pnc","name":"Pnc Financial Services Group","topic":"moat","path":"/stock/pnc/moat","status":"published","version":6,"updatedAt":"2026-10-19T15:51:25.625Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"PNC demonstrates customer growth, engagement, profitable execution and adequate disclosed regulatory capital. Relationship banking could create switching friction, but the passages do not establish its durability or superior funding economics. Pricing outcomes remain mixed: deposit costs are lower year over year but rose sequentially, while net interest margin narrowed. This is insufficient evidence of a moat, rather than demonstrated competitive weakness.","advantages":[{"mechanism":"switching_costs","claim":"Commercial operating accounts using multiple PNC products and growing treasury management activity support a potential relationship advantage. Actual customer dependency, switching costs and a durable pricing benefit remain unestablished.","durability":"Uncertain. Organic checking-account additions and commercial relationship growth demonstrate current demand, but neither measures existing-customer retention or the difficulty of moving banking relationships.","risks":"Deposit migration, competing digital services and higher required deposit rates could weaken relationship economics. Retail deposits declined sequentially despite consolidated growth.","invalidation":"The relationship-advantage hypothesis would weaken materially if organic customer growth reversed, treasury management activity declined, or retaining operating deposits repeatedly required higher relative rates. Sustained cohort retention and favorable funding economics across rate cycles would support upgrading the assessment.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5","e6","e7"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"Corporate & Institutional Banking and uninsured relationship deposits","excerpt":"Table 13: Corporate & Institutional Banking Table \n3,934 \n3,582 \n352 \n2,435 \n2,000 \n6,369 \n5,582 \n787 \n153 \n(34)\n962 \n746 \n842 \n764 \n(4)\n(4)\n307 \n296 \n2,207 \n1,906 \n301 \n4,009 \n3,443 \n566 \n931 \n783 \n148 \nNoncontrolling interests\n3,068 \n2,651 \n417 \n650 \n516 \n134 \nCommercial and industrial \n200,913 \n173,872 \n27,041 \nCommercial real estate\n28,905 \n31,553 \n(2,648)\nTotal commercial \n229,818 \nThe majority of our uninsured deposits are related to commercial operating and relationship accounts, which we define as commercial deposit customers who utilize two or more PNC products."},{"id":"e2","sourceId":"filing-7","location":"Third-quarter business highlights: organic accounts, commercial clients and treasury revenue","excerpt":"Grow our client base by providing diversified financial products and services on a national basis PNC Strategic Priorities Leverage technology to provide best-in-class client service as well as ensure safety and soundness Enhance our brand by doing right by our constituents: our customers, communities, employees and shareholders Retail Banking  Organically added ~215k net new checking accounts YTD; strong expansion market1 momentum  Grew average credit card balances +12% YoY and purchase volumes +10% YoY  Retail brokerage assets grew 9% YoY to $97 billion Corporate & Institutional Banking  Average loans grew 17% YoY  Added ~500 new Corporate & Commercial Banking clients in the expansion markets1 YTD  YTD Treasury Management revenue grew 8% Asset Management Group  Assets under administration of ~$500 billion; +13% YoY  New asset production up 28% YoY  AUM in expansion markets1 is growing 5x faster than legacy markets1"},{"id":"e3","sourceId":"filing-8","location":"Revenue review: treasury management and customer activity","excerpt":"Card and cash management increased $32 million driven by increased treasury management product revenue, as well as growth in customer relationships and activity."},{"id":"e4","sourceId":"filing-1","location":"Business: competition and similar competing products","excerpt":"Competition We are subject to intense competition from other regulated banking organizations, as well as various other types of financial institutions and non-bank entities that can offer a number of similar products and services without being subject to bank regulatory supervision and restrictions."},{"id":"e5","sourceId":"filing-1","location":"Competition: deposit pricing pressures and customer migration","excerpt":"Deposit-taking activities are also subject to pricing pressures and to customer migration as a result of intense competition for deposits and investments."},{"id":"e6","sourceId":"filing-8","location":"Retail Banking: sequential average deposit decline","excerpt":"▪Average deposits decreased 2%, primarily due to lower consumer interest-bearing and noninterest-bearing deposit balances."},{"id":"e7","sourceId":"filing-7","location":"Deposit balances and interest-bearing deposit rate changes","excerpt":"Consolidated Average Deposit Balances Av er ag e ba la nc es , $ b ill io ns Spot Consumer Deposits $ bi lli on s Spot Commercial Deposits $ bi lli on s $146 $149 $160 9/30/25 6/30/26 9/30/26 $70 $74 $75 9/30/25 6/30/26 9/30/26 Interest-Bearing Noninterest-Bearing $188 $200 $199 9/30/25 6/30/26 9/30/26 $21 $26 $25 9/30/25 6/30/26 9/30/26 Interest-Bearing Noninterest-Bearing IB Rate Paid +7 bps LQ and (34) bps YoY Total Deposits +1% LQ and +7% YoY NIB Deposits (2)% LQ and +9% YoY Total IB Deposits +2% LQ and +6% YoY +7% $7 $4$0.4 IB ex."},{"id":"e8","sourceId":"filing-6","location":"First-quarter results: deposit-rate reduction and net interest margin","excerpt":"•Net interest margin increased 11 basis points to 2.95%, reflecting an 18 basis point decline in the rate paid on interest-bearing deposits."},{"id":"e9","sourceId":"filing-2","location":"Interest-rate risk: deposit pricing relationship to Federal Funds rate","excerpt":"Deposit Betas: Deposit pricing changes are primarily driven by changes in the Federal Funds rate."},{"id":"e10","sourceId":"filing-8","location":"Selected ratios: net interest margin and returns","excerpt":"tangible common equity (ROTCE) (non-GAAP)\n18.28 \n17.88 \n16.77 \nReturn on average assets\n1.32 \n1.34 \n1.27 \nNet interest margin (NIM) (non-GAAP)\n2.94 \n2.96 \n2.79 \nNoninterest income to total revenue\n36 \n40 \n38 \nEfficiency\n57 \n60 \n59 \nCommon equity tier 1 (CET1) capital ratio\n9.8 \n9.9 \n10.7 \nSee non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release."},{"id":"e11","sourceId":"filing-8","location":"Revenue review: asset yields and increased funding costs","excerpt":"Net interest income of $4.2 billion increased $99 million from the second quarter of 2026 driven by commercial loan growth and higher yields on interest-earning assets, partially offset by increased funding costs."},{"id":"e12","sourceId":"filing-8","location":"Revenue review: year-over-year NII drivers and acquisition contribution","excerpt":"Compared to the third quarter of 2025, net interest income increased $558 million due to commercial loan growth, the benefit of FirstBank and lower funding costs."},{"id":"e13","sourceId":"filing-2","location":"Commercial deposit strategy: adjustments to market conditions and funding needs","excerpt":"We continue to actively monitor the interest rate environment and make adjustments to our deposit strategy in response to evolving market conditions, bank funding needs and client relationship dynamics."},{"id":"e14","sourceId":"filing-8","location":"Card and cash management: integration-related fee waivers","excerpt":"Card and cash management decreased $3 million as higher treasury management product revenue was more than offset by FirstBank integration related fee waivers."},{"id":"e15","sourceId":"filing-3","location":"Compensation discussion: terms of long-term awards already granted","excerpt":"- 2026 Proxy Statement 71 Table of Contents COMPENSATION DISCUSSION AND ANALYSIS The table below summarizes the material terms and conditions of the long-term incentive awards granted in 2026 for 2025 performance (these material terms and conditions are the same as the awards granted in 2025 for 2024 performance): Name of Award % of Long-Term Incentive Value Vesting Schedule Metrics Payout Range (% of Target) Stock or Cash Payout PSU 60% After three-year performance period ends PNC’s return on equity (“ROE”), as adjusted, compared to performance targets 0–150% Stock EPS growth, as adjusted, rank against our peer group RSU 40% Annual installments over three years Time-based 0–100% Stock PSUs."},{"id":"e16","sourceId":"filing-3","location":"Executive compensation: deferred equity proportion","excerpt":"– We place a substantial majority of compensation at risk, including deferring at least 50% of our named executive officers’ compensation into equity-based long-term incentive awards that are not payable for several years."},{"id":"e17","sourceId":"filing-3","location":"Compensation: CET1-related PSU forfeiture eligibility","excerpt":"Impact of risk-based performance metric under PSUs: For each year during the three-year performance period that PNC fails to meet the CET1 ratio, one-third of the target number of PSUs granted will be eligible for forfeiture."},{"id":"e18","sourceId":"filing-3","location":"Compensation: committee discretion and judgment","excerpt":"The HR Committee believes that discretion, flexibility and judgment are critical to its ability to award incentive compensation that reflects near-term performance results as well as progress towards longer-term strategic priorities."},{"id":"e19","sourceId":"filing-2","location":"Acquisition activity: completed FirstBank conversion and merger","excerpt":"In June 2026, PNC converted approximately 780,000 customers, more than 1,620 employees and 95 branches across Colorado and Arizona, merging FirstBank into PNC Bank."},{"id":"e20","sourceId":"filing-3","location":"Compensation discussion: digital migration and mobile engagement achievements","excerpt":"∎ Mr. Overstrom led the successful migration of 11.5 million clients to PNC’s new online banking platform and grew mobile app users by nearly 8% year over year, while also overseeing digital enhancements such as new digital investing tools and the addition of direct-deposit switch capabilities within the mobile app."},{"id":"e21","sourceId":"filing-7","location":"Income statement summary: quarterly and nine-month earnings","excerpt":"Quarter Year to Date $ millions except EPS 3Q26 LQ YoY 2026 YoY Net interest income $4,206 2% 15% $12,274 15% Noninterest income 2,356 (15)% 4% 7,328 15% Total revenue $6,562 (5)% 11% $19,602 15% Noninterest expense 3,751 (8)% 8% 11,617 14% Pretax, pre-provision earnings (non-GAAP) $2,811 1% 15% $7,985 17% Provision for credit losses 189 (1)% 13% 590 (8)% Income taxes 525 (1)% 13% 1,471 23% Net income $2,097 2% 15% $5,924 19% Diluted EPS $4.97 3% 14% $13.91 19% Diluted EPS, as adjusted (non-GAAP) $5.09 5% 17% $14.26 22% 9 Strong Performance Driving PPNR Growth Income Statement Summary Note: LQ = linked quarter."},{"id":"e22","sourceId":"filing-3","location":"Governance highlights: annual board elections","excerpt":"Annual elections:\n The entire Board is elected each year; we have no staggered elections."},{"id":"e23","sourceId":"filing-3","location":"Governance highlights: majority voting requirement","excerpt":"Majority vote standard:\n The election of directors is subject to a majority voting requirement; any director who does not receive a majority of the votes cast in an uncontested election must tender his or her resignation to the Board."},{"id":"e24","sourceId":"filing-3","location":"Board leadership: combined Chair/CEO and Presiding Director","excerpt":"Current leadership structure The Board believes the interests of our shareholders are best served at this time through the current combined Chair and CEO leadership structure, in conjunction with a Presiding Director who has robust oversight and board governance responsibilities."},{"id":"e25","sourceId":"filing-3","location":"Audit Committee: prohibition on delegating pre-approval to management","excerpt":"The Audit Committee may not delegate its pre-approval authority to any other person, including any member of management or other PNC employee or agent."},{"id":"e26","sourceId":"filing-8","location":"Capital ratios: estimated September CET1 capital and standardized risk-weighted assets","excerpt":"Goodwill and disallowed intangibles, net of deferred tax liabilities\n(13,714)\n(13,752)\n(10,920)\nAll other adjustments\n(91)\n(84)\n(71)\nBasel III Common equity tier 1 capital\n$\n49,138 \n$\n48,413 \n$\n46,321 \nBasel III standardized approach risk-weighted assets (a)\n$\n500,804 \n$\n487,843 \n$\n434,712 \nBasel III Common equity tier 1 capital ratio\n9.8 \n%\n9.9 \n%\n10.7 \n%\n(a)Basel III standardized approach risk-weighted assets are based on the Basel III standardized approach rules and include credit and market risk-weighted assets."},{"id":"e27","sourceId":"filing-1","location":"Regulatory capital: distribution-buffer thresholds","excerpt":"As a result, to avoid limitations on capital distributions and certain discretionary incentive compensation payments, PNC and PNC Bank must maintain a CET1 capital ratio of at least 7.0%, a tier 1 capital ratio of at least 8.5%, and a total capital ratio of at least 10.5%."},{"id":"e28","sourceId":"filing-2","location":"Basel III capital: June capital and leverage ratios and AOCI exclusion","excerpt":"Table 30: Basel III Capital June 30, 2026 Dollars in millions Basel III Common equity tier 1 capital Common stock plus related surplus, net of treasury stock $ (3,269) Retained earnings 65,518 Goodwill, net of associated deferred tax liabilities (13,086) Other disallowed intangibles, net of deferred tax liabilities (666) Other adjustments (deductions) (84) Common equity tier 1 capital (a) $ 48,413 Additional tier 1 capital Preferred stock plus related surplus 5,879 Tier 1 capital $ 54,292 Additional tier 2 capital Qualifying subordinated debt 3,300 Eligible credit reserves includable in tier 2 capital 5,330 Total Basel III capital $ 62,922 Risk-weighted assets Basel III standardized approach risk-weighted assets (b) $ 487,843 Average quarterly adjusted total assets $ 604,645 Supplementary leverage exposure (c) $ 749,242 Basel III risk-based capital and leverage ratios Common equity tier 1 9.9 % Tier 1 11.1 % Total 12.9 % Leverage (d) 9.0 % Supplementary leverage ratio (c) 7.2 % (a)As permitted, PNC and PNC Bank have elected to exclude AOCI related to both available-for-sale securities and pension and other post-retirement plans from CET1 capital."},{"id":"e29","sourceId":"filing-8","location":"Consolidated balance sheet highlights: shares and risk-based capital ratios","excerpt":"616,034 \n568,767 \nLoans (a)\n378,792 \n367,953 \n326,616 \n4,536 \n4,652 \n4,478 \nInterest-earning deposits with banks\n24,670 \n22,794 \n33,318 \nInvestment securities\n146,370 \n149,506 \n141,523 \nTotal deposits (a)\n466,362 \n449,792 \n432,749 \nBorrowed funds (a)\n79,757 \n85,723 \n62,344 \nAllowance for unfunded lending related commitments\n850 \n809 \n775 \nTotal shareholders' equity\n62,353 \n64,008 \n58,990 \nCommon shareholders' equity\n56,474 \n58,131 \n53,235 \n(6,472)\n(4,120)\n(4,077)\nBook value per common share\n142.17 \n145.52 \n135.67 \nTangible book value per common share (non-GAAP) (b)\n107.64 \n111.09 \n107.84 \nPeriod end common shares outstanding (In millions)\n397 \n399 \n392 \nLoans to deposits\n82 \nCommon shareholders' equity to total assets\n9.4 \n9.4 \nCLIENT ASSETS (In billions)\nDiscretionary client assets under management\n250 \n247 \n228 \nNondiscretionary client assets under administration\n256 \n212 \nTotal client assets under administration\n499 \n503 \nBrokerage account client assets\n92 \nTotal client assets \n598 \n602 \n532 \nBasel III (c)\nTier 1 risk-based\n11.0 \n11.1 \n12.0 \nTotal capital risk-based\n12.6 \n12.9 \nPNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 22"},{"id":"e30","sourceId":"filing-8","location":"Liquidity: third-quarter average LCR and minimum compliance","excerpt":"–PNC’s average LCR for the three months ended September 30, 2026 was 106%, exceeding the regulatory minimum requirement throughout the quarter."},{"id":"e31","sourceId":"filing-8","location":"Deposits: seasonal growth and new or expanded relationships","excerpt":"–Deposits at September 30, 2026 of $466.4 billion increased $16.6 billion, or 4%, from June 30, 2026, driven by higher commercial interest-bearing deposits, reflecting seasonality as well as new and expanded client relationships."},{"id":"e32","sourceId":"filing-8","location":"Borrowed funds: quarter-end FHLB advance reduction","excerpt":"Borrowed funds at September 30, 2026 decreased $6.0 billion from June 30, 2026, driven by a reduction in Federal Home Loan Bank advances."},{"id":"e33","sourceId":"filing-7","location":"Balance sheet summary: average borrowing, deposits, capital and AOCI","excerpt":"5 Loan and Securities Growth Drove Balance Sheet Expansion Balance Sheet Summary Linked Quarter Year over Year Average balances, $ billions 3Q26 $ % $ % Total loans $372.2 $9.0 2% $46.2 14% Investment securities $151.4 $4.3 3% $6.9 5% Total assets $628.9 $12.6 2% $57.4 10% Total deposits $461.2 $4.2 1% $29.4 7% Borrowed funds $85.7 $6.7 9% $19.4 29% Average total equity $63.2 $(0.3) - $5.4 9% Period end 9/30/26 6/30/26 LQ 9/30/25 YoY AOCI ($ billions) $(6.5) $(4.1) $(2.4) $(4.1) $(2.4) Tangible book value per common share (non-GAAP) $107.64 $111.09 (3)% $107.84 - Return on average tangible common equity (non-GAAP) 18.28% 17.88% 40 bps 16.77% 151 bps Basel III CET1 capital ratio 1 9.8% 9.9% (10) bps 10.7% (80) bps Note: YoY = year over year."},{"id":"e34","sourceId":"filing-8","location":"Deposits: noninterest-bearing share of average balances","excerpt":"Average noninterest-bearing deposits as a percentage of total average deposits was 22% in the third quarter of 2026, 23% in the second quarter of 2026 and 21% in the third quarter of 2025."},{"id":"e35","sourceId":"filing-8","location":"Asset quality: charge-offs, nonperformers, delinquencies and reserve coverage","excerpt":"13.6 \n%\nLeverage\n8.9 \n%\n9.0 \n%\n9.2 \n%\n Supplementary leverage\n7.2 \n%\n7.2 \n%\n7.5 \n%\nASSET QUALITY\nNonperforming loans to total loans\n0.58 \n%\n0.55 \n%\n0.65 \n%\nNonperforming assets to total loans, OREO, foreclosed and other assets (d)\n0.61 \n%\n0.58 \n%\n0.70 \n%\nNonperforming assets to total assets\n0.37 \n%\n0.35 \n%\n0.40 \n%\nNet charge-offs to average loans (for the three months ended) (annualized)\n0.28 \n%\n0.25 \n%\n0.22 \n%\nAllowance for loan and lease losses to total loans\n1.20 \n%\n1.26 \n%\n1.37 \n%\nAllowance for credit losses to total loans (e) \n1.42 \n%\n1.48 \n%\n1.61 \n%\nAllowance for loan and lease losses to nonperforming loans\n207 \n%\n230 \n%\n210 \n%\nTotal delinquencies (In millions) (f)\n$\n1,301 \n$\n1,436 \n$\n1,233 \n(a)Amounts include assets and liabilities for which we have elected the fair value option."},{"id":"e36","sourceId":"filing-8","location":"Credit quality: student-loan transfer charge-offs","excerpt":"–Net loan charge-offs were $257 million and included $35 million related to the transfer of student loans to held-for-sale."},{"id":"e37","sourceId":"filing-8","location":"Capital review: interest-rate effects on securities and swaps","excerpt":"The decline in each comparison reflected the impact of higher interest rates on securities and swaps, partially offset by the continued accretion of unrealized losses."},{"id":"e38","sourceId":"filing-2","location":"Interest-rate risk: active and forward-starting loan hedges","excerpt":"PNC had $78.3 billion in active and forward starting receive fix / pay float swaps used to hedge floating rate commercial loans as of June 30, 2026, with a weighted average duration of 2.5 years and an average fixed rate of 3.75%."},{"id":"e39","sourceId":"filing-7","location":"Reconciliation: common-equity and tangible-common-equity returns","excerpt":"30, 2026 Jun. 30, 2026 Sep. 30, 2025 Return on average common shareholders’ equity 13.89% 13.61% 13.24% Average common shareholders’ equity $57,278 $57,556 $51,969 Average goodwill and other intangible assets (14,138) (14,162) (11,157) Average deferred tax liabilities on goodwill and other intangible assets 404 412 241 Average tangible common shareholders’ equity $43,544 $43,806 $41,053 Net income attributable to common shareholders $2,006 $1,953 $1,735 Net income attributable to common shareholders, annualized $7,958 $7,833 $6,883 Return on average tangible common equity (non-GAAP) 18.28% 17.88% 16.77%"},{"id":"e40","sourceId":"filing-8","location":"Capital distributions: actual third-quarter dividends and repurchases","excerpt":"–PNC returned $1.4 billion of capital to shareholders, reflecting $0.8 billion of dividends on common shares and $0.6 billion of common share repurchases."},{"id":"e41","sourceId":"filing-8","location":"Earnings summary: diluted common earnings and average diluted shares","excerpt":"- more -\nPNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 4\nEarnings Summary\nIn millions, except per share data\n3Q26\n2Q26\n3Q25\nNet income\n$\n2,097 \n$\n2,055 \n$\n1,822 \nNet income attributable to diluted common shareholders\n$\n1,994 \n$\n1,941 \n$\n1,723 \nNet income attributable to diluted common shareholders - as adjusted (non-GAAP)\n$\n2,042 \n$\n1,956 \nDiluted earnings per common share\n$\n4.97 \n$\n4.81 \n$\n4.35 \nDiluted earnings per common share - as adjusted (non-GAAP)\n$\n5.09 \n$\n4.85 \nAverage diluted common shares outstanding\n401 \n403 \n396 \nCash dividends declared per common share\n$\n2.00 \n$\n1.70 \n$\n1.70 \nSee non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release."},{"id":"e42","sourceId":"filing-2","location":"Cash flows: distributions, borrowing and acquisition equity issuance","excerpt":"(Continued from previous page) Unaudited In millions Six months ended June 30 2026 2025 Financing Activities Net change in Noninterest-bearing deposits $ (2,282) $ 613 Interest-bearing deposits (11,862) (654) Federal funds purchased and repurchase agreements (44) (36) Short-term Federal Home Loan Bank advances 4,000 — Other borrowed funds 198 149 Sales/issuances Federal Home Loan Bank advances 28,000 3,000 Senior debt 4,211 5,237 Subordinated debt 1,495 — Common and treasury stock 34 34 Repayments/maturities Federal Home Loan Bank advances (6,000) (7,000) Senior debt (4,250) (2,750) Subordinated debt (71) (700) Acquisition of treasury stock (1,418) (598) Preferred stock cash dividends paid (158) (154) Common stock cash dividends paid (1,387) (1,281) Other financing activities, net 137 — Net cash provided (used) by financing activities $ 10,603 $ (4,140) Net Increase (Decrease) In Cash, Cash Equivalents And Restricted Cash $ (10,968) $ (15,857) Cash, cash equivalents and restricted cash at beginning of period 39,713 46,251 Cash, cash equivalents and restricted cash at end of period (b) $ 28,745 $ 30,394 Supplemental Disclosures (c) Interest paid $ 5,138 $ 5,511 Leased assets obtained in exchange for new operating lease liabilities $ 331 $ 149 Non-cash Investing And Financing Items Transfer from loans to loans held for sale, net $ 80 $ 108 Transfer from loans to foreclosed assets $ 23 $ 21 Common stock issuances for acquisition $ 2,943 $ — Preferred stock issuances for acquisition $ 119 $ — (a)Cash paid to acquire FirstBank was $1,238 million."},{"id":"e43","sourceId":"filing-8","location":"Expense review: adjusted expense and compensation reduction","excerpt":"Noninterest expense, as adjusted for both quarters, decreased $113 million from the second quarter of 2026 driven by lower compensation expense and continued expense discipline."},{"id":"e44","sourceId":"filing-2","location":"Acquisition activity: first-half integration costs","excerpt":"For the six months ended June 30, 2026, PNC incurred $225 million in total integration costs, of which $218 million was reflected in expenses and $7 million was reflected in revenue."},{"id":"e45","sourceId":"filing-8","location":"Third-quarter FirstBank integration costs","excerpt":"In the third quarter of 2026, PNC incurred integration costs related to the FirstBank acquisition of $36 million."},{"id":"e46","sourceId":"filing-2","location":"Acquisition consideration: net assets, core deposit intangible and goodwill","excerpt":"Preferred stock issued (115,200 shares) \nTotal consideration\n4,300 \nCash and due from banks\n162 \nInterest-earning deposits with banks\n996 \nInvestment securities\n8,278 \nNet loans\n15,177 \nCore deposit intangible\n761 \n1,282 \n26,656 \nLiabilities\n23,076 \nBorrowed funds and other\n1,638 \nTotal liabilities \n24,714 \nNet assets\n1,942 \nGoodwill (b)\n2,358 \n(a) Amount includes $29 million of deferred restricted stock compensation and $13 million withheld to satisfy certain tax obligations."},{"id":"e47","sourceId":"filing-1","location":"Retail strategy: increased branch investment commitment","excerpt":"Additionally, in the fourth quarter of 2025, PNC announced that it was increasing the investment by $0.5 billion, to open an additional 100 branches in markets including Nashville, Chicago, Sarasota, and Winston-Salem and re-affirmed plans to complete the renovation of 100% of the branch network by 2029."},{"id":"e48","sourceId":"filing-8","location":"Capital management: current SCB duration","excerpt":"PNC’s SCB will be maintained at the regulatory minimum of 2.5% through December 31, 2027."},{"id":"e49","sourceId":"filing-7","location":"Estimated capital reconciliation: regulatory CET1 and separate AOCI-inclusive non-GAAP measure","excerpt":"September 30, 2026 (estimated): $ billions Common Equity Tier 1 Capital September 30, 2026 (estimated): $ billions Risk-Weighted Assets (RWA) Common stock, related surplus and retained earnings, net of treasury stock $62.9 RWA, standardized approach $500.8 Goodwill and disallowed intangibles, net of deferred tax liabilities (13.7) Estimated impacts to RWA from AOCI adjustments 3.7 All other adjustments (0.1) RWA, including AOCI $504.5 Common equity tier 1 capital (as reported) $49.1 Additional net impacts to RWA from Basel III endgame (50) - (57) Estimated AOCI adjustments, Basel III endgame (4.6) RWA, fully phased-in, Basel III endgame $447.5 - $454.5 Common equity tier 1 capital, including AOCI $44.5 Estimated additional impact from threshold deductions, Basel III endgame - Common equity tier 1 capital, Basel III endgame $44.5 Common equity tier 1 ratio 9.8% Common equity tier 1 ratio, including AOCI (non-GAAP) 8.8% Common equity tier 1 ratio, fully phased-in, Basel III endgame (non-GAAP) 9.8% - 10.0%"},{"id":"e50","sourceId":"filing-2","location":"Accounting policies: acquired-loan reserve gross-up treatment","excerpt":"• Adoption of this ASU resulted in more acquired loans using the gross-up approach, primarily through our acquisition of FirstBank; under the gross-up approach, a reserve is established through an increase to the loan’s amortized cost basis, thus avoiding the need to provide for a reserve on these acquired loans through Provision for credit losses."},{"id":"e51","sourceId":"filing-10","location":"Prior third-quarter guidance for NII, fees, expenses and charge-offs","excerpt":"Third Quarter 2026 Guidance1,2,3 Average loans: (2Q26 baseline: $363.2 billion) Up 1% - 2% Net interest income: (2Q26 baseline: $4,107 million) Up 3% - 3.5% Fee income (non-GAAP): (2Q26 baseline: $2,279 million) Down 5% - 5.5% Other noninterest income: (2Q26: $489 million) $150 to $200 million Noninterest expense, as adjusted (non-GAAP): (2Q26 baseline: $3,837 million) Down 2% - 3% Net charge-offs: (2Q26: $226 million) ~$225 million"},{"id":"e52","sourceId":"filing-3","location":"Proposed 2026 incentive plan: absence of awards at proxy disclosure date","excerpt":"No benefits or amounts have been granted, awarded or received under the 2026 Plan."},{"id":"e53","sourceId":"filing-6","location":"Exhibit index: subsequent 2026 incentive plan filing reference","excerpt":"2026 Omnibus Equity Incentive Plan, incorporated herein by reference to Exhibit 10.34 of PNC’s Current Report on Form 8-K filed April 24, 2026\n10.35\nThe PNC Financial Services Group, Inc."},{"id":"e54","sourceId":"filing-8","location":"Capital review: decline in common equity and its causes","excerpt":"Common shareholders’ equity at September 30, 2026 decreased $1.6 billion from June 30, 2026 due to a decline in accumulated other comprehensive income, common dividends paid and share repurchases, partially offset by net income."}],"changes":["Moat verdict remains uncertain; every assessment is re-supported with current catalog IDs.","Capital efficiency now includes the supplied September reconciliation: 13.89% return on average common equity and 18.28% ROTCE.","Execution remains strong but now explicitly weighs third-quarter NII growth below the prior 3%–3.5% guidance range.","Current SCB disclosure extends the 2.5% buffer through December 31, 2027. September capital ratios remain estimated.","The March proxy's proposed incentive plan is distinguished from already-granted awards and the subsequent plan filing reference."],"limitations":["Competitive disclosures identify generic categories, without establishing named company coverage. Companies mentioned as acquisition targets, litigation parties or director affiliations are not treated as identified competitors.","All evidence is issuer supplied. Reported operating results and disclosed award terms support numerical assessments, but strategy descriptions and management praise do not establish exceptional durability.","Account growth, activity and net flows provide indirect retention evidence; cohort retention, switching costs and comparable peer funding costs are absent.","Contractual freedom is assessed primarily from observed deposit repricing and strategy adjustments; broad rights to reset existing loan or service contracts are not supplied.","Management ownership quantities, complete equity-compensation expense and acquisition-specific returns are absent.","Third-quarter results are unaudited and capital ratios estimated. Non-GAAP ROTCE and AOCI-inclusive capital measures retain their distinct accounting scope.","Financial assessments use sources filed in 2026, within 550 days of October 19, 2026. Dates are treated as filed dates, not retrieval dates.","Generic risk factors establish possible erosion channels, not realized competitive failure. Sustained deposit losses or worsening relative funding economics would weaken the relationship hypothesis; favorable retention and funding evidence across cycles would support it."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Multiple-product commercial relationships and organic customer growth suggest potential switching friction, but do not establish a defensible structural advantage over competing banks or nonbanks.","evidenceIds":["e1","e2","e4"]},{"criterion":"durability","grade":null,"rationale":"The catalog does not demonstrate durable customer lock-in, superior funding economics or protected market access across cycles.","evidenceIds":["e1","e5","e7"]},{"criterion":"customer_dependency","grade":null,"rationale":"Using multiple products does not by itself establish material switching costs or operational dependency. Customer growth does not measure existing-customer retention.","evidenceIds":["e1","e2"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Growth supports current competitiveness, while retail deposit declines and higher sequential deposit rates show economic pressure. Their combination cannot establish the resilience of an unidentified moat.","evidenceIds":["e2","e6","e7"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Deposit rates declined 18 basis points in the first quarter and remained 34 basis points lower year over year in the third quarter, but rose 7 basis points sequentially. These are mixed realized outcomes, substantially influenced by monetary conditions. Integration fee waivers also temper service-pricing evidence.","evidenceIds":["e7","e8","e9","e14"]},{"criterion":"retention","grade":2,"rationale":"Indirect evidence includes approximately 215,000 organic net new checking accounts, new commercial clients and growing treasury activity. Retail average deposits nevertheless fell 2% sequentially. Acquisition and seasonality limit interpretation; no retention rate is inferred.","evidenceIds":["e2","e3","e6","e31"]},{"criterion":"margin_resilience","grade":2,"rationale":"Third-quarter taxable-equivalent NIM of 2.94% exceeded 2.79% a year earlier but fell from 2.96% sequentially as funding costs increased. Loan growth, asset yields and FirstBank contributed, limiting attribution to pricing protection.","evidenceIds":["e10","e11","e12"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Actual deposit repricing and strategy adjustments demonstrate discretion over funding terms. Competitive migration pressure constrains it, and supplied passages do not establish broad unilateral repricing rights on existing loans or fee contracts.","evidenceIds":["e5","e7","e13"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Earnings supported distributions and quarter-end borrowing declined. Acquisition equity issuance, integration costs, declining CET1 and valuation losses make the overall record mixed despite profitable growth.","evidenceIds":["e21","e26","e32","e40","e42","e44","e54"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Already-granted awards combine three-year adjusted ROE and relative EPS-growth metrics, deferred equity and CET1-related forfeiture eligibility. These demonstrate strong structural alignment, tempered by committee discretion and missing ownership and realized payout evidence. Proposed-plan provisions are not treated as vested awards.","evidenceIds":["e15","e16","e17","e18","e52","e53"]},{"criterion":"execution","grade":3,"rationale":"Completed conversion of approximately 780,000 acquired customers and 95 branches, digital migration, organic customer growth and higher earnings demonstrate strong execution. Digital achievements are issuer-reported; retention is indirect, acquisition returns remain unproven, and third-quarter NII growth of 2% missed prior 3%–3.5% guidance.","evidenceIds":["e2","e19","e20","e21","e51"]},{"criterion":"governance","grade":2,"rationale":"Annual elections, majority voting and audit pre-approval authority insulated from management support functioning governance. The combined Chair/CEO role is balanced by a Presiding Director, but exceptional oversight effectiveness is not demonstrated.","evidenceIds":["e22","e23","e24","e25"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":2,"rationale":"Estimated September CET1 of 9.8%, tier 1 of 11.0% and total capital of 12.6% exceed disclosed distribution-buffer thresholds of 7.0%, 8.5% and 10.5%. June leverage ratios also exceeded requirements. Declining ratios and AOCI exclusions temper the assessment; the separate estimated 8.8% AOCI-inclusive CET1 measure is non-GAAP and is not substituted for regulatory CET1.","evidenceIds":["e26","e27","e28","e29","e48","e49"]},{"criterion":"liquidity_funding","grade":2,"rationale":"Average third-quarter LCR was 106%, exceeding the minimum throughout the quarter. Spot deposits increased and borrowing fell. Seasonal commercial balances, uninsured relationship funding, higher average borrowing and a lower sequential noninterest-bearing mix leave funding strength mixed.","evidenceIds":["e1","e30","e31","e32","e33","e34"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"Nonperforming loans were 0.58% of loans and annualized quarterly charge-offs were 0.28%, including a student-loan transfer charge. Delinquencies improved sequentially, but nonperformers and charge-offs rose and reserve coverage declined. Securities and swap valuation losses demonstrate rate exposure despite disclosed hedging.","evidenceIds":["e35","e36","e37","e38","e54"]},{"criterion":"earnings_resilience","grade":3,"rationale":"Third-quarter net income increased 15% year over year to $2.097 billion and nine-month income increased 19% to $5.924 billion despite integration and funding pressures. Acquisition contributions, significant items and limited cycle coverage prevent an exceptional assessment. Acquired-loan accounting also limits simple provision comparisons.","evidenceIds":["e21","e11","e12","e44","e45","e50"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":3,"rationale":"Third-quarter return on average common shareholders' equity was 13.89%, compared with 13.61% sequentially and 13.24% a year earlier. Non-GAAP ROTCE was 18.28%, using a smaller tangible-equity denominator. These demonstrate strong current efficiency without establishing durable acquisition-level returns.","evidenceIds":["e39"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"Third-quarter common dividends and repurchases totaled $1.4 billion against $1.994 billion of diluted common earnings. Distributions were earnings-covered and regulatory capital exceeded disclosed buffer thresholds, but CET1 and common equity declined. Coverage alone does not establish optimal buffer management.","evidenceIds":["e26","e27","e40","e41","e48","e54"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"Average diluted shares declined to 401 million from 403 million sequentially but exceeded 396 million a year earlier. Acquisition financing included $2.943 billion of common issuance and $119 million of preferred issuance. Repurchases partly offset dilution and compensation expense fell sequentially; complete equity-compensation costs are unavailable.","evidenceIds":["e41","e42","e43"]},{"criterion":"investment_discipline","grade":2,"rationale":"FirstBank conversion was completed and its business contributed to NII. Against this, $225 million of first-half integration costs, $36 million in the third quarter and approximately $2.4 billion of preliminary goodwill accompany substantial branch commitments. Acquisition returns, realized synergies and returns on branch investment remain 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reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are 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reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this 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