AmazonScience/document-haystack

1Loans2Table 8: Loans 3 December 31 December 31 Change4Dollars in millions 2023 2022 $ %5Commercial6Commercial and industrial $ 177,580 $ 182,219 $ (4,639)  (3) %7Commercial real estate  35,436 36,316  (880)  (2) %8Equipment lease financing  6,542 6,514  28  — 9Total commercial  219,558  225,049  (5,491)  (2) %10Consumer11Residential real estate  47,544 45,889  1,655  4 %12Home equity  26,150 25,983  167  1 %13Automobile  14,860 14,836  24  — 14Credit card  7,180 7,069  111  2 %15Education  1,945 2,173  (228)  (10) %16Other consumer  4,271 5,026  (755)  (15) %17Total consumer  101,950  100,976  974  1 %18Total loans $ 321,508 $ 326,025 $ (4,517)  (1) %19Commercial loans decreased driven by lower utilization of loan commitments and paydowns outpacing new production, partially 20offset by the acquisition of capital commitment facilities from Signature Bridge Bank, N.A. on October 2, 2023.21Consumer loans increased due to growth in residential mortgages, home equity, credit card and automobile loans, partially offset by 22declines in the remaining portfolios as paydowns outpaced new originations and draws on existing accounts.23For additional information regarding our loan portfolio, see the Credit Risk Management portion of the Risk Management section, 24Note 1 Accounting Policies and Note 3 Loans and Related Allowance for Credit Losses.25Investment Securities26Investment securities of $132.6 billion at December 31, 2023 decreased $6.8 billion, or 5%, compared to December 31, 2022, as 27limited purchase activity was more than offset by portfolio paydowns and maturities.28The level and composition of the investment securities portfolio fluctuates over time based on many factors, including market 29conditions, loan and deposit growth, and balance sheet management activities. We manage our investment securities portfolio to 30optimize returns, while providing a reliable source of liquidity for our banking and other activities, considering the LCR, NSFR and 31other internal and external guidelines and constraints.32Table 9: Investment Securities (a) 33December 31, 2023 December 31, 202234Dollars in millions35Amortized36Cost (b)37Fair38Value39Amortized40Cost (b)41Fair42Value43U.S. Treasury and government agencies $ 44,125 $ 42,348 $ 45,767 $ 43,330 44Agency residential mortgage-backed  73,329  67,925  77,385  71,073 45Non-agency residential mortgage-backed  844  938  973  1,074 46Agency commercial mortgage-backed  2,619  2,471  2,693  2,501 47Non-agency commercial mortgage-backed (c)  2,286  2,217  2,992  2,883 48Asset-backed (d)  6,982  6,984  7,291  7,183 49Other debt (e)  5,952  5,850  6,642  6,394 50Total investment securities (f) $ 136,137 $ 128,733 $ 143,743 $ 134,438 51(a) Of our total securities portfolio, 97% were rated AAA/AA at both December 31, 2023 and 2022.52(b) Amortized cost is presented net of the allowance for investment securities, which totaled $92 million at December 31, 2023 and primarily related to non-agency commercial 53mortgage-backed securities. The comparable amount at December 31, 2022 was $149 million. 54(c) Collateralized primarily by multifamily housing, office buildings, retail properties, lodging properties and industrial properties.55(d) Collateralized primarily by consumer credit products, corporate debt and government guaranteed education loans.56(e) Includes state and municipal securities and corporate bonds.57(f) Includes available for sale and held to maturity securities, which are recorded on our balance sheet at fair value and amortized cost, respectively.58 5946    The PNC Financial Services Group, Inc. – 2023 Form 10-K