PNC estimates $130M additional FDIC special assessment expense, total ~$645M pre-tax

PNC FINANCIAL SERVICES GROUP, INC.

FDIC revised DIF loss estimate from $16.3B to $20.4B, increasing assessments on large banks.
PNC expects extra $130M pre-tax expense in Q1 2024; total special assessment now $645M.
Prior $515M expense incurred in Q4 2023; assessment at 13.4 bps on uninsured deposits over 8 quarters.
Further FDIC adjustments possible; collection may extend or cease early based on actual losses.
CIO Gagan Singh presented financial results and strategy at RBC conference on March 5, but no specific figures from slides were released.

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