PNC acquired a portfolio of capital commitment facilities from Signature Bridge Bank, N.A. through an agreement with the FDIC as receiver of the former Signature Bank, New York. The acquired portfolio represented approximately $16.0 billion in total commitments, including approximately $9.0 billion of funded loans, at the time of acquisition.

Effective for the first quarter of 2022, PNC updated the presentation of its noninterest income categorization to be based on product and service type. This update did not impact the components of the category.

PNC is seeking to automate functions previously performed manually, facilitate the ability of customers to engage in financial transactions and otherwise enhance the customer experience with respect to our products and services.

PNC is focused on managing capital and liquidity, including continuing to maintain and, over time, grow our deposit base as a low-cost stable funding source, prudent capital management to meet evolving regulatory capital, capital planning, stress testing and liquidity standards, and actions we take within the capital and other financial markets.

PNC is focused on management of credit risk in our portfolio, our ability to manage and implement strategic business objectives within the changing regulatory environment, and the impact of legal and regulatory-related contingencies.

PNC is continuing to focus on improving workforce diversity and creating an equitable and inclusive work place.

PNC's business and overall financial performance are affected to a significant extent by economic conditions, primarily in the U.S. Declining or adverse economic conditions and adverse changes in investor, consumer and business sentiment generally result in reduced business activity.

Changes in law or governmental policy affecting the economy, business activity, or personal spending, investing or saving activities may cause consumers and businesses to alter their behavior in ways that impact demand for our products and services.

PNC is subject to numerous laws and regulations, with multiple regulators or agencies having supervisory or enforcement oversight over aspects of our business activities. These laws, regulations and supervisory activities are intended to promote the safety and soundness of financial institutions, financial market stability, the transparency and liquidity of financial markets, consumer protection and to prevent money laundering and terrorist financing and are not primarily intended to protect PNC security holders.

PNC is 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.

Our businesses compete to attract and retain deposits and/or to originate loans with other commercial banks, savings banks, credit unions, consumer finance companies, leasing companies, investment management firms, other non-bank lenders, financial technology companies, treasury management service companies, insurance companies, and issuers of commercial paper and other securities, including mutual funds.

In providing asset management services, our businesses compete with investment management firms, large banks and other financial institutions, brokerage firms, financial technology companies, mutual fund complexes, and insurance companies.

PNC is focused on managing expenses, including workforce reduction charges, and is continuously improving its operations.

PNC's efficiency ratio was 65% for 2023, compared to 62% in 2022 and 68% in 2021.

PNC exceeded its 2023 continuous improvement program savings goal of $450 million, which included a $50 million mid-year increase. In 2024, our continuous improvement program goal will be $425 million.

PNC is focused on leveraging technology to create efficiencies that help us better serve customers.

PNC is seeking to automate functions previously performed manually, facilitate the ability of customers to engage in financial transactions and otherwise enhance the customer experience with respect to our products and services.

PNC is subject to cybersecurity risks, and the need to ensure proper functioning and resiliency of our information systems and other technology has become more important and more challenging, and the costs involved in that effort continue to be high.

In 2023, we returned $3.1 billion of capital to shareholders through dividends on common shares of $2.5 billion and repurchases of 4.0 million common shares for $0.6 billion.

Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 45% were still available for repurchase at December 31, 2023.

PNC's ability to pay or increase dividends or otherwise return capital to shareholders is subject to PNC's compliance with its SCB, which is determined at least annually through the Federal Reserve's CCAR process.

PNC's Board oversees climate change-related efforts. Specific internal working groups, engaging with relevant stakeholders within PNC, then carry out these efforts.

PNC has an established risk management framework that helps identify, assess, monitor and report on environmental risks, including those related to climate change. PNC's Climate Risk Committee specifically oversees the integration of climate-related risks into the ERM Framework.

PNC's Corporate Diversity Council is co-chaired by our Chief Executive Officer and Chief Diversity Officer and includes senior leaders from across the organization. The council is responsible for overseeing strategic corporate initiatives that impact the creation and sustainment of an inclusive corporate culture and a talented, diverse workforce.

Given the geographic scope of our business and operations, we are most exposed to issues within the U.S. economy and financial markets.

Given the nature of our business, our business and overall financial performance are affected to a significant extent by economic conditions, primarily in the U.S. Declining or adverse economic conditions and adverse changes in investor, consumer and business sentiment generally result in reduced business activity.

PNC is 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.