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- SEC Filing
As previously disclosed by the Corporation, the Federal Deposit Insurance Corporation (the "FDIC") invoked the systemic risk exception to certain resolution-related and Deposit Insurance Fund (the "DIF") restrictions following the closures of Silicon Valley Bank and Signature Bank in March 2023 to fully protect all depositors of the affected institutions, including uninsured deposits. In November 2023, the FDIC finalized a rule to implement the special assessment, estimating that the assessed losses to the DIF would total approximately $16.3 billion. Also as previously disclosed, under the rule, the FDIC will collect from the Corporation, along with other bank holding companies and insured depository institutions, special assessments at an annual rate of approximately 13.4 basis points of an institution's uninsured deposits reported as of December 31, 2022 (adjusted to exclude the first $5 billion), over eight quarterly assessment periods, beginning after the first quarter of 2024. As a result, the Corporation estimated noninterest expense related to the special assessment to total approximately $515 million on a pre-tax basis and incurred this expense during the fourth quarter of 2023.
Because the losses to the DIF from the systemic risk exception are estimated, the FDIC will periodically adjust the estimate, which could result in extending the special assessment for additional quarters, imposing a final special assessment on a one-time basis if actual losses exceed the amounts collected, or cease collection early if the FDIC has collected enough to recover actual losses. In late February 2024, subsequent to the filing of PNC's annual Form 10-K, the FDIC estimated that the assessed losses will now total approximately $20.4 billion. The Corporation estimates that the additional noninterest expense related to the revised special assessment will be approximately $130 million on a pre-tax basis, which the Corporation expects to incur during the first quarter of 2024, and that the total noninterest expense will be approximately $645 million on a pre-tax basis.
Posted In: PNC
